Week InReview
Friday | Nov 26, 2021
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Mad Dog Jones’ SHIFT// goes on view as part of ‘Natively Digital: A Curated NFT Sale’ at Sotheby's in London in June. Photo: Tristan Fewings/Getty Images for Sotheby's |
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COLLINS DICTIONARY declared NFT its 2021 word of the year in recognition of the convergence of money, tech, and art.
Unsurprisingly, other words making the Collins shortlist included metaverse, crypto, and double-vaxxed.
— Bloomberg Pursuits
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The Parc du Cinquantenaire, or Jubelpark, in the European Quarter in Brussels, Belgium. |
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The European Union has agreed to delay reforms governing the 53-trillion-euro ($59 trillion) settled securities market, following sustained resistance from regulators and traders. Changes to so-called buy-in requirements, designed to guarantee compensation for counterparties if a deal turns sour and make trading safer, would have gone live in February. (Bloomberg Law | Nov 25)
The collapse of Archegos Capital Management revealed vulnerabilities at the banks supervised by the Federal Reserve, the U.S. central bank said in a report released Wednesday. “The event has so far revealed weaknesses in margin practices and counterparty risk management at some firms,” the Fed said in its twice-yearly supervision report, also noting the importance of coordinating with other global regulators in activities that cross borders. (Bloomberg Markets | Nov 24) see also Fed picks leave open questions on how central bank will regulate Wall Street (The Wall Street Journal | Nov 23)
Bankers are repackaging everything from fast food franchises to fitness-center fees into bonds at the fastest clip since the global financial crisis as investors chase yield and inflation protection. This year’s sales of U.S. asset-backed securities have already surpassed $300 billion, according to data compiled by Bloomberg — and more is expected by year-end. Post-crisis issuance records have also been set in private-label commercial mortgage bonds and collateralized loan obligations, which are also seen accelerating. (Bloomberg Markets | Nov 23)
A clutch of bond bulls is betting that the world’s biggest fixed income market will shrug off the surge in U.S. inflation to a 30-year high as long-term shifts in the American economy keep yields depressed. (Financial Times | Nov 23)
JPMorgan Chase & Co. once again stands alone as the world’s most systemically important bank after global financial regulators recommended a higher capital burden for the firm. The U.S. lender rose one rung on the Financial Stability Board’s annual rankings Tuesday, the FSB said in a statement. The ranking, which is based on data from the end of 2020, largely reflects the effects of changes in underlying activity of banks. Goldman Sachs Group Inc. and BNP Paribas SA also increased one level in this year’s assessment. (Bloomberg Business | Nov 23)
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Photo: Nicolas Asfouri/AFP via Getty Images |
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Remain vigilant against cyber threats this holiday season: CISA, FBI
The Cybersecurity and Infrastructure Security Agency and the Federal Bureau of Investigation urged public and private sector organizations to remain vigilant and bolster protections against ransomware and other cyberattacks during the holidays. Malicious cyber actors often take advantage of holidays and weekends to disrupt critical networks. The cybersecurity reminder issued Monday outlined best practices.
Federal Reserve worried about increasing attacks from hackers
In a report released Wednesday, the U.S. central bank said “cybersecurity is a critical component of operational resilience and remains the top risk identified at supervised firms,” citing ransomware attacks as a particular concern in the financial sector.
Apple sues Israeli firm NSO over spyware, claiming iPhone hacks
Apple has sued NSO Group, an Israeli maker of surveillance software, alleging the company misused its products and services, escalating a battle over surveillance and user privacy. NSO Group has developed hacking techniques to install its surveillance software, called Pegasus, on Apple’s mobile phones without a user’s knowledge or consent. Pegasus, they say, turns the iPhone into a silent spying device by gaining access to the device’s files, messages, microphone and camera.
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Illustration: Kenneth Andersson/Financial Times |
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Where to find certainty in a fragile back-to-office world
Getting out of our pandemic comfort zones has become a fact of life for many workers in recent months, as the tentative return to the office gathers pace. Even previously mundane activities such as commuting and interacting with colleagues can be a challenge. We are out of practice, or “deskilled”, as we might say in the new workplace jargon.
The best work-from-home-or-office gadgets: Boring but useful gifts for hybrid life
Is there a chance that giving someone a printer, a desk-cord organizer or a bag for electronic accessories could imply you don’t, you know, like that person? Absolutely not! Nothing says “I love you” like a boring gadget gift. Actually, not boring… essential. Essential to living our new hybrid lives, where some days we work in sweatpants in our home office and other days we work in professional pants in our office office. With so much shuttling, we have to make decisions about what is part of our permanent setups, and what we carry back and forth.
Good luck trying to fix the supply chain crisis
A perfect storm of global issues have combined to break the just-in-time supply chains that keep the world going. From the Ever Given getting stuck in the Suez Canal to Covid-19 changing the way we shop, the world is also contending with China’s rapid shift away from coal power. In response, a system that used to run relatively smoothly is now in tatters.
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