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July 3, a survey released on Thursday showed that the eurozone service industry resumed growth in June after a brief contraction in May, but the growth rate was still minimal because demand remained weak despite the improvement in business confidence. The final value of the HCOB Eurozone Services PMI rose from 49.7 in May to 50.5 in June, higher than the initial value of 50.0. In June, the composite PMI, which includes manufacturing and services, rose slightly from 50.2 to 50.6, a three-month high, but still showed only moderate growth. The composite index showed that overall new business fell for the 13th consecutive month, but the contraction rate fell to 49.7. Despite this, service industry companies continued to recruit for the fourth consecutive month, maintaining the employment growth momentum that has lasted for nearly four and a half years.July 3, ING analyst Chris Turner said in a report that a stronger euro is good for the eurozone economy, despite speculation that ECB officials are increasingly worried about the appreciation of the euro. These concerns are that a stronger euro will reduce import prices, reduce inflation, while making eurozone exports more expensive. However, the eurozone should take advantage of this "global euro moment", as the president of the European Central Bank has previously praised. Reallocating global portfolios to the eurozone "can only be good for private sector borrowing costs."The final value of the Eurozones services PMI in June was 50.5, in line with expectations of 50 and the previous value of 50.The final value of the Eurozones composite PMI in June was 50.6, in line with expectations of 50.2 and the previous value of 50.2.July 3, Wall Street short position tracking agency S3 Partners latest research report shows that despite the strong rebound of the US stock market after a 25% plunge this year, the short positions of the S&P 500 and Nasdaq 100 have continued to rise steadily this year. Researchers pointed out that this increase in short positions in sync with the rising market may reflect that investors are adopting a "contrarian strategy" - shorting at highs to hedge risks, or expressing doubts about the sustainability of the recovery. Specific data show that the proportion of short positions in the S&P 500 index to outstanding shares has climbed from 5.4% at the beginning of the year to above 5.8%, and the short position ratio of the Nasdaq 100 index has expanded from less than 5.2% to about 6.1%. It is worth noting that although the S&P 500 index has hit new highs recently, as of Wednesday, the cumulative increase this year is only 6%, far lower than the average increase of 15%-20% in major global markets. S3 specifically emphasized: "Among the major global stock indices, only a few have performed worse than the S&P 500 index, causing its increase to lag significantly behind the global average."

U.S. securities regulator probes investment advisers over crypto custody

Cory Russell

Jan 30, 2023 15:06

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Since the collapse of cryptocurrency exchange FTX, the SEC has been investigating advisors' attempts to adhere to agency regulations regarding custody of clients' digital assets, but the investigation has picked up steam, according to the sources. They agreed to speak on the condition of anonymity because the probes are private.


Advisors who are in charge of a client's digital assets often store them with a third party.


According to one of the individuals, SEC enforcement personnel are requesting information from investment advisors on the steps taken by their companies to determine custody for platforms like FTX. The extensive enforcement campaign, which has not previously been publicized, is an indication that the top U.S. markets regulator's investigation into the cryptocurrency business is now covering more established Wall Street companies.

A SEC representative refused to comment

Investment advisors are prohibited by law from having custody of client money or securities if they don't adhere to specified asset protection standards. Although the SEC does not maintain a particular list or provide licenses to companies to become such custodians, one of these requests that advisors keep such assets with a company judged to be a "qualified custodian."


According to lawyers who spoke to Reuters, the SEC's probe shows that the agency is focusing on a long-brewing problem for conventional corporations looking to engage in cryptocurrencies. The agency's accounting guidelines has limited the alternatives available to advisors looking for custodians by making it too capital-intensive for many lenders to retain digital assets on behalf of customers.


"Investment advisors clearly have a compliance problem with this. Anthony Tu-Sekine, head of Seward and Kissel's Blockchain & Cryptocurrency Group, stated: "If you have custody of client assets that are securities, then you need to custody them with one of these certified custodians.


"I believe the SEC can make the decision easily."


The SEC increased the size of its cryptocurrency team last year under Democratic leadership, making it a priority enforcement area. However, the regulator is now under increased pressure to crack down on cryptocurrency in the aftermath of a string of industry-wide bankruptcies and the publicizing of U.S.


 accusations against Sam Bankman-Fried, the founder and former CEO of FTX, for allegedly committing fraud. He entered a not-guilty plea.


Former Alameda CEO Caroline Ellison and former FTX Chief Technology Officer Gary Wang, two of Bankman-colleagues, Fried's have both admitted to cheating investors and promised to collaborate.


The SEC has also been asking FTX stock investors for information on their research procedures before making their investments in the cryptocurrency exchange.


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