SAM994 USAF C-40B sw from JBA
TERRA97 USAFSOC C-32B west from JBA after a ground stop-inbound from McGuire AFB
morning
82-8000 USAF 747 departed JBA for JFK Int'l Airport
Not AF1 Joe to tour storm damage from Ida in New York, New Jersey
https://www.pennlive.com/nation-world/2021/09/president-biden-to-tour-storm-damage-from-ida-in-new-york-new-jersey.html
aaaaaaand still no 92-9000 747
BlackRock Joins Blockchain Platform Axoni for Equity Swap Trades
BlackRock Inc. is embracing blockchain technology to make it easier to handle complex equity derivatives.
The world’s largest money manager joined Goldman Sachs Group Inc. and Citigroup Inc. on a distributed-ledger system called Veris, according to a statement Tuesday from Axoni, the financial-technology company that operates the platform. The network is designed to help firms match and reconcile post-trade data on stock swaps.
The global market for equity-linked forwards and swaps is about $3.6 trillion, up more than $1 trillion from four years earlier, according to Bank for International Settlements data. With the surge in volume, traders can face challenges confirming the details of trades, cash flows between buyers and sellers and other changes that can occur over the life of the derivative transactions. Veris “will help us build scalability while mitigating risks in the investment life cycle beginning with equity swaps,” Mark Cox, BlackRock’s chief operating officer of global investment operations, said in the statement. “We see great potential in a distributed-ledger network for uncleared derivatives.” BlackRock will integrate New York-based Axoni’s software with its Aladdin operating system, which was first developed to help track its own financial risk but is now sold to wealth managers and other clients. Last year, the company earned more than $1 billion in technology services revenue. Bloomberg LP, the parent of Bloomberg News, also sells financial risk software.
JPMorgan Chase & Co., Andreessen Horowitz, Goldman and Citigroup are among Axoni’s investors.
https://www.bnnbloomberg.ca/blackrock-joins-blockchain-platform-axoni-for-equity-swap-trades-1.1648869
wutcouldgowrongwithdigitizingderivatives.png
82-8000 Not AF1 Joe on approach for JFK Int'l from JBA depart-no visible escort AC today.
French AF CTM1015 A330 inbound from Marseille Int'l depart earlier today
02-5001 USAFSOC C-32B west from Bragg ground stop-inbound from Eglin earlier today
Currently passing over Nashville, TN at 34k ft
EU supervisors urge implementation of global banking rules
The European Central Bank and national central banks across the European Union on Tuesday called for the bloc to fully implement remaining international banking capital rules agreed to prevent a repeat of the global financial crisis.
The final part of rules known as Basel III is now due to be implemented by Brussels after a delay due to the coronavirus pandemic which hit the European economy. In an open letter, nearly two dozen central bankers and regulators urged the Commission to stick to “the letter and the spirit” of the rules, which have been the object of intense lobbying from a banking industry keen to reduce its capital burden. “We, as prudential supervisors and central banks in the EU, very much support a full, timely and consistent implementation of all aspects of this framework,” the signatories said. “The pandemic shows that more resilient banks are better able to support the real economy, even during times of crisis.”
The open letter, addressed to Financial Services Commissioner Mairead McGuinness and her top official John Berrigan, was signed by the heads of institutions from all large EU countries with the exception of France. In a separate letter to McGuinness, the European Central Bank and the European Banking Authority, the bloc’s banking watchdog, stressed the need for “timely and faithful” implementation of the capital rules. “It is therefore crucial to avoid implementation approaches that would be inconsistent with international agreements and, in addition, would leave shortcomings in the existing framework relating to specific risks unaddressed,” the ECB and EBA letter said. Both letters defended the “output floor”, which limits large banks’ discretion in setting their own capital requirement, while warning against a “deviation” to a more flexible “parallel stack approach” defended by the European Banking Federation, a trade body, which had no immediate comment.
A full implementation of the output floor would increase capital requirements by 18.5% for EU banks, leaving them with a 52.2 billion euros ($61.92 billion) capital shortfall, based on calculations by regulators at the EBA as of last December. But the ECB and EBA said the overall increase in capital due to the new rules would not be significant, save for a few banks that have traditionally benefited the most from the current rules. A spokesperson for McGuinness said a legislative proposal due soon will meet the EU’s international commitments to implement Basel, but with adjustments to reflect the European banking sector. “The overarching objective will be to address remaining deficiencies in the banking prudential framework without incurring a significant increase in capital requirements overall,” the spokesperson added.
The central bankers also upheld a standardised approach to credit risk and said EU-specific deviations should be minimised.
https://www.reuters.com/article/ecb-banks/update-2-eu-supervisors-urge-implementation-of-global-banking-rules-idUSL8N2Q92DP
translation: we are going to dump this bloated shit pile pretty soon so make sure you habs the "rules" in place for all of us to take full advantage of that event.
SAM994 USAF C-40B on ground at MacDill AFB from JBA depart
TERRA97 USAFSOC C-32B went back to JBA for a quick ground stop and heading back to origin of McGuire AFB from earlier
Guinea coup upends China strategy as aluminum prices soar
Beijing's dependence on Australia rises while uncertainty clouds African source.
The coup in Guinea appears likely to keep aluminum prices at historic highs for the foreseeable future, as the West African country home to the world's largest reserves of bauxite is mired in political uncertainty. No country will be impacted more than China, the leading aluminum producer globally and the biggest consumer of bauxite, from which the production material is derived.
Sunday's coup also may have implications for Beijing's geopolitical strategies. Any inability to import resources from Guinea inevitably will raise China's dependence on Australia, a country with which Beijing's relations have soured over Canberra's call for an independent investigation into the origins of the coronavirus. "China opposes coup attempts to seize power and calls for the immediate release of President Alpha Conde," Wang Wenbin, spokesperson for China's Ministry of Foreign Affairs, said Monday. It was a rare condemnation from Beijing, which advocates for noninterference in the internal affairs of other countries.
Aluminum is used in a host of products from construction material and automobile parts to drink cans, all which are important to China. Prices for aluminum ore bauxite from Guinea hit their highest in almost 18 months in China on Monday, though no mines reported any disruption. Even before the coup, international aluminum prices had touched a high not seen in a decade. Droughts in China caused power shortages that led to disruptions in aluminum output. 55% of the bauxite imported by China in the January-July period came from Guinea, according to China's General Administration of Customs. The high resource prices are set to bite China as the country prepares a new wave of infrastructure investments to prop up an economy showing signs of a slowdown. If China were to seek alternative sources of bauxite, Australia waits in the wings. Canberra accounted for 31% of Beijing's imports in the same period.
Bilateral tensions escalated in April 2020 after Australia called for an independent, international inquiry into the origins of COVID-19. Upset that it was not consulted beforehand, China has since engaged in what some call economic warfare with Australia, restricting imports on a wide range of items including resources. In the long term, Beijing saw Guinea as an alternative source for iron ore, a key material in steelmaking. China relies on Australia for more than 60% of its iron ore imports, and the resource has been one of the few items not to fall under an import ban. Guinea is home to Simandou, a 110 km range of hills said to hold the world's largest reserve of untapped high-quality iron ore. If China could help Guinea unlock this potential, it could elevate the West African country into an iron ore export powerhouse alongside Australia and Brazil. This economic potential has led China to become one of the biggest funding sources for Guinea. In 2019, Guinea's outstanding debt obligations to China equaled 5% of its gross domestic product, according to the World Bank. That share exceeds the debts owed to the World Bank or the International Monetary Fund.
Chinese President Xi Jinping established a close relationship with Conde, Guinea's now-deposed president. The two men have met on multiple occasions. Last year, Xi was quick to send a message congratulating Conde on his third presidential election victory, despite accusations from the opposition of fraud. Conde's October 2020 election win was made possible by constitutional changes he rammed through, allowing for a third term. The results touched off protests among citizens and deadly clashes with security forces. Xi has said he wants to promote greater development of the "comprehensive strategic cooperative partnership" between the two countries. Guinea was one of the first countries to receive Chinese-made COVID-19 vaccines in March. Pandemic-related woes, as well as rising taxes and fuel prices, exacerbated public grievances with Conde's government. Things came to a head on Sunday when an elite army unit led by Lt. Col. Mamady Doumbouya carried out the coup.
moar
https://asia.nikkei.com/Business/Markets/Commodities/Guinea-coup-upends-China-strategy-as-aluminum-prices-soar