morning, the bill is due for the free lunch. investing for everyone. the adults enter the casino and demand robinhood put their money in motion. the dtcc demand friday pretrade, $1 billion. robinhood, they take advantage of credit lines from jp morgan and goldman sachs, an additional 500 million, give or take. gamestop, gamestop from 500 to 100 to 193 to a clear and present $400 per share. the gentlelady from the bronx, the gentleman from texas, aoc and ted are on the same page. does las vegas treat their customers this way? good morning, everyone. "bloomberg surveillance." i am tom keene at the casino in new york, francine lacqua at the casino in london. aoc and ted in agreement.

we will do that, balance of power :00 noon today. i am threatening to do it for david westin. you nailed it this morning. this is going to go to other asset classes. tell me what you have learned about commodity-based london with silver? francine: i was looking at some of the option trades. this is thanks to the power of bloomberg. it is incredible when you look at the number of volumes on silver options. traders on right saying this is our next -- reddit saying this is our next big squeeze. if you are a hedge fund manager, gu make a reddit account -- do you make a reddit account and try to follow what they do? there is a great piece that came out moments ago saying whatever this will turn into, it will be historic for finance. i go back. the only one in the building besides me is marty that actually remembers the hunt brothers. francine: before that, tulips. tom: marty remembers the tulips.

francine: you are not around for that. tom: what you will need to focus on them a thank you to aberdeen standard who nailed it, watch the vix. it's not supposed to be there with the doubt. with our news in new york city, here's ritika gupta. >> the stage is set for another while the day in the markets. the day trader favorites that plunged yesterday rallied after robinhood said it would lived trading restrictions on some of the stocks. robinhood's decision to limit the risks to itself lead to an outcry from customers and politicians. the ceo said it would also protect customers. vlad: it's nonnegotiable for us to comply with our financial requirements and our clearinghouse deposits. so, we have to do that. robinhood has always stood and will continue to stand with the

individual investor. ritika: the brokerage raised $1 billion from investors after the stock market's central clearing hub demanded more collateral. president biden is working the phones trying to round up republican votes for has proposed $1.9 trillion stimulus plan. the president spoke to republican senators susan collins and rob portman this week. republicans have given the stimulus a cold reception. winning bipartisan support would enable it to move more quickly through congress. the european union is raising pressure on astrazeneca over coronavirus vaccine shortages. european commission president ursula von der leyen demanded that the drugmaker fulfill its contractual obligations. the dispute was triggered by astra's decision to prioritize britain over the eu following a production glitch in belgium. the shortage crisis could lead the you to impose export restrictions -- the eu to impose export restrictions on vaccines.

boris johnson expects 300,000 people to leave hong kong and moved to the u.k. to take advantage of a new visa route to leave the former british colony. about 3 million people in hong kong are eligible. the u.k. offered the procedure after teasing china of breaking a joint agreement by imposing international security law -- accusing china of breaking a joint agreement by imposing a new international security law. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. tom: i want to give you two data points across asset and then go to gamestop. renminbis i am watching. the chinese yuan is stronger, stronger, stronger. it is through to a new 6.43. that is underreported. the vix at 34 right now. gamestop ,$ down to00, --

gamestop, $400, down to her hundred $74. -- $374. francine: there is concerned about this retail trade speculation but also a cash squeeze in china. a lot of players were in emerging markets. it's not only a new york story, tom, and this is something we have to remember. no concern about financial stability right now. if there were, it could be in other parts of the world. the dollar on track for its biggest weekly gain since october. i put silver for good measure because we are witnessing this unprecedented surgeon option volumes -- surge in option volumes. tom: strong yuan over enter challenges of gamestop and china is not to be ignored. we will get to that may be in our reporting to the. we really prided ourselves on trying to get you a lot of different voices on this crisis.

let us listen on gamestop. >> there is a lot of misinformation out there. this was a technical, an operational decision. >> it's a game of musical chairs, right? you have too many people short. when the music stops, they have to find a seat. >> everyone is talking about rational or irrational exuberance, and what we have seen is actually some cash on the sidelines. >> the administration is taking a look. the sec is taking a look. >> it is nonnegotiable for us to comply with our financial requirements and our clearinghouse deposits, so we just have to do that. >> luckily enough, we have an automated liquidation system. >> it has become very deeply -- very clearly a deeply personal phenomenon. i would equate it to like, you know, folks voting with their

dollars in order to get back at or make a statement towards big finance. >> technology disrupts every industry and hedge funds are going to learn that actually these retail investors are not something to look down your nose and chuckle about. >> because of the low cost of entry into a stock and the low cost of -- stock, you have 40, 50 million people who are basically trading stuck. tom: a shout out to all of our bookers. they have done nonstop for the last four days on this, just terrific job worldwide in getting your different voices. i am thrilled that we had mariana mazzucato on with us in the last hour paired right now, bloomberg editor-at-large joins us -- last hour. right now, bloomberg's editor-at-large joins us. i want you to explain to the nonpublic what dtcc is. at some point, the adult walks into the casino. who is the adult? >> it's part of the plumbing

that makes the markets work everyday. it's sort of in the background. you never hear from them until moments of crisis, when they decide this market needs to be on firmer financial footing. and it can go and ask brokerages to come up with capital cash to make the financial market sound. tom: you heard the screaming over -- i was told that it was illegal for brokerage firms to stop accounts. i think you and i are the only ones that have read the boilerplate on the back of the account statement. >> it's clearly stated. any time you sign up for robinhood or any other brokerage, they will tell you they can stop trading in any security at any time for any reason. tom: 100% margin at merrill lynch. it's not just about the little guys in robinhood. the big boys are reacting as well. >> that's right. these people on the trading

platforms who are just getting into the whole exercise of trading shares and trading options are learning the intricacies of how the market works as they are, you know, getting into the financial market. and it's also giving the investing public new information that they probably did not know. it's very much like donald trump's presidency where everybody became very familiar with the basics of civics, where they never had before. now that the financial markets are doing what they are doing, i think people are starting to learn how these markets really work. francine: marty, i love the fact that you brought it back to politics. it was quite surprising to see, or at least people took stock of aoc and ted cruz kind of for the first time ever being on the same page. what does that mean for regulators? what does it mean for, you know, a bitcoin?

to hedge funds stop doing short positions -- do hedge funds stop doing short positions? >> i hate to be cynical, but the notion of the house of representatives banking services committee having an open hearing trying to understand how the markets work i think will shed more heat than light. i do not see any legislation coming out of this anytime soon. i think this will play out over the next days and weeks. the market could calm down. it really is a fool's errand to think that congress is going to do anything about this. francine: do you see it actually impacting other equities or other stocks or other asset classes? we are looking at silver. there seems to be such momentum in these day traders in red it. due date -- redditt.

do they continue going after other things? >> if there are similar opportunities in other asset classes and its tradable and you can do it with low fees, sure, it could definitely spread to other asset classes. tom: i detest the high, high tall towers at the end of central park. they ruin the magic of midtown manhattan, except for one tower. marty, at the top of that tower is a $230 million view and that is ken griffith's view. 220 central park south. i know you have been there to check it out. what does candy griffith do? when we say robinhood has free commissions and they run of trades from flows for mr. griffin so he can buy that view, what does he do? >> what he has said he is going to do is support robinhood as a

trading platform in any way he can. it does raise questions about that relationship, potential conflict, since ken griffin was also an investor in the market. what he wants to do, i assume, is make sure that the markets are functioning properly and will do everything he can to make sure that order for that comes through citadel continues. looks like that's going to happen today. tom:o we will see. executiveur -- we will see. our executive managing editor. i am going to call it a modest rollover at that in very early trading. coming up, and exceptionally important and timely conversation with the former governor of the bank of england, mark carney, special envoy for the united nations on climate action. the rules have changed with the administration in washington. mark carney on the new climate change. stay with us. this is bloomberg. ♪

♪ >> i don't think a rate cut is coming right now. it's only a week ago since the government council met. it depends ultimately on what is happening to the outlook. but right now, today, i do not think that is warranted. it's really important that both fiscal and monetary policy right now are not rolled back. the strength of the euro is we can -- on. we don't targeted and it's something that we have paid very close attention to. francine: that was the ecb governing council member, governor of the bank of ireland, speaking to us earlier. euro-dollar, 1.2135.

if we did not have this fight between hedge funds and reddit day traders and gamestop out of control, the story would be what the ecb is telling us. tom: looking at that euro strength indicator, euro-yen, take the u.s. dollar out of both of them and euro-yen stronger in recent days. we have been covering gamestop. we have had some wonderful conversations. i do not want to waste a lot of time on the crisis at hand with christopher marangi. he's the gabelli funds co. chief investment officer. he's looking at this moment at hand for brokerages and the surprises of the squeeze on wall street. your thoughts on observing this squeeze? what do you think? christopher: this is one of those times that it's great to

be an unleveraged come along only investor -- unleveraged, long only investor. there's an opportunity to sell stocks at artificially high prices and buy stocks more cheaply. we saw this in the flash crash, saw this a year ago. you don't want these events happening too often because you really damage the integrity of the market. i don't want to paint this as david versus goliath. david has got some muscle behind him. it's not just retail versus hedge fund, it has become hedge fund versus hedge fund. tom: christopher marangi, what sectors of the market offer value after we saw the lift of the bottom as witnessed by the banks in the last quarter or two? christopher: fourth quarter, we finally saw a more sustainable rotation to value and small-cap. i still think there is room to go there. as we get a better sense of the trajectory of the economy, a lot

of those value names happen to be cyclical names and small-cap tends to be a little more cyclical. we still see some value there. probably going to see a positive the near term, especially as we get perhaps some negative news flow around variants. but ultimately, there is some bargains there. francine: can i just go back to gamestop? one thing that i feel is lost in the conversation is what happens to gamestop? this is a company, you can talk about futures and shorting and everything you want and all of the options, but actually, this is a company. does it survive or not? christopher: there was a reason it was highly shorted, obviously. i am not an expert in gamestop by enemies. what i will be looking for is them to actually raise capital at these levels. we have seen some of these other companies do that, issue converts, issue stock and basically give themselves the opportunity to remake themselves. i think we all know how this is going to end.

much like covid, we know it's going to end. there's probably going to be a lot of pain for some people along the way. it's probably going to end in tears for a lot of these retail investors and hedge funds. francine: will it change the rules? christopher: i think the system is doing what it is supposed to do. within the requirements for the clearinghouses, margin accounts and things like that, you know, these are the breaks that are in the system. the new sec chairman is going to have a lot of issues to look at and i am sure this will be high on the list, both on the retail side and on the hedge side. is it right the hedge funds are more than 100% sure individual stocks? should we look at bringing back the uptick rule? things like that. tom: christopher marangi, the heart and soul of the gabelli tradition is securities analysis. where are you guys on the core industrial companies of this country?

large-cap, mid-cap, small-cap? christopher: going back to where there is value and where we are looking, it includes a lot of those industrial companies and cyclical companies. obviously, we do have a focus on autos. i think what has gone on with gm is interesting. this is what they have announced in terms of stopping sales of internal combustion engines in a decade and a half. we are looking for a lot of these industrial companies that are able to pivot to new markets, and there are a lot of them, not just ev's but other sustainability issues. tom: we've got to leave it there because of the gamestop flow. christopher marangi with gabelli funds, co. chief investment officer. a story that has been way under our antenna in america is finally commerzbank has to figure out what to do.

this has been completely underreported. this is a big deal, isn't it? francine: yes, it's a big deal. there's also the commerzbank relationship with some of the italian banks, tom. what will commerzbank be in two years? will it be taken over, will it be taken out, will it become better? tom: i just want to touch on, folks, through the day, some of these important stories ground out by the mania, i guess mania is the right word, of gamestop and the rest. 382 on gamestop. the 10:00 hour, a guest from goldman sachs.

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♪ cine: this is -- ritika: this is "bloomberg surveillance." bitcoin surged above $38,000 after the world's richest person mentioned it on his twitter profile. elon musk simply said "bitcoin" and that led to speculation that he might be a bitcoin investor. the world's largest cryptocurrency is on track to snap a two week slide. h&m posted earnings that beat estimates. the ceo was able to cut selling and administrative expenses by 60%. h&m also renegotiated lower rent

for stores. that is that is the bloomberg business flash. tom: interesting market here. the vix up. . 33.33. futures -29. the yield,. 1.08%. . all of a sudden, that gets my attention. a highe run nimby. francine: i am glad that you mentioned renimbi. overall, the focus is on gamestop, or at least reddit day traders. treasury yields rising paired up next, we speak with andrew pekosz from johns hopkins about covid-19. this is bloomberg. ♪

>> >> today, not only are we

opening domestic demand, we are also sending relief to other countries for their citizens also. today, it is also india that has started the world's largest corona vaccination program. >> i can do something other countries would like to be able to do, and that is inoculated millions of people in the time that i close the country. >> europe invested billions to develop the world's first covid 19 vaccine, to create a truly common good, and now the companies must deliver -- they must honor their obligations. >> china will continue to share assistance with other countries to assist countries and regions less prepared for the pandemic.

>> some countries have acquired up to four times what their population needs and that was aimed at hoarding the vaccine. >> the pandemic is well known. the pandemic will drag on. recessions and pandemics no --know no borders. >> this will be an uphill battle, much more difficult than many think. francine: global leaders at the world economic forum. moments ago, the eu publishing the contract and i'm sure lawyers will see how many doses -- it is basically a legal dispute, but it goes to the

matter of how much anxiousness there is by governments not been able to vaccinate populations quickly enough. joining us now, andrew pekosz, johns hopkins bloomberg school of public health professor and virologists. i cannot go through the country -- contract now, but it is symptomatic of the agreements with the vaccinating companies that are not making the money out of it and the government. does the nationalism continue until we have enough doses? andrew: that is when to be a continuing problem. it is completely understandable someone it go long to get the vaccine and countries are thinking about their own population, trying to prioritize those four vaccinations, but it is important to understand this is a global pandemic and what we have seen with the variance that are emerging, anywhere the viruses replicating unchecked

facets of the situation with the virus can mutate, evolving get around these vaccine induced emergencies -- immunities. it is in all of our benefit to knock down virus replication across all countries and not leave viruses that can mutate and change and render vaccines less useful. francine: what are the vaccines that are useful -- the novavax vaccine. does it work against the variant? andrew: it appears of our -- the vaccine has good efficacy, around 86% in the u.k.. a study was also done in south africa where we have one of the marriott circulating that appears to be less sensitive to the vaccine. the efficacy there went down to

50%. that is still good, telling you the vaccine recognizes an immune response recognizing the variant. the south african variant is the one scientists are most concerned about. it is a warning sign that we need to increase our efforts at following the virus, tracking it, and updating vaccines when appropriate. francine: could we be in a situation much like the flu where we need to get a new vaccine shot every year, and given what we know -- the science behind it, would we be able to do that? andrew: it is a little too early to say whether this will look like influenza. i would tend to think we are not one to be in the same situation as we are with influenza. this virus mutates at a slower rate than influenza.

it is also not clear how many mutations this virus can handle. influenza can handle a lot of mutations. it is not clear of coronavirus can handle many more mutations. i am hopeful we will not be in a situation where we will have to update the vaccine and initiate vaccination campaigns on an annual basis. francine: andrew, thank you so much. andrew pekosz, and be sure to check out brs go on the bloomberg for the latest on the conversation. our other big story is gamestop and robinhood defending its decision to clamp down on selling shares. the ceo telling bloomberg no market forces forced them to

make the move. >> a lot of people are saying we were forced to do this and that is categorically false. we were not directed by a market maker or any other market participant. this was a technical and operational decisions that we made because robinhood as a brokerage has financial requirements, including clearinghouse deposits that we have to make to various clearinghouses. some of these fluctuate based on volatility in the markets, and in this current, unprecedented environment, can be substantial, so to protect the firm and protect our customers we temporarily disabled buying in these securities and we hope to remain -- reenable buying as soon as tomorrow morning.

>> that said, did any of your investors or other market makers ask you to halt the trade, even if that is not the reason you did it. vlad: no. emily: tell us about why you would allow users to sell, but not by if you are about democratizing finance. vlad: users not been allowed to sell would be painful to customers. getting out of a position you are holding and not been able to do that is painful. we stand with our customers. we want to give them the ability and the platform to invest in stocks, buy and sell, so restricting buying, obviously, not as dangerous to customers.

emily: if hedge funds can short 140% of a stock but retail cannot go along because of volatility in a free market, how does that make sense? vlad: look, it is not negotiable for us to comply with our financial requirements and our clearinghouse deposits. we just have to do that. robinhood has always stood and will continue to stand with the individual investor -- their ability to have access to buying and selling stocks, and i have to say, now, i can kind of understand how clorox and lysol were feeling at the beginning of the dynamic when there is so much demand for something. we are doing what we can. we hope to have it enabled tomorrow morning and the team has been working incredibly hard

day in and day out, even before this, so that we are available to our customers and we operate and run a reliable service for them. emily: you are now facing scrutiny from both sides of the isle. aoc tweeted earlier this is unacceptable -- we need to know more about robin's decision to stop investors from trading stock. ted cruz retweeted that and said fully agree. will you come to washington if necessary to testify about this? vlad: we are glad that both sides of the aisle are coming together here, obviously under difficult circumstances that have been challenging. we are always open to having a conversation. we think there is a great opportunity to educate the public as well about how some of

the mechanics around settlements in the financial markets work. i think there has been a lot of misinformation out there about why robinhood did this, and we, first and foremost, did it to protect the firm and our customers. francine: well, that was the robinhood chief executive, vlad tenev. coming up, mark carney, former bank of england governor. ♪

ritika: this is bloomberg surveillance. i am ritika gupta in the control room. coming up that it today, the international chairman and ceo. this is bloomberg. >> if we are really going to be moving to a net zero carbon environment, all of society has

to move, not just public companies. >> governments worldwide are going to need to invest in the r&d of how to prepare for climate change in helping us design and build new technologies. francine: that was the blackrock chief executive larry fink discussing climate change at the bloomberg year ahead virtual conference. we here to talk about climate change as well as how it relates to fund managers. mark carney, the u.k. prime minister's finance advisor. thank you for joining us. a lot going on in the markets. if you look at what some market participants are doing, this huge volatility because of the day traders -- is there a danger that this is the way things will be in finance and they take their eye off the ball in some of their commitment to climate change?

mark: i don't think that will happen. it is something to be watched, but the markets and financial system are a remarkable thing and they can do more than one thing at one time and we are seeing big, structural, changes and flipping what has been an enormous risk into arguing the biggest commercial opportunity of our time. tom: governor carney, i do want to say on climate change, even though i have 14 gamestop questions -- mark carney, in the heart of your report you get to the heart of the matter with you is we have to figure out how to price carbon to structure correct incentives for private enterprise. are you optimistic that we can efficiently price carbon?

mark: well, tom, there are a couple of ways we can price carbon, and part of it goes back to what larry fink was saying at the star. governors have a role here in pricing ways and next analogy. the canadian government has set out a carbon tax to 2030 that provide certainty and will spur investment. others have exchange-traded markets. really in the end, only 20% of global gdp has a carbon price now, so we have a long way to go. there is a role for government. the results of a role for the market for carbon offsets, activity that takes carbon out of the atmosphere -- at present, it is a small market, only about 300 million u.s. dollars a year. it does not make the screens of bloomberg. that should be a $100 billion your market.

that gives the blueprint to how to set up the market. it is a market we want up and running by the end of this year and will be an important complement to broader efforts, first and foremost, the responsibility of businesses and those that provide them with capital to reduce it on an absolute basis. francine: buying the carbon is much easier than -- should there have been a higher casey where you -- hierarchy worry you can do carbon off puts. mark: absolutely. the responsible to companies is to reduce the carbon footprint, and secondly report -- not just what they have done, but what they intend to do. we have seen over 1200 major companies around the world have signed up for net zero plans, and the most vigorous type of

net zero plans, which are linked to something called the science-based target. companies need these plans to reduce emission and at the core image and reductions are absolute reductions. that said, they takes some time to turn over the capital star. some need to become economic pit it will take more capital, time, innovation, to get technology need for cement, steel, jet fuel, others, and this market can help to accelerate that as well. to go back to the core of your question -- yes, the first possibility is reduction. this is complementary to that, and what it does is it preserves a very limited and very precious carbon budget. francine: when will we see your portfolio warming metrics -- portfolio managers saying this is what i will invest in and this will make a difference? mark: fantastic question, and

that is exactly where we need to get to. we are building the architecture for that, but listeners, watchers, viewers, they deserve to know the information. it is not having a black box, psg rating of my portfolio -- what is it doing to the planet, to the temperature? in other words, in order to have that, you need companies with net zero plans or not. if they don't, it is business as usual and we are headed towards more than three degrees. you need to judge those and you need to map as to a temperature level. we have some of our largest institutions -- do report portfolio warming metrics. we have put out for -- the architecture for how to do this. there is a huge response to this from the industry and i think we will get there in the next couple of years, and that will

become best in class for those managing money on behalf of the individuals. tom: governor carney, anyone that writes a thesis called "the dynamic advantage of competition" absolutely needs to be asked this question. i know you are in a delicate position, but basically new technology, almost not all network technology has come up against our greater global financial system. every day we are learning about new slew rates, new capacities, new speed of transfer of information, and we get to a crisis like gamestop and what we are seeing with a $1 billion bailout. what do our institutions, including central banks, need to do to become more aware of modern technology and how to adapt and adjust to it? mark: that is a great question. ultimately, to some extent, you are asking a question about latency and involving latency.

this is an issue both for financial stability, and also an issue of fundamental fairness of our capital markets. i would suggest that the latter -- the fairness of capital markets for individual investors, for all investors -- those are issues for securities regulators who have the responsibility for the integrity of the markets. the central banks have to address the potential financial stability consequences of different latency mixed with leverage, algorithmic training -- i am not saying it is bad, but algorithmic trading that is both not well managed, nor well understood. i think stability from a -- perspective is still robust combat the interaction of what needs to be done for financial stability, such as the clearinghouse and others, have a feedback effect to individuals on that is part of what we have seen this week.

tom: what we have seen this week, and literally last night, conversation we talked about the toronto maple leafs and the dcc and in her. the fact is in the modern casino there has to be the adult in the room. how can our institutions, boe, said and the others --fed and the other support clearinghouses is truly the maker of last resort in the market? mark: there are several things. one is the provision of liquidity to clearinghouses is exceptionally important. secondly, what is important, what is cleared in a clearing house, and one of the things we focus very much so on when i was at the bank of england in terms of over-the-counter markets, the fixed income markets, not the equity markets -- what are the right types of instruments to be centrally cleared, and what is the type of collateral that can be provided.

we need to remember, and your question is spot on -- the role of the central bank, ultimately, is as a liquidity provider -- i know you're not suggesting this, just to be clear -- not a buyer of last resort. it is to help with the market making my the market making of last resort and the clearing process. central banks need to be alert to this. they are. they need -- obviously when we have incidents like we have seen, they need to update their understanding and the way they treat volatility in the market and where the details can be so the market is resilient to it and continues to function when it is under pressure. francine: we will get back to climate change in a second, but this is too important to let go -- not how will regulators look at this? mark: i am sorry francine? francine: how do regulators look at this? mark: i would look at the

interaction, as i said a moment ago, between the requirements of financial stability, the capital rules that are required to ensure that the clearinghouse is robust, because remember if the clearinghouses a robust, ripple effects go not just to the equity market, but more broadly through the system. the interactions between those and market dynamics, and candidly, also, the degree of leverage that is allowed in the system, because ultimately, through options and other trading on both sides of this in terms of the short position in the long position, the degree of leverage -- is it appropriate? i am not making a judgment on that. i don't have the information, but that is where you start. francine: one of the other very important things is how you deal with fossil fuel, invest in it, and capitalize it. we had an important resolution by hsbc -- what is your view on the cost of capital and access

to capital for some of these polluting companies going forward question mark -- forward? mark: we have seen dramatically to the cost of capital for fossil fuel's and relatively for renewables, you have multiples, whether you're going to cold or deep water oil, four or five times the cost of capital has moved over the last 18, 24 months, and that is not a view on the short-term outlook for the price of energy, but a view of there are considerable stranded assets. the cost of capital has shifted, but the way to ensure efficient allocation of capital as we move toward a lower carbon, ultimately than zero economy, is to have clarity about where a company fits in in the energy transition. so, is my energy low carbon,

low-cost, and low risk -- otherwise, in a lower risk environment? where do i fall on that spectrum and as a producer, how do i see my role in the transition. why will i be part of the fraction of proven reserves that are produced over the course of the next quarter century, and that is a question investors are trying to figure out. there certainly are tools that will be produced and should be reinvested in, but there are others that ultimately need to be run off and some will be run off quite quickly. francine: governor carney, given brexit, what will be the role of london in green financing? mark: i think london will play a central role. it will be one of the global hubs of green finance. it already is. a lot of the expertise is there. amber, as you know, francine, in the end, when you have these

big, structural shifts -- whether it is because of ai or because of the net zero transition, ultimately requires fundamental research, analysis, and judgment, and those are all strengths. it also requires some markets desk carbon offset market is an example, a market that needs to build up, and it requires a high regulatory market. we're getting information about the transition of many symbiotic quality and have integrity for the system to do its job. ultimately, and the last point, this is the ultimate global problem and we need a global market for that, and london has it all. francine: mark carney, thank you for your time. mark carney there. this is bloomberg. ♪

>> you are saying pockets of frothing us come through. >> this looks like pockets of frothiness. >> we have a massive wealth rebalancing in the world. >> we have a revolution between the haves and the have-nots. >> it is the retail investors that could end up getting hurt. next the nature of the market is sometimes to go a little bit crazy. >> not every company can be an apple for tesla -- people are looking for things that did not exist. >> next year when things start to look more normal, then you'll have the hammer come down on some of those companies. >> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathan: good morning. alongside tom keene and lisa abramowicz, i am jonathan ferro.

it i