| February 08, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
JLN Staff
I love a good scam don't you? Well, the latest advisory from the CFTC and four other U.S. agencies is to be careful when mixing love with investing or trading. "Dating or Defrauding" is a national awareness effort to alert the public to romance scams that target victims largely through dating apps or social media.The campaign was launched by the Commodity Futures Trading Commission (CFTC), the Consumer Financial Protection Bureau (CFPB), the Department of Homeland Security's U.S. Immigration and Customs Enforcement (ICE), the U.S. Postal Inspection Service, and the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN).
So the next time you are on Tinder and someone wants you to snuggle up to their Bitcoin, tell them you are not interested.
TMX has issued a paper titled "Switch Risk in Futures: A Refresher" to remind investors of the impact the cheapest-to-deliver switch can have on positions in physical bond futures. With interest rates moving again for the first time in a long time, some of these types of risks can come back into play.
On a related subject, ISDA is conducting a US Treasury clearing survey of members and non-members. ISDA is specifically looking for feedback on the legal, operational, regulatory (including market regulation and capital implications) and policy issues associated with UST clearing, with a focus on client clearing and how reforms in this market would impact the derivatives markets. (Details via ISDA)
ICE is holding a webinar titled "Implementing Net Zero with Paris Agreement Aligned Derivatives" on Tuesday, Feb. 15, at 4 p.m. CET, 10 a.m. ET. ICE is introducing derivatives aligned with the goals set out in the 2015 Paris Agreement. Speakers include Hitendra Varsani, Managing Director, Global Solutions Research at MSCI, who will explain how Paris-aligned indices are constructed; and the Delta 1 and Equity Derivatives team from Bank of America, who will share a perspective on the opportunities presented by ESG derivatives.
As long as you are going to give away boatloads of money to buy advertising during the Super Bowl, why not just give away some directly? Well, that is what crypto exchange FTX.US is going to do in the form of Bitcoin. (details via Cointelegraph)
The promotion button at Forefront Communications seems to be stuck. After the recent promotion of Sam Belden, the firm also promoted Amanda Perrucci to account manager, head of digital and Alex Hamer to senior account executive. Congratulations to both.
Some guys (with hair) from the futures industry want me to mention that Ron Rivas of JR La La's barber shop is now in Westchester, IL, at Jeannie's Hair Company. For years I went to La La's to get my hair cut, first when the shop was in the Broker's Building that was knocked down for the 1998 expansion of the CBOT and then when it was in the lobby of 440 South LaSalle. Rivas is the last man standing from a great group of barbers from La La's whom I always enjoyed talking to while getting my hair clipped and snipped. From where my dad would take me for haircuts, I grew up believing barbers were all Italian and played soccer. These gentlemen were not from Italy, but they did all play soccer in their youth. It was close enough for me.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Federal Agencies Launch Joint Effort to Alert Online Daters and Social Media Users of Romance Scams That Have Cost Americans Millions
CFTC
Today, five federal agencies joined forces to remind the public about the ongoing dangers of romance scams. The Commodity Futures Trading Commission, the Consumer Financial Protection Bureau, the Department of Homeland Security's U.S. Immigration and Customs Enforcement, the U.S. Postal Inspection Service, and the U.S. Treasury's Financial Crimes Enforcement Network have launched "Dating or Defrauding?" a national awareness effort to alert the public to romance scams that target victims largely through dating apps or social media. The campaign is supported by USAGov/Outreach, a division of the U.S. General Services Administration's Technology Transformation Services.
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***** That only dating I do is when I log on to my MySpace account, then I really date myself.~JJL
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IRS to end use of facial recognition software to verify online account
Alicia Adamczyk - CNBC
The IRS will no longer require taxpayers to use third-party facial recognition software to authenticate their online accounts, the agency announced Monday.
The agency previously announced that starting this summer, taxpayers would have had to authenticate their online accounts through third-party software company ID.me by providing a government document with a photo, such as a driver's license, state ID or passport, and taking a video selfie with their smartphone or computer.
/jlne.ws/3B4xZym
***** IRS does an about-face.~JJL
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Covid vaccines: the race for a single shot to prevent new pandemics; Omicron has exposed the weakness in current vaccines and revived interest in an all-protective 'super jab'
Sarah Neville - FT
In October last year, shortly before the Omicron variant shattered hopes that the pandemic was burning out, zoonotic disease specialist Linfa Wang published a study that he considers one of his most significant in decades of coronavirus research.
/jlne.ws/3rz6jOW
*****Hit me with your best shot!~JJL
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Monday's Top Three
Yesterday's top story was The Atlantic's The Internet Is Just Investment Banking Now. Personally I thought it was for cat pictures. Our second story, also from The Atlantic, was The COVID Jerk. Don't be that guy. Third was from CNBC, Bitcoin has become a lifeline for sex workers, like this former nurse who made $1.3 million last year.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | Eurex sees record volumes in euro clearing in January; Average daily cleared volumes in OTC swaps more than doubled to EUR 40 billion y-o-y; Eurex overall traded contracts in January +3 percent y-o-y
Eurex
OTC Clearing at Eurex continued its positive trend in January. Average daily cleared volumes in OTC interest rate derivatives grew to a record level of EUR 276 billion, which translates to a total of EUR 5.8 trillion. Overall notional outstanding grew to a record volume of EUR 24.560 billion at the end of January, despite several compression runs during the last months. Market share in notional outstanding stood at 22 percent in January. Looking at specific products, Interest Rate Swaps and Overnight Index Swaps business together more than doubled in terms of average daily cleared volumes - from EUR 19.0 billion to EUR 40.3 billion - and by almost 50 percent in terms of notional outstanding - from EUR 9.1 trillion to EUR 13.4 trillion.
/jlne.ws/339hZ1G
Cboe Completes MATCHNow Technology Migration and Launches its First New Canadian Offering
Cboe Global Markets
MATCHNow successfully migrated to Cboe technology on February 1, 2022, marking completion of a year-long integration effort; Cboe BIDS Canada is first new offering to launch post-migration; Technology integration follows Cboe's acquisition of MATCHNow in August 2020 and will serve as the foundation to help Cboe expand in Canada
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced it successfully migrated MATCHNow to Cboe technology on February 1, 2022. Along with this technology migration, Cboe has launched Cboe BIDS Canada, bringing a new and enhanced block-trading offering to the Canadian equities market.
/jlne.ws/3LgN7xj
CME Group to Launch CBL Core Global Emissions Offset Futures
CME Group
CME Group, the world's leading derivatives marketplace, today announced it will launch CBL Core Global Emissions Offset™ (C-GEO™) futures on March 7, 2022, pending all relevant regulatory reviews. CBL C-GEO futures are intended to align with the Core Carbon Principles, an emerging set of transparent and consistent standards around the supply of carbon credits to be overseen by the Integrity Council for the Voluntary Carbon Markets.
/jlne.ws/3LgdqUv
Covid-19 Restrictions Unwind as Omicron Wanes in U.S., Parts of Europe; Deaths from the disease remained little changed, adding to evidence that the latest virus wave is ebbing
Eric Sylvers, Bertrand Benoit - WSJ
The downturn in Covid-19 cases in the U.S. continued at the start of the week, while deaths of people diagnosed with the disease remained little changed, adding to evidence that the surge caused by the Omicron variant of the virus is receding. The seven-day average of new cases stood at 265,700 on Monday, according to data from Johns Hopkins University, after falling under the 300,000 mark on Sunday for the first time this year. Average daily new cases hit a peak above 800,000 on Jan. 15.
/jlne.ws/3ouv79a
A Democrat takes over the F.D.I.C. after a partisan clash; Martin J. Gruenberg replaced Jelena McWilliams, a Trum appointee who stepped down after a conflict with Mr. Gruenberg and two other Democratic members on the board.
Lananh Nguyen - NY Times
A Democratic bank regulator, Martin J. Gruenberg, has taken the helm at the Federal Deposit Insurance Corporation after a partisan fight prompted his Republican predecessor to resign. Mr. Gruenberg became acting chairman of the F.D.I.C. on Saturday after Jelena McWilliams, who was appointed chairman by President Donald J. Trump, stepped down a day earlier.
/jlne.ws/3B5fLwN
Crypto platforms linked to surge in suspicious activity reports; Filings from San Francisco-based 'money services businesses' almost triple to 207,000
Gary Silverman - FT
The US government's system for spotting money laundering has received a surge of suspicious activity reports from a set of San Francisco financial companies that includes some of the world's leading cryptocurrency trading venues, according to a new report based on federal data.
/jlne.ws/3HAnUMg
New Consortium of Crypto Exchanges Aims To Further "Market Integrity"
Sujha Sundararajan - FX Empire
A new consortium of leading digital asset players wants to commit to a "safe and sensibly-regulated crypto industry." At a time when the industry has drawn fire for failing to eliminate bad actors, a group of crypto exchanges launched a consortium to crack down on crypto "market manipulation and abuse." Dubbed Crypto Market Integrity Coalition (CMIC), the alliance of 17 crypto exchanges comprises Coinbase, BitMEX, Circle - that launched USDC stablecoin, Anchorage Digital, among others.
/jlne.ws/3rznkIY
The SEC is pushing the limits of insider trading enforcement
Jorge Deneve, Jamie Quinn - Fortune
Underscoring the SEC's newly aggressive enforcement agenda, Chair Gary Gensler recently dusted off the combative words of the agency's founding chair, Joseph P. Kennedy, who some 85 years ago announced his intent to "make war without quarter on any who sell securities by fraud or misrepresentation."
/jlne.ws/3Jfd4f8
Will Cryptocurrencies Shatter The Monopoly Governments Have On The Creation Of Money?
Steve Forbes - Forbes
If you want to see the future of cryptocurrencies, look at Turkey. Its currency, the lira, is plunging in value, down 40% against the dollar since September. The official inflation rate—which the Turks don't trust—is 36% and rising. That's why desperate people there are diving into cryptocurrencies. Bitcoin is highly volatile and has taken a hit recently, but Turkish buyers feel its long-term value is upward, as it has been since its inception.
/jlne.ws/3LezuPr
New York Fed Blog Casts Doubt on Stablecoins' Eventual Use as Payments
Yueqi Yang - Bloomberg
Authors say there's already an efficient form of digital money; Tokenizing bank deposits is more desirable, realistic: blog
Stablecoins are unlikely to be the future of payments despite their growing market value in the last two years, according to a Federal Reserve Bank of New York blog post. The first kind of stablecoin that's backed by safe and liquid assets "unnecessarily" ties up liquidity -- making them unavailable for other uses in the banking system -- while the second type that isn't fully backed resembles private bank notes, which have historically failed, authors including former New York Fed vice president Rod Garratt and economists Michael Lee and Antoine Martin write.
/jlne.ws/3B3rwnx
Former Goldman Banker Settles Sex-Discrimination Suit With U.K. Fund
Sedef Koktenturk claimed Genesis applied double standards; Settlement comes before ruling in trial, which ended last week
Ellen Milligan - Bloomberg
A former Goldman Sachs Group Inc. banker and Olympic windsurfer reached a settlement in her sex discrimination suit with London-based Genesis Investment Management, according to the fund. Sedef Koktenturk sued Genesis after she was fired following informal complaints about her management style. She claimed the fund applied double-standards toward male and female colleagues, and that if she were a man, her "success and direct approach" would have been prized by the firm.
/jlne.ws/3JaggbL
Hedge Fund Managers Are Expensive; Also oligarch yacht loan risk transfer, Helium, the coming MOASS, Elon Musk tweet subpoenas and dueling NFT dining clubs.
Matt Levine - Bloomberg
Here's the classic life cycle of a hedge fund. You quit your job at Goldman Sachs Group Inc., or at someone else's hedge fund, and you start a new fund with some of your own savings and some money from your former clients, bosses, etc. You charge a management fee of 2% of assets, which you use to pay for rent and Bloomberg terminals and stuff, and a performance fee of 20% of profits, which you use to pay bonuses to a couple of analysts and a bigger bonus to yourself. Living, as you do, on performance fees, you care a lot about performance, and you perform well. This has two effects: (1) you attract more clients who like the performance and (2) you pay yourself large bonuses out of your large performance fees. The former effect tends to increase the size of your fund while reducing your percentage ownership (more outside money), while the latter tends to increase your percentage ownership (you pay yourself more than you can spend and, as a matter of course, keep your savings in the fund).
/jlne.ws/3GxzFSk
Binance CEO Zhao Warns Crypto Investors of Another 'Massive Scam'; Scammers are sending alarming text messages to deceive investors on the Binance platform, the world's largest crypto exchange.
Luc Olinga - The Street
Hacking of firms, theft of millions of dollars of cash: The emerging world of cryptocurrencies, like any young industry, is plagued with scams. And almost daily these multiply in different forms. The latest is aimed at investors in Binance, the first cryptocurrency exchange where users buy and sell bitcoin, ether and many other cryptocurrencies. Scammers send SMS messages to crypto users informing them of a withdrawal request from an unknown IP address. To prevent the withdrawal from taking place, the user is asked to click on a link to cancel the request. Unfortunately, the link leads to a phishing website that will try to steal credentials from investors.
/jlne.ws/3rxRqN3
Cadwalader Doubles Down on Wall Street Amid Market Volatility
Meghan Tribe - Bloomberg
Two-century old law firm focusing on banks, companies, funds; Average partner profits jumped by 72% last year after slow 2020
Cadwalader Wickersham & Taft is doubling down on its strategy to grow on Wall Street—even as banks see a pandemic surge in trading starting to cool—rather than join rivals in jumping to new markets and locations. Pat Quinn, the firm's managing partner, calls it staying "on brand." Cadwalader is focusing on clients that have included JP Morgan Chase & Co., Wells Fargo & Co. and other large financial institutions, corporations, and funds.
/jlne.ws/3B4k4Zk
Dubai Financial Services Authority strengthens international ties and signs its 110th MoU with the International Financial Services Centre Authority
Dubai Financial Services Authority
The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the International Financial Services Centre Authority (IFSCA) in India to consult, cooperate and exchange information for enhanced cross-border financial supervision.
/jlne.ws/34KIniV
Swiss Banker's Trial Rivets With Fraud Charges and Strip Club Visits; Pierin Vincenz, a former chief executive of Raiffeisen, is accused of making millions through illegal outside deals and filing eyebrow-raising expenses.
Noele Illien - NY Times
ZURICH — Switzerland's biggest financial fraud trial in years has drawn so much interest that court officials decided to move it to the Volkshaus Theater, a popular concert and performance venue in Zurich, to handle the extra spectators.
/jlne.ws/3rvJ34t
An Audience With LME chair Gay Huey Evans: 'The LME is an icon — it's not going to close'; Covid has forced the chair of the London Metal Exchange to reconsider the push to electronic markets, as well as how to encourage diversity in the industry
Financial News
The boss of Europe's last open outcry trading floor talks the future of work, overseas trips, and her love of music
/jlne.ws/3oAihWW
big xyt Launches Global Exchanges Directory
MarketsMedia
big xyt, the independent provider of smart data and analytics solutions to the global trading and investment community, announced the launch of the Global Exchanges Directory, an interactive web portal providing key information on 97 worldwide stock exchanges and alternative trading venues in seven regional categories.
/jlne.ws/3oxyQCy
Ex-BofA lawyer jailed in Hong Kong over police assault allegations; merican Samuel Bickett loses appeal in case that symbolises erosion of rule of law, analysts say
Chan Ho-him -FT
A former Bank of America lawyer in Hong Kong has been sent back to prison for assaulting a plainclothes police officer during pro-democracy protests two years ago, in a case that analysts said highlighted the legal risks for foreigners working in the city.
/jlne.ws/3Lmkqiv
Unruly Reddit prepares for stock market debut with ads deals; Anarchic social network in discussion with WPP as it seeks to make profit without angering 330mn outspoken users
Hannah Murphy -FT
Reddit, the home of the anarchic r/WallStreetBets trade-tipping forum, is preparing for its own stock market debut by stepping up its push to build an advertising business around the social media platform.
/jlne.ws/3GFCPmN
Sri Lanka on brink of sovereign bond default, warn investors; Asia's top high-yield bond issuer expected to restructure debt and seek help from IMF
Tommy Stubbington and Benjamin Parkin - FT
Investors are braced for Sri Lanka to default during the Covid-19 pandemic, saying they expect Asia's top high-yield bond issuer to restructure its debt and call on the IMF for assistance as its financial crisis worsens.
/jlne.ws/34MX8lm
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Is the Coronavirus in Your Backyard? White-tailed deer could become a reservoir for the virus, putting people and animals at risk, health experts say.
Emily Anthes and Sabrina Imbler - NY Times
In late 2020, the coronavirus silently stalked Iowa's white-tailed deer. The virus infected large bucks and leggy yearlings. It infiltrated a game preserve in the southeastern corner of the state and popped up in free-ranging deer from Sioux City to Dubuque.
/jlne.ws/35Y7uPN
Australia will reopen its borders to all vaccinated visitors starting Feb. 21.
Natasha Frost - NY Times
Nearly two years after Australia slammed its borders shut to almost all noncitizens, the country will reopen this month to international tourists who have been fully vaccinated against the coronavirus, Prime Minister Scott Morrison announced on Monday.
/jlne.ws/3smGaSM
Pfizer set for record vaccine revenue as world's dose-sharing initiative runs out of cash; Pfizer's Covid vaccine has become one of the most lucrative drugs in history
Samuel Lovett - Independent
Pfizer is expected to announce a record £26bn in sales revenue from its Covid-19 vaccine during 2021 - enough to fill the funding shortfall in the world's dose-sharing programme seven times over.
/jlne.ws/34j0fl7
Third Dose of Pfizer, Moderna Covid-19 Vaccines Offers Strong Protection Against Omicron; CDC analysis shows that boosters are important in maximizing protection against Omicron and Delta variants
Felicia Schwartz, Sam Schechner, Jon Kamp - WSJ
Vaccines and booster shots offer superior protection from the Delta and Omicron variants, according to three new studies released by the Centers for Disease Control and Prevention.
/jlne.ws/34Kglnm
Covid-19 cases are one-third of the peak 3 weeks ago. Here's where the US stands on other metrics
Eric Levenson - CNN
The Omicron wave of Covid-19 cases has receded significantly in the US over the past few weeks, but more people are dying each day from the contagious illness than died during the peak of the Delta wave last summer.
/jlne.ws/3osXkx1
Hong Kong's Covid Reality Bubble Is Bursting; The fifth wave has shown up the chimera of the city's zero-tolerance strategy.
Matthew Brooker - Bloomberg
Omicron is no respecter of titles or jazzy labels. The Hong Kong government's "Dynamic Zero Infection" strategy, for which the city has sacrificed much in pursuit of resumed links with mainland China, is hanging by a thread. Confirmed Covid cases surged to 614 on Monday, almost double the previous day's total and an exponential rate of increase that makes further record tallies inevitable. Any hope of regaining control rests with Hong Kong's pandemic-wearied people. They may prove a less than wholly reliable ally.
/jlne.ws/3JcVS9T
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Switch Risk in Futures: A Refresher
Following several years of low rates and flat bond yield curves, many investors may have forgotten the impact that a cheapest-to-deliver (CTD) switch can have on positions in physical delivery bond futures. For such investors, 2022 may be a good time to brush up on some of the basics of the embedded quality option, a more formal term for switch risk, as the September expiry of the Ten-Year Government of Canada Bond Futures (CGBTM), the CGBU22 contract, appears to have significant switch potential under expected market conditions.
/jlne.ws/3J73QRZ
Tokyo Stock Exchange boss tells Japan to embrace activist investors
'Frank, open discussions' could help decision-making, says CEO Yamaji
Mitsuru Obe - Nikkei
The head of the Tokyo Stock Exchange urged companies to open a dialogue with activist investors instead of trying to shut them out, saying they can add urgency to decision-making that could lift the value of Japan Inc.
/jlne.ws/3gqrhcG
Nasdaq will list Valkyrie's ETF linked to Bitcoin mining firms on Feb. 8; At least 80% of the investment's net assets are through securities that "derive at least 50% of their revenue or profits" from Bitcoin mining.
Turner Wright - Cointelegraph
Crypto asset manager Valkyrie will have an exchange-traded fund (ETF) with exposure to Bitcoin mining firms available for trading on the Nasdaq Stock Market starting Tuesday.
/jlne.ws/3GBeaA2
Avelacom deploys new point of presence (PoP) at Bursa Malaysia; Move further deepens Avelacom's Asia presence and allows investment banks, hedge funds, sophisticated props, and quants to engage with one of Southeast Asia's most vibrant markets
Avelacom
Avelacom, the low latency connectivity, IT infrastructure and data solutions provider for global financial markets, today announces the deployment of its point-of-presence (PoP) at Bursa Malaysia to extend its network footprint into Malaysia capital markets.
/jlne.ws/3J8OU5O
Aquis Exchange subsidiary will provide technology framework for net values-driven funds exchange; It is working with a company called Investre, a specialist in this emerging field
Proactiveinvestors.co.uk
Aquis Technologies, the software licensing arm of Aquis Exchange PLC (AIM:AQX), will provide the 'pipework' for a market for values-driven investment funds after inking an agreement with a company called Investre.
/jlne.ws/3GwMfkB
2021 Annual Results announcement date
NZX
Investors and analysts are invited to a teleconference on 17 February with NZX's Chief Executive, Mark Peterson, and Chief Financial Officer, Graham Law, who will present the financial and trading results for the period ended 31 December 2021.
/jlne.ws/3Jdd8M6
NZX Shareholder Metrics - January 2022
NZX
Please see attached NZX Limited shareholder metrics for January 2022.
/jlne.ws/3sq027B
TMX Group Limited Increases Dividend by 8% to $0.83 per Common Share
TMX
The Board of Directors of TMX Group Limited today declared a dividend of $0.83 on each common share outstanding, an increase of $0.06 or 8% from the previous $0.77. This dividend is payable on March 11, 2022 to shareholders of record at the close of business on February 25, 2022.
/jlne.ws/362zrGl
TMX Group Limited Reports Results for Fourth Quarter and Full Year 2021
TMX
TMX Group Limited [TSX:X] ("TMX Group") today announced results for the full year and fourth quarter ended December 31, 2021.
/jlne.ws/3oyu5c6
TMX Group Equity Financing Statistics - January 2022
TMX
TMX Group today announced its financing activity on Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for January 2022. TSX welcomed 22 new issuers in January 2022, compared with nine in the previous month and 23 in January 2021. The new listings were 18 exchange traded funds, one clean technology company, one life sciences company and two real estate companies. Total financings raised in January 2022 decreased 75% compared to the previous month, and were down 78% compared to January 2021. The total number of financings in January 2022 was 48, compared with 56 the previous month and 33 in January 2021.
/jlne.ws/35Y50Rv
SET Market Report For January 2022
SET
/jlne.ws/3oAjkWR
JPX Monthly Headlines - January 2022
JPX
JPX group companies undertake various initiatives and disseminate information with the aim of providing the most attractive markets to all users.
/jlne.ws/3JcT5xr
European Repo in 2021 - Eurex and beyond
Eurex
After the unprecedented events of 2020, some measure of calm returned to financial markets in 2021 despite the continuing, and in many respects intensifying, pandemic. As we get started into 2022, we take a look at what 2021 held for Eurex Repo and the broader European market.
/jlne.ws/3HAF109
-- Expansion of the Listing Schedule of Four (4) Foreign Exchange (FX) Options Contracts - CME
-- New Product: FEX New Gas Futures Contracts - Effective February 28, 2022
-- Product Modification Summary: Expansion of the Listing Schedule of Four (4) Foreign Exchange (FX) Options Contracts - Effective March 07, 2022 - CME
-- Initial Listing of the Physically-Delivered CBL Core Global Emissions Offset (C-GEO) Futures - CME
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Jump Trading Joins Tradeweb's European Government Bond Marketplace; Streaming pricing to bank participants via the new Tradeweb EUGV STAQ API
Tradeweb Markets Inc.
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced that Jump Trading has joined its European Government Bond marketplace to provide bank participants with streaming liquidity via the new Tradeweb EUGV STAQ API. Jump, a leading, global proprietary trading firm, already uses the functionality to stream its actionable prices for U.S. Treasuries on Tradeweb.
/jlne.ws/3grEulo
IRS Retreats From Facial Recognition to Verify Taxpayers' Identities; Agency's use of the technology has drawn bipartisan concerns over privacy
Richard Rubin, Laura Saunders - WSJ
The Internal Revenue Service is scrapping its use of a private facial-recognition system to authenticate taxpayers' identities for online accounts, the agency said Monday after criticism from lawmakers in both parties over privacy concerns.
/jlne.ws/3uytuLi
Northern Trust and EDS Enhance Data Sharing for Investment Data Science; Collaboration with Snowflake Optimizes Data Management Via Cloud-Native Technology
Northern Trust
Northern Trust (Nasdaq: NTRS) and Equity Data Science (EDS) have collaborated with Snowflake, the Data Cloud company, to enhance secure data sharing and onboarding for Asset Servicing clients using Investment Data Science capabilities.
/jlne.ws/3LeCZp3
European venues maintain grip on EEA stocks post-Brexit, report finds; Latest liquidity landscape report from Liquidnet found that 74% of volumes in STO stocks took place on EMEA-based venues in January.
Annabel Smith - The Trade
European trading venues have maintained their grip on STO stocks following Brexit, a report by Liquidnet has found, with three quarters of volumes taking place on venues in EMEA. In its latest liquidity landscape report, Liquidnet found that despite European concerns that the UK might attract more flow post-Brexit through its regulatory reforms, only 2.63% of volumes in STO stocks took place on UK-based venues at the start of this year.
/jlne.ws/336Jitx
big xyt partners with Cambridge University to launch Global Exchanges Directory; The Global Exchanges Directory will centralise key information on major exchanges into a single portal for easy reference.
Laurie McAughtry - The Trade
Smart data and analytics specialist big xyt is aiming to address the issue of growing market complexity with the launch of a new interactive web portal, providing key information on 97 worldwide stock exchanges and alternative trading venues across seven regional categories.
/jlne.ws/3utNSgG
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| Cybersecurity | | Top stories for cybersecurity | A new identity-based approach to cybersecurity
Tom Temin - Federal News Network
The White House, having released detailed guidance agencies implementation of zero trust architectures, has highlight the importance of privileged access management (PAM) and identity access management (IAM) in the cybersecurity cycle.
PAM has typically applied to IT managers and others needing "keys to the kingdom," with IAM applied to regular users. Kevin Jermyn, the area manager for customer success at CyberArk, said zero trust in the cloud computing era calls for IT staff so integrate PAM and IAM solutions.
/jlne.ws/3smME41
Back To Basics: Cybersecurity Is Everyone's Job
Perry Carpenter - Forbes
Cybercriminals keep finding new ways to breach corporate networks, no longer relying on faulty code and outdated technology. Cyberattacks have evolved from randomly targeted "spray and pray" to highly selective and sophisticated attacks that are costly to mitigate. This means that today's organizations need to devise protections across the full cyber kill chain.
Interventions and technologies have evolved as well. Organizations boast advanced security stacks that are perhaps more intimidating for security teams than for attackers. However, many organizations remain negligent of the one attack vector that's at the heart of most cybercrimes: humans.
/jlne.ws/3siI7ja
Cybersecurity Now: A To-Do List For Your Company
Natasha Stokes - Forbes
As workforces continue to operate outside traditional office boundaries, they're using more digital platforms. The result is a heightened cybersecurity risk profile with more potential points of attack, many of which are subject to third-party security protocols.
Here are six strategies companies can implement to protect their data in a hybrid work environment:
/jlne.ws/3uAb0tV
As Russia's cyberattacks on Ukraine mount, the risk of fallout in other countries rises
Bree Fowler - CNet
Russia could ramp up cyberattacks against Ukraine in an effort to destabilize its government and economy, security experts warn, an online assault that potentially might spread to other countries, including the US.
In recent weeks, the Russian government is believed to have initiated a handful of cyberattacks against Ukraine. Last month, hacker groups linked to Russia's intelligence services were blamed for a cyberattack that defaced dozens of Ukrainian government sites with a message warning the country to "be afraid and expect the worst."
/jlne.ws/3oyaysj
Foreign Office hacked in "serious cyber security incident"
Eliot Beer - TheStack.techology
The Foreign Office was hacked earlier this year — with the "extreme urgency" of the incident forcing it to parachute in additional support from its cybersecurity contractor BAE Systems Applied Intelligence. The UK government only revealed the existence of the "serious cyber security incident" affecting the Foreign, Commonwealth and Development Office (FCDO) through a public tender announcement.
/jlne.ws/34nVBSN
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| Cryptocurrencies | | Top stories for cryptocurrencies | Lost Bitcoin may be a 'donation,' but is it hindering adoption? Estimates suggest 20% of Bitcoin's supply has been lost. Are these funds a donation to everyone else, or a challenge to further adoption?
Aaron Wood - Cointelegraph
Cryptocurrency custody solutions have become a big business over the last few years. Independent storage and security systems meant to hold large quantities of crypto on behalf of clients can bring in institutional capital and retail investors waiting on the sidelines simply because they remove a major fear: losing access to funds that become unrecoverable.
/jlne.ws/3sl0ggh
tZERO ATS Begins Trading the Curzio Equity Owners Digital Security
tZERO
tZERO, a leader in blockchain innovation and liquidity for digital assets, announced today that secondary trading of the Curzio Equity Owners digital security commenced on the tZERO ATS, tZERO's wholly owned, FINRA member broker-dealer subsidiary. The shares represent preferred equity in Curzio Research, an emerging leader in the independent financial newsletter industry.
/jlne.ws/34gvUnf
Indian CBDC To Be Run on Government-Mandated E-Wallet by 2023 End
Aaryamann Shrivastava - FX Empire
The developments surrounding crypto and blockchain in India have led to the country creating certain directives and at the same time finding a way around establishing their own controlled medium of cryptocurrency. Since the announcement of the central bank issuing India's own digital currency the 'Digital Rupee', many citizens have been wondering about the how's and when's of its implications.
/jlne.ws/3JroBbl
Genesis January 2022 Market Review
Genesis
With the first month of the year now behind us, many will agree that 2022 has a different feel than 2021. There's the bearish sentiment in the markets, an economy sending mixed signals, a Federal Reserve shifting monetary policy gears, escalating geopolitical tension and intensifying polarization regarding the path forward for the pandemic response.
/jlne.ws/3B8FEfk
Latest DeFi bridge exploit results in $4.4M losses for Meter; Another token bridge suffered a malicious attack where tokens were minted by a hacker through a smart contract exploit, eventually leading to a cascade effect across other DeFi networks.
Brian Newmar- Cointelegraph
The Meter Passport token bridge platform has incurred $4.4 million in losses due to a smart contract hack which also caused Hundred Finance to lose $3.3 million through under-collateralized loans. Meter.io's Meter Passport (MTRG) is a token bridge that is compatible with Ethereum and its sidechains. This attack affected the Moonriver side of the bridge.
/jlne.ws/3sjtNa6
Crypto exchange FTX.US to give away Bitcoin as part of Super Bowl ad; The amount of Bitcoin FTX.US gives is yet to be determined, and will be based on the East Coast time its Super Bowl ad runs.
Keira Wright -Cointelegraph
Cryptocurrency exchange FTX.US will be giving away free Bitcoin as part of its upcoming advertising campaign at the Feb. 13 Super Bowl LVI. However, the amount of Bitcoin given away has yet to be determined because it will depend on what time the ad runs on the East Coast.
/jlne.ws/3GBe3V8
XRP gains 20% in a day after Ripple makes headway in its court case with the SEC
Adam Morgan McCarthy - Business insider
Ripple's XRP crypto token rose by as much as 20% on Tuesday, as the payments company made headway in its ongoing court battle with the US Securities and Exchange Commission.
/jlne.ws/3gvfv0v
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| Politics | | An overview of politics as it relates to the financial markets | AssangeDAO raises $38M in donations to help free WikiLeaks founder; Donations to support Julian Assange's fight for freedom have been poured in over the weekend.
Martin Young - Cointelegraph
A decentralized autonomous organization (DAO) set up to support the liberation of WikiLeaks founder Julian Assange from prison has raised 12,569 Ether (ETH) or around $38.8 million at current prices. Assange is currently fighting extradition to the United States following a court ruling in December that overruled a British court ruling barring extradition. He is currently locked up in a London prison where he has been since 2019.
/jlne.ws/3Jb7mKY
Robinhood Flexes its Lobbying Muscles in Washington; Many lobbyists are so-called "revolvers," meaning that they are particularly well-connected and understand government decision making.
Rob Lenin - The Street
Spending on crypto lobbying surged 116% in the last year, according to a new study, and could reach $15 million or more by the end of 2022. Crypto Head said in a report that the total spent of crypto lobbying has increased considerably in recent years.
/jlne.ws/3usJT3Y
How Manchin used politics to protect his family coal company; Selling scrap coal has earned Sen. Joe Manchin millions of dollars over three decades, and he has used his political positions to protect the fuel from laws and regulations that threaten his family's business.
Scott Waldman - Politico
As governor, Joe Manchin supported an unusual detail in a clean energy bill that was moving through the West Virginia Legislature in 2009. The provision classified waste coal as an alternative energy. The muddy mix of discarded coal and rocks is one of the most carbon-intensive fuels in America. And Manchin's family business stood to benefit financially when it was reclassified as something akin to solar, wind and hydropower.
/jlne.ws/3B71kbp
Elizabeth Warren Accuses Tyson Foods of 'Jacking Up Meat Prices'
Patricia McKnight - Newsweek
As Tyson Foods, Inc., reported record profits, Senator Elizabeth Warren (D-Mass.) accused the company of "jacking up" prices during the COVID-19 pandemic.
/jlne.ws/3GHs97y
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Crypto Intermediaries Need More Regulation, Treasury's Liang Says
Allyson Versprille - Bloomberg
Also says need for stablecoin legislation is 'urgent'; Administration studying leverage risk in digital-asset markets
Treasury Undersecretary for Domestic Finance Nellie Liang is set to underscore the need to oversee stablecoin issuers, regulate all crypto intermediaries and address potential risks posed by increased leverage against digital assets when she appears before U.S. lawmakers Tuesday.
/jlne.ws/3uNHPUv
Have private markets become too big to hide? The SEC thinks so
Pitchbook
A year has passed since Gary Gensler was nominated to his post as SEC chairman. In that relatively short time, the agency has drawn up an agenda for private markets that is quickly gaining steam.
/jlne.ws/3J57ony
Tesla Subpoenaed by SEC About Complying With Musk Settlement
Craig Trudell - Bloomberg
Tesla Inc. received another subpoena from the U.S. Securities and Exchange Commission about a subject that keeps coming up: Elon Musk's tweeting in 2018 that he was considering taking the carmaker private.
/jlne.ws/3ornMaj
CFTC Charges Florida-Based Entities and Individuals with Multi-Million Dollar Futures and Forex Fraud
CFTC
The Commodity Futures Trading Commission announced today that it has filed a civil enforcement action in the U.S. District Court for the Southern District of Florida against The W Trade Group LLC, Larry Ramos Mendoza of Miami, Florida, and Joseph Carvajales also of Miami, Florida, charging them with fraud and misappropriation of over $19 million involving futures, forex and options.
/jlne.ws/34iHqP3
Dubai and India's financial regulators seek closer cooperation
Reuters
Dubai's financial regulator and India's International Financial Services Centre Authority (IFSCA) have signed a memorandum of understanding to increase supervision, enforcement and oversight on companies with presence in both jurisdictions.
/jlne.ws/3ssRM6I
SEC Advisory Committee Meeting to Explore Small Business Investment Issues
SEC
The Securities and Exchange Commission's Small Business Capital Formation Advisory Committee released the agenda for its Thursday, February 10 virtual meeting, which will cover small business investment issues.
/jlne.ws/3BdR2q7
SEC Charges Social Media Stock Promoter with Penny Stock Fraud
SEC
The Securities and Exchange Commission today charged Michael M. Beck, who used the Twitter handle @BigMoneyMike6, with deceiving investors into buying penny stocks that he recommended, even though he secretly planned to sell those stocks and, in some cases, was in the process of selling them when he made the recommendations.
/jlne.ws/3rxmQDd
ESMA launches a Common Supervisory Action with NCAs on MiFID II costs and charges
ESMA
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, is launching a common supervisory action (CSA) with national competent authorities (NCAs) on the application of MiFID II costs and charges disclosure rules across the European Union (EU). The CSA will be conducted during 2022.
/jlne.ws/3spbOPJ
ESMA issues latest double volume cap data
ESMA
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has made available the latest set of double volume cap (DVC) data under MiFID II in the new DVC IT system.
/jlne.ws/3spFZWP
US Treasury Clearing Survey
ISDA
ISDA is conducting a survey of members and non-members to inform its position on ongoing efforts to incentivize and/or potentially require additional clearing of US Treasury (UST) securities and repos. ISDA is specifically looking for feedback on the legal, operational, regulatory (including market regulation and capital implications) and policy issues associated with UST clearing, with a focus on client clearing and how reforms in this market would impact the derivatives markets. We are also very interested in potential solutions to these issues and associated costs.
/jlne.ws/3JgEb9z
Enhancing the UK's capital markets - The FCA's role and priorities
UK FCA Speech by Sarah Pritchard, Executive Director, Markets
I'm pleased to be addressing this City and Financial Global summit today with the opportunity to discuss the future of UK financial services regulation and in particular the opportunities that lie ahead for financial markets. This is a topic which is really important to us in our role as the UK's conduct regulator (not forgetting that we are Europe's largest prudential regulator by number of firms).
/jlne.ws/3GukOba
Private equity and hedge funds pan SEC's push for more data disclosure
By Madeline Shi & Ryan Prete - Pitchbook.com
Too much and too fast. That's how private equity firms and hedge funds assessed the SEC's proposed rule changes that would significantly expand the amount of confidential information large funds must share with regulators, increase the speed with which they must share it, and boost the number of funds that fall under the reporting requirements.
/jlne.ws/3utJHl0
MAS provides guidelines on the provision of Digital Payment Token services to the public
Nithi Genesan - Waystone
On 17 January 2022, the Monetary Authority of Singapore (MAS) issued 'Guidelines on the Provision of Digital Payment Token Services to the Public' ("MAS Guidelines") giving effect to MAS' expectations that Digital Payment Token (DPT or cryptocurrency) service providers should not promote their DPT services to the general public in Singapore.
/jlne.ws/3GBYnB1
New FDIC Acting Chair: Evaluation of Crypto Risks Is a Top Priority for 2022
PYMTS.com
Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin J. Gruenberg on Monday (Feb. 7) included the evaluation of the risks related to cryptocurrency as a top priority for the agency to consider in 2022 — and likely beyond. The FDIC will also work to strengthen the Community Reinvestment Act, address the financial risks caused by climate change, review the bank merger process and finalize the Basel III Capital Rule.
/jlne.ws/3rC3ixE
Treasury Official Says the Need for Stablecoin Legislation Is 'Urgent'
Allyson Versprille - Bloomberg
Congress should act quickly to pass legislation that creates regulatory guardrails for the fast-growing cryptocurrency stablecoin market, according to Treasury Undersecretary for Domestic Finance Nellie Liang.
/jlne.ws/3HDMiwf
Irish Central Bank Won't Let Retail Funds Hold Crypto
Peter Flanagan
The Irish central bank is "highly unlikely" to allow investment funds aimed at mom and pop investors to hold crypto assets and is limiting retail investment funds' exposure to special purpose acquisition companies.
/jlne.ws/3GHyqjC
NTF System Availability
FINRA
On Tuesday, February 8, 2022, from 4 p.m. to 6:30 p.m. ET, the FINRA Test Facility (NTF) will be unavailable for testing FINRA Multi Product Platform (MPP) products. This affects FINRA's Trade Reporting and Compliance Engine (TRACE), FINRA's Alternative Display Facility (ADF) platform, and the OTC Reporting Facility (ORF).
/jlne.ws/34jm7Ni
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Coffee Reserves Plunge to Lowest in More Than Two Decades
Tatiana Freitas - Bloomberg
Deliveries fall amid high shipping costs, low supplies; Dwindling stocks help to keep futures price near record levels
The era of expensive coffee is not going to end any time soon, judging from dwindling amounts held in reserves. Stockpiles of high-end arabica beans, a favorite of artisan coffee shops and chains like Starbucks Corp., totaled 1.078 million bags or about 143 million pounds, according to data released Monday by ICE Futures U.S. exchange. That's the lowest level for inventories monitored by the New York exchange since February 2000.
/jlne.ws/3J4O8qm
Billions Are Flowing to Cash-Like ETFs in 'Hunt' Before Fed Hike
Katherine Greifeld - Bloomberg
Ultra-short duration MINT sees biggest weekly inflows ever; Safety play might not last beyond the Fed's liftoff: Chatwell
What's safer than short-duration bonds? Even shorter duration debt. As investors brace for an increasingly aggressive Federal Reserve, money is flooding into cash-like ETFs -- which are seen as relatively less vulnerable to interest-rate risk. Traders have been piling into exchange-traded funds mostly focused on ultra-short instruments like Treasury bills, while offloading ETFs tracking longer-dated debt -- even those that are considered short-term bonds maturing in five years or less.
/jlne.ws/3gswhO3
These Are the 3 Most Toxic Pieces of Common Financial Advice, New Survey Says - Inc.; Because a financial tip is popular doesn't mean it's good (or fair) advice.
Jessica Stillman - Inc
It's objectively getting harder for young people without huge amounts of family money to attain many of the traditional markers of financial success. Since 1965 median household income has risen a modest 15 percent. Home prices shot up 118 percent in the same period. If prices had increased at the same rate as income, today's median home price would be less than half of what it is. And that's not even mentioning the ballooning costs of healthcare and college.
/jlne.ws/3Lg5EKj
How Much Is Trump's New Social-Media Company Worth? Traders Can't Decide; Schism has emerged between shares and warrants of blank-check company taking former president's firm public
Amrith Ramkumar - WSJ
Traders are struggling to place a consistent value on Donald Trump's new social-media venture, a business that hasn't offered much in the way of details but one that supporters think is destined to take off. Shares and warrants of Digital World Acquisition Corp. DWAC -0.67% , the special-purpose acquisition company that is merging with Trump Media & Technology Group, tell two different valuation stories. The SPAC's shares have traded around $80 in recent days, preserving a 700% rally since the deal was announced in October. They are up more than 60% this year, bucking a broad selloff that has sent other SPACs and stocks that are popular among individual investors, such as GameStop Corp. , tumbling.
/jlne.ws/34rp1zt
Investors Hedging This Much Usually Precedes U.S. Stock Gains
Joanna Ossinger - Bloomberg
Sundial analyzes patterns around high levels of hedging action; Goepfert still cautious about overall market environment
Hedging on U.S. stocks has risen to the highest level in almost two years, and reached a point that usually precedes equity gains, according to Sundial Capital Research.
/jlne.ws/3BkzOHT
Bond Rout Wipes Out Europe Government Investors' Pandemic Return
Greg Ritchie
A plummet in European bond prices on the prospect of the European Central Bank withdrawing its stimulus has erased two-and-a-half years of gains. The total return on investment-grade debt from the region's governments has fallen more than 3% this year to the lowest since the middle of 2019, according to the Bloomberg Euro Government Index. That means any investors tracking the benchmark have lost their gains since then.
/jlne.ws/3uFforL
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | ESG 'Bubble' Is a Risk in Crowded Climate Bet, Schroders CIO Says
Loukia Gyftopoulou - Bloomberg
The chief investment officer of Schroders Plc says there's now so much money chasing a limited universe of climate assets that clients need to be aware of the potential pricing risks they face.
/jlne.ws/3J8PP65
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | BNP Paribas launches dedicated data center team for UK; New team to focus on leasing and land acquisitions of data centers across the country
Dan Swinhoe - Datacenterdynamics.com
BNP Paribas Real Estate, the real estate unit of the French banking firm, has launched a new data center team in the UK. The company this week appointed Michael Umfreville to lead a new team focused on the leasing and land acquisitions of data centers across the UK.
/jlne.ws/34rqbLl
Goldman Sachs' Work-From-Office Policy Is the Aberration Now; For the vast majority of desk-based staff, the Monday to Friday commute has disappeared forever.
William Shaw, Irina Anghel, and Loukia Gyftopoulou - Bloomberg
With pandemic restrictions in the U.K. largely gone, offices are getting busier. Yet vast numbers of desks still remain empty. Even with Covid-19 case numbers flat or falling in the U.K., U.S. and much of Europe, many employees are still actively choosing to work from home for at least part of the week. It's increasingly hard for managers to claim that their offices will simply fill up when the virus abates.
/jlne.ws/3HAiYa7
Credit Suisse Cuts Bonus Pool by 10% After Regulator Pushback
Marion Halftermeyer, Patrick Winters, and Myriam Balezou - Bloomberg
Bonuses drop after Swiss watchdog Finma rejected initial plans; Lender also asked staff to sign clawback clauses for cash part
Credit Suisse Group AG is cutting its 2021 bonus pool by about 10% after Swiss regulators pushed back on higher pay following the bank's worst year since the financial crisis, people with knowledge of the matter said.
/jlne.ws/3ouz8dK
Hedge Funds and the Art of 'Phony Happiness'; As markets turn, risk management and avoiding losses mean more to investing giants than a few points of outperformance.
Marc Rubinstein - Bloomberg
Hedge funds have long been criticized for underperforming the bull market in stocks for the past decade. But as markets get more challenging and interest rates climb, it's their risk-management skills - not their performance record - that could underpin an upturn in the industry's fortunes. That's because their biggest customers - public pension funds and endowments - place a high premium on loss mitigation, perhaps a higher premium than they do on returns.
/jlne.ws/3Jdx9T2
Australian LNG group unveils giant outback carbon capture reservoir; Santos aims to store CO2 underground to reduce emissions but critics question its targets
James Fernyhough - FT
Australian gas producer Santos has secured a network of depleted gas reservoirs that it says can hold 100mn tonnes of carbon dioxide, opening up a potentially lucrative line in carbon credits worth as much as $25mn a year.
/jlne.ws/3GAQAmP
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Venezuelans reportedly hit by new Bitcoin tax of up to 20%
Bitcoin adoption has been on the rise in Venezuela in recent years amid hyperinflation and the national currency crisis.
Helen Party - Cointelegraph
The Venezuelan government has approved a new tax bill aiming to collect up to 20% in taxes from cryptocurrency transactions, according to local reports. Venezuela's National Assembly held a second discussion session on Thursday for a new draft bill targeting taxes on "large financial transactions" in cryptocurrencies like Bitcoin (BTC).
/jlne.ws/3B0Yh4I
An Indian coal billionaire's green energy shift has made him Asia's richest person
Niharika Sharma - Quartz India
Indian coal tycoon Gautam Adani has dethroned the chairman of Reliance Industries, Mukesh Ambani, to become Asia's richest man. The chairman and founder of the Adani Group now has a net worth of $88.5 billion (6.6 trillion rupees or 6.6 lakh crore rupees), and is now among the world's 10 richest billionaires in the world, according to Bloomberg Billionaire Index. He's the only industrialist in that list, which is dominated by tech entrepreneurs.
/jlne.ws/3B6jom8
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| Miscellaneous | | Stories that don't quite fit under the other sections | Meet the Man Behind Associated Press' Crypto Strategy
Daniel Kuhn - Coindesk
The Associated Press, a collective of more than 1,300 news organizations, might be the original DAO (decentralized autonomous organization). At least, that's what the white-haired, New Jerseyan behind its blockchain experiments, Dwayne Desaulniers, has said.
/jlne.ws/334Cv3k
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