| March 11, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
There have been some changes to the exchange leader panels at FIA Boca next week. There is no Terry Duffy or any CME representative scheduled to appear. Adena Friedman of Nasdaq is being replaced by Tal Cohen, EVP Head of North American Markets at Nasdaq. Nicholas Aguzin, CEO of Hong Kong Exchange and Clearing Limited, will also not be appearing and no replacement was named. This one is a little easier to understand, as the COVID-19 virus is surging in Hong Kong, making travel more difficult.
Still appearing on the one panel with Nasdaq's Cohen are Lynn Martin from NYSE/ICE, Michael Peters from Eurex, David Schwimmer from LSEG and Ed Tilly from Cboe. Tilly now has the responsibility to represent Chicago. Additionally, Stephane Boujnah, CEO and Chairman of the Managing Board, Euronext, will be in a separate slot with Walt Lukken where the second exchange leader panel was scheduled. The title of the session is "Building Integrated Capital Markets in Europe" and Lukken and Boujnah will discuss the key trends, challenges and opportunities in Europe's capital markets
I am sorry to see that CME Group will not be represented on the exchange leader panel this year. I hope whatever the cause of this decision to replace Terry Duffy with someone else is important enough relative to the missed opportunity to display leadership and get their message out on the premier international exchange leader panel of the year.
Vladimir Putin is seeking legal solutions to seize assets based in Russia from companies like McDonald's or Coca Cola that closed operations because of the Ukraine invasion. Luckily, both companies in Russia have burned the formulas for the sauce on the Big Mac and the syrup in the Coke before they shuttered operations. The recipe for Shamrock shakes was left behind, but will disappear magically at the end of March.
People are asking themselves if they were bananas as the value of digital token NFTs drops by almost 50 percent, the FT reported.
The Financial Times has a Special Report, ISA Guide 2022. ISA is the UK version of IRA, which you can see why they did not want to call them that. Anyway, the articles in the report are:
How to take a hands-on approach to your Isa, FT Investing in Isas at a time of turmoil, FT Navigating fees and charges with your Isa, FT Cash Isas remain popular despite the drain of inflation, FT Can my Isa go with me if I move abroad?, FT How much investment risk would you take to reduce your tax bill? FT Congratulations to JLN sponsors Vermiculus and Miami International Holdings for collaborating to deploy microservices-based clearing solutions to the Minneapolis Grain Exchange. Vermiculus will deliver a real-time clearing solution for MGEX and the "system will provide clearing services based on VeriClearTM, an elastically scalable and AI-powered real-time clearing system developed by Vermiculus."
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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The Moral Hazard Lessons From Nickel Market Disaster; Every crisis brings busts, and the global disruption caused by Russia's invasion of Ukraine may well bring more
James Mackintosh - WSJ
The tide went out this week in London's nickel market, and we discovered—in Warren Buffett's immortal words—who had been swimming naked: a giant Chinese producer that couldn't meet its margin calls, additional security brokers require when leveraged trades lose money. Instead of letting the market cleanse itself of this indebted trader, the exchange decided to wade in and save the firm from the consequences of its bets by canceling the trades. This isn't just a one-off in an obscure commodity. This is the natural conclusion of a trend that is undermining free markets and creating all the wrong incentives: A growing reluctance by the authorities to let financial groups go bust, even when they aren't too big to fail.
/jlne.ws/3J6Cxro
***** My neck hurts from shaking my head in this situation. Busting trades. Not letting the market do what the market is supposed to do. Undermining the confidence in the markets surety of trades can kill a market in the long run. The short run issue may have been stopped, but the scar tissue left from the decision to bust trades will cause lingering issues for some time unfortunately. Bold leadership, engagement and transparency is necessary to bust through the scar tissue.~JJL
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A belated UK crackdown on Putin's people; Tackling Kremlin money in Londongrad is a long-term campaign
The editorial board - FT
Roman Abramovich may not be the richest of Russia's oligarchs but he is the most prominent. Buying Chelsea Football Club propelled him into the ranks of London's jet set (he owns a few of those too). But it is his alleged ties to Vladimir Putin that have made him a belated target of the UK government. He, along with six other oligarchs, were slapped with sanctions in an effort to "choke off funds" to Putin. The move is highly symbolic, and tabloid friendly. But beyond showing that the government is doing something — anything, given the red lines it will not cross — there is little evidence the move will do much to deter Putin from his bloodthirsty aggression in Ukraine.
/jlne.ws/3CxeBLc
***** The first response that came to my mind can be summed up as a version of "a constipated Sherlock Holmes."
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Elon Musk Has a Conspiracy Theory About Satoshi Nakamoto; Who created bitcoin? Since 2009, speculation has been going strong.
Luc Olinga - The Street.com
So who is it? It is one of the greatest mysteries of our time, a mystery that torments even the finest detectives. Who is Satoshi Nakamoto, the creator or the creators, of bitcoin, the popular cryptocurrency at the origin of the Big Bang of traditional finance for almost 13 years? Many people have claimed in the past to have discovered the identity of Satoshi Nakamato only to finally admit defeat. Elon Musk, the whimsical CEO of Tesla (TSLA) - Get Tesla Inc Report and SpaceX has once again revived the rumors and reactivated all the budding detectives on the internet.
/jlne.ws/3I6VIjk
***** Wrong companies, Elon. Can you spell Satoshi Nakamoto from "Laboratoriya Kasperskogo?"
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Americans May Have to Say Goodbye to Steak and Burgers as Beef Costs Rise
Michael Hirtzer - Bloomberg
Americans could be cutting steaks and burgers from their diets as inflation soars, if beef-packer profit margins are any indication. Processors like Tyson Foods Inc. and JBS USA are making the least amount of money per head of cattle slaughtered in more than two years, according to data from HedgersEdge LLC. That's a sign that demand for the luxury meat is flagging.
/jlne.ws/35KELhM
***** "Introduire le micro filet et le nanon filet dans votre assiette."
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Thursday's Top Three
Thursday's most read story was Bloomberg A Wheat ETF Teaches the Meme Crowd a Lesson the Hard Way. The Wall Street Journal placed second with Nickel Shows How Russian Resources Fuel Clean Energy, Too. The third most read story was Financial Times Facebook Libra: the inside story of how the company's cryptocurrency dream died
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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 | Hedge Funds Walk Away From LME After $3.9 Billion Trades Torn Up; LME suspended nickel market and canceled trades on Tuesday; Exchange says spiking prices created systemic risk to market
Mark Burton and Jack Farchy - Bloomberg
Fund manager Luke Sadrian has been trading metals for thirty years, at hedge fund titans Brevan Howard and Moore Capital to now running his own shop. For the first time in his career, he says the London Metal Exchange is too risky to trade. Sadrian, like many market veterans, was shocked by the LME's decision to suspend nickel trading on Tuesday morning and cancel all the transactions from earlier in the day. Now, in the middle of a scorching bull market that's lifted prices to record highs, some in the industry are simply deciding to walk away.
/jlne.ws/34EEwUU
Goldman Sachs and JPMorgan withdraw from Russia as Wall Street joins exodus; US financial groups say they are acting in compliance with government instructions
Joshua Franklin - FT
Goldman Sachs and JPMorgan Chase are closing down their businesses in Russia as Wall Street banks follow western companies in withdrawing because of Moscow's invasion of Ukraine. Hundreds of concerns have already curtailed activities in Russia including tech groups, food suppliers, accounting firms and energy producers.
/jlne.ws/3tP53Hx
BlackRock hit by $17bn in losses on Russian exposure; Sharp markdowns at world's largest asset manager show broad impact of sanctions and shuttered markets
Brooke Masters - FT
BlackRock, the world's largest asset manager, has taken about $17bn in losses on its Russian securities holdings because of the attack on Ukraine. Clients held more than $18.2bn in Russian assets at the end of January, the firm said, but shuttered markets and worldwide sanctions imposed after Russian president Vladimir Putin invaded Ukraine have made the vast majority unsaleable, leading BlackRock to mark them down sharply.
/jlne.ws/3pXMHTE
Nickel 'Big Shot' shows metals market desperately needs overhaul; Financial strains tend to reveal regulatory complacency and failure. The LME's nickel snafu is no exception
Helen Thomas - FT
After the collapse of Lehman Brothers, pushing more financial contracts on to exchanges backed by a central counterparty was important in the regulatory recovery plan. Exchange trading brought transparency about exposures for different players. Clearing gave certainty and protection in the event of a default. What could possibly go wrong? Plenty, it seems, given the disarray at the London Metal Exchange which on Tuesday suspended trading in nickel after a 250 per cent spike in the price and cancelled several hours of trades.
/jlne.ws/3I41GS3
Beijing weighs nickel rescue deal for billionaire owner of Tsingshan; Chinese steel producer has upended global nickel market with bearish bet that backfired
Neil Hume, Helen Thomas and Philip Stafford - FT
Beijing is exploring a plan to rescue the billionaire owner of Tsingshan Holding Group from billions of dollars of potential losses after a backfiring bet brought global nickel trading to a halt. China's leading stainless steel producer is at the centre of a surge in nickel prices, after its wager that the price would fall collided with a rally in the metal sparked by the war in Ukraine, forcing it to buy contracts linked to the metal in huge volumes.
/jlne.ws/3tP9n9H
Russia Inc.'s Swiss Trading Hub Wrestles With 'Dark Side'; Zug is home to firms linked to Abramovich, Deripaska, Potanin; Russian metals traded in Zug risk helping Putin, say critics
Hugo Miller - Bloomberg
The central Swiss city of Zug isn't given to political protests, but last week residents took to the streets carrying placards saying "No to Putin's War" and "Blood Money" as they decried the town's role as host to one of the largest concentrations of Russian businesses outside Russia. "We ask Switzerland to support Ukraine and stop doing business with Russia," Tetiana, a Ukrainian now living in Switzerland whose family is still stuck in Kyiv, said as she addressed a crowd at dusk in the city's old center. She didn't want her last name published for fear of reprisal.
/jlne.ws/3KEvkyT
Nickel Market Freeze Extended to Sort Out Big Trading Loss Amid Ukraine War; The pause until next week gives the London Metal Exchange time to resolve a crisis caused by a trade that originated in China
Joe Wallace - WSJ
London's nickel market will stay closed at least until next week, giving the London Metal Exchange more time to resolve a crisis caused by a huge loss-making trade originating in China. The LME paused trading in nickel Tuesday, the first time it had suspended a market since 1985, and canceled trades executed before the suspension. The exchange late Thursday extended the freeze through the end of the week. "The LME is doing everything it can to reopen the market as safely and swiftly as possible," it said in a statement.
/jlne.ws/3MJQmy0
Why the West Must Continue to Arm Ukraine; As Europe learned in World War II, resistance movements don't always win wars but they are crucial to winning the peace.
Ian Buruma - Bloomberg
An immensely brave Ukrainian army, aided by civilians equipped with Molotov cocktails and small arms, is vastly outmatched by Russian armed forces. NATO countries are trying to help by providing more weapons: rifles and machine guns from the Czechs, missile-launchers from the Dutch, antitank missiles from the Estonians, munitions and more antitank weapons from the United States. Even Germany, which has shied away from direct military actions since World War II, is sending Stinger surface-to-air missiles and other shoulder-launched rockets.
/jlne.ws/37oTrDF
War in Ukraine could accelerate the growth of the crypto sector; Philanthropy in the industry is another symbol of how it is eager to engage with the establishment
Gillian Tett - FT
The Ukrainian government announced on social media last month that it would accept global donations made in bitcoin, ethereum and tether, to support its army. It might have seemed like a publicity stunt. Not so. About $106mn of crypto donations have flooded in, if you tally up all the initiatives on different platforms, according to Brittany Kaiser, a crypto entrepreneur (and former whistleblower at Cambridge Analytica). She is part of a tech network helping Mykhailo Fedorov, Ukraine's digital transformation minister, to organise this.
/jlne.ws/3J5Y2IQ
Pressure Mounts for Western Companies Leaving Russia, Putin endorses plan to nationalize assets of foreign companies, angering Washington
Evan Gershkovich, William Boston, Georgi Kantchev - WSJ
Western companies that are pulling out of Russia in response to Moscow's invasion of Ukraine are facing pressure in the country, after President Vladimir Putin endorsed a plan to nationalize assets left behind and the country's prosecutor general said it would scrutinize labor issues related to their withdrawal.
/jlne.ws/3vZu9pY
Chinese Stocks Plunge After SEC Stokes Delisting Concerns; Index tracking U.S.-listed Chinese stocks has its biggest decline since the global financial crisis; selloff continues in Hong Kong
Dave Sebastian - WSJ
A further step by the Securities and Exchange Commission toward forcing companies from China off American exchanges helped trigger the worst decline in U.S.-listed Chinese stocks since the global financial crisis, and sparked a second selloff in Hong Kong.
/jlne.ws/3I3vKNP
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russians Rush to Leave as Sanctions Bite and Putin Clamps Down on Dissent Over Ukraine War
Sune Engel Rasmussen and Alexander Osipovich - WSJ
It isn't just Ukrainians who are fleeing. Russians are leaving their homeland too.
One man, worried he might soon be unable to buy insulin for his wife, loaded two suitcases with medicine, two more with clothes and left with his spouse to stay with their daughter in Germany.
/jlne.ws/3t1p7ar
Moscow retaliates against Western sanctions with export bans
Reuters
Russia sought on Thursday to retaliate against Western sanctions imposed over its invasion of Ukraine by banning exports of certain goods and agricultural commodities. Exporting telecom, medical, auto, agricultural, electrical and tech equipment, as well as some forestry products, will be banned until the end of 2022.
/jlne.ws/3HWT7IQ
WHO Asks Ukraine Labs to Destroy Pathogens to Avoid Spills
Andy Hoffman - Bloomberg
The World Health Organization asked laboratory facilities in Ukraine to dispose of potentially harmful pathogens to avoid spills as Russia's assault on the country carries into its third week. The request was part of normal safety protocols, Tarik Jasarevic, a WHO spokesman in Lviv, Ukraine, told a media briefing in Geneva on Friday. In the case of a threat, "labs should dispose of pathogens safely to avoid spills," he said.
/jlne.ws/3HWUbfO
Russia Bans Export of 200 Products After Suffering Sanctions Hit
Bloomberg News
Russia announced an export ban for more than 200 products after the economy was hit by sanctions over the invasion of Ukraine. It stopped short of curbing sales of energy and raw materials, the country's biggest contribution to global trade.
/jlne.ws/36amHx6
Bankers Had Their Crisis. Now It's Lawyers' Turn; Russia's invasion of Ukraine demands a rethinking of how England's legal profession conducts itself.
Chris Hughes - Bloomberg
The City of London's legal profession has been thrown into the dock by Russia's invasion of Ukraine. The charge is that it has bent over backwards to provide services to oligarchs from Russia and elsewhere, in particular to help secretly stash funds in the U.K. capital's high-end property market. As with banks after the financial crisis, this is surely the moment to explore tougher supervision of the industry
/jlne.ws/3sYOOIF
China Placed a Losing Bet on Vladimir Putin; The alliance between Beijing and Moscow is mostly about giving each other a free hand. That puts Xi Jinping in a bind.
Hal Brands - Bloomberg
So far, there aren't many winners in Russia's brutal conflict in Ukraine. But among the biggest losers is China. European Union officials have plaintively called on Beijing to broker a settlement between Kiev and Moscow. That's probably wishful thinking. China isn't neutral enough to serve as a trusted intermediary, and won't force peace on Russian President Vladimir Putin against his wishes. For the time being, Beijing is stuck dealing with the blowback from Russia's debacle.
/jlne.ws/3MIfbu9
U.S. Spy Chiefs Reject Russia's Claims of Ukraine Bioweapons; 'False flag' narratives on bio and nuclear weapons cited; 'One information war that I think Putin is losing': Burns
Chris Strohm and Daniel Flatley - Bloomberg
Ukraine isn't developing biological or nuclear weapons, and Russia's claims that it's doing so is probably a false narrative pushed to cover up moves it may make in its war on its neighbor, U.S. spy chief Avril Haines told senators on Thursday.
/jlne.ws/3i4o5UE
Asian Buyers Shun Russian Oil Despite 'Incredibly' Cheap Prices; Open tender for Sokol crude met with no takers on Thursday; Tone set for Russia's ESPO, which starts trading next week
Serene Cheong - Bloomberg
Zero bidders. That was the outcome of a recent attempt to sell Russian crude typically favored by Asian buyers as more of the nation's oil is shunned after its invasion of Ukraine. Sokol oil from the Sakhalin-I project in Russia's Far East was offered by ONGC Videsh for May-loading, with the latest price indications showing deep discounts for the grade. The failure to attract bids follows a similar pattern to Russia's Urals crude, which has struggled for buyers despite being incredibly cheap.
/jlne.ws/3I7YHbk
UK to impose sanctions on 386 members of Russian Duma; Russian parliamentarians who supported independence in breakaway regions to be hit by measures
Jasmine Cameron-Chileshe - FT
The UK is set to impose sanctions on 386 members of the Russian Duma for their support of the breakaway regions of Luhansk and Donetsk, the Foreign Office has said. The measures will include travel bans and asset freezes and will prevent those targeted from conducting business within the UK, the statement said on Friday.
/jlne.ws/36dle9e
Endgame in Ukraine: how could the war play out? Russia's failure to secure a swift win opens a range of possible outcomes
Henry Foy and Demetri Sevastopulo - FT
Western intelligence officials had predicted victory for Russia in less than a week after it invaded Ukraine. But more than a fortnight later Moscow and Kyiv remain locked in a bloody battle for control. Ukraine is mounting a stronger than anticipated defence and western countries are supporting it with arms supplies. Meanwhile, Russia's campaign has been beset by strategic errors, logistical shortcomings and intelligence blunders that vastly underestimated Ukrainian capabilities. Diplomatic efforts to pause the fighting have so far failed.
/jlne.ws/3vWnuNd
Putin seeks 'legal solutions' to seize assets of companies exiting Russia; President says his government will act to avoid 'any harm to local Russian suppliers'
Polina Ivanova - FT
Vladimir Putin said Russia would find "legal solutions" to seize assets based in the country from international groups that have decided to close their operations over Moscow's decision to invade Ukraine. A long list of western brands, including McDonald's and Ikea, have suspended or halted operations in Russia after the US and European countries imposed economic sanctions on the country.
/jlne.ws/3J6yDyL
Aid Groups Rush Supplies to Ukraine as Medicines Run Low; Displaced Ukrainians struggle to find treatments, as health facilities come under attack in war with Russia
Betsy McKay, Brianna Abbott, Denise Roland - WSJ
International health organizations are rushing medical supplies and medicines to Ukraine, as hospitals are caught up in the war and human suffering proliferates. Ukrainians who have been trapped or displaced by fighting are running short of medicines to treat chronic diseases and injuries, health authorities say. Many people are experiencing psychological and emotional trauma. And, authorities said, the risk of outbreaks of Covid-19, measles and other infectious diseases is rising as Russia's invasion of the country forces more people from their homes.
/jlne.ws/3t2SNUx
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Vermiculus Collaborates With Miami International Holdings to Deploy its Microservices-Based Clearing Solution to the Minneapolis Grain Exchange
Vermiculus
Vermiculus announces that it has entered into an agreement with Miami International Holdings, Inc. (MIH), the parent holding company of the MIAX Exchange Group™ and Minneapolis Grain Exchange, LLC (MGEX™), pursuant to which Vermiculus will deliver a real-time clearing solution for MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO). The system will provide clearing services based on VeriClearTM, an elastically scalable and AI-powered real-time clearing system developed by Vermiculus.
/jlne.ws/3t0CCY3
FIA: February 2022 SEF Tracker
Press Release
Trading volume on swap execution facilities reached $1.04 trillion in average notional value per day during February 2022. This was down 18.7% from the previous month and down 4% from the same month of the previous year. Trading was up in the credit and FX sectors, but down in the interest rate sector.
/jlne.ws/3tJ2sii
MARF registers a 50 million euro bond programme from Agile Content
MARF
MARF, BME's Fixed Income market, has registered the first Bond Programme from Agile Content. With this new continuous issuance mechanism, Agile Content will be able to issue up to 50 million euros in medium and long-term securities, which will have a minimum nominal value per unit of 100,000 euros, fixed or variable interest rates and maturities to be determined at the time of issuing each tranche. The funds obtained from the bond issue will be used mainly to finance new acquisitions of national and international companies that serve to reinforce the Group's growth strategy and significant Capex investments.
/bit.ly/35KIsEa
Vytrus Biotech to start trading on BME Growth on 15 March
BME Growth
It is the second company to join this BME market in 2022 and debuts with a market value of 12.24 million euros. The Board of Directors of BME Growth has approved the listing of VYTRUS BIOTECH, after it received the favourable assessment report on its listing from the Coordination and Admission Committee.
/bit.ly/3CACEJ5
Reduction of Strike Price Listing Schedule of Five (5) NYMEX Energy Option Contracts
CME Group
Available on CME Globex Effective Sunday, March 13, 2022 for trade date Monday, March 14, 2022, New York Mercantile Exchange, Inc. ("NYMEX" or "Exchange") will reduce the strike price listing schedule for the five (5) energy options contracts listed in Table 1. below (the "Contracts").
/bit.ly/3t19Y8X
CME Globex Notices: March 7, 2022
CME
Topics in this issue include:
Critical System Updates
- New - iLink 2 Message Specification Update NEW
- Update - Bursa Malaysia Derivatives (BMD) Market Segment Migration and Test Environment Host IP Update - This Week UPDATE
- Equity Options Market Data Source IP Update - April 29
- Cryptocurrency Market Data Channel Launch and Market Segment Update - May 1
Product Launches
- Listing Japan Crude Cocktail (Detailed) Futures Spreads - Postponed
- Options on Micro Bitcoin and Micro Ether Futures - March 27
- Update - Eris BSBY Swap Futures - April 10 UPDATE
Product Changes
- Delisting the Micro Japanese Yen/U.S. Dollar (JPY/USD) Futures - March 15
- New - Changes to Listing Schedule of One-Month Eurodollar Futures - April 3 NEW
- New - Changes to the Lead Month Roll Procedure for the E-mini S&P 500 and Micro E-mini S&P 500 Futures - June 12 NEW
Events and Announcements
- Messaging Efficiency Program Micro Ether Notification - March 31
/bit.ly/3J3hgPh
Performance Bond Requirements: Agriculture, Energy, Equity, FX, and Metal Margins - Effective March 11, 2022
CME Clearing
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on March 11, 2022.
/bit.ly/3t4EfnG
Performance Bond Requirements: Energy and Agriculture - Effective March 11, 2022
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on March 11, 2022.
/bit.ly/3w31sZ5
Eurex MSCI roll update: total OI over EUR 153 billion
Eurex
MSCI futures activity on Eurex this week (7 March to 9 March 2022)
Open interest: over EUR 153 billion
Contracts traded: nearly 600K
MSCI EM Asia (ZTW) - over 180K contracts/EUR 17 billion traded
MSCI Japan (FMI) - over 74K contracts/EUR 4.9 billion traded
MSCI China (MUR) - over 26K contracts/EUR 1.6 billion traded
/bit.ly/35Qpk7F
Euronext announces March 2022 quarterly review results of the CAC 40 ESG®
Back
Paris - 10 March 2022 - Euronext today announced the results of the quarterly review for the CAC 40 ESG® index, which will take place after markets close on Friday 18 March 2022.
/bit.ly/3tQuTek
Euronext announces March 2022 quarterly review results of the CAC® Family
Euronext
Paris - 10 March 2022 - Euronext today announced the results of the quarterly review for the CAC® family indices, which will take place after markets close on Friday 18 March 2022 and be effective from Monday 21 March 2022.
/bit.ly/3MBHmuZ
Euronext announces annual review results of the ISEQ® Family
Euronext
Euronext today announced the results of the annual review for the ISEQ 20®, ISEQ 20® Capped and ISEQ® Small which will take place after markets close on Friday 18 March 2022 and be effective from Monday 21 March 2022.
/bit.ly/3tNVYPk
Implementation of Derivatives Holiday Trading on 9 May 2022
HKFE
Reference is made to the circular dated 12 November 2021 (Ref: MO/DT/242/21), 6 January 2022 (Ref: MO/DT/007/22) and 14 January 2022 (Ref: MO/DT/014/22). Taking into account market feedback and market readiness after conducting a successful readiness test on 26 February 2022, Hong Kong Futures Exchange Limited ("HKFE" or "the Exchange") is pleased to confirm, subject to regulatory approval, allowing all MSCI futures and options as the first suite of products ("H Products") to be traded on Hong Kong public holidays2 ("H Days") commencing on 9 May 2022 for Buddha's Birthday public holiday.
/bit.ly/37oaGoA
JPX Announces Endorsement of METI's "GX League Basic Concept"
JPX
Japan Exchange Group, Inc. (JPX) today announces that it has endorsed the "GX (Green Transformation) League Basic Concept"* as published by the Ministry of Economy, Trade and Industry (METI).
/bit.ly/3JbAQck
Nickel Market Update
LME
Further to Notices 22/052, 22/053, 22/054 and 22/055, published on 8 March 2022, this Notice (a) updates on the resumption of Nickel trading, and (b) sets out further information regarding why the LME took the decision to suspend trading in Nickel and cancel trades on 8 March 2022.
/bit.ly/3624ceb
MIAX Wins Best Options Trading Platform Award at Fund Intelligence Operations and Services Awards 2022
MIAX
Miami International Holdings (MIH), the parent holding company of the MIAX Exchange Group™, including MIAX®, MIAX Pearl® and MIAX Emerald®, announced today that MIAX has been named the "Best Options Trading Platform" at the Fund Intelligence Operations and Services Awards 2022.
/bit.ly/3pWY0vr
NSE Indices
NSE
NSE Indices launches Nifty SDL Jun 2027 Index
/bit.ly/3pckN5S
SGX RegCo organises workshops to aid companies in climate-related disclosures
SGX
Singapore Exchange Regulation (SGX RegCo) is helping listed companies to prepare for climate-reporting requirements with a series of sectoral workshops.
/bit.ly/3HXtU0Z
TMX Group CEO John McKenzie to Present at the 20th Annual National Bank Financial Services Conference
TMX
TMX Group CEO John McKenzie will present at the 20th annual National Bank Financial Services Conference in Montreal on Wednesday, March 23, 2022 at 9:10 - 9:35 a.m. ET.
/bit.ly/3i0zEMO
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Citigroup Markets Executive Leaves to Launch Fintech Investment Fund; Dan Keegan was most recently the bank's head of North American markets
David Benoit - WSJ
Dan Keegan, a top Citigroup Inc. C -1.91% markets executive, is leaving the bank to start an investment fund focused on financial-technology companies, according to an internal memo. Mr. Keegan held several roles helping build up Citigroup's equities-trading business over 15 years. Most recently, he was the head of all North American markets, a statesmanlike role serving as the bank's representative to top clients.
/jlne.ws/3J07vBk
Bloomberg launches real-time data access on Google cloud; A new Google cloud collaboration gives both front and back-office professionals access to Bloomberg's tick-for-tick data and real-time analytics services.
Laurie McAughtry - The Trade
Bloomberg and Google Cloud have confirmed a new collaboration to give their mutual customers access to B-PIPE, Bloomberg's real-time market data feed, to power front, middle and back-office applications and systems for trading, execution, and risk management.
/jlne.ws/3I7f5sy
Broadridge's LTX platform integrates with Charles River Development; The integration will enable users to access aggregated liquidity more efficiently and leverage transparency and price discovery within their workflows.
Wesley Bray - The Trade
Broadridge Financial Solutions' artificial intelligence-driven digital trading platform, LTX, has successfully integrated with the Charles River Investment Management Solution (Charles River IMS).
/jlne.ws/3MJZX7U
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| Cybersecurity | | Top stories for cybersecurity | Transcript: Here's What a Cyber War With Russia May Actually Look Like
Tracy Alloway and Joe Weisenthal - Bloomberg
Russia's invasion of Ukraine has set off a new wave of concern about cyber attacks. Indeed, there were already reports of some in the run up to the war—like when hackers reportedly targeted U.S. gas producers. But while worries about cyber attacks have been around for a long time, it remains hard to get a handle on the actual threat. Such attacks aren't all that visible and information on them is often difficult to get, or comes long after the fact. On this episode of Odd Lots, Joe Weisenthal and Tracy Alloway speak with Matt Suiche, a famous hacker and co-founder of Comae Technologies, about what a cyber war between Russia and the West may actually look like.
/jlne.ws/3hXm1xR
A people-centric approach to hybrid work cybersecurity
Robert R. Ackerman Jr. - Security Magazine
Hackers are a constant source of cyberattacks targeting companies and other organizations. However, an even bigger source of hacks and breaches is the threat of negligent or careless employees.
After all, employees are the ones who click on links, set passwords, configure IT systems and write software code. And, unfortunately, employees without cybersecurity training can be prone to making errors and being manipulated by social engineering. Threat actors know this all too well.
/jlne.ws/3MFmdjr
Microsoft: There's a critical shortage of women in cybersecurity, and we need to do something about it
Owen Hughes - ZDNet
Encouraging more women to pursue cybersecurity careers is "mission-critical" to filling some of the 2.5 million open jobs worldwide and tackling a global shortage of tech skills, Microsoft has said.
Vasu Jakkal, Microsoft's corporate vice president of security, compliance, identity and management, said women and people "with more diverse perspectives" were desperately needed in the cybersecurity industry to help address the evolving threat landscape and take pressure off of overburdened IT teams.
/jlne.ws/3KAejpF
Cybersecurity experts warn of impending attacks - do this now to prepare
Kim Komando - Fox News
In the very first days that the Russia Ukraine war started, I warned you about 10 Russia-Ukraine cons to expect. We're already seeing evidence of those scams in action. Be sure you're keeping your digital guard up.
Smishing — the insider term for scam texts — is a popular route. Most people are less guarded scanning texts than emails. Look for these signs a text is bad news and how to report it.
/jlne.ws/3pVtYb6
Didi Said to Halt Hong Kong Listing on Cybersecurity Probe
Bloomberg
Didi Global Inc. has suspended preparations for its planned Hong Kong listing after failing to appease Chinese regulators' demands that it overhaul its systems for handling sensitive user data, according to people familiar with the matter.
The Cyberspace Administration of China informed Didi executives their proposals to prevent security and data leaks had fallen short, the people said. Its main apps, removed from local app stores last year, will remain suspended for the time being, said one of the people, who asked not to be identified as the information is private.
/jlne.ws/3vVwD8I
The Ukrainian Cyberwar That Wasn't
Farhad Manjoo - NY Times
Late last year, the United States and Britain sent experts to Ukraine to help its government prepare for the spectacular cyberattack that some believed would be Vladimir Putin's opening salvo during an invasion. Ukraine's electricity grid was said to be a particularly attractive target for Russian hackers, who managed to shut it down for brief periods twice before.
/jlne.ws/3w0rex8
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| Cryptocurrencies | | Top stories for cryptocurrencies | Why Most Crypto Backers Are Excited That the Biden Administration Is Wading Into Digital Currency
Megan Mccluskey and Andrew R. Chow - Time
It's been a momentous couple weeks in crypto. In the midst of Russia's invasion of Ukraine, millions of dollars in cryptocurrency donations have streamed toward the Ukrainian government and relief efforts, providing a lifeline for those unable to access traditional banks. On the flip side, regulators have worried that crypto provides a way for Russian oligarchs to circumvent sanctions (although no concrete evidence has surfaced that this is the case). Earlier this week, rumors spread that President Joe Biden was about to issue an executive order cracking down on crypto, especially with regards to its role in this geopolitical conflict.
/jlne.ws/3MSR24v
Crypto leaders hail Biden executive order as a 'watershed moment' for the industry
Chris Matthews - MarketWatch
Leading figures in the cryptocurrency industry are applauding President Joe Biden's executive order on digital assets as an important milestone and evidence that crypto has reached the mainstream.
The order directed federal agencies to conduct a broad review of their policies related to cryptocurrencies and other digital assets and to put forth proposed regulatory and legal changes needed to foster consumer protection, financial stability and innovation while guarding against illicit finance and threats like ransomware attacks.
/jlne.ws/3hWr2a8
FTX Seeks U.S. Blessing for Clearing Margin-Based Retail Trades
Benjamin Bain - Bloomberg
Crypto trading giant FTX's U.S. unit wants to begin clearing leveraged derivatives trades for mom-and-pop investors.
The exchange doesn't use intermediary brokerages as most firms do to limit the impact from any possible defaults. Now, FTX's LedgerX, the division that's registered with the U.S. Commodity Futures Trading Commission, is seeking permission from the regulator to apply its "non-intermediated" clearing model to retail trading in margined products.
/jlne.ws/35J2uin
Crypto Brain Drain Is 'Crazy' in India, Polygon Co-Founder Says; India imposed 30% tax on crypto but didn't clarify regulation; Crypto firms trying to move to places like Dubai, Mauritius
Suvashree Ghosh and Sidhartha Shukla - Bloomberg
India's dithering on whether to embrace digital assets is causing thousands of developers, investors and entrepreneurs to leave for places with more friendly regulation, according to the co-founder of the country's most famous crypto startup. "The brain drain is absolutely crazy," Sandeep Nailwal, whose Polygon operates the biggest so-called Layer 2 protocol for the Ethereum blockchain system, said in an interview from Dubai.
/jlne.ws/3tOTiAP
Princeton Crypto Alumni Give $20 Million for Blockchain Research; Briger, Lubin, Morehead and Novogratz attended in 1980s; Donor hopes to make his contribution as a digital asset
ByJanet Lorin - Bloomberg
Four Princeton University alumni who studied at the Ivy League school in the 1980s and went on to become some of the highest profile individuals in the cryptocurrency world are donating $20 million to their alma mater. The money will fund a research initiative to "better understand the potential benefits and pitfalls" of blockchain, the technology behind cryptocurrencies, and will be housed in the School of Engineering and Applied Science, Princeton said Thursday in a statement.
/jlne.ws/3t0HFYu
The great NFT sell-off: has the digital collectibles craze hit its peak? Value of digital tokens drops by almost 50 per cent, renewing doubts over hype-fuelled market
Miles Kruppa and Cristina Criddle and Tim Bradshaw - FT
Internet collectibles ranging from cartoon apes to artsy doodles have plunged in value as real-world conflict and a broader cryptocurrency slump begins to unwind one of the past year's biggest speculative frenzies.
/jlne.ws/3CBaRsb
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| Politics | | An overview of politics as it relates to the financial markets | Democrats Target Oil Companies With Plan to Tax Windfall Profits
Laura Davison - Bloomberg
Senators Sheldon Whitehouse and Elizabeth Warren say they're working on a proposed new tax targeting profits being reaped by oil companies as crude prices spike amid geopolitical tensions.
/jlne.ws/3KGIUCd
Biden and Frackers Could Be Uneasy Wartime Allies; Both sides should stop misplaced finger-pointing and compromise to achieve some worthwhile energy goals.
Liam Denning - Bloomberg
I wasn't expecting the U.S. to declare war at a conference in Houston, and I certainly wasn't expecting it to be announced by the energy secretary. But we live in interesting times. "We are on a war footing," Energy Secretary Jennifer Granholm informed CERAWeek's attendees on Wednesday. I suppose we are: How else to describe the financial barrage unleashed in response to Russia's brutal attack on Ukraine? War usually involves mobilizing every available resource in a united effort. Which brings us to oil and Granholm's speech.
/jlne.ws/34A8b1j
China's Premier Says Term Ending as Questions Over Xi Future Remain; Li Keqiang says premiership over next year in rare disclosure; Leadership still hasn't confirmed Xi will stay for third term
Bloomberg News
Chinese Premier Li Keqiang said he would step down from his post after this year, pointing to a coming reshuffle amid questions over the future of President Xi Jinping. Li made the disclosure at his annual news conference Friday in response to a question about the accomplishments of his decade as China's No. 2 official. In China, the premier leads the State Council and oversees a range of ministries, while the president serves as head of state. Xi also heads the party and serves as commander-in-chief of the military.
/jlne.ws/35PWSCS
Richest Russian Dissents on Putin's Tit-for-Tat Over Sanctions
Bloomberg News
Billionaire Vladimir Potanin, Russia's richest man and one of the few tycoons to escape sanctions, tore into every aspect of his country's retaliation against international penalties enacted over President Vladimir Putin's invasion of Ukraine. The biggest shareholder in MMC Norilsk Nickel PJSC warned that the tit-for-tat measures risked backfiring and cautioned against burning bridges with foreign companies that are exiting Russia under pressure.
/jlne.ws/3tJUeXc
Germany's Ex-Leader Schroeder Goes Rogue With Putin Peace Bid; Chancellor Scholz wasn't informed or involved in Moscow trip; Schroeder's wife posts pensive picture near the Kremlin
Michael Nienaber and Birgit Jennen - Bloomberg
Since leaving office in 2005, Gerhard Schroeder has become a controversial figure in Germany with his ever-closer ties to Russia and President Vladimir Putin in particular. Now the former German chancellor is seeking to leverage those connections with an unauthorized peace mission, injecting a surprise twist into Germany's response to the war in Ukraine.
/jlne.ws/37oTdMP
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | SEC sets clock for delisting Chinese companies over US audit demand; Regulator's move to enforce law requiring accounting documents sends shares tumbling
Tabby Kinder and Eleanor Olcott, Stefania Palma and Jamie Smyth - FT
Five Chinese companies listed in New York have been named by US regulators as the first of as many as 270 groups that will be delisted if they do not hand over detailed audit documents that back their financial statements. The US Securities and Exchange Commission said that fast-food giant Yum China, biotechnology groups BeiGene, Zai Lab and HutchMed, and technology company ACM Research faced delisting. The announcement triggered a sell-off in Chinese stocks that are traded in the US.
/jlne.ws/3tNyz0b
IRS Plans to Hire 10,000 Workers to Clear Tax Return Backlog
NY Times
The Internal Revenue Service said on Thursday that it planned a hiring spree this tax season as it tries to clear a backlog of more than 20 million unprocessed tax returns from previous years. The agency said it intended to hire 10,000 new employees in the next year and hoped to bring on about half of those workers in the next few months. The I.R.S. described the blueprint as an "all hands on deck" approach to emerge from longstanding staffing shortages that were compounded by the pandemic.
/jlne.ws/3vZnwns
Justice Dept. Names Prosecutor to Pursue Covid-19 Relief Fraud
NY Times
The Justice Department named Kevin Chambers on Thursday to lead its efforts to pursue cases of fraud and attempted fraud related to at least $8 billion in Covid-19 relief funds.
The decision to name a prosecutor to go after stimulus fraud comes on the heels of President Biden's State of the Union address, where he pledged to go after "criminals who stole billions in relief money."
/jlne.ws/3tMfkUQ
CFTC Awards Approximately $500,000 to Two Whistleblowers
CFTC
The Commodity Futures Trading Commission today announced awards totaling approximately $500,000 to two whistleblowers. The whistleblowers separately provided significant information and substantial assistance that helped the Division of Enforcement expand the scope of an existing investigation and lead the Division to other key evidence supporting the enforcement action.
/jlne.ws/3I4GADb
Warning on illegal crypto ATMs operating in the UK
FCA
Crypto ATMs offering cryptoasset exchange services in the UK must be registered with us and comply with UK Money Laundering Regulations (MLR). None of the cryptoasset firms registered with us have been approved to offer crypto ATM services, meaning that any of them operating in the UK are doing so illegally and consumers should not be using them.
/jlne.ws/3I46tD1
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Peabody Gets a $534 Million Margin Call on Coal, and Goldman Steps In With a 10% Loan
Will Wade - Yahoo Finance
Back then, many factories and offices were still shuttered, demand for electricity was weak and while vaccines were starting to be distributed, it was unclear when the world economy would mount a fuller recovery. Lining up hedge contracts for Peabody's Wambo mine would ensure the Australia site would be profitable at a time when global leaders seemed committed to shifting away from the dirtiest fossil fuel.
/jlne.ws/3pV20fQ
Investors Exit European Equity Funds at Record Pace, BofA Says; Record $13.5 billion weekly outflows from European funds; Investors bought materials, gold, U.S. stocks in face of war
Michael Msika - Bloomberg
Investors can't exit European stocks fast enough, with the region experiencing another week of record outflows as the war in Ukraine rages on, according to Bank of America Corp. strategists.
/jlne.ws/3687sF2
Investors buy gold in response to Ukraine war; Savers can choose bullion, ETFs, or mining stocks
Akila Quinio - FT
Uk retail savers are joining investors rushing into gold and taking the price this week close to its all-time high as they look for safe haven assets in the face of the war in Ukraine. "Investors are making a beeline for it because it is considered a safe store of value during times of geopolitical uncertainty and rising inflation," said Richard Flax, chief investment officer at digital wealth manager Moneyfarm.
/jlne.ws/3MKr5E7
Bond investors left in the dark after some Russian borrowers pay up;' Energy companies surprise with last-minute debt repayments but few expect 'gentleman's agreement' to last
Tommy Stubbington and George Steer - FT
Investors have been waiting for a wave of Russian companies to default on their debts since the west froze Moscow out of the global financial system in retaliation for the war in Ukraine. So Gazprom's decision to repay a $1.3bn bond in full on Monday caught bondholders off guard.
/jlne.ws/36aa7ya
How much investment risk would you take to reduce your tax bill? With VCTs set to raise £1bn this year, selling tax breaks to investors is clearly big business
Claer Barrett - FT
The benefits of investing using Isas may not be truly appreciated until later life, when you can harvest your tax free dividends and investment gains without a penny of tax to pay. However, a growing number of investors want their tax relief up front — and are willing to stomach increasing risks to get it.
/jlne.ws/3pSj5qL
Capital Gains and Dividend Tax Rates for 2021-2022; Congress hasn't made changes to rates on long-term capital gains and dividends for 2021 and 2022
Laura Saunders, Richard Rubin - WSJ
Investors with taxable accounts—as opposed to tax-favored retirement accounts such as individual retirement accounts or 401(k)s—are often eligible for lower tax rates and other benefits.
Capital gains and losses
When an investor sells a holding in a taxable account, the result is a capital gain or loss. That is the difference between the investment's original cost (plus adjustments) and its selling price. If an investor buys a share for $3 and sells it for $5, the capital gain is $2. If that person buys another share for $3 and sells it for $2, the capital loss is $1.
/jlne.ws/3KCizVA
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| Wellness Exchange | | An Exchange of Health and Wellness Information | German Health Minister Warns Public Mood Is Too Lax on Covid; Country hasn't seen a drop in cases like U.S. or U.K.; Transmission rate gains for ninth day, nearing record level
Naomi Kresge - Bloomberg
Germany faces a critical situation in the Covid-19 pandemic, with the public's optimism belying a rebound in transmission, Health Minister Karl Lauterbach said. Some 200 to 250 people in the country are still dying of Covid each day, a figure that may climb further as life moves back toward normal, Lauterbach said at a press conference in Berlin. Germany's nationwide incidence rate climbed on Friday for the ninth straight day, nearing a record level.
/jlne.ws/3t4zmuQ
Ukraine War Hobbles Covid-Pill Project in Lab Near Front Lines; Based in Kyiv, Enamine has become a key player in global drug research.
Naomi Kresge - Bloomberg
The night before Russia invaded Ukraine, chemist Tetiana Matviyuk worked late into the night at her Kyiv office. By 10:30 p.m., she had wrapped up after a Zoom meeting with a global team of scientists working on a new, experimental Covid-19 treatment. The day before, she had shipped crucial compounds to colleagues in the U.K. Her team was closing in on the project's finish line and their moment of Champagne celebration. But instead of euphoria, Matviyuk was filled with dread. She called her husband on her drive home.
/jlne.ws/3vV9T8H
China to Allow Rapid Tests for First Time as Covid Cases Surge
Bloomberg News
China will allow the use of rapid antigen tests to diagnose Covid-19 for the first time, as a fast-spreading omicron outbreak challenges its Covid Zero playbook, pushing cases to levels last seen in Wuhan at the start of the pandemic. While used widely in other parts of the world, rapid tests were restricted in China, where the virus has been contained for most of the past two years. The kits will now be available for use by ordinary citizens and clinics, the National Health Commission said in a statement Friday.
/jlne.ws/3J6x6Zg
China struggles to rein in biggest virus outbreak since Wuhan; City of 9mn locks down after just 23 cases as Omicron surge challenges Xi's zero-Covid strategy
Edward White, Chan Ho-him and Tom Mitchell - FT
Mainland China is struggling to contain its biggest coronavirus outbreak since the pandemic erupted in Wuhan two years ago, as the Omicron variant tests President Xi Jinping's zero-tolerance strategy and puts Shanghai at risk of being locked down. Changchun, the capital of north-eastern Jilin province with 9mn people and an important manufacturing base, was ordered into lockdown on Friday after 23 new cases were reported, the latest in a series of citywide crackdowns in recent months.
/jlne.ws/3t41azt
When do we declare the Covid pandemic over? Shutting off the siren of a global public health emergency is no simple matter
Anjana Ahuja - FT
Friday marks two years since the World Health Organization first labelled the Covid-19 outbreak a pandemic. More than 6mn deaths have been recorded globally; the true figure could be four times that. With the Omicron wave subsiding in some regions and around 4.4bn people fully vaccinated, many countries, including the UK, are attempting a return to normal. Thoughts are now turning to when the agency might officially de-escalate this extraordinary health crisis and signal the worst is over.
/jlne.ws/3t2BoeM
Ventilation, Vaccination Key to Suppressing Covid-19 as People Head Back Indoors; Companies are revisiting pandemic protocols as more workers come back to offices two years after coronavirus pandemic began
Sarah Toy, Renée Onque - WSJ
Forget temperature checks and deep-cleaning surfaces. The best way to protect people from Covid-19 as they return to offices and other indoor spaces is to bolster air quality and vaccination coverage, experts on the transmission of the virus say.
/jlne.ws/3HXxcBn
U.S. Travel Mask Mandate Extended by One Month to April 18; Face coverings will continue to be required on airplanes, buses and other forms of transit as CDC works to revise framework
Alison Sider - WSJ
Travelers in the U.S. will have to continue wearing masks on airplanes, buses and other forms of transit through April 18 under a federal mandate that the Biden administration is extending, the Centers for Disease Control and Prevention and Transportation Security Administration said Thursday. The TSA's directive requiring masks on public transit was set to expire after March 18, but it will remain in effect for another month at the CDC's recommendation—a move industry officials had widely expected.
/jlne.ws/3KzhSwm
How Millions of Lives Might Have Been Saved from Covid-19
Zeynep Tufekci - NY Times
We cannot step into the same river twice, the Greek philosopher Heraclitus is said to have observed. We've changed, the river has changed. That's very true, but it doesn't mean we can't learn from seeing what other course the river could have flowed. As the pandemic enters its third year, we must consider those moments when the river branched, and nations made choices that affected thousands, millions, of lives.
/jlne.ws/3t0CFD9
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The World's Biggest Air-Conditioning Company Braces for a Hotter Future; Rising global temperatures are a huge business opportunity for Daikin, but it also faces the tough task of achieving carbon neutrality.
Reed Stevenson and Yuki Furukawa - Bloomberg
The world is getting warmer and, for billions of people, more dangerous. For the No. 1 air-conditioning maker, Japan's Daikin Industries Ltd., that's a huge opportunity. Global demand for air conditioning is on track to triple through 2050, according to the International Energy Agency. And with household incomes climbing in developing economies, it's a good time to be in the business of cool air.
/jlne.ws/36a2K9Y
Who is the countryside for? Carbon capture pitches smallholders against big business; As companies buy up Scottish land to boost their ESG credentials, local farmers feel the pinch
Hugo Cox - FT
Last year, having completed restoration of the peatland behind their homes, a band of 40 crofters on the remote Scottish island of Lewis learnt they might be in for a windfall. The project will trap carbon, making them eligible for carbon credits under a UK government scheme. These can be sold for cash to a growing group of companies seeking to offset their emissions.
/jlne.ws/3JkwXSt
ESG investors accused of 'failing' over Russia; Sustainable finance expert says investors should have learned lessons after annexation of Crimea
Ed Moisson - FT
Russia's invasion of Ukraine has exposed the failings of asset managers and data analytics firms in their assessment of environmental, social and governance risks, according to a senior sustainable finance executive.
/jlne.ws/3HYbi0B
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Apollo considers cash takeover bid for UK publisher Pearson; US private equity group provides no details but education company's shares surge after interest made public
Sarah Provan - FT
Apollo Global Management is in the "preliminary stages" of evaluating a possible cash offer for UK education publishing group Pearson. The US private equity group provided no financial details of a potential bid but expressed its interest in a statement on Friday. "Apollo . . . notes the recent market speculation in relation to Pearson and confirms that Apollo is in the preliminary stages of evaluating a possible cash offer," it said.
/jlne.ws/3t0LSeK
JPMorgan accelerates senior relocations from Hong Kong to Shanghai; US bank making contingency plans in case of market shutdown as Covid cases surge in territory
Tabby Kinder and Stephen Morris - FT
JPMorgan has accelerated plans to relocate some of its top investment bankers in Hong Kong to mainland China as draconian pandemic restrictions have made travelling from the territory to meet clients almost impossible. The Wall Street bank has also run an analysis on how to make "overnight relocations" of key staff from Hong Kong to Singapore in recent weeks as part of contingency plans for a full shutdown of markets in the Chinese territory, which is suffering its worst outbreak of coronavirus.
/jlne.ws/3I55R06
Deutsche Bank board nets bigger bonus rise than lower ranks'; Overall pool increased 13% to EUR2.1bn following 'best results in a decade'
Olaf Storbeck - FT
Bonuses for Deutsche Bank's management board last year rose more than three times faster than the overall reward pool as the supervisory board concluded that senior executives did a far better job than operational staff. The eleven executives who sat on the bank's management board last year received EUR39.9mn in variable pay, up 45 per cent on the previous year according to the bank's annual report published on Friday, while the overall bonus pool rose just 13 per cent to EUR2.1bn. Disclosure of the boardroom bonuses came as chief executive Christian Sewing described the bank as "stable and crisis proof" and in "a virtuous cycle in which the positive effects reinforce each other".
/jlne.ws/35K5JWP
Russian chaos takes its toll on investment banks and the world's largest asset manager; Players including Goldman Sachs, JP Morgan, Citi and BlackRock have reportedly lost billions in exposure as the Russian market continues to slide.
Laurie McAughtry - The Trade
BlackRock, the world's largest asset manager, has taken a hit of around $17 billion due to the ongoing chaos in the Russian market, the FT reported today. The news adds to a growing list of financial giants impacted from the Russian invasion of Ukraine, which has seen the rouble collapse, the Moscow Stock Exchange close, and a multitude of funds suspend or shut their doors.
/jlne.ws/37aQYwj
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Saudi Tadawul Exchange to Allow Single-Stock Futures From Next Quarter
Manus Cranny, Yousef Gamal El-Din, and Julia Fioretti - Bloomberg
Saudi Arabia will start futures trading on single stocks in the second quarter of this year, the head of the Tadawul stock exchange said, as the Middle East's largest bourse moves to boost liquidity.
The Tadawul will initially select about 10 liquid companies for futures trading, Chief Executive Officer Khalid Al-Hussan said in an interview with Bloomberg TV on Monday.
/jlne.ws/3CwzXse
Former GFXC Chair and RBA Deputy Governor Debelle Exits Central Bank
Colin Lambert - The Full FX
The Reserve Bank of Australia has announced that deputy governor Guy Debelle is leaving the central bank after 25 years to take up the role of chief financial officer of Fortescue Future Industries, the green energy and product arm of Fortescue Mining.
Aside from his long career at the Australian central bank, Debelle has been a significant figure in the rebuilding of the FX industry's reputation since the chat room scandal first broke. He was chair of the committee that studied, and then recommended changes to, the London WMR 4pm benchmark fix, leading to the calculation window being widened to five minutes from one in 2015.
/jlne.ws/3CvPXL3
Canadian Securities Administrators Seeks Applications For Investor Advisory Panel
Press Release
The Canadian Securities Administrators (CSA) is inviting applications for membership on its Investor Advisory Panel (CSA IAP).
/jlne.ws/37qYnYN
China Tech Selloff Deepens as U.S. Delisting Fears Alarm Traders; Hang Seng Tech Index pares loss to 4.3% from 8.9% earlier; Delisting worries not new but add to weak sentiment: analysts
Chloe Lo and John Cheng - Bloomberg
Chinese tech shares slid, tracking overnight weakness in their U.S. peers, as renewed regulatory concerns unnerved investors still reeling from wild price swings this week. Hong Kong's Hang Seng Tech Index ended Friday 4.3% lower, paring a decline of as much as 8.9% in the morning. Traders attributed the trimming to a local media report that a Sino-U.S. negotiation on collaboration of the accounting regulations has been smooth and both sides have expressed willingness to solve the issues. The benchmark Hang Seng Index also cut losses by more than half to 1.6%.
/jlne.ws/3i0YbS0
Russian Travelers Tap Serbia Loophole to Reach Europe; Air Serbia still serving Russia as Belgrade stays neutral; Seat capacity between the two countries has surged 50%
ByChristopher Jasper and Misha Savic - Bloomberg
Russian travelers hemmed in by airspace closures following the invasion of Ukraine are using Serbia as a backdoor route to visit resorts and cities across Western Europe.
/jlne.ws/3HXrjnC
Sanctioned Taliban Financier Tapped to Help Lead Afghan Central Bank; Ahmad Zia Agha, a senior Taliban military and financial leader, will serve as the No. 2 official of Afghanistan's central bank
Ian Talley, Mengqi Sun, Margherita Stancati - WSJ
Afghanistan's Taliban government has appointed a man blacklisted by the U.S., the United Nations and the European Union to help lead the country's central bank, according to people familiar with the matter. Ahmad Zia Agha, more commonly known in Afghanistan as Noor Ahmad Agha, is a senior Taliban military and financial leader sanctioned for allegedly managing funds intended for bombs and for distributing money to Taliban commanders and associates abroad. The U.S. has labeled him a specially designated global terrorist. He was appointed five months ago as the first deputy governor of the Da Afghanistan Bank.
/jlne.ws/3vX4VIy
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| Miscellaneous | | Stories that don't quite fit under the other sections | A Mysteriously Large Chunk of Gen Z Isn't Working; A decline in labor force participation for people 65 and older is easy enough to understand, but why is it still so low for those in their early 20s?
Justin Fox - Bloomberg
Despite spectacular job growth over the past 22 months, the U.S. labor-force participation rate is still 1.1 percentage points — which amounts to about 1.8 million people — short of where it was on the eve of the pandemic in February 2020.
/jlne.ws/3669PZ0
Boy Scouts Win Over More Abuse Survivors For $2.7 Billion Bankruptcy Deal; Youth group's restructuring plan nets support of nearly 86% of ballots cast, exceeding self-imposed threshold
Becky Yerak and Soma Biswas - WSJ
An additional 9,000 individuals claiming they were sexually abused while in the Boy Scouts of America voted in favor of a $2.7 billion compensation plan, pushing support for it to nearly 86% of all ballots cast ahead of a bankruptcy-court trial next week. The additional votes among the roughly 82,200 individuals who have filed sexual-abuse claims against the youth group increase its chances of winning approval for the settlement from Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court in Wilmington, Del., at a trial scheduled to begin Monday. The final tally released late Thursday puts the Boy Scouts over a self-imposed target of three-quarters support from abuse survivors.
/jlne.ws/3tLWgWY
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