| April 03, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Friday's top read story in JLN was the CoinDesk editorial It Sure Looks Like the U.S. Is Trying to Kill Crypto. The good folks at Bittrex, a Seattle-based cryptocurrency exchange, said it will wind down its U.S. operations from April 30, citing the continued regulatory uncertainty in the U.S., Forkast reported.
You can't blame Bittrex for getting out while the getting out is good, though the long arm on the law has a long memory.
The April issue of Focus from the World Federation of Exchanges is out and features articles titled: Currency derivatives trends (Mihaela Croitoru, Database Manager at the WFE, writes about currency derivatives trends on the world's stock exchanges), Exchanges and CCPs worldwide 'Ring the Bell for Gender Equality 2023', FY 2022 Market Highlights report, and Exchanges Globally Agree Framework for Green Equities.
FIA's Law & Compliance Division Conference is happening in a few weeks in Washington DC. It features a program curated by industry experts, with sessions that will cover pressing legal and regulatory developments, the latest enforcement cases and practical compliance tips, and strategies for all market participants. You can learn from experts and strengthen and protect your firm, your clients, the cleared derivatives industry and all who participate in it. Early bird rates for FIA's L&C end on April 7.
John Lothian News is pleased to be a 2023 media partner at the Security Traders Association Washington DC Spring Update. The virtual event will be held on April 19 and feature key speakers from regulators and Congress. You can check out all the details and register today HERE. #STADCUpdate2023
The New York Times said it would not pay the $1000 per month that Twitter wants for a verified check mark on the @NYTimes Twitter account or any of its other Twitter accounts. It would only pay for a reporter's verified check mark if it were related to a legitimate story they were writing. Elon Musk stripped The New York Times of its verified check mark, after attracting the ire of Twitter owner Elon Musk, Bloomberg reported. Now The New York Times is going to have to change its Twitter handle to @TheRealNewYorkTimes to make sure everyone knows it is not an imposter. It is great to have Twitter owned by such a restrained and classy individual.
That storm I mentioned Friday was headed for the Midwest and beyond and killed 32 people in seven states, including one in Illinois when the roof of the historic Apollo Theater in Belvidere collapsed, The New York Times reported.
The April edition of The Trade Magazine is out. Dan Royal, global head of equities trading at Janus Henderson, is on the cover and has an interview with "Laurie McAughtry to talk trading techniques, technical innovation, and his journey to the top of the game."
PEAK6 announced it is "a proud partner of FIA." However, this FIA is actually Fintech In Action.
IMC has always had very cool offices, many with terrific views. Their Sydney-based team moved into the Quay Quarter Tower, named the World's Best building for 2022. The office offers an in-house chef and barista, open social spaces, and working spaces with 360-degree views of Sydney Harbour. IMC says "the workspace enables IMC's creative, collaborative, and technology-focused ways of working."
The latest edition of The Social Capital Guy Podcast with Bevon Joseph is out. In this episode he speaks to Halleemah Nash (Founder of Rosecrans Ventures) and Britney Robbins (Founder and CEO of The Gray Matter Experience) about the power of social capital, networking, entrepreneurship, and making a positive social impact.
According to ESPN, only .04% of the brackets in the ESPN Men's NCAA basketball tournament challenge picked UConn to face San Diego State in the championship game of the 20 million entries into the challenge.
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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March News Highlights from the Sustainable Stock Exchanges Initiative include updates from Bursa Malaysia, Dubai Financial Market, Euronext, ICE, NGX and more. The highlights also include webinar recordings relevant to upcoming ISSB standards. Access the SSE news highlights here.~SAED
Planet Tracker, a non-profit financial think tank, has published a new report titled "Financial Markets For Transforming The Global Food System." The report outlines ways in which the global food system is a significant source of harm to the climate, to nature and to society. It recommends four ways to transform the system: Responsible supply chains; Increase food system (true cost) efficiency; Reduce pollution; Sustainable product offerings. View and download the report here.~SAED
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Cboe's Tilly Talks 50-Year Celebration, Cboe Digital and Good Corporate Citizenship in FIA Boca JLN Industry Leader Interview
JohnLothianNews.com
Cboe Global Markets Chairman & CEO Ed Tilly was interviewed by John Lothian News at FIA's International Futures Conference in Boca Raton, FL and spoke about the upcoming celebrations for Cboe's 50th anniversary.
Watch the video »
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HKEX CEO Nicolas Aguzin's First JLN Interview at FIA Boca Tells of Hong Kong and China Investment Opportunities
JohnLothianNews.com
Hong Exchanges and Clearing CEO Nicolas Aguzin at the FIA International Futures Conference in Boca Raton, FL in the first ever video interview for JLN with the HKEX exchange leader.
Watch the video »
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Leaders of Top Global News Organizations Call for Release of Wall Street Journal Reporter Evan Gershkovich
Alyssa Lukpat - The Wall Street Journal
More than three dozen top editors of news organizations around the world signed a letter to the Russian ambassador to the U.S. condemning the detention of Wall Street Journal reporter Evan Gershkovich and calling for his immediate release. The editors said in the letter to the ambassador, Anatoly Antonov, that they were deeply concerned about Mr. Gershkovich's detention.
/jlne.ws/3lVf3iF
******Those of us at the bottom say the same thing: let Evan Gershkovich go.~JJL
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Russia's President Vladimir Putin could be a 'dead man walking,' a former CIA counterintelligence chief told an interviewer
Isobel van Hagen - Insider
A former CIA chief believes Russian President Vladimir Putin could be a "dead man walking" because the casualty rate soldiers are suffering in the war in Ukraine have disgusted his military leaders. In an exclusive interview with The Sun, James Olson, the CIA's former chief of counterintelligence, laid out why he thinks the Russian president will either be killed or ousted from his position if he remains in power.
/jlne.ws/3nzOkZb
****** As the number of casualties add up, the risk to Putin for assassination goes up, and so does his paranoia. According to a Financial Times report, security services in Russia are confiscating the passports of senior Russian officials and businessmen to restrict their movements and travel as paranoia over leaks and defections increases.~JJL
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Investors join opposition to SEC stock market reforms; Fund managers doubt retail traders will benefit from changes aimed at improving transparency and pricing
Jennifer Hughes and Nicholas Megaw - Financial Times
Several big investors have joined opposition to an ambitious stock market overhaul proposed by US regulators to improve transparency and pricing for smaller retail traders. The criticisms point to deep concern about elements of plans published in December by the Securities and Exchange Commission and promoted by chair Gary Gensler which amount to the biggest reform of equity trading in two decades.
/jlne.ws/3K3ntMJ
****** All right, everyone, pile on Gary Gensler and his stock market reforms!~JJL
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Friday's Top Three
Our top story Friday was CoinDesk Editorial: It Sure Looks Like the U.S. Is Trying to Kill Crypto. Second was our JLN video interview from FIA Boca 2023, Trading Technologies CEO Keith Todd Discusses TT's Strategic Plans for Growth And Acquisition of Axetrading. Third was Inside Citadel: Joanna Welsh on Citadel's Culture of Collaboration, a YouTube video from Citadel.
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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
Publisher | | | Sarah Rudolph
Editor-in-Chief
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Editor
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| Lead Stories | How default swaps become instruments of mass deception; Recent Deutsche drama shows that CDS are a bad barometer of whether a bank is in trouble
Jonathan Guthrie - Financial Times
Credit default swaps are a form of insurance against bond defaults. In this story, they feature as instruments of deception rather than "weapons of mass destruction", the label once applied to all derivatives by Warren Buffett. You can speculate about whether investors were deceived by their own instincts or other factors. This does not change the story, or its takeaways.
/jlne.ws/3zrG0xn
Another Black Eye for ESG in MSCI's Mass Downgrade; A change in methodology will see ratings on thousands of funds lowered, highlighting once again the problems with such scores.
Alexis Leondis - Bloomberg
Tens of thousands of funds that have changed nothing about their investment approach are about to see their environmental, social and governance scores lowered - a poor look for an $8.4 trillion market in the US that's struggling to be seen as bona fide.
/jlne.ws/3m0FxPE
Europe Launches New LNG Benchmark to Help Contain Price Spikes
John Ainger - Bloomberg
Europe has a new benchmark for liquefied natural gas which regulators hope will disentangle the market from the kind of price surges witnessed last year. The European Union Agency for the Cooperation of Energy Regulators launched the new price gauge on Friday, indicating that LNG was trading at a discount of EUR9.57 per megawatt-hour compared to a front-month contract on the Dutch Title Transfer Facility.
/jlne.ws/42YFnsP
Crypto Company Bakkt's Make-or-Break Deal
Aidan Ryan - The Information
The crypto industry is littered with the corpses of now-shuttered businesses. Among the survivors, at least so far, is Bakkt, a crypto company founded by New York Stock Exchange owner Intercontinental Exchange. But after a previously unreported second round of layoffs earlier this month, a slew of executive exits and the shuttering of its consumer app, few would be betting on Bakkt.
/jlne.ws/3G9QjtP
China's central bank calls for stronger defences against financial crisis
Reuters
China should accelerate legislation of the Financial Stability Law and improve other legal arrangements designed to prevent and dispose of financial risks, three officials from the People's Bank of China (PBOC) wrote in China Finance, a publication affiliated to the central bank. Financial authorities should strengthen supervision of financial institutions' date accuracy to prevent risks, the article said, saying if any enlightment should be drawn from the Silican Valley Bank crisis.
/jlne.ws/3M7ZEWH
China Warns Top Bankers of Deepening Crackdown on Corruption
Bloomberg News
Chinese authorities warned the nation's top banking executives that the crackdown on the $60 trillion industry is far from over in a private meeting late Friday, just as they were about to announce the probe of the most senior state banker in nearly two decades.
/jlne.ws/3GdXz82
China Missing Banker's Firm Delays 2022 Results, Halts Trading
Bloomberg News
China Renaissance Holdings Ltd. said it'll suspend trading of its shares from Monday and delay the release of its audited results for 2022, as the investment bank failed to get in touch with Chairman Bao Fan who was cooperating in an investigation by Chinese authorities.
/jlne.ws/3zvfQtL
China Expands Finance Industry Probe to Include Former Bank of China Chairman; Chinese authorities have cautioned leading bankers to learn lessons from the corruption investigation into Liu Liange.
Andrew Frew McMIllan - The Street
Under the direction of President Xi Jinping, China is expanding its probe into its financial institutions after placing the former chairman of the Bank of China (HK:3988 and (BACHY) ) under investigation for corruption. In a terse statement, China's official news service Xinhua said last Friday that Liu Liange, the former chairman and Communist Party secretary at the Bank of China, is "under investigation for suspected severe violations of Party discipline." It's the kind of language used when someone is suspected of bribery and abuse of their position.
/jlne.ws/3K7fIFw
China's Yuan Replaces Dollar as Most Traded Currency in Russia; Cooperation with China has deepened as sanctions took effect; Kremlin urges conversion from 'toxic' to 'friendly' currencies
Bloomberg News
China's yuan has replaced the US dollar as the most traded currency in Russia, a year after the invasion of Ukraine led to a slew of Western sanctions against Moscow.
/jlne.ws/3U6fuDk
Shadow banks could yet cause trouble; Concerns about commercial real estate will start to expose other vulnerabilities in the financial system
Rana Foroohar - Financial Times
If you asked a few months ago where the next financial crisis might emanate from, most people probably wouldn't have said regional banking. Rather, they might have guessed at the shadow banking sector, which has grown dramatically since the global financial crisis of 2008. It remains far less regulated than the traditional banking sector.
/jlne.ws/3Mc7zSP
UBS to Cut Staff Up to 30%; Prosecutors Look at CS Deal; Banks' combination will result in significant duplication; Attorney general investigates possible crimes in takeover
Bastian Benrath - Bloomberg
Switzerland's top prosecutor opened a probe into the takeover of Credit Suisse Group AG by UBS Group AG, while a Swiss newspaper SonntagsZeitung reported that the fusion may result in up to 30% of the workforce being cut. As many as 11,000 employees will be laid off in Switzerland, and another 25,000 worldwide, the newspaper said, citing an unidentified senior manager at UBS.
/jlne.ws/40Cw7Jl
'The future of banking has no banks,' Bernstein says. Welcome to 'hyper-bitcoinization'
Adam Morgan McCarthy - The Block
The recent banking crisis shows how bank runs have evolved, and any further accidents could prove pivotal for bitcoin, according to Bernstein analysts. "Welcome to the new world of hyper-speed information flows and hyper-speed bank runs," Bernstein analysts led by Gautam Chhugani said, referring to the fervor on social media that heightened tensions around the time of the collapse of Silicon Valley Bank.
/jlne.ws/3G7NNEk
Elon Musk seeks to end $258 billion Dogecoin lawsuit
Jonathan Stempel - Reuters
Elon Musk asked a U.S. judge on Friday to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin. In an evening filing in Manhattan federal court, lawyers for Musk and his electric car company Tesla Inc (TSLA.O) called the lawsuit by Dogecoin investors a "fanciful work of fiction" over Musk's "innocuous and often silly tweets" about Dogecoin.
/jlne.ws/3ZvDAbK
Bittrex crypto exchange shutters US operations due to regulatory uncertainty
Danny Park - Forkast
Seattle-based cryptocurrency exchange Bittrex, Inc. will wind down its U.S. operations from April 30, the exchange announced on Saturday, citing continued regulatory uncertainty in the region.
/jlne.ws/3KdafgK
Cambridge Associates to Park $82 Billion at Minority-Owned Funds; New target accounts for 15% of firm's assets under advisement; Consulting firm serves pensions, endowments and family offices
Hema Parmar - Bloomberg
/jlne.ws/3nIixoW
Thief Who Held $3.4 Billion in Bitcoin Deserves Prison, US Says; Prosecutors urge less prison time for crypto theft by Zhong; Defense lawyers told judge Zhong should get no prison time
Chris Dolmetsch and David Voreacos - Bloomberg
Federal prosecutors urged prison time for a Georgia man who stole more than 50,000 Bitcoin valued at $3.35 billion when authorities seized it in November 2021, which at the time was the second-largest financial seizure in US history. The seized Bitcoin is now worth $1.48 billion, but James Zhong, 32, should do time behind bars for his heist in 2012 from the Silk Road darkweb site, prosecutors told a federal judge Friday, noting he deserves leniency for helping authorities recover the stolen crypto. Zhong pleaded guilty in November and wants the judge to spare him a prison term.
/jlne.ws/3JXjPE0
What Does Satoshi Nakamoto Look Like? AI Provides Some Answers; We used AI to speculate what the mysterious creator of Bitcoin looked like. Here are the results.
Jason Nelson - Decrypt
The greatest unanswered question in crypto (aside from when will the U.S. create intelligible rules and regulations) is: Who is Satoshi Nakamoto? While some have claimed to be the enigmatic creator of Bitcoin and others have had their lives turned upside down by media speculation, the mystery continues. So I figured that now that AI appears to know and see all, maybe it could give us a glimpse into what Satoshi may look like.
/jlne.ws/3nIjTQy
Google Co-Founder Sergey Brin, Other Billionaires Subpoenaed In Lawsuit Over JPMorgan's Links With Jeffrey Epstein
Bibhu Pattnaik - Benzinga
U.S. Virgin Islands Attorney General Denise George has subpoenaed Alphabet Inc's (NASDAQ: GOOGL) Google co-founder Sergey Brin and three other billionaires in a civil lawsuit concerning JPMorgan Chase & Co's (NYSE: JPM) links to Jeffrey Epstein, reports The Wall Street Journal. George filed a lawsuit accusing JPMorgan Chase & Co (NYSE: JPM) of facilitating Jeffrey Epstein's sex-trafficking scheme and helping him to cover it up.
/jlne.ws/3KsC4CU
Four ways to make it easier to wind up failing banks; The resolution mechanism needs overhauling after the recent bank turmoil
The editorial board - Financial Times
"A globally active, systemically important bank cannot simply be wound up according to the 'too big to fail' plan," Switzerland's finance minister said last weekend. "Legally this would be possible. In practice, however, the economic damage would be considerable."
/jlne.ws/4334Gd2
BMLL expands equities and ETF data to include Asia exchanges; Addition of Cboe Japan, Japannext and Singapore Exchange complements the existing Tokyo Stock Exchange data already offered within the BMLL product suite.
Annabel Smith - The Trade
Historical Level 3 data provider BMLL has expanded its equities and ETF data offering to include Asia exchanges. Data from CBOE Japan, Japannext and Singapore Exchange is now available to BMLL users across the buy- and sell-side, global exchange groups and others.
/jlne.ws/3nEXYKb
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | A Grain Glut Is Straining the Goodwill That Ukraine Badly Needs; Vast amounts of Ukrainian grain is piling up in eastern Europe; It is escalating into a political problem as farmers protest
Piotr Skolimowski, Irina Vilcu and Megan Durisin - Bloomberg
Blocked border crossings, a minister pelted with eggs and overflowing silos - anger is mounting among farmers in eastern Europe who say a rush of grain from Ukraine threatens their businesses, and it's steadily eroding political goodwill. Poland and other neighboring states agreed to help get grain out of Ukraine and on to global markets after the Russian invasion blocked exports last year.
/jlne.ws/3GayNFI
Japan Breaks With U.S. Allies, Buys Russian Oil at Prices Above Cap; Citing energy needs, Tokyo won exception to rules binding G-7 nations
Peter Landers - The Wall Street Journal
The U.S. has rallied its European allies behind a $60-a-barrel cap on purchases of Russian crude oil, but one of Washington's closest allies in Asia is now buying oil at prices above the cap. Japan got the U.S. to agree to the exception, saying it needed it to ensure access to Russian energy. The concession shows Japan's reliance on Russia for fossil fuels, which analysts said contributed to a hesitancy in Tokyo to back Ukraine more fully in its war with Russia.
/jlne.ws/3Zv06S0
Japan's Toyota hands St Petersburg plant over to Russian state
Reuters
Russia and Toyota (7203.T) said on Friday that the Japanese carmaker's factory in St Petersburg had been handed over to state entity NAMI, with Moscow snapping up more assets from global automakers leaving Russia over the conflict in Ukraine. "Toyota's production site in St Petersburg has... been transferred to the state," Russia's Ministry of Industry and Trade said in a statement. The company said in September it had decided to stop vehicle production in Russia due to the interruption in supplies of key materials and parts.
/jlne.ws/3Kuk8YK
Vladimir Putin's new doctrine calls US 'main source' of threat to Russian security
Anastasia Stognei - Financial Times
The Kremlin has adopted a new foreign policy doctrine which identifies the US as the "main source of threats" to Russian security while describing Russia as a "distinctive state-civilisation" with a "unique historical mission". The document is the first update to the doctrine since 2016 and reflects the "radical changes in the international affairs", President Vladimir Putin told a meeting of his Security Council on Friday.
/jlne.ws/3U0olXf
The Devil's in the Details of Putin's Oil Output Cut
Julian Lee - Bloomberg
Russia says it's close to implementing in full an oil output cut in response to Western sanctions and price caps on its exports. But Moscow's hopes of sending prices skyrocketing will likely be in vain. Russia vowed to retaliate against a ban on oil imports from its closest customers and price caps that prevent shipments to buyers elsewhere from accessing industry-standard services unless they are sold at prices below externally imposed thresholds. Its response is to cut crude production by 500,000 barrels a day until the end of June.
/jlne.ws/3MbSvol
Russian soldiers say commanders used 'barrier troops' to stop them retreating
Pjotr Sauer - The Guardian
/jlne.ws/40wz2Dc
Thousands Of Russian Casualties In Ukraine 'Linked To Alcohol Consumption', Says UK Intelligence
Kevin Schofield - Huff Post
/jlne.ws/3ZD5bYC
Russian forces claim to have captured centre of Bakhmut; Ukraine says it still retains control of other parts of the eastern city
Christopher Miller - Financial Times
/jlne.ws/43cBnVM
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Nasdaq records best quarter since 2020 after volatile start to year
Nicholas Megaw and George Steer - Financial Times
The Nasdaq Composite stock index has closed out its best quarter since 2020, buoyed from bets on Big Tech companies by investors who rolled back expectations for higher interest rates. The tech-heavy index gained 16.8 per cent in the first three months of 2023 after rising 1.7 per cent on Friday. That marked the Nasdaq's strongest quarter since the second quarter of 2020, when tech stocks led a sharp rebound from a plunge at the start of the coronavirus pandemic.
/jlne.ws/3MbKDDf
Aquis launches first 24/7 regulated market-grade matching engine; New offering will not require downtime, allowing exchanges to experience continuous operation with no need for shutdown for software upgrades, infrastructure changes or capacity increases.
Wesley Bray - The Trade
Aquis Technologies has launched a regulated market-grade 24/7 matching engine. The division of Aquis Exchange claims the matching engine, named Aquis Equinox, does not require downtime at set periods to ensure required actions including sequence number resets, maintenance and software upgrades are implemented.
/jlne.ws/3m4HASI
Tokyo Stock Exchange seeks public comment regarding actively managed ETFs
Kathie O'Donnell - Pensions & Investments
The Tokyo Stock Exchange has issued a request for public comments regarding the development of listing rules for actively managed exchange-traded funds, according to the website of Japan Exchange Group, which owns the TSE. Until now, the TSE has required all ETFs to "have their base prices track specific eligible indicators as one of the listing requirements, in order to properly ensure their quality as listed products," a document regarding development of the listing rules said.
/jlne.ws/40EJHvG
Tobias Paulun appointed as new CEO of ECC; Management rotation acknowledges the increasing importance of clearing services - Previous CEO Peter Reitz to focus on his work at EEX
The Supervisory Board of European Commodity Clearing AG (ECC) appointed Dr.-Ing. Dr. Tobias Paulun as the new CEO of the clearing house, effective from 1 April. The 41-year-old, who holds a doctorate in engineering and economics, will relinquish his previous position as Chief Strategy Officer of the European Energy Exchange AG (EEX).
/jlne.ws/42YpbI2
Deutsche Boerse Photography Foundation Appoints Mariama Attah as Associate Curator for Art Collection Deutsche Boerse
Deutsche Boerse
The Deutsche Boerse Photography Foundation appoints Mariama Attah as Associate Curator for the Art Collection Deutsche Börse. As part of a two-year collaboration in 2023 and 2024, Mariama Attah will advise the Deutsche Börse Photography Foundation on acquisitions for its collection of contemporary photography and support it in further expanding the diversity of the artistic positions represented.
/jlne.ws/40Rq9Vb
Cash market sales statistics for March 2023
Deutsche Boerse
A trading volume of euro 140.21 billion was achieved on Deutsche Boerse's cash markets in March (previous year: euro 217.01 billion / previous month: euro 113.31 billion).
/jlne.ws/40DcYXJ
Convening of the Annual General Meeting of Euronext N.V.
Euronext
Euronext today announced that the Annual General Meeting ("AGM") will take place on Wednesday 17 May 2023 at 10.30 CEST at Beursplein 5, 1012 JW Amsterdam, The Netherlands.
/jlne.ws/430d1yg
U.K. Financial Conduct Authority to Require ICE Benchmark Administration to Publish "Synthetic" U.S. Dollar LIBOR
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today notes the decision from the U.K. Financial Conduct Authority (FCA) to require ICE Benchmark Administration Limited (IBA) to publish 1-, 3- and 6-month "synthetic" U.S. dollar LIBOR.
/jlne.ws/3nIxCHr
Trading Overview in FY2022 & March 2023
JPX
Japan Exchange Group released Trading Overview in FY2022 & March 2023.
/jlne.ws/42ZF4Op
Tokyo Stock Exchange REIT Leveraged and Inverse Index Series to be Launched
JPX
In response to the diverse needs for indices in the market, JPX Market Innovation & Research, Inc. (JPXI) is going to calculating and publishing three indices; (1) the "Tokyo Stock Exchange REIT Leveraged (2x) Index," which reflects the leveraged investment in the Tokyo Stock Exchange REIT Index (the TSE REIT Index), (2) the "Tokyo Stock Exchange REIT Inverse (-1x) Index," which moves in the opposite direction as the TSE REIT Index, and (3) the "Tokyo Stock Exchange REIT Double Inverse (-2x) Index," which moves in the opposite direction with leveraged effect as the TSE REIT Index.
/jlne.ws/3lZVghS
Release of API Distribution Service J-Quants API (Paid Version) for Retail Investors
JPX
JPX Market & Innovation, Inc. (JPXI) provides an environment for individuals interested in data science to promote trading utilizing IT and data analysis via the "J-Quants" project. Since July 2022, JPXI has distributed historical stock prices and financial data through J-Quants API (beta) on a trial basis and received positive feedback from many users. As such, JPXI has officially released J-Quants API (paid version) today, April 3, 2023.
/jlne.ws/3U8hICi
Moscow Exchange launches futures trading on UAE dirham and Indian rupee
MOEX
On April 4, 2023, trading in settled futures contracts for the UAE dirham - Russian ruble (trading code - AED) and Indian rupee - Russian ruble (trading code - INR) currency pairs will begin on the Moscow Exchange derivatives market. New derivatives will significantly expand the trading opportunities of banks, brokers and their clients - individuals and legal entities. Participants in foreign economic activity with the help of futures on the UAE dirham and the Indian rupee will be able to hedge currency risks.
/jlne.ws/3U6QXxK
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | BMLL Expands Data Coverage to APAC
BMLL
Adds Level 3 Equities and ETF data from CBOE Japan, Japannext and Singapore Exchange in first phase of APAC coverage expansion; Provides market participants with the industry's first, global view of market or venue behaviour [based on the most granular data available]
Delivers on strategic growth plans following the successful Series B funding in Q4 2022; London, New York, 3 April 2023: BMLL, the leading, independent provider of harmonised, historical Level 3 data and analytics across global equity and futures markets, today announced the expansion of their equities and ETF data coverage to include Asia Exchanges.
Level 3 data from CBOE Japan, Japannext and Singapore Exchange is now available to BMLL users, providing market participants with the industry's first global view of market or venue behaviour based on the most granular, Level 3 data available. This complements the existing Tokyo Stock Exchange data already offered within the BMLL product suite.
/jlne.ws/3KqNyGW
USDC's Depeg Laid Bare the Risks Traditional Finance Poses to Stablecoins
Cristiano Ventricelli - CoinDesk
Regulators have expressed concern in recent years that decentralized finance (DeFi) could pose risks to the traditional financial (TradFi) services sector. Those worries were magnified by events such as algorithmic stablecoin terraUST's collapse and the failure of the FTX crypto exchange in 2022, which had relatively limited spillover effects on established financial institutions.
/jlne.ws/3zsjcxG
EY banned by German audit watchdog over Wirecard work; Big Four firm cannot take on listed companies as new clients for two years
Olaf Storbeck - Financial Times
/jlne.ws/3U6JGhz
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| Cybersecurity | | Top stories for cybersecurity | Bing vulnerability made it possible to alter search results; The exploit has been fixed, but it's still unsettling.
Cecily Mauran - Mashable
A major security exploit that let researchers change Bing search results was revealed this week. The vulnerability was discovered in January by cybersecurity research company Wiz and reported to the Microsoft Security Response Center (MSRC). In a Twitter thread, Wiz researcher Hillai Ben-Sasson explained how he was able to hack into Bing's content management system (CMS).
/jlne.ws/3lZY8vc
Pinduoduo: One of China's most popular apps has the ability to spy on its users, say experts
Nectar Gan, Yong Xiong and Juliana Liu - CNN Business
It is one of China's most popular shopping apps, selling clothing, groceries and just about everything else under the sun to more than 750 million users a month. But according to cybersecurity researchers, it can also bypass users' cell phone security to monitor activities on other apps, check notifications, read private messages and change settings. And once installed, it's tough to remove.
/jlne.ws/3U7fO4U
Micron Technology: China probes US chip maker for cybersecurity risks as tech tension escalates
Laura He - CNN Business
China has launched a cybersecurity probe into Micron Technology, one of America's largest memory chip makers, in apparent retaliation after US allies in Asia and Europe announced new restrictions on the sale of key technology to Beijing. The Cyberspace Administration of China (CAC) will review products sold by Micron in the country, according to a statement by the watchdog late on Friday.
/jlne.ws/42Yb8Ce
Western Digital Hit by Network Security Breach
Ravie Lakshmanan - The Hacker News
Data storage devices maker Western Digital on Monday disclosed a "network security incident" that involved unauthorized access to its systems. The breach is said to have occurred on March 26, 2023, enabling an unnamed third party to gain access to a "number of the company's systems."
/jlne.ws/3ZCwPVq
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| Cryptocurrencies | | Top stories for cryptocurrencies | Henry Ford and the Lesson Crypto Enthusiasts Must Learn; As with automakers at the turn of the last century, the more promising investment approach to digital assets now is to think about what general technologies will be needed if the sector takes off.
Aaron Brown - Bloomberg
Citigroup Inc. has just released a research report making a bull case for cryptocurrencies - an asset class that hasn't had a lot to cheer about the last two years. The thesis is that blockchain and related technologies will grow to having a billion users and trillions of dollars in value over the next six to eight years. What's missing is the implications for investors, which I'll try to outline.
/jlne.ws/3ZAhDbt
CZ tweeted that a $1B recovery fund would be moved into 'native crypto' with 'transparency.' Then Binance stuck it in a corporate wallet
Leo Schwartz - Fortune
In the wake of FTX's collapse in November, the newly crowned kingpin of crypto, Binance CEO and cofounder Changpeng "CZ" Zhao, announced that his exchange would create an industry recovery fund to "help projects who are otherwise strong, but in a liquidity crisis." Binance committed $1 billion of its own capital, seeded into a public address with its self-branded stablecoin, BUSD, and invited other companies to participate. Binance also boasted that it intended to ramp up its own contribution to $2 billion.
/jlne.ws/40Bsvae
US regulator plays for high stakes with Binance lawsuit
Stefania Palma and Scott Chipolina - Financial Times
The head of the US derivatives watchdog said the lawsuit against Binance is probably his "most significant" cryptocurrency case to date, setting up a make-or-break contest with ramifications for the crypto market and Washington. The lawsuit, announced on Monday, has set the Commodity Futures Trading Commission, one of the US's smaller federal regulators, against Binance, the world's largest crypto exchange.
/jlne.ws/3nw8cwk
MicroStrategy's Bitcoin Bet is on Verge of Profitability Again; Firm may avoid an impairment charge for the first quarter; Bitcoin is trading just below $29,817 average purchase price
David Pan and Tom Contiliano - Bloomberg
/jlne.ws/40Sdalx
Sunak's Crypto Plans Are Hit by Reluctant UK Banks; HSBC, Natwest have restricted transfers to crypto exchanges; Crypto companies have complained directly to UK government
Anna Irrera and Emily Nicolle - Bloomberg
Edouard Daunizeau's crypto company SavingBlocks has an office in East London's technology hub and more than 200 customers testing its services. But getting a bank account for his year-old startup has proved an almost insurmountable challenge. SavingBlocks, which offers a suite of digital-asset portfolios for passive investors, applied with nine different banking service providers for a corporate account and was turned down by seven of them.
/jlne.ws/43bW3gC
Crypto Investors Beware: Legislators Might Drop the Hammer
RJ Fulton - The Motley Fool
Cryptocurrencies and blockchains have emerged as innovative and exciting technological developments in recent years. However, due to their novelty and uniqueness, many governments around the world have been playing catch-up to enact a clear regulatory framework for this burgeoning asset class. In the U.S., crypto operates within an opaque framework with no specific agency responsible for oversight. As such, a piecemeal approach to regulation has started to unfold.
/jlne.ws/3m7bANN
How Will NFTs Be Taxed? Understanding the IRS' New Proposed Guidelines
Megan DeMatteo - CoinDesk
Cryptocurrency is still in its infancy and non-fungible tokens (NFTs) are an even newer asset class, only coming to mainstream notice in 2017 with the launch of CryptoPunks. So it's no surprise that historic policies and laws are still catching up to the new realities of digital asset ownership. Case in point: Last week, the U.S. Internal Revenue Service (IRS) published a document requesting comment and proposing new guidance on the tax treatment of NFTs.
/jlne.ws/3McweHc
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| Politics | | An overview of politics as it relates to the financial markets | Putin Signs New Russia Foreign Policy Against 'Hostile' West; Russia faces 'hybrid war' from US and its allies, Lavrov said; Putin says doctrine seeks to 'strengthen Russia's sovereignty'
Bloomberg News
President Vladimir Putin approved a new Russian foreign policy concept that set out to confront the US and its allies, claiming an "era of revolutionary changes" was under way in international relations.
/jlne.ws/3makN82
Social Security surplus will run out in 10 years, report estimates
Janna Herron - Yahoo! Finance
Social Security's reserves are projected to run out in 2033, according to a new report, at which point the entitlement program's trust fund will be able to pay out just 77% of benefits to seniors. That estimate is a year earlier than what was stated in the 2022 report for the Old-Age and Survivors Insurance (OASI) Trust Fund, according to the annual report released Friday from the trustees of the program.
/jlne.ws/3K8955M
Social Security Insolvency Seen Coming a Year Earlier Than Before
Tony Pugh and Jack Fitzpatrick - Bloomberg
The Social Security system's retiree fund will be able to fully pay scheduled benefits until 2033, one year sooner than reported last year. The increase is due mainly to a roughly 3% downward revision of gross domestic product and labor productivity over the projection window, the Treasury Department reported Friday.
/jlne.ws/42XJ41U
New York Plans to Close Key Streets for Trump's Arraignment; Trump scheduled to be arraigned Tuesday on criminal charges; Manhattan grand jury was investigating hush-money payments
Patricia Hurtado - Bloomberg
/jlne.ws/3K4QuI2
Too Much of America Is Emptying Out. More Immigration Can Help.; Almost half of US counties are losing population, and the easiest way to reverse the decline is to let in more immigrants.
Matthew Yglesias - Bloomberg
Most large American cities are continuing to lose people, the US Census Bureau reported last week, even as many smaller and mid-sized counties are growing. And while politicians (and, increasingly, billionaire investors) like to make hay over the cultural and economic reasons for moving, the most striking aspect of the US's shifting population isn't which counties are losing people. It's the sheer number that are experiencing population loss.
/jlne.ws/40Y4Q3R
It keeps getting worse: Florida property insurance rates set to jump up to 60%
Christopher Heath - WFTV
In December, as state lawmakers returned for their second special session in less than a year to deal with property insurance, the analogies for the state of the market for some reason all reverted to medical. "We're just trying to triage," said Senator Linda Stewart. "Just trying to stop the bleeding," said Representative Fred Hawkins.
/jlne.ws/3UbC8Kv
The UK needs to learn its own lessons from the banking crisis
Martin Wolf - Financial Times
Banks are the Achilles heel of the market economy. The combination of risky long-term assets with liquid liabilities redeemable at par is a standing invitation to illiquidity and insolvency. Contagion is also a permanent danger. The events of recent weeks have reminded us of these realities. So, what lessons should be learnt, including in the UK? As Andrew Bailey, governor of the Bank of England has reminded the House of Commons Treasury Committee, "Banking is an international industry and the UK is a significant financial centre."
/jlne.ws/3G7zJuI
India Offers Rupee Trade Option to Nations Facing Dollar Crunch; New Delhi has been pushing to internationalize the rupee; Central bank unveiled plans for rupee settlement last year
Adrija Chatterjee and Ronojoy Mazumdar - Bloomberg
India will offer its currency as an alternative for trade to countries that are facing a shortage of dollars in the wake of the sharpest tightening in monetary policy by the US Federal Reserve in decades. Facilitating the rupee trade for countries facing currency risk will help "disaster proof" them, Commerce Secretary Sunil Barthwal said during an announcement on India's foreign trade policy Friday in New Delhi.
/jlne.ws/432w0bk
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| Regulation & Enforcement | | Stories about regulation and the law. | UK Banks Warn Watchdog Against Being First on New Capital Rule; Regulators are finalizing Basel rules agreed after 2008 crisis; Lenders want SME loans to keep favorable capital requirements
Katherine Griffiths and Harry Wilson - Bloomberg
British lenders are warning regulators not to get ahead of other countries with their first big set of rule changes following Brexit and the recent banking collapses.
/jlne.ws/3MezL7W
Statement of Commissioner Caroline D. Pham Regarding NFA Rule on Spot Digital Asset Commodity Activities
CFTC
On March 29, 2023, the NFA issued Compliance Rule 2-51, Requirements for Members and Associates Engaged in Activities Involving Digital Asset Commodities, to impose anti-fraud, just and equitable principles of trade, disclosure, and supervision requirements on NFA Members and Associates that engage in digital asset commodity activities, including spot or cash market activities.
/jlne.ws/3U5JO0T
Commissioner Pham to Participate in a Fireside Chat at Pantera Blockchain Summit 2023
CFTC
Commissioner Caroline D. Pham will participate at a fireside chat at the Pantera Blockchain Summit.
/jlne.ws/3zofhBZ
US regulator plays for high stakes with Binance lawsuit; CFTC chair sets out probably his 'most significant case' yet brought against crypto markets
Stefania Palma and Scott Chipolina - Financial Times
The head of the US derivatives watchdog said the lawsuit against Binance is probably his "most significant" cryptocurrency case to date, setting up a make-or-break contest with ramifications for the crypto market and Washington. The lawsuit, announced on Monday, has set the Commodity Futures Trading Commission, one of the US's smaller federal regulators, against Binance, the world's largest crypto exchange.
/jlne.ws/3ZGGFFL
Mark Reinhold Named SEC Chief Human Capital Officer
SEC
The Securities and Exchange Commission today announced that Mark D. Reinhold has been named the agency's Chief Human Capital Officer and Director of the Office of Human Resources. He has served as the acting head of the office since October 2022.
/jlne.ws/3Ks8Rb5
SEC to Host Municipal Securities Disclosure Conference
SEC
The Securities and Exchange Commission today opened public registration for its Municipal Securities Disclosure Conference, which will be held on May 10, 2023, at the SEC's headquarters. The conference, held in a hybrid format with both in-person and virtual participation, will bring together a variety of municipal securities market participants, including issuers and investors, to discuss the state of disclosure in the municipal securities market.
/jlne.ws/3ZAfSuT
SEC Awards More Than $12 Million to Two Whistleblowers
SEC
The Securities and Exchange Commission today announced awards of more than $12 million to two whistleblowers who provided information and assistance in a successful SEC enforcement action.
/jlne.ws/3ZCzBKk
SEC Charges Three Executives at U.S. Navy Shipbuilder Austal USA with Accounting Fraud
SEC
The Securities and Exchange Commission today charged three executives of Mobile, Alabama-based shipbuilder, Austal USA LLC, for orchestrating a fraudulent revenue recognition scheme that allowed its parent company to meet or exceed analyst expectations.
/jlne.ws/4307tDW
SEC Obtains Judgment Against Individual for Participating in Fraudulent Microcap Scheme
SEC
The Securities and Exchange Commission announced a judgment against an individual charged with participating in a fraudulent scheme involving unlawful microcap stock sales at the expense of unsuspecting retail investors. Among other things, the final judgment against Amar Bahadoorsingh, last of Canada, ordered him to pay $466,619.
/jlne.ws/40SQUbd
SEC Charges Hedge Fund Trader and Broker-Dealer Partner in Multi-Million Dollar Spac Insider Trading Scheme
SEC
The Securities and Exchange Commission filed insider trading charges against Sean Wygovsky, a former trader at a Canadian asset management firm, and Christopher Matthaei, a former partner at a U.S. broker-dealer, for using nonpublic information in advance of at least seven merger announcements involving Special Purpose Acquisition Companies (SPACs) to earn illicit profits of more than $3.4 million.
/jlne.ws/3GbZ071
SEC Charges Three Executives At U.S. Navy Shipbuilder Austal USA with Accounting Fraud
SEC
The Securities and Exchange Commission today charged three executives of Mobile, Alabama-based shipbuilder, Austal USA, LLC, for orchestrating a fraudulent revenue recognition scheme that allowed its parent company to meet or exceed analyst expectations.
/jlne.ws/3M8BECP
Two Whistleblowers Will Share $12 Million in Awards for SEC Tips; SEC said two tipsters helped find 'complex wrongdoing'; Regulator has paid out more than $1 billion to tipsters
Austin Weinstein - Bloomberg
Two whistleblowers will share more than $12 million for their help in a successful Securities and Exchange Commission enforcement action, the regulator announced Friday. The first of the two whistleblowers will receive more than $9 million, as the person sparked the investigation, identified witnesses and made "persistent efforts" to remedy the issues, according to a statement from the regulator.
/jlne.ws/40Sl91W
FCA announces decision on synthetic US dollar LIBOR
FCA
In November 2022, we consulted on proposals to require the continued publication of 1-, 3- and 6-month synthetic US dollar LIBOR after 30 June 2023 when the US dollar LIBOR panel is due to cease.
/jlne.ws/3Mc6OJt
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Newest 'Bubble' Is in Money-Market Funds
Jacob Sonenshine - Barron's
People are rushing into money-market funds. That can't last much longer-and investors could even do a one-eighty soon, with positive consequences for banks. Total assets held in money-market funds, which are investment vehicles that buy cash-like securities such as short-term Treasury bills, recently reached close to $5.5 trillion, according to RBC. That is the highest on record.
/jlne.ws/3U5L9Vt
Analysis-Future for shock-absorbing bank debt uncertain in Credit Suisse aftermath
Naomi Rovnick, Nell Mackenzie and Chiara Elisei - Reuters
As the dust settles on a surprise move by Switzerland to write down $17 billion of bonds under Credit Suisse's rescue, the market for debt designed as a shock absorber for banks faces a long haul to regain investor trust. The global $275 billion market for Additional Tier 1 (AT1) bonds, part of bank capital buffers that insulate taxpayers from funding bail-outs, was rocked by the Swiss authorities' decision on March 19 on Credit Suisse AT1s.
/jlne.ws/3nElh75
Global Food Supply Risks Rise as Key Traders Leave Russia
Aine Quinn and Megan Durisin - Bloomberg
Russia's grip on global food supply is tightening after two of the biggest international traders said they would halt grain purchases for export from the country. The exit of Cargill Inc. and Viterra means Russia, the world's largest wheat exporter, will have more control over its food shipments and reap more of the revenues. Russia's dominance in the global grain market was laid bare by the war in Ukraine, with prices surging last year amid supply disruptions.
/jlne.ws/3Mf0X6j
Individual Investors Slow Stock Purchases, Leaving Markets Vulnerable
Hannah Miao - The Wall Street Journal
Individual investors are losing their appetite for U.S. stocks, leaving equity markets without a dependable leg of support after a rocky first quarter. They bought beaten-down shares with a fury at the start of 2023 and chased the momentum as the S&P 500 climbed. Net purchases of U.S. equities by individuals reached a monthly record in February, according to Vanda Research data going back to 2014.
/jlne.ws/3nACYEl
Mind the Aftershocks: Post-Tantrum Market Calm Unnerves Traders; More market volatility likely ahead, warn Nordea, Fidelity; Bond volatility gauge still elevated, suggests jitters linger
Alice Gledhill - Bloomberg
Weeks of gut-wrenching turmoil are keeping investors on the lookout for further volatility explosions, despite the uneasy calm that's recently descended on world markets. Money managers' worst fears of 2008-style ructions ultimately proved unfounded, yet the failure of three US banks and the emergency rescue of Credit Suisse Group AG in Europe revealed signs of financial stress, sparking some of the worst turbulence in recent years.
/jlne.ws/40AJny5
A $15 Billion Swap-Based ETF Exposes the Latest ESG Headache; MSCI to change how it rates synthetic ETFs on client feedback; Top ESG scores given to non-ESG swap-based ETFs by MSCI
Natasha White and Frances Schwartzkopff - Bloomberg
One of the world's biggest synthetic exchange-traded funds is starting to look like exhibit-A in the latest controversy to hit ESG ratings. The $15 billion ETF, which is managed by Invesco Ltd., uses swaps to offer clients exposure to the S&P 500. The ETF currently has a AA rating at MSCI ESG Research, the biggest provider of such scores. Under European Union rules, however, the fund is registered as Article 6, meaning the product doesn't target any environmental, social or governance goals.
/jlne.ws/42YXPBz
The financial turmoil is not over; If 2022 was about the repricing of capital, 2023 is likely to be about the reduction in the quantity of it
Ian Harnett - Financial Times
There's an old investment saying that bull markets last longer than you think possible and bear markets hit harder than you can imagine. This is one reason why investors should be positive most of the time. However, once every eight to 10 years it pays to be cautious. The recent spate of bank failures suggests that now is one such moment.
/jlne.ws/3lZCWpf
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The next big ESG battle
Tim McDonnell - Semafor NetZero
Lobbying groups on both sides of the U.S. political spectrum are gearing up to sue the Biden administration once it releases the final version of rules requiring publicly-traded companies to disclose their carbon emissions and other climate information. The Securities and Exchange Commission's climate disclosure rules have garnered a record of more than 14,000 public comments since they were proposed last March, with aggressive lobbying over a few key details since then.
/jlne.ws/3KsCsBr
FAIRR Forecasts US$24 Billion Livestock Losses from Climate Costs
Jack Grogan-Fenn - ESG Investor
ESG investor network the FAIRR Initiative has estimated that half of the largest listed livestock companies could lose up to US$24 billion due to climate-related costs. The firm has launched an enhanced iteration of its Coller FAIRR Climate Risk Tool, which provides investors with company-level data on how climate risks may impact costs and profitability in the meat and dairy sector. The tool forecasts a US$23.7 billion (7%) total decrease in earnings before interest and taxes in 2030 compared to 2020 levels for 40 of the largest livestock producers, which would push half of these into net operating losses.
/jlne.ws/40Wu0zH
Energy security is trumping climate concerns; Fossil fuel producers lifted by a new rush to shore up supplies
Derek Brower - Financial Times
On TikTok, a campaign to deny ConocoPhillips permission to launch an oil project in Alaska recently went viral. Look up the hashtag #StopWillow and the search results are full of protests warning of the potential damage the project could wreak. One video, which has been liked 3.4mn times, declares that approval would be "game over" for the planet. As impassioned as the campaign was, it did not work: Joe Biden approved the drilling on March 13.
/jlne.ws/432iVPy
Building Industry Disregarding Climate Transition
Vibeka Mair - ESG Investor
More than half of major building companies do not have climate transition plans in place for a low-carbon future, the World Benchmarking Alliance (WBA) and non-profit CDP have warned. The building sector is responsible for 37% of global emissions, making it a critical industry in the net zero transition. But the WBA's first Building Benchmark, that has assessed 50 influential companies across the building sector in partnership with CDP, has found 54% of companies do not have climate transition plans in place, and 44% do not have emissions reduction targets.
/jlne.ws/42YBofN
Insure Our Future Updates Climate Demands for Insurers
Emmy Hawker - ESG Investor
Campaign group Insure Our Future has sent an open letter to the CEOs of 30 major insurance firms, outlining concrete actions they should take to support a 1.5°C temperature pathway. The letter has called on firms to immediately stop offering any insurance services which support the expansion of coal, oil and gas production, further phasing out all insurance services for fossil fuel companies which are not 1.5°C-aligned within the next two years.
/jlne.ws/40TeLHU
In-depth Q&A: The UK's 'green day' avalanche of climate and energy announcements
CarbonBrief
/jlne.ws/3zoHAAe
Key Green Laws for EU's Fit for 55 Introduced
Vibeka Mair - ESG Investor
/jlne.ws/3zstDkU
US Republicans challenge more fund managers on ESG
Ross Kerber - Reuters
/jlne.ws/40XJmDU
Deep-sea mining is key to making transition to clean energy, says Loke
Kenza Bryan and Harry Dempsey - Financial Times
/jlne.ws/3GdVIAa
ESG regulatory scrutiny expected to slow ETF development; Experts agree demand is strong, but uncertainty over regulations is having an impact
Chloe Leung - Financial Times
/jlne.ws/42YOqKf
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Swiss economists question UBS takeover of Credit Suisse in poll
Reuters
A poll of Swiss economists found that nearly half think the takeover of Credit Suisse by UBS was not the best solution, warning the saga has dented Switzerland's reputation as a banking centre. Switzerland's KOF economic research institute found that 48% of the 167 university economists it questioned would have preferred a state takeover and possible later sale of Credit Suisse.
/jlne.ws/40S6T9t
How Small Businesses Can Find Safety Before the Next Bank Crisis
Amy Haimerl - The New York Times
The collapse of two regional lenders, Silicon Valley Bank and Signature Bank, last month caused a ripple of panic among small businesses across the country as owners watched the news unfold and wondered whether their assets were safe - even if their deposits were not in one of the failed institutions. Now that the panic has begun to subside, advisers are recommending that small businesses examine their accounts to determine their level of risk and protect their deposits from a future bank failure.
/jlne.ws/3zoyLpY
How Credit Suisse lured - and then burned - the Saudi crown prince
Simon Foy - The Telegraph
When Credit Suisse opened its first office in Saudi Arabia in early 2021, Bruno Daher, the cigar-smoking head of Credit Suisse's Middle East business, declared it a "key growth market". The branch, at the intersection of King Abdullah and King Fahd Road in central Riyadh, was symbolic of the deepening relationship between the storied Swiss lender and the wealthy Kingdom. Yet two years later, the relationship has soured spectacularly.
/jlne.ws/3Ks345j
Credit Suisse takeover hits heart of Swiss banking, identity
Jameey Keaten - AP
The UBS takeover of embattled rival Credit Suisse has shaken Switzerland's self-image and dented its reputation as a global financial center, analysts say, warning that the country's prosperity could grow too dependent on a single banking behemoth. The uncertain future of a union of Switzerland's two global banks comes at a thorny time for Swiss identity, built nearly as much on a self-image of finesse in finance as on know-how with chocolate, watchmaking and cheese.
/jlne.ws/3GbFsQ8
New UBS CEO plays down concerns over size of Swiss bank combination
Reuters
Incoming UBS Chief Executive Sergio Ermotti has sought to ease worries about the size of the new bank being created by its takeover of Credit Suisse. Critics have voiced concern about the forced deal, designed to help secure financial stability globally during a period of turmoil, which will create a new Swiss bank with $1.6 trillion in assets and more than 120,000 staff.
/jlne.ws/42XYC5N
Schwab Hit by Worst Month Since 1987 Amid Cash Sorting Woes
Maxwell Zeff - Bloomberg
Charles Schwab Corp.'s worst month in more than 35 years has sparked a debate among analysts as to whether the brokerage giant has been unfairly punished by investors amid growing fears about the US banking sector. Shares of the firm plunged 33% in March, their biggest drop since October 1987, the month when the biggest single-day stock market crash, dubbed Black Monday, occurred. The rout wiped out $47 billion in market value from Schwab, roughly equivalent to the size of Truist Financial Corp.
/jlne.ws/40RTKgC
Analysis-Future for shock-absorbing bank debt uncertain in Credit Suisse aftermath
Naomi Rovnick, Nell Mackenzie and Chiara Elisei - Reuters
As the dust settles on a surprise move by Switzerland to write down $17 billion of bonds under Credit Suisse's rescue, the market for debt designed as a shock absorber for banks faces a long haul to regain investor trust. The global $275 billion market for Additional Tier 1 (AT1) bonds, part of bank capital buffers that insulate taxpayers from funding bail-outs, was rocked by the Swiss authorities' decision on March 19 on Credit Suisse AT1s.
/jlne.ws/3nElh75
UBS shortlists four consultants for Credit Suisse integration
Owen Walker - Financial Times
/jlne.ws/3G7uriQ
UK is global equity markets 'backwater', Nick Train warns; Top fund manager defends pension funds' retreat from London-listed stocks
Emma Dunkley - Financial Times
/jlne.ws/3m1TNrw
Commerzbank Chairman Says Credit Suisse Deal Opens Opportunities
Christoph Rauwald - Bloomberg
/jlne.ws/3U635PV
SVB Gives Bond Investors a Stark Lesson in Term Risk
Nir Kaissar - Bloomberg
/jlne.ws/3ZAMLYr
Julius Baer chief warns Switzerland not to jeopardise status as banker to super-rich; Philipp Rickenbacher says crisis of confidence in global banking far from over
Sam Jones - Financial Times
/jlne.ws/40IvcqU
Norway Wealth Fund to Vote Against Seven Credit Suisse Directors
Aradhana Aravindan - Bloomberg
/jlne.ws/3KCqTrz
Silicon Valley Bank's Fall and the Way Forward for US Banking
Paul J. Davies and Elaine He - Bloomberg
/jlne.ws/3Ks2ip7
Fed Critics Are Missing Some Important Context; The central bank is fulfilling its obligation to restrain wage and price pressures while so far avoiding a recession and keeping employment full.
Matthew T Winkler - Bloomberg
/jlne.ws/3Zwm9rn
Swiss Prosecutor Opens Probe Into Credit Suisse Takeover
Bastian Benrath - Bloomberg
The Swiss Attorney General's Office has opened an investigation into the government-brokered takeover of Credit Suisse Group AG by UBS Group AG and is gathering evidence to identify possible crimes. "In view of the relevance of the events," the top federal prosecutor "intends to proactively fulfill its mandate and responsibility to contribute to a clean Swiss financial center and has set up a monitoring system in order to take immediate action in the event of any circumstances that fall within its jurisdiction," the office said in a statement sent to Bloomberg News on Sunday.
/jlne.ws/42V3Orb
Why the FDIC offered to take billions in losses to find SVB assets a new home
David Hollerith and Dan Fitzpatrick - Yahoo! Finance
When a North Carolina lender agreed last weekend to assume $60 billion in loans from the failed Silicon Valley Bank, it struck a deal that provides it with protection if some of those assets go bad. How much protection? The Federal Deposit Insurance Corporation will reimburse First Citizens Bank (FCNCA) for 50% of all commercial loan losses - if the losses of those loans made by Silicon Valley Bank are above $5 billion.
/jlne.ws/3GcI68l
The Fatal Flaw in Credit Suisse's Last-Ditch Attempt to Save Itself; Proposed investment-bank spinoff was complex and investors just wanted something simple
Margot Patrick, Justin Baer and Julie Steinberg - The Wall Street Journal
/jlne.ws/3nAEE0B
SVB Collapse Complicates Banks' Efforts to Unload More Than $25 Billion of Junk Debt; Turmoil in banking, Twitter woes cloud picture for 'hung' buyout loans
Alexander Saeedy and Laura Cooper - The Wall Street Journal
/jlne.ws/3znoFpv
New sustainability tool from SDI AOP allows users to analyze their investment portfolios
Qontigo
The Sustainable Development Investments Asset Owner Platform (SDI AOP) and Qontigo, its exclusive distribution partner, have announced the launch of the SDI Dashboard. The new tool allows investors to upload their investment portfolios and analyse them across a range of SDG-related parameters.
/jlne.ws/3Mg0Veq
UBS Deal for Credit Suisse Unseats JPMorgan as Latin America's Top Wealth Manager
Cristiane Lucchesi
/jlne.ws/42YLmOf
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Regulating AI Will Be Essential. And Complicated.; The middle ground would be creating a new federal agency, like the SEC or the FDA but staffed with experts on artificial intelligence.
Noah Feldman - Bloomberg
Whether or not calls for pausing AI development succeed (spoiler: they won't), artificial intelligence is going to need regulation. Every technology in history with comparably transformational capabilities has been subject to rules of some sort. What that regulation should look like is going to be an important and complicated problem, one I and others will be writing a lot about it in the months and years to come.
/jlne.ws/3K5kd3F
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The Wild History of America's Hatred for Anchovies; The small fish have huge health benefits. Why, exactly, don't people eat more of them?
Frankie Huang - Men's Health
The best pizza I've ever tasted was in Italy. It was one of those last-meal-on-earth pizzas, an ethereal soft-crisp crust graced with a simple sauce and adorned with capers, olives, and anchovies. The worst pizza I've ever tasted also had anchovies. It was from one of those wannabe Neapolitan-style joints, and I felt like I was biting into a slice studded with soggy salt packets.
/jlne.ws/3K6tCrr
How powerful corporations are contributing to childhood obesity and asthma; The average serving of chocolate milk contains 24 grams of added sugar, meeting a full day's limit in a single carton. Yet, owing in part to years of lobbying from dairy industry groups, chocolate milk continues to be on the menu in public schools across the country.
Heather Coleman and Katherine Gergen Barnett - The Boston Globe (opinion)
With 1 in 5 children in the United States now qualifying as obese, recently released recommendations from the American Academy of Pediatrics highlight the enormous downstream consequences for these children, including increased risks for diabetes, heart disease, high blood pressure, and mental health concerns. While the 73-page document discusses the impacts of neighborhood, family and home, and genetics on the risk of childhood obesity, there is little mention of the corporations that have contributed to the surging rates of obesity in our country.
/jlne.ws/3m0EjE2
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | City of London Firms Warn of 'Historic Lows' in Capital Markets
Tom Metcalf - Bloomberg
A trio of City of London firms has warned of weak investment banking revenues, as moribund capital markets continue to weigh on business in the Square Mile. Numis Corp., Peel Hunt Ltd. and WH Ireland Group Plc all said that capital market transactions remained sluggish, according to separate statements Monday.
/jlne.ws/3ZHmebL
How China is winning the race for Africa's lithium; The country already dominates processing of the metal for use in electric vehicle batteries and is now investing heavily in mines, leaving western operators scrambling to keep up
Harry Dempsey and Joseph Cotterill - Financial Times
The settlement of Uis in a remote part of Namibia seems an unlikely hotspot for a mineral cold war over the future of electric vehicles. Uis lies in the arid hills of Erongo, a large and sparsely populated province of the south-west African country. For decades the only signs of its mineral wealth were the gemstones sold to tourists by artisanal miners, who scrabbled a living in the shadow of a disused tin mine.
/jlne.ws/3nDdLJw
Iraq, Kurds Agree to Resume Oil Exports Via Turkey This Week; The resumption would be for more than 400,000 barrels a day; Deal in effect until oil and gas law bill is approved by Iraq
Omar Tamo - Bloomberg
Iraq's semi-autonomous Kurdistan region said it has reached an agreement with the federal government to resume oil exports through Turkey this week, after a legal spat pushed up crude prices. "Following several meetings between the Kurdistan Regional Government & Federal Government, an initial agreement has been reached to resume oil exports through Ceyhan this week," Lawk Ghafuri, the KRG's head of foreign media affairs, said in a tweet.
/jlne.ws/3ZzO1uH
OPEC+ to Hold Its Ground Amid Oil Tumult Caused by Bank Crisis; Delegates see group sticking to current policy in talks Monday; Oil hit 15-month low in March as bank failures roiled market
/jlne.ws/40CP0M5
NYC Faces Severe Weather Threat from Storm That Slammed Midwest; New York City at risk of severe storms as system heads east; About 388,000 people in 10 states without power on Saturday
Victoria Cavaliere and Brian K Sullivan - Bloomberg
A powerful spring storm system that whipped up deadly tornadoes over the southern and Midwestern US is expected to bring severe thunderstorms and wind gusts to parts of the East Coast late Saturday, including to New York City. The storm is moving east after unleashing hail, heavy wind and tornadoes from Mississippi to Wisconsin, leaving at least 18 people dead, the Associated Press reported.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Girl Scouts Revamp Real Estate for a Post-Covid World
Sarah Holder - Bloomberg
When Amanda Johnson was a Brownie Girl Scout, she used to wear her uniform to elementary school in anticipation of afternoon troop meetings. Wearing knee-high brown socks with tassels and a sash adorned with badges, she'd head to the classroom where the group, led by her mother, would convene. "It felt so special," she said.
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