| April 01, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
Three of the four new CFTC commissioners have been sworn in so far, meaning Commissioner Dawn Stump is hanging in there. I was premature to bid her adieu. The CFTC announced on its Facebook account that Christy Goldsmith Romero, Kristin N. Johnson, and Summer Kristine Mersinger have been sworn in as commissioners. Confirmed CFTC Commissioner Designate Caroline Pham has yet to be sworn in. Word is that the three women commissioners were sworn in virtually. Back in 2018, Dawn Stump chose to be sworn in next to the "Fearless Girl" statue on Wall Street next to the New York Stock Exchange.
Meanwhile, Chairman Rostin Behnam, star of a JLN video from Boca 2022 in yesterday's JLN, was up on Capitol Hill yesterday testifying before the U.S. House of Representatives Committee on Agriculture. His presentation should have been in front of both the House and Senate, as it was titled "State of the CFTC."
Commissioner Stump will be around long enough to participate in a virtual fireside chat at the 1st Annual Web3 Legal Conference.
Yesterday I mentioned that JPX was helping with the Ukraine crisis. How about you? Do you want to know how you can help? Yahoo News has a story titled just that, "How you can help Ukraine." It lists organizations that are helping the 4 million people who have been displaced by this Russian aggression against its neighbor.
TMX will hold the Canadian Annual Derivatives Conference in Montréal on June 20-21, 2022. Montréal in June is absolutely lovely. You can find more details HERE.
Just in time for the Easter candy season, Bloomberg has a story titled "Public Warned Over Scam Messages Claiming to Offer Free Cadbury Chocolate." This scam is more phish than bunny.
I had a consultation with a nutritionist yesterday regarding my radiation treatments. I was told to avoid eating many raw vegetables, just the things that are on my intermittent fasting diet. It seems some of these veggies create gas, which is bad. No nuts, popcorn or other healthy snacks either, I was told. It is only six weeks, so it should not be a problem. Anyone need a big head of broccoli?
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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Traders Caught in Shanghai Lockdown Skip Showers, Lose Sleep
Bloomberg News
Henry, a fund manager, is currently sharing a single bathroom in his office in Shanghai's financial district with more than 20 people, none of whom have access to a shower. He doesn't know how much longer he'll have to do this for. He was called back on Saturday along with some other employees as part of his company's rotational work arrangement implemented amid Shanghai's worsening Covid outbreak. Henry packed up some clothes and necessities for a short stay, but days later, the elevator in his office building had been suspended, and 9 million people in the eastern half of the city were placed under a four-day lockdown.
/jlne.ws/36FN3YJ
***** There is a new emergency list of things you need to keep at work, including showerless shampoo.~JJL
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Blazers With Hoodies? Dress Sneakers? The Return-to-Office Dress Code Is Baffling Your Boss; As organizations call more workers back to offices, they're finding it difficult to convey what employees can and can't wear; 'It's a land mine'
Katherine Bindley - WSJ
Warren Bischoff, who leads a group of financial advisers in the Washington, D.C., area, has taken on a new role since returning to the office a few months ago. He's the dress-code police. In a single week, he had to tell one employee that white tennis sneakers are a no-no, another that bluejeans aren't appropriate, and a third that T-shirts will never fly. In a recent edge-case ruling, he decided that "dress sneakers"—brown shoes with a white sole—might be OK, but only on Fridays.
/jlne.ws/3IZ1wfn
***** I want a whole new wardrobe. I need a whole new wardrobe if I am going to be seen in public. I think I should just go full Scottish, buy a kilt, and not worry about style otherwise. And who is going to argue with a man with a sgian dubh, or skeen doo, in his sock.~JJL
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The Back-to-Work Look for Some Men Is No Suit, No Tie—and No Hair; It has been a bad couple of years for hair loss. As men resume working in person, some feel self-conscious about their bald spots.
Callum Borchers - WSJ
The past two years of worries and webcams haven't been kind to Lawrence Carroll—or his hair. "I've always had a nice head of hair," says Mr. Carroll, a 36-year-old father and public relations executive in Los Angeles. "But there have been moments through Zoom meetings where I've looked at myself, like, 'Dude, you look like,'"...well, you get the idea. For those facing male-pattern baldness, the pandemic both accelerated and accentuated the progression, some dermatologists say. The last thing men with fragile strands needed was extra anxiety and countless hours of inspecting their own images on video calls.
/jlne.ws/35ude3Q
*****One of the helpful things from the pandemic is me learning to cut my own hair, and I do it to a level where I don't even need to worry about combing it anymore. Of course, there is no combover to hide the bare spots.~JJL
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Thursday's Top Three
Our most clicked story Thursday was Bloomberg Businessweek's Crypto Platforms Ask for Rules But Have a Favorite Watchdog. Second was U of C business school back on top, from Crain's Chicago Business. Third was the NFA news release, NFA orders Dallas, Texas introducing broker and commodity trading advisor Member Coquest Incorporated to pay a $275,000 fine.
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MarketsWiki Stats
26,795 pages; 237,945 edits
MarketsWiki Statistics
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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 | Lawsuit accusing 10 banks of rigging $23 trillion U.S. Treasury market is dismissed
Jonathan Stempel - Reuters
A federal judge on Thursday dismissed a long-running antitrust lawsuit accusing 10 of the world's largest banks of pursuing two interrelated conspiracies to suppress competition in the now $23.2 trillion market for U.S. Treasury securities. U.S. District Judge Paul Gardephe in Manhattan said the 18 plaintiffs — including pension and retirement funds, banks and companies that traded in Treasuries — failed to address shortcomings he found one year ago when dismissing an earlier version of their proposed class action.
/jlne.ws/3IR182x
Biden's New Antitrust Cop Threatens to Slam Brakes on Mergers; Jonathan Kanter aims to reverse decades of lax enforcement; Google has pressed DoJ to examine whether he should be recused
Sara Forden and David McLaughlin - Bloomberg
To understand how the Justice Department's new antitrust chief, Jonathan Kanter, is thinking about his job, take a look around his office. On one wall hangs a painting of the prosecutor who brought the case that crushed John D. Rockefeller's Standard Oil monopoly. There's also a picture of a bison with the words "Ass Kicking Is On My Mind." And then there are the historic posters from an earlier trustbusting era.
/jlne.ws/36RIlH8
SEC Tells Exchanges to Treat Customer Crypto Holdings as Liabilities; Staff guidance aims to create consistency in accounting for crypto assets held by trading platforms
Paul Kiernan - WSJ
Cryptocurrency exchanges will soon have to report the digital tokens they hold for customers on their balance sheets, according to Securities and Exchange Commission accounting guidelines released on Thursday. The guidelines reflect SEC Chairman Gary Gensler's warning that investors who own cryptocurrency through trading platforms like Coinbase Global Inc. COIN -1.61% are effectively making unsecured loans to those companies.
/jlne.ws/3tXAPmO
Why Putin Went Straight for the Nuclear Threat
Steven Simon and Jonathan Stevenson - WSJ
The Biden administration has done an admirable job checking Russian disinformation efforts by disclosing U.S. intelligence assessments of Moscow's intentions and marshaling unified political support for Ukrainian sovereignty and indirect military support for its defense. But the administration has spoken out when it might have kept silent about Russia's implicit threat to use nuclear weapons. In President Vladimir Putin's speech announcing the invasion, he stated that anyone who "tries to stand in our way" will face consequences "such as you have never seen in your entire history." He ordered his defense minister to put Russia's nuclear forces on alert. It may have been implicit, but the threat was clear.
/jlne.ws/3J4jAVb
The SEC Is Coming for SPACs; Also Arm China, block trades and police hacking.
Matt Levine - Bloomberg
SPAC rules
People have two main objections to special purpose acquisition companies, the blank-check companies that raise a pool of money from public investors and then use it to take some private company public. First: Sometimes it can look like the private company is running a scam. Going public by merging with a SPAC is an alternative to a traditional initial public offering with somewhat more relaxed rules. In particular, it is generally accepted that SPAC targets can include projected future earnings in their filings marketing their deal, while IPO companies can't. If you are a high-tech company with big dreams but no revenue yet, it is nice to be able to say "well look how good our 2025 revenue is." Then if your 2025 revenue also turns out to be zero, well, you know, that's fine, mistakes happen. There is a "safe harbor for forward-looking statements"; if your predictions were in good faith but turn out to be wrong, you can't get sued. IPO companies don't get this safe harbor, but SPAC companies do.
/jlne.ws/3iQQDBx
Russia avoids default once again as $447 million dollar bond payment goes through even after clearinghouse blocks account
Phil Rosen, Harry Robertson - Business Insider
Russia avoided a default as one of its dollar-denominated bond payments went through on Thursday; JPMorgan, Russia's foreign correspondent bank, processed the payments, a source told Insider; Last week, Clearstream blocked Russia from the National Settlement Depository, which receives foreign bond payments.
Russia again avoided a bond default Thursday after roughly $447 million in payments for dollar-denominated debt went through. JPMorgan, which is Russia's foreign correspondent bank, processed the payment after checking with the US authorities, a person familiar with the matter told Insider. JPMorgan declined to comment.
/jlne.ws/3uEtIis
Bondholders Eye Russia's Expulsion From $842 Billion Club; Russian debt excluded from key JPMorgan indexes on March 31; JPMorgan EM gauges tracked by estimated $842 billion in assets
Abhinav Ramnarayan and Selcuk Gokoluk - Bloomberg
Investors are bracing for more losses in Russian debt as expulsion from key indexes in the wake of President Vladimir Putin's invasion of Ukraine hits an already trampled market. Russia's government and corporate bonds have been removed from the closely-followed JPMorgan Chase & Co. suite of emerging-market bond indexes, known as EMBI, leaving some money managers whose funds track the gauge with little choice but to sell or write down their holdings. JPMorgan also scrapped the sovereign and quasi-sovereign debt of Belarus from its indices.
/jlne.ws/3K13f58
Gazprom Starts Telling Clients How to Pay for Gas in Rubles
Bloomberg News
Russia's Gazprom PJSC has started telling clients how to pay for their gas after President Vladimir Putin said purchases from "unfriendly" nations would need to be settled in rubles. Notifications about the new payment order are being sent to customers on Friday, the Russian gas giant said in a statement on its official Telegram channel. The Kremlin said on Thursday that European buyers would need to have two accounts, one in euros and one in rubles, and that Gazprombank would be responsible for making the foreign exchange conversion.
/jlne.ws/3iSSs15
Putin May Collect $321 Billion Windfall If Oil and Gas Keep Flowing; Goldman, IIF expect record current-account surplus for Russia; Embargo on energy exports can tip economy into deeper crisis
Bloomberg News
Russia's economy has staggered through the first full month of the war with Ukraine but it may yet emerge with a sparkling balance sheet if some of its biggest trade partners don't turn off the tap on its exports of energy. For all the hardships visited on consumers at home and the financial chokehold put on the government from abroad, Bloomberg Economics expects Russia will earn nearly $321 billion from energy exports this year, an increase of more than a third from 2021. It's also on track for a record current-account surplus that the Institute of International Finance says may reach as high as $240 billion.
/jlne.ws/3DxBOxb
European gas buyers have at least 2 weeks to pay in roubles, says Kremlin; Threat of supply cut-off remains as Moscow demands payment in local currency
Nastassia Astrasheuskaya, Harry Dempsey and James Shotter - FT
European importers of Russian natural gas have until at least the second half of April to comply with Moscow's demand that they pay in roubles, the Kremlin said, as buyers struggle to understand their obligations.
/jlne.ws/3uHlMNo
EUA carbon emissions permit ETF launches in Hong Kong; Fund that tracks ICE EUA Carbon Futures index is first of its kind in greater China region
Sandra Heistruvers - FT
The Hong Kong-based fund arm of China International Capital Corporation has launched the first carbon futures exchange traded fund in the greater China region. China International Capital Corporation Hong Kong Asset Management raised HK$100mn ($12.8mn) during the initial offer period for the listing of its new CICC Carbon Futures ETF on Hong Kong's stock exchange, according to Lin Ning, managing director at CICC HKAM.
/jlne.ws/3JVwK8m
Commodity market cracks catch the eye of policymakers; Natural resources are the outlier in the reaction to the invasion of Ukraine
Katie Martin - FT
Andrew Bailey is worried about the commodities market. If you're not already, you probably should be too. The Bank of England governor — not exactly stand-up comedian material at the most cheerful of times — delivered some strikingly dour words at an event hosted by think-tank Bruegel this week. He said that UK households face a "historic shock" to incomes this year due to soaring energy prices.
/jlne.ws/3uM96ot
Germany is preparing to ration its natural gas supply if a standoff with Russia over ruble payments escalates further
Huileng Tan - Insider
Germany — Europe's largest economy — has activated an emergency plan to deal with disruptions to its natural-gas supply after Russian President Vladimir Putin demanded payment in rubles. Russian gas accounted for 55% of Germany's gas imports in 2021 and 40% of its gas imports in the first quarter of 2022, per Reuters. Germany is in the "early warning phase" of its emergency plan now, with Berlin calling all consumers — from industry to households — to conserve energy and reduce consumption. If the situation worsens, the country could start rationing gas in the last of the three-stage plan, as outlined by the Germany economy ministry.
/jlne.ws/38kvqy2
China Weighs Giving U.S. Full Access to Audits of Most Firms; Some SOEs, data-sensitive private firms face delisting: people; SEC chief doubts imminent deal with the CSRC on audit talks
Bloomberg News
Chinese authorities are preparing to give U.S. regulators full access to auditing reports of the majority of the 200-plus companies listed in New York as soon as mid-this year, making a rare concession to prevent a further decoupling between the world's two largest economies.
/jlne.ws/3uHhZzE
Reggie Browne on 'Wacky' ETF Ideas, Mutual Fund Conversions, and Bitcoin; The renowned market maker, aka Mr. ETF, says the industry could reach $30 trillion assets under management in a few decades.
Scarlet Fu - Bloomberg
Reginald Browne, a principal at the trading firm GTS, is a market maker who's played a key role in developing the $7 trillion exchange-traded fund industry. ETFs need exchange-registered traders like Browne to ensure there's liquidity for their shares so investors get the prices they expect.
/jlne.ws/3wWtztt
HM Treasury makes first set of sweeping changes to wholesale markets post-Brexit; Following HM Treasury's first response to its Wholesale Markets Review consultation, Annabel Smith unpacks the government's regulatory changes including plans for a consolidated tape and changes to the systematic internaliser regime.
Annabel Smith - The Trade
HM Treasury has announced its first post-Brexit set of sweeping changes across the capital markets as part of its ongoing review of the UK wholesale markets. Announced on 1 March, the paper is the result of the Wholesale Markets Review consultation launched in July last year by the HMT in an effort to enhance UK markets and attract more competition to them following Brexit.
/jlne.ws/3K19w0G
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Why Putin wants Europeans to pay for gas supplies in roubles; Russian leader aims to force European companies to deal with its central bank, which is under sanctions
Nastassia Astrasheuskaya, Harry Dempsey, Katie Martin and Chris Giles - FT
Vladimir Putin has given Europe an ultimatum: no roubles, no gas. On Thursday, the Russian president signed a decree stating that nations deemed "unfriendly" must start paying for gas deliveries from April onwards in roubles, using a rouble account at Gazprombank, or Moscow will stop supplies. In retaliation for western sanctions blocking access to half of his country's foreign reserves, Putin in effect aims to force the west to breach its own rules by having to interact with the central bank and its banking system.
/jlne.ws/3uH2cB2
Ukraine's Friends Refuse to Pay Russia Rubles for Gas. What Could Come Next.
Craig Mellow - Barron's
Vladimir Putin was rash enough to invade Ukraine. Could he double his bet by cutting Russian natural gas exports to Ukraine's supporters in Europe? It doesn't look like it, for the moment. Russia's leader launched his latest stare-down with the West a week ago, announcing that "unfriendly states" would have to start paying for their gas in rubles, not euros or dollars. His unfriendly counterparts across the European Union duly refused.
/jlne.ws/3wTSGNn
Kremlin demands rubles for gas, leaves currency loophole
Associated Press
Russian President Vladimir Putin issued a decree Thursday demanding payment for natural gas in rubles but appeared to temper the order by allowing dollar and euro payments through a designated bank, the latest twist over energy supplies that Europe relies on to heat homes and generate electricity.
/jlne.ws/387UnfS
Opinion: In Putin's war against Ukraine, the West is winning the economic battles
Sebastian Mallaby - Washington Post
As the Ukraine war grinds on, the West continues to prevail on the economic battlefield. Its sanctions are punishing Russia's economy. Russian attempts to counterattack appear likely to backfire. And the result is a psychological blow to China, whose state-capitalist system was already looking vulnerable.
/jlne.ws/3tXsPCB
Opinion: Putin's war will destroy Russia
Nina L. Khrushcheva - MarketWatch
A grim old Soviet joke probably rings far too true to Ukrainians today. A Frenchman says, "I take the bus to work, but when I travel around Europe, I use my Peugeot." A Russian replies, "We, too, have a wonderful system of public transportation, but when we go to Europe, we use a tank." That joke emerged in 1956, when Soviet leader Nikita Khrushchev ordered tanks into Budapest to crush the anti-Soviet Hungarian Revolution, and reappeared in 1968, when Leonid Brezhnev sent tanks to Czechoslovakia to crush the Prague Spring. But in 1989, when Mikhail Gorbachev chose not to send tanks or troops to Germany to preserve the Berlin Wall, the quip seemed set to become a thing of the past.
/jlne.ws/3x1hu6t
UK will send long-range weapons to keep Russian troops on the run in Ukraine
Danielle Sheridan - Telegraph
Longer range artillery and armoured vehicles will be sent to Ukraine in a significant ramping up of Western support, Ben Wallace announced on Thursday. The Defence Secretary confirmed that Britain and its allies would send more lethal aid after he convened an international donor conference. The aid will include the provision of air and coastal defence systems, longer-range artillery and counter battery weapons, armoured vehicles as well as more training and logistical support.
/jlne.ws/3K6SgY4
Russia accuses Ukraine forces of attacking an oil facility just north of the border
Associated Press
In what would be the first attack of its kind, if confirmed, the governor of Russia's Belgorod region accused Ukraine of flying helicopter gunships across the border on Friday morning and striking an oil depot. The depot run by Russian energy giant Rosneft is located about 35 kilometers (21 miles) north of the Ukraine-Russia border. The helicopter attack set the facility ablaze, and two people were injured, according to a Telegram post by Belgorod governor Vyacheslav Gladkov.
/jlne.ws/3NQTKrJ
'Ukraine has demolished the Kremlin's reputation': Readers on this week's top stories
Rachel Avery - Telegraph
On Tuesday, it was announced that Vladimir Putin had vowed to withdraw Russian forces from Kyiv, as plans to seize the city failed. Russia has claimed that the decision was based on "building trust" during ongoing peace negotiations. Readers expressed their scepticism of the sudden withdrawal, arguing that Mr Putin's actions are deceitful and most likely part of a bigger plan.
/jlne.ws/3JZeIC5
Russian soldiers accidentally shot down their own plane and are struggling with low morale, UK spy chief claims
Azmi Haroun - Business Insider
In prepared remarks set to be delivered on Thursday, the UK's Government Communications Headquarters' director Sir Jeremy Fleming said that Russian soldiers are "refusing to carry out orders, sabotaging their own equipment, and even accidentally shooting down their own aircraft."
/jlne.ws/3qUT36I
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | The Spanish stock market trades 43.8 billion euros in March (+24.7%) on 5.3 million trades (+8.8%)
BME
Monthly Trading Statements for BME's Markets: Cash traded in Equities in the first quarter is 17.6% higher year on year, New issues on the Fixed Income market reached 43.1 billion euros, up 6.8%, Trading in Futures contracts on the IBEX 35 index in March increased by 36.5% year on year
/bit.ly/3tYwNe5
SIX completes acquisition of 50% stake in REGIS-TR
SIX
SIX has become the sole shareholder of REGIS-TR. The transaction closed yesterday, 31 March, 2022, as planned. The financial terms of the acquisition are not disclosed.
/bit.ly/3tZAdxl
CME Group to Launch E-mini S&P 500 Tuesday and Thursday Weekly Options on April 25
CME Group via PR Newswire
CME Group, the world's leading derivatives marketplace, today announced it will expand its suite of E-mini S&P 500 options with the launch of Tuesday and Thursday Weekly options on April 25, pending regulatory review. These new weekly options contracts will complement the existing Monday, Wednesday and Friday Weeklies, End-of-Month and Quarterly options on E-mini S&P 500 futures.
/bit.ly/3DxAqdX
Clearing Processing for CME Event Contracts - Effective April 04, 2022
CME Group
Clearing Processing for CME Event Contracts Further to the Press Release dated March 14, 2022 (and pending all relevant CFTC regulatory review periods), Chicago Mercantile Exchange Inc. ("CME"), The Board of Trade of the City of Chicago, Inc. ("CBOT"), New York Mercantile Exchange, Inc. ("NYMEX") and Commodity Exchange, Inc. ("COMEX") (collectively the "Exchanges") are providing preliminary information on the upcoming listing of Event Contract Options on certain CME Group futures on equity, foreign exchange (FX), energy and metals contracts as described in New Contract Advisory 22- 127.
/bit.ly/3iXgS9q
New Product: Preliminary Information Regarding the Upcoming Listing of Event Contract Options on Certain CME Group Futures Contracts - Effective March 31, 2022
CME Group
/bit.ly/3DwMEUh
Product Modification Summary for Clearing Firms, Bookkeeping Software Providers
CME Group
ISVs Enable All-or-None for all Options on SOFR Futures and to Weekly Eurodollar Mid Curve Options Effective Sunday, May 1, 2022 for trade date Monday, May 2, 2022, and pending all relevant CFTC regulatory review periods, please be advised that the Chicago Mercantile Exchange, Inc. (CME or EXCHANGE) will enable All-or-None trading for the products listed below on Open Outcry.
/bit.ly/3iVH9oE
Special Executive Report
CME Group
Effective Sunday, April 24, 2022 for trade date Monday, April 25, 2022, and pending all relevant CFTC regulatory review periods, Chicago Mercantile Exchange Inc. ("CME" or "Exchange") will list Tuesday and Thursday Weekly Options on E-mini® Standard and Poor's 500 Stock Price Index Futures - Week 1 through Week 5 (European Style) contracts (the "Contracts") for trading on the CME Globex electronic trading platform ("CME Globex") and for submission for clearing via CME ClearPort as more specifically described below.
/bit.ly/3Lxug0h
Eurex/KRX Link
Eurex
Celebrating ten years of partnership with KRX
KRX and Eurex have been offering after-hours trading of KOSPI derivatives at Eurex ("Eurex/ KRX Link") since 30 August 2010. Since its inception, the Eurex/KRX link received a strong commitment from major banks and financial institutions worldwide and it has been a great success ever since.
/bit.ly/3qV4Dic
ETF derivatives: Introduction of new ESG ETF options
Eurex
The Management Board of Eurex Deutschland took the following decisions with effect from 19 April 2022:
-Introduction of four ESG ETF Options according to the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland (Contract Specifications), pursuant to Attachment 2,
-Further editorial changes to the Annexes to the Contract Specifications, pursuant to Attachment 3.
/bit.ly/3JYwB3T
Euronext publishes its 2021 Universal Registration Document
Euronext
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris - 1 April 2022 - Euronext, the leading pan-European market infrastructure, today announced it has filed its 2021 Universal Registration Document, prepared in ESEF format (European Single Electronic Format), including the 2021 Annual Financial Statements and Directors' Report to the Stichting Autoriteit Financiële Markten (the "AFM"), on 31 March 2022, as competent authority under Regulation (EU) 2017/1129.
/bit.ly/3tZ2fc6
SEOCH Reserve Fund Variable Contributions
HKEX
Please be advised that The SEHK Options Clearing House Limited (SEOCH) has re-calculated the Reserve Fund Requirement pursuant to SEOCH Rule 407 and Clearing House Procedures. The new market total Variable Contribution ("VC") of HK$1,079 million after the recalculation will be shared by all the SEOCH Participants based on their daily average total margin requirement and net premium paid during the period from 4 January 2022 to 31 March 2022 in accordance with Chapter 11 of the Operational Clearing Procedures for Options Trading Exchange Participants of SEOCH.
/bit.ly/3K1lrM0
HKCC Participant Additional Deposit
HKEX
Please be advised that HKFE Clearing Corporation Limited (HKCC) has recalculated the HKCC Participant Additional Deposits (HPAD) pursuant to the HKCC Rule 705A and the Clearing House Procedures. The new total HPAD requirement of HK$1,823 million after the recalculation will be shared by all the Participants based on their daily average net margin liabilities during the period from 4 January 2022 to 31 March 2022 in accordance with Chapter 4 of the Clearing House Procedures for Futures/Options Contracts Traded on the Automated Trading System of the Exchange ("HKATS").
/bit.ly/3JYw7ej
Review on Guarantee Fund
HKEX
HKSCC has performed a review of the size of the Guarantee Fund and the contributions required from each Clearing Participant. The required size of the Guarantee Fund excluding the Dynamic Contribution Credit for all Clearing Participants after the re-calculation is HK$4,956 million. The amounts of Basic Contribution and Dynamic Contribution required from a Clearing Participant are re-calculated based on its share of the average daily CNS positions of all Clearing Participants for the period from 4 January 2022 to 31 March 2022 pursuant to Section 18.2.1 of the CCASS Operational Procedures.
/bit.ly/3IYZZ8U
JPX - Market News/ News Release/ Site Updates
Trading Overview in FY2021 & March 2022
JPX
/bit.ly/3qPFsh1
Special Change in KRX Health Care index
KRX
There will be special constituents change in KRX Health Care index effective from April 6th, 2022.
/bit.ly/3LBT2wy
Warranting of Russian Lead, Aluminium and Copper Brands in UK Warehouses
LME
Following the announcement by the UK of 35% additional duties on imports of Russian copper, lead, primary aluminium and aluminium alloy, this Notice announces an immediate suspension on placing the brands listed in appendix 1 on warrant in LME-listed warehouses in the UK unless the Warehouse can establish that the exportation date from Russia was prior to 25 March 2022.
/bit.ly/3624ceb
LME Warranted Stocks Shown by Source of Origin as at 31 March 2022
LME
Please find attached the schedule showing details of LME warranted stock by source of origin, as at 31 March 2022, along with similar schedules for the previous years.
/www.lme.com/en/News
Regulations for the markets of the Moscow Exchange April 1
MOEX
On April 1, 2022, trading on the markets of the Moscow Exchange, by decision of the Bank of Russia, will be conducted according to the following rules.
/bit.ly/3uLpvto
SIX completes acquisition of remaining stake in REGIS-TR to become the sole owner; Market infrastructure operator has become the sole shareholder of REGIS-TR after acquiring 50% from Clearstream.
Jonathan Watkins - The Trade
SIX has successfully completed the acquisition of Clearstream's 50% stake in REGIS-TR, which has now become a 100% owned SIX company. REGIS-TR is a European trade repository for reporting trades and transactions across multiple product classes and jurisdictions, open to financial and non-financial institutions. The business consists of REGIS-TR S.A. and REGIS-TR UK, and has a portfolio of over 2,000 European clients across over 40 countries
/jlne.ws/3LC0WpI
Special Committee of the Regulatory Division Call for Nominations
TMX
The Bourse is recognized by the Autorité des marchés financiers as both an exchange and a self-regulatory organization. The Regulatory Division of the Bourse (the "Division") is a separate business unit of the Bourse responsible for carrying out the Bourse's regulatory functions and operations.
/bit.ly/3K12A3E
Canadian Annual Derivatives Conference
TMX
Montréal, June 20-21, 2022
Canada's Leading Derivatives Conference
/bit.ly/3DyejEA
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Robinhood Nears Debut of Retirement Accounts Within App; Company working to add IRA, Roth IRA and pension accounts; Work on new feature appears in beta version of iPhone app
Mark Gurman and Annie Massa - Bloomberg
Robinhood Markets Inc. is nearing the launch of retirement accounts, according to evidence found inside of the company's iPhone app, part of a bid to challenge traditional money managers and stock-trading platforms.
/jlne.ws/3wSohPL
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| Cybersecurity | | Top stories for cybersecurity | Public Warned Over Scam Messages Claiming to Offer Free Cadbury Chocolate
Martyn Landi - Press Association via Bloomberg
Cadbury has warned people not to interact with a scam claiming to offer consumers a free Easter chocolate basket that has been circulating on messaging platforms and social media.
/jlne.ws/3tVV6t9
This Chart Shows How Big Tech's Battle for Cybersecurity Dominance is Heating Up
Keithen Drury - The Motley Fool
Cybersecurity has been a hot topic as of late due to heightened Russian aggression. The source of these attacks can easily be hidden, yet the damage can be quite noticeable -- take the Colonial Pipeline cyberattack, for example. Because of the current environment, businesses are taking steps to bulk up their cybersecurity offerings, allowing those selling the services to thrive.
/jlne.ws/3K4Qgzm
Gartner lists seven cybersecurity trends for 2022
Louis Columbus - VentureBeat
CISOs' roles need to transition from technologists who prevent breaches to corporate strategists managing cyber risks. Unfortunately, slowing down CISOs' career growth are security tech stacks that aren't designed for new digital transformation, virtualization and hybrid cloud initiatives in their companies. Gartner's recently published top security and risk management trends for 2022 report explains where the most vulnerable security stack gaps are.
/jlne.ws/3IYYpEd
Current Geopolitics Are Raising The Need For New Cybersecurity Measures
Will Townsend - Forbes
It is tragic to witness what is happening in eastern Europe. The conflict is near my heart, given that a good friend recently fled Kyiv with his wife, but it also raises broader public awareness of nation-state cyber-attacks. These virtual assaults are nothing new. A report published by IBM Security X-Force (a very Marvel comics-sounding team!) noted a staggering 3,000 percent increase in IoT malware activity from mid-2019 to the end of 2020, just as the Covid-19 pandemic was gaining momentum and companies shifted to remote work.
/jlne.ws/3tYnU45
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| Cryptocurrencies | | Top stories for cryptocurrencies | Expensive Crypto Hacks Are Becoming Part of Web3 Life; Early adopters of decentralized finance have lost millions of dollars in multiple breaches. Who'd want to return after that?
Parmy Olson - Bloomberg
A popular blockchain game called Axie Infinity has suffered what could well be the biggest security breach in the history of decentralized finance. Hackers forged withdrawals last week from the game's Ronin Network, which lost approximately $615 million and said it was working with law enforcement to recover the funds and reimburse players, many of whom had to pay hundreds of dollars up front to play. It's unclear how many were affected. It's also postponing the launch of a similar play-to-earn game. The incident points to a mounting challenge for web3, the catchall term describing digital services built on blockchain technology. A growing list of breaches that stem in part from errors in writing web3 code is upending one of the great promises of blockchain — enhanced security — and holding back the technology's progress toward mainstream acceptance.
/jlne.ws/36QpPip
Crypto Bored Apes Warn Not to Mint NFTs After Chat Platform Hack; Hack was intended to trick users into minting fake NFT tokens; Recently issued ApeCoin declines around 9% after attack
Tanzeel Akhtar - Bloomberg
April Fools' Day came early for fans of the popular Bored Ape Yacht Club nonfungible token collection. The company behind the best-selling NFTs warned users around 2 a.m. New York time on Friday that its instant messaging platform Discord was hacked and "briefly compromised," telling users not to mint -- the process of taking a digital asset and converting its to a digital file stored on a blockchain -- any Apes on its platform.
/jlne.ws/3IZ4KiM
LedgerEdge appoints head of product from State Street Global Advisors; New head brings 25 years of financial services experience to LedgerEdge, joining from State Street Global Advisors, where he served in a variety of senior roles for almost 14 years.
Wesley Bray - The Trade
Start-up bond trading platform LedgerEdge has appointed Brian Hickey as its new head of product. As part of his new role, Hickey will be based in the US and will assist the firm with its expansion in the region. In addition, he will work closely with clients to understand their business development issues and help LedgerEdge develop new features in its technology to meet customer requirements.
/jlne.ws/3DsDKqZ
Metaverse May Be Worth $13 Trillion, Citi Says. What's Behind the Bullish Take on Web3.
Jack Denton - Barron's
Citi is the latest Wall Street player to issue a bullish forecast for web3 and the metaverse, which describe a future vision for the internet built around decentralized technologies and virtual worlds. The metaverse economy could be an $8 trillion to $13 trillion total addressable market by 2030, Citi said in a research report published Thursday.
/jlne.ws/3tWZpnS
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| Politics | | An overview of politics as it relates to the financial markets | China Censors Shanghai Protest Videos as Lockdown Anger Grows; Tencent removes two videos of protests at Shanghai compound; Wealthy city's Covid measures sparking pushback, criticism
Shirley Zhao - Bloomberg
China is struggling to manage growing public unhappiness over tough Covid Zero measures in Shanghai, one of its wealthiest and most globalized cities, as some residents revolt against lockdown orders which have stretched in some instances to a month.
/jlne.ws/3ITxYQ5
Elizabeth Warren Calls for US to Create a CBDC
Greg Ahlstrand - Coindesk
U.S. Sen. Elizabeth Warren (D-Mass) says it's time for the U.S. to create its own central bank digital currency Warren spoke with Chuck Todd on his show Meet the Press Reports, scheduled to air at 10:30 p.m. Thursday. NBCUniversal shared a partial transcript of the conversation with CoinDesk.
/jlne.ws/3NDZBjH
A New Wealth Tax Would Target Billionaires. The Middle Class Should Worry, Too.
Thomas Hoenig - Barron's
In its new budget proposal released this week, the White House is resurrecting a form of Sen. Ron Wyden's (D., Ore.) wealth tax on certain appreciated assets of some Americans, regardless of whether they've been sold. It would require households worth more than $100 million to pay at least 20% in taxes on a combination of both income and unrealized gains in liquid assets owned. The administration indicated the tax would affect the top 0.01% of households, with more than half of the revenue coming from billionaires. The idea of taxing wealth, and not just income, remains a priority among progressives, and the White House seems determined to have it become law.
/jlne.ws/38lMVOv
Biden Oil Plan Hinges on 1970s Reserve With Troubled History
Ari Natter and Sheela Tobben - Bloomberg
The Biden administration's mammoth drawdown of the Strategic Petroleum Reserve depends on an aging network of pipelines and oil storage tanks with a problematic past. The reserve, the world's largest emergency supply, was created in the aftermath of the Arab oil embargo of the early 1970s, but its distribution system was designed with a 25-year lifespan in mind and previous test sales have revealed problems that could hinder the ability to move oil quickly.
/jlne.ws/3iSMvRt
To Save Democracy, We Need a Few Good Dictators; Biden is wrong: People in developing nations want stability, efficient government and personal freedoms more than the right to vote every few years.
Robert D. Kaplan - Bloomberg
To organize a durable global coalition against President Vladimir Putin's Russia, and also for the long term against President Xi Jinping's China, consider what exactly the U.S. and its allies are fighting for. This may sound like an easy question, but it isn't. President Joe Biden talks of Russia's war in Ukraine as part of a "battle between democracy and autocracy." But we are not actually in a fight for democracy, however counterintuitive that seems. After all, Ukraine itself for many years has been a weak, corrupt, institutionally underdeveloped basket case of a democracy.
/jlne.ws/3wVz2Rf
State Department Warns of Continued Erosion of Freedoms in Hong Kong; For third year in a row, annual report finds Hong Kong doesn't deserve special treatment from U.S.
Dan Strumpf - WSJ
Political freedoms and the rule of law have continued to deteriorate in Hong Kong over the past year, threatening American interests and Hong Kong's autonomy, a U.S. State Department report on the city's status to Congress said Thursday. The annual report on conditions in Hong Kong painted a worsening landscape for the city on a number of fronts, pointing to a continued clampdown on opposition politicians, the shutdown of newspapers and new restrictions on participation in elections. For the third year in a row, the report said that Hong Kong wasn't sufficiently autonomous from mainland China to warrant special treatment from the U.S. in trade and other areas.
/jlne.ws/3wSszXn
EU parliament committees vote against crypto privacy
Brady Dale - Axios
Two committees of the European Union Parliament today voted to move forward draft legislation to take all privacy out of cryptocurrency transactions. Why it matters: The committees voted for rules that would ban transactions that state authorities can't readily tie to a person or an organization, striking a blow to the pro-privacy bent of so many crypto users.
/jlne.ws/3uNvspv
EU Seeks to Speed Up Crypto Rules in Push to Tighten Sanctions; Brussels wants shorter implementation period of proposed rules; Negotiators disagree over green safeguards for digital assets
Jorge Valero - Bloomberg
The European Union is seeking to speed up a push for new cryptocurrency rules amid concerns that the digital tokens could be used to circumvent sanctions on Russia following the invasion of Ukraine.The European Parliament and member states discussed on Thursday the possibility of shortening the two-year implementation period for proposed EU rules known as the markets in cryptoassets (MiCA) during the first round of talks to finalize it, an EU official said.
/jlne.ws/3NCHXNn
83% of Russians Approve of Putin's Actions as President in New Survey; Poll finds 83% approval for Putin, highest since 2017; Russia has imposed harsh penalties for opposition to the war
Bloomberg News
Support for President Vladimir Putin has surged among Russians following his invasion of Ukraine, according to the country's leading independent pollster, even as a Kremlin crackdown on protest raises questions about public willingness to express opposition to the war.
/jlne.ws/3IVeURz
Japan Embraces Ukraine Refugees in Break From Past Conflicts; Usually reluctant government accepts hundreds fleeing war; Premier Kishida stays in line with U.S., Europe on Russia
Isabel Reynolds and Yasutaka Tamura - Bloomberg
Japan is dispatching an official jet usually reserved for the emperor and prime minister to ferry Ukrainian refugees to Tokyo, an unprecedented move that highlights the red-carpet treatment being offered to those fleeing Russia's invasion.
/jlne.ws/3uPQYtI
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC: Crypto Exchanges Need to Disclose Customer Holdings as Liabilities
Martin Young - FX Empire
In the latest regulatory setback on the crypto industry in the United States, the financial regulator has released new guidelines this week for exchanges. On March 31, the securities regulator said that U.S. listed companies that hold crypto assets currencies for customers should account for them as a liability on their balance sheets. It also added that the exchanges need to disclose the related risks to investors.
/jlne.ws/3wVEzXW
SEC to crypto platforms: Your accounting practices aren't up to snuff
Chris Matthews - MarketWatch
The crypto ecosystem has seen rapid growth in the number of platforms that custody digital assets for customers, and the Securities and Exchange Commission was concerned that these firms were not being straight with investors as to the risks associated with this line of business. The securities regulator issued new guidance Thursday to public crypto platforms, urging them to recognize crypto held on the behalf of customers as a liability and asset on their balance sheets, the value of which could be lessened due to the unique risks posed by cryptocurrencies like bitcoin BTCUSD, -1.38% and ether ETHUSD, -0.37%.
/jlne.ws/3DtezEy
Former Coal Executive Faces Foreign Bribery, Money-Laundering Charges; Charles Hunter Hobson allegedly engaged in a bribery and money-laundering scheme involving an Egyptian state-owned manufacturer between 2016 and 2020, the Justice Department said
Mengqi Sun - WSJ
A former coal company executive was arrested Thursday for his role in an alleged scheme to bribe government officials in Egypt in exchange for contracts with a state-owned company, U.S. prosecutors said. Charles Hunter Hobson, a 46-year-old from Knoxville, Tenn., faces seven counts of allegedly engaging in a bribery and money-laundering scheme between 2016 and 2020, according to an indictment unsealed Thursday in the U.S. District Court for Western District of Pennsylvania in Pittsburgh. The charges include violations of the Foreign Corrupt Practices Act, money-laundering and conspiracy to commit wire fraud, the Justice Department said.
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Top Banking Regulator Calls for Caution as Risk Landscape Worsens; The chance of tail risks—unlikely but highly impactful risk events—has increased with the war in Ukraine, said Acting U.S. Comptroller of the Currency Michael Hsu
Richard Vanderford - FT
Banks face a more uncertain environment amid the war in Ukraine and need to shore up their risk management programs to gird against multiple negative scenarios unfolding at once, a top U.S. banking regulator said. So-called tail risks—unlikely but highly impactful risk events—are a growing potential issue that financial institutions' risk departments need to grapple with, Michael Hsu, acting comptroller of the currency, said Thursday at a conference hosted by the American Bankers Association.
/jlne.ws/35tZk1B
U.S. Probes Meeting Between Activision CEO and Option Buyer; Authorities are looking into at least one meeting between CEO Bobby Kotick and one of three traders who made a timely options trade
Dave Michaels, Kirsten Grind - WSJ
Authorities investigating timely trading in Activision Blizzard Inc. ATVI 0.67% securities are looking into at least one meeting between the videogame firm's chief executive and one of three traders days before they placed a large bet on Activision shares, according to people familiar with the matter. Activision CEO Bobby Kotick met with Alexander von Furstenberg in the week before Mr. von Furstenberg and media moguls Barry Diller and David Geffen bought options to purchase Activision shares at $40 each on Jan. 14. The options trade, which has generated an unrealized profit of about $59 million, was arranged days before Activision agreed to be acquired for $95 a share by Microsoft Corp. , The Wall Street Journal has reported.
/jlne.ws/3tYP6jq
Testimony of Chairman Rostin Behnam Regarding the "State of the CFTC"
U.S. House of Representatives Committee on Agriculture
CFTC
Good morning Chairman Scott, Ranking Member Thompson, and members of the Committee. I appreciate the opportunity to discuss the state of the Commodity Futures Trading Commission (the "CFTC" or "Agency") and provide an overview of current priorities. Before I begin, I would like to acknowledge my colleague and friend, Commissioner Dawn Stump for her tireless service and dedication to the CFTC and the markets we oversee. I also want to thank Agency staff; their dedication and expertise ensures our greatest success towards achieving our mission.
/jlne.ws/3uM3bj5
Response to Staff Accounting Bulletin No. 121
Commissioner Hester Peirce - SEC
I write regarding Staff Accounting Bulletin Number 121 ("SAB 121"), which is yet another manifestation of the Securities and Exchange Commission's scattershot and inefficient approach to crypto. SAB 121 reflects the staff's evolving view on accounting for obligations to safeguard crypto-assets an entity holds for its platform users. The staff has determined that, because of risks particular to crypto-assets, affected companies should record a liability and corresponding asset on their balance sheets at fair value. In support of this position, the staff highlights technological, legal, and regulatory risks associated with safeguarding crypto-assets, and "an increased risk of financial loss."[1] My concern is not with the accounting determination itself, which may be appropriate, but with the way the change is being made.
/jlne.ws/3iXer6O
Prepared Remarks Before the 2022 SEC Investor Advocacy Clinic Summit
Chair Gary Gensler - SEC
Good morning. It is good to be with you today. As is customary, I'd like to note that my views are my own, and I am not speaking on behalf of my fellow Commissioners or the staff of the SEC. I'd like to thank the SEC Office of the Investor Advocate and the SEC Retail Strategy Task Force for putting on today's event. I'm glad to be here alongside folks from the Financial Industry Regulatory Authority (FINRA), the AARP, law school clinics from around the country, and my fellow SEC colleagues. I want to give an especially warm hello to all of the law students in the audience who have made the time to participate in investor advocacy clinics. Today's summit features a great set of presentations and panels.
/jlne.ws/3Dtfu7W
SEC Obtains Final Judgment Against Hedge Fund Adviser Who Jury Found Liable for Securities Fraud
SEC
The Securities and Exchange Commission obtained a final judgment on March 30, 2022, against a hedge fund adviser and his investment advisory firm. According to the SEC's complaint, filed in September 2018, Gregory Lemelson and Massachusetts-based Lemelson Capital Management, LLC ("LCM") were charged with making false statements to drive down the price of San Diego-based Ligand Pharmaceuticals Inc. and profit from a short position in Ligand's stock.
/jlne.ws/3Jc0k8F
SEC Obtains Final Judgment Against Massachusetts Investment Adviser for Persuading Retail Investors to Place Money Into an Overseas Scam
SEC
On March 30, 2022, a federal court in Massachusetts entered a final judgment against former investment adviser Richard G. Duncan of Springfield, Massachusetts, who defrauded two advisory clients who were retail investors by persuading them to invest in a scam originating in Turkey. Among other things, the court ordered Duncan to pay a total of over $530,000.
/jlne.ws/3Dux0Zy
SEC Obtains Final Judgment Against Defendants Charged with Fraud Involving Sham Bottling Company
SEC
On March 30, 2022, the Securities and Exchange Commission obtained a final judgment against Tra Jay Scarlett, Chatfield PCS Ltd., and GO ECO Manufacturing, Inc., who were charged for their roles in an offering fraud involving misappropriation of investor assets. The judgment requires the defendants to collectively pay more than $5 million in disgorgement, prejudgment interest, and civil penalties.
/jlne.ws/3DthfC6
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Massive S&P options trade may have roiled U.S. stocks on Thursday
Saqib Iqbal Ahmed - Reuters
Traders are pointing to a massive quarterly options trade on Thursday they said was from a JPMorgan fund as one reason why the stock market took a nosedive late in the day, as options flows linked to the trade exacerbated market weakness. The S&P 500 Index fell 1.2% in the last hour of trading on Thursday, marking the largest hourly drop for the index in more than three weeks. It finished the day down 1.56%, with some attributing part of the weakness to the large options trade that went down earlier in the day.
/jlne.ws/36RgF5c
Short sellers are increasing their bets on a stock market crash
Alexandra Semenova - Yahoo Finance
Will there be a stock market crash in 2022? Most of Wall Street doesn't think so, but short sellers are certainly betting on it. Short interest in the S&P 500 grew by 11 basis points from 2.09% to 2.2% between the end of last year and mid-March, the latest data from S&P Global Market Intelligence reflected. Bets against stocks across every sector in the benchmark except for financials grew by meaningful amounts during the period as the index corrected from all-time highs earlier in the year.
/jlne.ws/3K1MzKS
Bird Flu Is Spreading in the U.S., Threatening Chicken Exports
Michael Hirtzer and Dominic Carey - Bloomberg
A deadly strain of bird flu that's been raising egg prices ahead of Easter was discovered in five new U.S. states Wednesday, and the virus increasingly is threatening American poultry exports.
/jlne.ws/3wU1hzE
Why some of the most feared activist investors are no longer so hostile; Prominent veterans of Wall St proxy battles are taking a more low-key approach
Antoine Gara and James Fontanella-Khan - FT
In the decade after the 2008 financial crisis, hedge fund managers organised bruising public campaigns to unlock higher share prices at companies such as Procter & Gamble, the oil driller Hess and the Sotheby's auction house, among others.
/jlne.ws/35yinIg
Is it time to worry about an emerging markets crisis? Increased risk aversion, a shift in approach by the IMF and slowing trade combine to hit developing economies
David Lubin - FT
The past two years have seen some crying wolf about the risk of an imminent debt crisis among lower-income developing countries, but those fears are worth taking more seriously now.
/jlne.ws/3wSqnPD
Crypto vs gold: the search for an investment bolt hole; The market in the yellow metal may be a bubble, but at least it's a 6,000-year-old one. Meanwhile, bitcoin looks like a short-term fad
John Plender - FT
Crypto assets are no longer on the fringe of the financial system. So says the IMF, which pointed out in a recent blog that the likes of bitcoin have matured from an obscure asset class with few users to an integral part of the digital asset revolution.
/jlne.ws/3J4ha93
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Covid Pills Won't Help End the Pandemic If People Can't Get Them; Distribution of Pfizer's Paxlovid has to expand quickly—or else the world risks repeating many of the same mistakes from the global rollout of vaccines.
James Paton - Bloomberg
When Pfizer Inc. revealed the efficacy of its Covid pill last November, the excitement was palpable. Scientists hailed Paxlovid as a breakthrough. World leaders raced to lock up supplies. But just three months into the rollout, optimism about the drug's ability to help bring a swift end to the pandemic is waning, as fears mount that unequal distribution will exacerbate the challenge of getting the virus under control.
/jlne.ws/3LxKFBT
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Where does the US stash its strategic oil reserves?
Samanth Subramanian & Nate DiCamillo - Quartz
In an effort to combat rising energy prices, the US government is dipping back into its strategic petroleum reserve with its largest oil release in history, putting out 180 million barrels over six months. It would be the largest such withdrawal from its reserves since they were first set up in the wake of the 1973 oil crisis. But will it work?
/jlne.ws/3IX1Gny
Maya Lin on How Art Can Encourage Climate Action; "What Is Missing?," the final installation from the architect and sculptor, raises awareness about mass extinction.
Bloomberg News
"I think you have to introduce people to how amazing and fantastic the world has been, and can be again." Thinking about extinct species keeps artist and architect Maya Lin up at night. —As told to Leslie Kaufman. I just loved animals growing up. There was this brilliant book called Witness that had photographs of all these endangered species. That's when I began to worry about extinctions.
/jlne.ws/3JYKgbu
Rising Costs at U.S. Food Banks Mean People Who Need It Most Are Getting Less; Budget constraints mean that food banks and pantries are having to pull back at a time when hunger is increasing.
Allison Nicole Smith - Bloomberg
In Omaha, the Food Bank for the Heartland is having to slash its food-spending budget, resulting in about 2 million fewer pounds of food for the people in the 93 counties it serves. The Open Door pantry in Eagan, Minnesota, is handing out 4 pounds less per person, on average. And for the first time in its 35-year history, the West Alabama Food Bank is having to cap the amount of food it gives out.
/jlne.ws/3K2J5Yj
Climate Groups Blockade U.K. Oil Terminals Over Fossil Fuel Push
Jess Shankleman - Bloomberg
Environmental groups blocked oil terminals owned by BP Plc, Exxon Mobil Corp. and Esso U.K. Ltd., in protest over British government policies to extract more fossil fuels. Prime Minister Boris Johnson has said he wants to encourage more drilling in the North Sea to boost domestic oil and natural gas output as the U.K. seeks to bolster energy security following Russia's invasion of Ukraine. Extinction Rebellion has blocked three oil facilities, saying it's aligned with the International Energy Agency, which has said there should be no new investments in oil, gas and coal to tackle the climate crisis.
/jlne.ws/3tXTHlN
The Right Way to Help People Hurting From High Energy Prices; Reducing them isn't the answer.
Gernot Wagner - Bloomberg
Energy prices are through the roof as Russia continues its war against Ukraine. It's all too tempting for governments the world over to attempt to lower them directly. Doing so, however, is a mistake. Not because people don't need help: They do. But lowering the cost of each gallon or liter of gasoline, each cubic foot or meter of natural gas, or each kilowatt hour of electricity is mistaken, in more ways than one.
/jlne.ws/3K2d9Ub
Russia War in Ukraine Exposes Weakness in ESG Fund; A sustainable-investing ETF developed by BlackRock and JPMorgan lagged behind conventional funds because it invested more in Russia and Ukraine
Matt Wirz - WSJ
Russia's invasion of Ukraine is exposing the trade-offs in a hot Wall Street product meant to encourage good governance. Environmental, social and governance, or ESG, funds have become a top trend, promising to boost returns while bettering the world by avoiding countries prone to pollution, corruption and even war. The strategy backfired on two of its biggest advocates— JPMorgan JPM 0.48% Chase & Co. and BlackRock Inc. BLK 0.31% —when Russia invaded Ukraine and returns in one of their ESG strategies lagged behind more conventional funds.
/jlne.ws/3iT40kL
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | VW Snubs Deutsche Bank For Lead Role On One of Germany's Biggest-Ever IPOs; Deutsche Bank pitched with CEO Sewing, but missed top role; VW chooses four U.S. firms for $100 billion Porsche unit IPO
Aaron Kirchfeld and Eyk Henning - Bloomberg
The initial public offering of iconic sports-car maker Porsche, which is poised to be one of Germany's biggest-ever IPOs, is missing the country's biggest bank, Deutsche Bank AG. Volkswagen AG picked an all-American lineup, snubbing European banks, to lead the planned share sale, which could value Porsche at as much as 90 billion euros ($100 billion), according to people familiar with the matter.
/jlne.ws/378BbhK
Fund fees drop in most markets as competition hots up; Costs remain high in regions where banks lead product distribution, Morningstar research finds
Adrienne Klasa - FT
Fund fees have fallen in most countries around the world over the past three years, in the latest sign of active managers feeling the heat as investors capitalise on a growing range of less expensive products.
/jlne.ws/3x3RoPU
Barclays' galaxy-brain structured notes screw-up explained; We've tried to figure out how the blue bird of British banking got it so wrong
Robin Wigglesworth - FT
Over the decades banks have gotten in trouble for all sorts of reasons, from rogue traders to old-fashioned bad loans to, erm, laundering money for Mexican drug cartels. This week Barclays had to take a £450mn post-tax hit from what seems to have been a simple clerical error.
/jlne.ws/3DsApbr
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Pakistan Default Risk Soars, Currency Sinks on Political Turmoil
Ronojoy Mazumdar - Bloomberg
Pakistan's political upheaval is adding to a surge in the nation's default risk and triggering off further losses in the nation's bonds and currency. A no-confidence motion against Prime Minister Imran Khan scheduled for Sunday threatens to further destabilize the economy and jeopardize a crucial funding package being negotiated with the International Monetary Fund. Investors are concerned the political struggle will distract the authorities from focusing on the yawning current-account deficit.
/jlne.ws/3v5BL8n
India, Australia Finalize Bilateral Pact to Deepen Trade Ties; Deal to slash duties on 85% of items shipped from Australia; Total trade between the two nations stood at $19.8 bn in FY22
Ben Westcott and Shruti Srivastava - Bloomberg
India and Australia will sign a wide-ranging economic pact on Saturday, cutting duties on more than 85% of goods exported to the South Asian nation, as both governments secure alternative supply chains and counter an assertive China.
/jlne.ws/3tYd7a7
Baidu exploring options after U.S. delisting risk
Reuters Video
STORY: U.S.-listed shares of Baidu fell 7% Thursday morning, after the Securities and Exchange Commission added the Chinese search giant to a batch of stocks facing the risk of being delisted if they don't allow the regulator to review financial audits.
/jlne.ws/3qVrD0m
UK egg farmers face crisis as Ukraine war raises input costs; Industry calls on supermarkets to increase consumer price of eggs by 40p
Judith Evans - FT
Hundreds of UK egg farms are at risk of collapse after surging input costs were pushed up still further by Russia's invasion of Ukraine, the industry has warned. The British Egg Industry Council said on Thursday that input costs had risen by about 30 per cent after the war worsened a steep rise in feed prices, since both Russia and Ukraine are major exporters of raw materials such as cereal grains that are used to feed chickens.
/jlne.ws/373FQRW
New Yorkers Plan to Cut Time Spent in the Office by Half, Survey Finds; NYC is second to San Francisco in its reduction of office time, as office occupancy stands at just 36%.
Matthew Boyle and Olivia Rockeman - Bloomberg
Most New Yorkers who worked from home during the pandemic plan to cut their time in the office by nearly half and spend less money in the city annually, illustrating the challenges the city faces as companies adjust to hybrid schedules.
/jlne.ws/38pbmux
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| Miscellaneous | | Stories that don't quite fit under the other sections | Cashless ATMs Have Grown Into a $7 Billion Marijuana Loophole; Technology that lets people use plastic to pay for weed is a fast-growing industry. But some methods deceive the banking system, and the profits could go up in smoke.
Tiffany Kary - Bloomberg
The McDonald's in Great Barrington, Mass., had hired extra employees to keep up with the flow of hungry customers from a marijuana shop nearby. What its managers didn't realize, on a Saturday afternoon in December, was that the payment processing technology at the dispensary was misidentifying a purchase of pear-flavored THC chews as a withdrawal from an ATM—at the burger joint's address.
/jlne.ws/3K43FYC
Seven Decades Later, the 1950 Census Bares Its Secrets; Federal law kept the answers on millions of census forms secret for 72 years. The forms went online on Friday, a bonanza for historians, genealogists and the merely curious.
Michael Wines - NY TimesAt 12:01 a.m. on Friday, precisely 72 years after enumerators began knocking on the doors of some 46 million American houses and apartments, the federal government made public what they learned: the ages, incomes, addresses, ancestry and a trove of other facts about the 150.7 million people who were counted in the 1950 census.
/jlne.ws/3K1vJvC
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