| April 04, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Nickel stories have been popular since the blowup of prices. CNN weighs in with its story on what happened with a title that is bound to get a lot of clicks, "Day drinking, 'Big Shot' and billions of dollars: How the nickel market imploded." CNN had me at "Day drinking."
The weekend news headlines were filled with stories of war crimes allegedly committed by Russian troops during their attack and holding of key areas of Ukraine. The pictures were grim and bound to elicit strong responses. Maybe some eyes will open to the evil being perpetrated by Russian President Vladimir Putin. In fact, Carla Del Ponte, the former chief prosecutor of United Nations war crimes tribunals for the former Yugoslavia and Rwanda, was quoted in an Associated Press story as calling for an international arrest warrant to be issued for President Putin.
Simon Puleston Jones, the CEO of Climate Solutions and former head of FIA Europe, suggested on LinkedIn that anyone in the exchange or clearing business should read the IOSCO report from March titled "IOSCO explains how Decentralised Finance is cloning Financial Markets."
The Spring 2022 edition of The Trade Magazine is now online.
Ocean Tomo has been acquired by J.S. Held. Held is a global consulting firm and Ocean Tomo is an expert advisory firm specializing in intellectual property and other intangible assets. Ocean Tomo was the one time employer of Ryan Lothian and Jim Falvey, and Falvey has more recently done some work for it again. Ocean Tomo was behind the creation of the Intellectual Property Exchange, which was an idea before its time.
My first job out of college was with Knight Ridder Financial News/Commodity News Service, and I was hired because they closed their Minneapolis Grain Exchange office and moved the job to Chicago. I was hired for that job. But Minneapolis was a little known secret in the commodity world. Yes, they had the hard red spring wheat contract, but they also had a real cash grain business still on the exchange floor. And there was a lot more over-the-counter business going on there too.
Today, MAREX announced they opened a Minneapolis office to further enhance their OTC commodity offering. As part of the move, Marex has tapped long-time agricultural industry veterans Dan Hofstad and Charlie Fee to co-head the office and oversee further growth of its over-the-counter (OTC) agricultural offering in the U.S.
IncubEx is looking to grow and needs key employees in the following roles:
Infrastructure Lead, Operations Analyst, Renewable Fuels Markets Analyst and Environmental Markets Analyst.
Euronext is looking for a social media manager in Dublin.
At a Boy Scouts of America event in Janesville, Wisconsin over the weekend, I met a man who was a childhood friend and was in my Cub Scout den. We had lost contact when we went to different high schools.
John's Take is delayed, but I am recording it today and it will be out later.
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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CFTC History Made with Four Women Commissioners; CME Group Launches Micro-Sized Options; Meme Stocks Surge in Trading ... Again
JohnLothianNews.com
"Alex Perry's Optionstopia" takes a look at this week's options news highlights: CFTC History Made with Four Women Commissioners; CME Group Launches Micro-Sized Options; Meme Stocks Surge in Trading
Euronext presents "Options Term of the Week". The difference between market and exercise price.
Watch the video »
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David Howson Looks Forward to His New Role and the Coming Year at Cboe
JohnLothianNews.com
David Howson will start a new role as president of Cboe on May 12, 2022, after joining the exchange in 2017. Howson started his exchange career in the City of London on the open outcry floor, and he says it is ironic that he will be relocating to Chicago, the home of the open outcry floor.
Watch the video »
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Europe Warns Russia Faces New Sanctions for 'War Crimes'; Member states differ on trigger points, breadth of measures; Comes as Ukraine cites evidence of war crimes in north
Alberto Nardelli - Bloomberg
Some European Union governments are pushing for the bloc to quickly impose new sanctions in response to multiple reports that Russian troops executed unarmed civilians in Ukrainian towns, according to diplomats familiar with the discussions.
/jlne.ws/3u7wxJZ
*****The world is now paying attention.~JJL
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US small business owners are great! ... except for the thousands who aren't; From flouting Covid rules to fraud to racism to underpaying employees, US figures reveal a rogues' gallery
Gene Marks - The Guardian
We all know that our small business owners are the lifeblood of the US economy. There are approximately 30 million of us and we provide more than half of the jobs in this country. Everyone seems to love us. Politicians court us. Big brands tip their hats to us. Each year we celebrate our small business community with Small Business Week, Small Business Saturday, National Entrepreneurship Month and many other days honoring independent workers and minority business owners.
/jlne.ws/3DH5Bnw
***** Not all small business owners are great. But they need to be civil to stay in business.~JJL
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Can We Please Stop Acting Like Jerks to One Another? Will Smith's behavior at the Oscars was just the tip of the iceberg. Bad behavior has increased since the pandemic.
Chris Bryant - Bloomberg
My initial shock this week when actor Will Smith slapped Chris Rock at the Oscars, before launching a volley of expletives over a poor-taste joke, was quickly replaced by weary recognition. I don't know Smith or his motives, but such unruly behavior has become alarmingly common since the pandemic. People have become angrier and more reckless. Tempers are fraying and empathy has given way to irritability and intolerance. We've forgotten how to be civil to one another. It's time we relearned how to behave.
/jlne.ws/3K7KVYd
***** Stop acting like a jerk or I will slap you upside the head!~JJL
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A 30-Year-Old Crypto Billionaire Wants to Give His Fortune Away; Sam Bankman-Fried drives a Corolla, sleeps on a beanbag, and has a Robin Hood-like philosophy.
Zeke Faux - Bloomberg
The Economic Club of New York has hosted kings, prime ministers, and presidents, as well as Amazon.com Inc.'s Jeff Bezos and JPMorgan Chase & Co.'s Jamie Dimon. Central bankers' comments at the 115-year-old organization have moved markets. Sam Bankman-Fried, a 30-year-old cryptocurrency billionaire, is probably the first person to play a computer game while giving a talk.
/jlne.ws/3J6seTk
****** He is giving his fortune away to sports venues where FTX gets naming rights in a gamble he can make even more money to give away to others who really need it.
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Friday's Top Three
Our top clicked story on Friday was Lawsuit accusing 10 banks of rigging $23 trillion U.S. Treasury market is dismissed from Reuters via Yahoo! News. Second was SEC Tells Exchanges to Treat Customer Crypto Holdings as Liabilities from The Wall Street Journal. Third was Testimony of Chairman Rostin Behnam Regarding the "State of the CFTC", from the CFTC.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | Prime Time: Tokyo Stock Exchange's New Look Goes Into Effect; Three new market segments on Tokyo bourse take effect Monday; Reforms largely seen to have fallen flat after initial promise
Aya Wagatsuma and Toshiro Hasegawa - Bloomberg
The Tokyo Stock Exchange implemented its biggest revamp in over 60 years on Monday, with a long-awaited but largely symbolic restructuring of its market segments. Earlier hailed as a once-in-a-generation shift, the introduction of the three new sections -- Prime, Standard and Growth -- was intended to boost Japanese stocks' appeal and understandability to foreign investors. But the restructuring has been met with a mixed reception and disappointed investors who wanted more sweeping reforms.
/jlne.ws/3uWTeQh
Short Sellers Bet Tether, Crypto's Central Bank, Is Vulnerable to a Run; Tether says it has conservative investments, while hedge funds question how much risk lies in the $82 billion investment portfolio that backs the currency
Peter Rudegeair - WSJ
Short sellers are betting against a cryptocurrency whose price shouldn't move. A few investment firms, including Fir Tree Partners and Viceroy Research LLC, have placed substantial bets in recent months that the price of tether will fall, according to people familiar with the matter. Tether is the most popular currency for trading bitcoin and is supposed to have a fixed value pegged to the U.S. dollar. Some hedge funds arranged short sales of tether with Genesis Global Trading Inc., one of the larger crypto brokerages for professional investors, said Matt Ballensweig, Genesis's co-head of trading and lending. About a dozen funds discussed doing the same with Genesis, but many didn't move forward, Mr. Ballensweig said.
/jlne.ws/3Je3vg4
Day drinking, 'Big Shot' and billions of dollars: How the nickel market imploded
Nicole Goodkind - CNN Business
Here's what Europe is doing to wean off reliance on Russian gas
New York (CNN Business)When a trade jumps by 250% over the course of days, investors typically pop bottles of champagne. Between Friday, March 4 and Tuesday March 8, nickel futures did just that — soaring on the London Metal Exchange from about $29,000 to $100,000 per ton. But the champagne remains corked, investors are threatening to sue and the LME is hemorrhaging business. So how did it happen?
/jlne.ws/3u5dyzq
LME Faces U.K. Regulatory Review Over Nickel Market Turmoil; FCA will review the LME's handling of the nickel crisis; LME separately said it will commission independent review
Jack Farchy - Bloomberg
The Financial Conduct Authority and Bank of England will undertake reviews into the governance, market oversight and risk management of the London Metal Exchange after a massive short squeeze led to weeks of turmoil that paralyzed the nickel market. The LME suspended nickel trading on March 8 after prices spiked by 250% in little more than 24 hours. Most controversially, it then canceled billions of dollars of trades that had occurred, arguing that not to do so would have led to multiple defaults.
/jlne.ws/3x3kVcB
***** Here are the FT version and the WSJ version of this story.
How Bill Gross Built a Bond Empire—Then Lost It All; For a long time, bond investing was considered a sleepy backwater. Then Pimco came along.
Joe Weisenthal and Tracy Alloway - Bloomberg
For a long time, bond investing was considered a sleepy backwater. You bought a bond and just clipped coupons as you waited for it to mature. But then Bill Gross discovered that bonds could be traded. He founded Pimco and proceeded to make a lot of money from bond investing, sometimes in controversial ways.
/jlne.ws/3Jki3uF
J.S. Held Adds Intangible Asset Expertise with the Acquisition of Ocean Tomo; The combination of J.S. Held and Ocean Tomo uniquely presents experts on complex technical, scientific, and financial matters across all assets and value at risk.
J.S. Held
J.S. Held, a global consulting firm, announced today that it has acquired Ocean Tomo LLC, an expert advisory firm specialized in Intellectual Property (IP) and other intangible assets; corporate accounting investigations; regulatory and reporting obligations; solvency and restructuring; and contractual or competition disputes.
/jlne.ws/3DFzeFq
How the SEC's Swaps Proposal Could Choke Off Shareholder Activism; More transparency sounds good. But advocates might be ignoring the downside.
Alex Edmans - WSJ
A push by the U.S. Securities and Exchange Commission for more transparency around security-based swap positions might seem, on its face, to be a no-brainer. After all, the misuse of one type of swap, credit-default swaps, was a major contributor to the global financial crisis of 2007-08. And a second type, total return swaps, contributed to the multibillion-dollar collapse of Archegos Capital Management last year. There is, however, a potential downside to the SEC's proposal for increased disclosure of swap positions that might not be immediately apparent: If passed, the rules could severely restrain shareholder activism—a key market mechanism for holding corporate managements accountable, improving governance and creating sustainable value.
/jlne.ws/3J5ALWD
The Investor Who's Sticking With Russia
Julie Steinberg - WSJ
Russian stocks crashed after Vladimir Putin waged war on Ukraine. That's when David Amaryan started buying. Investors were dumping anything Russian, and the hedge-fund manager was happy to take the other side of the trade. He snapped up shares of energy giants Rosneft, Lukoil and Gazprom. He bought banks—including Russia's largest lender, Sberbank —and some local retailers and mining companies. When Mr. Amaryan's buying spree ended, some 55% of his investment firm's $250 million was in Russian stocks, up from 30% to 35% before the invasion.
/jlne.ws/3j1Hxlx
Russia's Push Into Crypto Is a Big Step Backwards; The country is moving toward a tiered financial system, using rubles for enemies and bitcoin for friends. But it's tried - and failed - with this approach before.
Izabella Kaminska - Bloomberg
While most of the world watches in horror as Vladimir Putin advances his military invasion of Ukraine, Russia's congruent foray into Bitcoin, gold-linked rubles and central bank digital currencies is triggering a conflicted response from financial technology and crypto enthusiasts.
/jlne.ws/3u6VG7o
BOE's Andrew Bailey Says Crypto Is the 'New Front Line' for Scams; Job of tackling fraud against consumers 'will never be done'; Says some crypto users aren't cooperating on Russian sanctions
Lizzy Burden - Bloomberg
Cryptocurrencies are the new "front line" in criminal scams that regulators are trying to prevent, Bank of England Governor Andrew Bailey said. Speaking at a "Stop Scams" conference organized by the U.K. central bank, Bailey said that the underlying technology of crypto is contributing a good deal of innovation to financial services, but also created an "opportunity for the downright criminal."
/jlne.ws/3uNSWuO
Dimon Calls for More Sanctions on Russia, Expresses Pity for Fed; 'I do not envy the Fed,' JPMorgan CEO says in annual letter; He says the world urgently needs reliable, affordable energy
Hannah Levitt - Bloomberg
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon called for ratcheting up sanctions against Russia in response to its invasion of Ukraine and said the Federal Reserve may ultimately raise interest rates more than the market expects. The U.S. should increase sanctions "in whatever way national security experts recommend to maximize the right outcomes," Dimon wrote Monday in his annual letter to shareholders. The war and the resulting sanctions "will slow the global economy -- and it could easily get worse."
/jlne.ws/3j5yeRy
Macron calls for ban on Russian oil and coal imports over 'war crimes' near Kyiv; EU says bloc is working on urgent new sanctions after reports of atrocities in Bucha
Victor Mallet, Guy Chazan, Henry Foy, Max Seddon and Andres Schipani - FT
French president Emmanuel Macron said he was in favour of banning imports of Russian oil and coal as part of a new round of sanctions against Russia over signs its forces had committed war crimes on the outskirts of Kyiv.
/jlne.ws/38vKj0F
The Price for Europe to Wean Off Russian Gas Keeps Going Up; Steel, copper and aluminum setting records as supplies tighten; Bold plans for wind, solar and pipelines get more expensive
Rachel Morison and Will Mathis - Bloomberg
Europe's ambitious timetable for building its way out of a dependence on Russian energy faces potential delays and billions of dollars in extra costs as the war in Ukraine makes steel, copper and aluminum scarce and more expensive. A rush to replace Russian fossil fuels is prompting the continent to focus on shoring up flows of liquefied natural gas in the near term and increasing generation from renewable sources by 2030. Germany pledges to build two LNG terminals, France wants to resume talks with Spain about a connecting pipeline, and the U.K. seeks more homegrown wind, solar and nuclear power.
/jlne.ws/3r1A2j2
How Japan Took on the Bond Vigilantes and Won — For Now; Bond yields retreat on historic intervention by Bank of Japan; Yen rises from near 7-year low, but market pressure remains
Ruth Carson and Toru Fujioka - Bloomberg
Japan showed investors last week just how tenacious it would be in keeping interest rates locked near zero in the world's third-biggest economy despite skyrocketing inflation across the globe and the risk of weakening the yen to damaging levels. The country was the epicenter of market drama, when the Bank of Japan set in motion a four-day long unlimited buying spree of government bonds last Monday to stave off a global debt rout that threatened to prise open its iron-clad grip on yields.
/jlne.ws/3DFKBx7
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/3j0ttsH
Who Hurts Most in $600 Million Axie Heist? 'Not the Venture Capitalists'; Gamers complain and swap theories about their trapped crypto after an epic breach.
Kristine Servando, Emily Nicolle, and Jamille Tran - Bloomberg
After learning that hackers had made off with an eye-popping $600 million from a software system tied to their beloved Axie Infinity video game, players reacted with shock and disbelief — and for the most part, kept on playing. In the Philippines and Vietnam, users took to Twitter and Facebook to air everything from complaints about cryptocurrencies frozen in their wallets to conspiracy theories. "I feel sad this happened," Axie player Joni Watanabe said on Twitter on March 30, the day after the hack was announced. He added an admonishment to Axie's operator about using proper security protocols, joining a chorus of crypto gamers clamoring for an explanation of how this could happen — and demanding that it be fixed.
/jlne.ws/3K7lTYZ
Understanding Crypto Bridges and $1 Billion in Thefts
Olga Kharif - Bloomberg
There's a reason bridges are more important than an average stretch of road -- and why holes in them are more dangerous. As the cryptocurrency world has grown more complex, more and more transactions have come to rely on so-called crypto bridges that enable transactions involving a wide range of tokens. A roughly $600 million hack of the Ronin bridge in March brought the total stolen from bridges in a year's time to more than $1 billion, a stark reminder that just because something is useful, fast and cheap doesn't mean it's safe.
/jlne.ws/36OQPz4
China Gas Buyers Seek Cheap Russian Fuel Shunned by the World; Importers in discussions to buy Russian LNG at deep discount; Companies use cautious approach to avoid overseas backlash
Stephen Stapczynski - Bloomberg
China's top liquefied natural gas importers are cautiously looking to purchase additional Russian shipments that have been shunned by the market in a bid to take advantage of cheap prices. State-owned companies including Sinopec and PetroChina are in discussions with suppliers to buy spot cargoes from Russia at a deep discount, according to people with knowledge of the matter. Some importers are considering using Russian firms to participate in LNG purchase tenders on their behalf to hide their procurement plans from overseas governments, the people said.
/jlne.ws/3J6qkCa
IRS Races to Hire Thousands in Hot Job Market to Get Rid of Paper Jam; The tax agency, struggling with attrition and slow manual processes, is trying to lure workers away from the private sector
Richard Rubin - WSJ
Rolling carts packed with unprocessed tax returns line the hallways and fill the storerooms of the IRS campus here off Interstate 15. Any checks have long since been removed and deposited, and the returns have been sorted by arrival date and form type, December's 1120s separated from November's 1040s. And then they sit, waiting for a scarce government employee to process them.
/jlne.ws/3DBNMWN
DeFi Expands Exchange-Traded Crypto Push With Three New Vehicles; The number of such investments has swelled on Europe's bourses; Latest set to track Cardano, Polkadot and Solana currencies
Tanzeel Akhtar - Bloomberg
The universe of cryptocurrency vehicles trading on Europe's exchanges is poised to get a little bigger. Valour Inc., a Swiss asset-management company owned by DeFi Technologies Inc., said it is launching three such products tracking the Cardano, Polkadot, and Solana digital currencies. They are set to start trading on the Euronext exchanges in Paris and Amsterdam on April 6.
/jlne.ws/3uUQR0g
S&P Global Settles Allegations It Violated Russia Sanctions; The civil settlement is connected to transactions with Russian oil company Rosneft in 2016 and 2017 but illustrates how U.S. regulators could pursue sanctions violators going forward
Mengqi Sun - WSJ
S&P Global Inc. agreed to settle allegations it violated U.S. sanctions when it continued to extend credit to Rosneft after the Russian oil producer faced debt and equity restrictions beginning in 2014, the Treasury Department said Friday. S&P, a New York-based provider of financial and business analytics, will pay $78,750 as part of the civil settlement with Treasury's Office of Foreign Assets Control, which enforces U.S. sanctions.
/jlne.ws/3u3WgTt
CEO of Robinhood rival shines fresh light on what retail investors are doing. Wall Street needs to pay attention.
Barbara Kollmeyer - MarketWatch
From the start of the COVID-19 pandemic two years ago, a newish crowd of retail investors emerged, pouring extra cash into equity markets and steering Wall Street into places they never dreamed, such as meme stocks. Our call of the day, from the founder and chief executive officer of competitive stock trading app Zingeroo, says institutional traders would be wise to keep paying attention to an increasingly sophisticated retail investor.
/jlne.ws/3J1zRdz
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
JP Morgan equities specialist to join XTX Markets as deputy CEO; Incoming deputy CEO brings a wealth of experience to XTX Markets, having served at JP Morgan and Deutsche Bank over the last two decades.
Wesley Bray - The Trade
London-based market maker XTX Markets has appointed Hans Buehler as its new deputy CEO, effective July 2022. Buehler will join XTX Markets from JP Morgan, where he served in various leadership positions for close to 14 years. Most recently, Buehler served as global head of equities data analytics, automation and optimisation, as well as global head of equities and securities services quantitative research at the investment bank.
/jlne.ws/3Kc7xXA
The TRADE Magazine, Spring 2022; The latest edition of The TRADE Magazine is now available to read online, discover what's inside through this article.
The Trade
The Spring 2022 issue of The TRADE magazine is now available to read online. Explore the content of the latest issue: Buy-side cover interview - Following its notorious rebrand, Annabel Smith sits down with global head of investment execution at abrdn, Louise Drummond, to discuss the asset management giant's plans for the future exploring automation, regulation and changing market structure.
/jlne.ws/3j4zvIQ
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Putin Would Be Crazy to Cut Off Europe's Gas. Or Desperate; The Russian president might find a way to rationalize a decision to halt exports, even if the consequences for his economy would be dire.
Liam Denning - Bloomberg
A fairly common view expressed since Russian President Vladimir Putin unleashed his forces on Ukraine is that he has come unhinged. If he ever follows through on his threats to cut off natural gas supply to Europe, I might be inclined to agree. Invading Ukraine is a horrific act, and also entirely irrational. Even if Russia's troops were performing better, the price Russia will pay in economic terms alone seems to vastly outweigh the benefits of embarking on a lengthy and likely draining occupation of a large neighboring country.
/jlne.ws/3NGVnYB
Shell Will Have Difficulty Paying for Russian Gas Due to U.K. Sanctions; Shell is prevented from dealing with Gazprombank by U.K. law; Gazprom is looking at ways to solve Shell's payment issue
Bloomberg News
Shell Plc may have difficulty paying for Russian gas supplies this month because the Kremlin wants payments transfered through U.K.-sanctioned Gazprombank JSC, according to two people familiar with discussions in Russia.
/jlne.ws/3tZkq1h
As Russia drafts young men, some fear ending up on Ukraine's front line
The Russian military is looking to conscript more than 130,000 soldiers during its spring recruitment drive
Mary Ilyushina - Washington Post
The Russian military began its spring draft Friday, aiming to sign up 134,500 conscripts and stoking fears among young men that they may end up on the front lines of the invasion of Ukraine.
/jlne.ws/36LIhbW
Russia Is Shipping Wheat at at 'Rapid' Clip in the Midst of War; Exporters resolving problems with vessels, payments: SovEcon; Volume tops last year's yet remains substantially below 2020
Bloomberg News
Russia boosted wheat shipments by about 60% in March, despite that being the first month of its invasion of Ukraine. The country exported about 1.7 million tons last month, according to consultant ProZerno. That compares with 1.1 million tons sold in March 2021, though those sales were stifled by shifts in government grain-export taxes. The most-recent volume still is only about half of March 2020.
/jlne.ws/3LubeYG
Ukraine war threatens to deepen Russia's demographic crisis; Conflict has forced skilled workers to flee, compounding the impact of low birth rates and pandemic deaths
Federica Cocco and Polina Ivanova - FT
Asked what keeps him up at night, Vladimir Putin identified one problem: Russia's population decline and the threat it poses to the country's economy. Russia's president, speaking at a press conference last November as he was massing troops along the border with Ukraine, said the country's birth rate dropped during the second world war and in the early 1990s after the fall of the Soviet Union, which led to shortages in the labour force.
/jlne.ws/3K8dTal
Ukrainian children used as 'human shields' near Kyiv, say witness reports; Horrifying accounts tell of Russian soldiers placing children on tanks to protect their vehicles when moving
Daniel Boffey - The Guardian
Russia has been accused by Ukraine of using children as "human shields" while regrouping its forces, as the first horrifying witness accounts from the newly liberated town of Bucha, near Kyiv, emerge.
/jlne.ws/3r1mtQC
In Ukraine, New Reports of War Crimes Emerge as Russians Retreat From Kyiv Area; Findings by rights groups and Ukrainian authorities could alter global response
Brett Forrest - WSJ
More than 100 civilians lay buried in mass graves in this suburb of Kyiv after Russian troops withdrew last week, one of several regions in which Ukrainian officials and independent rights watchdogs say they are uncovering evidence of war crimes perpetrated by occupation forces.
/jlne.ws/3u47I1s
Bucha's Atrocities Are Not Russia's First. They Must Be the Last; Retreating soldiers are leaving behind evidence of brutal civilian killings. Absent further action to make this war too costly for the Kremlin, this will not be a one-off.
Clara Ferreira Marques - Bloomberg
It's hard to read the reports emerging from Bucha and other Kyiv suburbs, and nearly impossible to look at the images. Retreating Russian soldiers have left evidence of unthinkable brutality. Ordinary men and women lie dead on the street, in the dark mud and dirt, many shot, some with hands tied behind their back. People were found still clutching shopping bags, one splayed next to a tangled bicycle. There are mass graves, and there's evidence of torture. Ukrainian authorities say the bodies of 410 civilians have been recovered from towns around the capital.
/jlne.ws/35BUHmb
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Overhauled Tokyo Stock Exchange makes debut; Investors express disappointment in first reforms of market in six decades
Eri Sugiura and Leo Lewis - FT
The Tokyo Stock Exchange opened on Monday morning with a ceremony marking its biggest overhaul in 60 years but domestic and global investors said the streamlining effort was a squandered opportunity. The historic reform, which has been implemented at the start of Japan's new fiscal year, is part of the TSE's effort to fight US and Chinese markets for investor attention. The reshuffle coincides with attempts by Tokyo to increase its appeal as a global financial centre.
/jlne.ws/3DH4Nif
Tokyo Stock Exchange restructures its cash equity market; The move, which is TSE's biggest overhaul in 60 years, aims to provide clearer concepts and listing criteria for its market segments.
Wesley Bray - The Trade
Tokyo Stock Exchange (TSE) has completed its scheduled restructuring of its cash equity market, transitioning to the new structure of Prime Market, Standard Market and Growth Market - marking its biggest overhaul in 60 years.
/jlne.ws/3K7Ifd9
China changes audit secrecy rules in bid to stop US delistings; Watchdog will allow foreign regulators to access sensitive financial information on overseas-listed companies
Tabby Kinder - FT
Beijing has revised its audit secrecy laws in a bid to stop around 270 Chinese companies from being delisted from US exchanges, in a significant concession to pressure from Washington. The China Securities Regulatory Commission, Beijing's top financial watchdog, said on Saturday it would change confidentiality laws that prevent its overseas-listed companies from providing sensitive financial information to foreign regulators.
/jlne.ws/3j4D95q
OCC Total Volume for March 2022 Second Highest Month on Record, Up 4.4% Year-Over-Year
OCC via Businesswire
OCC, the world's largest equity derivatives clearing organization, announced today that year-to-date average daily volume through March 2022 was 42.7 million contracts, up 1.2 percent compared to year-to-date average daily volume through March 2021. Total volume was 943.7 million contracts, up 4.4 percent compared to March 2021.
/bit.ly/3u8DHO6
SIX completes acquisition of 50% stake in REGIS-TR
BME
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
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
CME Group Reports Q1 and March 2022 Market Statistics
CME Group
-Q1 Overall ADV increased 19% and March ADV was up 12% year-over-year
-Record Q1 Equity Index futures and options ADV
-Record Q1 SOFR futures and options ADV and OI
/bit.ly/3j59byi
Cash market sales statistics for March
Deutsche Börse Group
A trading volume of EUR250.5 billion was achieved on Deutsche Börse's cash markets in March (previous year: EUR206.4 billion).
/bit.ly/3u40muS
Exchange Council stresses the importance of keeping EEX' energy markets open in turbulent times
EEX
On 24 March 2022, the Exchange Council of the European Energy Exchange (EEX) held its first meeting of the year, chaired by Dr. Bernhard Walter, Head of Market Design and Regulatory Affairs at EnBW AG.
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Eurex Exchange Readiness Newsflash | Updates April 2022
Eurex
Dear Eurex Participant,
With this Newsflash, we would like to draw your attention to the upcoming publications, events and necessary actions for the ongoing initiatives:
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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.
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Power Market Transition Arrangements Introduction
FEX Global
After consideration of all factors, FGL has resolved to re-establish this transition arrangement for a third and final limited period of time whilst the FGL Procedures are modified to permanently reflect this setting.
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HKEX Impact Funding Scheme Invites Applications from Social Enterprises
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is, today (Thursday), pleased to invite applications from social enterprises in Hong Kong for funding, through the HKEX Impact Funding Scheme 2022 (Scheme), a tailored HKEX Foundation charitable programme.
/bit.ly/3JUBf2R
New Index Options Strike Series
HKEX
Hong Kong Futures Exchange announces the addition of the following strike series effective
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Routine Collateral Haircut Review and Adjustment
HKEX
Please be advised that pursuant to Chapter 7 of the OTC Clearing Hong Kong Limited Clearing
Procedures, OTC Clear has completed a routine Collateral haircut review and decided to adjust
the haircut ratios on cash and non-cash Collateral as below tables with effect from 8 April 2022.
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Routine recalculation of Notional Exchange Risk Multiplier
HKEX
Please be advised that pursuant to Chapter 4 of the OTC Clearing Hong Kong Limited Clearing
Procedures, OTC Clear has completed its routine Notional Exchange Risk Multiplier recalculation on 4 April 2022. The levels of Notional Exchange Risk Multiplier are determined based on the results of a poll recently conducted with Clearing Members in March 2022.
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ICE To Launch U.S. Residential Mortgage Rate Lock Index Futures
ICE
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced that it plans to launch its first mortgage futures contracts on June 13, 2022, subject to regulatory approval.
/bit.ly/3KarQEv
New Listing of LNG (Platts JKM) Futures and the Change of Listing Status of Electricity Futures
JPX
Tokyo Commodity Exchange, Inc. (TOCOM) is pleased to announce the listing of LNG (Platts JKM) Futures and the change of listing status of Electricity Futures from trial listing to permanent listing on April 4, 2022. It will further improve an environment as "Consolidated Energy Derivatives Exchange" where one can trade electricity futures and the power generation fuel futures in one-stop trading environment.
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New Market Structure Begins Today
JPX
The cash equity market of Tokyo Stock Exchange (TSE) has today completed its scheduled transition to the new structure of Prime Market, Standard Market, and Growth Market.
/bit.ly/38kI5kp
The Launch of Systems Associated with Market Restructuring
JPX
Tokyo Stock Exchange (TSE) has decided to launch arrowhead and ToSTNeT system (cash equities trading systems), Market Information System, TMI system, and other systems on April 4, 2022, as planned after confirming migration operations associated with the market restructuring.
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Special Change in KRX Health Care index
KRX
There will be special constituents change in KRX Health Care index effective from April 6th, 2022.
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***** This is a corrected link for an item that ran Friday, April 1.
Nickel Interim Trading Measures and Independent Review
LME
This Notice provides an update on: (i) the LME's Nickel market interim trading measures, including daily price limits and the provision of OTC position data to the LME; and (ii) the establishment by the LME and LME Clear (together the "LME Group") of an Independent Review (defined below) that will review recent events in the Nickel market, in addition to the external reviews announced by the Financial Conduct Authority (the "FCA") and the Bank of England.
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Regulations for the markets of the Moscow Exchange April 4
MOEX
On April 4, 2022, trading on the markets of the Moscow Exchange, by decision of the Bank of Russia, will be conducted according to the following rules.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | KeyBanc Capital Markets Adopts Bloomberg B-PIPE to Power Fixed Income Electronic Trading; Bloomberg's high-quality market data feed enables real-time analytics and response and accelerates automation of bond pricing workflows
Bloomberg
Bloomberg today announced that KeyBanc Capital Markets (KBCM), the corporate and investment banking arm of Cleveland-based KeyCorp, has adopted Bloomberg's flagship real-time market data feed, B-PIPE, for its Investment Grade (IG) Credit Algorithm. This adoption will provide KBCM with the proper tools and infrastructure to access high-quality, consistent data, enabling greater automation and accuracy in bond pricing.
/jlne.ws/3IXzmkP
Elon Musk Takes 9.2% Stake in Twitter After Hinting at Shake-Up; Tesla CEO has regularly questioned Silicon Valley giants; Shares in platform jump about 26% in pre-market trading
Giles Turner and Craig Trudell - Bloomberg
Elon Musk has taken a 9.2% stake in Twitter Inc. to become the platform's biggest shareholder, a week after hinting he might shake up the social media industry.
/jlne.ws/3j9oiXb
FinAccel Spends $200 Million for Indonesia Digital Banking Push; Online lending startup buys majority stake in PT Bank Bisnis; FinAccel expanding after its SPAC merger was canceled in March
Olivia Poh - Bloomberg
FinAccel Pte, the parent company of fintech platform Kredivo, has acquired a majority stake in Indonesia's PT Bank Bisnis Internasional TB, pitting itself against Southeast Asia's biggest internet companies for a share of a growing digital banking arena.
/jlne.ws/3uV6C7c
Ex-Diem Executive Joins Mina Blockchain as Operating Chief
Hannah Miller - Bloomberg
One more person who worked at Diem, the failed stablecoin project backed by Meta Platforms Inc., has moved on to a new crypto venture.
/jlne.ws/3iTbxA4
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| Cybersecurity | | Top stories for cybersecurity | You Need Two-Factor Authentication, but Some Types Are Safer Than Others; Security keys offer the highest level of protection, while authentication apps are more widely supported. Avoid text-message codes if you can.
Nicole Nguyen - WSJ
Cybercrime is way up and a strong password isn't enough to protect your money, your work and your family. To protect your accounts from increasingly active evildoers, you need a second factor. More and more internet accounts offer two-factor authentication, which generally entails a code you input after typing in your password. Requiring that second factor is like having a door with multiple locks: If a burglar gets hold of one key, there's still another deadbolt sealing the door.
/jlne.ws/3K6UAOI
In Cybersecurity, Strengthening Encryption Is Vital
Denis Mandich - Forbes
Complex systems can break in complex ways. However, this statement is not easily quantified in cybersecurity, where it is better rephrased: "With each layer of software integration, a system inches closer to disaster." This is counterintuitive because these tools are promoted as improvements. More automation, virtualization and other enhancements lead to more interdependencies, where single issues can lead to cascading failure. Encryption is at the foundation of almost every cybersecurity technology from MFA to firewalls and HTTPS. Ironically, it is also the essential component of ransomware.
/jlne.ws/36MKX9v
Crypto hardware wallet Trezor confirms newsletter phishing attack; The hackers sent out fake data breach notifications to the crypto wallet users through the company's mailing list.
Indianexpress.com
Trezor, a cryptocurrency hardware wallet provider is the latest company targeted by cybercriminals. The hackers sent out fake data breach notifications to the crypto wallet users through the company's mailing list. For the uninitiated, cryptocurrencies (Ethereum, Bitcoin, etc) and NFTs are stored in something called as — crypto wallet. These wallets are both offline (hardware) and online (on-cloud). Cyber security experts advise to use hardware wallets because it is safer and more reliable.
/jlne.ws/3x3BXaK
Trezor Users Targeted in a MailChimp Exploit
Chayanika Deka - CryptoPotato
Trezor informed its users that a MailChimp "insider" is behind the latest phishing attack to steal funds stored in their wallets after compromising a mailing list. Popular cryptocurrency wallet company, Trezor announced investigating the email phishing campaign that targeted its users this weekend. The compromised mailing list was used to send fake notifications of data breaches and tried to steal funds from wallets.
/jlne.ws/3J0qCKQ
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| Cryptocurrencies | | Top stories for cryptocurrencies | The 1% Tax That Has India's Crypto Industry Predicting Chaos; The tax deductible at source threatens to deplete liquidity; Executives warn that tax regime may accelerate brain drain
Sidhartha Shukla - Bloomberg
When India's government unveiled a plan to tax crypto assets in February, it was the 30% rate on income from digital-asset investments that grabbed headlines. But it's a different levy that has the industry warning of a potentially destabilizing liquidity crunch.
/jlne.ws/3u7GXJe
Indonesia to impose VAT, income tax on crypto assets from May
Reuters
Indonesia plans to charge value-added tax (VAT) on crypto asset transactions and an income tax on capital gains from such investments at 0.1% each, starting from May 1, a tax official said on Friday, amid a boom in digital asset trading.
/jlne.ws/3j4IE3T
Ukraine Raises $600,000 Through Museum NFT Sales to Help Rebuild; The government sold more than 1,200 NFTs in the first day; The money will go toward rebuilding the country's museums
Olga Kharif - Bloomberg
The Ukrainian government raised more than $600,000 through nonfungible token sales that will be used to rebuild museums, theaters and other cultural institutions destroyed since Russia's invasion in February. Ukrainian MetaHistory NFT-Museum sold 1,282 artworks on its first day of sales, raising 190 Ether cryptocurrency tokens for the Ministry of Digital Transformation of Ukraine, the museum said in an email. The NFTs are meant to document the war through artwork that features rubble and destruction, Ukrainian soldiers, fires burning and the Ukrainian flag.
/jlne.ws/3u51P3S
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| Politics | | An overview of politics as it relates to the financial markets | House Votes to Decriminalize Marijuana, Expunge Convictions; Schumer expected to introduce Senate legislation this month; Legalization faces hurdle in Senate amid bipartisan opposition
Jarrell Dillard - Bloomberg
The House voted Friday to decriminalize marijuana, expunge federal convictions on pot-related charges and impose taxes on cannabis producers and importers. The legislation passed 220-204 with support from most House Democrats and three Republicans. Two Democrats voted against the bill.
/jlne.ws/35BrFmU
Russia's War in Ukraine Is a Triumph for the U.S. in Asia; Beijing cannot be pleased at how Japan, South Korea and Taiwan have rushed to condemn Putin's aggression.
James Stavridis - Bloomberg
As the war in Ukraine moves into a second month, its global economic reverberations are increasing. Energy markets, agriculture, bonds, precious metals — all are roiled as the fighting takes its uncertain path. But beyond economics, longer-term geopolitical themes are emerging, as countries are increasingly forced to pick sides for or against Russian President Vladimir Putin. For U.S. strategic planners, who know that China and not Russia is the greatest long-term threat to U.S. interests, the ways in which the Ukrainian war and its aftermath will affect Asian countries is of paramount importance.
/jlne.ws/37dmOJ4
Why Putin Unites Extremists on Left and Right; The Russian autocrat is adept at playing on the deep self-pity and sense of victimhood that permeates the far reaches of the political spectrum.
Ian Buruma - Bloomberg
Two old friends of mine once sat on opposite ends of the political spectrum. One used to be pro-American — a liberal Cold Warrior and defender of the Vietnam War. The other was very much in the leftist camp, a lifelong opponent of "American imperialism" and a committed anti-Zionist. Both are now keen promoters of Vladimir Putin's propaganda: Ukraine is a U.S. puppet state dominated by Nazis, Putin is a man of peace, Russia must defend itself against a warmongering North Atlantic Treaty Organization and so forth.
/jlne.ws/3K8Nucq
Big Business and Conservatives Are Headed for Divorce; The new conservatism is hostile to globalization, immigration, big tech, media companies, and the idea that market forces should determine the common good.
Adrian Wooldridge - Bloomberg
Big business can no longer take the support of conservative parties for granted. The 1990s saw a great uncoupling between left-wing parties and big labor, with President Bill Clinton embracing free trade and Wall Street and Prime Minister Tony Blair ditching Clause 4 (which committed the Labour Party to nationalization) and tea and sandwiches in Number Ten with trade union bosses. Are we now witnessing an equally momentous change on the other side of the divide: an uncoupling between conservative parties and big business?
/jlne.ws/3uWZYh3
The Enemies of Liberalism Are Showing Us What It Really Means
Ezra Klein - NY Times
"After three decades of dominance, liberalism is losing its hold on Western minds," Matthew Rose writes in his powerful new book, "A World After Liberalism." Rose does not mean liberalism in the way we typically use the word. This is not about supporting universal health care or disagreeing with Justice Samuel Alito. Rose means liberalism as in the shared assumptions of the West: a belief in human dignity, universal rights, individual flourishing and the consent of the governed.
/jlne.ws/3K7Gexj
Putin Had No Clue How Many of Us Would Be Watching
Thomas L. Friedman - NY Times
Almost six weeks into the war between Russia and Ukraine, I'm beginning to wonder if this conflict isn't our first true world war — much more than World War I or World War II ever were. In this war, which I think of as "World War Wired," virtually everyone on the planet can either observe the fighting at a granular level, participate in some way or be affected economically — no matter where they live.
/jlne.ws/3KflsMA
Hong Kong's Carrie Lam won't seek second term as chief executive
Theodora Yu and Shibani Mahtani - Washington Post
Hong Kong Chief Executive Carrie Lam said Monday that she will not seek a second term and will end her five-year tenure as the territory's Beijing-appointed leader later this year. She'll leave a legacy marked by political upheaval, historically low trust in her governance and, most recently, a coronavirus crisis.
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| Regulation & Enforcement | | Stories about regulation and the law. | Joint statement from UK Financial Regulation Authorities on London Metal Exchange and LME Clear
FCA
The FCA is responsible for supervision of the LME as a recognised investment exchange, while the Bank of England (the Bank) is responsible for supervision of LME Clear as a central counterparty. The FCA and the PRA are responsible for the supervision of several regulated banks and investment firms who participate in the LME's markets.
The FCA, Bank and PRA have been focused on the orderly resumption of trading in nickel. Now that trading has resumed, the supervisory authorities expect LME and LME Clear to remain vigilant until the situation is fully resolved.
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SEC shoots down Ark 21Shares in latest spot bitcoin ETF rejection
Aislinn Keely - The Block
The ARK Investments and 21Shares collaborative spot bitcoin exchange-traded fund (ETF) has reached the end of the line with a rejection order from the Securities and Exchange Commission (SEC).
/jlne.ws/3iXVkcN
US regulators to boost enforcement against private fund failings; SEC examinations unit aims to strengthen policing of rapidly expanding market for unlisted assets
Chris Flood - FT
More private fund managers will hear a knock on their door by US financial regulators this year as Wall Street's top watchdog toughens its policing of the booming market for unlisted assets. Greater oversight of private funds is a key focus for the Securities and Exchange Commission, which last week published its top priorities for the division of examinations, a unit that carries out thousands of visits to the offices of investment managers each year.
/jlne.ws/3NF211A
European Regulators Raise Questions About Microsoft Cloud Practices
Dina Bass and Jillian Deutsch - Bloomberg
European regulators are asking Microsoft Corp. partners and rivals for information related to a complaint made against the software maker alleging anti-competitive behavior in the cloud-computing services market.
/jlne.ws/3J3he98
Is that a Fish Behind the Wheel? Remarks before the University of Central Florida's Inaugural FinTech Summit
SEC
Thank you, Barry [Miller]. Thank you also to Professor Ajai Singh. It is a pleasure to be part of the University of Central Florida's inaugural FinTech Summit. This morning, I would like to discuss the ways in which financial regulators ought to engage with innovation. Before I begin, I will give my standard disclaimer: the views I express are my own and not necessarily those of the Securities and Exchange Commission ("SEC") or my fellow Commissioners.
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Building a digital regulator: how the FCA is riding the innovation wave
FCA
This morning, we are celebrating a milestone. 49 years ago, on 3 April 1973, Motorola scientist Martin Cooper made the first mobile telephone call in history to Dr Joel Engel, then head of Bell Labs.
What started off as a brick-sized phone that weighed 2 kilos and took 10 hours to charge evolved to become an information and communication tool fundamental to modern life.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Awful SPAC Returns Mean More Frustration for Blank-Check Firms
Bailey Lipschultz - Bloomberg
The SPAC market offered investors only disappointment last quarter, but it may seem like the good old days as regulators crack down on new blank-check stocks and enthusiasm for existing ones wanes. The IPOX SPAC Index fell 9.5%, the worst performance since its July 2020 launch, and has lost more than 22% over the past three quarters. There are 610 special-purpose acquisition companies hunting for deals or racing the clock to find one, and some existing transactions are falling apart. SPAC warrants, which hold the promise of future windfalls, are trading at a fraction of year-earlier levels.
/jlne.ws/3iXhsEo
Value Investing Is Back. But How Do You Choose the Right ETF? With so many different options, here's what to keep in mind
Ari I. Weinberg - WSJ
Value investing is coming back. Over the past decade, growth stocks have outpaced value shares, which usually have lots of tangible assets relative to their market value. In those 10 years, the S&P 1500 Composite Growth Index has an annualized total return of 16.4% through March 31, compared with 14.4% for the overall S&P 1500 and 11.9% for the S&P 1500 Composite Value Index, according to S&P Dow Jones Indices.
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Egg Prices Jump as Bird Flu Hits Poultry Flocks; Avian influenza spreading across the U.S. has led to the deaths of more than 17 million birds, tightening supplies for eggs and poultry
Patrick Thomas - WSJ
A rapidly escalating bird-flu outbreak in the U.S. is contributing to a surge in egg prices and threatens to raise prices on other poultry products in the coming months as deaths continue to mount.Cases of highly pathogenic avian influenza so far have led to the deaths of more than 17 million birds, according to Agriculture Department data. The virus outbreak, the worst in seven years, is hitting Midwest egg-laying flocks and affecting companies from Tyson Foods Inc. to Hormel Foods Corp. More than 11 million egg-laying chickens, roughly 3% of the total U.S. flock, have died or been destroyed as a result of the disease, along with more than two million commercially raised turkeys.
/jlne.ws/38kEu5T
In a World Full of Risk, Stocks Look Like the Least-Bad Option; Yield-curve inversion doesn't necessarily mark end for rally; Run on bonds reinforces view of no alternative to equities
Nikos Chrysoloras, Jan-Patrick Barnert, and Sagarika Jaisinghani - Bloomberg
Whatever hardships are afflicting global stock investors, it's worse in other markets, and that alone may be enough to keep the equity rebound going for now. Stocks recovered in record time from the initial shock of the war in Ukraine and the havoc it's wreaked on global commodity supplies. That followed their resistance to successive waves of the coronavirus pandemic since 2020. Now, they're refusing to be undone by ominous portents in bond markets that a global recession is on the horizon.
/jlne.ws/37hHz6p
He Hit His Full Retirement Age. His Friends Tell Him Claim Social Security. Here's His View.
Tom Wilk - Barron's
Financial milestones come with growing older. Turning 59½ means penalty-free withdrawals can be taken from 401(k) accounts. Reaching 65 marks the arrival of Medicare eligibility. As of Feb. 1, I reached another: full retirement age—66 and 2 months, in my case—for Social Security. I've held off claiming Social Security with some reservations, but it remains a lively topic of conversation with friends who were former co-workers. After all, according to the Center for Retirement Research at Boston College, about 50% of people take Social Security before full retirement age and less than 10% wait until 70 when benefits reach their maximum.
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Cenovus Joins Oil Drillers Ditching Hedges as Prices Surge; Canadian producer says no longer needs hedges for finances
Devika Krishna Kumar - Bloomberg
Canadian oil producer Cenovus Energy Inc. became the latest driller to abandon the practice of securing protection against a sudden drop in crude prices, saying it posted a hedging loss in the first quarter.
/jlne.ws/3ufzd8t
The Battery Metal Really Worrying China Is Lithium, Not Nickel; Electric car producers and policymakers are urging more action to tame surging prices of the key material.
Annie Lee - Bloomberg
Nickel has captured much of the limelight among battery metals in recent weeks, and understandably so. Wild price swings, including an unprecedented 250% advance over two trading sessions amid a short squeeze, and concerns tied to Russia's role as a key supplier have added to longstanding worries among automakers about securing enough of the material.
/jlne.ws/35Du54h
Collapse in Oil Curve Shows U.S. Release Has Calmed Market; WTI's six-month backwardation timespread at pre-invasion level; Prices don't reflect chance of more supply disruptions: Vitol
Serene Cheong - Bloomberg
Has the U.S.'s massive strategic reserves release broken oil's rally? A look at crude's futures curve would certainly suggest it has. Oil is still backwardated -- a bullish market structure where near-dated prices are pricier than those further out -- but it's eased to levels near where they were before Russia's invasion of Ukraine threw the market into turmoil.
/jlne.ws/3NIjWoa
Jamie Dimon warns of 'volatile markets' as Fed shifts policy; JPMorgan chief's annual shareholder letter predicts 'inflation will eventually start to recede'
Joshua Franklin - Ft
Jamie Dimon has warned of "very volatile markets" to come as the US Federal Reserve tightens monetary policy, writing in his annual letter to JPMorgan Chase shareholders that the Wall Street banking group was prepared for higher rates.
/jlne.ws/3u5aC5W
The SNB is trying to halt the franc's rise again; But we're not quite sure why.
Claire Jones - FT
The Swiss National Bank's markets desk has been busy trying to keep a lid on the franc's appreciation again. Here's a chart from Pictet's Frederik Ducrozet showing a sharp rise in the amount of franc sight deposits — short-term funds held by commercial lenders at the SNB:
/jlne.ws/36RG5zO
New reforms should stop failing Spacs in their tracks; The blank cheque company craze is fading and the SEC is planning tighter rules to prevent a repeat
Brooke Masters - FT
Spac mania was always going to end in tears. Since the start of the pandemic, more than 1,000 special acquisition companies have floated on global stock exchanges, each promising to merge with a fabulous private company and make investors rich.
/jlne.ws/35DGLZ5
ESG is a category error that needs unbundling; The acronym jams together disparate and sometimes contradictory objectives
Jonathan Guthrie - FT
Do the Right Thing was a 1989 Spike Lee movie. Would-be ethical investors have the same problem as protagonist Mookie, a New York pizza delivery man. They want to do the right thing. But it is often hard knowing what that is. When Mookie smashes his employer's window during protests against police brutality, it is a conflicted choice. So is disinvesting from hydrocarbons.
/jlne.ws/3j1SjIv
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Masks Come Off, Mandates Loosen as Companies Relax Covid-19 Protocols; JPMorgan, Verizon among employers that have rewritten vaccine or other mandates in response to shifting government guidance
Chip Cutter - WSJ
U.S. companies are relaxing many of the vaccine and other Covid-related requirements that had become a staple of corporate life in the pandemic. As office occupancy nears pandemic-era highs in many U.S. cities, a number of employers have communicated new, looser safety protocols to workers. Some companies made masks optional in the office for all workers, while others dropped testing requirements for the unvaccinated or simplified the daily return-to-office questionnaires.
/jlne.ws/3u4WppA
China Variants and Omicron XE Put Fresh Focus on Covid Mutations; Hybrid of two omicron strains could be most transmissible yet; Experts say no reason to panic without major spread of strains
Linda Lew and Michelle Fay Cortez - Bloomberg
The disclosure of new Covid variants emerging in China and the rise of a potentially more transmissible strain in the U.K. has recast the spotlight on the ongoing risk of the virus, even as health experts say there's no reason to panic. The World Health Organization said a hybrid of two omicron strains -- BA.1 and BA.2 -- that was first detected in the U.K. and dubbed XE could be the most transmissible variant yet. It is estimated to spread 10% more easily than BA.2, which itself was more transmissible than the original omicron famous for its ease of penetration.
/jlne.ws/3J7UFQX
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | FTSE Russell announces the results of its March 2022 country classification review for fixed income and equity indices.
FTSE Russell
FTSE Russell, a leading index provider, announces the results of its March 2022 country classification review for equities and fixed income.
New Zealand will be added to the FTSE World Government Bond Index (WGBI)
Iceland to be reclassified from Frontier to Secondary Emerging Equity market status within FTSE equity indices
/jlne.ws/3J2QWUx
The Top-Performing Stock-Fund Managers Over a Turbulent Year; The No. 1 manager beat the runner-up by nearly 8 percentage points. Here's how.
Suzanne McGee - WSJ
Global pandemic. Brexit. Turmoil in U.S. politics. Inflation rates unparalleled since the 1980s. And now a war on Ukraine by Russia—a nuclear power. It's little wonder that market strategists are scrambling to explain to their clients how "black swan" events (unforeseen catastrophes) and geopolitics have affected stock markets—and how the future is as unpredictable as ever. "Buckle in," advises BNY Mellon in one such missive, warning investors to stay prepared for "significant volatility."
/jlne.ws/3LF3ljj
MAREX Opens Minneapolis Office, Further Enhances OTC Commodity Offering
MAREX
Marex, the global financial services company, today announced that it has established an office in Minneapolis, which serves as a central hub for commodity risk management, with major agricultural companies and large commodity risk managers located in the region. As part of the move, Marex has tapped long-time agricultural industry veterans Dan Hofstad and Charlie Fee to co-head the office and oversee further growth of its over-the-counter (OTC) agricultural offering in the U.S.
/prn.to/3rnwbx5
Tiger Global's 34% Tumble Brings Coleman's Firm Back to Earth; Hedge fund losses come after years of double-digit gains; 'We are humbled,' investment team writes in letter to clients
Hema Parmar - Bloomberg
In his 20s, he was a hedge-fund wunderkind. By his 40s, a hedge-fund legend. But suddenly, Chase Coleman is stumbling, and hard. After a tough 2021, his Tiger Global Management has piled up losses this year that have set the industry abuzz -- a staggering 34% slump for the firm's hedge fund through March. The speed of the reversal has shocked just about everyone, considering that Coleman is celebrated as one of his generation's brightest stars, a standout among the elite money managers mentored by the famed Julian Robertson.
/jlne.ws/3x3c1M8
Hedge Funds That Took Roman Abramovich's Billions Have No Way Out; Cayman rules say firms can manage money but can't collect fees; Concord steered oligarch's fortune to hedge funds, PE firms
Katherine Burton, Sabrina Willmer, and Dawn Lim - Bloomberg
When Concord Management came calling with the promise of checks for as much as $100 million, more than 100 hedge funds and private equity firms jumped at the offer. Most of the $6 billion behind Concord belongs to Roman Abramovich, who earlier this month was sanctioned by the European Union and the U.K. as part of sweeping penalties against billionaires believed to be close to Russian President Vladimir Putin. Now the firms are stuck: Their clients are asking questions, they can't get rid of the tainted money and they can't immediately collect fees on it either.
/jlne.ws/3KaJ0Sx
Greensill Capital accused of fraud as battle to recoup losses intensifies; Tokio Marine says insurance policies 'fraudulently obtained' while Credit Suisse says litigation could last five years
Ian Smith and Owen Walker and Leo Lewis - FTY
Japanese underwriter Tokio Marine has accused Greensill Capital of using "fraudulently obtained" insurance policies, firing the latest salvo in the battle over who pays for the collapse of the UK-based supply chain finance company.
/jlne.ws/3J6VMAh
Barclays ETN debacle seen as unlikely to 'end the gravy train'; Exchange traded notes are risky for investors but so profitable for banks their future seems assured
Steve Johnson - FT
The already tarnished reputation of exchange traded notes has taken another hit in recent days, but reports of the structure's imminent demise may prove wide of the mark.
/jlne.ws/35BFWzM
Credit Suisse Details More Failings From Greensill Collapse; The bank also faced a setback in its recovery efforts when insurer Tokio Marine said it would fight paying out claims alleging Greensill perpetrated fraud
Julie Steinberg - WSJ
Credit Suisse CS 0.75% Group AG gave new details Monday on how it was caught out by the collapse of Greensill Capital in March 2021 and why it overlooked earlier red flags. Credit Suisse said an internal review found that the reputational damage and economic failure from Greensill could have been averted if individual managers and employees had conducted themselves "more appropriately." It fired 10 people, and is clawing back $43 million in pay. The bank had already said it would restructure its asset management arm.
/jlne.ws/3NM5zzm
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Hong Kong Trading Halts Freeze $15 Billion After Earnings Delays
John Cheng - Bloomberg
Trading in 33 Hong Kong-listed stocks was halted on Friday after a number of firms missed a deadline to report annual results in a move that's expected to affect some $15 billion worth of shares.
/jlne.ws/3ITPFiA
Afghanistan's Taliban Ban Poppy Cultivation; The regime, seeking recognition as the country's legitimate government, unveiled the official ban in a bid to curb the world's heroin supply
Sune Engel Rasmussen - WSJ
The Taliban on Sunday officially banned the cultivation of poppy, which provides the raw material for heroin and other opiates, as the group strives to be recognized as Afghanistan's legitimate government by an international community dismayed by its increasingly repressive rule. Afghanistan is by far the world's largest opium producer, and the ban fulfills a monthslong promise by the Taliban to outlaw the trade.
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Moscow says firms' foreign-listed depositary receipts will be forced to return to Russia
Reuters
Russian companies whose depositary receipts are traded abroad will be obliged to return to Russia, unless other solutions arise, Economy Minister Maxim Reshetnikov said on Friday. Several major Russian companies have listings abroad, which has always been a matter of prestige for them. But since Russia began what it calls a "special military operation" in Ukraine on Feb. 24, Western bourses have halted trading of Russian securities.
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Russia Seeks New Ways to Sell Its $20-Billion-a-Year Gold Output
Bloomberg News
Russia's huge gold industry is searching for new ways to sell its metal, such as exporting more to China and the Middle East, as sanctions choke off its traditional sales routes.
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A $71 Billion Plunge Casts Doubt on Singapore's New Economy Aura; Stock prices of Grab and Sea slump in 2022 amid tech selloff; Both businesses face challenges to earnings growth this year
ByIshika Mookerjee - Bloomberg
Singapore's two largest new-economy firms have been touted as the next big thing for years. A $71 billion rout in their share prices in 2022 seems to show investors aren't buying the story. Shares of ride-hailing company Grab Holdings Ltd. have more than halved since the start of the year while gaming and e-commerce giant Sea Ltd.'s stock price has tumbled by 46%. The two U.S.-listed firms are languishing at the bottom of the MSCI Asean Index, with Grab among the biggest losers on the Asia Pacific stock benchmark as well.
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Russian Ships Switch Flags at Record Rate on Sanctions Scrutiny; Over three times usual number changed flags in March: Windward; Increase comes as Russia is sanctioned for invasion of Ukraine
K Oanh Ha - Bloomberg
Many more Russian-flagged vessels than usual switched their flags to other countries in March, possibly to conceal their ties to Moscow and avoid being caught up in sanctions over the invasion of Ukraine, according to maritime consultancy Windward Ltd.
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Panama Canal Proposes Toll Revamp as Shipping Profits Boom
Michael McDonald - Bloomberg
The Panama Canal Authority proposed a comprehensive restructuring of its toll system on Friday, which would increase rates charged on cargo such as vehicles, oil and gas and soybeans that cross the waterway as ocean shippers rake in record profits.
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Mexico Halts Gas Relief as U.S. Citizens Head South to Stock Up; Finance Ministry says border crossers have diminished supply; Suspension on gasoline stimulus to last through April 8
Dale Quinn - Bloomberg
Mexico suspended gasoline subsidies for states along its northern border as the Finance Ministry said U.S. citizens crossing into the country are draining supply. Gasoline prices in the U.S. are higher than Mexico, which has led U.S. citizens to head south and stock up on fuel, according to a statement from Mexico's Finance Ministry. That's led to reports of shortages, according to the ministry.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Harvard Acceptance Rate Falls to Record Low on Testing Policy
Coronavirus Pandemic Causes Climate Of Anxiety And Changing Routines In America
Photographer: Maddie Meyer/Getty Images
Janet Lorin - Bloomberg
The odds of getting into Harvard are worse than ever. The Ivy League school fielded a record number of applications this year, partly in light of test-optional policies during the pandemic, reducing its acceptance rate to 3.2%, an all-time low.
/jlne.ws/3K0MarT
Great Resignation Isn't Slowing and May Persist, Randstad Says; Survey finds third of workers put personal lives before jobs; Employees attach more consequences to their unhappiness: CEO
Cagan Koc - Bloomberg
The Great Resignation shows no sign of easing and a dwindling supply of workers may be here to stay, according to Randstad NV, a global provider of employment services. Fewer people in the job market, underpinned by a long-term demographic trend, is allowing talented workers to have more options and they're going where their needs are met, said Sander van 't Noordende, who took over as chief executive officer of the Dutch company on Tuesday.
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