| February 28, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
JLN today is full of Russia and Ukraine news, but there is some industry news we feature here in hits and takes, including the completion of the merger of S&P Global and IHS Markit. S&P Global plans to issue a separate press release and Form 8-K today after the close of the US market that will include additional information.
We published John's Take and and the Term of the Week for The Spread late this week, but for good reason. We are announcing that Euronext has granted us the use of videos from the Euronext Knowledge Center, which feature many different options related videos, for our Term of the Week series. In John's Take, I introduce the Euronext Knowledge Center and Euronext TV, noting that many exchanges took time during the pandemic to improve their online video market education offerings. Euronext has released 41 videos on their YouTube channel since it was introduced less than a year ago.
The FT has a Special Report today on Regulated Markets. The topics include automobile technology, crypto regulation, Brexit related rule changes in the UK, greenwashing, pharma industry dealmaking and more UK Brexit rules issues.
Fintech business development professional Mike Wilkins joined R3 as head of industry solutions. R3 is "??one of the first companies to deliver both a private, distributed ledger technology (DLT) application platform and confidential computing technology." Wilkins has previously been with ION, Fidessa, Sungard, Orc and GL Trade, among other firms during his long career in the fintech space.
Pico appointed Ann Neidenbach to its board of directors. Until recently, Neidenbach served as CIO of capital markets and global head of LSEG Technology for the London Stock Exchange Group.
Today we have a video interview with the editor of The Trade, Laurie McAughtry. I like to do these types of fellow journalist interviews as a professional courtesy, but also I think it is important for the industry to be introduced to the editors of publications covering the space.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The Trade's New Editor Brings a World of Experience to the Job
JohnLothianNews.com
Laurie McAughtry, the new editor of The Trade, had a plan for her education and career. She studied at all the right schools in the UK and U.S. and then took a job in banking. However, after getting married to a man who is half Malaysian and moving to Malaysia, she was drifting about.
There were not a lot of opportunities in Malaysia in banking at the time, she said, and somehow she fell into journalism.
Watch the video »
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Ukraine- Russia Conflict Affects Market; ICE Executive David Goone becomes tZERO CEO; FTX Enters Gaming
JohnLothianNews.com
"Alex Perry's Optionstopia" takes a look at this week's options news highlights: Ukraine- Russia Conflict Affects Market; ICE Executive David Goone becomes New tZERO's CEO; FTX Enters Gaming
Watch the video »
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Russian central bank orders block on foreign clients' bids to sell Russian securities - document
Reuters
Russia's central bank has ordered professional stock market participants to suspend the execution of all orders by foreign legal entities and individuals to sell Russian securities from Monday morning, an internal document showed.
/jlne.ws/3M61k0D
****** How do you say "roach motel" in Russian?~JJL
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The Radical Roots of Bikesharing; In mid-1960s Amsterdam, a counterculture movement with a small fleet of white bicycles pioneered a transportation model that's swept thousands of cities around the world.
Feargus O'Sullivan - Bloomberg
In 1967, a newly elected representative of the Amsterdam City Council named Luud Schimmelpenninck presented the city with a novel proposal: Why didn't the city help to solve its traffic congestion problems by creating a fleet of bikes that were entirely free to use? At that time, the Dutch capital's streets had become clogged with cars, with frequent pedestrian deaths and injuries. Would it not be better, Schimmelpenninck suggested, to make cycling so cheap and easy that cars disappeared?
/jlne.ws/3tfW6qn
***** From radical to branded by investment banks. Quite the journey.~JJL
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The best independent coffee shops in the world; FT writers nominate their top picks for a caffeine hit - from Berlin to Buenos Aires
Rosanna Dodds - FT
Boot Café, Paris
Possibly Paris's smallest café and certainly the most charming, Boot occupies - you guessed it - an old cobbler's on a sleepy stretch of Le Marais, and its cornflower-blue façade, original "Cordonnerie" sign and highlighter-bright stools are hard to miss. It takes its coffee very seriously, with a single barista serving espressos and Chemex pour-over brews using beans sourced from acclaimed local roastery Belleville Brûlerie. Given that this nook can only fit a handful of seats, most customers grab takeaways and mill about outside. It's my favourite spot for a quick breather.
/jlne.ws/3vptBJr
****** The best independent coffee shops are truck stops. Not because they have the best coffee, but because they have the best coffee when you need it.~JJL
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Friday's Top Three
Our most read story on Friday was The New York Times', Laundered Money Could be Putin's Achille's Heel. Interesting but I would not bet on it. Second was from Talking Biz News, The battle for most photographed trader on the NYSE floor. They are getting more than their 15-minutes of fame. Third was the Financial Times story, Swift delay highlights divisions in US-led sanctions alliance against Russia. I guess some countries hope a lot of tut-tutting at Russia will do something.
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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
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| Lead Stories | Russia's Ruble, Financial Markets Are Hammered by Sanctions; Central bank doubles interest rates to protect the banking system as the ruble plunges
Caitlin Ostroff - WSJ
Powerful Western sanctions rocked Russia's financial system and triggered a spiral in the ruble, drawing the central bank into an emergency doubling of interest rates. The Russian ruble fell as low as 111 to the U.S. dollar from 83 on Friday, a drop of more than 20% and, if sustained, the biggest single-day fall on record. But trading was spotty, with local onshore markets frozen by the central bank and markets outside Russia reluctant to trade the currency.
/jlne.ws/3hnEtzg
The West Weaponizes Russia's Central Bank Against Putin; The sanctions have the potential to devastate the country's economy and sow the seeds of Putin's downfall.
Timothy L. O'Brien - Bloomberg
Vladimir Putin came to power on New Year's Eve in 1999 after an economic meltdown, rampant corruption and political uncertainty had clouded Russia's prospects. Putin brought the promise of equity and order to a country rocked by pell-mell privatizations of state-controlled companies, fears of domestic terrorism and a plunge in the value of its currency, the ruble.
/jlne.ws/3C1Q94A
S&P Global and IHS Markit Complete Merger
S&P Global
S&P Global (NYSE: SPGI) and IHS Markit (NYSE: INFO) today announced the completion of their merger. The Company plans to issue a separate press release and Form 8-K today after the US market close that include additional information, recast pro forma operating results and 2022 financial guidance. The Company will hold a conference call to discuss the merger close with investors on Tuesday, March 1, 2022, at 8:00am ET. Dial-in details will be provided in the above-mentioned press release to be issued after the close of the market.
/jlne.ws/3sBXR2h
Wall Street Takes Lead in Crypto Investments; Hedge funds, registered investment advisers and some companies step up their stakes in cryptocurrencies as the market becomes more mainstream
Paul Vigna - WSJ
Professional investors have been surging into crypto at record rates. Institutional clients traded $1.14 trillion worth of cryptocurrencies on exchange Coinbase Global Inc. COIN -0.86% in 2021, up from just $120 billion the year before, and more than twice the $535 billion for retail. Retail traders comprised bitcoin's market in the early years and traded on exchanges that offered a single bet: buy or sell bitcoin, 24 hours a day, seven days a week. That resulted in a small, erratic market that could be easily moved by modestly sized trades.
/jlne.ws/3hnGbAG
Putin's Nuclear Threat Is Terrifying Even If He's Bluffing; An autocrat driven by grievance and pride is using deterrence strategy to fight a land war in Europe. When the old doctrines go, only terror remains.
Stephen Mihm - Bloomberg
All eyes are on the conventional war unfolding in Ukraine. But a very different kind of conflict looms over the conflict. Before invading, Putin staged nuclear weapons drills around Russia's border with Ukraine. In case anyone missed the point, his speech justifying the invasion reminded listeners that his country remained "one of the most powerful nuclear powers."
/jlne.ws/3sq7Lnp
Russia Swaps Signal Record 56% Default Chance on Sanctions
Laura Benitez - Bloomberg
CDS sellers demand $4 million upfront to protect $10 million; Trading volumes surged on Friday, according to people familiar
The cost of insuring Russia's government debt rose to a record after harder-hitting sanctions on the country prompted Moscow to take emergency measures to shield its financial sector. Credit-default swaps insuring $10 million of the country's bonds for five years were quoted at about $4 million upfront and $100,000 annually on Monday, signaling around 56% likelihood of default, according to ICE Data Services. ICE is the main clearing house for European CDS.
/jlne.ws/3M68Fxd
Russia doubles interest rates as sanctions send rouble plunging; Central bank lifts main rate to 20% after west moves to cut country off from global financial system
Katie Martin, Tommy Stubbington and Philip Stafford in London and Hudson Lockett - FT
Russia's central bank more than doubled interest rates on Monday in an attempt to steady the country's financial markets, after unprecedented western sanctions sent the rouble tumbling as much as 29 per cent.
/jlne.ws/3IwlM8v
'A global financial pariah': how could central bank sanctions hobble Russia? Ban on Moscow's use of its roughly $630bn of foreign reserves will harm ability to withstand cost of Ukraine war
FT reporters
The US and its western allies unveiled the most punitive penalties to date against Russia, the latest in a barrage of sanctions rolled out in response to the country's full-scale invasion of Ukraine. The measures announced on Saturday take direct aim at Russia's central bank and seek to hobble the country's connectivity to the global financial system. They are intended to destabilise the Russian economy, building on sanctions imposed in recent days that target oligarchs as well as its banks, high-tech companies and aircraft makers.
/jlne.ws/3IwaYHs
West to impose sanctions on Russian central bank and cut some lenders from Swift; Pledges are most severe yet against Moscow as troops push into Ukraine's second-largest city
Demetri Sevastopulo and Colby Smith and Sam Fleming - FT
The US and western allies will place sanctions on Russia's central bank and remove some of the country's lenders from the Swift global financial messaging system, in their harshest response yet to the invasion of Ukraine. In a joint statement on Saturday, the US, UK, Canada, France, Germany, Italy and the European Commission said they would prevent the Russian central bank from using its international reserves to undermine broader sanctions.
/jlne.ws/3BYLYpW
China, Russia and the race to a post-dollar world; Financial markets are going to become a major field of battle — a place to defend liberal values and renew old alliances
Rana Foroohar - FT
Markets often react strongly to geopolitical events, but then later shrug them off. Not this time. Russia's invasion of Ukraine is a key economic turning point that will have many lasting consequences. Among them will be a quickening of the shift to a bipolar global financial system — one based on the dollar, the other on the renminbi.
/jlne.ws/3M6SlMx
Ruble Plunges 30% as Prices Onshore Split From Those Overseas
Srinivasan Sivabalan and Todd Gillespie - Bloomberg
Standard Chartered no longer quoting ruble or rates: memo; Liquidity drought has made pricing meaningless: GAM's McNamara
Russian markets were paralyzed on Monday and traders struggled to price the ruble as international sanctions shook the country's financial system. The Russian currency lost a third of its value in offshore trading at one point and hit an all-time low of 109.185 per dollar in Moscow. Quotes were infrequent and volatile at the start of the session, and traders warned that low liquidity was making it difficult to match buyers and sellers. The central bank canceled local trading altogether in stocks and bonds as the price of Russian-linked shares and debt tumbled overseas.
/jlne.ws/3M7t30W
Russia Can Turn Food Into a Weapon in Future Crises; Putin's drive to sanction-proof the country means Moscow now exports food on a grand scale. It can use that to its advantage.
David Fickling - Bloomberg
One of Russia's greatest strategic weaknesses has recently turned into an advantage. Climate change may tilt the balance further in Moscow's favor. Farm production — traditionally an area in which Russia has underperformed due to the low quality of its frigid, drought-prone agricultural land — has boomed over the past decade. That's important, because food exports have long been a crucial contributor to security and diplomacy, and one in which the amply fed U.S. and European Union have an inbuilt advantage. Even if President Vladimir Putin is found to have overplayed a weak hand in his invasion of Ukraine, food is one area where Russia's sway is set to increase rather than deteriorate in the coming decades.
/jlne.ws/3teD9V8
Goldman Probed by SEC Over Messages Sent Using Unapproved Services
Daniel Taub and Sridhar Natarajan - Bloomberg
Goldman Sachs Group Inc. became the latest bank to be investigated over employee communications over unapproved messaging services. The New York-based company is cooperating with the Securities and Exchange Commission and producing documents related to a probe into "compliance with records preservation requirements relating to business communications sent over electronic messaging channels that have not been approved by the firm," it said in a regulatory filing Friday.
/jlne.ws/3tet8Y4
Credit Suisse tries to aid U.S. block-trading probe of rivals -Bloomberg News
Reuters
Credit Suisse Group AG is trying to help the U.S. Department of Justice potentially build a case related to block trading against rivals Morgan Stanley and Goldman Sachs Group Inc, Bloomberg News reported on Friday. The Swiss bank's push to provide assistance apparently goes beyond banks' routine cooperation with requests for information, the report said, citing people familiar with the matter.
/jlne.ws/33RuVJN
Former CFTC Chair Giancarlo on Russian Sanctions, CBDCs and Dollar Hegemony
Fran Velasquez - Coindesk
Former Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo, is worried central bank digital currencies (CBDC) in the hands of adversaries can bust U.S. sanctions. That's why the U.S. should accelerate creating its own "digital dollar," he said on CoinDesk TV's "First Mover" program on Friday.
/jlne.ws/3K1fTkh
Climate change risks are greater than thought, warns IPCC report; Latest analysis of world's ability to cope with global warming is a 'damning indictment of failed leadership', says UN
Camilla Hodgson and Leslie Hook - FT
The world has a "brief and rapidly closing" window to adapt to climate change, with the risks associated with lower levels of warming greater than previously thought, the latest instalment of a landmark UN report signed off by 270 scientists from 67 countries has concluded. Some losses were already irreversible and ecosystems were reaching the limits of their ability to adapt to the changing climate, the scientists warned in the blunt assessment.
/jlne.ws/3srcs06
SEC proposes changes to short sale disclosure rule; Proposed rules will require certain institutional investors to report short sale information to the SEC on a monthly basis.
Wesley Bray - The Trade
The Securities and Exchange Commission (SEC) has unanimously voted to propose changes that would require investors to submit regular data on their short selling activities, in a bid to improve transparency in the markets.
/jlne.ws/36T30up
ESMA chair warns of systemic risk, outlines plans for building resiliency; Verena Ross highlighted the importance of data quality and rigorous reporting in order to mitigate systemic financial risk across markets.
Laurie McAughtry
In a speech to the Eurofi High Level Seminar on Friday, European Securities and Markets Authority (ESMA) chair Verena Ross stressed the fundamental importance of data when it comes to maintaining the stability of the financial system. Discussing the key challenges facing securities regulators in today's environment, she also warned that while reporting might feel onerous, it played a crucial role in protecting the markets from shock.
/jlne.ws/3C1ZE3n
Japan Exchange Group makes minority investment in Digital Asset Markets; JPX strengthens its relationship with Digital Asset Markets through the investment, as well as with Mitsui & Co. Digital Commodities, provider of Zipangcoin.
Wesley Bray - The Trade
Japan Exchange Group (JPX) has made a minority investment of $3.1 million in Digital Asset Markets as of 25 February 2022. Digital Asset Markets provides crypto-asset exchange services and handles Zipangcoin, a crypto asset issued by Mitsui & Co. subsidiary, Mitsui & Co. Digital Commodities.
/jlne.ws/3C1nKeA
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Hong Kong domestic helpers abandoned as COVID takes a toll
Reuters
A rapid spread in COVID-19 cases in Hong Kong has put the plight of domestic helpers in the global financial hub in the spotlight after some were fired or made homeless by their employers when they tested positive for coronavirus.
/jlne.ws/3IprwB0
Hong Kong Pharmacies Run Out of Flu Meds Amid Panic Buying
Sarah Zheng - Bloomberg
Hong Kong's pharmacies are running out of flu and cold medicines as residents stock up on essential supplies to ride out any potential lockdowns in a city overwhelmed by record Covid-19 cases and surging deaths. There's been a run on Panadol, a popular brand of the pain reliever paracetamol, and the drug was mostly unavailable Monday at local chains including Watsons and Mannings, as well as online shopping platform HKTVMall. Other medicines such as Mucinex, Fluimucil and Fortune Coltalin were also out of stock.
/jlne.ws/3Hsxm3e
Hong Kong Abandoning Key Covid Zero Measures as Cases Surge
Richard Frost - Bloomberg
At-home isolation now allowed; contact tracing put aside; China still committed to strategy that sets it apart from U.S.
One by one, Hong Kong's government is being forced to move away from key pillars of its strict Covid Zero strategy as a surge in new cases overwhelms the under-prepared health-care system. Patients with mild cases are no longer sent to hospital or isolation facilities as there's no space; instead they're asked to stay home until they test negative with rapid antigen tests -- which people often need to buy themselves.
/jlne.ws/3M8RtXR
Hong Kong Records More Than 34,000 Covid Cases: Virus Update
Bloomberg News
Hong Kong reported more than 34,000 confirmed Covid-19 cases Monday, as the city's government is forced to move away from key pillars of its strict Covid Zero strategy. The Covid-19 response team leader of China's National Health Commission is arriving in Hong Kong. Meanwhile, airline bookings out of the city are surging as residents seek to leave after authorities unveiled measures to combat a surge in Covid cases.
/jlne.ws/3C7zKvq
In Some African Nations, Armed Police Enforce Covid-19 Vaccinations; Vaccines are becoming more available but public wariness of the shots poses a major hurdle to inoculation
Nicholas Bariyo - WSJ
A clutch of bus passengers were reluctant to show their Covid-19 vaccination cards at a routine checkpoint on Uganda's main highway on a recent Monday morning. Health inspectors showed little patience: They called the police. While countries in some parts of the world have offered all manner of incentives or threats to convince people to get inoculated, from vaccine passports to lottery tickets, some African nations are taking a more aggressive stance by involving law enforcement.
/jlne.ws/3sqFqx5
Hong Kong mortuaries hit capacity as COVID deaths climb
Farah Master - Reuters
Facilities for storing dead bodies at hospitals and public mortuaries in Hong Kong are at maximum capacity due to a record number of COVID-19 fatalities, the Hospital Authority said on Monday, as officials battle to control a surge in cases.
/jlne.ws/3sqpNpB
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Nasdaq Announces Mid-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date February 15, 2022
Nasdaq
At the end of the settlement date of February 15, 2022, short interest in 3,301 Nasdaq Global MarketSM securities totaled 9,916,446,118 shares compared with 9,574,319,687 shares in 3,265 Global Market issues reported for the prior settlement date of January 31, 2022. The mid-January short interest represents 2.72 days compared with 2.51 days for the prior reporting period.
/jlne.ws/3Hr9w83
TMX Group Limited Normal Course Issuer Bid Approved
TMX
TMX Group Limited ("TMX Group") announced today that its normal course issuer bid ("NCIB") has been accepted by Toronto Stock Exchange ("TSX").
TMX Group intends to purchase up to 560,000 of its common shares by way of normal course purchases on Toronto Stock Exchange, representing approximately 1% of the 55,937,509 common shares outstanding on February 22, 2022. Based on the average daily trading volume of 99,278 common shares during the past six calendar months on TSX, daily purchases on TSX will be limited to 24,819 shares, other than block purchase exceptions. The purchases may commence on March 4, 2022, and will terminate on March 3, 2023, or on such earlier date as TMX Group completes its purchases.
/jlne.ws/35A6yRi
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Apple Is Putting Fintech Competitors on Notice
Matthew Frankel, Jason Hall and Will Healy - Nasdaq
In this clip from "The Future of Fintech" on Motley Fool Live, recorded on Feb. 10, Motley Fool contributors Matt Frankel, Jason Hall, and Will Healy discuss and analyze Apple's (NASDAQ: AAPL) recent announcement that could potentially put a dent in fintech stocks but could also be a big win for small businesses.
/jlne.ws/3hpr9dT
Visa partners with fintech Tribal in Latam to expand small business offerings
Lisa Pauline Mattackal - Reuters
Visa Inc (V.N), the world's largest payment processor, will partner with payment and financing firm Tribal to expand its offerings for small-and-medium-sized businesses in Latin America and the Caribbean, Tribal said on Monday.
/jlne.ws/3IvymVK
Fintech Roundup: More female founders in fintech? Yes, please
Mary Ann Azevedo - TechCrunch
It's been really tough concentrating during the latter part of this week due to global events so forgive me if my tone is less upbeat than normal. My heart goes out to all of the people of Ukraine and our TechCrunch readers there.
This week, I wrote about a couple of instances in which fintech companies went horizontal with their approach. Pipe, which aims to be the "Nasdaq for revenue," announced it was expanding into media and entertainment. And corporate spend startup Ramp told TC exclusively it is branching out in the travel space.
/jlne.ws/3C7EUri
Pico Announces Appointment of Ann Neidenbach to Board of Directors
Pico
Pico, a leading provider of mission critical technology, software, data and analytic services for the financial markets community, today announced the appointment of Ann Neidenbach to its Board of Directors effective immediately.
/jlne.ws/3pmF7Bu
Former Deutsche Börse strategist joins Kaizen Reporting as chief product officer; Incoming chief product officer brings over 25 years' experience to Kaizen Reporting, having previously served at Deutsche Börse and Impendium Systems.
Wesley Bray - The Trade
Kaizen Reporting has appointed Rory McLaren as its new chief product officer, working across all Kaizen companies to promote product, strategy and management. McLaren brings over 25 years' experience to Kaizen Reporting, having worked in technology, product and regulation in a variety of businesses.
/jlne.ws/3hdfS0h
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| Cybersecurity | | Top stories for cybersecurity | Hackers Destroyed Data at Key Ukraine Agency Before Invasion
Jordan Robertson and William Turton - Bloomberg
Ministry of Internal Affairs oversees the national police; Large volume of telecom data also stolen amid troop buildup
In the buildup to Russia's invasion, hackers detonated powerful data-destroying software on the network of Ukraine's Ministry of Internal Affairs, and they siphoned off large amounts of data from the country's telecommunications network, according to three people involved in investigations into the incidents.
/jlne.ws/3BZXDon
Federal Agencies Have New Cybersecurity Requirements — The Private Sector Can Learn From Them, Too
Dave Levy - Forbes
Over the past year, cybersecurity incidents have continued to make headlines. During this time, the Biden Administration has demonstrated it is serious about raising the bar for cybersecurity. For example, the White House issued the "Executive Order On Improving the Nation's Cybersecurity" on May 12, 2021, and convened a cybersecurity summit with government and industry partners — including my company, Amazon Web Services (AWS) — on August 25, 2021, to discuss strategies for enhancing the nation's cybersecurity.
/jlne.ws/3IxIwVY
US banks are worried about the possibility of a massive Russian cyberattack, says cybersecurity CEO
Áine Cain - Yahoo Finance
CrowdStrike CEO George Kurtz said that bank executives in the United States are concerned about the possibility of devastating Russian cyberattacks.
The widely-condemned invasion of Ukraine has resulted in the US ordering sanctions against Russia. But Russia has indicated that it plans to retaliate, with the country's Foreign Affairs Ministry responding that its country would take steps "finely tuned and painful to the American side."
/jlne.ws/3hmvZsk
Cybersecurity ETFs spike following Russia invasion of Ukraine
Tom Eckett - ETF Stream
Cybersecurity exchange-traded funds (ETFs) increased last week after Russia's invasion of Ukraine reinforced concerns about the potential for a rise in digital attacks.
Europe's largest cybersecurity ETF, the $2.7bn L&G Cyber Security UCITS ETF (ISPY), jumped 4% last Friday alone, a day after Russia invaded Ukraine, while the WisdomTree Cybersecurity UCITS ETF (WCBR) and the Global X Cybersecurity UCITS ETF (BUG) both increased 4.6% over the past week, according to data from ETFLogic.
/jlne.ws/3st7m3G
Strengthening Cybersecurity For Today's Remote Workforce
Jason Sabin - Forbes
Even as businesses reopen after a historic pandemic, it is clear that the workplace has changed forever. Organizations that might have been slow to adopt remote networking have widely deployed innovative solutions, and most of them like what they see. According to Gartner, 82% of business leaders surveyed plan to maintain at least a partial work-from-home structure even after the pandemic has fully passed.
/jlne.ws/3hq5nXs
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| Cryptocurrencies | | Top stories for cryptocurrencies | New Yorkers Are Locked Out of a Crypto Coin Made Just for Them
Crystal Kim - Bloomberg
Residents can mine but not trade the token dubbed NYCCoin; BitLicense an onerous obstacle, CityCoins developer says
New Yorkers are barred from buying or selling a cryptocurrency created especially for them. Saying they were inspired by New York Mayor Eric Adams' vow to make the city "the center of the cryptocurrency industry," project developer CityCoins created NYCCoin in November. The project allows people to "invest" in New York by mining and buying the tokens while also potentially profiting themselves from any price appreciation. A percentage of the tokens created are designated to be deposited in a crypto wallet to be used to benefit New York. Adams hasn't endorsed the coin and it has no official affiliation with the city.
/jlne.ws/3hruRDI
Borderless crypto markets show need for global rules; Regulators eye international package of measures as alarm grows over trading 'pastime' for youth
Laura Noonan - FT
More than 500 years elapsed between the founding of the world's first bank, Monte dei Paschi di Siena, and the creation of the first set of global banking standards: the 1988 Basel accord. By that benchmark, global policymakers are ahead of the curve in devising standards for cryptocurrencies, which emerged just 13 years ago with Bitcoin's January 2009 debut. Forums such as the Basel Committee of Banking Supervision, the Financial Stability Board, and the securities regulator Iosco are already discussing global standards for crypto.
/jlne.ws/3Iyt37W
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| Politics | | An overview of politics as it relates to the financial markets | US lawmakers plan bill to outlaw 'Texas two-step' bankruptcy ploy; Fight moves to Congress after judge allows J&J to use scheme to help it settle billions in legal claims
Jamie Smyth - FT
US lawmakers are planning legislation to outlaw the controversial bankruptcy manoeuvre called the "Texas two step" to prevent large companies from abusing the Chapter 11 process, the chair of the Senate judiciary committee has said. Dick Durbin, who is also Democratic whip in the Senate, said negotiations are under way within the committee on a draft bill that would remove what he described as a "get out of jail free card" being deployed by some of the wealthiest companies.
/jlne.ws/3K1SGhF
U.S., Allies Vow to Go After Russian Elite's Symbols of Wealth
Jordan Fabian - Bloomberg
Task force created amid curbs on SWIFT access, central bank; Yachts, homes and 'golden passports' among the targets
Western nations put Russia's elite on notice that the symbols of their wealth may eventually be taken away. Financial penalties on Russia agreed by the U.S., Canada and key European nations on Saturday include a task force to begin "identifying and freezing assets" of sanctioned oligarchs, government officials and companies. That includes yachts, jets, cars and luxury apartments in the West that belong to Russian billionaires, according to a U.S. official who spoke on condition of anonymity to describe the measure.
/jlne.ws/3vxhudk
EU Nations to Discuss Gas Cut-Off Risk After Sanctions on Russia
Ewa Krukowska - Bloomberg
European energy ministers hold emergency meeting in Brussels; EU executive urges member states to send fuels to Ukraine
The European Union will discuss at an emergency meeting on Monday what steps could be taken if Russia halts gas supplies in retaliation to sanctions. Several member nations view the decision by Western governments to impose penalties on Russia's central bank and to exclude some of the country's banks from the SWIFT messaging system as boosting the risk of retaliation, according to three EU diplomats with knowledge of the matter.
/jlne.ws/3HtA34z
German stakeholder in Nord Stream 1 natural gas pipeline rejects calls to shut it down in response to the Russian invasion of Ukraine
Grace Dean - Business Insider
German energy giant E.ON rejected calls from Poland to shut down the Nord Stream 1 natural gas pipeline in response to Russia's invasion of Ukraine, the Rheinische Post newspaper reported. Polish Prime Minister Mateusz Morawiecki on Saturday asked operators of the offshore pipeline - which carries more than a third of Germany's natural gas imports - to shut it down after Moscow ordered troops into Ukraine, the publication reported.
/jlne.ws/3vnnEwP
Russian soldiers offered Bitcoin in exchange for white flag
Pradipta Mukherjee - Forkast
Russian soldiers surrendering to Ukraine will receive 5 million rubles worth of crypto or cash, according to Masha Efrosinina, local TV host and honorary ambassador of the United Nations Population Fund in Ukraine.
/jlne.ws/3vmeaSj
Ukrainian Govt Has Raised $19M in Crypto Donations So Far
Martin Young - FX Empire
According to blockchain data firm Elliptic, the total amount raised so far is $18.9 million as of Feb. 27. 23:50 UTC. Crypto assets have been the currency of choice for fundraising as they can be sent instantly and circumvent any banking or cross-border obstacles that may be in place.
/jlne.ws/3vuaRIS
Germany does '180-degree turn' in defence policy following Russian aggression; Olaf Scholz's cabinet increases military spending with a EUR100bn fund in the wake of the invasion of Ukraine
Erika Solomon - FT
In the space of 30 minutes, Olaf Scholz overturned decades of German foreign and defence policy. Speaking to the Bundestag in a special session on Sunday, the chancellor announced a massive EUR100bn fund to modernise the military. He also vowed that Germany would finally meet its Nato commitment to spend 2 per cent of gross domestic product yearly on defence — up from the 1.5 per cent currently spent that has long frustrated allies.
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | SEC Proposes Short Sale Disclosure Rule, Order Marking Requirement, and CAT Amendments
SEC
SEC Proposes Short Sale Disclosure Rule, Order Marking Requirement, and CAT Amendments
The Securities and Exchange Commission today announced that it has voted to propose changes that would provide greater transparency to investors and regulators by increasing the public availability of short sale related data. New Exchange Act Rule 13f-2 and the corresponding Form SHO would require certain institutional investment managers to report short sale related information to the Commission on a monthly basis. The Commission then would make aggregate data about large short positions, including daily short sale activity data, available to the public for each individual security.
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22-033MR ASIC consults on Financial Services and Credit Panel regulatory guidance
ASIC - Australian Securities and Investments Commission
ASIC has released Consultation Paper 359 Update to RG 263 Financial Services and Credit Panel (CP 359) seeking feedback on our proposed updates to Regulatory Guide 263 Financial Services and Credit Panel (RG 263). These updates reflect changes to the Financial Services and Credit Panel (FSCP) under the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 (Better Advice Act).
The Better Advice Act granted the FSCP its own legislative functions and powers to address a range of misconduct by, and circumstances relating to, financial advisers, see 21-363MR for more information.
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2022 fines
FCA
This page contains information about fines published during the calendar year ending 2022. The total amount of fines so far is £783,800.
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Reply to Parliamentary Question on plans to introduce grants to support banks in developing green and sustainability-linked liabilities frameworks
Monetary Authority of Singapore
To ask the Prime Minister whether MAS has plans to introduce grants that support banks in developing green and sustainability-linked liabilities frameworks so as to take in green deposits to fund banks' green and sustainability related loans.
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SEC Asks Companies for Rationales Behind Disclosures of Climate Risks; The U.S. securities regulator is asking more firms about decision-making around disclosure on environmental matters
By Mark Maurer - WSJ
The U.S. Securities and Exchange Commission is seeking more details from companies about their climate risks as it gears up to propose new disclosure requirements on the topic. Many companies already share details on climate risks when disclosing information they deem material, but investors often find it hard to make comparisons.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Wall Street's Risky 'Razor Blade' Trade Is Making a Comeback; Everyday investors are piling into ETFs that make it easy to use leverage or short the market.
yDenitsa Tsekova - Bloomberg
Ashley Howie sells houses at work, breeds butterflies in her spare time, and takes risks in her portfolio. "My parents are not in the stock market, and they're terrified for me," says the 31-year-old real estate agent from Pasadena, Calif. They'd probably be even more scared if they knew everything she was buying.
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Recession Is the Major Threat for Stock Markets Shaken by War
Joanna Ossinger - Bloomberg
Stocks in developed markets showed they can stand up to a lot last week. One thing they almost certainly can't withstand is a global recession. With oil again surging as governments step up sanctions on Russia, yield curves signaling growing apprehension over growth and concerns mounting about 2008-style liquidity crunches as the dollar surges, pressure on economies is rising. Should it result in a full-blown downturn, it will become much harder for equities to stay resilient.
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The Personal Finance Industry Needs a Sobering Dose of History; The bootstraps narrative ignores a long history of Black Americans being prevented from building wealth.
Erin Lowry - Bloomberg
There's a belief in the U.S. that's infiltrated the personal finance industry — that if you work hard enough, then you'll find financial success. The problem is, this "pull yourself up by your bootstraps" narrative is a longstanding fallacy. Sure, this rhetoric is powerful because in some ways it's empowering to believe that you can get rich all on your own. But it obscures the important role of external factors in shaping our finances. Crucially, it fails to reckon with the country's legacy of systematically marginalizing certain groups, making it difficult, or even illegal, for many to access opportunities and build wealth.
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Fear of Unknown Spikes as Traders Face Bouts of Volatility
Thyagaraju Adinarayan - Bloomberg
Volatility index surges as West tightens sanctions on Russia; Morgan Stanley recommends defensive stocks amid growth worries
Russia's intensifying invasion of Ukraine has sent investors rushing for cover. And the moves suggest volatility is here to stay. The Cboe Volatility Index -- the "fear gauge" for the S&P 500 -- jumped to the highest on a closing basis since January 2021, while Wall Street strategists recommended loading up on so-called defensive stocks such as utilities that aren't directly tied to how the economy is doing.
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Those Selling Russian Assets Face Few Options, Steep Losses
Kat Van Hoof, Swetha Gopinath, and Filipe Pacheco - Bloomberg
Norway's wealth fund, BP among investors in Russian retreat; Taking a major writedown may be one possible fallout
Investors seeking to offload holdings in Russian assets will find that the actual unwinding will be a complex and potentially expensive endeavor. A growing number of institutions are rethinking their portfolios in the wake of Russia's invasion of Ukraine. Norway said it's removing Russian assets from its $1.3 trillion wealth fund, while U.K. oil giant BP Plc is looking to offload its stake in Rosneft PJSC.
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Reddit Traders Took Space Stocks to the Moon. Re-Entry Could Be Ugly; Startups with realistic ambitions stand a better chance as a bubble that lifted up space stocks deflates
Jon Sindreu - WSJ
Amateur Reddit traders managed to launch the space economy into orbit last year. It is time to see which stocks can survive re-entry. There may not have been a space odyssey in 2001, but there was definitely one in 2021. British billionaire Richard Branson inaugurated a new era by traveling to the thermosphere using his Virgin Galactic venture. Amazon.com founder Jeff Bezos followed on board his own space-tourism company, Blue Origin. Also last year, Virgin Orbit, Rocket Lab, Astra Space, Redwire and Momentus joined the stock market with the same type of "blank check" merger used by Virgin Galactic in 2019. Terran Orbital and D-Orbit are scheduled to close similar deals this year.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Global Warming Is Outrunning Efforts to Protect Human Life, Scientists Warn; A new UN report says countries must do more to safeguard billions from floods, droughts and other "compounding" hazards.
Eric Roston and Leslie Kaufman - Bloomberg
The breakneck speed of global warming exceeds the pace of efforts to protect billions of vulnerable people, according to a new report released Monday by the world's top climate scientists. The report warns of a growing mismatch between rising temperatures and slow, fragmented efforts to adapt, leaving little time for catching up before "a brief and rapidly closing window of opportunity" is sealed shut.
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Shell Faces U.K. Showdown Over Impact of 'Cataclysmic' Oil Spill
Katharine Gemmell - Bloomberg
Communities claim impact of spill not felt until years later; Shell said it's implausible, damage is from other pollutants
A group of Nigerians want a trial against Royal Dutch Shell Plc in the U.K. for what they allege was a "cataclysmic" oil spill that wreaked havoc on their communities years later. The pollution was caused by oil from the so-called Bonga Spill in 2011 but was only felt following flooding and storms three to four years after the initial mishap, say lawyers for Harrison Jalla and Abel Chujor, the two lead claimants in the lawsuit.
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Blockchain Is Helping China's Automakers Boost Green Credentials; Decentralized digital ledgers aren't all about Bitcoin.
Bloomberg News
As automakers turn their focus to zero-emission cars, the application of futuristic technologies like blockchains are aiding efforts to slash costs amid cut-throat competition. Global players including Mercedes, BMW and Toyota have outlined their approaches to adopting decentralized digital ledger technology, and carmakers in China are actively following suit.
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'Greenwashing' warnings accelerate drive for business sustainability standards; Regulators globally are seeking common ways of assessing companies' environmental performance
Simon Mundy - FT
Global business leaders who flocked to last November's COP26 climate conference jostled to position themselves as environmental champions, with promises of aggressive action to put the world on course for net zero carbon emissions. Amid the bullish pledges in Glasgow, however, sceptical observers voiced fears of "greenwashing" — groundless environmental claims by businesses seeking to launder their image without making serious changes.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | TD Expands U.S. Footprint With $13.4 Billion Acquisition of First Horizon; Toronto-Dominion says it is accelerating its long-term growth strategy
Adriano Marchese - WSJ
Toronto-Dominion TD -1.29% Bank said it is accelerating its long-term growth strategy in the U.S. by acquiring Tennessee-based First Horizon Bank for $13.4 billion. The Canadian banking and financial services company said it would pay $25 a share in the all-cash transaction.
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TD to Buy First Horizon in $13.4 Billion Expansion in Southeast
Steve Dickson - Bloomberg
Toronto-Dominion Bank agreed to buy First Horizon Corp. for $13.4 billion to expand in the U.S. Southeast. The Canadian bank agreed to pay $25 a share in cash for Memphis-based First Horizon, the Toronto-based company said Monday in a statement. The purchase price was about 37% higher than First Horizon's closing price on Friday.
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Santander Pay Gap Drops to 1% as Bank Targets Equal Pay by 2025
Macarena Munoz Montijano - Bloomberg
Banco Santander SA said the salary gap between male and female staff on the same job declined last year. The differential for workers on the same job at Spain's biggest bank dropped to 1% in 2021 from 1.5% the previous year, the lender said in a report published late Friday. The gap has decreased every year since the bank first reported the data for the 2018 financial year, when it stood at 3%.
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Barclays Pays Out Millions for Failing to Vet Collapsed FX Firm
Jonathan Browning - Bloomberg
Bank to pay out 10 million pounds to FX firm's clients; Barclays agreed to cooperate with the U.K. regulator
Barclays Plc was fined 780,000 pounds ($1.04 million) and agreed to make payments of more than 10 million pounds to customers of a collapsed foreign-exchange business client.
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Direxion files to launch suite of single-stock leveraged ETFs; Move follows AXS Investments' decision this month to apply to SEC for 18 single-stock products
Joe Morris - FT
Direxion is racing to catch up with a new leveraged and inverse exchange traded fund product innovation: single-stock funds. The manager filed an application to the US Securities and Exchange Commission last week to launch 21 funds, each offering exposure to the daily inverse or leveraged returns of a high-profile tech stock.
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Rostro Group Acquires FX and CFDs Broker Scope Markets
Arnab Shome - Finance Magnates
The financial terms of the deal were not disclosed; Talks on the deal started in 2021.
Scope Markets Group, one of the popular forex and CFDs trading brands, announced on Monday that it has been acquired by Roger Hambury's Rostro Group in an all-cash deal. The deal will be funded with Rostro's existing cash reserves, but the financial terms of it were not revealed.
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Jane Fraser Makes Her Big Pitch to Citi Investors; This week the bank will host its first investor day in nearly five years
David Benoit - WSJ
One year into her job, Citigroup Inc. C -2.76% Chief Executive Jane Fraser takes the stage this week to pitch investors her strategy. Ms. Fraser has already remade the bank. She mapped out a plan to sell off several international consumer businesses. She laid new growth plans in wealth management and commercial banking. And she embarked on a complex transformation of Citi's inner plumbing and technology, a multiyear project the bank needs to appease regulators who slapped it with a consent order and fine in 2020.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Fraud and embezzlement allegations at Austrian group stun investors; Schur executives alleged to have leased 'luxury apartments' with company cash
Robert Smith - FT
Top executives at an Austrian packaging company are alleged to have embezzled millions of euros and committed accounting fraud, stunning investors that lent the group nearly EUR500mn less than six months ago.
/jlne.ws/35BnAhT
Russia hikes rate to 20% in emergency move, tells companies to sell FX
Reuters
The Russian central bank raised its key interest rate to 20% from 9.5% on Monday in an emergency move, and authorities told export-focused companies to be ready to sell foreign currency as the rouble tumbled to record lows.
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World's Biggest Plane Destroyed in Russian Attack on Airfield
Kyunghee Park - Bloomberg
The world's biggest aircraft, the Antonov-225 cargo plane, was destroyed by Russian forces while it was under repair at an airfield in Gostomel near Kyiv, according to Ukraine's state-run Ukroboronprom. Restoration of the aircraft, known as Mriya, will take more than five years at a cost of over $3 billion following the attack, Ukroboronprom said in a statement dated Sunday, adding that it aimed to ensure Russia covers the costs.
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Auditors warn of 'organisational culture crisis' at UK companies; Head of accounting regulator says 'right tone from the top' can help avoid Carillion-style failures
Michael O'Dwyer - FT
Directors must take corporate culture more seriously following recent company failures, according to the head of the UK audit regulator. "A series of company collapses linked to unhealthy cultures — whether that be BHS, Carillion, Greensill or Patisserie Valerie — have demonstrated why cultivating a healthy culture, underpinned by the right tone from the top, is fundamental to business success," said Sir Jon Thompson, chief executive of the Financial Reporting Council.
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UK companies feel post-Brexit rules pain; Regulatory divergence was meant to create flexibility for industry. What's gone wrong and what needs to change?
Peter Foster - FT
At the height of the 2016 Brexit referendum campaign, businesses were promised that leaving the EU could deliver a regulatory dividend worth more than £12bn a year, if the British government used its newfound freedom boldly. And although the business world overwhelmingly favoured remaining in the EU, it welcomed the prospect of lighter touch regulation when Britons voted to leave. The Institute of Directors found that 60 per cent of its members wanted to reduce the volume of "unnecessary red tape" from Brussels.
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'Brexit dividend' rule change prompts fears over data flow with EU; UK government says plans will benefit the British economy but critics argue they will make business harder
Kate Beioley - FT
Four years ago, UK businesses were scrambling to overhaul the way they collected workers' personal information before sweeping new data protection rules came into force, in May 2018. Now, business leaders wonder if they will have to rip up the rule books again — as a result of the British government's plans for an independent, post-Brexit, data regime. "Companies have paid the price of achieving GDPR [General Data Protection Regulation] compliance," says Adam Rose, a partner at lawyers Mishcon de Reya. "If the government turns around and says you didn't need to bother doing any of that, or will have to jump through new hoops, that's going to annoy them."
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| Miscellaneous | | Stories that don't quite fit under the other sections | High School Newspapers Are a Thrifty Way to Teach Civics; Young people desperately need training in how to assess all the information — and misinformation — they are bombarded with.
Andrea Gabor - Bloomberg
Much has been written about the need to revive civics education after years in which standardized-testing requirements emphasized math and English language arts at the expense of instruction in history and government. High school journalism builds on the same logic for promoting civics. It also provides a cost-effective way to strengthen students' writing and research skills, while giving them early lessons in how to report and edit responsibly and assess the quality of the information they are bombarded with.
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