| March 01, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Later this morning we are going to publish the JLN exclusive interview with Osaka Exchange President & CEO Moriyuki Iwanaga. He gives an update on several initiatives at JPX, including expanding trading hours, trading on holidays, improvements to the trading system, energy contracts and more.
Today we have a video we published on Friday, but forgot to include in yesterday's JLN, of our interview with John McPartland for The History of Financial Futures video series. McPartland, a longtime banker, FCM executive and exchange clearinghouse professional, talks about the early days of the International Monetary Market and currency trading on the exchange and working through all the behind-the-scenes plumbing issues. It is an important part of the history of financial futures we wanted to get on video.
In John's Take from The Spread, there was a missing picture near the end of the video, which told an important part of the story about how Euronext will let almost anyone ring a closing bell at one of their exchanges. It was, of course, a picture of me ringing the closing bell of the Amsterdam Exchange from back in 2011.
Megan Morgan has joined Belvedere Trading Company in an investments and market structure position. She previously was with Eurex in Chicago as global head of business development equity and index business. She has also been with the Chicago Climate Exchange and the European Climate Exchange. Congratulations Megan on your new position.
Sal Arnuk has left Themis Trading and joined Virtu, which prompted Bloomberg to use the headline "'Flash Boys' Hero Sal Arnuk Has Joined the Flash Boys; High-speed trading critic Arnuk tweets about new job at Virtu."
Mark Phelps has put away the garden gloves and shears and is starting his new position as managing director at R.J. O'Brien Limited.
Do you know who David Boggs is? You most likely have used his invention. He was the co-inventor of ethernet. He died February 19 in Palo Alto, Calif., at the age of 71, the New York Times reported.
It appears there are two things the readers of JLN dearly love: wine and coffee. The coffee house story was our number three story today, after the wine story was in the top three for several days a week or so ago. And then there are popular real estate stories, particularly Ken Griffin real estate stories. It is good to have some relief from derivatives and securities from time to time.
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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John McPartland - The History of Financial Futures - JLN
JohnLothianNews.com
John McPartland joined Continental Bank in 1973 after leaving the Air Force. He worked two years in the internal audit department where he learned about secured financing. He was honing his understanding just as accounting standards for the futures industry were emerging and the CFTC was being created.
Watch the video »
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The List of Foreign Companies Pulling Out of Russia Keeps Growing; What was an enticing new market 30 years ago is now spurned.
Stephanie Baker - Bloomberg
The invasion of Ukraine is causing a mass exodus of companies from Russia, reversing three decades of investment by Western and other foreign businesses there following the collapse of the Soviet Union in 1991. The list of those cutting ties or reviewing their operations is growing by the hour as foreign governments ratchet up sanctions against Russia, close airspace to its aircraft and lock some banks out of the SWIFT money messaging system. With the ruble plunging and the U.S. banning transactions with the Russian central bank, operating in Russia has become deeply problematic. Some companies have concluded that the risks, both reputational and financial, are too great to continue.
/jlne.ws/3K4aLMa
***** The reputational risk is real in today's hyperconnected world. One snap of a picture shared on social media can easily go viral, creating all kinds of problems. A risk to manage, or avoid?~JJL
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Americans, Canadians answer Ukraine call for foreign fighters
Andrew Hay and Rod Nickel - Bloomberg
A Texas software developer and a cook in British Columbia are among dozens of Americans and Canadians answering Ukraine's call for foreign volunteers to fight Russia's invasion. With their governments refusing to send troops to Ukraine out of fear of sparking a world war, Americans and Canadians told Reuters they were inspired by Ukrainians' fierce resistance. Many believe their democratic rights at home may ultimately be jeopardized if they do nothing to defend Europe.
/jlne.ws/3K96pDk
***** The foreign legion brigade is forming.~JJL
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Russia Is a Potemkin Superpower
Paul Krugman - NY Times
Beware, Vladimir Putin: Spring is coming. And when it does, you'll lose much of whatever leverage you had left. Before Putin invaded Ukraine, I might have described the Russian Federation as a medium-size power punching above its weight in part by exploiting Western divisions and corruption, in part by maintaining a powerful military. Since then, however, two things have become clear. First, Putin has delusions of grandeur. Second, Russia is even weaker than most people, myself included, seem to have realized.
/jlne.ws/3Iu1a0K
***** Paul Krugman is attempting to defeat Russia with the "pen is mightier than the sword" approach. It can be very demoralizing. Not sure how many Russians are reading the New York Times though.~JJL
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Why Ukrainians Believe They Can Win
Michelle Goldberg - NY Times
I met Volodymyr Yermolenko, a Ukrainian philosopher and the chief editor of UkraineWorld, an English-language news site, in Kyiv in 2019. I'd gone there to report on how Ukrainians felt about Donald Trump's attempts to extort their president, Volodymyr Zelensky, and on the American right's demonization of Ukrainians who'd worked against corruption. Yermolenko spoke, then, of Ukraine as a front line in the global battle between democracy and authoritarianism, with Europe on one side and Vladimir Putin's Russia on the other — and the role of the United States under Trump confusing and ambiguous.
/jlne.ws/3swubDt
***** Michelle Goldberg writes a compelling column on why Ukrainian democracy is a powerful force in this fight. Don't underestimate it.~JJL
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Monday's Top Three
Our most read story on Monday was S&P Global's, S&P Global and IHS Markit Complete Merger. Second was from Bloomberg, The West Weaponizes Russia's Central Bank Against Putin. Jerome Powell in a tank? Third was the Financial Times story, The best independent coffee shops in the world. I'm sorry our editor-in-chief is not here today to comment on this. She is quite the fan of coffee.
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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 | The West's Sanctions Barrage Severs Russia's Economy From Much of the World; The country has been all-but-unplugged from a global system that powered its yearslong transition from a closed society
Georgi Kantchev, Caitlin Ostroff, Matthew Luxmoore - WSJ
Western nations dropped economic sanctions of historic scale on Russia that are hobbling its financial system and effectively reversing 30 years of post-Cold War engagement. The economic moves by the U.S. and Europe, in response to the invasion of Ukraine, reverberated Monday through Russia's economy, which was largely cut off from much of the West, and hindered the ability of Russia's central bank to manage the country's financial system and mitigate the damage.
/jlne.ws/3tmZcsz
Putin's War Shows West Must Clean Up Dirty Money; U.S. leads crackdown on money laundering to squeeze Russian elite.
Paul J. Davies - Bloomberg
President Vladimir Putin's regime has been accused of corruption for years by campaigners and investigative journalists. The U.S. Treasury said it officially on Monday, directly calling Putin's regime a kleptocracy. Putin has given the U.S. and its allies the perfect chance to crack down on the lax practices and loopholes that facilitate corruption and allow dirty money to swill around Europe, the U.S. and elsewhere. President Joe Biden has pledged that his administration would battle money laundering and tax evasion by kleptocrats and criminals, starting in the U.S.
/jlne.ws/3tiOweK
EXCLUSIVE MSCI says removing Russia from indexes 'natural next step'
Sujata Rao and Karin Strohecker - Reuters
Russia's stock market is "uninvestable" after stringent new Western sanctions and central bank curbs on trading, making a removal of Russian listings from indexes a "natural next step", a top executive at equity index provider MSCI said on Monday.
"It would not make a lot of sense for us to continue to include Russian securities if our clients and investors cannot transact in the market," Dimitris Melas, MSCI's head of index research and chair of the Index Policy Committee, told Reuters.
/jlne.ws/3voo2eu
Londongrad will stand so long as enforcement stays weak; There is little point in new rules to tackle dirty money if the UK does not robustly enforce those it has
Cat Rutter Pooley - FT
Boris Johnson has decreed the end of Londongrad, the UK capital's cosy relationship with Russian money. "There will be nowhere to hide ill-gotten gains," the prime minister says. But that relies on there being someone to look for them. The UK government is introducing a flurry of reforms to stop "Putin's cronies hiding dirty money in the UK", as the home secretary Priti Patel puts it.
/jlne.ws/3HBMA66
Blockade on Russia Central Bank Neutralizes Defense Against Sanctions, U.S. Says; Follow-on sanction prevents Moscow from selling foreign currency to prop up ruble; Central Bank governor sees liquidity crisis
Ian Talley - WSJ
The U.S. and European Union blocked Russia's central bank from using its emergency reserves to protect the economy from the Western pressure campaign, a salvo the bank's governor said risked triggering a financial crisis. The coordinated action blocks the central bank from selling dollars, euros and other foreign currencies in its reserves stockpile to stabilize the ruble. Announcing the move Monday in Washington before U.S. markets opened, U.S. officials said they intended the sanctions to stoke already surging inflation, and the actions against the Bank of Russia are intended in effect to neutralize the country's monetary defenses.
/jlne.ws/3tjDYft
Russia's central bank shuts the country's stock market for a 2nd day as analysts warn it is 'uninvestable'
Harry Robertson - Business Insider
Russia's central bank closed the country's stock exchange for a second day Tuesday as it tried to limit the carnage in financial markets following tough Western sanctions. Strategists warned Russia is becoming increasingly "uninvestable", with huge amounts of its assets frozen, and with global financial institutions and companies scrambling to cut ties with the country.
/jlne.ws/36LNAI5
Investors struggle to trade Russian assets as sanctions hit market plumbing; Foreign fund managers hold at least $150bn combined in Russian stocks and bonds
Philip Stafford and Tommy Stubbington - FT
Global investors with at least $150bn in Russian securities on their books are scrambling to find ways to execute trades after western sanctions froze the country out of the global financial system. Foreign investors held $20bn of Russia's dollar debt and rouble-denominated sovereign bonds worth $41bn at the end of 2021, according to data from the Russian central bank. Holdings of Russian equities amounted to $86bn, Moscow Exchange data show. But the exclusion of many Russian banks from the Swift payments network means foreign investors are now stuck, unclear how they can exit without falling foul of the new sanctions, and unable to find counterparties who are willing and able to buy.
/jlne.ws/3spTNln
EU freezes assets of Russia's leading oligarchs and allies of Putin; Alfa Group's Mikhail Fridman, Rosneft's Igor Sechin and financier Alisher Usmanov on Brussels blacklist
Valentina Pop and Sam Fleming and Max Seddon -FT
The EU has frozen the assets and imposed a travel ban on more than half a dozen of Russia's most prominent oligarchs, many of them with close ties to President Vladimir Putin, as it penalises some of the country's most powerful people following the invasion of Ukraine. The individuals hit by the measures include Mikhail Fridman, the founder of Alfa Group, and fellow shareholder Petr Aven; Igor Sechin and Nikolai Tokarev, the respective chief executives of oil companies Rosneft and Transneft; and financier Alisher Usmanov. The blacklistings, which take immediate effect, are the latest in a round of increasingly punitive sanctions that the EU began implementing last week as it seeks ways of damaging the Russian economy and hampering Putin's war effort. Measures imposed by the US and western allies against the Russian central bank led to a steep decline in the rouble as well as frantic cash withdrawals by Russian citizens.
/jlne.ws/35iHQ8g
Ukraine Asks Binance, Coinbase, 6 Other Crypto Exchanges to Block Russian Users
Sandali Handagama - Coindesk
Ukraine's Ministry of Digital Transformation is sending official letters to eight cryptocurrency exchanges, requesting them to stop servicing Russian users because of concerns that digital currencies are being used to evade sanctions. The ministry is reaching out to Coinbase, Binance, Huobi, KuCoin, Bybit, Gate.io and Whitebit, along with Ukrainian exchange Kuna, according to a list shared with CoinDesk.
/jlne.ws/3MeQ6qq
Russia default 'extremely likely' if Ukraine crisis worsens, banking lobby says
Tommy Wilkes - Reuters
Russia is very likely to default on foreign debt and its economy will suffer a double digit contraction this year after the West launched sanctions unprecedented in scale and coordination, a global banking industry lobby group said on Monday. The Institute of International Finance (IIF) estimated that half of the Russia's central bank's foreign reserves are held in countries which have imposed freezes on its assets, severely shrinking the bank's policymaking firepower.
/jlne.ws/3po5lDO
More than $500 billion of Russian securities at risk as banks and clearinghouses react to sanctions
Steve Goldstein - MarketWatch
The dramatic moves to isolate Russia from the global financial system have effectively frozen securities worth more than $500 billion. At the end of last year, foreign investors held $62 billion in sovereign debt, two thirds of which was denominated in rubles, according to Central Bank of Russia data. The nominal foreign debt of Russian banks and corporations totaled $381 billion, the central bank data show. Foreigners held Russian equities valued at $86 billion, the Financial Times reported, citing Moscow Exchange data.
/jlne.ws/3K99t2i
'Flash Boys' Hero Sal Arnuk Has Joined the Flash Boys; High-speed trading critic Arnuk tweets about new job at Virtu; Arnuk says Virtu 'values diverse thought' enough to hire him
Nick Baker - Bloomberg
Say you fell asleep a decade ago -- maybe while reading a bulky regulatory filing about "payment for order flow" -- and just awoke. After firing up Twitter or tuning into the latest congressional hearing, you discover people involved in the stock market are yelling about many of the same things. Then and now, few topics tend to get the blood boiling like PFOF, the system in which retail brokers send their clients' orders off for execution by high-frequency trading firms like Citadel Securities or Virtu Financial Inc.
/jlne.ws/3K8fa0J
BNP, Pictet Join Funds Freezing Billions on Russian Losses; More than a dozen funds have been suspended around the world; Index providers are planning benchmark composition changes
William Patrick Geor Louch and Loukia Gyftopoulou - Bloomberg
More than a dozen funds managing at least $3 billion have been frozen as the fallout from Russia's invasion of Ukraine reverberates through financial markets. Swiss asset management firm Pictet Asset Management was among the latest batch of firms to write to investors telling them they had suspended activities or restricted investors from accessing their money from funds investing in Russian securities. Its $637 million Russian equities money pool is down 42% this year through Friday.
/jlne.ws/3K9M6FR
Russia's Money Is Gone; Also SPACs, 1MDB and Amalgamated/Amalgamated.
Matt Levine - Bloomberg
Sanctions
One great theme of the post-2008 financial world is that money is a social construct, a way to keep track of what society thinks you deserve in terms of goods and services. That has always been true, but modern finance has made it more obvious. I think that 15 years ago it was easier to think that money was an objective fact. Money is a kind of stuff, you might have thought, stuff with some predictable value that you can exchange for goods and services, and you can acquire a quantity of it and then you own that money and can use it however you like to buy things.
/jlne.ws/3IxUJK1
Dimon Says SWIFT Sanctions May Bring 'Unintended Consequences'; Bad actors are able to find 'workarounds,' JPMorgan says; CEO discusses Fed rate hikes, this year's M&A market outlook
Hannah Levitt - Bloomberg
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said disconnecting Russian banks from the SWIFT messaging system may bring "unintended consequences" that include third parties finding ways around the penalty. "What countries do you hurt? What people are going to do workarounds?" Dimon said Monday in an interview with Bloomberg Television.
/jlne.ws/3hKU0K1
Citigroup Has Nearly $10 Billion in Total Russian Exposure; Sanctions complicate Citigroup's attempt to sell its Russian consumer bank
David Benoit - WSJ
Citigroup Inc. C -4.44% disclosed Monday it had nearly $10 billion in total exposures to Russia at the end of 2021, some of which sit in a consumer bank it has been trying to sell and may now be stuck with. The New York giant, which bills itself as the world's truly global bank, is by far the most exposed of the big U.S. banks to Russia in the midst of a global sanctioning regime that is threatening Russia's economy after its invasion of Ukraine last week. Russia is, nonetheless, a small part of Citigroup's $2.29 trillion in assets.
/jlne.ws/35FChAx
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Hong Kong's Ballooning Covid Cases Shatter Investor Confidence; Bearish bets against city's shares are highest on record; Hong Kong dollar, property prices weaken as residents flee
Sofia Horta e Costa - Bloomberg
Investor confidence in Hong Kong is dwindling as the government loses its grip on an escalating omicron outbreak. Bearish bets against the city's shares have climbed to records, while the benchmark equity gauge is near a two-year low. Residents are converting the local currency into China's yuan at the fastest pace in more than a decade, while the Hong Kong dollar is moving toward the weak end of its trading band against the greenback. Even the city's typically resilient property market is showing cracks, with a gauge of home prices falling to an 11-month low.
/jlne.ws/36U6KvB
Hong Kong's Covid-19 Measures Pressure Finance in Asian Financial Hub; Some professionals ask employers whether they can relocate, while a few foreigners decide to resign and move home
Quentin Webb, Frances Yoon - WSJ
Hong Kong's most recent measures to combat Covid-19 are unsettling its large community of bankers and investors, many of whom were already struggling to square business and family commitments with severely curtailed travel. Some financial professionals have asked employers whether they can relocate, while a few expatriates have decided in recent months to resign and move home. Others are considering options that could split up their families for months or more as they try to move their children into more stable schooling and away from the risk of mandatory quarantine.
/jlne.ws/35BLTMP
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Real-time consolidated tape will deprive exchanges of an important revenue source, says Federation of European Securities Exchanges; Alongside its discouragement of a real-time tape, the federation has also suggested limiting systematic internaliser equity trading to above large in scale only.
Annabel Smith - The Trade
The Federation of European Securities Exchanges (FESE) has criticised EU regulators' plans for the implementation of a real-time consolidated tape, warning that it would deprive exchanges of an important revenue source.
/jlne.ws/35fcDTJ
MARF registers a bond programme from Traianus DAC
BME MARF
MARF, BME's Fixed Income market, has registered a bond programme for up to 10 billion euros from Traianus DAC. The issuer is an Irish designated activity company established for the purpose of issuing bonds under the programme. As set out in the issuer's general investment guidelines, its target sectors are in the social, transport, waste and water, power, energy and telecommunications sectors, according to the documentation that has been registered with the market
/bit.ly/3HxdlbU
The Spanish stock market trades 34.3 billion euros in February, 25% more than a year ago
BME
The Spanish stock exchange traded 34.3 billion euros in Equities in February, up 25% year on year and up 7% from the previous month. The trading volume so far this year is up 13.4%. The number of trades in February was 4.1 million, 2.3% lower year on year and 11.5% higher than in January 2022.
/bit.ly/348dlS8
Cboe Global Markets to Present at the Raymond James Institutional Investor Conference on Monday, March 7
Cboe
CHICAGO, Feb. 28, 2022 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, announced today that Ed Tilly, Chairman, President and Chief Executive Officer, Chris Isaacson, Executive Vice President and Chief Operating Officer, and Brian Schell, Executive Vice President, Chief Financial Officer and Treasurer, will present at the Raymond James Institutional Investor Conference on Monday, March 7 at 10:25 a.m. ET.
/bit.ly/3IB8UOv
Eurex Exchange Readiness Newsflash | Regulatory Reporting Solution (RRS) for non-MiFIR firms: Readiness Statement is available
Eurex
Dear Eurex Participant,
We would like to inform you about the submission of the "Readiness Statement" which is mandatory prior to the go-live of the Regulatory Reporting Solution (RRS) for non-MiFIR firms.
/bit.ly/3tmxT1A
ICE Global Network Introduces Global Hardware Procurement and Managed Services Solution; Collaboration with Techary provides ICE Global Network customers with hardware procurement, management and additional support
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced the launch of its global procurement and managed services solution with Techary, a leading provider of global technology solutions.
/bit.ly/3IxYYoV
Trading Overview in February 2022
JPX
Japan Exchange Group released Trading Overview in February 2022.
/bit.ly/3hpUzIZ
Regulator's Column: What SGX RegCo expects of business valuations for significant transactions
SGX
The value of an asset, including a business, that a listed company wishes to acquire, could be material to investors in their decision-making, including whether a shareholder would vote in support of the transaction.
/bit.ly/3CbR2Yk
The Taiwan Futures Exchange (TAIFEX) has announced the margin changed of BRF. The margins will be effective after the close of the regular trading session on 2022/03/02.
TAIFEX
/bit.ly/3ps5Ywl
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | The Coder Supply Chain Runs Through Ukraine; Big tech (Apple and Google), big banks (Citi and JPMorgan) and carmakers (Daimler and BMW) all rely on Ukrainian code.
van Levingston, Priya Anand, and Saritha Rai - Bloomberg
The maps that connect Lyft Inc. customers with their nearest driver, the grammar software that tells you when to use "whom" instead of "who" and the targeting system that helps players of the newest Assassin's Creed video game aim a weapon, all owe a debt of gratitude to programmers in Ukraine. The country is among the largest exporters of information-technology services in Europe, known for its well-educated and affordable labor market.
/jlne.ws/35GzC9N
UMR: Why real money managers require a FX tech evolution, not revolution; Scott Gold, head of sales for the Americas at BidFX, talks to The TRADE about the urgency of preparations for the final phase of UMR, and what needs to be done to effectively manage risk ahead of the changes.
Scott Gold - The Trade
Interest in clearing OTC FX, and more specifically, non-deliverable forwards (NDFs) is on the rise, as institutional asset managers seek to reduce the amount of margin they need to post under phase six of the uncleared margin rules (UMR) later this year (September).
/jlne.ws/3sxuq1e
HWA International enhances data provision through QUODD partnership; As part of the partnership, HWA's clients gain access to QUODD's Universal Data solution.
Wesley Bray - The Trade
Jersey-based financial market data provider QUODD Financial Information Services (QUODD) has formed a data partnership with trust accounting software provider, HWA International (HWA). HWA provides its software to wealth management firms, family offices, banks, trust companies, IRA's, CPA firms, special needs trusts and not-for-profit foundations.
/jlne.ws/3HwZAtG
Mastercard, Visa Block Some Russian Activity Due to Sanctions
Marion Dakers - Bloomberg
Mastercard Inc. and Visa Inc. have blocked certain Russian activity from their payment networks to comply with international sanctions. The U.S. companies did not name the affected customers, but cited efforts around the world to isolate Russia from the financial system in the wake of its invasion of Ukraine.
/jlne.ws/3K9MaW7
Fintech Across The Pond: Insight To Disrupt The Financial Ecosystem
Michelle Dhansinghani - Forbes
I've just returned to New York after 6 months of living in the UK, studying at the London Business School. I felt like Emily in Paris except it was Michelle in London, and instead of marketing I spent my days immersed in the fintech ecosystem.
It was during the London Fintech Happy Hour, hosted by Michael Jenkins of the This Week in Fintech Community, that I met Andre Reina. Andre is a fintech guru and Product Lead at unicorn and London start-up darling, TrueLayer. After the cocktail intros of name, place of origin, and occupation, somehow we dove into a policy discussion about the European regulation PSD2 and the massive opportunity that open banking had brought to Europe; it was an unexpected turn of events but absolutely one that I welcomed. At the time all of this seemed like a foreign language.
/jlne.ws/3vtyukJ
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| Cybersecurity | | Top stories for cybersecurity | Cyberattack on NATO could trigger collective defence clause - official
James Pearson and Jonathan Landay - Reuters
A cyberattack on a NATO member state could trigger Article 5, its collective defence clause, a NATO official said on Monday, amid concerns that chaos in cyberspace around Russia's invasion of Ukraine could spill over into other territories.
The military alliance has for years made clear that a serious cyberattack could trigger the clause, but such a scenario has so far been largely hypothetical.
/jlne.ws/3K865Vu
Russian Cyber War Poses Threat to Insurers as Well as Ukraine; Underwriters crack down, policyholders face potential losses; If Russia lashes out, the big question is: Who pays?
IIena Peng and Max Reyes - Bloomberg
Russian digital warfare against Ukraine and potentially other nations as part of its invasion is prodding cyber insurers to beef up language protecting them against losses, and has left policyholders uncertain about the extent of their coverage. Insurers, still dealing with the fallout from an infamous hack in 2017, have ramped up efforts to refine policies and spell out exactly what does and doesn't get covered in the event of a retaliatory attack by Russia for sanctions and other actions imposed by the U.S. and its allies. Cyber coverage is a relatively young industry, and lacks defined standards of accountability.
/jlne.ws/36TgdTS
Cybersecurity stocks gain on fears of 'a significant ramp-up of cyberwarfare' related to Russian invasion of Ukraine
Wallace Witkowski - MarketWatch
Cybersecurity stocks are in the black for the past year after a jump Monday, as Russian President Vladimir Putin issues veiled threats against countries that aid Ukraine. Global sanctions grow every day against Russia, well-known for its state-sponsored cyberwarfare capacity, as its troops occupy Ukraine. From the beginning, Putin has threatened those countries who try to "impede" Russia's war with consequences "never seen in history."
/jlne.ws/3psZXPU
Cybersecurity Stocks Rally as Investors Focus on Attack Risk
Ryan Vlastelica - Bloomberg
Shares of cybersecurity software companies rose on Monday, with the group extending its recent outperformance as analysts expect higher spending on security-related services as businesses and companies brace for cyber warfare. Among exchange-traded funds that track the sector, the Global X Cybersecurity ETF rose 3.8% and gained 13% over the past three sessions, its best three-day rally since December 2020. The First Trust NASDAQ Cybersecurity ETF gained 2.9%, and the ETFMG Prime Cyber Security ETF rose 3%. To compare, the iShares Expanded Tech-Software Sector ETF rose 1% while the tech-heavy Nasdaq 100 Index closed up 0.3%.
/jlne.ws/3hqKuLK
'Russia is going to get pretty beat up' by hacker collectives: Phosphorus Cybersecurity CEO
Yahoo Finance
Phosphorus Cybersecurity CEO Chris Rouland joins Yahoo Finance Live to talk about the cybersecurity measures U.S. banks should take following additional sanctions on Russia, the threat of hackers on the automotive industry, and hacker groups.
/jlne.ws/3KaUyVD
The Cybersecurity Implications Of The Russia-Ukraine Conflict
Emil Sayegh - Forbes
At this hour, the world is hurting in ways that people did not expect. The Ukrainian crisis has erupted into a significant conflict and whatever the ultimate outcome, the world will never be the same. As a company, we have employees, contractors and families that live in both the Ukraine and Russia. We are worried for their safety above all, as most are unable to leave. With the financial complications and sanctions, we now may not even be able to pay them. I know there are other companies and organizations trying to figure out what to do about their employees, partners, and the grave threats that they face. There is no doubt that the human cost will endure longer than the effects of artillery and we hope that cooler heads ultimately and quickly prevail, especially with the specter of a nuclear war now looming large.
/jlne.ws/3IABQWP
Ransomware Attackers Begin to Eye Midmarket Acquisition Targets; Hackers see companies with private equity, venture capital ties as lucrative targets
Richard Vanderford - WSJ
About two months after it was bought in the fourth quarter of 2021 by a private-equity firm, a midsize manufacturer had to pay a ransomware group that had locked up its hardware systems. It cost the company about $1.2 million to have its systems released, paid to a group suspected of links to the Russian ransomware group REvil, said Richard Peters, a cybersecurity expert at consulting firm UHY LLP. He couldn't name the company, a client, for confidentiality reasons.
/jlne.ws/36LYMEB
The ACSC encourages Australian organisations to urgently adopt an enhanced cyber security position
ASIC - Australian Securities and Investments Commission
Australian organisations are encouraged to urgently adopt an enhanced cyber security position. Organisations should act now and follow ACSC's advice to improve their cyber security resilience in light of the heightened threat environment.
/jlne.ws/3K9JeJs
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| Cryptocurrencies | | Top stories for cryptocurrencies | Uncle Sam Turns to Crypto Exchanges to Impede Russian Sanction Evaders
Martin Young - FX Empire
The U.S. government has asked cryptocurrency exchanges to ensure Russian organizations and individuals are not using digital assets to circumnavigate sanctions imposed on them. According to a March 1 Bloomberg report citing "people with direct knowledge of the matter," the White House's National Security Council and the Treasury Department have turned to crypto trading platforms for assistance in the financial blockade.
/jlne.ws/3HySRj4
120 Million XRP Moved as the Ripple Lawsuit Expert Discovery Wraps Up
Varuni Trivedi - FX Empire
For most of the last week, the larger market seemed to be at a more or less standstill as the global crypto market cap oscillated around the $1.7 trillion mark. Amid more significant international tensions, the top crypto assets like Bitcoin, Ethereum, and XRP struggled to keep their price above crucial support levels. However, while BTC and ETH saw no significant changes in their larger supply-demand, XRP, on the other hand, presented a perplexing scenario.
/jlne.ws/3C216D3
BitConnect's Indicted Founder Kumbhani Has Disappeared, SEC Says; Suspect 'likely relocated from India,' SEC tells U.S. judge; Prosecutors charged Kumbhani in $2.4 billion Ponzi scheme
ByDavid Voreacos - Bloomberg
BitConnect founder Satish Kumbhani, charged criminally in the U.S. last week with a $2.4 billion Ponzi scheme, has vanished from his native India, officials said. Last September, the Securities and Exchange Commission separately sued Kumbhani, claiming he fraudulently raised more than $2 billion from investors in his cryptocurrency exchange platform. But the SEC didn't know where he was and couldn't serve him with the lawsuit.
/jlne.ws/3hvz8pG
The Metaverse Finally Has a Killer App: Poker; Decentraland is buoyed by casinos where players gamble for a chance at crypto wealth.
Cecilia D'Anastasio - Bloomberg
One of the buzziest metaverses today is Decentraland. Visitors enter the virtual space through a web browser, choose an avatar, and are transported to a vibrant digital hub where they can tour a replica of Sotheby's London art gallery, attend a virtual Paris Hilton concert, or visit a JPMorgan Chase & Co. lounge featuring a portrait of Jamie Dimon.
/jlne.ws/3HzuXE1
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| Politics | | An overview of politics as it relates to the financial markets | Cancel Culture Against Russians Is the New McCarthyism; Demanding that performers and athletes speak out against Putin's Russia is un-American.
Tyler Cowen - Bloomberg
A new McCarthyism is stalking America: the "canceling," or threatened cancellation, of Russian performers, musicians, artists and athletes. The Metropolitan Opera of New York has announced it will no longer stage performers who have supported Russian President Vladimir Putin. Carnegie Hall has done the same, and the Royal Opera House in London is canceling a planned Bolshoi Ballet residency. I expect more institutions to follow suit. Russia's contemporary art scene, already financially struggling, fears ostracism from museums and collectors, mostly because of Putin's recent actions.
/jlne.ws/3psVjkW
Microsoft to remove apps for Russia's state-owned RT
Reuters
Microsoft said on Monday it would remove Russian state-owned media outlet RT's mobile apps from the Windows App store and ban advertisements on Russian state-sponsored media, as global tech firms respond to Moscow's invasion of Ukraine. The company said it would not display any state-sponsored RT and Sputnik content, de-rank their search results on Bing and not place any ads from its ad network on those sites.
/jlne.ws/3tnLNAu
Twitter will label, reduce visibility of tweets linking to Russian state media
Reuters
Twitter is adding labels and reducing the visibility for tweets containing content from Russian state-affiliated media Web sites like RT and Sputnik, the social media company said on Monday. It said that since Russia invaded Ukraine on Thursday, it had seen more than 45,000 tweets a day from people sharing these links. Twitter said this meant the majority of content from state-affiliated media was coming from individuals sharing the material rather than the state-affiliated media accounts it already labels.
/jlne.ws/3C38mym
U.S. Prods Exchanges to Thwart Crypto Use by Sanctioned Russians; White House, Treasury seek to bolster financial restrictions; Ukraine has urged platforms to block Russian clients
Ben Bartenstein and Allyson Versprille - Bloomberg
The Biden administration is asking crypto exchanges to help ensure that Russian individuals and organizations aren't using virtual currencies to avoid sanctions leveled on them by Washington, according to people with direct knowledge of the matter.
/jlne.ws/3K74nnn
Japan Will Freeze Russia Foreign-Exchange Reserves, Nikkei Says
Bloomberg News
Japan will join other Group of Seven nations and freeze the Russian central bank's foreign-exchange assets, the Nikkei newspaper reported -- preventing Vladimir Putin's government from accessing tens of billions of dollars held in Japan.
/jlne.ws/3C13nyi
Steam Co-founder Reveals Why The Platform Dropped Bitcoin Support
Varuni Trivedi - FX Empire
Valve's video game digital distribution service Steam was an early BTC adopter. However, the platform's journey with the top crypto asset was short-lived. Bitcoin was introduced as a payment method on Steam in April 2016 and removed in December 2017. In a recent interview, Steam co-founder and president Gabe Newell revealed the reasons behind the platform's short journey with BTC.
/jlne.ws/3IxkSsE
India sticks with Russia after Vladimir Putin's invasion of Ukraine; New Delhi is reluctant to upset Moscow due to deep trade and defence links and anxiety over China
Chloe Cornish and Benjamin Parkin - FT
An increasingly isolated Vladimir Putin left Russia for only the second time during the pandemic last December. His destination was New Delhi and his focus was on preparing for future conflicts.
/jlne.ws/3swsKVx
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | SEC: Former Ameriprise Advisor Involved in Crypto Scam
Wealthmanagement.com
Arizona-based advisor Richard Hoffman urged clients to invest with the "Michael Jordan of algorithmic cryptocurrency trading" but did not disclose the alleged Ponzi scheme agreed to give him up to $1.5 million in low-interest loans in return, according to the commission and other reports.
/jlne.ws/3ICMr3S
ISDA Publishes Documentation to Align Derivatives and SFT Markets
ISDA
The International Swaps and Derivatives Association, Inc. (ISDA) has published a new definitional booklet and related set of provisions designed to allow firms to document derivatives and securities financing transactions (SFTs) under a single ISDA Master Agreement.
/jlne.ws/3psQIiG
FCA brings new MiFID II unbundling exemptions into force; MiFID II amendments mirror some of the changes brought into force in the EU yesterday through the Quick Fix Directive, including the removal of best execution reports.
Annabel Smith - The Trade
The UK's Financial Conduct Authority (FCA) has introduced new research unbundling exemptions in a bid to foster competition in the research market. Brought in under MiFID II, unbundling rules - which required brokers to separate payments for research and execution - have been criticised by those who claim that it has led to a lack of competition in the research market, favouring larger providers who can afford subsidise their research departments.
/jlne.ws/3420wbM
NFA orders Newport Beach, Calif. commodity trading advisor Plus EV Capital LLC never to reapply for NFA membership
NFA
NFA has ordered Plus EV Capital LLC (EV Capital), a former NFA Member commodity trading advisor located in Newport Beach, Calif., never to reapply for membership or act as a principal of an NFA Member. NFA also ordered Rohit Chopra, EV Capital's sole owner, principal and associated person, not to reapply for membership or act as a principal of an NFA Member for three years. If Chopra seeks NFA membership following the three-year period, he must pay a $100,000 fine.
/jlne.ws/3HyX5qX
FMA censures CTRL Investments for derivatives issuer licence breaches
FMA
The Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko has censured CTRL Investments Limited for contravening the conditions of its derivatives issuer (DI) licence.
Through its ongoing monitoring of the DI sector, the FMA was satisfied that CTRL had materially contravened two standard conditions of its licence by failing to comply with requirements for certain outsourcing arrangements and allowing clients who did not understand derivatives and associated risks, to trade.
/jlne.ws/3IFzkio
FCA sets out new employment offer
FCA
This follows an extensive, wide-ranging and comprehensive consultation with all FCA colleagues and the FCA's Staff Consultative Committee. The changes, including updates to the proposals consulted upon, will mean that the FCA continues to provide one of the best reward packages of any regulator or enforcement agency in the UK.
/jlne.ws/3IDF0t1
FCA looks for members to help shape secondary markets work
FCA
The Financial Conduct Authority (FCA) is establishing a new advisory committee on secondary markets and is looking for expressions of interest from market participants to join.
/jlne.ws/3sxlbhy
FCA launches claims management companies fees cap
FCA
From today, new restrictions will apply to claims management companies (CMCs) to prevent them from charging excessive fees to consumers owed compensation from financial services firms.
/jlne.ws/3sxlM2M
SEC Obtains Final Judgment Against Former Pharmaceutical Company CEO Ordering a Permanent Officer and Director Bar and $1.3 Million in Penalties
SEC
On February 23, 2022, the United States District Court for the Eastern District of New York entered a final judgment against Martin Shkreli, the former CEO of Retrophin, Inc., a publicly traded pharmaceutical company. The Court granted in its entirety the SEC's motion for a permanent officer and director bar and $1.392 million in civil penalties. Shkreli previously consented to a partial judgment ordering injunctions against future violations of the securities laws.
/jlne.ws/35HCvXS
SEC Amends Complaint in Fraudulent Mutual Fund Case and Settles with Two Defendants
SEC
The Securities and Exchange Commission has amended the complaint in its civil fraud case to bring additional charges against California resident Ofer Abarbanel and others, and also obtained consent judgments against two other participants in the scheme resulting in more than $77 million being returned to harmed investors.
/jlne.ws/3Hx0vdC
A Conversation with Cynthia Adams, Jefferies
SIFMA Editors
SIFMA's Compliance & Legal Society is the leading forum for compliance and legal professionals working in the financial services industry. With a rich 50-year history, it provides a unique opportunity for industry leaders and regulators to come together to share information and collaborate with the goal of ensuring our capital markets are the most fair, transparent and ethical in the world.
/jlne.ws/3Iu7aXk
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | How Russia's attack on Ukraine blindsided investors; Plus, Terry Smith's woes, Russia's key role in commodities markets and Picasso portraits
Harriet Agnew - FT
Russia/Ukraine: 'investors are on the back foot'
At a briefing on Wednesday afternoon in London to discuss the outlook in emerging markets, executives at Ashmore, an investment house specialising in developing countries, kicked off by addressing "the elephant in the room" — Russia.
/jlne.ws/3K7zyyO
Ukraine to issue 'war bonds' to fund armed forces; Government official pledges to honour debts on time despite Russian invasion
Robert Smith and Tommy Stubbington - FT
Ukraine is planning to issue a "war bond" to fund its armed forces in their battle against Russian invasion as the country sought to reassure international investors that it will not default on its debt. The Ukraine finance ministry unveiled its plans to raise money to fund its war effort, in the announcement of a new bond auction scheduled for Tuesday. "In the time of military aggression of the Russian Federation, the ministry of finance offers citizens, businesses and foreign investors [the chance
/jlne.ws/3vpPDvP
UK insurers reveal misgivings over reform aimed at freeing up billions for investment; Industry remains uneasy about lack of detail on key changes to post-Brexit rewrite of Solvency II rules
Ian Smith - FT
Insurance executives reacted warmly last week to the first glimpse of the UK government's plan to overhaul the sector's EU-era rules, aimed at unlocking tens of billions of pounds to invest in the post-Brexit economy. But now having had time to pore over the remarks by John Glen, the City minister, at the Association of British Insurers' annual dinner, some have tempered their enthusiasm.
/jlne.ws/3HtJTU5
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | BP Tips the Gender Balance in Male-Dominated World of Oil; Energy giant's top leadership team now has more women than men; Company now aims to reach gender parity in other senior roles
Laura Hurst - Bloomberg
BP Plc has become the only major oil company to have more women than men in its group of top executives, bucking the status quo in a male-dominated industry. On Tuesday, Anja-Isabel Dotzenrath and Leigh-Ann Russell joined Chief Executive Officer Bernard Looney's leadership team, tipping the gender balance to six women and five men. BP is now setting its sights on the next rungs of management, aiming to achieve gender parity among its 120 most senior leadership roles by 2025 and have women occupying 40% of roles in the next layer down.
/jlne.ws/3C5szDG
British energy producer poised to sell North Sea gas to Gazprom; London-listed IOG struck deal with Russian state energy company months before Ukraine invasion
Nathalie Thomas and Jim Pickard - FT
A British energy group will sell gas produced from one of the newest fields in the North Sea to a subsidiary of Gazprom at a time when western companies are under pressure to sever business links with Russia. London-listed gas producer IOG has committed to sell its share of production from the Elgood gasfield to the Russian state energy company's UK-based trading and marketing arm for two years.
/jlne.ws/3C30AEM
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Emles Advisors to Donate All ETF Creation Fees to Support Aid to the People of Ukraine; Emles Advisors Calls on the Investment Community to Follow Suit.
Emles Advisors LLC
Emles Advisors LLC ("Emles") announced today that it will match all creation fees collected through June 28, 2022, to support the dire humanitarian situation in Ukraine. The Emles donation will match 100% of creation fees collected across the firm's suite of exchange-traded funds (ETF) to the Red Cross to help support civilians affected by the armed conflict through Ukraine's Constitution Day on June 28, 2022.
/jlne.ws/3HBA8n6
Archegos in settlement talks with banks -FT
Reuters
Archegos Capital Management is in talks with global banks to avoid a legal battle that would expose details of the deals that led to the family office's meltdown last year, the Financial Times reported on Tuesday, citing three people familiar with the matter.
/jlne.ws/3K7qQAC
These 10 Mutual Funds Have the Most Exposure to Russia
Suzanne Woolley - Bloomberg
They may not have Russia in their name, but a number of popular mutual funds have significant exposure to the country, with one nearing 17% of assets. The U.S.-based equity mutual fund with the highest exposure to Russia in percentage terms is the $8.8 billion GQG Partners Emerging Markets Equity Fund, which had 16.6% of assets, or about $1.5 billion in U.S. dollar terms, exposed to Russian securities at the end of September, according to data provided by Morningstar Direct. Sberbank of Russia PJSC is among the fund's top 10 holdings.
/jlne.ws/3MgUPZ4
JPMorgan, Danske Bank Freeze Funds Exposed to Russian Assets; JPMorgan suspended its Emerging Europe fund and Russia fund; Danske's Eastern European fund has also stopped trading
Loukia Gyftopoulou and William Patrick Geor Louch - Bloomberg
JPMorgan Chase & Co. and Danske Bank A/S were among asset managers to freeze funds with exposure to Russian equities amid a plunge in markets. JPMorgan Asset Management said clients won't be able to buy or redeem shares in the JPM Emerging Europe Equity fund or its Russia fund, according to a statement Monday. Danske Invest Management said it is suspending trading in its Eastern European fund, while Liontrust Asset Management Plc said on Monday it is halting withdrawals and purchases of its Russia fund until further notice.
/jlne.ws/35EgWYe
Leveraged Russia Fund Down 50% in a Week Is Liquidated; Direxion says RUSL ETF could not work efficiently in long term; Issuer suspended share creations last week as sanctions hit
Denitsa Tsekova - Bloomberg
One of the largest issuers of leveraged and inverse exchange-trade funds is shuttering an amped-up Russia product after sanctions derailed trading in the country's assets. Direxion Shares ETF Trust said late Monday it will liquidate and close the Direxion Daily Russia Bull 2X Shares ETF (ticker RUSL), a U.S.-listed fund that seeks to deliver double the daily performance of the Market Vectors Russia Index. Volatility and "restrictions on Russian securities resulting from sanctions and other measures" are behind the move, the firm said.
/jlne.ws/3sG1vIt
Man Group Has No Russian Money And Exited The Country's Bonds; CEO Luke Ellis spoke in a Bloomberg TV interview on Tuesday; Ellis said the firm had also sold out of Ukrainian bonds
Nishant Kumar -Bloomberg
Man Group Plc doesn't have any Russian clients money and sold out of Russian and Ukrainian bonds amid Vladimir Putin's invasion of the country, the firm's Chief Executive Officer Luke Ellis said on Tuesday. "I don't like doing business in places where you need a bodyguard," Ellis said in a Bloomberg TV interview. He said his investment team anticipated that there was going to be capital controls and the firm was very underweight by the time countries across the world announced sanctions against Russia.
/jlne.ws/3vsJL4U
Abrdn rules out Russia investment for 'foreseeable future'; Fund manager has reduced exposure to the country to 0.5% of total assets
Adrienne Klasa - FT
Abrdn has reduced its exposure to Russia and Belarus in recent weeks and will not invest there for the foreseeable future, the UK asset manager said as it reported a 47 per cent rise in operating profits in 2021 to £323mn. The fund manager reported net outflows of £6.2bn on Tuesday, slightly higher than the £6.1bn expected by analysts, but a marked improvement on previous years. The company, whose assets under management and administration rose 1 per cent to £542bn, has experienced net outflows every year since 2016.
/jlne.ws/3psnv7u
Archegos and banks in settlement talks amid block trades probe; Six banks lost about $10bn when they liquidated the family office's positions in US-listed companies
Tabby Kinder and Eric Platt -FT
Archegos Capital Management and global banks are in negotiations to avoid a protracted courtroom battle that would expose details of the deals that led to the unravelling of the family office, according to three people familiar with the matter. The potential legal battle centres on billions of dollars of swaps contracts agreed between banks such as Morgan Stanley and Credit Suisse and the family office run by former hedge fund manager Bill Hwang, which spectacularly imploded last March.
/jlne.ws/3teWXaS
Shanghai ETF assets surge by 26% in 2021; Bourse's ETF trading volume last year exceeded that of all other Asian markets at $2.36tn
Fred Chan - FT
Assets held in Shanghai-listed exchange traded funds soared to a record Rmb1.14tn ($180bn) by the end of 2021, a 26 per cent increase on the previous year, according to data published by the Shanghai Stock Exchange. The exchange also noted that the percentage of ETF-only retail investors who made a profit last year surpassed those who invested in both stocks and ETFs.
/jlne.ws/3vu7phE
Asset managers flee Russia as volatility spreads; Liontrust and JP Morgan suspend funds; With the Moscow Stock Exchange shuttered until at least 5 March, fund managers are rapidly attempting to unwind their Russian positions.
Laurie McAughtry - The Trade
The ongoing Russian invasion of Ukraine and the rapidly scaled-up economic sanctions against Russia - including asset freezes, a ban on transactions with the central bank, and the cancellation of rouble trade settlements - has led to a scramble amongst investment managers to delink and distance themselves from the Russian market.
/jlne.ws/3HrFwJe
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Hong Kong residents empty store shelves as lockdown looms; Beijing dispatches health officials to help manage China's worst outbreak as panic buying surges
Primrose Riordan, Chan Ho-him and Andy Lin - FT
Panic buying in Hong Kong has cleared supermarket shelves and long queues have formed outside banks and pharmacies as residents stocked up in anticipation of a citywide lockdown in the coming weeks.
/jlne.ws/3podfNu
Spain Says Algeria's Ready to Send More Gas to Europe; Spain's Ribera says Ukraine war shows need to diversify supply; European Commission working on measures to ease energy crunch
Alonso Soto - Bloomberg
Algeria is ready to send more natural gas to the European Union if Russian supplies of the fuel are disrupted by the war with Ukraine, according to a Spanish government minister, despite the African nation's exports stalling in recent years.
/jlne.ws/3htwfWx
What the War in Ukraine Means for the World's Food Supply
Michael J. Puma and Megan Konar - NY Times
As we watch Ukrainian refugees arrive by car and foot in Poland, it's hard not to recall World War II, when the region was ravaged by fighting, famine spread and millions of Ukrainians died of starvation. We're nowhere near that point; this time, however, food disruptions won't remain an insular crisis. What is happening in Ukraine now already is radiating outward and threatening food availability in less prosperous nations that have come to depend on exports of grains and other food products from Ukraine and Russia.
/jlne.ws/3sw3HBU
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| Miscellaneous | | Stories that don't quite fit under the other sections | A Little-Noticed Reason Workers Quit: Too Little Work; Employers often give people less than 40 weekly hours, leading to resignations and more trouble finding workers
Te-Ping Chen - WSJ
American workers quit a record 47 million jobs last year. They quit for better pay, or to be their own boss, or to work around child-care needs, or from worry about catching Covid-19. Some were burned-out and just wanted a break. There's another reason, less recognized: Their employer wouldn't give them enough hours.
/jlne.ws/3K0Syz0
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