| February 25, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
While the human-made conflict is being waged in the Ukraine as Russia invaded yesterday, there is still another battle being waged globally, with a hot spot in Hong Kong. The coronavirus is roaring there and restrictions are severe, limiting people's ability to venture out or even meet. Many expats are leaving, heading for somewhere with more flexibility or freedom.
In response to the virus flare-up, Hong Kong Exchanges and Clearing Limited (HKEX) is supporting the ongoing covid relief efforts in Hong Kong with a HK$10 million donation from HKEX Foundation. HKEX says "This is our community - fighting the pandemic, together."
Eurex is hosting a focus day dedicated to digital assets and crypto derivatives on March 21. Sponsored by Coinbase Institutional and Jane Street, the event will feature insights into institutional adoption, business cases for blockchain and DLT, crypto regulation, and more. Speakers include Coinbase's Jan Kühne, Eurex's Randolf Roth and Acuiti's William Mitting on the market factors informing institutional adoption. The keynote address is by J. Christopher Giancarlo on crypto regulation. For details and to attend, click HERE.
An exclusive Reuters story says "Ukraine calls on hacker underground to defend against Russia." Reuters reports the "government of Ukraine is asking for volunteers from the country's hacker underground to help protect critical infrastructure and conduct cyber spying missions against Russian troops, according to two people involved in the project." After all those years of playing video games, now is your chance to show-off your hacking skills to help the people of Ukraine.
Registration for the STA Washington Spring Update on Wednesday, March 30, opens soon. This is a call to inaction, but to be ready. STA will host congressional and regulatory leaders responsible for oversight of our markets, who will present alongside business leaders from our industry for this one-day virtual event. The topics of discussion will include: pending legislation that will impact our industry, an early look at the midterm elections, 2022 priorities of the Securities & Exchange Commission, digital assets, stable coins and blockchain and more. The featured regulatory speaker is Commissioner Hester M. Peirce of the U.S. Securities and Exchange Commission.
I have one theory about why the press is so fixated with Sam Bankman-Fried, besides all the money he has made and why you often see him pictured. I call it my "Einstein's hair theory." Bankman-Fried has wild hair that looks like Einstein's. Another example of this being popular with the press is the most photographed member of the New York Stock Exchange, Peter Tuchman. He has the same kind of hair.
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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SPACs, the 'Poor Man's Private Equity,' Made Investors Poorer; Virgin Galactic's woes reveal why retail investors have turned ice-cold on blank-check companies.
Chris Bryant - Bloomberg
The putative success of Virgin Galactic Holdings Inc.'s stock listing in 2019 helped kick-start the blank-check craze, encouraging a wave of profitless (often revenue-less) startups to merge with special purpose acquisition companies. It's no wonder, then, that as the SPAC boom turns to bust and rising interest rates trigger a reassessment of far-in-the-future cash flows, the hype around Richard Branson's suborbital space tourism company has also deflated. The stock has declined 84% from its June high.
/jlne.ws/3HjxXEr
***** How do you make a poor man poorer? You SPAC on them.~JJL
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Hong Kong Virus Cases Surge Again as Record Outbreak Worsens
Linda Lew - Bloomberg
City announces 47 deaths; 51 patients in critical condition; Outbreak has thrown Hong Kong's Covid strategy into disarray
Hong Kong reported 21,979 virus cases on Friday as officials struggle to contain the city's worst ever outbreak and residents prepare for mandatory mass testing next month that's set to uncover even more infections. That's up from 17,269 on Thursday. The city also announced 10,010 confirmed cases.
/jlne.ws/3BS7DjF
***** This could not only be disruptive to Hong Kong, but to the markets as more expat traders and bankers find a new place to work from.~JJL
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SEC Probes Trading by Elon Musk and Brother in Wake of Tesla CEO's Sales; Investigation looks partly at Kimbal Musk's trades before brother's pledge to sell based on Twitter poll
Dave Michaels - WSJ
The Securities and Exchange Commission is investigating whether recent stock sales by Tesla Inc. TSLA 4.81% Chief Executive Elon Musk and his brother, Kimbal Musk, violated insider-trading rules, according to people familiar with the matter. The SEC's investigation began last year after Kimbal Musk sold shares of Tesla valued at $108 million, one day before the Tesla chief polled Twitter users asking whether he should unload 10% of his stake in the electric-car maker and pledging to abide by the vote's results.
/jlne.ws/36HV279
***** Thinking outside the box is a great way to make a lot of money. Thinking, and acting, outside the lines is a great way to give a lot back.~JJL
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Laundered Money Could Be Putin's Achilles' Heel
Paul Krugman - NY Times
The United States and its allies aren't going to intervene with their own forces against Vladimir Putin's invasion of Ukraine. I'll leave it to others with relevant expertise to speculate about whether we'll send more arms to the Ukrainian government or, if the Russian attack achieves quick success, help arm the Ukrainian resistance.
/jlne.ws/3JTGOyq
***** The military battlefield is important, but so is the financial battlefield. And this one could be very personal for some Russians who have squirreled money away in the West for decades.~JJL
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Thursday's Top Three
Coming in first as the most read story Thursday was the compelling tale from The Wall Street Journal As the Fed considers minting the first digital dollar, it is tapping experts from a crypto company with a stake in the outcome. Second is Barron's How to Use Options to Cash In on Stock Market Fear and third is
Reuters Missiles rain down around Ukraine
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
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Editor
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Associate Editor
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| Lead Stories | Western sanctions disrupt traders' ability to buy and sell Russian assets; Investors say the market for the country's stocks and bonds is 'completely dislocated'
Philip Stafford and Tommy Stubbington - FT
Investors' ability to buy and sell Russians assets like stocks and bonds has deteriorated sharply in a sign that western sanctions are eroding the country's links to foreign capital markets. Clearstream, a group that plays a central role in the European financial system, has cut off settlement of trades in roubles as banks, fund managers and trading infrastructure operators begin to remove Russia from global markets due to sanctions on Russian banks like VTB.
/jlne.ws/3IkA8bX
Swift delay highlights divisions in US-led sanctions alliance against Russia; Failure to kick Russia out of the global payments system exposes split in the west's common purpose
Jonathan Guthrie - FT
US president Joe Biden and UK prime minister Boris Johnson launched tough new financial sanctions against Russia as if unleashing military-grade retaliation. But there was nothing in either package that Vladimir Putin cannot have already discounted as an acceptable price for invading Ukraine.
/jlne.ws/3viaZuV
South Korea Wants to Graduate From Emerging Markets; If it succeeds, it could become the first country to secure developed-market status from MSCI since Israel was elevated in 2010
Frances Yoon - WSJ
South Korea is reviving a longstanding push to be upgraded to a developed market by MSCI Inc., a change that could pull in more than $40 billion in foreign capital. As an emerging market, South Korea ranks alongside countries such as Colombia, Egypt and the Philippines. That jars in a wealthy country that nowadays boasts the world's 10th-largest economy, a $2.3 trillion stock market, high-tech heavyweights such as Samsung Electronics Co., and global soft power thanks to cultural exports like the Netflix series "Squid Game" and K-pop group BTS.
/jlne.ws/3JUpZDr
Crypto Liquidity Dries Up as Billions in Market Value Evaporates
Muyao Shen and Jialiang David Pan - Bloomberg
Futures open interest is about half amount seen in November; Price slide comes as fewer Bitcoin tokens are circulating
Trading volume has slowed across many cryptocurrency trading platforms during the rout in global assets triggered by the Ukraine crisis, a potentiality troubling sign for a sector that has billed itself as alternative to traditional finance.
/jlne.ws/3MdqBWT
Indian police arrest former official at top bourse NSE - source
Chitra Ramkrishna - Reuters
India's federal police arrested a former senior official of the country's largest stock exchange, a police source said on Friday, as part of an investigation into alleged corporate governance lapses at the bourse. Anand Subramanian, a former top adviser to the National Stock Exchange's (NSE) former CEO Chitra Ramkrishna, was arrested by the Central Bureau of Investigation (CBI) in connection with a 2018 case involving allegations that the bourse provided some high-frequency traders unfair access to speed up algorithmic trading, the source said.
/jlne.ws/3M3oQew
The impact of throwing Russia out of Swift; The messaging network has become the embodiment of the "weaponisation of finance"
Claire Jones - FT
Vladimir Putin's declaration of war on Ukraine has revived calls to kick Russia out of Swift. The measure is seen as among the most severe that the US, EU and UK could take. Denying Russian banks access to Swift is far from a given. It would, for instance, undermine Europe's capacity to pay for Russian oil and gas, perhaps raising energy prices in the process. Imposing a ban would also require strong consensus. At present, it's only the UK that really wants it and some EU members remain set against it.
/jlne.ws/3BTe9H2
Deutsche Bank chief exchanged friendly messages with client ditched over suspicious payments; Christian Sewing sent WhatsApp messages to Daniel Wruck when he was on his way to a state visit to China
Olaf Storbeck - FT
Deutsche Bank chief executive Christian Sewing exchanged friendly WhatsApp messages with a German businessman who the bank had ditched as a client after a number of potentially suspicious payments. Sewing is the latest high-ranking executive with apparent personal ties to Daniel Wruck, a well-connected Frankfurt entrepreneur with close links to Germany's political and financial elite.
/jlne.ws/3shAnzc
AFME warns 'suboptimal' MiFIR review undermines Europe's competitiveness and favours certain venues; Industry association has hit out against proposed changes to the systematic internaliser regime in equities and transparency thresholds in fixed income.
Annabel Smith - The Trade
The Association of Financial Markets in Europe (AFME) has warned that changes proposed in the MiFIR review threaten Europe's global competitiveness and undermine the capital markets union objectives. In an open letter, the industry association has criticised proposed changes to the systematic internaliser regime in Europe, stating that they limit the execution options available to those investing in the EU and expose bank liquidity providers to increased risk that could lead to lessened competition.
/jlne.ws/3vxY34v
Exclusive-Ukraine calls on hacker underground to defend against Russia
Joel Schectman and Christopher Bing - Reuters
The government of Ukraine is asking for volunteers from the country's hacker underground to help protect critical infrastructure and conduct cyber spying missions against Russian troops, according two people involved in the project.
/jlne.ws/3BO34XD
EU warns of Hong Kong exodus as diplomats oppose Covid controls; Bloc says 10% of European expatriates have left Asian financial centre over its pandemic rules
Primrose Riordan - FT
The EU has warned that more than one in 10 expatriates from its member states have left Hong Kong because of its tough Covid-19 controls, as western consulates mount a diplomatic campaign to persuade the Asian financial centre to ease the restrictions.
/jlne.ws/35rjatW
Ukraine invasion sends volumes surging on Chicago's commodity exchanges; Prices gyrated for key commodities like oil and gas, as well as agricultural staples, while CBOE's volatility index was set to record twice the normal daily volume.
Steve Daniels - Crain's Chicago Business
Trading volume at Chicago's futures and options firms were set to blast through highs not seen for two years as bets and hedges were placed on natural gas, oil, wheat and other staples. Not surprisingly, CBOE Global Markets and CME Group didn't see the major stock hits that banks and other financial services players suffered from Russia's Ukraine invasion.
/jlne.ws/3t8OpCi
In 1MDB Scam, Sheikh Wouldn't 'Get Out of Bed' for Less Than $100 Million, Leissner Says
Greg Farrell and Patricia Hurtado - Bloomberg
One hundred million dollars -- that was the cost of doing business in the multibillion-dollar 1MDB scam, former Goldman Sachs Group Inc. banker Tim Leissner testified. Leissner, 52, the U.S. government's star witness in its case against ex-Goldman banker Roger Ng, provided a description of the payment system Wednesday for a jury in Brooklyn, New York. Leissner told of a meeting at which Jho Low, the alleged architect of the massive fraud, spelled out who he said needed to be paid off for approval to raise and spend billions of dollars for Malaysia's wealth fund, 1Malaysia Development Bhd.
/jlne.ws/3Hh5Iq2
What to Watch in Commodities: Ukraine Impact Roiling Markets
Bloomberg News
Raw materials hit record high in wake of Russian invasion; OPEC+ meets in middle of week to discuss oil supply plans
Russia's invasion of Ukraine triggered a wild end to the week for commodity markets, and there's likely more tumult to come amid supply snarl-ups, sanctions and an altered geopolitical landscape. Ukraine's President Volodymyr Zelenskiy said his nation was continuing to resist the assault, which has prompted widespread sanctions from the West. Brent crude pushed higher and was trading near $102 a barrel heading for the weekend, while grains prices surged and gold resumed its advance.
/jlne.ws/3vdCqGl
BitMEX Founders Hayes, Delo Plead Guilty in U.S. Over Money-Laundering Controls
Chris Dolmetsch - Bloomberg
Pair were charged with failing to police money-laundering; Crypto exchange previously settled CFTC, FinCEN investigations
BitMEX co-founders Arthur Hayes and Benjamin Delo admitted they failed to establish an anti-money-laundering program at the cryptocurrency exchange, avoiding a trial on federal charges scheduled to begin in New York next month. Hayes, 36, and Delo, 38, each pleaded guilty Thursday to a single charge of violating the Bank Secrecy Act. Under the plea deal, the parties agreed that the federal sentencing guidelines call for a sentence of six to 12 months each. Hayes and Delo each also agreed to pay a fine of $10 million. If convicted at trial, they had faced as much as five years in prison.
/jlne.ws/36Gf3Lo
Pozsar Says $300 Billion Russia Cash Pile Can Roil Money Markets
Garfield Clinton Reynolds - Bloomberg
Russia's official reserves understate dollar exposure; Hoard is large enough to substantially shift funding spreads
Russia still has about $300 billion of foreign currency held offshore -- enough to disrupt money markets if it's frozen by sanctions or moved suddenly to avoid them. That's according to Credit Suisse Group AG strategist Zoltan Pozsar, who parsed data from the Bank of Russia and financial markets to calculate the figure.
/jlne.ws/3IoS5GG
In Private, Bankers Debate Nuclear War, Russian Trading Risk; Firms publicly assure investors their direct exposure is small; Banks scramble to implement sweeping new sanctions on Russia
By Harry Wilson, Hannah Levitt, and Nishant Kumar - Bloomberg
International banks are talking publicly about how the business impact of Russia's Ukraine invasion will be limited. In private, they're debating the chances of nuclear conflict.
Goldman Sachs Group Inc. on Thursday put its clients on the phone with Alex Younger, ex-chief of Britain's MI6 intelligence service and now an adviser to the Wall Street giant. It's the first time in more than 30 years that the threat of nuclear confrontation is a real possibility, he said.
/jlne.ws/3vi4TL3
1MDB Loot Wasn't Enough, So Ex-Goldman Banker Stole Even More
Patricia Hurtado and Bob Van Voris - Bloomberg
Leissner took at least $80 million from fugitive financier Low; Leissner ended fourth day testifying against former colleague
Former Goldman Sachs Group Inc. banker Tim Leissner, who admitted helping rip off hundreds of millions of dollars from Malaysian wealth fund 1MDB, testified he also stole tens of millions of dollars from his accomplices in the fraud. Leissner, the key government witness in the bribery trial of his former colleague Roger Ng, testified Thursday that "a large portion" of the $6.5 billion raised through three 1MDB bond deals he helped organize with Ng was siphoned off to pay kickbacks and bribes to officials in Malaysia and Abu Dhabi. But the $60 million in kickbacks he kept for himself wasn't enough, Leissner said.
/jlne.ws/33TixZW
The Russian central bank has banned short-selling amid a 50% stock-market plunge as Russia invades Ukraine
Matthew Fox - Business Insider
Russia's central bank implemented a short-selling ban on Thursday after the country's stock market plunged. The MOEX Russia index crashed as much as 50% and erased $259 billion in market value after Russia invaded Ukraine. The ban is in place "in order to protect the rights and legitimate interests of investors in the financial markets." A 50% crash in Russia's stock market on Thursday after the country invaded Ukraine led the country's central bank to implement a ban on short-selling. Short-selling allows investors to profit on the decline of a stock, and the practice can exacerbate an ongoing sell-off. Russia's ban represents an attempt to stem the decline in the country's stock market.
/jlne.ws/3BPa7zf
Elon Musk and brother under SEC investigation over share sales; Tesla chief executive says Kimbal 'had no idea' in advance about Twitter poll on divesting stake
Richard Waters - FT
Elon Musk has denied passing information that could have hurt Tesla's stock price to his brother Kimbal, after a report that both men have become the subject of an insider trading investigation by US regulators. The Securities and Exchange Commission is inquiring about a sale of the electric car company's shares by Kimbal Musk the day before his brother launched a poll on Twitter in November over whether he should divest a large slice of his own holding in the company, the Wall Street Journal reported on Thursday.
/jlne.ws/3siyEtg
SEC opens investigation into Elon Musk over possible insider trading
Jon Fingas - Engadget
The SEC is investigating whether Musk and his brother Kimbal violated insider trading regulations with recent share sales. Officials are concerned Elon might have told Kimbal he planned to ask Twitter followers about selling Tesla stock, leading the brother to sell 88,500 shares just a day before the November 6th tweet. If so, the company chief might have broken rules barring employees from trading on undisclosed information.
/jlne.ws/3sfSRQy
Coinbase Needs More Than a Bitcoin Giveaway; The crypto platform made a splash with a Super Bowl ad, but now says its outlook for the year is uncertain. That should make investors nervous.
Tae Kim - Bloomberg
Coinbase Global Inc. Chief Executive Officer Brian Armstrong has been publicly basking in the positive response to the cryptocurrency-trading platform's Super Bowl TV commercial. The ad offering new users $15 in free Bitcoin was a marketing bonanza. But while generating buzz is a good thing, getting attention for giving away money won't fix the major problems with Coinbase's business. And the crypto platform's latest financial results suggest there is no turnaround in sight.
/jlne.ws/3JXvzoK
SPAC Startups Made Lofty Promises. They Aren't Working Out; Hot upstarts that went public via blank-check companies are missing revenue and earnings targets—sometimes months after making those forecasts
Heather Somerville, Eliot Brown - WSJ
A startup battery maker that wooed investors with rapid growth forecasts said it would miss its revenue target by as much as 89%. A scooter rental app is expected to bring in less than 20% of what it projected this year. An electric bus company that planned to boost revenue faster than any U.S. startup ever told investors to disregard its projections.
/jlne.ws/36Gv6sB
Trading.com officially launches in the US
Yahoo
America, meet the new face of forex trading. Trading.com is now live across the US, heralding a new era of simplicity for forex traders. In an industry where complicated trading platforms and pricing structures have become the norm, investors deserve a different way to trade modern markets. A simpler way.
/jlne.ws/3M2ZfCK
There are Bigger Atomic Worries Than Chernobyl in Ukraine; The country's 15 other reactors — operating with fresh fuel — pose more serious threats to nuclear safety and security.
Jonathan Tirone - Bloomberg
Russian forces have taken control of Ukraine's defunct nuclear power plant in Chernobyl, prompting online speculation that the site of the 1986 meltdown could again be the source of a dangerous radioactive incident. But experts are more worried about Ukraine's 15 operational atomic reactors.
/jlne.ws/353MBTk
SEC Commissioner and 'Crypto Mom' Hester Peirce Is Amazed a Bitcoin ETF Hasn't Been Approved Yet
Daren Fonda - Barron 's
Crypto has turned contentious in Washington. While the White House pushes for new rules, a partisan divide is growing in Congress over how to supervise, tax, and regulate the industry. At the nexus of the debate sits the Securities and Exchange Commission.
/jlne.ws/3vjl8aO
China Orders Hong Kong to Get Covid-19 Under Control Before Xi's July Visit; A top Chinese official expressed Beijing's frustration over the city's response to the Omicron outbreak at a recent meeting on the mainland
Natasha Khan, Keith Zhai, Dan Strumpf - WSJ
As Covid-19 cases spiraled and elderly Hong Kong residents lay on gurneys outside overwhelmed hospitals, Chinese Vice Premier Han Zheng summoned the city's leader, Carrie Lam, to a closed-door meeting in the mainland city of Shenzhen. Mr. Han, Beijing's highest-ranking official overseeing Hong Kong affairs, passed on a direct order from President Xi Jinping : The city's government must bring the outbreak under control within weeks, ahead of a planned visit to the city by the Chinese leader to mark the 25th anniversary of the former British colony's return to Beijing's rule on July 1, said people familiar with the meeting.
/jlne.ws/351xJF2
Russian Billionaires Lose $39 Billion in a Day on Ukraine Attack
Benjamin Stupples and Blake Schmidt - Bloomberg
Country's stock index had one of the worst days in history; Lukoil's Alekperov saw biggest decline, followed by Mordashov
Russia's wealthiest individuals were already feeling the squeeze from escalating tensions between the nation and Ukraine. It got much worse for their net worth after Russian President Vladimir Putin's decision to invade Ukraine. In less than 24 hours, they lost $39 billion -- more than they had up to that point this year.
/jlne.ws/36ItjDp
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Canada Clears World's First Plant-Based Covid Vaccine
Kanoko Matsuyama - Bloomberg
Unit of Mitsubishi, Philip Morris crafted the shot with Glaxo; Vaccine may generate $1 billion in sales, Mitsubishi CEO says
The world's first plant-derived Covid-19 vaccine was cleared for use in Canada, creating a novel immunization to combat the virus from a unit of Mitsubishi Chemical Holdings Corp. and Philip Morris International.
/jlne.ws/3shwHgQ
Hong Kong's Outbound Flights Slow to a Trickle as Covid Isolation Deepens
Danny Lee and Angus Whitley - Bloomberg
Air departure options are narrowest in two decades, data show; Growing ranks are trying to leave the city as it battles Covid
Options to get out of Hong Kong by air are the most limited in at least two decades, just as the number of residents wanting to flee the city of 7.4 million surges. Before the pandemic, a passenger plane would leave Hong Kong every three minutes, on average, making it almost as busy as New York's John F. Kennedy International Airport. These days, a whole hour could pass without a single departure, according to the latest data.
/jlne.ws/3HejWbb
European Expats Leaving Hong Kong; Vegan Vaccine: Virus Update
Bloomberg News
More than 10% of European Union citizens living in Hong Kong have left the city, according to the European Union Office to Hong Kong and Macao, as its strict Covid Zero measures continue to frustrate residents while the rest of the world adjusts to living with the virus.
/jlne.ws/3t6kGtK
C.D.C. Is Expected to Loosen Mask Guidelines
NY Times
The new approach is likely to take into account local conditions, including hospitalizations. Mass migration from the crisis in Ukraine will leave little room for pandemic considerations.
/jlne.ws/3JW6Kcw
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | New document from Vytrus Biotech about its listing on BME Growth
BME
It will become the second company to join this BME market in 2022
The Catalan biotech company will start trading with an initial valuation of 12.2 million euros
The Coordination and Admissions Committee of BME Growth has submitted to the Board of Directors a favourable report on VYTRUS BIOTECHfollowing a thorough review of all the information presented by the company.
/bit.ly/353OkYO
Performance Bond Requirements: Agriculture, Energy, FX and Metal Margins - Effective February 25, 2022
CME Group
/bit.ly/3piohUC
REVISION - Product Modification Summary: Availability of the Three-Month Eurodollar Futures and Three-Month SOFR Futures Inter-Commodity Spread (SED) on CME ClearPort (Revision to Minimum Block Qty)
CME Group
/bit.ly/3hhMiqg
Notices of disciplinary action
CME Group
David Zubrod
Phoenix 26 Capital Management L.P.
Faxon Analytics LLC
New Product: Initial Listing of the Eris BSBY Swap Futures Contracts - Effective April 11, 2022
CME Group
/bit.ly/3hh2F6t
EBS Market Integration onto CME Globex
CME Group
Subject to applicable regulatory approvals, EBS Market's Central Limit Order Book and eFix Matching Service will launch on CME Globex. You will receive subsequent notices with additional details and actions required to support the EBS Market integration onto CME Globex.
/bit.ly/3haHEKP
CME STP Notices: February 24, 2022
CME Group
/bit.ly/3LUaKvY
CME Globex Notices: February 21, 2022
CME Group
/bit.ly/3Hlmhkk
REVISION - Product Modification Summary: Availability of the Three-Month Eurodollar Futures and Three-Month SOFR Futures Inter-Commodity Spread (SED) on CME ClearPort (Revision to Minimum Block Qty)
CME Group
/bit.ly/3hhMiqg
CME Direct Software Enhancement Postponed
CME Group
/bit.ly/3BQ0L6g
Final Settlement Price Calculation Process for CBOT Black Sea Futures and Options Contracts
CME Group
/bit.ly/3JYRKLb
Product Modification Summary: Spot Cheese Block & Barrel Prepayment Request Modification - Effective March 7, 2022
CME Group
/bit.ly/3vi7Uel
Amendments to the parameters for the calculation of the Order-to-Trade-Ratio and the Excessive System Usage Fee due to geopolitical situation
Eurex
/bit.ly/3BQIhCB
MiFID II/MiFIR reporting: Clarification on reporting requirements when execution decision is taken by the client
Eurex
This circular clarifies the reporting requirements for Exchange Participants in regards to Eurex T7 fields "Execution Qualifier" and "Execution Identifier", as previously defined in Eurex Circular 040/17.
/jlne.ws/359bSeH
Margin RatesPDF
HKCC
/bit.ly/3vgWjfC
ICE Announces First Expiry in ICE Midland WTI American Gulf Coast Futures With 1.4 Million Barrels Going to Delivery in March
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Midland WTI American Gulf Coast futures (contract code: HOU) went to its first expiry on February 23, with 1,395 contracts going to expiry, equivalent to 1.4 million barrels, for delivery in March.
Since the contract began trading on January 24, over 12,000 ICE Midland WTI AGC futures have traded, equivalent to 12 million barrels of Permian Basin originated WTI crude oil. Open interest is 3,576 contracts and goes out to January 2023.
/jlne.ws/3JVoZyR
Russian sanctions - further updates
London Metal Exchange
This Notice provides an update on the LME's understanding of how the current US, EU and UK sanctions in respect of the situation in Russia and the Ukraine affect the LME market.
/jlne.ws/3vimcfa
Nasdaq Launches Nasdaq Universal Test Facility in Partnership with Sequitor
Nasdaq
Nasdaq (Nasdaq: NDAQ) today announced the launch of Nasdaq Universal Test Facility, a new and innovative market testing and simulation solution aimed at financial institutions looking to further improve the efficiency, market readiness and resiliency of their trading systems. The service has been developed in collaboration with Sequitor Engineering, a Swedish fintech startup.
Nasdaq Universal Test Facility is a cloud enabled, software as a service (SaaS) solution, that provides financial institutions with simulated trading on a wide range of global electronic marketplaces. It provides full-scale, high-performance replicas of exchange test systems, where customers have full control over test scenarios executed in isolation from the rest of the market. This will provide customers with better tools for analyzing their system performance and behavior in a controlled environment.
/jlne.ws/3sea1y2
Review of NIFTY India Select 7 Government Bond Index (INR) and NIFTY India Select 7 Government Bond Index (USD)
NSE
/bit.ly/3pckN5S
Clarification by Dhani Services Limited Significant increase/decrease in price has been observed in Dhani Services Limited
/bit.ly/3pckN5S
NSE Academy signs Mou/agreement with Indian Institute of Management, Raipur to collaborate as a Knowledge Partner
NSE
NSE Academy Limited (NAL), a wholly owned subsidiary of the National Stock Exchange (NSE) has signed MoU/agreement with Indian Institute of Management, Raipur to collaborate in the area of the joint certification programs in finance and related financial technologies.
/bit.ly/35m2KmJ
NYSE Arca Equities - Temporarily Widens Core Opening Auction Price Collars to 10%
NYSE
/bit.ly/3LUpTgO
NYSE Options Quote Relief
NYSE
/bit.ly/3LUpTgO
SGX RegCo issues Trade with Caution alert on shares of LS 2 Holdings
SGX
Singapore Exchange Regulation ("SGX RegCo") urges investors and potential investors to exercise caution when dealing in the shares of LS 2 Holdings Limited ("LS2").
LS2 was listed on the Catalist board by way of placement at a price of $0.20 and commenced trading today on 24 February 2022. On the first day of trading, its share price rose to an intraday high of $1.60 up $1.40 (+700%) before closing at $0.88, up $0.68 (+340%). This was in contrast to the Straits Times Index ("STI") which fell 116.94 points or 3.45%.
/jlne.ws/3vij3vH
Kuwait Bourse Plans Derivatives Trading Amid Push for More IPOs
Fiona MacDonald, Farah Elbahrawy - Bloomberg
Boursa Kuwait Securities Co. plans to add derivatives and futures products to boost liquidity and attract more companies to list. The exchange expects some family-owned businesses to list soon, followed by government-control
/jlne.ws/3JTgfcx
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | 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
Bloomberg AIM and Elwood Technologies integrate to enhance institutional crypto capabilities; The integration will provide a unified investment process where market participants can capture and manage crypto investments alongside the rest of their portfolio.
Wesley Bray - The Trade
Bloomberg and Elwood Technologies have announced a strategic integration which will allow clients using Elwood's cryptocurrency trading platform to invest directly into Bloomberg's buy-side order management system (OMS), AIM. The integration is expected to be completed and available for Elwood and Bloomberg AIM's mutual clients in the second quarter of this year.
/jlne.ws/3pCQq99
Japan's Mitsubishi UFJ Financial Ends Blockchain Payment Network Plan; Slow growth in transaction numbers caused by COVID-19 made it difficult to expand the business at the pace originally planned.
Jamie Crawley - Coindesk
Mitsubishi UFJ Financial Group (MUFG), one of Japan's largest financial institutions, said it will suspend its high-speed blockchain payment network venture, GO-NET Japan, and close down the business. Slow growth in the number of transactions resulting from the COVID-19 pandemic made it difficult to expand the business at the pace originally planned, MUFG said Wednesday.
/jlne.ws/3HhIAaP
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| Cybersecurity | | Top stories for cybersecurity | Cybersecurity stocks rise on Russia-Ukraine cyberattack fears
Lauren Feiner - CNBC
Cybersecurity stocks were a rare bright spot Thursday as Russia's invasion of Ukraine sent major indexes down.
The conflict has prompted concerns of cyberattacks, especially against critical infrastructure companies. Since last week, Ukraine has already experienced two such attacks that affected government websites. The U.S. attributed the first attack to Russia, which the country denied, and said the second one was consistent with what it would expect from Russia.
/jlne.ws/3JRTc1R
9 Cybersecurity Stocks to Buy As Russia Gets Aggressive: Wedbush
James Faris - Business Insider
All eyes are on Ukraine as Russia begins to mount an invasion of the Eastern European country after weeks of building up troops in the region.
War appears imminent. And in all likelihood, not every battle will be waged on the ground or in the air.
/jlne.ws/3t9AHiI
Cybersecurity burnout is real. And it's going to be a problem for all of us
Owen Hughes - ZDNet
With the number of data breaches in 2021 soaring past that of 2020, there is even more pressure on security teams to keep businesses secure in 2022. But at a time when strength and resilience have never been more important, burnout, low staff morale and high employee turnover could put businesses on the backfoot when attempting to manage the mounting cybersecurity threat.
Employers are already face something of a dilemma when it comes to cybersecurity in 2022. Not only is the number of attempted cyberattacks escalating worldwide, but employers face the added pressure of a tightening hiring market and record levels of resignations that are also affecting the tech industry.
/jlne.ws/3t9zveZ
Free Cybersecurity Tools from CISA
Linn F. Freedman - National Law Review
Organizations often struggle with budgeting for cybersecurity risk and mitigation. It's hard to see the return on investment for prevention of things that attack the company through the clouds.
It is rare that help comes in the form of FREE services and tools offered by the federal government. The Cybersecurity & Infrastructure Security Agency (CISA) rolled out free cybersecurity services and tools last week, "As part of our continuing mission to reduce cybersecurity risk across U.S. critical infrastructure partners and state, local, tribal, and territorial governments...to help organizations further advance their security capabilities."
/jlne.ws/3pgbTEF
Data-wiping software found on 'hundreds' of Ukraine computers
Reuters
A newly discovered piece of destructive software found circulating in Ukraine has hit hundreds of computers, according to researchers at the cybersecurity firm ESET, part of what Ukrainian officials said was an intensifying wave of hacks aimed at the country. The company said on Twitter that the data wiping program had been installed on hundreds of machines in the country, an attack it said had likely been in the works for the past couple of months.
/jlne.ws/36vOsQY
Chinese Report on Suspected NSA Hack Shows Beijing Pushing Back
Bloomberg News
Chinese cybersecurity firm outlines research on hack from 2013; Beijing may be rethinking its tactics for dealing with U.S.
For years, Washington has accused Beijing of instigating cyberattacks against the US. and its allies. Now, a Chinese cybersecurity firm says it has identified hacking within China by a group linked to the National Security Agency, hinting at a rethink of how Beijing handles its geopolitical rival.
/jlne.ws/3sjVAsh
Digital Sleuths Track Clues in Hacks on Ukrainian Government, Banks
Ryan Gallagher - Bloomberg
Researchers detected hacks targeting government, banks; A new malware strain is capable of wiping data from devices
As missiles landed in Ukraine on Thursday morning, the country's cybersecurity defenders were already hard at work. Prior to the Russian military invasion, hackers had launched a series of attacks aimed at disrupting Ukrainian government websites as well as banking, defense, and aviation services. Ukraine's State Service of Special Communication and Information Protection said it had observed on Wednesday phishing attacks on public authorities and critical infrastructure, as well as attempts to penetrate private sector networks. It said it had "unambiguously" identified Russian special services as being behind some of the efforts.
/jlne.ws/3pcpnRC
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto exchange Coinbase's trading volumes surge on retail interest
Reuters
U.S. cryptocurrency exchange Coinbase Global Inc on Thursday reported a surge in quarterly trading volumes on a sequential basis as volatility in prices drew in retail traders, but warned that growth would slow in the current quarter. Trading volumes jumped more than 67% to $547 billion in the quarter ended Dec. 31, with retail trading accounting for 32% of volumes and crypto assets contributing 68% to total trading.
/jlne.ws/3JReZH0
Coinbase Says Altcoins Jumped to Majority of Trading in Quarter
Olga Kharif - Bloomberg
Shares of largest crypto exchange has been tied to Bitcoin; Diversification seen helping to cut volatility of financials
Coinbase Global Inc. said that so-called altcoins -- tokens other than Bitcoin and Ethereum -- made up 68% of trading volume in the fourth quarter, the highest percentage yet for the largest U.S. cryptocurrency exchange. The shift reflects a decision last year to focus on increasing the stable of coins listed to help ease the impact of Bitcoin's price swings on revenue and earnings.
/jlne.ws/3t9qAug
Crypto regulatory uncertainty 'creates a significant overhang' for companies: Strategist
Yahoo Finance
Video Transcript
RACHELLE AKUFFO: --red all day. Markets managed to get back in the green. But how did cryptocurrencies fare? To break that down, we're going to be talking to Lisa Ellis, MoffettNathanson-- a partner at MoffettNathanson. Thank you for joining us today.
/jlne.ws/3BQ6ZDa
One of the Biggest Crypto Traders Is Tapping DeFi Loans for Funding
Olga Kharif - Bloomberg
Alameda Research, the cryptocurrency trading juggernaut founded by Sam Bankman-Fried, is funding a portion of its $5 billion in daily trading activity with money provided by decentralized-finance lenders.
/jlne.ws/3HeKPeY
Why the CryptoPunk Flop Is a Turning Point for NFT Auctions
Will Gottsegen - Coindesk
The stage was set in New York City last night. The Champagne had been poured, the lights were up, collectors sat ready and waiting. At the Sotheby's Upper East Side saleroom, NFT enthusiasts prepared to witness what the auction house had framed as a "truly historic" occasion - the sale of 104 CryptoPunks in a single lot.
/jlne.ws/3he5y8j
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| Politics | | An overview of politics as it relates to the financial markets | Soaring oil prices could constrain US ability to crack down on Putin over Ukraine; Biden has so far spared Russian energy trade in sanctions measures
Justin Jacobs - FT
Efforts by the US to inflict economic pain on Russia in retaliation for its invasion of Ukraine could be hamstrung if sanctions drive an increase in energy prices. The US is the world's largest producer of crude oil and natural gas, but for oil, in particular, prices are set on the global market. Early on Thursday, Brent crude topped $105 a barrel as Russian forces invaded Ukraine.
/jlne.ws/3t8tgrZ
Oil Prices Are Another Headache for Biden—Who Can't Do Much About It; Inflation has bedeviled the administration, and Russia's attack on Ukraine doesn't help
Timothy Puko, Andrew Restuccia - WSJ
Oil's surge past $100 a barrel after Russia's attack on Ukraine intensifies the economic troubles confronting President Biden, whose administration has been struggling for months to reel in rising inflation. Benchmark U.S. oil futures ended higher Thursday, settling at $92.81, up 0.8% on the day. With prices at their highest since 2014, Mr. Biden said he was prepared to release more oil from the government's Strategic Petroleum Reserve if necessary.
/jlne.ws/36HUqyn
U.K. Takes Aim at Rich Russian Owners of Luxury London Property
Jack Sidders and Benjamin Stupples - Bloomberg
Boris Johnson says oligarchs will 'have nowhere to hide'; Data show rise in Russian-based owners of U.K. properties
From Chelsea penthouses to Highgate mansions, Russia's long-standing infatuation with U.K. real estate is evident from a cursory glance at some of the country's priciest property transactions. The past decade has seen that trend explode.
/jlne.ws/3JTryl8
EU Wants New Anti-Money Laundering Authority to Have Crypto Oversight: Report
Sandali Handagama - Business Insider
European Union (EU) leaders are working to set up strict oversight of crypto firms to combat money laundering and terrorism financing, according to a Bloomberg report. A group of EU member states is seeking to give the bloc's new anti-money laundering (AML) watchdog oversight into cryptocurrency firms, according to the report, published Tuesday.
/jlne.ws/3Hju1DF
EU prepares to freeze assets of Putin and Lavrov; Sanctions package planned against Russian president and his foreign minister
Eleni Varvitsioti, Sam Fleming and Henry Foy - FT
The EU is preparing to freeze the assets of Vladimir Putin and his foreign minister Sergei Lavrov under a new sanctions package, according to four people familiar with the matter. Foreign ministers hope to approve the sanctions package this afternoon, along with a number of measures against Russian banks and industry, the people said.
/jlne.ws/3hiW63g
Swiss sharpen measures targeting Russia
John Revill and Silke Koltrowitz - Reuters
Switzerland will tighten its measures against Russia following its invasion of Ukraine, President Ignazio Cassis said on Thursday, although the measures will not include an immediate freeze of the billions of francs held by Russians in Swiss accounts. The government will adjust its regulations so Switzerland cannot be used to circumvent sanctions imposed by the European Union, Cassis told a news conference in Bern.
/jlne.ws/3HlfcQM
China Leaves Russia's War Off Front Pages as Xi Stays Silent
Bloomberg
News outlets call Putin's attack a 'special operation'; On social media users say West is not a trusted partner
Chinese state media left Russia's invasion of Ukraine off their front pages Friday as Beijing weighed its response, even as the outbreak of war in Europe dominated conversations on Chinese social media.
/jlne.ws/3sjyi5P
Putin Can Win the Battle in Kyiv, But Not the War; Ukraine's capital is under heavy assault. Capturing it won't necessarily bring Putin closer to his stated goals.
Clara Ferreira Marques - Bloomberg
Kyiv's residents have watched shells rain down on the city these past days as they did in 1941, then at the start of a brutal war in which Ukraine endured unthinkable suffering. As images circulate of families huddled in basements and in the city's subway for safety while rocket strikes light up the sky, it's hard not to make the comparison. Except, this time, the threat is from the east.
/jlne.ws/3tbdgp2
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | BitMEX Founders Plead Guilty to Anti-Money-Laundering Violations; Arthur Hayes and Benjamin Delo, co-founders of cryptocurrency derivatives exchange BitMEX, entered pleas in New York
Richard Vanderford - WSJ
Two of the co-founders of cryptocurrency derivatives exchange BitMEX have pleaded guilty to violating U.S. anti-money-laundering law and agreed to each pay a $10 million fine. Arthur Hayes and Benjamin Delo admitted to violating the Bank Secrecy Act's anti-money-laundering provisions during a hearing Thursday in New York federal court. Both men entered the pleas after reaching agreements with prosecutors.
/jlne.ws/3t5X8Fr
'Pharma Bro' Martin Shkreli Banned for Life From Public-Company Roles
Jennifer Bennett - Bloomberg
Martin Shkreli owes the SEC more than $1.39 million and is permanently barred from serving as a public company officer or director for his participation in "multiple" securities fraud schemes, a federal judge in New York said. The former pharmaceutical company CEO, better known as "Pharma Bro," faced Securities and Exchange Commission allegations of misleading investors in a hedge fund he founded and misappropriating funds. He's "unfit to serve as an officer or director of any public company," the U.S. District Court for the Eastern District of New York said.
/jlne.ws/3K0rm3D
Morgan Stanley Discloses U.S. Probe Into Its Block-Trading Business
Sridhar Natarajan and Katherine Burton - Bloomberg
Firm says it's received requests from prosecutors since August; That followed inquiries from the SEC dating back to mid-2019
Morgan Stanley said U.S. regulators and prosecutors are investigating various aspects of its block-trading business, acknowledging the firm itself is under scrutiny as authorities dig into how Wall Street bankers and money managers carry out stock transactions big enough to move prices.
/jlne.ws/3ph9pWq
CFTC Charges Golden Signals For Binary Options Scam; Golden Signals claimed Richard D. Neal had "been consistently winning with one of the highest profit percentage ratings in the world"
Rick Steves - Financefeeds
The Commodity Futures Trading Commission has charged Richard D. Neal and his company Golden Signals LLC for engaging in fraudulent solicitations for binary options signals, trainings, and strategy course offerings. Neal allegedly acted as a commodity trading advisor (CTA) and commodity pool operator (CPO), while not registered to act as such, and advertised without making disclosures required by CFTC regulations.
/jlne.ws/3haNtb8
Directors of Capital Mining Limited charged with 22 dishonesty offences
ASIC - Australian Securities and Investments Commission
On 25 February 2022, Peter James Dykes and Peter Alan Torney, former directors of previously ASX-listed Capital Mining Limited, appeared in the Perth Magistrates Court, each charged with dishonestly using their position as directors. Following an ASIC investigation into Capital Mining's activities, it is alleged Mr Dykes and Mr Torney, when directors of Capital Mining, contravened directors' duties by co-authorising payments from Capital Mining to related companies Poipu Bay Pty Ltd, Coolabah Capital Pty Ltd, Tenceecee Pty Ltd and Bellring Pty Ltd which caused a financial detriment to Capital Mining.
/jlne.ws/33ToTbM
SFC issues quarterly report
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) today published its latest Quarterly Report which summarises key developments from October to December 2021. During the quarter, the SFC released consultation conclusions on conduct requirements for capital market transactions in Hong Kong to clarify the roles of intermediaries and set out the standards expected of them in bookbuilding, pricing, allocation and placing activities to enhance their transparency and promote a fair and orderly market (Note 1). It also concluded a consultation on amendments to the Code on Pooled Retirement Funds to strengthen investor protection and ensure the regulations for these funds are up-to-date and fit for purpose (Note 2).
/jlne.ws/3Iha3uu
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Ukraine is not yet a markets crisis; But if the war escalates, it could become one
Ethan Wu - FT
Good morning. Ethan here; Rob's back next week. It has been a grim few days. Events have moved faster than our, or at least my, ability to process them. Within recent memory, you could find respectable commentators writing that Russia might be bluffing about invading Ukraine. I have no special insight into power politics or warfare, but clearly that was wrong. Now all that's left is pondering the consequences. Today, I try to do so.
/jlne.ws/35uL7RT
Squeezed production capacity exposes energy to price shocks; Brent crude forecast to hit $125 a barrel and natural gas also surges on Ukraine tensions
Tom Wilson and Neil Hume - FT
A lack of investment has limited oil and gas producers' ability to boost output, leaving the world with few options to ease energy prices after the Russian incursion in Ukraine sent oil racing above $100 a barrel. International oil benchmark Brent rose to $102 early on Thursday, the highest level since 2014. Gas prices have also jumped on rising concern over the escalating tensions in eastern Europe.
/jlne.ws/3pfKW3Y
Crypto is the new stock market, as both tank after Putin invades Ukraine
Tristan Bove - Fortune
Putin's invasion of Ukraine was immediately devastating to stock markets, but cryptocurrency investors also took a hit after Bitcoin, Ethereum, and Solana followed the market's Thursday downturn. The close relationship between cryptocurrency and the stock market, once thought to be separate, is becoming increasingly clear, and the Ukraine conflict is the latest indicator that digital currencies like Bitcoin are not insulated from the real world.
/jlne.ws/3BOOMpw
Markets Are Saying Putin Will Get What He Wants; It's the single best explanation for an extraordinary turnaround rally in U.S. stocks.
John Authers - Bloomberg
It's not often a day starts with quite such a jolt. I have many opinions about Russia's invasion of Ukraine. The impact on markets is, personally, well down my list of concerns. But it's my job to cover them, and this can be expected to have a big effect. Within Europe, this is the greatest negative shock to the international order since the end of the Second World War, and it will have profound consequences.
/jlne.ws/3pfOYt5
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | UNest Adds ESG Investment Options to Help Parents Build a Sustainable Future for Their Kids; Addition provides families with a unique way to match their financial and social priorities
UNest
UNest, a leading fintech company that makes it easier than ever for parents to invest in their kids' future, today announced that it is adding ESG investments to its lineup of low-cost, diversified portfolio options to help families marry their money habits with a sustainable lifestyle.
/jlne.ws/3stqyOR
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | UBS Triggers Margin Calls as Russia Bond Values Cut to Zero
Marion Halftermeyer and Archana Narayanan - Bloomberg
UBS Group AG triggered margin calls on some wealth management clients that use Russian bonds as collateral for their portfolios after marking down the value of debt issued by the country and its corporations.
/jlne.ws/35p6LHd
Star witness against ex-Goldman banker says wives used to disguise 1MDB kickbacks
Luc Cohen - Reuters
Two Goldman Sachs bankers concocted a scheme involving their wives to conceal kickbacks they received for helping to loot Malaysia's 1MDB sovereign wealth fund, one of the bankers testified on Thursday at the corruption trial of the other, Roger Ng.
/jlne.ws/3JXoSmC
Citadel Is Further Paring Back $2 Billion Melvin Investment; Citadel also redeemed half its investment in the hedge fund in 2021
Juliet Chung, Susan Pulliam - WSJ
Citadel LLC is further paring back its $2 billion investment in Melvin Capital Management after the hedge fund stumbled in its effort to recover from a near collapse triggered by surges in GameStop Corp. and other "meme stocks" early last year.
/jlne.ws/3t2YErQ
European funds post record growth despite economic headwinds; The latest data from the European Fund and Asset Management Association (EFAMA) shows the highest growth on record for equity fund sales, despite concerns over interest rate rises.
Laurie McAughtry - The Trade
Net sales of UCITS and AIFs rose to EUR866 billion in 2021, compared to EUR650 billion in 2020, according to the latest report from EFAMA. Net assets of European investment funds grew by 17%, to reach EUR22 trillion.
/jlne.ws/33VC9wA
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China to Fix Thousands of Miles of Gas Pipelines After Blasts
Bloomberg News
China is planning to renovate 20,000 kilometers (12,427 miles) of aging gas pipelines this year after a series of fatal blasts. The program will target pipelines with potential safety risks, Minister of Housing and Urban-Rural Development Wang Menghui said Thursday at a press conference. It follows several high-profile explosions as aging infrastructure tries to keep pace with rocketing growth for the cleaner burning fuel.
/jlne.ws/3ImIOyM
Ukraine Invasion Unnerves Global Funds Bracing for Taiwan Risk
ByMelissa Cheok - Bloomberg
Swings in Taiwan dollar jumped, global funds sold local stocks; Island's officials don't think an attack by China is imminent
The conflict in Ukraine is sparking renewed jitters about tensions between China and Taiwan, and the worries are showing up in the island's assets. A gauge of one-week implied volatility in the dollar against the local currency jumped to a six-month high on Friday while the Taiwan dollar slid to the weakest since October. The conflict in Ukraine may raise the risk premia for China and Taiwan over the medium term, according to Morgan Stanley.
/jlne.ws/3hiETHa
China Steps Up Crypto Clampdown With Threat of Jail Sentences
Jialiang David Pan - Bloomberg
China adopts crypto into its criminal law for the first time; Illegal fundraising can yield jail terms of over 10 years
China expanded its criminal law to encompass fundraising with digital tokens, giving authorities additional firepower to stamp out a sector they declared illegal last year by using heavy sentences.
/jlne.ws/356XP9u
Russian Commodities Trade Feels Chill as Banks Limit Finance
Lucia Kassai, Isis Almeida and Archie Hunter - Bloomberg
Russia's invasion of Ukraine showed the first signs of stifling trade in vital raw materials, as the money that lubricates the flow of everything from crude oil to wheat began to dry up. Some European banks have begun to impose restrictions on commodity-trade finance linked to Russia and Ukraine, heaping pressure on traders who were already looking for additional credit and bracing for harsh western sanctions on Moscow.
/jlne.ws/3sifKTy
Russian Oil Offered at Record Discount as Buyers Hit Pause
Sherry Su and Alex Longley - Bloomberg
Russia's flagship crude oil was offered for sale at a record discount as some buyers and shipping companies fretted over potential sanctions by the West following the country's invasion of Ukraine. Oil freight transportation costs boomed.
/jlne.ws/3sfTppA
Europe's Energy Bill Will Near Record $1.2 Trillion in 2022, Citi Says
Jesper Starn - Bloomberg
That's almost $200 billion higher than bank's January forecast; Soaring gas and oil prices have driven energy costs higher
European consumers are set for the highest energy bills on record as gas and oil prices surge again amid Russia's invasion of Ukraine. Based on current forward prices, the region's total primary energy bill is now set to approach $1.2 trillion this year, Citigroup Inc. said in a report. That reflects Europe's enduring reliance on imports to meet demand, with its swift expansion of renewable power so far causing little dent in that dependence.
/jlne.ws/3HgMkt3
Russia Sanctions Mean $22 Billion of Debt May Need New Lenders
Jacqueline Poh - Bloomberg
Sanctions restrict ability to transact with foreign parties; Most of Russian lenders' loan exposure is to European firms
Companies that have borrowings loaned to them by Russian banks may need to find new financiers following recent sanctions imposed by the U.S., U.K. and European Union.
/jlne.ws/3JVW79C
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| Miscellaneous | | Stories that don't quite fit under the other sections | Sorry, Bosses: Workers Are Just Not That Into You; American workers are going back to bars, movies, sports arenas and weddings—pretty much everywhere but their offices.
Callum Borchers - WSJ
John Rowady has done everything he can think of to make his company's Chicago office a place where workers want to be. As president of rEvolution, a sports marketing firm, he's installed a scoreboard, bleachers and a tunnel between the elevator and lobby to make his 100 employees feel like athletes emerging from a locker room into an arena. To further entice his staff to come back, after many got comfortable doing their jobs from home during the pandemic, Mr. Rowady stocked an office bar with free beer and bourbon for on-site happy hours. Then there's the full-size race car in the lobby.
/jlne.ws/3t9B9gU
In NYC's Financial District strollers are finally outnumbering suits
Stacey Lastoe - NY Post
Once teeming with young investment bankers and seasoned hedge fund managers working 60-plus hour weeks, the Financial District wasn't exactly where New Yorkers laid down roots. Now, with much of the financial sector working from home, relocated to Florida or rehomed in less traditional NYC neighborhoods, Fidi now has a distinctly non-finance feel
/jlne.ws/3tbHtnQ
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