| March 15, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Congratulations to Joe Gawronski, who was named CEO of Rosenblatt Securities, succeeding founder and securities industry pioneer Richard Rosenblatt. Rosenblatt, 78, will remain as chairman of the board. Gawronski has served as president and COO since 2007 and has been central to several key initiatives at Rosenblatt, including its market structure practice. It was when he was establishing this that I first met Joe, who is one of the smartest and nicest gentlemen in the industry. Richard as well is an incredible gentleman and innovator and one of the pillars of Wall Street, with great integrity. Rosenblatt is in great hands with Joe and I congratulate them both.
Maggie Sklar has joined McGonigle's Chicago office. She left the Chicago Federal Reserve, where she was a senior policy advisor of international engagement in the financial markets group. She was also a senior counsel at the CFTC under former Chairman J. Christopher Giancarlo. Congratulations to Maggie on this strategic career move and for resisting the siren call of the crypto world that likes to collect former regulators.
I wish the FT had come out with this before Boca, but alas. Today the FT published "The FT's guide to men's grooming." Why is it no one goes for that clean-shaven look like Daniel Craig? Of course, my grooming secret these days is that I have become my own barber. I guess that is not a secret anymore.
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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London's Finance Hubs Are Almost Back to Normal
Thomas Buckley and Jeremy Scott Diamond - Bloomberg
London's financial districts are getting busier and busier as life returns to normal in the capital. That's reflected in sales of Pret A Manger Ltd coffee and sandwiches, which last week soared to a pandemic high in the City and Canary Wharf. Transactions are 88% of pre-Covid-19 levels there, according to Bloomberg's Pret Index, a performance the chain had last reached in November before cases soared the following month. The figure puts banks' return-to-office efforts in London well ahead of New York's, with Pret's sales in the cluster that includes Wall Street standing at 55% of pre-pandemic levels last week.
/jlne.ws/3iatPMY
***** Almost means you have to bring your own sandwich.~JJL
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One-Way Flights Out of Hong Kong Fuel 300% Surge in Bookings
Danny Lee - Bloomberg
Demand for flights leaving Hong Kong is up as much as 306% on the same time last year as residents pack their bags amid on-and-off talk of mass Covid testing and lockdowns. ForwardKeys, a Valencia, Spain-based travel data company, has observed a "steep rise" in outbound bookings from Jan. 4 to Mar. 7, with Singapore and Shanghai the most popular cities, according to data provided to Bloomberg.
/jlne.ws/3MT9E44
***** I am leaving on a jet plane, don't know when I'll be back again, leaving on a jet plane....~JJL
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More than 43,000 people in UK sign up to offer homes to Ukrainians; Website crashes under weight of inquiries from those seeking to help after criticism of government response
Robert Wright and Sebastian Payne - FT
More than 43,000 people in the UK signed up on Monday to offer homes to refugees fleeing Ukraine, in what a government insider described as a "generous-hearted response of the British public" to the launch of the government's Homes for Ukraine programme.
/jlne.ws/3KLWAeY
***** The people of the UK have big hearts and find room for people in need. ~JJL
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Rosenblatt Securities Undertakes Leadership Transition
Rosenblatt Securities
Rosenblatt Securities is pleased to announce that Joe Gawronski has been appointed Chief Executive Officer of the firm, succeeding founder and securities-industry pioneer Richard Rosenblatt, who will continue to serve as Chairman of the Board. "Over the past four decades it has been a great honor for me to guide our firm through a period of massive industry change, not just surviving but thriving. And, fortunately, I am able to hand over the reins at a time when the firm is its strongest financial position ever" said Rosenblatt, 78, who founded the company in 1979 on the floor of the New York Stock Exchange as Richard A. Rosenblatt & Co.
/jlne.ws/3KO55pN
***** Richard Rosenblatt created a great firm to hand off to Joe. It will be interesting to watch where he goes with it.~JJL
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Maggie Sklar, Former Senior Policy Advisor at the Federal Reserve Bank of Chicago and Former Senior Counsel at the CFTC, Joins McGonigle
McGonigle
Financial services law firm McGonigle announced today that Maggie Sklar, an accomplished financial services lawyer and policy advisor who brings experience to clients from both the Federal Reserve Bank of Chicago and the U.S. Commodities Futures Trading Commission (CFTC), has joined the firm's Chicago office as a Partner.
/jlne.ws/37yoKfl
**** Congratulations Maggie! ~JJL
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Fan buys Tom Brady's "last" touchdown football for $518,628 — then Brady unretires
Khristopher J. Brooks - CBS News
An unknown fan paid more than half a million dollars for the last football Tom Brady threw in an NFL game before retiring last season. But the ball has now lost much of its value after the 44-year-old athlete announced Sunday that he is returning to professional football, experts said.
/jlne.ws/3I77muN
***** Fool!~JJL
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Monday's Top Three
Monday's most read article was Bloomberg's The 18 Minutes of Trading Chaos That Broke the Nickel Market. Interest in metals continued with the second most read article, The Financial Times' 'Soviet Metal Exchange': LME irks traders by freezing nickel market. Third was an announcement by the FIA, FIA launches Exchange Risk Controls Repository.
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MarketsWiki Stats
26,768 pages; 237,710 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
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| Lead Stories | Why Wall Street Is in Hot Water for Using WhatsApp
Benjamin Bain and Matt Robinson - Bloomberg
Bankers and brokers often say that they're much more closely regulated than executives in other industries. At least in terms of their business communications, they have a point. An ongoing investigation focuses on finance professionals shirking government rules by using texts and personal emails to conduct business. 1. Who's gotten in trouble?
JPMorgan Chase & Co. agreed in December to pay $200 million in fines to the Securities and Exchange Commission and the Commodity Futures Trading Commission and admitted that its employees used WhatsApp and other platforms to communicate in ways that circumvented federal recordkeeping requirements. HSBC Holdings Plc, Goldman Sachs Group Inc. and Citigroup Inc. have all since indicated they're ensnared in an industrywide probe into whether employees use unapproved methods of communication and aren't saving messages.
/jlne.ws/3w8RgOW
Chinese metals group wins respite from banks on nickel bet; Tsingshan reaches standstill agreement with counterparties including JPMorgan and Standard Chartered
Neil Hume, Stephen Morris and Philip Stafford - FT
Chinese metals group Tsingshan has reached a deal with its bank counterparties to resolve a bet on nickel that plunged the market into turmoil, paving the way for trading to resume on Wednesday at the London Metal Exchange. Banks including JPMorgan Chase and Standard Chartered have agreed not to close out Tsingshan's position or make further margin calls — demands for extra cash to cover losses.
/jlne.ws/3i5q7nM
London Nickel Trading to Restart Wednesday, With Caps on Price Moves; London Metal Exchange seeks to avoid large swings that caused earlier suspension
Joe Wallace - WSJ
The London Metal Exchange said buying and selling of nickel will resume on Wednesday, after it suspended the market for six trading sessions following an unprecedented price surge. The exchange unveiled rules meant to rein in nickel-price moves and protect its members, after Chinese metals giant Tsingshan Holding Group racked up billions of dollars in losses from wrong-way bets. The LME also introduced guardrails for trading in other metals.
/jlne.ws/3tb8vgq
Powell Admires Paul Volcker. He May Have to Act Like Him.
Jeanna Smialek - The New York Times
The Federal Reserve is facing the fastest inflation most Americans have ever seen. Its chair says policymakers will do what it takes to tame prices.
To Jerome H. Powell, the chair of the Federal Reserve, Paul Volcker is more than a predecessor. He is one of his professional heroes.
"I knew Paul Volcker," Mr. Powell said during congressional testimony this month. "I think he was one of the great public servants of the era — the greatest economic public servant of the era."
/nyti.ms/34HP45s
COVID-19 cases more than double in China's growing outbreak
AP
China's new COVID-19 cases Tuesday more than doubled from the previous day as the country faces by far its biggest outbreak since the early days of the pandemic. The National Health Commission said 3,507 new locally spread cases had been identified in the latest 24-hour period, up from 1,337 a day earlier.
/jlne.ws/3tcnvut
Second class-action lawsuit targets Cusip's 'monopoly' on identifiers; Days after a first class-action suit took aim at Cusip, S&P Global, the American Bankers Association, and FactSet, another plaintiff has filed a complaint alleging that the quartet of companies violated the Sherman Antitrust Act, as well as certain business laws in New York and Connecticut.
Rebecca Natale - Waters Technology
A second class-action lawsuit was filed against Cusip Global Services (CGS), the American Bankers Association (ABA), S&P Global, and FactSet for alleged violations of the Sherman Antitrust Act and business practice laws in New York and Connecticut, where FactSet is based, as well as breach of contract. The suit, filed in the Southern District of New York, names Hildene Capital Management, a Connecticut-based asset manager focused on credit, as a plaintiff. Law firm Wollmuth Maher & Deutsch
/jlne.ws/3w9EEHm
Banks on alert for Russian reprisal cyber attacks on Swift; Payments messaging system could be targeted as pinch point of global transactions network
Owen Walker and Imani Moise - FT
Big banks fear that Swift faces a growing threat of Russian cyber attacks after seven of the country's lenders were kicked off the global payments messaging system over the weekend. VTB, Russia's second-biggest bank, and Promsvyazbank, which finances Russia's war machine, were among the lenders removed on Saturday from Swift as part of the west's sanctions campaign against Moscow in response to its invasion of Ukraine.
/jlne.ws/36jyt8K
Crypto Exchange FTX Wins License, Plans Regional HQ in Dubai
Yueqi Yang and Ben Bartenstein - Bloomberg
FTX, a major cryptocurrency exchange, said it received a virtual-asset license in Dubai and will set up a regional headquarters in the city. FTX Europe, a division operating in Europe and the Middle East, is among anchors in the Dubai World Trade Centre. The firm will offer "complex crypto-derivatives products with centralized counterparty clearing to institutional markets," Chief Executive Officer Sam Bankman-Fried said in a statement.
/jlne.ws/37lzNZ0
Binance Wins Crypto Licenses From Dubai, Bahrain; One license is said to be for the Dubai World Trade Centre; Bahrain approves Binance as a crypto-asset service provider
Yueqi Yang and Ben Bartenstein - Bloomberg
Binance Holdings Ltd. has received licenses to be a crypto service provider in Dubai and Bahrain, a key milestone for the world's largest digital-asset exchange as it sets up the stage for a major push in the Middle East.
/jlne.ws/3IcIrWC
U.K. Crime Agency Wants to Regulate Crypto Transaction Mixers; NCA says decentralized tools can aid criminal dealings; Concerns rise about crypto as a way around Russian sanctions
Emily Nicolle - Bloomberg
Crypto protocols that allow digital-asset traders to obfuscate their transaction activity should be more regulated, the U.K.'s National Crime Agency said. Decentralized mixers such as Wasabi Wallet and Tornado Cash use smart contracts to break the visible chain of transactions between a sender and receiver. Crypto advocates say the tools offer more privacy than trading directly on public blockchains like Bitcoin and Ethereum. Regulators have expressed concerns about their potential for aiding criminal activity and sanctions evasion.
/jlne.ws/35Zo3LA
Market fallout from Ukraine war combines the risks of past crises; Global economy faces some of the same challenges of the 1970s, 1980s, and 1990s — but all simultaneously
Mohamed El-Erian - FT
Due to the invasion of Ukraine, Russia is being disconnected from the global system, one economic and financial wire after another. This will devastate the economy, once the world's 11th largest and still a G20 member. Together with a crippled financial system, it will result in a depression undermining the wellbeing of generations of Russians.
/jlne.ws/3CLJECZ
EU regulators rule out ban on bank payouts in response to Ukraine crisis; ECB's head of supervision signals more relaxed approach than during the pandemic
Laura Noonan and Martin Arnold - FT
European regulators have ruled out a blanket ban on bank dividends and share buybacks in response to the escalating Ukraine crisis, adopting a more relaxed supervisory response than during the pandemic. Eurozone lenders, including some with sizeable Russian operations, are planning to pay tens of billions of euros to shareholders this year. But Andrea Enria, chair of the European Central Bank's supervisory board, told the Financial Times he was sanguine about the situation. "I'm not concerned by the overall ballpark of dividends and buybacks," he said.
/jlne.ws/3JhNLJM
Trading Technologies and KRM22 announce first products to launch under new distribution agreement
New KRM22 Limits Manager and KRM22 Risk Manager offerings integrated into TT platform, beginning in Q2
BOCA RATON, Fla. / CHICAGO / LONDON, March 15, 2022 - Trading Technologies International, Inc. (TT), a global provider of high-performance professional trading software, infrastructure and data solutions, and KRM22 plc (AIM: KRM), the technology and software investment company that focuses on risk management for capital markets, announced today the first two KRM22 risk offerings that Trading Technologies is now integrating into the TT platform.
/bit.ly/3q7xkI9
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia Is Spiraling Toward a $150 Billion Default Nightmare; What happens with bond payments due Wednesday could kickstart Russia's first foreign-currency default since the 1917 revolution
Sydney Maki, Eliza Ronalds-Hannon, and Selcuk Gokoluk - Bloomberg
Russia's economy is fraying, its currency has collapsed, and its debt is junk. Next up is a potential default that could cost investors billions and shut the country out of most funding markets. Warning lights are flashing as the government kickstarts the process of paying $117 million in interest on dollar bonds Wednesday, a key moment for debt holders who've already seen the value of their investments plunge since Russia invaded Ukraine last month.
/jlne.ws/3JtO5Fr
Putin Is Finding War Is Hell, and Expensive; A decade-long effort to increase professionalism seems to have failed, but Russian troops are adapting in Ukraine and still have brute force on their side.
James Stavridis - Bloomberg
One question I get repeatedly these days: What is wrong with the Russian military? Many in the West had a mistaken belief that the Russian war machine was a rough match for the North Atlantic Treaty Organization, and they are surprised at how much trouble the massive force is having subduing a much smaller and less-equipped neighbor, Ukraine.
/jlne.ws/3q8tdfc
RWE Won't Agree New Energy Contracts With Russian Companies; Utility says it could bring back 3.5GW of coal-power capacity; Germany relies on Russia for more than half of its gas supply
Vanessa Dezem - Bloomberg
German energy giant RWE AG will avoid doing business with Russian companies, as international condemnation and financial sanctions on Moscow mount following President Vladimir Putin's invasion of Ukraine.
/jlne.ws/3tYdEYr
UniCredit Weighs Russia Exit as Bankers' Pull-Back Gathers Pace; CEO Orcel says bank looking at consequences of pullout; Italian bank has one of Europe's biggest engagements in Russia
Sonia Sirletti - Bloomberg
UniCredit SpA is considering exiting its operations in Russia as part of an urgent review of the business, signaling an accelerating financial pull-back from the nation as a consequence of the invasion of Ukraine.
/jlne.ws/3KP2dcx
China's Oil Giant Won't Be 'Reckless' as Russia Upends Market
Sharon Cho - Bloomberg
China's oil trading giant Unipec says it will continue to monitor the market after global prices rallied and Russian crude tumbled following its invasion of Ukraine, adding that it won't be "reckless." "Everyone wants to buy cheap oil but we're an enterprise," Zhang Jing, senior oil markets analyst for China International United Petroleum & Chemical Co., or Unipec, said during a conference streamed online in response to a question about the possibility of China taking Russian barrels. "We've already seen the public opinion and it's really harsh."
/jlne.ws/3tWuJSA
Why China's Payment System Can't Easily Save Russian Banks Cut Off From Swift
Bloomberg News
Western nations have sought to punish Russia for invading Ukraine by imposing economic and financial sanctions and excluding some Russian banks from the omnipresent SWIFT messaging system, known as the Gmail of global banking. That's raised questions about whether China -- which before the war signaled it wanted closer ties with Russia -- could offer its neighbor a financial lifeline. In particular, many have focused on what a Chinese payment system, known as CIPS, could do. The answer seems to be not much, for now.
/jlne.ws/3t8lvn3
Russians bid hasty farewell to Instagram; Kremlin's sudden ban of photo-sharing app used by 80mn people hits citizens, small business owners and influencers
Polina Ivanova and Hannah Murphy - FT
Russian Instagram users woke up this week to an app that would not load and a feed empty of the content they had grown to love, after Moscow decided to ban the social media site over its parent company Meta's policies on the war in Ukraine.
/jlne.ws/37lRvM0
The Soviet pipeline that keeps Europe hooked on Moscow's oil; Druzhba link critical to Germany and forms biggest single flow of Russian crude to western Europe
Tom Wilson - FT
Europe's dependence on a 58-year-old Soviet pipeline and millions of barrels a day of Russian crude has pushed the region's leaders to resist an oil embargo as refiners from Shell to France's TotalEnergies hunt for alternative supplies. While Europe's reliance on Russian natural gas has become a source of growing angst, the continent also depends on Russia for 30 per cent of its oil, which has been allowed to continue flowing despite the invasion of Ukraine.
/jlne.ws/34JjVPf
Bayer threatens to halt crop supplies to Russia over Ukraine invasion; Essential products delivered this season but next year in doubt
Eva Szalay and Emiko Terazono - FT
Bayer has threatened to suspend crop supply sales to Russia next year unless the country stops its attacks on Ukraine. The German drug and agrochemical conglomerate, a leading seed and crop treatment supplier, said it was considering halting the sale of essential farming inputs to Russia, despite such a move potentially leading to further volatility and increases in global food prices.
/jlne.ws/3Ib6hSz
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | London Stock Exchange Group Announces Entry into Global Private Markets
LSEG
London Stock Exchange Group (LSEG) today announced a strategic investment and long-term partnership with Floww, a platform that connects investors with private companies. The partnership enables us to support private companies with the capital they need to grow and positions us to drive innovation in trading and post trade activities.
/lseg.group/3w7fjxy
March 2022 Final Foreign Currency Settlement Prices
CME Group
Please find attached March 2022 Final Foreign Currency Settlement Prices
/bit.ly/3JgxhRR
Eurex Exchange Readiness Newsflash | Introduction of Daily Futures on KOSPI 200 Weekly Options - prerequisites for trading and simulation
EUREX
With this Newsflash, Eurex would like to provide more detailed information regarding the requirements for trading of the new Daily Futures on KOSPI 200 Weekly Options (OKW1, OKW3, OKW4, OKW5) to be introduced on the Eurex/KRX Link, as announced in Eurex circular 006/22 and in Eurex Clearing circular 001/22. The effective launch date for these new products is 28 March 2022.
/bit.ly/3KMLSoN
Ad Hoc Review on Guarantee Fund Enquiry: Hotline 2979 7111
Hong Kong Securities Clearing Company Limited
HKSCC has performed an ad hoc review of the size of the Guarantee Fund and the contributions required from each Clearing Participant. The required size of the Guarantee Fund excluding the Dynamic Contribution Credit for all Clearing Participants after the re-calculation is HK$3,511 million. The amounts of Basic Contribution and Dynamic Contribution required from a Clearing Participant are re-calculated based on its share of the average daily CNS positions of all Clearing Participants for the period from 15 December 2021 to 14 March 2022 pursuant to Section 18.2.1 of the CCASS Operational Procedures.
/bit.ly/35ZEffQ
Nickel Market Update Resumption of Trading
LME
This Notice: (i) confirms that trading in LME Nickel Contracts will resume at 08:00 London time on Wednesday 16 March 2022 ("Resumption Date") on all LME Execution Venues; (ii) sets out details of the application of daily upper and lower price limits to all outright Contracts in all Base Metals on all Execution Venues; (iii) sets out details of the deferral of delivery to Wednesday 23 March at level for all Nickel Contracts entered into prior to Wednesday 16 March and due for delivery between Wednesday 16 and Tuesday 22 March inclusive; (iv) details the Accountability Levels that shall apply to Nickel Contracts with effect from the Resumption Date and outlines information gathering measures that shall apply to Members in relation to aggregate on-exchange and OTC Nickel positions; and (v) provides additional guidance on the LME's approach to the determination and publication of Official Prices and Closing Prices during any period
/bit.ly/3624ceb
Extension Until June 30, 2022 Alternative Measures And Reporting Delays Covid-19
TMX
On March 11, 2020, the Regulatory Division (the "Division") of Bourse de Montréal inc. (the "Bourse") published circular 041-20 reminding Approved Participants and Foreign Approved Participants (collectively, "Participants") of their obligations regarding the business continuity plan1 which should cover multiple scenarios, including those of a pandemic. The Division emphasized its expectation that Participants take all reasonable steps to achieve compliance with their regulatory obligations.
/bit.ly/3taWxDt
Symbol Mapping Filename Changes - Update
NYSE Group
As previously announced, NYSE will enhance the Symbol Mapping filename to include the trade date (previously trade date and timestamp).The enhanced Symbol Mapping files will be available in production, alongside the current Symbol mapping files until June 30, 2022, to facilitate customer migration to the new files. Please note that the Symbol Mapping file content will remain unchanged.
/bit.ly/3J9Ih3w
Shanghai International Energy Exchange has released its Circular on the Delivery Issues of SC2204
SFE
Shanghai International Energy Exchange has released its Circular on the Delivery Issues of SC2204 as follows: The last trading day for the crude oil futures contract SC2204 is March 31, 2022, and the delivery dates are April 1, April 6 April 7, April 8 and April 11, 2022. Accordingly, Shanghai International Energy Exchange (hereinafter referred to as "the Exchange") hereby notifies issues concerning delivery as follows:
/bit.ly/3ibvnWM
SGX and OCBC Bank launch low carbon index tracking Singapore's largest companies
SGX
First-of-its-kind index tracks 50 Singapore or globally-listed companies domiciled or incorporated in Singapore based on carbon intensity performance, provides an opportunity for investors to reduce the carbon footprint of their investment portfolios
The launch adds to the SGX Sustainability Indices suite, as the SGX Group continues to expand indexing capabilities in ESG, low carbon and climate risk
/bit.ly/3CD8gxX
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | CGQ to launch new trading and analytics platform
Wesley Bray - The Trade
Technology solutions provider CQG has announced the phased roll-out of its latest trading platform, CQG One.
According to CQG, the new cloud-based platform, which was designed for professional traders and institutional investors, combines the ease of use associated with its retail-oriented desktop platform, with several features of its flagship professional trading platform.
/jlne.ws/3i9qmyg
Barchart's Grain Accounting APIs to Power StoneX's Merchandiser Tools
Barchart
Barchart, a leading technology partner trusted by over 500 agribusinesses representing over 4,000 grain facilities, has announced a partnership with StoneX, a diversified global brokerage and financial services firm, to improve the efficiency of grain merchandiser workflows and help drive their commodity business forward.
/jlne.ws/3MMGEeq
Ronn Baker joins Baton Systems as a Senior Director
Baton Systems
Baton Systems ("Baton"), the global fintech digitally transforming post-trade processing using distributed ledger technology (DLT), has announced the appointment of Ronn Baker as Senior Director of North American Sales. Ronn previously served at Wells Fargo, where he was most recently Director of Innovation & Digital Strategy, spearheading the implementation of DLT, cryptocurrencies and digital assets for the FX trading and Capital Markets division. Having been at Wells Fargo for nearly 15 years, Ronn brings vast experience, with his tenure at the company spanning FX technology, eCommerce sales and institutional sales for cross-border payment solutions and services.
/jlne.ws/3tV9Nvq
Bazaar, Pakistan's leading B2B Platform, raises $70M Series B led by Dragoneer and Tiger Global
Bazaar
Bazaar, Pakistan's leading B2B e-commerce and fintech platform has raised $70M in a Series B financing led by Dragoneer Investment Group and Tiger Global Management. Through its expanding footprint of digital products and last-mile infrastructure, Bazaar provides procurement, fulfilment, operating software, digital lending, and supply chain products to merchants and suppliers in Pakistan. This investment, which comes just 6 months after its historic Series A, takes Bazaar's total institutional funding to over $100M, establishing it as one of the most well-capitalized startups in the country's rapidly growing tech ecosystem.
/jlne.ws/3CKKfVD
BMLL reveals big plans for 2022 with US expansion and new hire
Wesley Bray - The Trade
Historical Level 3 data and analytics provider, BMLL, has appointed Tim Baker as senior adviser, as the company looks to grow its US presence.
Baker will be based in New York and will be responsible for growing BMLL's US client base as well as developing and implementing the company's growth strategy in the region.
/jlne.ws/3q2ObMx
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| Cybersecurity | | Top stories for cybersecurity | How to protect yourself from cyberattack during Ukraine-Russia war
Jessica Dickler - CNBC
As the Russia-Ukraine war continues to escalate, cybersecurity attacks have become a very real threat around the world.
The number of cyberattacks being waged by both countries since the outbreak of the conflict is "staggering," according to the research arm of Check Point Software Technologies.
/jlne.ws/36jPyiS
Reconciliation of China bills in Congress could produce big cybersecurity wins
Retired Rear Adm. Mark Montgomery and Annie Fixler - TheHill
Congress deserves mixed grades for its recent efforts to strengthen the nation's cybersecurity and improve the resilience of its critical infrastructure. If Republicans and Democrats can find a path forward to integrate the Senate's U.S. Innovation and Competition Act (USICA) with the House's America COMPETES Act, Congress could make substantial, long-term investments in America's technology future.
/jlne.ws/3If2yTU
Two Sides Of The Coin: Cybersecurity As The Cost And Enabler Of Business
Manny Rivelo - Forbes
Cyber risks remain an existential threat facing businesses as we continue to see attackers become more brazen and aggressive. Fortunately, CISOs today now have the support of executive leaders and boards of directors in the trenches because everyone recognizes the paradigm shift already happening in organizations around the world. Adapting to cyber risk is now both the cost and the driver of doing business today.
/jlne.ws/3tcz84B
SEC votes to propose new rules for cybersecurity disclosure and incident reporting [UPDATED]
Cooley LLP - JDSupra
At an open meeting last week, the SEC voted, three to one, to propose regulations "to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance, and incident reporting by public companies." At the meeting, SEC Corp Fin Director Renee Jones said that, in today's digitally connected world, cyber threats and incidents pose an ongoing and escalating threat to public companies and their shareholders.
/jlne.ws/3IdaXaF
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| Cryptocurrencies | | Top stories for cryptocurrencies | FTX Europe Enters The World's First Prudentially Regulated Virtual Asset Jurisdiction In Dubai ; FTX Europe will also be establishing a regional headquarters in Dubai
FTX Europe
FTX Europe & MENA ("FTX Europe" or "the Company"), the European affiliate of FTX Trading Ltd. ('FTX' ), owner and operator of FTX.COM, today announced that it has been licensed to establish and operate its Virtual Asset (VA) Exchange and Clearing House services in Dubai, United Arab Emirates (UAE). As an anchor within Dubai's programme to drive progressive global VA Regulatory frameworks, FTX Europe becomes the first fully regulated VA Exchange to trial complex crypto derivatives dedicated to professional institutional investors within a reputed international jurisdiction.
/jlne.ws/3IaS7Rh
Bitcoin Evangelist Saylor Tells Economists Why They're Wrong; MicroStrategy CEO compares Bitcoin to New York real estate; Software CEO addresses the Economic Club of New York
Crystal Kim - Bloomberg
Michael Saylor, chief executive of enterprise software maker MicroStrategy Inc. and noted Bitcoin proselytizer, spoke to dozens of members of the Economic Club of New York on Monday about the merits of the world's largest digital asset, especially in the face of sharply rising inflation.
/jlne.ws/3MRBSMx
The main currency of NFTs is attention; For committed traders in the digital collectibles market, speculation and hype is part of the appeal
Tim Bradshaw - FT
It is easy to dismiss the market for non-fungible tokens (NFTs) as a hotbed of scammers and con artists. The reality is much weirder and wilder than that. After spending a few months lurking in the Discord chats and Twitter circles where NFT folks hang out, I have slowly come to appreciate the constant chaos, outsized personalities and close-knit communities that make trading NFTs so different to regular stocks or even bitcoin.
/jlne.ws/3ie5zcw
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| Politics | | An overview of politics as it relates to the financial markets | Banking union is essential if the EU is to ride out future crises;The sector must be helped to play its part in delivering Europe's green and digital transition
Paschal Donohoe - FT
The EU as we know it today has its genesis in a shared European desire for peace. Ours is a union of economic interdependence, but also one of shared freedoms, principles and values. Its bedrock is many unions: customs, trade, travel and currency. These are the building blocks that buttress the vaulting arches of our shared European ideals.
/jlne.ws/3ibqwVA
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | US feds arrest 4 suspects in $44M BTC Ponzi schemes
Steve Kaaru - Coingeek
Two U.S. federal agencies have announced charges against four individuals whom they accuse of defrauding over $44 million from investors through three digital asset scams. In its federal civil enforcement action filed with the Eastern District of New York, the Commodity Futures Trading Commission (CFTC) charged three Americans—Dwayne Golden, Gregory Aggesen, and Marquis Egerton, and one Indian national, Jatin Patel, of soliciting $44 million through Ponzi schemes that involved BTC and misappropriating millions of dollars.
/jlne.ws/34HMZqb
Statement on Planned Departure of Commissioner Allison Herren Lee
Gary Gensler - SEC
Today, my colleague, Allison Herren Lee, announced her intention not to seek a second term as Commissioner. Commissioner Lee is an extraordinary public servant who is incredibly dedicated to the SEC's mission. She first joined the SEC's Division of Enforcement in our Denver Regional Office in 2005. Along the way, Allison has served in a number of roles, including as Counselor to former Commissioner Kara Stein, Senior Counsel in the Complex Financial Instruments Unit, and Acting Chair last year. During her time as Acting Chair, she brought swift focus to important investor issues, such as climate-related disclosures.
/jlne.ws/3tVfQQB
NCA calls for regulation of crypto mixers used in 'churning criminal cash'; UK crime agency says technology can disguise transactions that are otherwise traceable on blockchains
Cristina Criddle - FT
The UK's National Crime Agency has called for the regulation of sophisticated mixing technology used by criminals to avoid detection when laundering money through cryptocurrencies So-called "decentralised crypto mixers", also known as CoinJoin, can be used to disguise transactions that are otherwise traceable on blockchains, publicly viewable digital ledgers where the transfer of cryptocurrencies are recorded.
/jlne.ws/3MOQJaF
Swedbank a 'Suspect' in Estonian Money-Laundering Probe; The bank "has been summoned as a suspect to an interrogation," it disclosed
Richard Vanderford - WSJ
Swedbank AB said its Estonian unit has been named a suspect in an Estonian money-laundering investigation. A special white-collar crime investigator with Estonia's Central Criminal Police notified the bank that Swedbank AS, its Estonian subsidiary, has been summoned as a "suspect to an interrogation," Swedbank said in a statement released Monday. Estonian investigators are probing whether the Stockholm-based financial institution was involved in money-laundering and other criminal violations.
/jlne.ws/3IbDhu4
Update on the market share test under the ancillary activities exemption for commodity derivatives
FCA
The MiFID II Article 2(1)(j) ancillary activities exemption enables firms trading in commodity derivatives, emission allowances and emission allowance derivatives to be exempt from authorisation as a MiFID investment firm if they fulfil certain criteria. As part of verifying that they fulfil these criteria, firms are currently required to perform the 'market share test' and the 'main business test' as set out in UK MiFID RTS 20.
/jlne.ws/3MLktFn
Blowing the whistle
ASIC - Australian Securities and Investments Commission
The past three years have seen extensive changes to the Australian whistleblower protection regime in the Corporations Act 2001 (Cth). Public companies, large proprietary companies and corporate trustees of registrable superannuation entities are required to have a whistleblower policy that reflects the strengthened whistleblower protection regime that started on 1 July 2019. This includes clearly setting out the legislated protections for whistleblowers and how they can report misconduct.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | China's Market Meltdown Has Traders Rushing to Buy Protection; Stocks including Hong Kong have lost $4.5 trillion since peak; Cost of hedging Chinese shares is at record versus S&P 500
Sofia Horta e Costa - Bloomberg
Investors in Chinese financial markets are paying up for protection across all asset classes, discounting better-than-expected economic data and Beijing's assurance it wants to avoid being sanctioned over its alliance with Russia.
/jlne.ws/3w8aPH6
Stock Buybacks Are on Course for Another Record; The repurchases come amid market volatility stemming from worries about planned Fed interest-rate increases, Russia's war in Ukraine and inflation
Hardika Singh - WSJ
Companies are unveiling plans to repurchase their own shares at a record pace, lending support to the battered stock market. Firms in the S&P 500 have outlined buyback plans valued at $238 billion through the first two months of 2022, according to data from Goldman Sachs Group Inc. , a high for this point in the year.
/jlne.ws/3q7mDpc
Investors Dash to Haven Assets During Ukraine Crisis Market Turmoil; Gold and government bonds are popular investments as the war boosts commodities prices and fosters uncertainty
Gunjan Banerji, Karen Langley - FT
The Ukraine crisis is turbocharging a dash for haven investments around the globe. The Russian invasion and the ensuing jump in commodities prices have sent investors barreling into gold and government bonds and scooping up bets that will pay out if they keep rising. The turbulence has unleashed a frenzy of trading tied to one of the biggest exchange-traded funds tracking gold, while investors have also poured money into government bonds, stemming a flood of withdrawals from earlier in the year. The WSJ Dollar Index, which measures the greenback against a basket of 16 other currencies, closed Monday at its highest level since June 2020. The dollar is seen as a haven because of its status as the world's reserve currency.
/jlne.ws/3KJLsiW
ICE Mortgage Technology's Latest Borrower Insights Survey Shows COVID Transforms the Home Buying Market
Intercontinental Exchange
ICE Mortgage Technology, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced the results of the 2022 Borrower Insights Survey. It shows that the COVID pandemic has transformed the home buying market - permanently and drastically changing the way borrowers use technology and what they expect from a lender. They are relocating to find more space and to work remotely. And after two years of video conferencing, nearly three-quarters think an online mortgage process is easier than an in-person process. Those are among the key findings in the 2022 Borrower Insights Survey.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | China's Covid Lockdowns Set to Further Disrupt Global Supply Chains
Keith Bradsher - The New York Times
A surge in Omicron variant infections has prompted Chinese authorities to lock down residents, close factories and stop truck traffic, snarling already frayed supply chains.
Trucks are being delayed by the testing of drivers. Container rates are rising as ships wait for many hours at ports. Products are piling up in warehouses.
/nyti.ms/3tbxbFC
Europe Is Getting Hit by Covid Resurgence After Rushed Exit; Cases are climbing in Germany, Netherlands and Switzerland; Pandemic strain adds to concerns about war and inflation
Tim Loh - Bloomberg
Europe tried to leave Covid-19 behind, but the rush to unwind restrictions is now setting the stage for a revival of pandemic risks. Accelerated by the emergence of BA.2 -- a more-transmissible strain of the omicron variant -- the virus has spread rapidly. Germany on Tuesday set a fresh record for infection rates for the four straight day. Austria has also reached new highs, while cases in the Netherlands have doubled since lifting curbs on Feb. 25.
/jlne.ws/35WyBeg
Nearly Half of Hong Kong's Population Has Likely Caught Covid; Researchers say total infections will reach about 4.5 million; Death toll likely to be reach 5,100 by May 1, mostly seniors
Bruce Einhorn and Linda Lew - Bloomberg
About half of Hong Kong's 7.4 million people have already been infected with Covid-19, according to an estimate of the damage caused by the deadly omicron wave that's overwhelmed the city.
/jlne.ws/3JcDKNR
How Australia's Swift Bid to Crush Covid Saved Lives; For the first year of the pandemic, the country's ferocious effort to prevent the pathogen's spread yielded unmatched success. But that victory wouldn't last.
Brian Schildhorn - Bloomberg
When the world was confronted with the coronavirus in early 2020, Australia responded hard and fast with what would be—at first—one of the most successful efforts to combat the pandemic. On this episode of Storylines, we recount how Australia leveraged its geography and strict travel rules to quickly become an example for holding Covid-19 at bay. But a lack of diligence on the vaccine front coupled with the arrival of the delta variant would upend this Covid-zero strategy.
/jlne.ws/3tWteDW
Taiwan's Covid Zero Strategy Quashes Latest Omicron Outbreak; No new cases or deaths reported in local community ; n Monday
That's the 2nd day in past week with no new local cases
Betty Hou - Bloomberg
Taiwan looks to have successfully brought the latest Covid-19 outbreak under control with no new local Covid-19 cases or deaths on Monday. The average number of cases fell to less than three per day over the last week, according to Bloomberg calculations based on government data, the lowest since early January when the omicron variant started spreading widely in the community. That situation is in stark contrast with the thousands of new cases Hong Kong is reporting each day or the growing outbreak in mainland China.
/jlne.ws/3I6sjWE
Top Pfizer and Moderna Executives Diverge on Need for Fourth Covid Shot; Top executives differ on how necessary extra shot is for most; Moderna's Hoge says public can be selective, but he'll get it
Kanoko Matsuyama - Bloomberg
Top executives at two of the biggest Covid-19 vaccine manufacturers are split over how necessary a fourth dose is for most of the world's population. Pfizer Inc. Chief Executive Officer Albert Bourla said in a CBS interview on Sunday that protection from three shots will wane and a fourth dose is needed "right now". Then, in an interview, Moderna Inc. President Stephen Hoge said a second booster is probably only necessary for older people or those who are immunocompromised, with the rest of the public able to be more selective abo
/jlne.ws/3ML0Ygh
Will 'open-source' vaccines narrow the inequality gap exposed by Covid? WHO-backed scheme to create mRNA vaccines aims to erase the unfair distribution of jabs during the pandemic
Donato Paolo Mancini, Jamie Smyth and Joseph Cotterill - FT
Soumya Swaminathan's "aha moment" came in February 2021. Covid-19 had been ravaging the world for 12 months and vaccines had only just begun a slow trickle into richer countries, but were nowhere to be seen in poorer ones.
/jlne.ws/3t8pPmh
UK to scrap remaining Covid travel restrictions; Transport minister announces end to coronavirus border measures from Friday
Philip Georgiadis, Alice Hancock and Jim Pickard - FT
Print this page
Transport secretary Grant Shapps has announced the end of all coronavirus border restrictions in the UK, reopening frictionless travel for the first time in nearly two years. Travellers arriving in England, Wales, Scotland and Northern Ireland from 4am on Friday will no longer need to fill out a passenger locator form, and unvaccinated people will not need to take a coronavirus test before departing for the UK and after their arrival.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Climate Protesters Spray Barclaycard Headquarters With Fake Oil
Jess Shankleman - Bloomberg
Climate protesters said they occupied the headquarters of Barclaycard in the East Midlands of England on Monday. Extinction Rebellion activists sprayed a fake oil made from water and food dye, both inside and outside of the building in Northampton, according to a statement.
/jlne.ws/3q5VlzE
Climate group prepares legal action against Shell directors; First serious attempt to hold executives legally accountable for alleged emissions failings
Camilla Hodgson and Tom Wilson - FT
Shell's board of directors bear personal responsibility for not preparing to cut emissions fast enough, an environmental shareholder group has claimed in the first significant attempt to hold individual executives legally accountable for alleged failures to tackle climate change. ClientEarth, a Shell shareholder, notified the energy major on Monday that it would commence legal proceedings against the company's 13 executive and non-executive directors for what it said was the board's failure to adopt a strategy that "truly aligns" with the 2015 Paris climate agreement.
/jlne.ws/3Jf4kpA
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Banks to Keep Talking on Nickel Trading Losses, Tsingshan Says, Chinese metals producer says JPMorgan, others will continue talks, while nickel trading remains suspended on the London Metal Exchange
Rebecca Feng, Joe Wallace - WSJ
Tsingshan Holding Group said large banks agreed to continue discussing a potential settlement with the Chinese metals producer, whose wrong-way bets led to a dayslong suspension of nickel trading on the London Metal Exchange. JPMorgan Chase JPM 0.99% & Co. and other banks are seeking billions of dollars that Tsingshan owes them for trades the banks made on its behalf on LME. The trades amounted to a big wager against the price of nickel and led to large losses at Tsingshan when prices for the metal, used in stainless steel and batteries, surged in the wake of Russia's invasion of Ukraine. The price increases are now rippling through the global financial system and the world economy.
/jlne.ws/3CKK7Wf
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | UK authorities urge firms to divest their Russian holdings
Laurie McAughtry - The Trade
Chancellor Rishi Sunak has clarified the position of the UK government on Russian investments, confirming that there is "there is no case for new investment in Russia" and that he is "crystal clear" on his support for firms and investors to diversify away from Russian assets.
In a statement released this morning, Sunak called on UK firms to "think very carefully" think very carefully about their investments in Russia and how they may aid the Putin regime."
/jlne.ws/3w6jzxu
Gold Near Record Deters Some Indian Buyers From Jewelry Shopping; Weak rupee adds to cost as India imports bulk of its gold; Local gold futures just shy of all-time high hit in Aug. 2020
Swansy Afonso - Bloomberg
Gold's rapid rise to near record levels is unnerving some buyers in India, who are holding off on purchases, and worrying jewelers in the country's vibrant bazaars. Prices in India, the world's biggest consumer after China, have rallied in the past month in line with the overseas markets as investors sought safe havens following Russia's invasion of Ukraine. The country imports almost all the bullion it consumes and costs are rising as the Indian currency trades near a record low.
/jlne.ws/3w4H21W
Singapore Still Wants Smart, Rich Expats; The latest rules will weed out the soft underbelly of mediocrity in the labor market, not the best and brightest. It's a sound policy, but not without risks.
Rachel Rosenthal - Bloomberg
Singapore appears to be shutting its doors to foreign talent just as the exodus of expatriates from Hong Kong gathers pace. The government recently tightened visa rules for white-collar workers, adding hoops to a process that employers already complain is too onerous. Will the city-state miss its golden opportunity to scoop up Hong Kong's disgruntled elites? Hardly. It's a different slice of the labor market that will feel the pinch from these stricter measures.
/jlne.ws/3i8YOJb
Hong Kong Stocks Lose Two-Decade Anchor Amid Tech Meltdown; Hang Seng now below a trendline dating back about 24 years; Regulatory risk, diplomatic tension from war hurt China stocks
Akshay Chinchalkar - Bloomberg
The implosion in Chinese technology stocks leaves strategists staring at chart patterns that few had thought possible. Hong Kong's Hang Seng Index slid Tuesday after hitting a six-year low a day earlier, while the 30-member Hang Seng Tech Index's losses this week reached some 12%. The meltdown was sparked by the worry that Chinese firms could be ostracized if the nation is seen as helping Russia with its war in Ukraine.
/jlne.ws/3IdU6UU
China Locks Down More Than 45 Million People as Covid Returns; Jilin in the northeast is a hotspot with more than 4,000 cases; Lockdown of some cities ensnares Apple suppliers to carmakers
Bloomberg News
China saw more than 5,000 new Covid-19 infections for the first time since the early days of the pandemic, as outbreaks of the highly contagious omicron variant prompt officials to lock down more cities and impose further restrictions.
/jlne.ws/3i6JmNR
Russian Oil Sales Going Underground as Cheap Crude Tempts Buyers; Two-tier market for the oil is likely to emerge, say traders; India, Chinese private refiners keen to keep buying the crude
Serene Cheong - Bloomberg
Away from the public eye. That's where Russian crude is going as buyers tread carefully in their dealings with the pariah producer. The market is waiting to see if Russian firms such as Surgutneftegas PJSC proceed with monthly sell tenders for ESPO crude this week. The offers are unlikely to attract any bids, oil traders said, Instead, shipments at steep discounts will probably be marketed privately on a one-on-one basis.
/jlne.ws/3CMOi3J
Fund Managers Run Away From China Stocks Even With 75% Discount; Russia ties, regulation pose risks to owning Chinese shares; Investors are wary of buying even as valuations keep slumping
Thyagaraju Adinarayan, Albertina Torsoli, and Sagarika Jaisinghani - Bloomberg
Fund managers are leery of buying Chinese stocks as the country's close ties to Russia, extreme Covid-19 curbs and lack of clarity on the end of regulatory crackdowns overwhelm the dip buying opportunity presented by the 75% plunge from their peak.
/jlne.ws/3KBGXa2
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| Miscellaneous | | Stories that don't quite fit under the other sections | Hedge-Fund Manager Greg Coffey Is the Buyer of a $105 Million Hamptons Estate; The Southampton sale was one of the priciest in Hamptons history
Katherine Clarke - WSJ
Australian hedge-fund manager Greg Coffey was the buyer behind a $105 million deal for the oceanfront Fordune estate in the Hamptons late last year, according to people familiar with the situation. The sale of the Southampton compound, built for auto mogul Henry Ford II around 1960, was one of the largest recorded transactions in Hamptons history, though the closing price was significantly shy of the property's original asking price of $175 million. The estate was first listed for sale in 2017. The seller was Brenda Earl, a former partner at the private-equity firm Zweig-Dimenna.
/jlne.ws/3JhQzqi
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