| March 09, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
It is a good thing Putin is not Donald (McDonald) Trump, because McDonalds shutting down across Russia and Coca Cola shutting operations would seriously crimp his eating habits. Add Starbucks and Pepsi to the companies that announced they were shuttering Russian operations yesterday, though Starbucks was a bit latte to make an announcement. Without American fast food restaurants and coffee shops, Russians are going to be back to vodka and potatoes.
FIA has cast out the Moscow Exchange from FIA membership for reasons related to the Russian invasion of Ukraine. This had nothing to do with FIA needing more rooms at Boca, though I doubt the MOEX guys were going to make it anyway.
The FIA also created a "Russian Sanctions Resources" page on its website as a resource for the industry. What a good idea.
If I were a crypto operator with lax know-your-customer rules, KYC, or anti-money laundering, AML, operations, I would be a little nervous in this environment. A lot of money is trying to move around the world aimed at the course of least resistance. And some of that money has some not so popular connections to it, so there is lots of reputation risk to go with the regulatory risk.
The CME Group yesterday traded more than 1300 20-Year Treasury Bond futures on its first day of trading and had open interest of 1041 contracts at the end of the day. That is a good start. In the old days, the exchange chairman would have had the honor of making the first trade in a new contract, which could sometimes be a costly honor.
However, the 20-Year Treasury Bond futures fill in a nice spot in the yield curve and every trader should be taking a hard look at them as interest rates are moving, not just flat prices, but up and down the interest rate curve. In fact, Bloomberg has a story today titled "Goldman Sachs Says Investors Unprepared for U.S. Curve Inversion."
The Wall Street Journal has a story titled "Cryptocurrency Tax Guide 2021-2022, Filing Your Bitcoin and NFT Taxes." Another timely piece of journalism, though you should consult your own tax advisor for advice on crypto tax related filings.
BNP Paribas announced the appointment of Calvin Tse as head of Americas developed markets strategy & FX strategist, effective immediately.
Thank you to Trading Technologies for matching the gift made to the JLN MarketsWiki Education GoFundMe Campaign by Mike Bickford. TT made a pledge under the previous ownership to match $20,000 worth of gifts to the fund.
Here is an interesting story from International Women's Day 2022. Nicola Sturgeon, Scotland's leader, apologized in the Scottish Parliament during a debate for thousands of women executed as witches. All I have to say is "Expecto Patronum."
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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Doug Engmann - Part Two - Open Outcry Traders History Project - John Lothian News
JohnLothianNews.com
When Doug Engmann, chairman of Sage Brokerage Holdings, chose to expand his business to other exchanges, it was the late Jack Wing, Chairman Emeritus of Chicago Corporation, who helped him make the decision.
Sage, unlike other clearing firms at the time, Engmann said, offered both real-time clearing and real-time risk management that allowed clients to easily check their positions despite the West Coast time zone. Wing — then Chicago Corporation CEO — convinced Engmann "that Sage would have success on the Cboe." Employing real-time strategies to check positions gave Sage an advantage. "None of the other clear firms could do that, and we were still doing that when we were at the Cboe. It helped grow our business significantly again," according to Engmann.
Watch the video »
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Josh Bosquez appointed Chief Technology Officer at Eventus
Eventus Systems, Inc
Eventus Systems, Inc., a leading global provider of multi-asset class trade surveillance and market risk solutions, today announced the appointment of Josh Bosquez to Chief Technology Officer (CTO). He joins the company this week with 24 years of software engineering experience, including more than 20 years in leadership roles in technology innovation, cloud-native platforms, cybersecurity and compliance. For the past three years, Bosquez served as Chief Technology Officer at Armor Cloud Security, responsible for the firm's engineering, product, security and compliance organizations for the Software-as-a-Service cybersecurity offering.
jlne.ws/3hQoHNJ
**** Welcome Josh. Your joining this firm is one big Eventus.~JJL
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The Fates of Ukraine and Putin Turn on 7 Forces of History; Does Russia grind out victory? Can sanctions stop that? Might Putin go nuclear? Is China for war or peace? The past offers clues, but no certain answers.
Niall Ferguson - Bloomberg
What makes history so hard to predict — the reason there is no neat "cycle" of history enabling us to prophesy the future — is that most disasters come out of left field. Unlike hurricanes and auto accidents, to which we can at least attach probabilities, the biggest disasters (pandemics and wars) follow power-law or random distributions. They belong in the realm of uncertainty, or what Nassim Nicholas Taleb, in his book "The Black Swan," calls "Extremistan." They are like tsunamis, not tides. What's more, as I argued in my book "Doom," disasters don't come in any predictable sequence. The most I can say is that we tend not to get the same disaster twice in succession. This time we've gone from plague to war. In 1918, it was from war to plague. The Hundred Years' War began eight years before the Black Death struck England.
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***** Where is my Lucky 8-ball when I need it?~JJL
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Putin's Endgame Starts to Look Like Reducing Ukraine to Rubble; The Russian president envisioned a quick victory. If his history is any guide, destruction may be his fallback plan.
Marc Champion - Bloomberg
Watching Russia's military machine grind a gruesome path through Ukraine, it's impossible not to feel you've seen this tragedy before. The artillery volleys slamming into apartment blocks, the firing on evacuation corridors, and even the disorganization and hubris of the attack are all familiar scenes from Chechnya, Georgia, or Syria. Whatever the location, the ending has been the same: cities reduced to rubble.
/jlne.ws/3IZ0DEe
****** You can destroy property, and even historical sites, but you can't destroy a people or their spirit. Unfortunately, too many invaders learn this the hard way.~JJL
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American and European Students in Russia Are Desperate to Get Out; Universities across the U.S. and Europe have shut exchange programs in Russia after the invasion of Ukraine.
Alice Kantor and Charlie Wells - Bloomberg
Gusts Petersons's journey out of Russia involved five flights — including two scrapped after booking — covering nearly 6,000 miles, a 3 ½ hour train ride and a half-mile walk across the border into Estonia. Until last week, the 23-year-old junior at Maine's Bates College had been studying abroad in the Siberian city of Irkutsk. He's now in Latvia, where he grew up.
/jlne.ws/3pR5D6u
***** Well, this is an education they will never forget. ~JJL
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Tuesday's Top Three
Tuesday's most read piece was from the Financial Times Commodities go crazy: nickel edition. Attention on nickel placed Bloomberg second with LME Halts Nickel Trading After Unprecedented 250% Spike. Finally, the third most read article was FIA FIA announces 2022 Hall of Fame inductees
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MarketsWiki Stats
26,767 pages; 237,657 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
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| Lead Stories | Cboe Global Markets Announces Senior Leadership Changes; Promotion of David Howson to President
Cboe Global Markets, Inc.
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced changes to its senior management team under Chief Executive Officer Ed Tilly that reflect the company's global expansion in recent years and position it for its next phase of growth. These changes include the appointment of David Howson to the role of President, effective May 12, 2022.
/jlne.ws/363kfbE
Russia's techies flee country they fear is 'flying into an abyss'; Economic 'brain drain' as thousands seek to escape sanctions and crackdown on dissent
Polina Ivanova and Henry Foy - FT
Russian tech executive Ilya Krasilshchik hurriedly packed up three suitcases and boarded a flight to Dubai this week with no plan and no idea what would come next. All he wanted was to leave a country "flying into an abyss", he said. Krasilshchik is one of tens of thousands of Russians who have fled the country in recent days, seeking to escape the spiralling effects of President Vladimir Putin's invasion of Ukraine, from western sanctions imposed in response to the war to the Kremlin's crackdown on dissent.
/jlne.ws/3IZOgb3
US and UK ban Russian oil and gas imports in drive to punish Putin; London joins Washington with embargo as economic pressure builds on Moscow over Ukraine invasion
James Politi, Myles McCormick, Jim Pickard and Andy Bounds - FT
President Joe Biden has banned imports of Russian oil and gas into the US as Washington steps up economic sanctions on Moscow over the invasion of Ukraine in an attempt to deprive it of revenue. The move was matched by a UK phase-out of Russian oil imports, but the EU did not follow suit and instead unveiled a plan to cut Russian gas imports by two-thirds within a year.
/jlne.ws/3HXVpaq
Europe Is on a Wartime Mission to Ditch Russian Oil and Gas; The continent will need to rely on more coal in the short term, but there could be warp-speed deployment of green energy this decade
Will Mathis, Akshat Rathi, and John Ainger - Bloomberg
Russia's invasion of Ukraine has brought a wartime energy transition to Europe. The continent's decades-long timelines for overhauling energy supply systems that support more than 440 million people are now being revved up under extraordinary duress. Policy is changing in real time as political leaders in capitals across Europe adopt new positions by the day and missiles land on Kyiv.
/jlne.ws/3HUbmhZ
Chinese Nickel Giant Secures Bank Lifelines After Epic Squeeze; Banks, company still in talks on additional collateral; Xiang tell bankers that he's reviewing hedging strategy
Bloomberg News
The Chinese nickel company at the center of a historic short squeeze has secured a package of loans from local and international banks to help it meet a wave of margin calls, according to people familiar with the matter. Tsingshan Holding Group Co., which faces billions of dollars in potential losses on short positions in nickel futures, won credit promises from banks including JPMorgan Chase & Co. and China Construction Bank Corp. in meetings that ran into the pre-dawn hours of Wednesday morning, the people said, asking not to be named since the matter is private. Some of the terms, such as how much extra collateral Tsingshan needs to pledge, are still under discussion, the people said.
/jlne.ws/360NQTe
Biden Pushes for Coordinated Approach to Crypto Oversight; U.S. to mandate studying illicit finance, consumer protection; Placing high urgency on research into U.S. digital dollar
Allyson Versprille - Bloomberg
President Joe Biden on Wednesday plans to order government agencies to take a closer look at issues surrounding the fast-growing crypto market, from developing a potential digital dollar to combating illicit finance.
/jlne.ws/3hU262J
UniCredit warns EUR7bn at risk in 'extreme scenario' of Russia unit being wiped out; Italian bank reassures investors it will still fulfil its dividend pledge
Stephen Morris - FT
UniCredit has warned that it faced losses of about EUR7bn in an "extreme scenario" whereby its entire Russian business is wiped out, but the Italian bank reassured investors that it should still be able to fulfil a promised dividend this year. The lender on Wednesday said it had loans of about EUR7.8bn in its Russian consumer unit and net cross-border exposure to companies of EUR4.5bn, of which about 5 per cent had been hit by western sanctions after the invasion of Ukraine.
/jlne.ws/3hOhM7Q
The New York Stock Exchange Announces Launch of the NYSE Sustainability Advisory Council; Exchange-led Group of Senior Sustainability Officers from NYSE-listed Companies Will Identify, Develop and Share Best Practices
Intercontinental Exchange, Inc
he New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, announced today the launch of the NYSE Sustainability Advisory Council. The council will bring together select sustainability leaders within the NYSE community of more than 2,400 listed companies to identify and share global best practices addressing environmental, social and governance (ESG) issues.
/jlne.ws/363k5B4
U.S. Probes Options Trade That Gained on Microsoft-Activision Deal; Entertainment-industry titans Barry Diller and David Geffen made purchases just days before the merger was announced
Dave Michaels, Jeffrey A. Trachtenberg - WSJ
Federal prosecutors and securities regulators are investigating large bets that Barry Diller, Alexander von Furstenberg and David Geffen made on Activision Blizzard Inc. shares in January, days before the videogame maker agreed to be acquired by Microsoft Corp. MSFT 1.87% , according to people familiar with the matter.
/jlne.ws/3hUcFTC
Shanghai halts trading of nickel contracts in wake of LME suspension; Prices have escalated in recent weeks over fears of disruption to supplies from Russia
Neil Hume and Philip Stafford and Hudson Lockett - FT
The global nickel market ground to a halt on Wednesday after surging prices prompted China's leading commodities exchange to freeze trading in some of its most active contracts. The Shanghai Futures Exchange said it was suspending trading for more than half of the nickel contracts traded in mainland China on Thursday, after they rose by the maximum amount allowed for several days in a row.
/jlne.ws/3639A0X
Binance plots M&A spree as regulators scrutinise crypto trading unit; Group looking to scoop up businesses that operate in traditional markets following its investment in Forbes
Joshua Oliver, Philip Stafford and Siddharth Venkataramakrishnan - FT
Binance is planning an acquisition spree to push in to new markets as its massive digital assets trading unit comes under sustained regulatory scrutiny. The crypto company, one of the biggest in the digital asset industry, is looking to scoop up businesses that operate in traditional markets following its investment earlier this year in US business publication Forbes, Binance chief executive Changpeng Zhao said in an interview.
/jlne.ws/3sXFzbT
Loss of Russian Oil Leaves a Void Not Easily Filled, Straining Market; Global production will take time to ramp up, so the U.S. and other buyers will chase limited supplies, creating upheaval unseen in decades.
Clifford Krauss - NY Times
Before its forces invaded Ukraine, Russia provided one out of every 10 barrels of oil the world consumed. But as the United States and other customers shun Russian crude, the global oil market faces its greatest upheaval since the Middle East tumult of the 1970s.
/jlne.ws/3hQF90i
Russia Roils Plane-Backed Bonds by Keeping $10 Billion of Jets
Carmen Arroyo and Adam Tempkin - Bloomberg
Russia's decision to block foreign owners from seizing hundreds of planes worth about $10 billion is roiling a market where aircraft leases are bundled into bonds and sold to investors.
/jlne.ws/3IXfvTK
EXPLAINER-LME nickel surge puts clearing houses in the spotlight
Huw Jones - Reuters
The London Metal Exchange (LME) took emergency measures to halt trading in nickel on Tuesday as prices doubled to more than $100,000 a tonne.b The surge was blamed on short-covering by one of the world's top producers as Western sanctions squeezed Russia, a major nickel producer. Traders said some holders of nickel positions had also struggled to pay margins to their clearing house.
/jlne.ws/3HW6KYy
Fidelity Investments Posts Record Revenue on Stock Market Rally; 2021 marked the sixth straight year of record earnings for the privately held firm controlled by the Johnson family
Justin Baer - WSJ
Fidelity Investments said operating profit jumped 13% last year as an individual-investing boom and the stock market rally lifted the money-management giant's revenue to a record. FMR LLC, Fidelity's parent company, posted an operating profit of $8.1 billion, up from $7.2 billion in 2020, the firm said Wednesday in its annual shareholder update. It was the sixth straight year of record earnings for the firm, which is held privately and controlled by the Johnson family. Revenue climbed 15% to $24 billion.
/jlne.ws/3tEUl6t
Mainstream Hedge Funds Pour Billions of Dollars Into Crypto; Veteran traders including Alan Howard and Paul Tudor Jones are said to be increasing their trading in cryptocurrencies
Gregory Zuckerman - Bloomberg
Some of the biggest names in the hedge-fund world are betting on crypto. Veterans including Alan Howard, co-founder of Brevan Howard Asset Management LLP, and Paul Tudor Jones, the billionaire who runs Tudor Investment Corp., are expanding their crypto trading, according to people familiar with the situation.
/jlne.ws/3MzVXHg
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Covid adds to Ukraine's wartime pain.
The New York Times
Ukraine's health care system is still grappling with the coronavirus pandemic, even as it tries to cope with the severe effects of an invasion that has sown destruction and dislocation in the country, the World Health Organization's regional director for Europe said on Tuesday.
/jlne.ws/3pOb0TX
Why do many Indians want to join Ukraine's fight against Russia?
Manavi Kapur - Quartz
An Indian student in Ukraine has joined the military pushback against Russia. Reports say there are many others in the queue. Sainikhesh Ravichandran, a 21-year-old student from the southern Indian state of Tamil Nadu, is, according to a report in The Kyiv Independent, now a part of the International Legion. The paramilitary force of volunteers has been put together by president Volodymyr Zelenskyy's government to fight Russian forces.
/jlne.ws/3MFaGAS
Kremlin tells United States to await response to "economic war"
Guy Faulconbridge - Reuters
The Kremlin accused the United States on Wednesday of declaring an economic war on Russia that was sowing mayhem through energy markets, and it put Washington on notice it was considering its response to a ban on Russian oil and energy. Russia's economy is facing the gravest crisis since the 1991 fall of the Soviet Union after the West imposed heavy sanctions on almost the entire Russian financial and corporate system following Moscow's invasion of Ukraine.
/jlne.ws/3HVoByU
Why McDonald's Closing All Restaurants In Russia Is 'Hugely Symbolic'
Graeme Demianyk - Huffington Post
McDonald's, an icon of post-Soviet Russia, has said it will temporarily close all its 847 restaurants in the country in a move commentators described as "hugely symbolic." The fast-food chain, the latest Western company to shutter operations in the country after its troops invaded Ukraine, said it would go on paying salaries to its 62,000 employees in Russia.
/jlne.ws/3hPyyDu
Germany Is Stalling EU Efforts to Broaden Russia's SWIFT Ban
Alberto Nardelli, Michael Nienaber and Chiara Albanese - Bloomberg
Germany has emerged as the main roadblock to broaden European Union sanctions against Russia by targeting the country's biggest bank and its energy sector. Berlin is the leading power resisting efforts to add Sberbank PJSC to the list of Russian financial institutions cut off from SWIFT -- the bank messaging system behind much of global trade -- according to multiple diplomats familiar with the matter and documents seen by Bloomberg.
/jlne.ws/3HPGqiY
Ukrainian presidential advisor says the West is financing Russia's invasion with 'bloody money' from oil and natural gas purchases
Grace Dean - Business Insider
A top economic advisor to Ukrainian President Volodymyr Zelensky told CNBC that countries who were importing oil and natural gas from Russia were ultimately financing the country's invasion of Ukraine with "bloody money." International governments have imposed massive sanctions on Russia, aimed at bringing the country's economy to its knees and cutting off funding for its military. Measures have included blocking transactions from Russia's central bank and barring some banks from using SWIFT for communications about cross-border transactions.
/jlne.ws/3KA99u1
What does banning Russian oil mean for global energy markets? Analysts warn of supply shock akin to 1979 crisis if moves by US and others trigger broad blockade
Derek Brower, Justin Jacobs and Myles McCormick - FT
The White House ban on imports of Russian petroleum into the US, announced on Tuesday, is the most significant move yet in a rapidly escalating global energy war between Russia and the west following Vladimir Putin's invasion of Ukraine. Brent oil settled 4 per cent higher at $127.98 a barrel on Tuesday, a day after hitting its highest intraday level since the global financial crisis, while US petrol prices hit a new high.
/jlne.ws/3IWOUGv
The secret US mission to bolster Ukraine's cyber defences ahead of Russia's invasion; American soldiers and experts fanned out across country last year to thwart an expected Russian cyber attack
Mehul Srivastava and Madhumita Murgia, Hannah Murphy - FT
Months before the Russian invasion, a team of Americans fanned out across Ukraine looking for a very specific kind of threat. Some were soldiers, with the US Army's Cyber Command. Others were civilian contractors and some employees of American companies that help defend critical infrastructure from the kind of cyber attacks that Russian agencies had inflicted upon Ukraine for years.
/jlne.ws/3CAtdJW
Russia's Attack Casts Huge Shadow Over Future of ESG; When greenwashing comes to the world of war and weapons, it might all be over.
Tim Quinson - Bloomberg
How can fund managers buy Russian government bonds and shares of state-backed energy giants while claiming to be committed to the highest environmental, social and governance principles? Arguably they can't, given the death and destruction now wrought by the Kremlin's military on a daily basis. With lots of U.S. dollars and euros invested in Russia when the war began, it's a question increasingly being asked by investors, companies and the financial industry as a whole.
/jlne.ws/3tGXxOW
The Ukrainian Cultural Sites at Risk of Destruction; With Ukrainians facing continued attacks from Russian forces, the heritage that forms their national identity is also under siege.
Feargus O'Sullivan - Bloomberg
Already, a cruise missile that gutted Kharkiv's city council building also shattered glass and damaged artwork in the nearby Dormition Cathedral, a towering neo-classical church built in the 1820s. Nearby and also at risk is one of the early 20th century's most remarkable complexes — the Derzhprom Palace of Industry, a crescent of sky-scraping constructivist towers linked by elevated walkways that was the world's largest building by volume when completed in 1928. Meanwhile, shelling has already damaged a key Kharkiv literary landmark: the city's Slovo building, built in the 1920s to house writers who revitalized Ukrainian literature before suffering Stalin era persecution.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | FIA removes the Moscow Exchange from membership
FIA
FIA has announced that its board of directors has voted to remove the Moscow Exchange from FIA's membership, effective immediately, due to circumstances related to the Russian invasion of Ukraine.
/jlne.ws/3Cszkjf
Chicago and London issue de facto ban on Russian gold; The London Bullion Market Association and Chicago's CME Group join a growing list of businesses and institutions around the world that are pulling back from Russia after its invasion of Ukraine.
Bloomberg
London's gold market suspended all Russian refineries from its accredited list, meaning their newly minted bars can no longer trade in one of the world's most important bullion centers. The London Bullion Market Association suspended all six Russian gold and silver refineries from its Good Delivery List following sanctions imposed by the U.S., European Union and U.K. on the country, the LBMA said Monday. Existing bars produced by the refiners before their suspension will still be accepted.
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Notification of dividend / distribution
ASX
ASX LIMITED. Security on which the Distribution will be paid
ASX - ORDINARY FULLY PAID
/bit.ly/3sGw54D
SIX Reports Successful 2021 Performance Despite Challenging Global Situation
SIX
2021 was a successful year for SIX, despite the challenges and uncertainties that recurring waves of COVID-19 continued to inflict on society and financial markets. The income benefitted from organic growth and the newly combined business of SIX in Switzerland and Spain: For the first time the Spanish business acquired by SIX in mid-2020 contributed for a full 12 months. All four business units of SIX performed well, although they were differently impacted by various external factors, not least in connection with the pandemic.
/bit.ly/3IWCX3j
Cboe Global Markets Announces Date of First-Quarter 2022 Earnings Release and Conference Call
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today said it will announce its financial results for the first quarter of 2022 before the market opens on Friday, April 29, 2022. A conference call with remarks by the company's senior management will begin at 7:30 a.m. Central Time (CT), 8:30 a.m. Eastern Time (ET).
/bit.ly/3CsRoKa
CME Group Announces First Trades for 20-Year U.S. Treasury Bond Futures
CME Group
CME Group, the world's leading derivatives marketplace, today announced first day trading volume for its newly launched 20-Year U.S. Treasury Bond futures contract, which became available for trading on Monday, March 7. In total, more than 1,300 contracts were traded by 30 participants, with open interest of 1,041 contracts, signifying strong client interest in an additional fixed income hedging tool at a time when managing U.S. Treasury market risk is more important than ever.
/jlne.ws/3sTixma
February 2022 figures at Eurex
Deutsche Börse Group
Growth across OTC clearing, derivatives trading and repo at Eurex in February
Notional outstanding volumes in OTC Clearing grew strongly in February, climbing 30 percent overall compared to the same month last year - from 19,903 billion EUR to 25,933 billion EUR - with Interest Rate Swaps and Overnight Index Swaps posting growth of 39 percent and 162 percent, respectively. Average daily cleared volumes also grew by 10 percent overall, with Interest Rate Swaps (up 69 percent) and Overnight Index Swaps (up 148 percent) again beating the overall growth figure.
/bit.ly/3KqOHvq
Euronext announces March 2022 annual review results of the AEX® Family
Euronext
Euronext today announced the results of the annual review for the AEX®, AMX® and AScX®, which will take place after markets close on Friday 18 March 2022 and be effective from Monday 21 March 2022.
/jlne.ws/3MB4c5F
FEX ESPO Asia Crude (Argus) Products
FEX
The Board of Directors of FEX Global have today determined to indefinitely suspend trading for all futures and options products referencing the ESPO Asian Crude (Argus) Benchmark.
/bit.ly/3hSdfBq
HKEX Names Co-Head of Emerging Business Development
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Wednesday) that it has appointed Daniel Sonder as Co-Head of Emerging Business Development.
/bit.ly/3hQ1QBV
ICE Mortgage Technology's eClose Solution Saves Lenders 70 Minutes Per Loan
Business Wire
ICE Mortgage TechnologyTM, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced the results of its hybrid eClose return on investment (ROI) study. The extensive independent study conducted by MarketWise Advisors, LLC., found 70 minutes saved per loan and 2.3 days faster loan cycles. With these results and the recent launch of eNotes, our comprehensive eClose solution will enable our clients to adopt automation and provide a much-improved user experience for lenders and borrowers.
/bit.ly/3MuU0ff
Change of base price of WisdomTree Nickel (Code: 1694)
JPX
The most recent price ofWisdomTree Nickel (Code: 1694) obtained from the main foreign financial instruments market converted into Japanese yen differs greatly from the base price set on March 8. Due to this situation, TSE will change the base price for today as shown in the following table .
In addition, market orders are prohibited in the trading of these securities today.
/bit.ly/360JY4E
LME Clear Margin Collateral Haircuts Update
LME
LME Clear Members are advised that new margin collateral haircuts have been set, as marked on the website located here: https://www.lme.com/en/Clearing/Collateral-management/Haircut- methodology
/bit.ly/3624ceb
NYSE Pillar Gateway Validation and Proprietary Market Data Enhancements - Reminder
NYSE
As previously announced, beginning March 28, 2022, NYSE will implement changes to the NYSE Pillar Platform across all NYSE Group equity markets. Certification dates have been revised. NYSE National CERT is available now to facilitate customer testing
/jlne.ws/35zTNH6
SIX attributes "substantial" non-operating losses to "one off" Worldline share price fluctuations; The exchange says without the effects of Worldline it would've seen a rise in group net profit of 37.3% on the previous year.
Annabel Smith - The Trade
SIX Swiss Exchange has reported "substantial" profit losses in its end of year results due to fluctuations in Worldline share prices that saw its profits rise in 2020 and drop in 2021. Despite total operating income rising 8.9% to CHF 1,498.3 million for 2021, group net profit fell 83% to CHF 73.5 million while earnings before interest and tax (EBIT) also fell 71% to CHF 147.2 million.
/jlne.ws/3Cq0lUA
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | MarketAxess launches real-time fixed income pricing; Axess All Prints will offer an enhanced real-time transacted price service for the most actively traded fixed income instruments in the UK and EU.
Laurie McAughtry - The Trade
MarketAxess, the electronic trading platform for fixed income securities, has added to its existing intra-day fixed income tape with real-time pricing for the UK and EU's most actively traded debt instruments.
/jlne.ws/365HXnF
BTON Financial appoints new head of trading technology from Fidelity Investments; New head brings considerable experience to BTON, having served in senior trading positions at Fidelity, Morgan Stanley and Merrill Lynch.
Wesley Bray - The Trade
Asset management front-office and electronic trading expert, Adam Mingos, has been appointed by BTON Financial as its new head of trading technology. Mingos joins BTON from Fidelity Investments, where he served as head of portfolio and systematic trading in Europe over the last 10 years.
/jlne.ws/3CqGDYG
Ediphy gearing up to become European non-equity consolidated tape provider; The company says it's working with 10 institutions including Norges Bank Investment Management, Deutsche Bank, Citadel Securities and UBS to finalise its tape prototype.
Annabel Smith - The Trade
Data and analytics provider, Ediphy, is finalising a consolidated tape prototype as it prepares to throw its hat into the ring to provide the non-equity tape for Europe. The development follows the European Securities and Markets Authority (ESMA) and European Commission's announcement in November that they intended to implement a single post-trade consolidated tape provider per asset class as part of the Capital Markets Union (CMU) update.
/jlne.ws/3Kpiu7E
Josh Bosquez joins Eventus as Chief Technology Officer
Steffy Bogdanova - Leaprate.com
Eventus Systems, Inc. today announced the appointment of Josh Bosquez to Chief Technology Officer. Bosquez brings 24 years of software engineering experience to the company. He has spent over 20 years in leadership roles in technology innovation, cloud-native platforms, cybersecurity and compliance.
/jlne.ws/3644elK
Eventus Hires Josh Bosquez as Chief Technology Officer; He will be in charge of the company's Validus platform; He brings 24 years of experience to the new role.
Arnab Shome - Finance Magnates
Eventus Systems, a provider of multi-asset class trade surveillance and market risk solutions, has hired Josh Bosquez as the new Chief Technology Officer, the company announced on Tuesday. He has already taken up the new role and will report directly to Eventus CEO Travis Schwab.
/jlne.ws/3IX5GFp
Eventus Hires CTO Josh Bosquez As Crypto Needs More Market Surveillance
Rick Steves - FinanceFeeds
The RegTech firm has recently raised $30 million in a Series B funding round and is now on a hiring spree as the company expands geographically and technology-wise. Eventus Systems has appointed Josh Bosquez as Chief Technology Officer (CTO), joining the firm after 24 years of software engineering experience, including more than 20 years in leadership roles in technology innovation, cloud-native platforms, cybersecurity, and compliance.
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| Cybersecurity | | Top stories for cybersecurity | 2.5 million-plus cybersecurity jobs are open—women can fill them
Vasu Jakkal - Microsoft
This month is Women's History Month and today is International Women's Day—a time to reflect as individuals, societies, and industries on our progress for quality and equity for women. As a woman working in cybersecurity, I know firsthand that engaging girls, women, and people of color in cybersecurity as early as possible is critical to the growth and impact of our industry. Security threats are increasingly complex, frequent, and impactful; they come from outside and inside the organization and everyone is vulnerable. The landscape requires a workforce of security professionals who bring diverse expertise, backgrounds, and skills to these cybersecurity challenges. And we know there is a huge opportunity with estimates of one million unfilled cybersecurity roles.
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China hacking: Cybersecurity firm says Chinese hackers breached six US state agencies
Sean Lyngaas - CNN
A Chinese government-backed hacking group has breached local government agencies in at least six US states in the last 10 months as part of a persistent information-gathering operation, investigators at cybersecurity firm Mandiant said Tuesday.
The wide range of state agencies targeted include "health, transportation, labor (including unemployment benefit systems), higher education, agriculture, and court networks and systems," the FBI and US Cybersecurity and Infrastructure Security Agency (CISA) said in a separate, private advisory to state governments obtained by CNN.
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Cybersecurity stocks have been boosted by Russia threat, but for how long?
Wallace Witkowski - MarketWatch
Analysts debate how long fear can sustain gains, with one side saying 'the current threat environment will give even additional impetus to cybersecurity spending' and the other arguing 'the indiscriminate move in cybersecurity stocks could be overdone'
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Flipping Wrong Switch and Not Hackers Caused Outage in Taiwan; Report finds poor communication to blame for power failure; Key semiconductor hub suffered regional blackouts last week
Cindy Wang - Bloomberg
Flawed design and poor communication -- including an operator's decision to flip a switch marked "Do Not Operate" -- were the main causes of an island-wide power outage in Taiwan last week, according to a government investigation.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto Coins to Grow as Store of Value Like Gold, Says DBS Chief
Faris Mokhtar - Bloomberg
Private digital coins like Bitcoin will continue to grow as a meaningful store of value, in a similar vein to gold, according to the head of Singapore's largest bank. Nonetheless, it's unlikely that crytocurrencies will take over the role of state-backed money, DBS Holdings Group Ltd. Chief Executive Officer Piyush Gupta said in the bank's annual report released on Wednesday.
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Binance in Talks for License to Operate in Dubai
Ben Bartenstein - Bloomberg
Binance Holdings Ltd. is in talks over a license to operate in Dubai, further bolstering its presence in the Middle East, a person familiar with matter said. The firm is in discussions with Dubai World Trade Centre free zone for a virtual asset service provider license, the person said, declining to be identified as the matter is private.
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State Street Partners With Copper in Push for Crypto Custody; Rollout will be ready by year-end pending regulatory approval; Platform will enable the firm to hold various digital assets
Crystal Kim -Bloomberg
State Street Corp. is partnering with London-based Copper.co to offer custodial services on cryptocurrencies for institutional customers. The Boston-based bank expects to have the infrastructure enabling digital wallet safekeeping services available to its institutional clients by the end this year -- just one part of the firm's expansion into crypto that included launching a dedicated digital division in June.
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Cryptocurrency Tax Guide 2021-2022, Filing Your Bitcoin and NFT Taxes; The IRS is cracking down on cryptocurrency tax cheating
Laura Saunders, Richard Rubin - WSJ
Cryptocurrency owners, beware: The IRS is trying to strip away excuses for millions of people who aren't complying with the tax rules on them, either inadvertently or on purpose. The agency has put a pointed question on the front page of the Form 1040, just below the taxpayer name and address. It first appeared on the 2019 tax return in a less prominent position and moved to its current place on the 2020 return.
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| Politics | | An overview of politics as it relates to the financial markets | Crypto Lobbying Skyrocketed Last Year — Even Facebook and IBM Got Involved; Coinbase, Ripple, Blockchain Association are biggest spenders; Meta, IBM, Chamber of Commerce also lobbied on crypto policy
Brody Ford - Bloomberg
The business of influencing cryptocurrency policy in Washington exploded last year and has more than quadrupled in the past four years, according to a new study. Since 2018, spending on crypto lobbying has quadrupled, according to a Public Citizen analysis of federal disclosures. The number of lobbyists working on crypto issues also climbed to 320 from 115 in the same period.
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Yellen Applauds White House's 'Historic' Crypto Executive Order; She cites balance between innovation and consumer protection; Order marks first attempt at coordinating government strategy
Allyson Versprille - Bloomberg
A Biden administration cryptocurrency executive order strikes the right balance between encouraging responsible innovation and addressing potential risks to consumers and the broader financial system, Treasury Secretary Janet Yellen said in a statement posted to The Treasury Department's website Tuesday night. The statement, which was dated March 9, has since been removed. A Treasury spokesperson declined to comment further.
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Biden Takes Step Toward Regulating Cryptocurrencies; The president signed an executive order that would coordinate efforts among financial regulators to better understand the risks and opportunities presented by digital assets.
Katie Rogers and Ephrat Livni - NY Times
President Biden signed an executive order on Wednesday that will direct the federal government to come up with a plan to regulate cryptocurrencies, recognizing their popularity and potential to destabilize traditional money and markets.
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WallStreetBets founder debuts fund that mimics Nancy Pelosi's stock trades
Lydia Moynihan - NY Post
The founder of the WallStreetBets Reddit board that helped spark the meme-stock phenomenon now is pitching a product that lets people invest just like a certain member of Congress. You could call it the "If you can't beat 'em, join 'em" fund. Called the "Insider Portfolio," the product mimics the stock trades of House Speaker Nancy Pelosi and her husband, Paul. When publicly available data discloses a stock trade made by the couple, the fund will make the same trade — giving everyday people an opportunity to "share the wealth," Jaime Rogozinski says.
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | A brother-sister crypto mining operation has been charged in $124 million 'traveling salesman' scheme by SEC, DOJ
Kali Hays - Insider
John Barksdale is facing prison and disgorgement of millions for running an alleged crypto scam. His sister is also being charged for her part in the scheme to prop up a token called Ormeus Coin. The DOJ and SEC sd the coin was based on a complete "fiction" to defraud thousands of investors.The founder of a marketing firm focused on cryptocurrency is being accused by federal regulators of fraud and bilking tens of millions of dollars from investors in a long-running token scam.
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Woman Hid Moscow Ties While Pushing 'I Love Russia' Propaganda, U.S. Says; Elena Branson was charged with violating federal laws requiring agents of foreign governments to disclose their official ties.
Ed Shanahan - NY Times
A woman who led an "I Love Russia" propaganda campaign in the United States as a citizen of both countries was charged on Tuesday with flouting federal law by failing to register as an agent of a foreign government, prosecutors said.
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CFTC Charges Four Operators for $44 Million Bitcoin Ponzi and Misappropriation Schemes
CFTC
The Commodity Futures Trading Commission today filed a federal civil enforcement action in the U.S. District Court for the Eastern District of New York charging Dwayne Golden of Florida, Jatin Patel of India, Marquis Egerton of North Carolina, and Gregory Aggesen of New York with fraud for operating Ponzi schemes involving bitcoin, for fraudulently soliciting more than $44 million of investments, and misappropriating millions of dollars.
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Statement of Commissioner Dawn D. Stump Regarding Enforcement Action Relating to Bitcoin Fraud
CFTC
The CFTC's Complaint in this matter[1] is based on a charge of defrauding customers with respect to purported trading of Bitcoin in violation of the anti-fraud provisions of the Commodity Exchange Act and the CFTC's rules. I write separately (as I have before[2]) to ensure the public is not misled to believe that the CFTC regulates cash or "spot" transactions in Bitcoin or other digital assets. It does not. The CFTC does not regulate Bitcoin (or any other cash digital asset transactions).
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Report on FINRA's Examination and Risk Monitoring Program | A Comprehensive Reference Item for Firms
FINRA
In February, FINRA issued its second Report on FINRA's Examination and Risk Monitoring program, a comprehensive document that combines elements of what used to be the annual Priorities Letter and the Examination Findings Report. The report can serve as a reference document, addressing more than 20 topics of interest for firms and regulators from Regulation Best Interest and Form CRS to cybersecurity and mobile apps.
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SEC Charges Siblings in $124 Million Crypto Fraud Operation that included Misleading Roadshows, YouTube Videos
SEC
The Securities and Exchange Commission today charged siblings John and JonAtina (Tina) Barksdale with defrauding thousands of retail investors out of more than $124 million through two unregistered fraudulent offerings of securities involving a digital token called "Ormeus Coin."
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SEC Awards More Than $3.5 Million to Whistleblower
SEC
The Securities and Exchange Commission today announced an award of more than $3.5 million to a whistleblower who provided critical information that significantly contributed to the success of two SEC enforcement actions.
The whistleblower's information prompted SEC staff to further investigate certain potential securities violations, saved SEC staff time and resources, and helped advance settlement discussions.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Nickel Is Canceled; Also oil production, Russian oil JVs, war bonds, Elon Musk tweets and RealPyramidScheme DAO.
Matt Levine - Bloomberg
In the stock market, short sellers are often people who are betting against the price of a stock. They hope the stock will go down. If it goes up, they are wrong, and they lose money. If it goes up a lot, they will get margin calls; they will have to put up more money with their brokers to collateralize their risk. If it goes up a whole lot, they will have to cut their losses by buying back the stock, which will cause the stock to go up more, which will lead more short sellers to capitulate and buy back stock, etc. This is often called a "short squeeze."[1] When it happens, people who bet against the stock — short sellers — are sad and lose money, and people who bet on the stock — long owners — are happy and make money.
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Wheat reaches record, surpassing peak from global food crisis; Most-active futures in Chicago leaped to $13.635 a bushel at the start of the trading session, representing a stunning 77% gain in the staple grain's price this year.
Bloomberg
Wheat futures reached unprecedented highs on Tuesday, highlighting the severe fallout for global food supplies from Russia's invasion of Ukraine. Most-active futures in Chicago leaped to $13.635 a bushel at the start of the trading session, representing a stunning 77% gain in the staple grain's price this year. The world is facing a huge supply shock as the war cuts off shipments from a region that accounts for a quarter of global grains trade and the bulk of sunflower oil.
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Goldman Sachs Says Investors Unprepared for U.S. Curve Inversion
Michael MacKenzie - Bloomberg
Investors' inflation expectations suggest that U.S. yield-curve inversion is going to take them by surprise, according to Goldman Sachs Group Inc. The U.S. bond market has been dominated in recent months by sharp narrowing in the spread between short- and long-dated Treasury yields, fueled by expectations for Federal Reserve rate increases. The trend gathered pace in the two weeks since Russia's invasion of Ukraine unleashed a surge in energy prices that threaten to boost inflation further. The gap between the two- and 10-year tenors breached 20 basis points Monday, down from over 90 basis points in early January.
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'Brutal' selling in speculative tech stocks knocks Tiger Cub hedge funds; Falls have proved 'wicked punishment' for managers holding Peloton, Zoom and other high-growth bets
Laurence Fletcher and Akila Quinio - FT
Several hedge funds spawned by Julian Robertson's investment firm Tiger Management have sustained steep losses in recent months, after big falls for US tech stocks in which many of them held stakes.
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WEAT price soars above ETF's underlying value; World's largest wheat exchange traded fund hits regulatory limit as grain prices surge
Steve Johnson - FT
The world's largest wheat exchange traded fund has swung to an unprecedented premium to its net asset value as investors seek exposure to soaring grain prices. The price of wheat traded in Chicago, the international benchmark, has risen more than 50 per cent to record highs since Russia's invasion of Ukraine. Wheat exports from the two countries amount to about 30 per cent of the world's exports of the grain.
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'Buy the Dip' Is No Longer a Sure Thing for Investors; Economics, finance and related policies aren't the main drivers of stock prices now, and the war in Ukraine offers only uncertainty.
Mohamed A. El-Erian - Bloomberg
Whether it was friends or total strangers, everyone seemed to have the same question for me on a recent trip. Is it time to buy the dip in stocks? After all, U.S. stock markets have already had a few encouraging bounces in the past two weeks of trading, though they proved both temporary and more than fully reversible.
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Memories of Post-Covid Melt-Up Haunt Anyone Selling Stocks Now; Hedge funds derisking at odds with relentless retail buying; Small-fry investors win big after bottom fishing amid pandemic
Lu Wang and Vildana Hajric - Bloomberg
Institutional investors are offloading equities to retail buyers in a traumatized market. While similarities between now and the bottom of the coronavirus crash may end there, memories of how that episode played out are proving hard to shake. Despite breakneck volatility and harrowing images of war, retail traders just plowed money into the equity market for a ninth straight week, according to Bank of America Corp. client data. That's a stark contrast to the firm's hedge fund clients, which last week sold $4 billion of stocks, the most on record. Same thing on Morgan Stanley's trading desk, where professional speculators have been cutting equity exposure, alongside relentless buying from amateurs.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Masking did help protect children from the virus last fall, according to a C.D.C. study.
The New York Times
More and more American school districts have dropped mask mandates in recent weeks as coronavirus cases plunged across the United States. But they remain a subject of debate among some students and their parents, and a study released on Tuesday by the Centers for Disease Control and Prevention suggested that those mandates had helped protect children and teachers from the coronavirus last fall.
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Amid calls to do more to fight Covid abroad, the U.S. aims to contribute to a vaccine effort for the next disease.
The New York Times
The Biden administration announced on Tuesday that it intends to contribute $150 million over the next three years to a global effort aimed at rapidly producing a vaccine in case a new biological threat emerges. Still, activists and health experts urged the United States to do more to fight the current coronavirus pandemic.
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Pfizer Studying Covid Pill Paxlovid in Children Age 6 and Older
Riley Griffin - Bloomberg
Pfizer Inc. said it launched a study of its oral Covid-19 treatment among children age 6 and up who have been infected by the virus and are at risk of progressing to severe disease.
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Singapore's Omicron Wave May Have Peaked, Health Minister Says
Olivia Poh - Bloomberg
Singapore's current omicron wave may have peaked, health minister Ong Ye Kung said, possibly paving the way for further easing of virus curbs. "There are now good indications that the omicron transmission wave has peaked and is starting to subside," Ong said in parliament on Wednesday.
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Covid-19 Cases and Deaths Continue to Drop Globally, WHO Says
Associated Press
The number of new coronavirus cases and deaths globally have continued to fall in the past week, the World Health Organization said Wednesday, with only the Western Pacific reporting an increase in COVID-19.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Credit Suisse under investor pressure on fossil fuel finance; Shareholder action as study shows slow pace of emissions reduction by European companies
Camilla Hodgson - FT
Credit Suisse is facing shareholder calls to cut its fossil fuel exposure while a new study has revealed European companies' slow progress on emissions, as pressure mounts on the corporate world to step up its climate efforts. Investors with EUR2.2tn under management filed a resolution at the Swiss bank on Wednesday calling for it to slash its exposure to oil, gas and coal assets.
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Ukraine war prompts investor rethink of ESG and the defence sector; Conflict drives home the importance of industry to provide safety and security
Peggy Hollinger - FT
What a difference a war makes. Barely a year after Sweden's SEB bank adopted a new sustainability policy that excluded defence stocks from its funds, the group has made a U-turn. From April 1, six funds will be allowed to invest in the defence sector.
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US puts pressure on shale industry to do 'whatever it takes' to ease oil crisis; Top official urges domestic producers to tell investors 'there's a war going on'
Derek Brower and Justin Jacobs - FT
The Biden administration has ratcheted up pressure on US shale producers, telling them they should be doing "whatever it takes" to increase supply and tame oil prices that have soared following Russia's invasion of Ukraine. Amos Hochstein, the state department's special envoy and co-ordinator for international energy affairs, dismissed as "nonsense" industry claims that White House policies are holding back drilling and instead blamed Wall Street investors that he said were hungry for returns.
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U.K. Mulls Onshore Wind Boost to Help Curb Russia Energy Imports; Fracking may be given reprieve as part of domestic energy push; Country is phasing out Russian oil by year end; looking at gas
Alex Morales
The U.K. is studying whether to relax planning rules around onshore wind as the government devises a strategy to help wean the country off Russian energy, a person familiar with the matter said.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Matrix Executions Closes Record 2021 In Options Markets; Prepares for Another Record Year Powered by Devoted Client Service; Surging options trading interest, key hires, client acquisitions, and technology enhancements lead to 66% increase in market share
Matrix Executions, LLC
Matrix Executions, LLC ("Matrix"), a broker-dealer specializing in trading workflow automation for options markets, today announced another year of growth, building on the strong foundation of 2020's accomplishments. In 2021, Matrix focused on expanding the capabilities of its best-of-breed customizable smart algo rack, catering to the discrete needs of buy- and sell-side customers during a period of heightened interest in the use of listed options.
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In court, a former Goldman star recounts his lies and bribes in 1MDB deceit
Luc Cohen - Reuters
In a U.S. court, former Goldman Sachs partner Tim Leissner has admitted to taking $60 million in kickbacks, lying to the bank about his corrupt deals, and twice forging divorce documents to take on new wives.
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SMBC Nikko complained to regulators over trader's death after questioning; Japanese brokerage's employee died last year during a probe into alleged market manipulation
Leo Lewis, Antoni Slodkowski and Eri Sugiura - FT
Japan's third largest brokerage SMBC Nikko lodged a complaint with financial regulators last year after a senior trader died following intensive questioning during a probe into alleged market manipulation. SMBC Nikko's complaint has come to light after four of its senior executives were arrested last Friday, as prosecutors raided the company's Tokyo headquarters and employees' homes.
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Volatility Is the Price of a Safer Banking System; Many of the risks once held by banks have been transferred to less regulated and more opaque corners of the markets.
Robert Burgess - Bloomberg
Few words strike fear in the hearts of investors like "volatility." It's a euphemism for markets that have somehow gotten out of control. And right now, it seems as if all markets — stocks, bonds, commodities, currencies — are anything but under control. "The volatility of everything is spiking," Jason Goepfert, president of Sundial Capital Research Inc., wrote in a report on Monday. "That's an incredible bout of cross-asset concern that we've rarely seen in the past 30 years."
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BlackRock's LQD Fund Flashes Credit Warning After ETF Discount Grows; Major investment-grade fund is signaling growing risk aversion; Put-open interest on fund is surging as traders rush to hedge
BySam Potter and Olivia Raimonde - Bloomberg
One of the largest ETFs in the world of high-grade credit is flashing market stress as demand for protective hedges booms while its cash price sits below the value of underlying assets with soft echoes of the 2020 tumult.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Western companies are exiting Russia en masse after the invasion of Ukraine, and China is eyeing a way in
Huileng Tan - Business Insider
Beijing is talking to its state-owned firms about acquiring or boosting stakes in Russian energy and commodity companies, according to Bloomberg, citing people familiar with the matter. Authorities in Beijing are discussing such investments with state-owned firms including China National Petroleum Corp, China Petrochemical Corp (Sinopec,) Aluminum Corp of China (Chinalco,) and China Minmetals, Bloomberg reported. Russian companies targeted could include the likes of aluminum giant Rusal and gas titan Gazprom, the media outlet added.
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Russia Says Sanctions May Force Rethink of Energy Commitment; The 'collective West' may force Kremlin to revise obligations; Russian energy flows to Europe continue in line with requests
Bloomberg News
Sign up here to get the latest updates on the Russian invasion of Ukraine. You can also follow us on Telegram here. Russia may rethink its energy-supply commitments in light of the sanctions imposed following its invasion of Ukraine, according to Kremlin spokesman Dmitry Peskov.
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Wheat Remains Volatile as WASDE Looms, Russia Speaks on Bread; USDA comes out later Wednesday with key supply report; Wheat prices have been highly volatile in wake of Ukraine war
ByMegan Durisin and James Poole - Bloomberg
Wheat markets remained volatile ahead of the first global report to factor in the crop fallout from the Ukraine war and as more countries seek to ensure domestic supplies. Futures moved by the exchange limit for a 10th straight session as traders wrestle with the outlook for supplies. The U.S. Department of Agriculture's monthly world grain report is due at noon in Washington, and could offer the first glimpse of how the war will alter worldwide food trade. The data will include fresh export estimates for all major shippers.
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European Fertilizer Output Cuts Pose Risks for Food Prices; Norway's Yara reduces production from plants in Italy, France; Hungarian Nitrogenmuvex halts output, Borealis considering it
Stephen Treloar - Bloomberg
European fertilizer makers, including Yara International ASA and Borealis AG, are cutting output because of surging natural gas prices, adding to the growing risks for global food inflation.
/jlne.ws/3sWedTk
Governor Declares War on Nigeria's $7 Billion Oil Theft; Rivers state has launched 'total war' on the illicit industry; Illegal refining contributes to pollution in the oil region
William Clowes - Bloomberg
A governor in one of Nigeria's crude producing states has declared "total war" against rampant oil theft and illegal refining that's costing the country billions in lost revenues and contributing to environmental pollution.
/jlne.ws/35NAOsm
Canada Says Its Oil Could Replace U.S. Imports Of Russian Crude
OilPrice.com
Canada's oil could replace American imports of Russian crude, the top officials of the oil-producing province Alberta said this weekend. As talks about banning Russian oil imports in the United States and its European allies intensify, reports have started to emerge that the U.S. Administration could be looking to persuade Saudi Arabia to pump more oil or lift some sanctions on Venezuela to help fill the gap that a Russian oil embargo would open.
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