| March 03, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
I have never seen weekly gains in commodity prices like this. It has never occurred during my lifetime, according to a Bloomberg story. The headline is "Putin Sets Commodities Up for Biggest Weekly Gain Since 1960" and I was born March 4, 1961. If I were trading and long, which is my bias, it would be quite the birthday present. An overpriced cupcake will have to do, as my annual birthday wish for world peace seems further away.
Today we published our exclusive video interview with the President and CEO of the Osaka Stock Exchange, Iwanaga Moriyuki. He gave us an update on several initiatives at JPX including the new trading platform for TOCOM and OSE, holiday trading and more.
The World Federation of Exchanges latest edition of Focus is out and is dedicated to the "2022 WFE's Women Leaders." It highlights an impressive number of women leaders at exchanges around the world.
The CFTC announced Chairman Rostin Behnam will participate in a fireside chat at the Institute of International Bankers' (IIB) 2022 annual Washington conference on Monday, March 7, 2022.
Stable and Mercaris announced they have officially partnered to bring more risk management tools to the organic soybean and corn markets. Starting today, Stable will offer its game-changing, price risk-protection options that settle directly against the benchmark prices published by Mercaris.
In an example of how the world has changed in the last 30 years, Germany is sending to Ukraine 2700 Soviet-made anti-aircraft rockets, weapons from the former East Germany.
Tradeweb reported its trading volume for February 2022 of $22.6 trillion and average daily volume (ADV) of $1.17 trillion, including new ADV records in both U.S. and European government bond trading, as well as fully electronic U.S. High Grade credit and emerging market swaps.
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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Iwanaga Moriyuki - OSE President & CEO Offers Update on Exchange Initiatives
JohnLothianNews.com
Veteran Exchange Executive Gives Exclusive Video Interview to JLN
Iwanaga Moriyuki, President and CEO of the Osaka Stock Exchange (OSE), updated John Lothian News about several important exchange initiatives at Japan Exchange Group (JPX) in an interview over Zoom last week. He spoke with John Lothian from Tokyo, with an image of the Osaka Exchange projected behind him, and gave JLN an exclusive interview.
Watch the video »
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NFA encourages Members to monitor U.S. sanctions on Russia and be vigilant of cybersecurity threats
NFA
NFA is monitoring the U.S. government's sanctions imposed in response to Russia's invasion of Ukraine and the impact of this activity on the global financial markets. NFA encourages Members to monitor the Department of the Treasury's Office of Foreign Assets Control (OFAC) webpage for more information on current sanctions.
**** If you were not paying attention before, now is the time. We are at war, if you did not know it.~JJL
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Go phish! How to avoid falling for online scams
Korin Miller - Yahoo
No matter how tech savvy you are, online scams and phishing schemes are out there just waiting to trick you and plenty of others into giving away your personal information. Unfortunately some of these scams are pretty good — the Federal Trade Commission (FTC) says they often appear to be coming from companies and businesses you trust. They also happen a lot. The FTC received more than 2.1 million fraud reports from people in 2020 alone, with online scams being the most common type of fraud they saw.
/jlne.ws/3sAPaF4
***** Hiding in your closet with your phone off is not an option.~JJL
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The sunflower, Ukraine's national flower, is becoming a global symbol of solidarity
Jennifer Hassan -Washington Post
The sunflower has long held a meaningful place in the hearts of many Ukrainians as the national flower. But since Russia invaded their country last week, the plant has become a global symbol of resistance, unity and hope. In recent days, people around the world have been adding bright yellow sunflower emoji to their social media profiles and wearing sunflowers in their hair and on their clothing. Some are planting seeds so more sunflowers can grow.
/jlne.ws/34d6Nle
***** Sunflowers have a future, but do we have futures?~JJL
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Joseph Ritchie, who brought computerized trading to Chicago's pits, dies at 75; After selling his firm, the electronic trading pioneer pursued broader interests, including the fate of Afghanistan and assisting balloonist Steve Fossett.
Steven R. Strahler - Crain's Chicago Business
Joseph Ritchie, a pioneer in computer-driven trading strategies that foreshadowed the screen-driven future of Chicago's commodity and financial exchanges, died Feb. 22, according to a death notice. He was 75. Former Chicago Board of Trade Chairman Patrick Arbor said the cause was COVID-19. Ritchie's firm, Fox River Partners, did not respond to inquiries, and attempts to reach family members were not successful.
/jlne.ws/36MaUW6
***** I know when Steve Strahler reaches out it is another obit being written. This time it was for Joe Ritchie. He quotes me in the story talking about the slide rule Ritchie had mocked up to calculate the soybean crush.~JJL
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Can We Fix The Stock Market? Interview w/ SEC Chairman Gary Gensler
The Problem With Jon Stewart - YouTube
Jon sits down with SEC Chairman Gary Gensler to talk stocks, apes, and accountability.
(NOTE: The full episode can be viewed on Apple TV+ - Stock Market - The rise of e-brokers was meant to democratize the stock market--yet inequality in the market has actually worsened. How can it be fixed? (Season 1, Episode 5)
/jlne.ws/34917Zh
***** That is the problem, too many people think the stock market is fixed.~JJL
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Wednesday's Top Three
Our top story on Wednesday was Bloomberg's, A Billionaire's Heir Hangs Up His Healing Crystal to Fix Capitalism. Second was TheStreet's, Billionaire Ken Griffin Admits He Was Wrong About Bitcoin, Crypto and third was from Bloomberg, Ken Griffin Talks Russia, Market Chaos and a Move to Go Public
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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
| | | Jeff Bergstrom
Editor
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Associate Editor
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| Lead Stories | Russia's 'Uninvestable' Stocks Cut by MSCI, FTSE Russell; Decision likely to cause exodus in active and passive funds; LSE suspends trading in dozens of Russia depositary receipts
Farah Elbahrawy and Ruth Carson - Bloomberg
MSCI Inc. and FTSE Russell are cutting Russian equities from widely-tracked indexes, while the London Stock Exchange suspends dozens of Russian depositary receipts from trading, isolating the stocks from a large segment of the investment-fund industry.
/jlne.ws/3CaW9YG
The End of the Oligarch Era Nears With Putin's Miscalculation in Ukraine
Stephanie Baker - Bloomberg
On the day Russia's invasion began, Ukrainian President Volodymyr Zelenskiy asked in a video address: "What do we hear today? It's not just rocket explosions, fighting, and the roar of aircraft. This is the sound of a new Iron Curtain lowering and closing Russia off from the civilized world."
/jlne.ws/3KiNkit
'Another Stalingrad': assault on Kharkiv shatters ties that once bound two nations; Bombardment strengthens loyalty to Ukraine and kills respect and affection for Russia
Guy Chazan - FT
Nadezhda Gurkalenko used to look at Russia with a mixture of envy and admiration. Now, she says: "I realise I was an idiot." She is a native of Kharkiv, the city that has borne the brunt of Russia's invasion of Ukraine, enduring a relentless artillery barrage that has laid waste to residential areas and left dozens dead and injured. The bombardment has wrecked local government buildings, schools and a maternity hospital. But it has also destroyed something more intangible — the respect and even affection that millions of people in eastern Ukraine used to feel for Russia.
/jlne.ws/3ts9Iih
A Closed Russia Market After Invasion Challenges U.S. Fund Managers; BlackRock is among firms that have had informal discussions with SEC officials on difficulty of exiting positions in Russian securities
Justin Baer - WSJ
Russia's invasion of Ukraine has created a conundrum for U.S. investment firms, pressuring them to unload Russian securities when the country's stock market is closed and foreigners are blocked from selling shares there. In response to sanctions and other steps the U.S. and other countries have taken to punish Russia, the Moscow exchange suspended stock trading every day this week through Wednesday. Russia on Monday banned brokers from selling securities owned by foreign investors.
/jlne.ws/3vC6OdE
Dethroning King Dollar Won't Be an Easy Feat; There is no alternative to the world's reserve currency despite any concern or wishful thinking to the contrary.
Robert Burgess - Bloomberg
If the last dozen years or so has taught us anything about markets and the economy, it's that anything can happen, no matter how unlikely. The U.S. housing market was considered as solid an investment as there ever was because prices never fell nationally — until the subprime crisis came along. The idea that the European Union would ever come close to breaking apart and taking the euro with it was unthinkable — until Greece defaulted. And everyone knew that inflation like that of the late 1970s was never coming back — until the pandemic snarled supply chains worldwide.
/jlne.ws/3vxrZgY
London Stock Exchange suspends 27 companies with Russian ties; Share trading freeze is latest sign of western sanctions rippling across global markets
Philip Stafford - FT
The London Stock Exchange has suspended trading in an extra 27 companies with strong ties to Russia, hours after MSCI yanked Russian stocks from its widely-followed indices, as the western financial system further constrains the flow of financing to the country after the invasion of Ukraine. Before the market opened on Thursday, the LSE said it was suspending trading with immediate effect in more than two dozen companies, including En+, Sberbank, Gazprom, Lukoil and Polyus.
/jlne.ws/3Ker1dK
Tradeweb Reports Trading Volume for February 2022; Total Volume of $22.6 Trillion and Average Daily Volume of $1.17 Trillion
Tradeweb Markets Inc.
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported trading volume for February 2022. Total trading volume for February 2022 was $22.6 trillion (tn). Average daily volume (ADV) for the month was $1.17tn, an increase of 10.7 percent (%) year-over-year (YoY). In February, Tradeweb set new ADV records in both U.S. and European government bond trading, as well as fully electronic U.S. High Grade credit and emerging market swaps.
/jlne.ws/3tpi0HO
Russian Stocks in London Wipe Out 98% of Value in Two Weeks
Michael Msika and Joe Easton - Bloomberg
U.K.-listed depositary receipts of Russian companies are evaporating in value as sanctions take effect. The Dow Jones Russia GDR Index, which tracks London-traded Russian companies, has plunged 98% in two weeks. The slump has wiped out $572 billion from the market value of 23 stocks, including Gazprom PJSC, Sberbank of Russia PJSC and Rosneft PJSC, according to Bloomberg calculations.
/jlne.ws/3vDs96F
SEC Scrutinizes NFT Market Over Illegal Crypto Token Offerings; Regulator is probing whether some of the assets are securities; Agency's enforcement lawyers have sent out queries, subpoenas
Matt Robinson - Bloomberg
The U.S. Securities and Exchange Commission is scrutinizing creators of NFTs and the crypto exchanges where they trade to determine if some of the assets run afoul of the agency's rules, according to people familiar with the matter. A focus of the probe is on whether certain nonfungible tokens, digital assets that can be used to denote ownership of things like a painting or sports memorabilia, are being utilized to raise money like traditional securities, said the people. Over the past several months, attorneys in the SEC's enforcement unit have sent subpoenas demanding information about the token offerings.
/jlne.ws/3vB1Dup
Financial Conduct Authority investigating 50 UK crypto firms; UK financial watchdog is pursuing criminal probes as it looks to stamp out scams and unregulated ventures
Joshua Oliver - FT
The Financial Conduct Authority is pursuing 50 investigations into cryptocurrency operators, including criminal probes, as the UK financial watchdog pushes back against a wave of scams and unregulated ventures. The FCA said on Thursday that it had also conducted 300 inquiries involving unauthorised crypto businesses during the six months ending in September last year.
/jlne.ws/3HFVq2T
EU seeks to prevent use of crypto to avoid Russia sanctions; Officials call for action on tougher enforcement of financial penalties
Sam Fleming, Joshua Oliver and James Politi - FT
The EU is considering new measures to ensure digital assets are not used to dodge sanctions against Russia as the bloc toughens its enforcement of the financial penalties imposed on Moscow in the past week. EU finance ministers and other officials discussed in a video conference call on Wednesday the risk that cryptocurrencies could be used to circumvent sanctions, officials said.
/jlne.ws/3HF29d6
City lawyers cannot hide behind 'the law' over Russian clients; You do not want to be the one continuing to do business where other industries deem it too politically toxic
Cat Rutter Pooley - FT
What do you do as a lawyer when sanctions are about to hit? Send a threatening letter on behalf of Russian clients to the Foreign Office, as Liz Truss said some law firms did? Issue a blanket ban on any public comment by staff about sanctions like City firm Norton Rose Fulbright? Or think about who it is you should really be working for?
/jlne.ws/3HE0Efv
SEC's Gensler: Make ESG stock fund labels as clear as fat-free versus whole milk
By Rachel Koning Beals - MarketWatch
'If it's easy to tell if milk is fat-free by just looking at the nutrition label, it might be time to make it easier to tell if green or sustainable funds are really what they say they are.'
That's Securities and Exchange Commission Chair Gary Gensler taking to Twitter on Tuesday to make a case for better labeling, essentially tougher regulation, on the fast-growing market segment that bills itself as a way to do good and earn a profit.
/jlne.ws/3pAnbUb
Futures regulator eyes BMO Tower office; The National Futures Association is nearing a deal to relocate its headquarters to the new skyscraper next to Union Station, a move that would be an important win for the tower's developers.
Danny Ecker - Crain's Chicago Business
The group that oversees the futures trading market on behalf of investors is poised to relocate its Chicago headquarters to a new West Loop office skyscraper, another sizable office commitment while the COVID-19 pandemic still clouds demand for workspace. The National Futures Association is in advanced talks to lease two floors at BMO Tower, the 1.5 million-square-foot office building recently completed at 320 S. Canal St., according to sources familiar with the negotiations.
/jlne.ws/3C7AzV1
SEC Probing NFT Market: Report
Nelson Wang - Coindesk
The Securities and Exchange Commission (SEC) is investigating whether certain non-fungible tokens qualify as securities and thus should be regulated, according to a report from Bloomberg, citing sources familiar with the matter.
/jlne.ws/348VI4t
EMERGING TECHNOLOGIES Space: the final frontier...for financial technology;
Nyela Graham - Waters Technology
The European Space Agency is looking to apply space technology and AI to help financial firms better manage risk and find alpha-generating signals. Mosaic Smart Data is now four years into a partnership with the organization and is taking aim at anomalies in market data.
From cloud to AI to open-source tools, when it comes to innovation, banks and asset managers tend to take a more cautious approach—the various financial services regulators tend to frown upon the motto "move fast and break things" when it comes to managing ma and pa's retirement funds. So these technologies tend to first prove themselves in the realm of consumer goods before trickling down into the capital markets.
/jlne.ws/3IGn5So
Banks Race to Pinpoint Sanction Risks After Russia Clampdown; European, U.S. firms trying to untangle themselves from Moscow; Lenders expected to err on side of caution to avoid fines
William Shaw and Aisha S Gani - Bloomberg
At a fintech company in London last week, algorithms fielded thousands of queries per second from banks and businesses trying to get Russian clients off their books. ComplyAdvantage's computers and human staff scoured 25,000 information sources, aiming to alert clients within 15 minutes of a new target appearing on the various government sanction lists drawn up since Vladimir Putin's invasion of Ukraine. Algorithms searched for the names of Russian lawmakers, originally written in Cyrillic, and now in languages including Korean, Chinese and Japanese.
/jlne.ws/3C8Ni9T
Russian Oil Not Worth the Trouble, Some Traders Conclude; European buyers, shippers, banks and insurers have grown leery of doing business with Russia in recent days, even at deep discounts.
Clifford Krauss - NY Times
The United States and the European Union have been unwilling to put sanctions on Russian energy exports in response to the country's invasion of Ukraine. But some oil traders appear to have concluded that buying oil from Russia is just not worth the trouble.
/jlne.ws/3C8Xnnf
Liquidnet and TP ICAP partner to enhance trading in the South African bond market; The partnership will provide Liquidnet's member community with access to new liquidity in the South African bond market.
Wesley Bray - The Trade
Agency broker Liquidnet has partnered with TP ICAP South Africa to bring the largest South African institutions onto its electronic bond trading platform. Over 20 local institutions, including asset managers and pension funds, are part of the initiative, representing the majority of the global liquidity in local rand denominated debt.
/jlne.ws/34cYlCu
Exchanges and agencies turn their backs on 'uninvestable' Russia; The Federation of European Securities Exchanges, the London Stock Exchange and MSCI are among the entities condemning Russia's actions.
Laurie McAughtry - The Trade
The Federation of European Securities Exchanges (FESE) has voted to exclude the Moscow Exchange from its association, stripping it of observer member status. "FESE utterly condemns the Russian-led invasion of Ukraine. Our thoughts and unwavering support go out to the Ukrainian people," said the organisation.
/jlne.ws/35ODvK9
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Bets Against Hong Kong Reach New Extremes in Financial Markets
Sofia Horta e Costa - Bloomberg
Investor confidence in Hong Kong is dwindling as the government loses its grip on an escalating omicron outbreak. Bearish bets against the city's shares have climbed to records and the benchmark Hang Seng Index is near a two-year low. Residents are converting the local currency into China's yuan at the fastest pace in more than a decade, while the Hong Kong dollar is moving toward the weak end of its trading band against the greenback. Even the city's typically resilient property market is showing cracks, with a gauge of home prices falling to an 11-month low.
/jlne.ws/3Mkwu4j
Hong Kong's covid death rate has surpassed the US's worst day
Mary Hui - Quartz
Hong Kong reported a record 172 Covid-related deaths yesterday (March 1)—a single-day fatality rate that surpasses the most deadly days of the pandemic in the US when adjusted for population size. Hong Kong is a city of 7.4 million people, which puts yesterday's death rate at 2.32 per 100,000 people. Meanwhile Hong Kong reported more than 55,000 new covid cases today, more than the roughly 42,000 cases the US reported on March 1
/jlne.ws/3pziji7
Americans Are Going Everywhere Except Back to the Office; Remote workers are clinging to work-from-home arrangements not out of fear of Covid, but because they like work-life balance.
Mark D. Ein - Bloomberg
For nearly two years, pandemic-weary Americans have been pleading for one thing: We want our lives back. And in many ways, we now have our lives back — just not our work lives. Too many employees are still working from home. It's reached the point where employers need to prioritize returning to the office, an argument President Joe Biden made emphatically in his State of the Union address: "It's time for America to get back to work and fill our great downtowns again."
/jlne.ws/3C85FvI
Japan to Extend Virus Curbs for Tokyo, Ease Border Restrictions; To raise daily cap on entry to 7,000 people from current 5,000; Kishida says there are signs of improvement on virus
Sophie Jackman - Bloomberg
Prime Minister Fumio Kishida plans to further ease Japan's border controls for the pandemic and extend virus restrictions for Tokyo and 17 other regions until March 21 as an omicron variant-fueled wave of infections lingers in the country. He told a Thursday news conference his government would raise a cap on daily arrivals from overseas to 7,000 starting March 14 from the current 5,000, giving priority to students. Japan eased some of the developed world's most stringent virus border measures Tuesday, but had set the cap on arrivals so low it would take months to clear the enormous backlog of people waiting for entry.
/jlne.ws/3vAXGpu
Companies Bet You're Ready to Test at Home for More Than Covid-19; Developers pursue rapid flu and strep-throat diagnostic products, as pandemic raises consumers' comfort level with monitoring own health
Austen Hufford - WSJ
The Covid-19 pandemic has hastened consumers' willingness to test for more medical conditions at home, test makers said, expanding the market for self-diagnostic products. Manufacturers are developing new types of at-home tests, including for flu and strep throat, aimed at consumers who are increasingly monitoring and managing their own health through fitness apps and smartwatches.
/jlne.ws/3pzhLsE
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | OCC February 2022 Total Volume Down 2.6% Year-Over-Year; Monthly stock loan transaction volume up 53%
OCC
OCC, the world's largest equity derivatives clearing organization, announced today that year-to-date average daily volume through February 2022 was 43.7 million contracts, down 0.7 percent compared to year-to-date average daily volume through February 2021. Total volume was 807.3 million contracts, down 2.6 percent compared to February 2021.
/jlne.ws/35tlxgd
EBS Market Integration Notice: New Content and Updates
EBS Market Integration onto CME Globex
CME Group
Subject to applicable regulatory approvals, EBS Market's Central Limit Order Book and eFix Matching Service will launch on CME Globex. You will receive subsequent notices with additional details and actions required to support the EBS Market integration onto CME Globex.
/bit.ly/35pmhDb
Trading for Ukraine: Trading Charity on the Frankfurt Stock Exchange
Deutsche Börse Group
Proceeds from March 4th will be donated to charity
Deutsche Börse and the securities trading banks ( specialists ) active on the Frankfurt stock exchange floor will donate the transaction and trading fees that will be collected next Friday, March 4th, via the Frankfurt Stock Exchange trading venue to a non-profit organization.
/bit.ly/3HJjrG1
Equity derivatives: Termination of trading in equity derivatives on Russian underlyings
Eurex
Eurex Circular 023/22
Equity derivatives: Termination of trading in equity derivatives on Russian underlyings
/bit.ly/35ITzgk
Index derivatives: Termination of trading in RDX® USD Index Derivatives
Eurex
Eurex Circular 024/22 Index derivatives: Termination of trading in RDX® USD Index Derivatives
/bit.ly/34aAMu3
Hunyvers lists on Euronext Growth Paris
Euronext
Euronext today congratulates Hunyvers, a specialist in the distribution of leisure vehicles and nomadic tourism, on its listing on Euronext Growth Paris (ticker code: ALHUN).
/bit.ly/3sFoG5i
Cabka lists on Euronext Amsterdam
Euronext
Euronext today congratulates Cabka, a leading integrated circular production company, on its listing on Euronext Amsterdam (ticker code: CABKA).
/bit.ly/3tnc5mw
Intercontinental Exchange Reports February 2022 Statistics
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today reported February 2022 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
/bit.ly/3C7HLjW
Market Restructuring
JPX
Tokyo Stock Exchange, Inc. will restructure its current stock market into three new market segments: Prime Market, Standard Market, and Growth Market. We will also be making revisions to stock indices such as TOPIX, comprised of all domestic common stocks currently listed on the TSE 1st Section.
/bit.ly/3IAHF6K
Calculation of TOPIX in relation to shares of Procrea Holdings,Inc.
JPX
Tokyo Stock Exchange, Inc. (TSE) made an announcement today regarding calculation of TOPIX and its sub-indices concerning the following shares to be de-listed on March 30, 2022 and shares to be listed on 1st section April 1, 2022 due to stock transfer.
/bit.ly/3KiYPXb
Nasdaq, Inc. Prices $550 Million Senior Notes Offering
Nasdaq
MAR 2, 2022 7:32PM EST
NEW YORK, March 02, 2022 (GLOBE NEWSWIRE) -- Nasdaq, Inc. (the "Company") (Nasdaq: NDAQ) today announced that it priced a public offering of $550,000,000 aggregate principal amount of 3.950% senior notes due 2052 (the "Offering"). The Company expects to use the net proceeds from the Offering to reduce indebtedness and for other general corporate purposes. The Offering is expected to close on March 7, 2022, subject to customary closing conditions.
/bit.ly/3sMW7Dr
Nasdaq, Inc. Announces Proposed Senior Notes Offering
Nasdaq
Nasdaq, Inc. (the "Company") (Nasdaq: NDAQ) today announced that it plans to offer, subject to market and other conditions, senior notes (the "Offering"). The Company expects to use the net proceeds from the Offering to reduce indebtedness and for other general corporate purposes.
/bit.ly/3ttRddh
Nasdaq February 2022 Volumes
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for February 2022 on its investor relations website. A data sheet showing the monthly volumes and quarterly capture rates can be found at: http://ir.nasdaq.com/financials/volume-statistics.
/bit.ly/3toDTHj
INE Releases a Notice on Requesting Public Comments on the Revised Trading Rules of the Shanghai International Energy Exchange
INE
Shanghai International Energy Exchange (INE) releases a notice on requesting public comments on the Revised Trading Rules of the Shanghai International Energy Exchange, as shown below:
According to the Regulation on the Administration of Futures Trading, Measures for the Administration of Futures Exchanges, and other applicable rules and regulations, Shanghai International Energy Exchange (INE) proposes to revise the Trading Rules of the Shanghai International Energy Exchange and is requesting public comments on these rules.
/bit.ly/36ZkncW
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Cassini Systems Named Best Post-Trade Technology in HFM US Technology Awards 2022; Latest Honor for Excellence in Service to Hedge Funds Follows Post-Trade Recognitions for Europe and Globally, and Risk Award for UMR Service of the Year
Cassini Systems
Cassini Systems, the leading provider of pre- and post-trade margin and collateral analytics for derivatives market participants and specialist in Uncleared Margin Rules (UMR) compliance, has won the 2022 HFM US Technology Award for Best Post-Trade Technology. This is the fifth HFM Technology award win for Cassini in Europe and the U.S. in recent years and the company's third award win for post-trade technology, following its recognition two weeks ago as Best UMR Service of the Year in the 2022 Risk Markets Technology Awards.
/jlne.ws/3szG2ke
MayStreet Launches Next Generation of Market Data Analytics Product
MayStreet
MayStreet, the industry's leading market data technology and content provider, today announced the launch of the next generation of Analytics Workbench, the firm's ready-to-use, cloud-based market data analytics environment. Through Analytics Workbench, data analysts can quickly and efficiently query the MayStreet Market Data Lake to drive mission-critical trading workflows without having to manage data capture, delivery or storage.
/jlne.ws/35ncsFP
Digital Asset Meets Highest Standards of Data Protection with ISO 27001:2013 Certification; Industry-leading accreditation signals Digital Asset's ongoing commitment to security, risk management, and best practices for data management across the organization
Digital Asset
Digital Asset, a software and services provider that helps enterprises build economic value through interconnected networks, today announced that it has achieved ISO 27001:2013 certification for demonstrating the highest standards in information security management and protecting data assets.
/jlne.ws/35ERFxg
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| Cybersecurity | | Top stories for cybersecurity | Senate passes cybersecurity bill amid fears of Russian cyberattacks
Ines Kagubare - TheHill
The Senate unanimously passed cybersecurity legislation on Tuesday that would require companies in critical sectors to alert the government of potential hacks or ransomware.
The Strengthening American Cybersecurity Act, a package of three bills sponsored by Sen. Gary Peters (D-Mich.), comes as U.S. officials urge the private sector to gear up for possible Russian cyberattacks in retaliation for U.S. sanctions over its invasion of Ukraine.
/jlne.ws/3KeLVcs
As war escalates in Europe, it's 'shields up' for the cybersecurity industry
Yaron Tal - TechCrunch
In unprecedented times, even government bureaucracy moves quickly. As a result of the heightened likelihood of cyberthreat from Russian malactor groups, the U.S. Cybersecurity and Infrastructure Security Agency (CISA) — part of the Department of Homeland Security — issued an unprecedented warning recommending that "all organizations — regardless of size — adopt a heightened posture when it comes to cybersecurity and protecting their most critical assets."
/jlne.ws/3to6hct
Why Cryptocurrency Holders And Exchanges Need A Cybersecurity Wakeup Call
John Giordani - Forbes
Cryptocurrency is an exciting new way to make business transactions, but it's not immune from cyber threats. Its value has increased dramatically over the past few years because people believe that cryptocurrencies will become more valuable than fiat currencies in the future, which means they're also at risk of being attacked by hackers looking for any vulnerability imaginable. And while there are bug bounty programs out there to reward those who find these security holes before malicious software writers do (and receive hefty monetary awards), this isn't enough. We need better protection, too.
/jlne.ws/3MnqE27
NATO cybersecurity center finishes tests of quantum-proof network
Jonathan Greig - ZDNet
The NATO Cyber Security Centre (NCSC) has completed its test run of secure communication flows that could withstand attackers using quantum computing.
Konrad Wrona, principal scientist at the NCSC, told ZDNet that it is becoming increasingly important to create protection schemes against current and future threats.
/jlne.ws/3pyqzPy
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| Cryptocurrencies | | Top stories for cryptocurrencies | Ukraine Cancels Planned Crypto 'Airdrop' Rewards for Donations; Vice Prime Minister Mykhailo Federov tweets change in plans; Nation has received more than $33 million in crypto donations
Emily Nicolle and Jialiang David Pan - Bloomberg
Ukraine has scrapped a plan to reward people who donated to its fight against a Russian invasion with newly created crypto assets, following complications with the project. The official verified Twitter account for Ukraine said on Wednesday it planned to issue a so-called "airdrop", a common tool for early-stage crypto platforms to attract users by offering free tokens to jump start a project. But a day later, Ukraine's Vice Prime Minister Mykhailo Federov said in a tweet that the nation had decided to cancel the project. The tweet wasn't independently verified by Bloomberg News.
/jlne.ws/34fcuz6
How a Big NFT Auction at Sotheby's Ended in Mystery; A collection of 104 CryptoPunks was hastily pulled off the auction block when bidders were already in the room. What could it mean for the industry?
James Tarmy and Muyao Shen - Bloomberg
It was supposed to be a triumph. Sotheby's first ever standalone live, in-person auction last week devoted to NFTs—104 of the famous CryptoPunk series, grouped into a single lot that carried an estimate of $20 million to $30 million—was trumpeted to be historic. It was enough to get an expectant crowd to trek to Sotheby's York Avenue salesroom on Manhattan's far East Side to bear witness to an auction that might last just minutes.
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| Politics | | An overview of politics as it relates to the financial markets | What Does It Mean to Defeat Putin? If regime change isn't an option, then the U.S. and Europe need to start talking about which off-ramps to offer Russia's president.
Clive Crook - Bloomberg
What do U.S. and European leaders see as the endgame in Ukraine? If they're thinking about it, they're giving little sign. And if their answer is defeating Vladimir Putin, they need to ask themselves another question: What does that mean? Moved, as they should be, by the astonishing bravery of Ukraine's people — and by their own voters' outrage at Russia's aggression — American and European leaders are intent for now on denouncing the Russian president, broadening their sanctions and enforcing the ones they've already deployed. There's a note of celebration in their expressions of unity and economic power, which seem to have taken them by surprise.
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Ukraine is winning the information war against Russia; Zelensky has mobilised civil society while Putin's state monopolises communication channels to spread falsehoods
John Thornhill - FT
The world had early and ominous warning of President Vladimir Putin's violent intent towards Ukraine. Seven years ago, the Russian opposition leader Boris Nemtsov called for mass protests against Putin's interventions in Crimea and the Donbas. "The primary reason for the crisis is that Putin launched a war policy that is insane, aggressive and deadly for our country," Nemtsov told the Ekho Moskvy radio station in February 2015.
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Russia Has Suffered a Crushing Moral Defeat. And Russians Know It.
Alexey Kovalev - NY Times
Shock and shame. That's the response of many Russians to the sight of rockets and artillery shells hitting Ukrainian tower blocks that in their concrete uniformity could easily be in Moscow. The towns through which Russian armored vehicles are rolling, captured in shaky videos and accompanied by howls of horror, could be Voronezh or Krasnodar or any Russian city. The invasion of Ukraine is a waking nightmare, horrible and absurd.
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UK eyes seizing the property of oligarchs hit with sanctions; Ministers discuss plans to take residences off business tycoons without paying compensation
Jim Pickard, Sebastian Payne and Laura Hughes - FT
UK cabinet minister Michael Gove is drawing up plans to seize British property owned by Russian oligarchs with links to President Vladimir Putin, without paying them compensation. Ukrainians fleeing their homeland could be housed in the lavish UK residences of oligarchs hit with sanctions under the proposals discussed by Gove, the levelling-up secretary, and other ministers, according to government insiders.
/jlne.ws/3sDacTF
Germany to Send Ukraine 2,700 Soviet-Made Anti-Aircraft Rockets; Weapons from former East German army stocks, ministry says; Scholz ditched policy of not sending arms to conflict zones
Iain Rogers - Bloomberg
Germany will provide Ukraine with 2,700 surface-to-air rockets manufactured in the Soviet Union, stepping up aid for Kyiv after abandoning a policy of not sending weapons to conflict zones.
/jlne.ws/3Mmn7RV
Improved Russia-China Ties Have Ominous Implications for the U.S.
Peter Martin and Jennifer Jacobs - Bloomberg
A sobering realization is setting in as American policymakers begin to assess the new, harsher international environment. Officials in Washington are recognizing that ties between Russia and China, long discounted—or even dismissed—as a "marriage of convenience," have the potential to reshape global politics.
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | WhatsApp scandal's specter rises again; Citi, Goldman Sachs and HSBC all warned, in their annual reports, that the SEC and CFTC are investigating banks' record-keeping of communications through private platforms.
Dan Ennis - Bankingdive.com
The $200 million in penalties JPMorgan Chase agreed to pay in December may just have been the start of a deeper dive into communications policing by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), if recent bank disclosures are any indicator.
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HM Treasury announces sweeping wholesale markets changes in first response to consultation; Government has outlined a swathe of changes across UK capital markets, including plans for a consolidated tape and changes to the systematic internaliser regime.
Annabel Smith - The Trade
HM Treasury has announced its first set of sweeping changes across the capital markets as part of its ongoing review of the UK wholesale markets. Announced on 1 March, the paper is the result of the Wholesale Markets Review consultation launched in July last year by the HMT in an effort to enhance UK markets and attract more competition to them following Brexit.
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Federal Court Orders Florida Men to Pay Over $1.6 Million for Precious Metals Fraud
CFTC
The Commodity Futures Trading Commission today announced the U.S. District Court for the Middle District of Florida entered consent orders on March 1 for permanent injunction, monetary sanctions, and equitable relief against Marvin W. Courson III (Courson) and Christopher A. Kertatos (Kertatos). Both Courson and Kertatos reside in Florida.
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GASB Accounting Support Fee; 2022 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
FINRA
In February 2012, pursuant to an SEC order, FINRA established an accounting support fee (GASB Accounting Support Fee) to adequately fund the annual budget of the Governmental Accounting Standards Board (GASB). The GASB Accounting Support Fee is collected on a quarterly basis from member firms that report trades to the Municipal Securities Rulemaking Board (MSRB). Each member firm's assessment is based on its portion of the total par value of municipal securities transactions reported by all FINRA member firms to the MSRB during the previous quarter. FINRA will assess and collect a total of $12,508,400 to adequately fund GASB's annual budget by collecting $3,127,100 from its member firms each calendar quarter beginning in April 2022.
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Finra Orders Wells Fargo To Pay Advisor $1.4M In Defamation Claim
Eric Rasmussen - Financial Advisor
Wells Fargo Advisors has been ordered by the Financial Industry Regulatory Authority to pay one of its former advisors $1.43 million in damages after agreeing that the firm defamed him and hurt his career when it fired him. A three-person Finra panel said yesterday that Wells Fargo must pay Aaron T. Olson $700,000 in compensatory damages and another $700,000 in fraud claim damages after he said his former firm filed vindictive and defamatory comments on his U5 termination form. Finra tacked on another $400,000 in punitive damages stemming from the charges.
/jlne.ws/35nbJEB
SEC Charges Investment Adviser with Failing to Disclose Conflicts Arising from Mutual Fund and Account Recommendations
SEC
The Securities and Exchange Commission yesterday charged Cambridge Investment Research Advisors, Inc. ("CIRA"), a registered investment adviser based in Fairfield, Iowa, with failing to disclose material conflicts of interest and breaching its duty of care related to its selection of mutual funds and wrap accounts for clients.
/jlne.ws/35NNBuM
ASIC's corporate governance priorities and the year ahead; Speech by Chair Joe Longo at the AICD Australian Governance Summit, Thursday 3 March 2022.
ASIC
I would like to begin by acknowledging the Traditional Owners and Custodians of the lands on which we meet today, and to pay my respects to their Elders past, present and emerging. I extend that respect to Aboriginal and Torres Strait Islander peoples present today.
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ASIC allows additional time for holding virtual-only meetings
ASIC
ASIC has today granted relief to allow additional time for certain companies and registered schemes to hold virtual-only meetings, subject to conditions. The extended timeframe provides flexibility for companies and registered schemes preparing for annual general meetings (AGMs) or other meetings of members, as we continue to recover from the challenges presented by the COVID-19 pandemic.
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ESMA publishes latest edition of its newsletter
ESMA
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its February edition of the Spotlight on Markets Newsletter.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Bloomberg Wealth: Your Portfolio May Be More Exposed to Russia Than You Think
Charlie Wells - Bloomberg
It's been difficult to gauge the extent of the economic fallout of Russia's invasion of Ukraine. The Moscow stock market has been closed to investors for much of the week, but there were a few indications in other places. One was in the currency market. The Russian ruble plummeted so far and so fast that it became the worst currency performer in the world this year. Another clue came in the form of foreign-listed shares in Russian equities. They slumped this week, an indication of how local equities may react to sanctions on the country and its companies when trading in Moscow eventually resumes.
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How the Average American Can Help Punish Putin; You aren't likely to be holding a lot of Russian investments in your 401(k), but for investors seeking to do their part, here's what to look for in your portfolio.
Alexis Leondis - Bloomberg
The live-streaming of Ukrainians' suffering as Russia wages an unprovoked war on the country has outraged much of the world. Governments are leveling devastating financial sanctions on President Vladimir Putin for his aggression, and many Americans are looking for ways to do their part. Cash donations are pouring in for Ukrainian causes and there is a movement to boycott Russian vodka. But can Americans also use their personal investment portfolios to show their support for Ukrainians?
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Metals Extend Scorching Rally With Zinc Topping $4,000 on Russia; All metals surge as Ukraine war exacerbates supply constraints; Copper nears a record, and aluminum notches new all-time high
Bloomberg News
Zinc reached its highest since 2007 and aluminum surged to a fresh record, as industrial metals extended a rally fueled by trade turmoil and the increasing economic isolation of Russia. Prices for zinc, used to coat and protect steel, rose as much as 3.9% on the London Metal Exchange to reach $4,013 a ton, while nickel surged more than 7% and copper closed in on an all-time high.
/jlne.ws/3pBcUat
Putin Sets Commodities Up for Biggest Weekly Gain Since 1960; Gauge of raw material rises 8.6% this week through Wednesday; Never been such steep spikes across so many assets: Eurasia
Martin Ritchie and Stephen Stapczynski - Bloomberg
Commodities are on course for their most stunning weekly surge in records that go back to when Nikita Khrushchev was in the Kremlin. Bloomberg's gauge of raw materials is closing in on the biggest weekly gain since at least 1960 as banks, importers and shippers steer clear of Russian exports following its invasion of Ukraine. Brent crude soared to near $120 a barrel, aluminum hit a record, and wheat rallied to the highest since 2008.
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Companies Divesting From Russia Are Facing Big Write-Downs; Many companies are dumping assets in Russia as it lays siege to Ukraine. Determining the size of write-downs will call for greater-than-usual discernment
Mark Maurer - WSSJ
Companies that divest from their Russian holdings will have to book hefty write-downs and face complex accounting judgments, experts say. Businesses including BP PLC, Shell PLC and Apple Inc. have begun cutting ties with Russia as it continues its attacks on Ukraine. On Sunday, BP said it plans to exit its roughly 20% stake in oil company Rosneft Oil Co. , followed by Shell a day later saying it would pull back from its joint ventures with Gazprom PJSC and end its financing of the Nord Stream 2 natural gas pipeline project.
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Talking War and Market Volatility With a Giant of Economics; Eugene F. Fama, the father of the efficient-markets theory, says the stock market can't easily process "irrational" behavior. What will happen? "Who knows?" he says.
Jeff Sommer - NY Times
After watching financial markets gyrate from hour to hour as Russia attacked Ukraine, I was getting dizzy myself. People in Ukraine were dying. The Russian president, Vladimir V. Putin, put his nuclear forces on alert, and Western sanctions were beginning to bite. One moment stocks were up, the next they were falling. Then they were up again.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Green Bond Seeks to Stop Sewage Polluting London's River Thames; Bazalgette Finance's pound bonds to fund Thames Tideway tunnel; Project aims to stop tonnes of raw sewage entering river
Ronan Martin - Bloomberg
The green bond market just got one of its biggest challenges yet -- cleaning up London's River Thames. A sale of the notes will help to fund upgrades to the city's Victorian-era sewers, as population growth in London heaps increasing pressure on them. Designed to serve about 4 million people, the sewers instead handle waste from more than double that number, leading to multiple sewage overflows every year.
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Ukraine war increases urgency for renewable energy, says Schroders chief; Fund manager's annual profit before tax and exceptionals increases by a fifth
Harriet Agnew -FT
Russia's invasion of Ukraine sharpens the urgency for a rapid expansion of renewable power to reduce European dependency on Russian energy, according to the head of one of Britain's largest asset managers. "There is no way that Europeans will remain dependent on Russian gas — this doesn't feel like a comfortable place to be," said Peter Harrison, chief executive of Schroders. "There is only one alternative, which is the rapid build out of renewable power."
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TotalEnergies target of lawsuit to test 'greenwashing' in advertising; Claim that oil and gas group misled the public in rebranding campaign
Camilla Hodgson and Sarah White - FT
Oil and gas group TotalEnergies is the target of a test case brought by campaign groups over "greenwashing" in advertising, that would have implications for how companies communicate their climate plans.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Toronto-Dominion Earnings Top Estimates on Canadian Loan Growth
Kevin Orland - Bloomberg
Toronto-Dominion Bank, which earlier this week announced a $13.4 billion acquisition to expand in the U.S., got a lift from loan growth at home. Total revenue for the bank's Canadian retail unit rose to C$6.72 billion ($5.32 billion) in the fiscal first quarter, up 5.9% from a year earlier, the Toronto-based company said Thursday. Overall profit topped analysts' estimates.
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Tananbaum's GoldenTree Attacks Volatility Era With Crypto Play; Hedge fund will be 'early in the space,' founder says; Firm also expanding in private credit as financing dries up
Erik Schatzker - Bloomberg
Steve Tananbaum has a playbook for markets roiled by inflation, rising rates and geopolitical volatility -- and crypto is a centerpiece. The veteran credit investor and founding partner of GoldenTree Asset Management is broadening his flagship hedge fund to include trading in digital-assets and financing deals in exchange for tokens. He sees opportunities to earn outsize returns and doesn't want to forgo them by sticking to traditional strategies.
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Citigroup Plans to Target Independent Advisers in Wealth-Management Push; Bank details wealth expansion at virtual investor day; Citi Alliance aims at fast-growing segment in the U.S.
Katherine Chiglinsky - Bloomberg
Citigroup Inc., whose U.S. wealth-management business oversees about $181 billion in client assets, created a new business to sell products through independent advisers as Chief Executive Officer Jane Fraser maps a path to managing more money for wealthy individuals. "With Citi Alliance, we will be providing core banking and lending solutions to independent advisers and broker-dealers, one of the fastest growing segments in the United States," Jim O'Donnell, head of global wealth management, said Wednesday at the company's investor day.
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Norway Wealth Fund Prepares $2.8 Billion Loss on Russian Holdings
Lars Erik Taraldsen and Stephen Treloar - Bloomberg
Norway's $1.3 trillion sovereign wealth fund has seen the value of its holdings in Russia slump about 91% so far this year, with questions over whether it's possible to recover what's left. "I think you will be able to sell the shares, but the question is whether you'll get the money for them," Chief Executive Officer Nicolai Tangen said. When asked whether that's the same as just giving them away, he said that in reality that's what is almost happening now.
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Pharo Management takes a hit from tumbling Russian debt prices; $11bn emerging-market hedge fund also held Ukrainian bonds
Save
Laurence Fletcher - FT
Pharo Management has emerged as one of the highest-profile hedge funds to have been wrongfooted by the Ukraine crisis, underscoring how many global investors were caught off-guard by Moscow's invasion of its neighbour. London-based Pharo, which has $11bn in assets under management and is one of the world's biggest emerging-market hedge funds, held the debt of Russia and Ukraine as the conflict erupted last week, according to people familiar with its positions.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Hong Kong Expats, Where's Your Next Destination? Tax-free, visa-friendly cities in Europe and the Middle East are already luring economic migrants from around the world. Asia's premier financial hub better lift its game.
Anjani Trivedi - Bloomberg
These days, the first thing you're asked in Hong Kong (when you do see people) is, "So, what're you guys thinking?" That question is underpinned by the certainty that, given the city's increasingly illogical, fear-inducing and chaotic Covid policies that have left the population on edge, surely you must be contemplating an escape — temporary or permanent.
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PBOC Says Number of High-Risk Banks to Fall as It Cracks Down
Bloomberg News
The People's Bank of China said it expects the number of high-risk banks to continue to decline in coming years, vowing to persist with its campaign to curb financial risks in the economy. By 2025, the number of lenders in the "high-risk" category in the PBOC's quarterly reviews will likely drop below 200 from 316 in the fourth quarter of 2021, the central bank said in a statement Thursday. At the peak in the third quarter of 2019, there were 649 banks listed in the category, according to the statement.
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Gazprom, Lukoil and Sberbank are now penny stocks as Russian companies collapse in London
Steve Goldstein - Bloomberg
Russian natural gas giant Gazprom, oil producer Lukoil and leading bank Sberbank are all penny stocks based on their trading on the London Stock Exchange, as the local market was shut for a third day.
/jlne.ws/3tv4EKm
Russian Markets Break Down With Cash Frozen at the Border
Bloomberg News
The Russian stock market has been shut for days and officials are barring any cash going to foreign investors. Funds from London to New York have suspended trading. For now at least, any financial asset linked to Russia looks all but frozen. Even commodity shipments, the country's economic lifeblood, are being disrupted and some buyers have refused Russian oil.
/jlne.ws/3hxZ0kR
Tiny Scottish Isles Try to Stop Russian Oil Tanker Loading
Alex Longley - Bloomberg
The Orkney Islands, a tiny archipelago just off the Scottish mainland, are doing everything they can to stop a Russian oil tanker from docking -- in protest at the country's invasion of Ukraine.
/jlne.ws/3pvAQvA
Some Russian Troops are Surrendering or Sabotaging Vehicles, Pentagon Official Says
Eric Schmitt and Julian E. Barnes - Ny Times
Plagued by poor morale as well as fuel and food shortages, some Russian troops in Ukraine have surrendered en masse or sabotaged their own vehicles to avoid fighting, a senior Pentagon official said Tuesday. Some entire Russian units have laid down their arms without a fight after confronting a surprisingly stiff Ukrainian defense, the official said. A significant number of the Russian troops are young conscripts who are poorly trained and ill-prepared for the all-out assault. And in some cases, Russian troops have deliberately punched holes in their vehicles' gas tanks, presumably to avoid combat, the official said.
/jlne.ws/3KdvSvM
France Impounds Super Yacht Owned by Head of Russian State Oil Giant
James Regan and Ania Nussbaum - Bloomberg
French customs officials have taken control of a giant yacht owned by Rosneft Chief Executive Officer Igor Sechin as part of the European Union's sanctions against Russia, French Finance Minister Bruno Le Maire said on Thursday.
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Billionaire Roman Abramovich Says He's Selling Chelsea Football Club; Net proceeds will go to a foundation for Ukraine war victims; Russian billionaire is said to be seeking 3 billion pounds
Pierre Paulden and David Hellier - Bloomberg
Roman Abramovich is selling Chelsea Football Club after almost two decades of ownership amid unrelenting scrutiny over his ties to Russia. The billionaire, who transformed the team's fortunes since his 2003 purchase, said he's instructed the board to set up a charitable foundation to receive the net proceeds from the sale.
/jlne.ws/3pxq9ss
$5 Million Russian IOU Is Suddenly a Market Moment; Search engine Yandex NV due to pay coupon on Thursday; Gazprom said to be in process of paying dollar bond due Mar. 7
Irene Garcia Perez, Giulia Morpurgo, and Abhinav Ramnarayan - Bloomberg
A Russian telecommunications company will be the first to answer a pressing question from global investors: will Russian companies continue servicing their foreign-currency bonds. Search engine Yandex NV, the group's entity based in The Netherlands, is due to pay a $4.7 million coupon on Thursday for a $1.25 billion bond due 2025, according to Bloomberg calculations. It's the first foreign-currency coupon payment by a company headquartered in Russia since sweeping sanctions and capital controls raised fears among bondholders that corporates won't be able to service their debts. The debt has lost more than half its value in the past week, according to TRACE pricing.
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| Miscellaneous | | Stories that don't quite fit under the other sections | While You Were Working From Home, Your Co-Workers Fell in Love; Relationships bloomed on Zoom, and more colleagues may eye each other with interest as they go back to offices
Callum Borchers - WSJ
Workers trickling back to offices may notice a few changes: Hot desks. More meeting spaces. And, wait, Tammy in sales is with Carl from accounting now? While you've been Zooming and Slacking, more colleagues than you might think have been coupling. A third of workers said they were, or have been, involved with a colleague when the Society for Human Resource Management conducted a survey in January—up from roughly a quarter in early 2020. And co-worker mating season might be just beginning.
/jlne.ws/3HCOljC
Can Workers Climb the Career Ladder From Outside the Office? Translating opportunities for networking, mentoring and advancement to the virtual world isn't easy.
Corinne Purtill - NY Times
During his internship at a major bank last summer, Costa Kosmidis spent most of his time working remotely. The bank did its best to help interns bridge the distance, he said, including by putting into practice "an open 'virtual door' policy" that made senior staff readily available by phone or email for job-related queries and career advice. Nevertheless, when Mr. Kosmidis, 22, starts a job at the same bank after graduating from Fordham University this year, he hopes to spend more time in the office.
/jlne.ws/3C8hqlQ
Fallen hedge funder Phillip Falcone offloads luxe belongings in fire sale
Brad Hamilton - NY Post
This once mighty money man is hitting the skids hard. Debt-riddled ex-billionaire Philip Falcone has taken to hawking his home furnishings for chump change, just three years after cashing in with a record $77 million sale of his massive, ultra swanky Manhattan townhouse on 14-16 East 67th St. The cash-strapped former hedge fund honcho — worth $2 billion before his financial faceplant — owes an estimated $100 million, and he turned to an auction house last month for a fire sale of items from his luxury living space at 22 East 67th Street.
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