| March 21, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Boca 2022 is over, but I am still on the road on the way back. Driving is always a good time to think, and this is a time of year of many different memories and emotions. It was nine years ago when two days after the Boca conference I had both my knees replaced.
The JLN team at Boca 2022 had a new look to it, save for the old guy full of titanium, and the industry had a new look too. The conference was dominated by crypto firms and content. The former regulators and public relation firms shilling (bitcoining?) for crypto firms were on full display at the conference. The late night events were sponsored by FTX and Coinbase Institutional, bringing a younger vibe to the 1980s music and laser shows each night. Conference addict regular Sam Bankman-Fried had a prominent role on Thursday in the discussion with former baseball star Alex Rodriguez and on Wednesday night at the FTX late night surrounded by SBF groupies or the SBF posse.
The New York Times has a story that is an important recurring one for our times: how to deal with misinformation. The story, by Daniel Victor, is titled "How to Avoid Sharing Misinformation on the War in Ukraine; Here are warning signs to look for before you retweet."
Following Boca, I was followed on Twitter by former CFTC Commissioner Brain Quintenz. I started to direct message with Brain, not realizing it was not Brian Quintenz until Brain suggested we should discuss things we were investing in. I quickly unfollowed and blocked Brain Quintenz.
Belated happy birthday to Leo Melamed, who turned 90 years old yesterday, March 20. Leo, I hope you had a great day and that you are as active and dynamic in your nineties as you were in your eighties.
Congratulations to Charlotte Croswell, who over the weekend took a trip to Windsor Castle and collected her OBE, or Order of the British Empire award, accompanied by her teenage daughter.
The Financial Times has a Special Report out this morning on Fixed Income. The description of the report is: "Fears rise over 'greenwash' bonds, central banks weigh dangers of inflation and war 'shocks', Salvadorean bitcoin bond set for baptism of fire, and 'dry powder' loan funds struggle to find a home."
Here are the stories from the Special Report:
- Central banks weigh dangers of inflation and war 'shocks'; US and UK rate rises last week look like the first of many as global monetary policy tightens
- Russian debt default fears stalk bond markets; Foreign investors face uncertain scale of wipeout on their investments
- 'Dry powder' loan funds struggle to find a home; Private debt funds can struggle to find a home
- Fears rise over 'greenwash' bonds; Market participants in the environmental lending market want assurances on standards
- ESG fund boom masks mispricing dangers for investors; Credit risks in the field can be hard to quantify in the field of ethical borrowing
- Active funds take more of the fixed income ETF pie; Recent rule changes by the SEC have made it easier for new entrants to make their mark
- Bitcoin bond set for baptism of fire in El Salvador; Analysts are sceptical about other countries following El Salvador into crypto-based borrowing
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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Traders in uproar over the LME; Cancellation of nickel trades after huge price spike breaks convention
Philip Stafford - FT
In markets, there are few principles considered by traders more sacrosanct than when a commitment to a deal is made, it should stand come what may. So there was uproar in the global trading community over the London Metal Exchange's decision to bring the global nickel market to a halt and cancel futures trades because of a vicious "short squeeze" on a Chinese tycoon facing potential billions of dollar of losses. "This is one of the most inept moves an exchange has made that I can think of," said Don Wilson, founder of Chicago trading firm DRW. Clifford Asness, founder of hedge fund AQR, also has railed against the LME's decisions, tweeting: "I been doing this for a wee bit of time. This is one of the worst things I've ever seen."
/jlne.ws/36Dxwby
***** Don Wilson has seen a lot of inept moves by exchanges, including one that did not even understand the dynamics of the contract it listed. Same for Cliff Asness. But both gave a little wiggle room as to how inept or bad a move this was by the LME.~JJL
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Pope Francis condemns 'inhuman and sacrilegious' war against Ukraine
Colin Campbell - Yahoo News
Pope Francis on Sunday sharpened his rhetoric against Russia's shelling of Ukrainian civilians in its increasingly brutal invasion. "All this is inhuman!" Francis said, according to a translation published by Vatican News, the Holy See's media portal.
/jlne.ws/3Iw4YO5
***** Vladimir Putin's supporters should think hard about what the Pope is saying here.~JJL
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How Ukraine embraced cryptocurrencies in response to war; Young techno-natives help Zelensky's government raise over $100mn in crypto donations
Cristina Criddle and Joshua Oliver - FT
It was a plan hatched in haste on the second day of the invasion. Ukraine's digital transformation minister Mykhailo Fedorov turned to his deputy, instructing him to set up official government wallets that could accept payments in cryptocurrency. As queues built up outside cashpoints and supermarkets in Kyiv, Alex Bornyakov knew he had to move fast.
/jlne.ws/37Gr185
***** I think Ukraine should sick the Doges on Putin.~JJL
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Tom Brady Implores Crypto Trader FTX To Help Fan Who Spent $518K USD on Pre-Retirement Touchdown Ball
Joyce Li - Business Insider
It appears that Tom Brady has heard about the fan who purchased his pre-retirement touchdown ball for $518,000 USD at auction. Brady, who recently announced that he is coming out of his brief retirement to play for the Tampa Bay Buccaneers once again. The GOAT took to Instagram in hopes to ease the pain of the eager fan, but reaching out to digital crypto trader FTX to donate a Bitcoin to a charity of choice of the fan. Since Brady made his announcement to go back to the NFL, the value of the football collapsed exponentially the day after.
/jlne.ws/3Iz1UkE
***** Can someone's greed be saved by FTX altruism? ~JJL
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Friday's Top Three
Our top story Friday was the Wall Street Journal's Inside the Nickel Market Failure: Massive Trades the Exchange Didn't See. Second was the Acuiti report on The Sell-Side Clearing Management Insight Report Q1 2022 - Cleared derivatives from Ion Group. Third was our MarketsWiki Page for Pat Kenny, aka "the most interesting man in the world."
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MarketsWiki Stats
26,776 pages; 237,773 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
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Editor
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Associate Editor
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| Lead Stories | Ukraine Tech Startups Pivot From Software Code to Rescue Plans; Tech leaders with operations in Ukraine are mapping escape routes and paying workers to fight with the army; 'our plan is winning this war'
Heather Somerville - WSJ
Anton Kolomyeytsev stood at Romania's border with Ukraine, waiting for his mother and families of employees of his technology company, which just weeks earlier had been based in Kyiv. In all, nine people made it, and Mr. Kolomyeytsev drove them that night in early March into Hungary. This task of moving people across borders—finding them rides, shelter and food—still occupies him, more than a month after he started shuttling his employees and data servers out of Ukraine and into Poland in anticipation of a Russian invasion.
/jlne.ws/36zchYn
Fleeing War in Ukraine, They're Met With Employers Offering Paychecks; Job boards are overflowing with offers dedicated to Ukrainian refugees, as businesses and governments fast-track access to employment.
Liz Alderman and Patricia Cohen - WSJ
German companies are touting thousands of jobs for Ukrainian refugees. Portuguese firms promise language training for Ukrainians looking for work. In Lithuania, businesses are providing on-site child care to help Ukrainian women move seamlessly into the workplace. As the wartime exodus from Ukraine grows larger, companies are rushing forward with offers of employment, from high-level engineering jobs to retail and factory work, to help those displaced by the fighting settle quickly — as well as to fill their own labor shortages.
/jlne.ws/3N9Jz0G
Credit Suisse Remakes Board in Aftermath of Scandals; Two longtime board members will leave, along with a former colleague of the recently departed chairman, António Horta-Osório
Margot Patrick - WSJ
Credit Suisse CS 1.75% Group AG said it will reshuffle its board again after a turbulent year. The Swiss bank, which lost more than $5 billion a year ago from the collapse of family office Archegos Capital Management, is adding former UniCredit SpA UNCFF -4.51% Chief Financial Officer Mirko Bianchi and ex-Wells Fargo & Co. risk officer Amanda Norton, both of whom have extensive banking experience. Keyu Jin, an economics professor at the London School of Economics, will also join.
/jlne.ws/3itat5y
Ukraine Takes Us Into a New Heroic Age; Unusual times bring out unusual bravery in many people. These are unusual times.
Andreas Kluth - Bloomberg
It's almost odd now that in the years leading up to February 2022 a lot of people became convinced that modernity was a post-heroic age. Heroes — and less often heroines — belonged to Greek or Norse mythology, or to warrior societies long gone, it was said. But then Russian President Vladimir Putin attacked Ukraine, a much smaller country, for its stubborn insistence on being free.
/jlne.ws/3L1IBBQ
Usurping Dollar's Dominance Over World Is a Near Impossible Task; America's deep capital markets, economy seen as unparalleled; Yuan viewed as afterthought even with progress: PineBridge
Ruth Carson, Libby Cherry, and Tania Chen - Bloomberg
Dethroning the dollar is easier said than done. That's the conclusion of investors after Washington's freeze of Russia's dollar holdings created fresh impetus among central bankers to rethink the security of access to foreign-exchange reserves. The move fueled speculation that countries such as China could redouble efforts to unshackle itself from greenback-denominated financial systems and look for alternatives.
/jlne.ws/3qlYETa
Three Ways the 'Market State' Can Ease Ukraine's Suffering; Geopolitics by other means: The West can leverage NGOs, global courts and corporate entities to fight Russia in ways nation-states cannot.
Philip Bobbitt and Gregory Treverton - Bloomberg
President Joe Biden's administration has proved itself remarkably innovative in confronting the Russian invasion of Ukraine. Two lines of policy are especially notable. One was breaking new ground by releasing a vast amount of U.S. intelligence to pre-empt the Russian disinformation campaign that was to accompany the invasion, thus denying President Vladimir Putin control of the narrative and discrediting Moscow's claims that the war was forced upon it.
/jlne.ws/3wnDEPZ
Goldman Bids for Nickel Off-Exchange About 32% Below LME Price; Bank is offering bilateral deals as exchange remains frozen; Proposal gives insight into traders' view of fair nickel price
Jack Farchy - Bloomberg
Goldman Sachs Group Inc. traders have been offering to trade nickel away from the London Metal Exchange, according to people familiar with the matter, at prices that imply a further sharp drop in prices. The bank has been offering to trade contracts in commodity index products, such as the S&P GSCI, whose constituents include nickel, the people said, implying a bid and offer for the nickel price. The bank's proposals imply a bid for nickel at about $25,000 a ton, and an offer about $37,000 a ton, the people said, asking not to be named as the matter isn't public.
/jlne.ws/3wgSWG5
LME Boss Says Banks Are Partly to Blame for Nickel Short Squeeze; Chamberlain says banks lobbied against market transparency; Large part of Chinese tycoon's bet was held over-the-counter
Jack Farchy and Mark Burton - Bloomberg
The embattled boss of the London Metal Exchange says the banking industry bears some responsibility for the conditions that led to a massive short squeeze that broke the nickel market. Banks last year lobbied against efforts to increase transparency in metals markets, LME Chief Executive Officer Matthew Chamberlain said in an interview. The proposed changes would have allowed the LME to crack down on the large short position held by Tsingshan Holding Group Co. before it caused an unprecedented 250% price spike last week, he said.
/jlne.ws/3tmrMLV
Behnam mulls market structure reform for crypto derivatives; FTX wants to bypass FCMs by integrating margin financing, execution and clearing activities
Bernard Goyder - Risk.net
Commodity Futures Trading Commission chairman Rostin Behnam has said the CFTC will "carefully consider" a proposal by cryptocurrency exchange FTX that would give retail traders direct access to cleared derivatives, bypassing brokers. The remarks come as exchanges including CME Group and Cboe Global Markets race to better integrate crypto derivatives into US financial markets. FTX's proposal bypasses the traditional gatekeeping role of futures commission merchants (FCMs) by integrating margin
/jlne.ws/3N6He6L
Companies Shelve $25 Billion of Fund-Raising Deals as War Rages; Tesla to Mumbai Airport pull funding plans as volatility hits; U.S. firms account for almost half of deal cancellations
Jacqueline Poh - Bloomberg
Firms across the globe are ditching fund-raising deals at a quickening pace, as volatility destabilizes credit markets following Russia's invasion of Ukraine. Electric car giant Tesla Inc. is the latest big name firm to scrap financing plans, as it postponed a $1 billion offering of bonds backed by leases on its vehicles last week. Almost 80 companies, nearly half from the U.S., have put at least $25 billion of deals on hold since the start of the war nearly a month ago.
/jlne.ws/3N7LLGk
Russia's Push for Self-Sufficient Economy Fails Before Western Sanctions; Building Fortress Russia was supposed to protect the country from sanctions. It is still highly dependent on imports. Georgi Kantchev, Alexander Osipovich - WSJ
Russia spent years trying to wean itself off imported goods to fortify its economy against Western sanctions. Now, the impact of sanctions imposed after Russia's invasion of Ukraine has made it clear that Moscow's efforts didn't work. Russia's continued dependence on imports means it is facing a painful economic readjustment. Parts of Russia's auto industry are shutting down for lack of foreign parts. The country's flagship homemade passenger jet gets its engine and other key parts from overseas suppliers. Foreign pet food and medication have disappeared from store shelves.
/jlne.ws/37GuXFT
How to Avoid Sharing Misinformation on the War in Ukraine; Here are warning signs to look for before you retweet.
Daniel Victor - NY Times
Sorting out what is real in Ukraine and what is misinformation designed to provoke an emotional response is hard enough for professional journalists. For everyday people seeing photos and videos cascade through their social media feeds, it is even harder. But the stakes can be high for anyone with an audience, no matter how big or small, if sharing false information — reposting a link on Facebook or retweeting a story that feels urgent — means unwittingly playing into war propaganda. Experts in misinformation say everyone has a responsibility to pause and do a bit of work to verify content before sharing it, even if it would benefit the side you support in a conflict.
/jlne.ws/3N5HuD3
China Put Can Be Game Changer for Stock Market After Global Rout; Stimulus, loosening vows may give Chinese stocks haven status; Covid policy, sluggish real-estate complicate revival task
Nikos Chrysoloras, Thyagaraju Adinarayan, and Jeanny Yu - Bloomberg
When the week started, JPMorgan Chase & Co. analysts warned that China's internet stocks were "uninvestable." The world is in a different place now. Following a string of dramatic interventions by Beijing, the worst selloff in Chinese markets since 2008 turned into a historic surge, catapulting the country's U.S.-listed technology firms into a rebound not seen before. For investors who've been burned many times by abrupt somersaults in government policy, the question is whether the rally will hold, turning the world's second-biggest economy into a haven for traders and a life-raft for global output amid concerns over a broad slowdown.
/jlne.ws/34WF20q
M.B.A.s' Latest Pitch to Investors: Skip the Startup, Invest in Me;More student-entrepreneurs are operating like SPACs, pitching a fund that they can use to find an under-the-radar business and lead it
Lindsay Ellis - WSJ
Plenty of M.B.A.s finish business school with a hot startup pitch for investors. The latest breed of student-entrepreneur is skipping the startup part and pitching themselves as the investment. Consider the model a SPAC of sorts—akin to the stock-market trend in which a special-purpose acquisition, or "blank-check," company raises money and lists its shares, then finds a private business to merge with. In this case, the investment vehicle is a fund for a newly minted M.B.A. graduate. The M.B.A. uses the money to search for a privately held, under-the-radar business and run it as chief executive and part owner.
/jlne.ws/3L2yixC
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia's Local-Currency Bond Market Reopens After Three Weeks
Caitlin Ostroff - WSJ
Investors sold Russian local-currency government bonds as trading reopened Monday after being shuttered the past three weeks. Russia is starting to thaw trading freezes enacted after its invasion of Ukraine prompted Western sanctions targeting its central bank foreign-currency reserves and the access of some of its banks to the Swift financial network. Shuttering markets forestalled an expected firesale of Russian assets, investors say.
/jlne.ws/3ilvf7i
Russians hold some $3 bln in financial assets in the Bahamas, central bank says
Jasper Ward - Reuters
Financial institutions in the Bahamas have around $3 billion in assets whose owners are linked to Russia, the Caribbean nation's central bank said late on Friday. The Bahamas on March 12 ordered a halt all transactions with Russian entities that have been put under sanction by Western nations.
/jlne.ws/3inHjVz
Russia Is Losing Tens of Thousands of Outward-Looking Young Professionals
Jane Arraf - NY Times
At the Lumen cafe in the Armenian capital, Russians arrive as soon as the doors open, ordering specialty coffees, opening up their sleek Apple laptops and trying to navigate a dwindling array of options for starting their lives over. The background music and the sunlit interior are calming counterpoints to the frantic departures from their country, where they left behind parents, pets and the sense of home that all but vanished when Russia invaded Ukraine last month.
/jlne.ws/3wmF2SN
Koch Industries Continues Operations at Russian Factories
Elizabeth Elkin - Bloomberg
Koch Industries will continue to operate its two glass manufacturing facilities in Russia, according to a company statement. Koch's Guardian Industries operates the two facilities, which employ about 600 people. The company has no other physical assets in Russia, Chief Operating Officer Dave Robertson said in a statement Wednesday. Koch is complying with sanctions and regulations regarding Russia, Robertson said.
/jlne.ws/3wgL7QI
Russian banks are so broke the biggest lender just got the go-ahead to issue digital assets like crypto
Will Daniel - Fortune
The impact of sanctions and the collapse of the Russian ruble after the invasion of Ukraine has some Russian banks turning to the crypto market for a boost. Like the biggest one. That is Sberbank, Russia's largest lender, which just received a license from the central bank to issue digital assets to clients on Thursday. Sberbank said the move would allow Russian firms to mint digital assets and "invest their currently idle funds to generate income."
/jlne.ws/3In6Yse
Russia's War Has Driven 10 Million Ukrainians From Their Homes; Germany is bracing for the arrival of up to 1 million refugees; Europe's reaction is vastly different from the 2015 crisis
Chris Reiter - Bloomberg
Russia's increasingly brutal attacks on Ukraine has driven 10 million people -- nearly a quarter of the population -- from their homes, according to the United Nations, with growing numbers expected to head to western Europe.
/jlne.ws/3D11h28
Russian Cash in Swiss Banks Back in Focus After Zelenskiy Speech; Zelenskiy says blocking cash part of 'fight against evil'; Switzerland has started blocking sanctioned Russians' property
Steven Arons - Bloomberg
The role of Switzerland as a place for Russia's wealthy to stash their money is coming under increased scrutiny, after Ukrainian President Volodymyr Zelenskiy criticized the nation in a weekend address. On Monday, private bank Julius Baer Group Ltd. said it has lent money to a small number of individuals who have now been sanctioned, including for "residential properties in prime locations in Western Europe." UBS Group AG said that it has outstanding loans to sanctioned individuals, worth less than $10 million, while its exposure to Russian assets used as collateral in loans to clients is about $200 million. At Credit Suisse Group AG, about 4% of the assets run by its wealth management arm are with Russian clients, either in the country or nationals living abroad.
/jlne.ws/3uaVOBL
Italy's Enel Prepares to Exit Russia Within Months, CEO Says; Utility preparing for safe handover of generation assets; Calls for regulation of 'out of control' European gas market
lberto Brambilla and Jesper Starn - Bloomberg
Enel SpA, Italy's largest utility, will exit from its Russia operations in a "matter of months," Chief Executive Officer Francesco Starace said on Monday. The Italian company joins the world's biggest energy companies, including BP Plc, Shell Plc and Italy's Eni SpA, that have announced plans to stop investing in Russia amid a swathe of sanctions against the country after its invasion of Ukraine. Finnish utility Fortum Oyj said earlier this month that it will halt all new investments in Russia without committing to a full exit.
/jlne.ws/368fQVC
Agriculture Giants Stay in Russia Despite Calls to Exit Over Ukraine War; Grain traders and seed companies cite humanitarian concerns about food supplies as advocacy groups try to raise pressure on Moscow
Patrick Thomas - WSJ
The world's largest agricultural companies are continuing to sell seeds and handle crops in Russia, despite pressure to sever ties following the invasion of Ukraine. Companies including Cargill Inc., Bayer AG and Archer Daniels Midland Co. say humanitarian concerns over food availability for Russian citizens and other countries justify the companies' continued operation in Russia, while Western oil companies, fast-food chains and other companies have pulled out or paused operations there.
/jlne.ws/36BHYjK
Russian elites planning to overthrow Putin: Ukrainian intelligence
Patrick Reilly - NY Post
A group of Russian elites are allegedly conspiring to overthrow Russian President Vladimir Putin and "restore economic ties" with the West, according to Ukrainian intelligence. "Poisoning, sudden illness, accident — Russia's elite is considering removing Putin," declared a Sunday Facebook post from the Chief Directorate of Intelligence for the Ministry of Defense of Ukraine.
/jlne.ws/3CVXB1o
The World's Biggest Oilfield Contractors Are Quitting Future Russia Work; Baker Hughes, Schlumberger are latest to announce changes; Halliburton only one of peers to wind down current Russia work
David Wethe and Amelia Pollard - Bloomberg
The world's three biggest oilfield service providers are halting future work in Russia in response to President Vladimir Putin's invasion of Ukraine, announcing their decisions separately and within 24 hours of each other.
/jlne.ws/3CZO5dJ
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Trading 'Queen' and Mystery Guru Engulf India Bourse in Scandal; Chitra Ramkrishna is accused of leaking information to a yogi; The former National Stock Exchange CEO has denied wrongdoing
Nupur Acharya and Dhwani Pandya - Bloomberg
Around the National Stock Exchange of India, Chitra Ramkrishna was practically her own institution. A founding member of the bourse, she helped shape it into the world's largest derivatives exchange, opening trading to a growing middle class and serving as its first female chief. In 2016, she stepped down to high praise for her "sterling contribution."
/jlne.ws/3Ix3rax
David Curran Appointed to the ASX Board
ASX
The Board of ASX Limited announces the appointment of Mr David (Dave) Curran as a non-executive director with effect from today. Mr Curran will stand for election at ASX's Annual General Meeting on 28 September 2022.
/bit.ly/3sGw54D
SIX Annual Report 2021
SIX
For 2021, we had all expected to see a step toward normality. It turned out otherwise, as again in 2021 the situation posed by the global pandemic remained a challenge for us all. The health of our employees and the stability of our systems were, and remain, our top priorities. We met that challenge. All of our platforms ran smoothly and our stable services enabled our customers to deliver on their service promises to their clients. Moreover, thanks to our dedicated employees, we continued to deliver on our growth strategy and reached important milestones in 2021. We are pleased to provide you with an insight into our progress, and to share some of the highlights we achieved together in this challenging year.
/bit.ly/3CYPyB0
CME Group Inc. Announces First-Quarter 2022 Earnings Release, Conference Call
CME Group
CME Group Inc. will announce earnings for the first quarter of 2022 before the markets open on Wednesday, April 27, 2022. Written highlights for the quarter will be posted on the company's website at 6:00 a.m. Central Time, the same time it provides its earnings press release. The company will also hold an investor conference call that day at 7:30 a.m. Central Time, at which time company executives will take analysts' questions.
/bit.ly/3ubNtgZ
Special Executive Report; Amendments to the Disclaimer Rule in Connection with The Baltic Exchange Futures and Options Contracts
CME Group
Effective Sunday, April 3, 2022, for trade date Monday, April 4, 2022 and pending all relevant CFTC regulatory review periods, New York Mercantile Exchange, Inc. ("NYMEX" or "Exchange") will implement administrative amendments to NYMEX Chapter iv. ("Disclaimers") to modify the disclaimer rule in connection with all of the Exchange's futures and options contracts in Table 1. below (the "Contracts") which utilize prices from The Baltic Exchange. Exhibit A. further below provides amendments to Chapter iv. In blackline format.
/bit.ly/3wq8VBS
Performance Bond Requirements: Energy, FX and Interest Rate Margins - Effective March 21, 2022
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on March 21, 2022.
www.cmegroup.com/newsletter/web2lead/web2sf-old.html CME Clearing P
https://bit.ly/3wiT1cm
Initial Listing of the Russell 2000 Annual Dividend Index Futures and the Nasdaq-100 Annual Dividend Index Futures Contracts
CME Group
Effective Sunday, April 10, 2022 for trade date Monday, April 11, 2022, and pending all relevant CFTC regulatory review periods, Chicago Mercantile Exchange Inc. ("CME" or "Exchange") will list Russell 2000 Annual Dividend Index Futures and the Nasdaq-100 Annual Dividend Index Futures contracts (the "Contracts") for trading on the CME Globex electronic trading platform ("CME Globex") and for submission for clearing via CME ClearPort as more specifically described below.
/bit.ly/3qllbiU
Change of USD London Nickel Mini Futures and CNH London Nickel Mini Futures Contracts Maximum Fluctuation Price Band
HKEX
With reference to the announcement made from the London Metal Exchange (LME) on Nickel Contracts dated on 18 March 2022 (London Time), daily price limits of Nickel Contracts in LME will be changed from 12% to 15% with effect on 21 March 2022. Accordingly, Hong Kong Futures Exchange Limited (HKFE) announced that the maximum fluctuation price band will be changed from 12% to 15% on the previous closing prices in T-Session for USD London Nickel Mini Futures (LUN) and CNH London Nickel Mini Futures (LRN) Contracts with effect on 21 March 2022 until further notice.
/bit.ly/3ipWA8h
Enhancement of the Third Party Clearing Arrangement
HKEX
Hong Kong Futures Exchange Limited ("HKFE") is pleased to announce that the enhancement of the third party clearing ("TPC") arrangement has been approved by the Securities and Futures Commission and will take effect from 28 March 2022. The enhancement of TPC arrangement will provide operational flexibility to an Exchange Participant of HKFE which is a Non-Clearing Participant ("NCP") to appoint more than one General Clearing Participant ("GCP") for the clearing and settlement of its contracts traded on HKFE ("HKFE Contracts").
/bit.ly/3uhS7dm
Admission of the units of CICC Carbon Futures ETF ("CICC ETF") to CCASS as Multi-counter Eligible Securities - HKD traded units (Stock Code: 03060) - RMB traded units (Stock Code: 83060) - USD traded units (Stock Code: 09060)
HKEX
HKD traded units, RMB traded units and USD traded units of the CICC ETF (collectively the "Units") will be admitted into CCASS as Multi-counter Eligible Securities (as defined in the General Rules of CCASS) with effect from the commencement date of listing and dealing of the Units on The Stock Exchange of Hong Kong Limited ("Exchange"), which is expected to be on 23 March 2022
/bit.ly/3L2ehaw
ICE Launches Biotechnology Index Futures and Semiconductor Index Futures Contracts
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology and market infrastructure, today announced that it has launched two new thematic equity index futures contracts: the ICE Biotechnology Gross Total Return (GTR) Index and the ICE Semiconductor GTR Index futures contracts.
/jlne.ws/3qmoVAG
Intercontinental Exchange Sets Date for 2022 Virtual Annual Meeting of Stockholders
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, will hold its 2022 Annual Meeting of Stockholders virtually on Friday, May 13, 2022 at 8:30 a.m. Eastern Time. Stockholders of record as of the close of business on Tuesday, March 15, 2022 are entitled to participate in, vote and submit questions at the Annual Meeting. Stockholders will also be able to submit questions in advance of the meeting at proxyvote.com beginning on Friday, April 29, 2022. Additional information regarding the Annual Meeting, including how to participate, vote and submit questions, is provided in the Company's preliminary proxy statement, which was filed with the Securities and Exchange Commission ("SEC") on March 15, 2022. The definitive proxy statement will be filed with the SEC and will be available on the Company's website at www.ir.theice.com in late March. A live audio webcast and replay of the Annual Meeting will be available on the Company's investor relations website at www.ir.theice.com.
/jlne.ws/3L03u0j
ICE Launches Multi-Faceted Global Brand and Advertising Campaign; The new commercial -- titled "Make the Connection" -- evokes the heart of ICE's business model of creating transparency in markets to help drive opportunity; The updated brand further unifies the company and tells the ICE story as one cohesive organization
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today unveiled its global brand campaign, called "Make the Connection," which further unifies ICE's businesses under one broad theme.
/jlne.ws/3N5Q4BL
Position Limits - Government Of Canada Bond Listed Products (All Months)
TMX
The applicable position limits for the Government of Canada Bond futures and options on the Government of Canada Bond futures have been updated and are reflected in the position limit file.
/bit.ly/3iuHU7P
NSE Indices launches Nifty AQLV 30 Plus 5 yr G-0Sec 70:30 Index
NSE's index services subsidiary, NSE Indices Limited today launched a new hybrid index - Nifty AQLV 30 Plus 5yr G-Sec 70:30 Index.
/bit.ly/3pckN5S
Joint Press Release on Introduction of Common Industry Classification Structure for Companies Listed and Traded at NSE and BSE
NSE
NSE Indices Ltd., a group company of the National Stock Exchange of India Limited (NSE) and the BSE today announced introduction of common 'India Industry Classification' structure for classification of companies listed and traded at NSE and BSE.
/bit.ly/3pckN5S
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Banks Can Trump Fintech as Zero-Rate Era Ends; Banks funded with deposits may have advantage over market-funded competitors as rates rise. But it isn't insurmountable.
Telis Demos - WSJ
Disrupting banks when interest rates are near zero is in some ways playing on easy mode. As rates rise, the game will get harder—but not impossible. The business of banking has been carved up in recent years. Activities such as financing companies, originating mortgages, trading fast-paced markets and making loans to consumers have migrated to the likes of so-called "shadow banks" or financial-technology upstarts. Regulation, technology and banks' own missteps have played their parts in this shift. But one core driver has been cheap funding.
/jlne.ws/3qm104B
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| Cybersecurity | | Top stories for cybersecurity | Why Small Cybersecurity Decisions Can Expose Companies to Cyberattacks
Stuart Madnick - WSJ
In the aftermath of a major cyberattack, we usually hear a lot about "what" happened, some about "how" it happened (say, hackers exploited a system vulnerability) but almost nothing about "why" it happened (that is, what gave rise to the vulnerability in the first place).
That reveals a huge and costly blind spot: Unless organizations study the "why," the circumstances that made the cyberattack possible won't be addressed.
/jlne.ws/3KS6Tyi
Cybersecurity companies seen entering a 'golden age' for network protection
Rex Crum - Seeking Alpha
As the war between Russia and Ukraine enters its second month, the potential that Moscow will engage in widespread cyberattacks against Western enterprises and governments has shown no signs of receding. And, as such, the opportunities for cybersecurity companies to grow their businesses are reaching levels not seen in years.
/jlne.ws/3wpjDsi
How Israel Became a Top Cyber Power
Lior Tabansky - The National Interest
The world's second-largest cybersecurity cluster is Israel, with 12 percent of the 500 largest global cybersecurity firms, after 32 percent in San Francisco metropolitan area. A vibrant innovation ecosystem boasts dozens of large companies, 470 active cybersecurity start-ups, the most venture capital per capita, and a strong talent pool. Already in 2014, Israel's civilian cybersecurity exports were three times higher than the target the United Kingdom set for 2016.
/jlne.ws/3L0XvbH
Geopolitical Unrest, Cyberattacks Spotlight Board Duties
Bloomberg Law
U.S. sanctions on Russia in response to the invasion of Ukraine make the possibility of retaliatory cyberattacks a reality for company leaders and boards of directors, Baker Botts LLP attorneys say. They suggest compliance and cybersecurity steps boards should take to protect their fiduciary duties.
/jlne.ws/368FWYx
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| Cryptocurrencies | | Top stories for cryptocurrencies | B2C2 becomes first crypto liquidity provider to join FIA
B2C2 via Finestra
B2C2, the crypto-native liquidity provider across market conditions, today announced that it has joined FIA, the leading global trade organisation for the futures, options and centrally cleared derivatives markets, as Associate Member, alongside global institutions supporting open, transparent and competitive markets.
/jlne.ws/3KUgpAM
Crypto firm FTX founder slams crypto industry messaging on Russia sanctions
John Mccrank - Reuters
Communications from the cryptocurrency industry around sanctions on Russia have been counterproductive and do not reflect what the firms are actually doing, the head of crypto exchange FTX said.
/jlne.ws/3u8yi8m
Bitcoin Wallet Wasabi to Block Certain Anonymizing Transactions; ConJoin service allows users to keep identities private; Goal is to ward off 'hackers and scammers,' avoid 'trouble'
Muyao Shen - Bloomberg
The crypto firm behind the popular Wasabi digital wallet -- which offers a service that lets users mix their Bitcoin holdings in such a way as to keep their identities private -- said it will start refusing certain transactions. In a Twitter post earlier this week, a developer of the Wasabi wallet, said the company, zkSNACKs, made the move to keep "hackers and scammers" from using the service and avoid unspecified "trouble."
/jlne.ws/3CWyyeP
The Latecomer's Guide to Crypto
Kevin Roose - NY Times
Crypto is a lot of things - including terribly explained. We're here to clear things up. Until fairly recently, if you lived anywhere other than San Francisco, it was possible to go days or even weeks without hearing about cryptocurrency. Now, suddenly, it's inescapable. Look one way, and there are Matt Damon and Larry David doing ads for crypto start-ups. Swivel your head — oh, hey, it's the mayors of Miami and New York City, arguing over who loves Bitcoin more. Two N.B.A. arenas are now named after crypto companies, and it seems as if every corporate marketing team in America has jumped on the NFT — or nonfungible token — bandwagon. (Can I interest you in one of Pepsi's new "Mic Drop" genesis NFTs? Or maybe something from Applebee's "Metaverse Meals" NFT collection, inspired by the restaurant chain's "iconic" menu items?)
/jlne.ws/37RIdrD
Coinbase Is Another Legal Brawl, As Three Users File Lawsuit
Ali Raza - InsideBitcoins
The largest crypto exchange in the US Coinbase seems to be regularly involved in a legal battle. This time, the crypto exchange is accused of selling securities as cryptocurrencies. Three Coinbase users - Christopher Underwood, Christopher Underwood, and Henry Rodriguez - filed a class-action lawsuit against the firm for more than 79 crypto assets listed on the platform. The claimants are accusing Coinbase of selling assets they consider as securities, which is unlawful according to the suit.
/jlne.ws/3qnx0VY
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| Politics | | An overview of politics as it relates to the financial markets | How war is changing business; Ukraine is just the latest tailwind for decentralisation, localisation and supply chain redundancy
Rana Foroohar - FT
The war in Ukraine has already upended countless lives. Now, it's upending business models as well. With the exodus of western multinationals from Russia and Ukrainian supply chain disruptions coupled with Covid-related disruptions in China, companies are having to rethink everything.
/jlne.ws/3uevF4V
Finland warns of 'major escalation risk' in Europe amid Nato membership debate; Moscow's invasion of Ukraine means Nordic country needs to boost its security, president tells FT
Richard Milne - FT
Finland's president has warned that applying for Nato membership would carry a "major risk" of escalation in Europe as the Nordic country explores ways to improve its security set-up after Russia's invasion of Ukraine.
/jlne.ws/3woUxcR
Unlike Trump, Biden Has Stock Market Far Down His Priority List; White House confronts issues 'more important to civilization'; 'That is what they're supposed to do,' RBC strategist says
Michael P. Regan and Vildana Hajric - Bloomberg
Even investors with a lot at stake tend to agree: The stock market shouldn't be a president's top priority, especially when issues like war, blistering inflation and a pandemic are in play. Still, for practical purposes, there's no getting around the disparity between the styles of Joe Biden and Donald Trump when it comes to the intersection of markets and politics.
/jlne.ws/3ImMgsb
Oil Executives Summoned by Democrats Over $4-a-Gallon Gasoline
Ari Natter and Billy House - Bloomberg
Democrats in Congress are taking aim at big oil as they seek to deflect blame for eye-popping gasoline prices that could sink their prospects in the midterm elections. Both the Senate and the House are calling executives from the nation's largest oil and gas companies to testify, saying the industry isn't passing the benefits of record profits on to consumers at the pump.
/jlne.ws/3IoFQJ2
White House to Meet With Exxon, Other Firms on Russia Sanctions
Josh Wingrove and Justin Sink - Bloomberg
President Joe Biden's administration will brief banks, energy companies and other firms Monday on the impact of Russia's invasion of Ukraine and ensuing sanctions. Treasury Secretary Janet Yellen, National Security Advisor Jake Sullivan and other top officials will host an off-record discussion with companies across several industries, an official said, speaking on condition of anonymity. They include firms in the energy, refining, financial services and manufacturing sectors, the official said.
/jlne.ws/3JrLHyF
The U.K. Has to Rethink Its Embrace of Saudi Wealth; Boris Johnson should know that some close friendships come with a price tag.
Martin Ivens - Bloomberg
Declaring that "things are changing" in Saudi Arabia on human rights, Boris Johnson sat down to talks with Crown Prince Mohammed bin Salman this week, following a trip to the United Arab Emirates and a call with the Emir of Qatar. Despite Johnson's warm words, 81 Saudi citizens were put to death last weekend for crimes ranging from terrorism to the holding of "deviant beliefs." Until recently, MBS was shunned by the West after he was accused of ordering the murder of dissident journalist Jamal Khashoggi in his country's Istanbul consulate. (The prince has denied involvement in the killing.)
/jlne.ws/3JA6ikI
The Kremlin and QAnon Are Spinning the Same Dangerous Lies; Americans have amplified the Kremlin's 'biolab' conspiracy theory in the internet's echo chambers.
Parmy Olson and Tim Culpan - Bloomberg
Russia's disinformation machine has struggled to justify invading Ukraine to the West — but support for that machine has boomeranged back the other way. A longtime Kremlin accusation that the U.S. is plotting to release chemical weapons from "biolabs" dotted around Ukraine has been amplified by English-speaking followers of the QAnon conspiracy theory over the past two weeks. Peddled for years by Russian officials, the claim could have faded away. Instead, it was revived during the invasion by visitors to alternative website forums and apps, showing how fast, unpredictable and disjointed information warfare has become.
/jlne.ws/36BxxwA
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | SEC's Gary Gensler 'passes' the buck
Charles Gasparino - NY Post
It's bad enough that our political class never lets a good crisis go to waste in pursuing harebrained policies that sound good on paper but usually fail in practice (ObamaCare). It's another thing to make the crisis — in this case soaring energy prices and rampant inflation — worse. Yet Gary Gensler aims to do just that.
/jlne.ws/3ipdmV6
CFTC Awards Approximately $10 Million to a Whistleblower
CFTC
The Commodity Futures Trading Commission today announced an approximately $10 million award to a whistleblower who voluntarily provided original information that led the CFTC to open an investigation. The whistleblower gave useful information at the earliest stages of the investigation and later provided supplemental information.
/jlne.ws/3imnwFU
SEC Issues Awards Totaling Approximately $3 Million to Three Whistleblowers
SEC
The Securities and Exchange Commission today announced three awards totaling approximately $3 million to whistleblowers who provided information and assistance in three separate covered actions.
In the first order, the SEC issued an award of approximately $1.5 million to a whistleblower who provided new information that caused the SEC staff to commence an examination and later open a new investigation into potential securities laws violations. The whistleblower also assisted the staff during the course of the investigation.
/jlne.ws/3ttsNCg
UK financial regulation architects warn against scrapping 'ringfencing'; John Vickers and Paul Tucker argue for keeping measures to separate retail and investment banking at large institutions
Laura Noonan - FT
Two architects of the UK's post-crisis financial regulation have warned against the "reckless" abandonment of rules forcing the separation of big banks' retail and trading divisions, after an independent panel suggested "ringfencing" could be replaced by measures ensuring banks can fail safely.
/jlne.ws/3Ity1SG
MAS and CDP to jointly promote access to quality ESG data
Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) and CDP [1] , an international non-profit organisation that operates one of the world's leading environmental disclosure systems for companies and sub-national governments, signed a Memorandum of Understanding (MOU) to promote sustainability disclosures and access to quality ESG data across the financial sector and real economy.
/jlne.ws/3KXxkCE
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Robot Truckers Could Replace 500K U.S. Jobs; Amid a severe driver shortage, a new study says 90% of long-haul trucking could be replaced by self-driving technology.
Kyle Stock - Bloomberg
The robots will take the most tedious, most dangerous jobs first, in most things. Trucking is no exception. Autonomous driving engineers are squarely focused on long-haul freight, the interstate runs with almost no complexity save for a slow curve or an E-ZPass lane. As such, those routes are some of the simpler challenges on the self-driving spectrum.
/jlne.ws/3wrRRey
Traders Rocked by Trillion-Dollar Swings in China's Wild Week; Investors on tenterhooks for China to back words with actions; Market veterans struggle to keep pace with torrent of news
Bloomberg News
From record plunges to dizzying rallies, China's stock market just capped its most volatile week in decades. It all began with panic selling amid a slew of negative catalysts: from reports that Russia sought military aid from Beijing, to heightened fears over the delisting of Chinese equities in the U.S., the rapid spread of Covid-19 on the mainland and more regulatory penalties for technology giants.
/jlne.ws/3CTr8cb
Why nickel futures are trading like meme stocks
Jared Blikre - Yahoo Finance
Trading glitches plagued the nickel futures market in London Friday, with prices settling down at the exchange-imposed limit for a third straight day. As more details emerge from the disorderly market failure that shuttered trading in nickel for over a week — only to reopen in chaos — industry insiders are crying foul.
/jlne.ws/3CRgrH2
Rising Chaos Makes the Case for Just-in-Case Management; The pandemic, climate change and geopolitical upheaval have shredded the certainties that CEOs once took for granted.
Adrian Wooldridge - Bloomberg
The business world is in the process of adopting a revolutionary new philosophy — or perhaps having a new philosophy thrust upon it: just-in-case management. In the great age of globalization that started in the 1980s and entered its triumphant phase in the 1990s and 2000s, the twin watchwords of business were speed and efficiency. Today speed and efficiency must compete with security and resilience.
/jlne.ws/37OEnPV
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Hong Kong Signals Covid Shift by Cutting Flight Bans, Quarantine; Travel curbs are a chief grievance of banking community; Phased easing of internal curbs also detailed after review
Linda Lew and Jeanny Yu - Bloomberg
Hong Kong scrapped some travel curbs and laid out a road map for easing internal pandemic restrictions, acknowledging the damage its absolutist approach to Covid-19 has had on the city's status as a financial hub in its most definitive shift yet.
/jlne.ws/3CZvxu7
Indonesia Ends All Quarantine Requirement in Broad Reopening; Daily infections have dropped 90% from mid-February peak; Move follows easing in rest of Southeast Asia and Hong Kong
Grace Sihombing - Bloomberg
Indonesia is lifting all quarantine rules for fully-vaccinated visitors to end two years of border closure, following its neighbors in easing entry restrictions as Southeast Asia moves past the worst of the omicron wave. The government will expand its quarantine-free travels to the rest of the country following a successful two-week trial of the program in Bali, Batam and Bintan islands, where infections have remained low, Tourism Minister Sandiaga Uno said in his weekly briefing on Monday. Arriving visitors are still required to take the Covid-19 test.
/jlne.ws/3L5m6MB
Omicron BA.2 Set To Become Dominant Covid Variant in Malaysia
Yantoultra Ngui - Bloomberg
Malaysia expects the BA.2 subvariant of omicron will soon become dominant in the country, raising concerns given its possible higher transmission rate, health director-general Noor Hisham Abdullah said in a statement on Monday.
/jlne.ws/3ioauIk
Hong Kong eases travel curbs that hit economy and sparked an exodus; Carrie Lam lifts flight ban but business warns the city has already been damaged
Primrose Riordan and Chan Ho-him - FT
Hong Kong has eased its rigid border controls after the restrictions put in place to control the Chinese territory's worst coronavirus outbreak battered the economy and prompted residents to flee the city. Carrie Lam, the city's leader, said she would lift a flight ban from nine countries, including the US and UK, for Hong Kong residents and allow those travellers to quarantine in a hotel for seven rather than 14 days. The changes will take effect on April 1.
/jlne.ws/3CZbwUj
Sinovac's Low Efficacy in Hong Kong Is a Worrying Sign for China; Sinovac appears less effective than BioNTech in avoiding death; China moves to improve vaccination rate among people over 80
Michelle Fay Cortez and Linda Lew - Bloomberg
Data indicating the Sinovac Biotech Ltd. Covid-19 vaccine is less effective than an mRNA vaccine at preventing death in elderly people in Hong Kong is a red flag for mainland China, where infections are climbing and a vast swathe of the population is inoculated with the inactivated shot.
/jlne.ws/3IzmVf2
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | A Growing Gender Pay Gap Highlights CEO Stock-Option Excess; Thanks to stock awards, the pay of men in senior roles is pulling away from that of female peers.
Chris Hughes - Bloomberg
The gender pay gap among the top ranks of U.S. firms ought to be narrowing. Corporations have long been under pressure to increase the number of women on their boards. And yet the measure has widened. This should sound an alarm over the persistent lack of women in leadership roles — but it also underscores how stock-based compensation is fueling excess pay for CEOs and exacerbating inequality in general.
/jlne.ws/3iutgxn
Wells Fargo's $28 Billion Oil Lenders Are Ready for This Boom; The bankers who put together fossil fuel loans don't believe climate change will put them out of business anytime soon
Max Abelson and Hannah Levitt - Bloomberg
One year after Wells Fargo & Co. became one of the last big U.S. banks to make a net-zero promise, essentially marking its enormous oil and gas loan business for extinction, the bankers who dole out billions of dollars to fossil fuel aren't panicking.
/jlne.ws/3tq8mG4
UN Says Ukraine War Risks Climate Doom If Fossil Fuels Revived; Madness to neglect climate policies, UN secretary general says; Russian invasion is threatening target to curb global warming
Jess Shankleman - Bloomberg
The war in Ukraine risks derailing efforts to curb global warming if countries try to replace Russian fossil fuels by boosting oil and gas supplies at home, said United Nations Secretary General António Guterres.
/jlne.ws/3N5903D
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | ADX adopts FTSE Russell Industry Classification Benchmark
FTSE Russell
Abu Dhabi Securities Exchange (ADX) adopted the FTSE Russell Industry Classification Benchmark (ICB) for all equity stocks listed on its markets starting 21 March 2022. Industry Classification Benchmark (ICB) is a comprehensive and rules based, transparent classification methodology based on research and market trends designed to support investment solutions. It was launched in 2005 and enhanced in 2019 with the integration of the Russell Global Sectors (RGS) classification scheme and additional structural enhancements.
/jlne.ws/3wsVcKn
JPMorgan Strategists Bet on Indirect China Exposure Amid Rebound; Bank's strategy team prefers commodities, mining, cyclicals; China stock valuations are at the lowest levels on record
Farah Elbahrawy - Bloomberg
China's economic backdrop will be more favorable this year than in 2021, according to JPMorgan Chase & Co. global equity strategists, who recommend indirect routes to benefiting from the recovery. "Commodities, mining and global cyclicals are a better way of gaining exposure to improving Chinese macro momentum, compared to direct exposure, given the continuing regulatory uncertainty," strategists led by Mislav Matejka wrote in a note.
/jlne.ws/3uy57Mn
Credit Suisse Vice Chairman Schwan to Leave in Board Shakeup; Roche CEO Schwan faced criticism over his dual mandate; Two others step down from board as Lehmann continues shakeup
Myriam Balezou - Bloomberg
Credit Suisse Group AG Vice Chairman Severin Schwan is stepping down from the board of directors as the Swiss bank continues a shakeup of its top supervisory body following a series of scandals.
/jlne.ws/3510Sjy
***** FT version of story.
Private equity facing more fractured world after invasion of Ukraine; Geopolitical rifts will mean more segmented markets for capital
Sujeet Indap - FT
It was a moment of triumph for Kirill Dmitriev in May 2012. Dmitriev — whose CV included stops at Goldman Sachs, McKinsey as well as Harvard and Stanford universities — had been tapped to lead the Russian Direct Investment Fund, a then newly-created sovereign wealth vehicle that envisioned bringing in smart global money to the mysterious but promising frontier market.
/jlne.ws/3JJaIpv
Sun, sea or salary: Citi recruits' future of work trade-off; The bank's new Malaga hub for junior bankers is innovative but will require some serious management effort
Andrew Hill - FT
Lockheed Martin's Skunk Works started as a secret, wartime facility, run separately from the defence company's main operation out of a rented circus tent next to a malodorous factory. Lockheed trademarked the name but the unit's role in the development of the U-2 and other mould-breaking aircraft turned it into a synonym for any small group of innovators working at a distance from their more cumbersome parent organisations.
/jlne.ws/3CZd5BF
US banks take $4.6bn revenue hit from equity raising drought; Ukraine war, rate rises and poor post-listing performances result in harsh comedown from Spac boom
Nicholas Megaw and Joshua Franklin - FT
The biggest US investment banks have taken a $4.6bn revenue hit from the freeze in equity raisings because of recent market volatility, a sharp slowdown for Wall Street which raked in record profits from stock sales last year.
/jlne.ws/3wnVVwp
BMO GAM rebranded as Columbia Threadneedle Investments following acquisition; As part of BMO GAM's integration into Columbia Threadneedle, BMO fund ranges will be renamed with the prefix CT to reflect the new branding.
Wesley Bray - The Trade
BMO GAM (EMEA), the former asset management arm of BMO Financial Group, is to be rebranded as Columbia Threadneedle Investments in July 2022. The move follows the £615 million acquisition of BMO GAM by the parent company of Columbia Threadneedle, Ameriprise Financial, last year.
/jlne.ws/3uygrYT
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | War in Ukraine Tests Faith in Emerging Markets; Investors were already reckoning with underwhelming emerging-markets performance over the past decade
Heather Gillers, Matt Wirz - WSJ
After rushing to unload their Russia investments, some big asset managers are taking a hard look at their exposure to other emerging markets. Large investors and their advisers in recent years searched developing countries for higher returns and growth, particularly with U.S. stocks at elevated prices and U.S. bonds at historic low yields. Instead, losses last year from Chinese home builders and technology companies are being exacerbated by the Russia-Ukraine war. Now, after years of underperformance relative to some U.S. equivalents, some investors are questioning the role of emerging markets in their portfolios.
/jlne.ws/3imZKcX
China Evergrande Halts Trading in Its Stocks; Evergrande's Hong Kong-listed property-services and electric-vehicle units also suspended from trading
Elaine Yu, Cao Li - WSJ
Shares of China Evergrande Group EGRNF 3.11% and two key subsidiaries were halted from trading Monday pending the release of inside information, pointing to a potential advance in the planned restructuring of the giant developer.
/jlne.ws/36d97JT
Asia's SPAC Godfather Expects Bumper Harvest in Hong Kong; Serial dealmaker sees huge interest from Chinese promoters; Hong Kong's first blank-check firm started trading last week
Ben Scent - Bloomberg
Jason Wong, one of the first financiers to file for a SPAC listing in Hong Kong, said at least 40 blank-check companies may list in the city this year. Wong, dubbed by local media as "the godfather of SPACs in Asia," said he's seeing a ton of interest from Chinese dealmakers looking to start their own special purpose acquisition companies in the financial hub. While Hong Kong's first SPAC was hurt by the recent market turmoil, there will be "huge" demand from promoters to launch more offerings if sentiment improves, Wong said.
/jlne.ws/3wp9LyK
Malaysia Should Adopt Crypto as Legal Tender, Ministry Says
Yantoultra Ngui and Anisah Shukry - Bloomberg
Malaysia should adopt Bitcoin and other cryptocurrencies as legal tender, the deputy minister of the Communications and Multimedia Ministry said. "We hope the government can allow this," Zahidi Zainul Abidin said in Parliament on Monday, responding to a question from an opposition member of the legislature.
/jlne.ws/3IrSEP7
Malaysian Ministry Proposes Legal Tender of Crypto Currency
Yantoultra Ngui - Bloomberg
Malaysia's Communication Ministry has proposed to the government that crypto currency such as bitcoin be adopted as legal transfer, its deputy minister Zahidi Zainul Abidin told Parliament on Monday.
/jlne.ws/3uerQg5
Crypto Laws Loom for Australia as Government Seeks Market Views
Matthew Burgess - Bloomberg
Australia's government is asking businesses and individuals for feedback on its plan to overhaul licensing and custody arrangements for digital assets. The proposals include requirements such as breach reporting obligations, compliance with anti-money laundering laws and a strategy on how to classify crypto assets, according to a government paper released Monday.
/jlne.ws/3CWbexL
China Orders Power Firms to Replenish Coal as Prices Remain High; Power firms asked to buy enough coal for 15-day inventory; Major ports affected by Covid, adding transport constraints
Bloomberg News
China ordered power companies to immediately replenish their coal stockpiles, in a move that will put more pressure on firms already facing import restraints and high prices for the fuel. The National Development and Reform Commission, the country's top economic planner, asked power generators to sign long-term supply contracts with domestic miners and build stockpiles to last at least 15 days, according to people with knowledge of the matter. The move was effective from Friday, when the commission summoned major coal and power suppliers for a close-door meeting, the people said.
/jlne.ws/3L2jfnC
Only Four Current FTSE 100 CEOs Are Oxford or Cambridge Alums; Oxbridge grads among FTSE 100 CEOs can be counted on one hand; Only nine of top 100 companies currently led by women
Sarah Jacob - Bloomberg
You can count the number of Oxford and Cambridge-educated executives running the biggest U.K. companies on one hand as the dominance of the two universities at the highest ranks of business wanes.
/jlne.ws/36ff1dt
Ukraine war sparks food shortages in Arab nations as wheat prices soar; Grains and vegetable oil from Ukraine and Russia are crucial to national diets across the region
Heba Saleh and Emiko Terazono - FT
Russia's invasion of Ukraine has made life even harder for Fadia Hamieh, a Lebanese university lecturer who was already struggling to make ends meet in a country with a failing economy. Since the start of March, flour has disappeared from the shops and the price of bread has increased by 70 per cent. "Supermarkets are hoarding basic goods, then selling them at higher prices," said Hamieh.
/jlne.ws/3L0R1JT
EU reviews sustainable food plans as Ukraine war disrupts imports; Grain and fertiliser imports decline after Russia's invasion, raising concerns in Brussels over food security
Andy Bounds - FT
The EU is reviewing the bloc's sustainable food strategy after a concerted push against the planned reforms by national governments, farmers and the agriculture industry. Brussels agreed two years ago to reform its farm practices as part of a drive to eliminate net carbon emissions by 2050. But Russia's invasion of Ukraine has seen a drop in grain and fertiliser exports from those countries and raised concerns over food security.
/jlne.ws/3Iq4vgv
El Salvador's Companies Barely Bother With Bitcoin; Companies say Bitcoin has had little to no impact on sales; Finance Minister Zelaya says crypto bond coming soon
Michael D McDonald - Bloomberg
A survey by El Salvador's Chamber of Commerce found that the vast majority of companies in a country known for its Bitcoin-boosting president haven't used crypto for business. Only 14% of respondents to the Chamber of Commerce Survey said they had transacted in Bitcoin since September, when the country became the first in the world to recognize the digital token as legal tender.
/jlne.ws/3ubzQOX
Taiwanese Crypto Exchange MaiCoin Considering Nasdaq IPO, Sources Say; MaiCoin is completing funding valuing it at about $400 million; Forecasts over 70% annual revenue growth through 2025
Betty Hou - Bloomberg
MaiCoin Group, which operates Taiwan's largest cryptocurrency exchange, is considering going public on the Nasdaq stock market within two years, people with knowledge of the matter said. The company is completing a Series C funding round that could value it at about $400 million, the people said, asking not to be identified discussing private information. MaiCoin will use the proceeds to finance expansion into Southeast Asia, according to one of the people. No final decision has been made on pursuing a Nasdaq listing.
/jlne.ws/37LnntR
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| Miscellaneous | | Stories that don't quite fit under the other sections | What if Working in Sweatpants Unleashed Your Superpowers? Forget the black pants. Nix the blazers. At home, we wear what we want—and research suggests that our work benefits.
Rachel Feintzeig - WSJ
Bill Hall has 50 French-cuff dress shirts, twice as many cuff links, 100 ties on motorized racks and at least 40 pairs of suspenders, most of them silk. He hasn't touched any of them since March 2020. Instead, his uniform has been a T-shirt, slippers and pajama pants, or baggy jeans when carrying his phone around in the pocket of his PJ pants started to bug him. Occasionally, he'll indulge in a pair of silk pajamas—dark blue with white pinstripes—he received for Christmas.
/jlne.ws/3CYrzSs
The Price of a Lunch Salad Went Berserk While You Were Working From Home; Workers returning to the office after two years are learning that their already-expensive downtown salads and sandwiches got pricier during their absence
Rachel Wolfe - WSJ
Workers returning to their offices are facing an unwelcome surprise in the lunchtime salad line: Prices for a bowl of greens are up 11% since last March, according to Square. Workers say the price increases are hard to swallow. They have grown accustomed to relying on their own refrigerators, which have helped keep lunch costs low for more than two years. Moreover, many are facing other cuts into their earnings thanks to inflation.
/jlne.ws/3CWnfTQ
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