| March 02, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
The Russian invasion is gumming up the Russian markets and investors' ability to interact. So is Moscow's ban on foreigners selling Russian assets. The Russian markets have been closed, which does not make it any easier. Now, Stoxx, the operator of Deutsche Börse's Qontigo indices, is removing 61 Russian companies from the indices. The FT said Stoxx was "to axe" the 61 Russian companies from the indices, but that seems like an unnecessarily violent description.
Where Russian shares could trade, prices plunged in what the FT reported was "panicky" selling. The FT said shares of "London-listed shares in Sberbank, Russia's biggest lender, fell more than 90 per cent on Wednesday, while state-owned Gazprom tumbled 85 per cent and Novatek declined 96 per cent."
The Trade reported "Euroclear and Clearstream shut down settlement of Russian securities." Both Euroclear and Clearstream will no longer accept the ruble as settlement currencies, the story said.
The Trade also reported that "Deutsche Börse halts trading in all Russian names." A notice The Trade saw from Deutsche Boerse said ""Trading of all instruments on Russian bonds, individual securities and related structured products will be suspended at the end of today's trading for the protection of the public until further notice."
The CFTC announced that Chairman Rostin Behnam will deliver a keynote address at FIA's Annual International Futures Industry Conference. Also at Boca, Commissioner Dawn Stump will participate on the panel, Regulatory Horizon, which will look at the regulatory issues on the horizon, including regulation of crypto assets, fintech/cloud and cyber security, sustainability.
The 2022 Options Industry Conference keynote speaker will be Margaret Brennan, moderator of CBS News' Face the Nation and CBS News' chief foreign affairs correspondent. Given what is going on in the world, this seems like a timely selection.
We had an edit to make in our interview with OSE President & CEO Iwanaga Moriyuki. We hope to get the interview out yet this week. But if you missed our interview with John McPartland, don't. It is a classic.
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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Museum of American Finance to Honor Steven T. Mnuchin, Leo Melamed and Thomas Peterffy at 2022 Gala
Museum of American Finance
The Museum of American Finance will honor the achievements of financial leaders in the public and private sectors at its annual Gala on March 7, 2022. This year's Gala will be held virtually with CNBC Senior Markets Correspondent Bob Pisani and "WealthTrack" Executive Producer and Managing Editor Consuelo Mack serving as the masters of ceremony.
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***** Two out of three isn't bad.~JJL
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Billionaire Ken Griffin Admits He Was Wrong About Bitcoin, Crypto; The famous hedge fund manager has always been one of the fiercest critics of cryptocurrencies.
Luc Olinga - The Street
Billionaire Ken Griffin has a rocky relationship with the crypto sphere, to say the least. "I still have my skepticism, but there are hundreds and millions of people in this world today who disagree with that," he said.
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***** One of the things about Ken Griffin is that he can admit when he is wrong. He can take new information and process it and challenge his previous beliefs or conclusions. If you would like to be able to do this too, you might consider reading a book by Adam Grant titled "Think Again: The Power of Knowing What You Don't Know." I am listening to it on Audible right now. ~JJL
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Credit Suisse asks investors to destroy documents linked to oligarch and tycoon yacht loans; Swiss bank issues legal request to stem information leaks after FT story on lending unit
Robert Smith - FT
Credit Suisse has asked hedge funds and other investors to destroy documents relating to its richest clients' yachts and private jets, in an attempt to stop information leaking about a unit of the bank that has made loans to oligarchs who were later sanctioned.
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***** I get the impression Credit Suisse might soon be a part of history.~JJL
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Public relations firms cut Russia ties amid reputational fears; Agencies from FTI to Brunswick ditch clients regardless of their risk of sanctions
Daniel Thomas - FT
Leading public relations agencies have cut ties with Russian clients fearing the reputational damage from being forced to defend those with links to the Kremlin or state industries. A UK government Intelligence and Security Committee report in 2020 said that Russian money had been put to use in "extending patronage and building influence across a wide sphere of the British establishment" including on PR firms that had been "willing beneficiaries, contributing to a 'reputation laundering' process".
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***** When the flacks are cutting and running, you know things are bad.~JJL
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Tuesday's Top Three
Our most read story for Monday was about MarketsWiki Megan Morgan. Not surprising, The New York Times came in second with Russia is a Potemkin Superpower
Placing third was the interview by John Lothian News with John McPartland - The History of Financial Futures
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MarketsWiki Stats
26,756 pages; 237,599 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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| Lead Stories | A Billionaire's Heir Hangs Up His Healing Crystal to Fix Capitalism; William Peterffy spent his career avoiding working for his Wall Street tycoon father at Interactive Brokers—until ESG became a thing.
Annie Massa - Bloomberg Businessweek
William Peterffy, the only son of billionaire Thomas Peterffy, has cycled through a lifetime's worth of occupations in his 32 years. He's been a ranch hand in Colorado; an organic farm worker in California; a student of yoga, sound therapy, and Chinese medicine; a board member for an environmental advocacy organization; and a post-production associate for a 10-part documentary series on "archetypal astrology." He served time at two investment firms, for about nine months apiece, but those stints left him "heart-crushed" and pushed him in 2016 to go, with his dog Bowie, from New York to New Mexico in hopes of absorbing the healing powers of the desert.
/jlne.ws/3HuyOSQ
Ken Griffin Talks Russia, Market Chaos and a Move to Go Public; Citadel's founder discussed his views on `Bloomberg Wealth with David Rubenstein.'
Claire Ballentine and Katherine Doherty - Bloomberg
Ken Griffin has encountered multiple challenges since founding Citadel three decades ago, including the 2008 financial crash that came close to imperiling his firm. Now, the world is facing a very different order of threat with Russia's invasion of Ukraine. Griffin spoke on Friday in Chicago for an episode of "Bloomberg Wealth with David Rubenstein" about the fallout in markets, the negative ramifications that current U.S. sanctions are likely to have on American technology firms and the dollar, and the importance of ending Europe's energy dependency on Russia.
/jlne.ws/3tkFJZS
War in Ukraine: when political risks upturn commodity markets; The Russian invasion has pushed up prices and highlighted the threat of raw materials becoming a foreign policy weapon
Emiko Terazono and Neil Hume and Nic Fildes - FT
Like many people, Gary Sharkey has been constantly checking the news for the latest developments on the Russian invasion of Ukraine. But his interest is not just personal: as procurement director of Hovis, one of Britain's biggest bakers, Sharkey is responsible for buying in everything from grains for bread to steel for machinery.
/jlne.ws/35FHubK
Moscow to ban foreign investors from selling Russian assets; Temporary measure comes after energy groups vow to divest holdings in response to Ukraine invasion
Nastassia Astrasheuskaya in Moscow and Tom Wilson -FT
Moscow is imposing a temporary ban on foreign investors selling their Russian assets after key western partners, including energy groups BP and Shell, announced plans to divest their holdings following the country's invasion of Ukraine. The move was aimed at preventing companies basing decisions on politics rather than economics, Moscow said.
/jlne.ws/3Mkbg6D
Divesting From Russia Proves Complicated for Pension Funds; Retirement systems plan to dump Russian holdings but face a lack of buyers and financial-services providers
Heather Gillers - WSJ
Pension funds around the world are reviewing their investments in Russia's energy, banking and mining sectors in the wake of the country's invasion of Ukraine. Norway's largest pension fund, KLP Group; Denmark's AkademikerPension; and retirement systems in Connecticut and Rhode Island have announced plans to dump their holdings in Russia. Other U.S. pension funds from New York to California are taking stock of their Russia investments amid debate over whether teachers' and firefighters' retirement savings should be tied up in a country waging war on its neighbor.
/jlne.ws/3vD8yU9
Euroclear and Clearstream shut down settlement of Russian securities; ICSDs take action with both Euroclear and Clearstream no longer accepting rouble as settlement currencies.
Jonathan Watkins - The Trade
International Central Securities Depositories (ICSD) Euroclear and Clearstream are no longer settling rouble-denominated transactions. The actions means that the trading, clearing and settlement of Russian securities have now all been impacted by moves from European market infrastructures, dealing a blow to international investors attempting to sell their rouble-denominated assets. This is in addition to many Russian banks being excluded from the SWIFT network due to sanctions.
/jlne.ws/3swoIMV
Deutsche Börse halts trading in all Russian names; The exchange operator suspended all Russian instruments and related products at the end of Tuesday trading.
Annabel Smith - The Trade
German exchange operator Deutsche Börse halted trading yesterday in all Russian-related securities amid the developing conflict between Russia and Ukraine. "Trading of all instruments on Russian bonds, individual securities and related structured products will be suspended at the end of today's trading for the protection of the public until further notice," the exchange said on 1 March in a statement seen by The TRADE.
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Investors can no longer afford to ignore geopolitical risk; The old distinction between business and politics often deployed by companies to stop debate is no longer credible
Helen Thomas - FT
Weeks after Russia annexed Crimea in 2014, the oil and gas industry turned out in force at the St Petersburg International Economic Forum, billed as Russia's Davos. "We have a responsibility to stand with our partners in difficult times," said then-boss Bob Dudley as BP signed a deal with Russian state-owned Rosneft.
/jlne.ws/3sz0T78
Millions for Crypto Start-Ups, No Real Names Necessary; Investors give money to pseudonymous developers. Venture capitalists back founders without learning their real names. What happens when they need to know?
David Yaffe-Bellany - NY Times
For months, cryptocurrency enthusiasts poured hundreds of millions of dollars into a project called Wonderland, which claimed to provide a system of exchange for the murky world of decentralized finance. To take part in the project, the investors — who called themselves Frog Nation — entrusted their money to Wonderland's treasury manager, a crypto developer whom they knew only by the profile name of 0xSifu.
/jlne.ws/3K9ka5g
Why the war on Ukraine is a turning point for markets too; The shock to Europe's economy will overturn the debate on monetary policy
Robin Brooks - FT
Russia's invasion of Ukraine is a turning point for European politics, as has been widely recognised in the short space of a few days. What is less widely recognised is that we're also at turning point for markets. Europe is in the early stages of a big adverse shock to its economy, which will upend the debate over monetary policy. Think back to just a week ago when there was still collective hand-wringing about elevated inflation. That is now old news. The interesting thing — and the opportunity — is that markets have not yet recognised or priced this.
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Sanctioned Banks and a Sinking Ruble Are Upending Russian Expat Finances; The currency's collapse, black-listed financial institutions and increasing capital controls are throwing into chaos the financial lives of people who live, work and study globally.
Alice Kantor, Misyrlena Egkolfopoulou, and Charlie Wells - Bloomberg
Sanctions are targeting Russia's largest banks, biggest companies and richest people, in the wake of the country's invasion of Ukraine. They're also having a knock-on effect further afield by squeezing everyday Russians living abroad. These expats don't have private jets or wealth managers. But they are accustomed to easy online banking, cheap currency conversions and a steady flow of goods and services between their current outposts and home. With new sanctions — as well as sudden policy changes by Russia and the breakneck drop in value of the ruble — those links have broken down in just days.
/jlne.ws/3sJz2S5
Russia seeks to halt investor stampede as sanctions hammer economy
Carolyn Cohn and Lawrence White - Reuters
Russia said on Tuesday it was placing temporary curbs on foreigners seeking to exit Russian assets, putting the brakes on an accelerating investor exodus driven by crippling Western sanctions imposed over the invasion of Ukraine.
/jlne.ws/3C6sKi4
Exclusive: Nord Stream 2 owner considers insolvency after sanctions
Aziz El Yaakoubi and Shariq Khan - Reuters
The Swiss-based company which built the Nord Stream 2 gas pipeline from Russia to Germany is considering filing for insolvency, two sources familiar with the situation said, as it attempts to settle claims ahead of a U.S. sanction deadline for other entities to stop dealings with it. The United States sanctioned Nord Stream 2 AG last week after Russia recognised two breakaway regions in eastern Ukraine prior to its invasion of the country, which has prompted a wave of economic sanctions by the West. read more
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MSCI and JPMorgan under pressure to axe 'uninvestable' Russia from indices; Sanctions and Moscow market closure mean many Russian securities no longer meet liquidity requirements
Chris Flood and Steve Johnson - FT
Pressure is mounting on index providers MSCI and JPMorgan to immediately remove Russian stocks and bonds from all their emerging market benchmarks, which have helped funnel billions of dollars into Russia's economy.
/jlne.ws/35CNjGU
Isolated Russians scramble for hard currency, fear worse is yet to come
Reuters
Queues of people snaked through Moscow shopping malls on Tuesday as the scramble for hard currency continued, and Russians faced increasing isolation as sanctions made travel harder and sports teams were ejected from major competitions.
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Russia's oligarchs powerless to oppose Putin over Ukraine invasion; President responds to any criticism with reprisals, leaving business leaders with diminished influence
Max Seddon - FT
As Russia's tanks rolled into Ukraine last week, Vladimir Putin gathered the country's top businessmen in the Kremlin's ornate Hall of the Order of St Catherine to discuss their response to the economic shocks that would follow. The Russian president, seated about 20ft away in a conspicuous social-distancing measure, told them he had "no other choice" but to invade Ukraine — and, if they wanted to keep their businesses, neither did they, according to people briefed on the meeting.
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EXCLUSIVE U.S. SEC's enforcement cop says crypto company amnesty is not on the table
Chris Prentice - Reuters
The U.S. Securities and Exchange Commission (SEC) will not offer amnesty to cryptocurrency companies that self-report violations of securities laws, although they may face smaller penalties, the agency's enforcement director told Reuters.
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Sidley Austin drops Russian bank client slapped with sanctions; The Chicago law firm's representation of VTB Group dates back to U.S. sanctions over the annexation of Crimea.
Steven R. Strahler - Crain's Chicago Business
Sidley Austin, a law firm that also lobbies governments for clients, said it dropped Russian bank client VTB Group after U.S. sanctions were imposed once war broke out. VTB is one of Russia's two largest financial institutions, according to the U.S. Treasury Department.
/jlne.ws/3M9Eg17
Binance CEO Says Blocking All Russians From Crypto Exchange Is 'Unethical'; Crypto exchange complies with all sanctions, CEO says; Binance has decided on HQ location; Zhao won't say where
Emily Nicolle - Bloomberg
Russians seeking ways around financial sanctions is not a "crypto-specific issue," Binance Holdings Ltd.'s chief executive said, refuting calls to restrict all Russians from using the world's largest cryptocurrency exchange.
/jlne.ws/3vxyekM
Crypto exchanges resist calls for ban on Russia transactions; Most will comply with curbs on individuals, but some say bans 'fly in the face of the reason why crypto exists'
Joshua Oliver and Philip Stafford - FT
Crypto exchanges are coming under pressure to block transactions with Russia, as western politicians fear that cryptocurrencies provide a back door to move money around the world while they seek to shut Russia out of the global financial system.
/jlne.ws/3sADdzn
Domestic Extremists a 'Challenge' to Financial Institutions, U.S. Treasury Says; The department for the first time analyzed the funding sources of domestic violent extremists
Richard Vanderford - WSJ
Domestic extremists present a "challenge" to financial institutions, the U.S. Treasury Department warned in a new report that analyzed their funding sources alongside those of foreign terrorists. Because so-called domestic violent extremists typically have normal transactional activity and often use legal fundraising methods, they can be hard for authorities to detect, the Treasury said Tuesday in a survey of illicit finance threats.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Hong Kong Braces for Lockdown as Daily Cases Breach 55,000; Mandatory city-wide testing reported to begin in late March; Growing Covid chaos led U.S. to warn against Hong Kong travel
Annie Lee and Michelle Fay Cortez - Bloomberg
Hong Kong reported a record of more than 55,000 daily new infections on Wednesday as the city's spiraling outbreak sees thousands of residents flee while those remaining strip shelves of food and medicine. The figure is up from 32,597 a day earlier. Health authorities also announced 117 deaths, mostly people from care facilities, and said there are 64 patients in critical condition in hospital.
/jlne.ws/3K6CyeU
What We Know About Hong Kong's Likely Covid Lockdown
Shirley Zhao - Bloomberg
Hong Kong is bracing for a potential lockdown in March as the city struggles to contain its worst Covid-19 outbreak yet, with daily infections surging to five digits and deaths rising. While local officials say they haven't made any firm decisions, residents are stripping supermarket shelves bare of supplies including fresh produce, meat, bread and over-the-counter medicines. Over the past two years the global financial hub has announced a series of unprecedented pandemic control measures to align with China's Covid Zero strategy, even as much of the rest of the world opts to live with the highly infectious but milder omicron variant. A stay-at-home order would be challenging to Hong Kong's people and economy for a variety of reasons.
/jlne.ws/3ICb9RP
Hong Kong's Covid Death Rate Is Now One of the World's Highest; City reports 117 new Covid deaths on Tuesday as outbreak grows; Hong Kong's oldest are the least vaccinated, most vulnerable
Linda Lew - Bloomberg
Hong Kong's Covid-19 fatality rate is now the highest in the developed world amid a wave of deaths among its under-vaccinated elderly population, ramping up pressure on officials to get the city's worst outbreak since the pandemic began under control.
/jlne.ws/3KbqSrq
Covid-19 Hospitalizations Are Down, but Nurse Shortages Stretch Hospitals; Pittsburgh-based Allegheny Health Network has 1,200 nurse openings, triple from a year ago
Kris Maher - WSJ
Louise Dobbins thought her job would feel less like being an air-traffic controller by now. But finding beds for patients in an overcrowded healthcare system is as hard as ever, she says. One recent morning, Ms. Dobbins was trying to find beds for 12 patients to transfer into Allegheny General Hospital, one of the biggest hospitals in Pittsburgh that takes many of the region's sickest patients. But the hospital was already running at 110% capacity.
/jlne.ws/3sJIXHj
Pfizer's Covid-19 Vaccine Protected Kids During Omicron, CDC Study Finds; Yet the two-dose shot wasn't as effective in 5- to 11-year-olds as in adolescents, though the CDC still recommends wide use
Jared S. Hopkins - WSJ
The Covid-19 vaccine from Pfizer Inc. and partner BioNTech SE was highly effective at reducing the risk of severe disease in children 17 years and younger during the Omicron surge but didn't work as well at preventing infection, according to a new government study.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | NYSE, Nasdaq halt trading in stocks of Russia-based companies
John Mccrank - Reuters
Nasdaq Inc (NDAQ.O) and Intercontinental Exchange Inc's (ICE.N) NYSE have temporarily halted trading in the stocks of Russia-based companies listed on their exchanges, their websites showed. The halts were due to regulatory concerns as the exchanges seek more information following economic sanctions imposed on Russia because of its invasion of Ukraine, people familiar with the matter said.
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Moscow Exchange won't resume stock trading on Wednesday - cenbank
Reuters
Russia's central bank kept stock market trading on the Moscow Exchange suspended for a third day in a row on Wednesday, but said it would allow a limited range of operations for the first time this week.
/jlne.ws/3pvkMtS
Stoxx to axe 61 Russian companies from its indices; Decision is most concrete move yet by an index provider in wake of Ukraine invasion
Steve Johnson - FT
Stoxx, the operator of Deutsche Börse's Qontigo indices, is to axe 61 Russian companies from its indices, the most concrete move yet by an index provider in the wake of Moscow's invasion of Ukraine. The list includes most leading Russian companies, such as Gazprom, Lukoil, Sberbank, Rusal and Aeroflot.
/jlne.ws/3IxrZkG
CME Group Reports February 2022 Monthly Market Statistics
CME Group
Overall ADV increased 19% year-over-year; Equity Index ADV grew 46%, driven by growth of Micro E-mini contracts; SOFR futures and options reach new records for ADV and OI
CME Group, the world's leading derivatives marketplace, today reported its February 2022 market statistics, showing average daily volume (ADV) increased 19% to 29 million contracts during the month.
/bit.ly/36WR1fe
CME Group to launch micro-sized crypto options; As part of the launch, clients will be able to express long- or short-term views with a choice of monthly or Monday, Wednesday and Friday weekly option expiries.
Wesley Bray - The Trade
Derivatives giant CME Group is set to launch options on micro Bitcoin and micro Ether futures on 28 March, pending regulatory review. Speaking to The TRADE, Tim McCourt, global head of equity and FX products at CME Group, said: "When we look at option trading more broadly across asset classes, shorter-dated options are becoming more important in terms of a risk management tool, or a way to deploy option trading strategies. So, with this launch, we'll be introducing weekly micro crypto options, which are different to the larger original bitcoin options that are out there.
/jlne.ws/3K7CI5N
Initial Listing of the Options on Micro Bitcoin Futures and Options on Micro Ether Futures Contracts
CME Group Special Executive Report
DATE: March 1, 2022 SER#: 8939 SUBJECT: Initial Listing of the Options on Micro Bitcoin Futures and Options on Micro Ether Futures Contracts Effective Sunday, Sunday, March 27, 2022, for trade date Monday, March 28, 2022, and pending all relevant CFTC regulatory review periods, Chicago Mercantile Exchange Inc. ("CME" or "Exchange") will list Options on Micro Bitcoin Futures and Options on Micro Ether Futures contracts as noted in the table below (the "Contracts") for trading on the CME Globex electronic trading platform ("CME Globex") and for submission for clearing via CME ClearPort
/bit.ly/3HuETPf
Amendments to the Listing Schedule for Black Sea Sunflower Oil Financially Settled (Platts) Futures Contract and the Temporary Suspension of Trading and Clearing of the Contract
CME Group Special Executive Report
DATE: March 1, 2022 SER#: 8942 SUBJECT: Amendments to the Listing Schedule for Black Sea Sunflower Oil Financially Settled (Platts) Futures Contract and the Temporary Suspension of Trading and Clearing of the Contract Effective on Wednesday, March 16, 2022, and pending all relevant CFTC regulatory review periods, The Board of Trade of the City of Chicago, Inc. ("CBOT" or "Exchange") will amend the listing schedule for the Black Sea Sunflower Oil Financially Settled (Platts) Futures contract ("the Contract") such that the Exchange shall cease listing additional contract months as noted in the table below. Contract Title Commodity Code Rulebook Chapter Listing Schedule Black Sea Sunflower Oil Financially Settled (Platts) Futures BSF 70 12 consecutive months - currently through the March 2023 contract months.
/bit.ly/3swuxtQ
Cash market sales statistics for February
Deutsche Börse Group
A trading volume of EUR205.4 billion was achieved on Deutsche Börse's cash markets in February (previous year: EUR167.6 billion).
/bit.ly/3Md4PSW
Eurex Exchange Readiness Newsflash | Regulatory Reporting Solution (RRS) for non-MiFIR firms: Readiness Statement is available
Eurex
Dear Eurex Participant,
We would like to inform you about the submission of the "Readiness Statement" which is mandatory prior to the go-live of the Regulatory Reporting Solution (RRS) for non-MiFIR firms.
/bit.ly/3HG3CQp
ICE Global Network Introduces Global Hardware Procurement and Managed Services Solution; Collaboration with Techary provides ICE Global Network customers with hardware procurement, management and additional support
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced the launch of its global procurement and managed services solution with Techary, a leading provider of global technology solutions.
/jlne.ws/3pv4wcp
Change in the Weightings of Each Futures Contract within CME Group Petroleum Index (Additional Information from CME Group)
OSE
With respect to the change in the weightings of each futures contract within CME Group Petroleum Index, which Osaka Exchange announced in Market News on February 28, 2022, we would like to share an additional information regarding the change as we received a document with supplemental information from CME Group as of March 1, 2022.
/bit.ly/36PrO6d
Announcement
KRX
There will be regular constituents changes in KRX BBIG K-New Deal Indices which are effective from March 11 2022.
/bit.ly/3puSYpw
Regulator's Column: What SGX RegCo expects of business valuations for significant transactions
SGX
The value of an asset, including a business, that a listed company wishes to acquire, could be material to investors in their decision-making, including whether a shareholder would vote in support of the transaction. Companies pursuing acquisitions or disposals of assets, including businesses should therefore be mindful of market and regulatory scrutiny.
The SGX Listing Rules require independent valuations to be conducted for transactions including acquisitions or disposals that meet the Listing Rule thresholds for very substantial acquisitions and reverse takeovers.
/jlne.ws/3K6AYty
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Central Bank of Russia Launches SWIFT Replacement With 399 Users
Aaryamann Shrivastava - FX Empire
The Financial Message Transfer System of the Bank of Russia (SPFS), which already has over 399 users, will now become the international payment settlement network.
/jlne.ws/3pwq5JL
Russia reinstates Twitter slowdown, says Meta, Google are 'instigators of war'
Reuters
Russia cracked down on social media companies on Tuesday, reinstating a slowdown of Twitter traffic on computers, as a foreign ministry official accused Meta, Google and other Western tech giants of inciting war.
/jlne.ws/3hAMnp3
Silex Insight launches DDR encrypter for High-Performing Systems (ASIC/FPGA)
Silex
Silex Insight, a leading provider of cryptographic IP solutions, is now extending their offering by launching a high throughput DDR encrypter (100Gbps). The DDR encrypter IP Core module enables on-the-fly encryption and authentication to the external memory. It is highly configurable and may be optimized for various size, throughput, and latency trade-offs. The core is device independent and is highly portable.
/jlne.ws/3vt6eia
ASX Launches Next Generation Fantasy Rugby to Coincide with Six Nations
ASK Sports
ASX Sports, the only next-generation virtual sports exchange to offer fans live, free to play in game 'trading', today announced a dramatic increase in user growth since the onset of the Six Nations Rugby tournament, a turning point for adoption following its exclusive deal with RugbyPass for data feeds and analytics. User growth is up considerably with new contest entrants rising 375% since the tournament began and user registration up 130%. There are notably also now more than 266,000 ASX Sportzcoins in circulation and these tokens are providing users with current and future utility and rewards such as excusive contests and early access to acquire upcoming NFT drops. ASX is forecasting a considerable increase in the circulation of these tokens by the end of the tournament and as they look ahead to their next tournaments and the upcoming sale of their NFTs.
/jlne.ws/3pwauK3
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| Cybersecurity | | Top stories for cybersecurity | Eugene Kaspersky's Statement Provokes Controversy Within Cybersecurity Industry
James Coker - Infosecurity Magazine
Cybersecurity industry veteran Eugene Kaspersky has provoked a strong reaction from leading figures in the sector following a statement he made on the ongoing Russian invasion of Ukraine.
Kaspersky, CEO of the Russian-headquartered IT security vendor of the same name, broke his silence on the conflict earlier today, tweeting: "We welcome the start of negotiations to resolve the current situation in Ukraine and hope that they will lead to a cessation of hostilities and a compromise. We believe that peaceful dialogue is the only possible instrument for resolving conflicts. War isn't good for anyone."
/jlne.ws/3MatyY9
Blue Hexagon Wins the 18th Annual Globee® Cyber Security Global Excellence Awards;;Blue Hexagon recognized for Hot Security Technology of the Year for Artificial Intelligence in Security
Blue Hexagon
Blue Hexagon, the world's only multi-cloud agentless CNAPP powered by Deep Learning solution company, received the Silver Globee Cyber Security Global Excellence Awards for Hot Security Technology of the Year for Artificial Intelligence in Security. Created in 2003, the Cyber Security Global Excellence Awards are one of the world's most coveted prizes for business achievements to individuals and organizations of every size and form all over the world.
/jlne.ws/3sztKse
The Fog of Cyberwar Descends on Ukraine and Russia; Hackers are attacking both countries, but their allegiances and motives can be murky.
William Turton - Bloomberg
The Russian invasion of Ukraine has been accompanied by a rash of cyberattacks from all sides, as hackers with a wide range of allegiances take up digital arms. Hours before the invasion began, there was a "new round of offensive and destructive cyberattacks directed against Ukraine's digital infrastructure," Microsoft Corp. said in a Feb. 28 blog post. Earlier in the month, Ukrainian banks and defense websites had been taken offline in attacks the U.S. government has attributed to the Russian state. Hackers linked to Belarus, a Russian ally, have also carried out cyberattacks on the Ukrainian military, according to the cybersecurity firm Mandiant Inc.
/jlne.ws/3tgyou0
Why companies are moving to a 'zero trust' model of cyber security
Bob Violino - CNBC
The latest catchphrase in cyber security might as well be "don't trust anyone — or anything."
The zero trust model of security, which takes the approach that no users or devices are to be trusted without continuous verification, continues to gain momentum as organizations look to stay ahead of bad actors and avoid breaches.
/jlne.ws/3IE1zh4
The Top Cybersecurity Threats Small Businesses Should Monitor
Tammy Sons - Newsweek
There's an assumption that cyber attacks — those disruptive events that take down businesses and cost enormous amounts of money — only impact the largest of organizations. That, unfortunately, is not correct.
According to one recent study, a massive 43% of all cyber attacks actually target small businesses in particular. This is due in large part to how lax their security tends to be. It's simply easier to go after a small organization as opposed to a bigger one — and the consequences can be dire. Once you realize that approximately 60% of all small businesses that are the victim of a data breach permanently close their doors within just six months, it's easy to see why this is a situation that must be taken seriously.
/jlne.ws/3K4qD18
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto exchanges push back on calls to block Russian users
Ryan Lawler and Lucinda Shen - Axios
Crypto exchanges are at the center of U.S. efforts to carry through with sanctions, but most are refusing calls to block Russian addresses en masse.
Why it matters: Ukrainian Vice Prime Minister Mykhailo Fedorov asked major crypto exchanges to go beyond sanctions and block the addresses of all Russian users. But Binance, Coinbase and Kraken say it goes against their core beliefs.
/jlne.ws/3C4IItc
Binance Rejects Ukraine's Appeal To Freeze Russian Accounts
Aaryamann Shrivastava - FX Empire
The ongoing war between Russia and Ukraine has made crypto an integral part of the resistance. Ukraine has been consistently appealing to people worldwide to support their country and sabotage Russia altogether.
/jlne.ws/35k51iw
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| Politics | | An overview of politics as it relates to the financial markets | How the Russia-Ukraine War Threatens the Dollar's Dominance; Credit Suisse strategist tells Bloomberg's Odd Lots podcast that the U.S. dollar has reached a critical inflection point.
Joe Weisenthal and Tracy Alloway - Bloomberg
Russia's invasion of Ukraine could mark the beginning of a turning point for the U.S. dollar, according to money market guru Zoltan Pozsar. Speaking on Bloomberg's Odd Lots podcast, the global head of short-term interest rate strategy at Credit Suisse AG noted that wars tend to turn into major junctures for global currencies, and with Russia losing access to its foreign currency reserves, a message has been sent to all countries that they can't count on these money stashes to actually be theirs in the event of tension. As such, it may make less and less sense for global reserve managers to hold dollars for safety, given that they could be taken away right when they're most needed.
/jlne.ws/35izSMH
Jonesing to Give Up Russian Oil; Hawaii imports Moscow crude, and the Jones Act is one bad reason why.
The Editorial Board - WSJ
Republicans are fed up with the Biden Administration's animus toward fossil-fuel pipelines, which hampers America's energy industry. But the GOP also should take a skeptical look at the Jones Act's malign effects. Hawaii annually imports several million barrels of Russian crude oil. Depending on the year, this accounts for roughly 10% to 25% of Russian crude shipments to the U.S.
/jlne.ws/3MkdQcP
U.S. Republicans urge Yellen to block Russia from exchanging IMF reserves
David Lawder - Reuters
U.S. Treasury Secretary Janet Yellen must block Russia from exchanging the $17 billion in International Monetary Fund reserves it received last year and oppose any further such IMF allocations, U.S. Republican lawmakers said.
/jlne.ws/3K5Gexn
Ukraine marks an end to Brexit illusions; Lofty dreams of a tilt to the Indo-Pacific must give way to the real threat of war in Europe
Robert Shrimsley - FT
Just as few military plans survive first contact with the enemy, so few grand diplomatic visions outlast exposure to reality. Russia's invasion of Ukraine is forcing western nations to rethink core assumptions. In the UK, it means the end of Brexit illusions of a new direction for "Global Britain".
/jlne.ws/3HB4qGg
Lindner Says G-7, EU Officials Working on Crypto Sanctionability; Must 'maximally isolate' Russia, German finance minister says; Cryptos suspected as possible avenue for evading sanctions
Carolynn Look - Bloomberg
Finance ministers from the Group of Seven and European Union are working on preventing Russia from using crypto money to circumvent sanctions, according to German Finance Minister Christian Lindner.
/jlne.ws/35movDi
Whether They Back War or Not, Russian Billionaires Hit by EU; EU places sanctions on six of Russia's wealthiest tycoons; Mikhail Fridman calls invasion a 'tragedy,' urges end to war
Benjamin Stupples - Bloomberg
The European Union's move to adopt sanctions on six of Russia's wealthiest individuals, even as half said they wanted the invasion of Ukraine to end, highlights the precarious position the country's elite find themselves in amid the ongoing attack.
/jlne.ws/3KdZJnN
Russia Bans Coupon Payment to Foreigners on $29 Billion in Bonds
Bloomberg News
The Russian central bank has banned coupon payments to foreign owners of ruble bonds known as OFZs in what it called a temporary step to shore up markets in the wake of international sanctions.
/jlne.ws/3K5b8Gn
Nord Stream 2 pipeline fires all its staff as British Gas owner abandons Russia
James Warrington - The Telegraph
The Swiss-based company building the Nord Stream 2 gas pipeline from Russia to Germany has fired all 106 staff after being targeted US sanctions. The German government moved to halt approval for the $11bn (£8.2bn) pipeline last week before President Joe Biden then directed his administration to impose sanctions on the operating company.
/jlne.ws/3vLrrV1
Forget Londongrad: Switzerland in Focus as Sanctions Target Rich; Switzerland joins Russia sanctions in break from neutrality; Wealthy Russians seen holding over $100 billion in the country
Hugo Miller and Marion Halftermeyer - Bloomberg
As Europe targets wealthy Russians to pressure President Vladimir Putin into ending the war against Ukraine, Switzerland is emerging as a key player after deciding on Monday to break with its historic neutrality and enforce European Union sanctions.
/jlne.ws/3pv5hSU
Russian World Bank adviser quits in protest at invasion of Ukraine; Boris Lvin says he can 'no longer associate myself with my government'
Camilla Hodgson - FT
An adviser at the World Bank has become the first Russian official to resign from a prominent position at an international body in protest at Vladimir Putin's invasion of Ukraine.
/jlne.ws/3HvaHU0
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | A Big Step to Derivatives and SFT Alignment
Derivatives and securities financing transactions (SFTs) interconnect in a variety of ways and share many common features, but participants that straddle both markets have to use two or more similarly structured agreements to document their derivatives and SFT trades - a situation that can be both complex and duplicative. We think there's an opportunity to bring greater alignment and efficiency to these markets in certain use cases, which is why we've published new documentation that will give firms the option to trade derivatives and SFTs under a single ISDA Master Agreement..
/jlne.ws/3C6UF1y
SEC Chief Takes to Twitter to Issue New Warning on Greenwashing
Jesse Westbrook - Bloomberg
U.S. Securities and Exchange Commission Chair Gary Gensler is making it clear he's skeptical the hundreds of investment funds that tout ESG credentials are as green or socially conscious as advertised. On Tuesday, The Wall Street regulator posted a video on Twitter that highlights some of his top concerns. Gensler pointed out that there's no industry consensus on what environmental, social and governance investing means. He questioned whether firms are adhering to a 1940 law that requires fund names to match what they invest in. And he noted that unlike many high-yield bond funds, ESG offerings don't publish debt ratings that back up their labels.
/jlne.ws/3HzEXwQ
UK moves to regulate minibonds in capital markets shake-up; Treasury plans 'bespoke' post-Brexit regime to protect investors after LCF collapse
Philip Stafford, Laura Noonan and George Parker - FT
Britain is to regulate minibonds in the same way as shares, the government said on Tuesday, as it set out plans to make its capital markets more appealing to investors. The UK Treasury proposed that issuers of minibonds — or bonds that cannot be traded to the public — had to trade on a regulated market. This "new, bespoke" regime would replace the current system in which minibond issuers were not required to offer investors any protection.
/jlne.ws/3tlXoAc
SEC Charges Former Broker for Stealing from Elderly Investors
SEC
Yesterday, the U.S. Securities and Exchange Commission charged a former broker with defrauding several elderly investors of more than a million dollars over a five-year period. The SEC's complaint alleges that Joseph DeGregorio, 45, of Freehold, NJ, solicited $1.2 million dollars from four investors, ages 78 to 94, by claiming that he would invest their funds in two private companies and in a promissory note with a guaranteed 13% annual return. According to the complaint, the promissory note was fake, and the private companies - which did not carry out any real business activities - were created by DeGregorio to facilitate his fraud. As alleged, DeGregorio stole most of the investors' money, and used a portion of the funds to repay investors in a Ponzi-like fashion.
/jlne.ws/35poeQ3
Frequently Asked Questions Regarding FINRA Rules Relating to Financial Exploitation of Senior Investors
FINRA
FINRA Rule 2165 (Financial Exploitation of Specified Adults) is the first uniform national standard for placing temporary holds to address suspected financial exploitation.1 Rule 2165 permits a member to place a temporary hold on a securities transaction or disbursement of funds or securities from the account of a Specified Adult customer when the firm reasonably believes that financial exploitation of that adult has occurred, is occurring, has been attempted or will be attempted. FINRA Rule 4512 (Customer Account Information) requires members to make reasonable efforts to obtain the name of and contact information for a trusted contact person ("trusted contact") for a customer's account.
/jlne.ws/3KfNirD
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Commodities Hit New Highs as Traders Shun Russian Purchases; Oil passes $110 while wheat climbs to highest since 2008; China prioritizes commodities supply security as war escalates
Will Kennedy and Alex Longley - Bloomberg
Global commodity markets surged to multiyear highs on Wednesday after traders backed away from Russia, sparking anxiety that supply will fall short in everything from wheat to natural gas. Oil passed $110 a barrel, aluminum hit a fresh record and wheat rose to the highest since 2008. In Europe, natural gas prices and coal set all time highs, deepening the region's energy crisis.
/jlne.ws/3Mh3bQ5
Cascading Russia Risks Stir Market Correlations That Can't Last; Oil surging with Treasuries is among unusual cross-asset moves; Markets flummoxed as Russia-Ukraine war roils global recovery
Akshay Chinchalkar and Ishika Mookerjee - Bloomberg
Global markets are throwing up a jumble of unusual correlations as commodity flows and the world economic outlook are upended by the war in Ukraine and the ostracism of Russia. Examples include oil soaring alongside Treasuries and gold bursting higher with the dollar. The former was evident in the past 24 hours amid a jump in Brent crude to as high as $113 a barrel and a plunge in the U.S. 10-year yield to below 1.70%, compared with a level of 2% before Russia invaded its neighbor.
/jlne.ws/3IEEAm9
Wheat Soars to 14-Year High as Russia Invasion Chokes Trade; Cooking oils also climb to records on fears of shortages; Market yet to factor in year of lost Ukraine output: StoneX
Megan Durisin and James Poole - Bloomberg
The world's staple grains swung wildly, after hitting multiyear highs as Russia's invasion Ukraine stifles shipments from some of the biggest suppliers. Wheat futures rocketed past $10 a bushel for the first time in more than a decade. Corn leaped to a nine-year high before paring gains, and soybean oil edged down from a record. The high prices are giving fresh impetus to accelerating global food inflation, and the turmoil unleashed by the war has the potential to dislocate markets for years to come.
/jlne.ws/3tk7Msl
Aluminum and Nickel Surge on Russia Risk as Stocks Shrink Again; Ships are avoiding Russia despite sanctions permitting trade; Metals are already vulnerable due to low exchange inventories
Eddie Spence - Bloomberg
Aluminum hit a record and nickel jumped to an 11-year high as traders brace for supply disruptions from Russia -- a major producer of both metals -- at a time when global stockpiles have already shrunk dramatically.
/jlne.ws/3vxFqh1
Shell Is Said to Continue Purchasing Russian Oil and Gas; Company is in discussion with governments, will follow rules; Shell previously announced exit from Russian assets, Sakhalin
Laura Hurst - Bloomberg
Shell Plc, Europe's largest oil company, is continuing to purchase oil and gas from Russia in the wake of the country's invasion of Ukraine, according to a person briefed on the matter. The company is in discussion with governments and will comply with any changes in regulations, the person said. The decision may help calm an oil trading and shipping market that's become anxious about touching Russian barrels for fear of a sanctions backlash following the invasion. The person didn't go into details about specifics of purchases, such as whether it applies only to existing business or new trades as well.
/jlne.ws/3vxFnBR
Europe's Green Push Set Back by War; Coal, LNG back in favor as EU prepares for a gas-supply shock; Governments also want to cut dependence on Russian energy
Vanessa Dezem and Ewa Krukowska - Bloomberg
Europe's efforts to shield itself from any Russian energy supply shock mean its green push will face a setback, at least for now. The invasion of Ukraine is forcing Europe to tap all energy resources to help protect against potential gas stoppages from Russia, its biggest supplier, and cut its dependence on the country. Some of the region's top economies plan to increase gas-import capacities, build new LNG terminals, stockpile more coal and reopen power plants that burn the dirtiest fossil fuel.
/jlne.ws/3puQtn8
Gulf IPOs Plow Ahead as Other Regions Go Quiet Amid Volatility; Saudi pharmacy chain started biggest local IPO since Aramco; High oil prices, strong liquidity expected to boost Gulf IPOs
Julia Fioretti - Bloomberg
Initial public offerings in the Gulf are proving resilient to the volatility hurting deals in other markets, as high oil prices, stable economies and abundant liquidity fuel activity.
/jlne.ws/3hzetB8
Tanker With Russian LNG Diverts From U.K. Amid Port Ban
Andrew Reierson - Bloomberg
A tanker carrying Russian liquefied natural gas canceled its scheduled arrival at a U.K. terminal even though a ban on Russian ships using British ports doesn't apply to ships carrying cargo from Russia. The Fedor Litke, a Cyprus-flagged LNG vessel laden with a cargo from Yamal in northern Russia, changed its destination Tuesday after previously signaling it was headed to the U.K.'s Isle of Grain terminal, ship-tracking and port data show. There's no Russian LNG scheduled for British ports in the foreseeable future, the data show.
/jlne.ws/3Kb7Kda
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | War Jolts ESG Funds That Waited Too Long to Unload Russia Assets; The Ukraine invasion is sending a wake-up call to investors holding stakes in countries run by autocrats.
Alastair Marsh, Natasha White, and Saijel Kishan - Bloomberg
The same morning Russia invaded Ukraine, the people running the Church of England's $5 billion pension fund decided they'd seen enough, and quickly went to work to clear their portfolio of Russian investments.
/jlne.ws/3huLcYz
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Changes in composition of the STOXX Europe 600 Index | Press Releases
Press Releases | Qontigo
Qontigo has announced the new composition of the STOXX Europe 600 Index. Effective as of the opening of European markets on March 21, 2022, the following stocks will be added to and deleted from the index and its respective size and sector indices:
/jlne.ws/3hukBuw
Man Group Assets Hit a New High as Clients Add $13.7 Billion
Nishant Kumar. - Bloomberg
Man Group Plc said assets hit another record at the end of last year, bolstered by $13.7 billion in net inflows and performance gains in signs hedge fund industry is making a comeback.
/jlne.ws/3sAjMqy
Hedge Funds Close Out Short Bets on Japanese Bonds in a Hurry; Japan 10-year government bond futures jump by most in a year; Overseas speculators probably closed shorts, MUFJ Kokusai says
Masaki Kondo - Bloomberg
Hedge funds may have helped fuel the biggest gain in Japanese bond futures in a year after money markets trimmed bets on the pace of U.S. interest-rate hikes. Ten-year futures jumped as much as 58 ticks to 151.17 on Wednesday, the largest one-day increase since March 2021. Commodity trading advisors -- funds synonymous with trend-following quant strategies -- may have unwound bearish bets on the securities, according to data compiled by Bloomberg.
/jlne.ws/3IAFNej
BNP Paribas Publishes Results of its 2022 Alternative Investment Survey: "The Hedge Fund Booster"; Investors seek low beta strategies to protect against rising inflation; Multi-strategy predicted to be the best performing with the second highest net inflows in 2022
BNP Paribas
BNP Paribas, Europe's premier global bank, and its Prime Services business published today its 2022 Alternative Investment Survey: "The Hedge Fund Booster." BNP Paribas' Capital Introduction team surveyed 224 allocators in December 2021, which invest or advise on $1.2 trillion in hedge fund assets. This represents approximately one-third of industry assets under management. The report provides insight to better understand investor sentiment with respect to performance and asset allocation plans for hedge funds and other alternative investments.
(NO LINK)
Russia-focused funds with more than EUR4bn in assets freeze redemptions; Western measures to cut off Moscow from global financial markets have knock-on effect for fund managers
Adrienne Klasa, Chris Flood and Josephine Cumbo, and Brooke Masters - FT
Russia-exposed funds with more than EUR4bn in combined assets have been frozen in Europe, preventing investors from heading for the exits as they grapple with unprecedented western sanctions imposed on Moscow after its invasion of Ukraine.
/jlne.ws/3C9IPUA
Richelieu adopts Bloomberg's global index solutions; The adoption provides a one-stop solution which will improve transparency and cost-effectiveness.
Wesley Bray - The Trade
Paris-based asset manager Richelieu Gestion has adopted Bloomberg's index solutions across its entire fund range. Richelieu Gestion, which is also a subsidiary of Compagnie Financière Richelieu, will be able to provide consistency and transparency to investors through the adoption of Bloomberg's equity index capabilities.
/jlne.ws/3pvrPTm
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | What Russia trades with the US, China, Brazil and the world
Clarisa Diaz - Quartz
The west continues to roll out sanctions against Russia for invading Ukraine. The restrictions have decimated the value of Russia's currency—which should make Russian products cheaper in the global marketplace. Russia's largest exports by far are fuels and oil.
/jlne.ws/3K5OPjN
Sanctioned VTB Keeps Its London Lawyers and Heads to Court; Freshfields applied for license to act for Russian bank; U.K. government granted broad permit to represent VTB
Jonathan Browning - Bloomberg
While London's law firms have struggled to explain publicly whether they can continue to represent certain Russian clients, one of the U.K.'s largest legal outfits had an immediate decision to make.
/jlne.ws/3HAMJqu
EU excludes seven Russian banks from SWIFT - official journal
Reuters
The European Union is excluding seven Russian banks from the SWIFT messaging system that underpins global transactions as part of its sanctions over Russia's invasion of Ukraine, the EU official journal said on Wednesday.
/jlne.ws/3HA8ve6
Russian shares traded abroad plunge as sanctions trigger 'panicky' selling; Big stocks including Sberbank in London collapse
George Steer and Philip Stafford - FT
Russian stocks traded in the UK and the US plunged further in the wake of western sanctions on Wednesday, leaving some almost worthless. An MSCI index tracking Russian stocks trading in London and New York had fallen close to 67 per cent by midday in the UK and is down nearly 96 per cent so far this year. London-listed shares in Sberbank, Russia's biggest lender, fell more than 90 per cent on Wednesday, while state-owned Gazprom tumbled 85 per cent and Novatek declined 96 per cent.
/jlne.ws/36JOeFZ
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| Miscellaneous | | Stories that don't quite fit under the other sections | Summer Interns Jilt Companies as Better Offers Come Along; Some young professionals in training are job-hopping between internships before they even start, frustrating companies and campus career advisers
Lindsay Ellis - WSJ
Rarely—if ever—has there been a bidding war for summer interns. Many college students are juggling multiple summer internship offers as companies try to lock in entry-level talent. So fierce is this year's competition, recruiters and career advisers said, that some students are reneging on summer stints they accepted back in the fall as recruiters barrage them with interview requests and richer offers. Companies and colleges say reneging is still rare, but it is becoming more pervasive in the current recruiting frenzy.
/jlne.ws/3C8IrFD
Lover who 'blackmailed' ex-Goldman banker for $10M house has assets frozen
Ariel Zilber - NY Post
The woman who is alleged to have blackmailed disgraced ex-Goldman Sachs banker Tim Leissner into buying her a $10 million London mansion has had her assets frozen by the Malaysian government. Rohana Rozhan, a media executive and the former CEO of Astro Malaysia Holdings, is said to have carried on an extramarital affair with Leissner, the estranged husband of fashion model and reality television star Kimora Lee Simmons.
/jlne.ws/3C5Ks5v
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