| March 24, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
FIA's Walt Lukken has produced a post-Boca commentary titled "Viewpoint - Stronger together at Boca; Our industry can't listen unless we know, respect and trust each other." It is a frank recap of the experience and why it was important for us to get back together at Boca. I couldn't agree more.
CME Group's BrokerTec and Broadway Technology have partnered to make BrokerTec's "Relative Value (RV) Curve spread trading functionality available on Broadway's Toc platform."
The Security Traders Association of Chicago (STAC)'s 96th Annual Mid-Winter Meeting will be held on April 21 and 22 at the Hilton Chicago. Interestingly, April is not a month that is in the middle of winter and Brett Favre's last name is not pronounced with the v before the r. Such are the anomalies of life.
ICE put together a video of ICE Experience 2022, a recap of its recent conference in Las Vegas, Nev.
Do you know the name Steve Wilhite? He invented something you regularly see or use called the graphics interchange format, or GIF. He died earlier this month from Covid at the age of 74, Bloomberg reported. Not surprisingly, the word of his death sparked an outpouring of GIFs on Twitter.
The current book I am listening to on Audible, an Amazon service, is "Religion and the Rise of Capitalism" by Benjamin M. Friedman. So far it is a fascinating look at the history of Adam Smith, David Hume and others of the Scottish Enlightenment era. A point made in the book is that commerce makes us more civil. We must be civil for commerce to work. No one wants to do business with someone who is surly. That works in the micro and macro.
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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Viewpoint - Stronger together at Boca; Our industry can't listen unless we know, respect and trust each other
Walt Lukken - FIA
I look back on last week's Boca conference with exhaustion and pride. I know it's been a successful week if my cheeks still hurt from smiling and my hand is chafed from greeting old friends and new. Check and check! After three years away, Boca exceeded my expectations. Not that there weren't hiccups. Supply chain issues left parts of the newly renovated resort under construction. The sunshine didn't cooperate like usual, impeding some of our outdoor festivities. And the aftermath of COVID-19 and the Ukraine invasion caused some of the usual suspects to stay home.
/jlne.ws/3izEHE5
*****I was too busy to notice the sun not shining.~JJL
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Madeleine Albright, First Woman to Serve as Secretary of State, Dies at 84; She rose to power and fame as a brilliant analyst of world affairs before serving as an aggressive advocate of President Bill Clinton's policies.
Robert D. McFadden - NY Times
Madeleine K. Albright, a child of Czech refugees who fled from Nazi invaders and Communist oppressors and then landed in the United States, where she flourished as a diplomat and the first woman to serve as secretary of state, died on Wednesday in Washington. She was 84.
/jlne.ws/3iv0Wen
*****Secretary Albright served on the board of the New York Stock Exchange, appointed in 2003. She declined to run for re-election after the problems with the compensation concerning then-NYSE CEO Richard Grasso.~JJL
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More Than Half of Ukraine's Children Displaced by War, UN Says
Andy Hoffman - Bloomberg
A month of war in Ukraine has displaced 4.3 million children, more than half the country's child population, according to the global relief organization Unicef. The United Nations agency says 1.8 million children have crossed into neighbouring countries as refugees while another 2.5 million have moved within Ukraine following Russia's invasion.
/jlne.ws/3wGLlk6
****** This is a tragedy. And I fear it will only get worse for more children.~JJL
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An Alleged Fraud Uncovered by a Short Seller Ends in Gunfire; FBI standoff with lawyer is climax to citizen sting operation in a rented private jet
Ben Foldy - WSJ
Matthew Beasley wasn't surprised when three FBI agents rang his doorbell. Authorities were asking questions about a high-return, zero-risk investment plan that his law firm helped run. They had already visited an associate. They also had secret recordings of the sales pitch from a citizen sting operation that involved an embittered improv comedian, a rented private jet and a well-known New York investment firm. Mr. Beasley came to the front door of his Las Vegas home standing sideways. When he turned to face the agents, he was holding a gun to his head.
/jlne.ws/36DdtK9
****** Lesson here, don't run a Ponzi scheme, then you don't have to worry about whether jail or killing yourself is the better option.~JJL
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All That's Stopping a Full-Blown Food Crisis? Rice; Prices of the staple diet of half the world's population remain subdued, thankfully.
Javier Blas - Bloomberg
Crises are often years in the making. But there's typically one event that stands out as the flashpoint when the panic really began. For the global financial crisis, it was the collapse of Lehman Brothers. For the 2007-08 food crisis, the trigger was Vietnam imposing an export ban on rice. Importers panicked and, in a matter of days, rice prices doubled. Food riots soon followed from Dakar to Bangladesh.
/jlne.ws/3NiKJan
***** Funny thing - whenever I hear the word rice, I first think of another grain, Milo. As in Milo Hamilton, Mr. Rice.~JJL
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ESG Means No More Buying the World a Coke; The stampede of companies out of Russia marks a major change in global capitalism that may not be for the better.
Allison Schrager - Bloomberg
The day after the U.S. lifted its trade embargo on Burma in 2012, I spoke to an executive at Coca-Cola Co.. He proudly announced that his company already had people on a plane headed to the country. It is Coca-Cola's policy, he explained, to sell its beverages anywhere it's allowed to do so. Coke was sold in Russia during the last part of the Cold War, and even during the 1980 Moscow Olympic Games boycotted by the U.S. Yet two weeks ago, Coke caved to public pressure and announced it was pulling out of Russia because of President Vladimir Putin's invasion and brutal assault in Ukraine, even though government sanctions didn't require its withdrawal.
/jlne.ws/3wzeKg8
***** You can buy the world the same drink, just by another name.~JJL
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Wednesday's Top Three
Our most read story Wednesday was Trafigura's finance chief warns of commodity industry stress, from The Financial Times. Second was Crypto isn't decentralized. It's actually run by a handful of big wigs exploiting low-paid workers, says long-time internet academic, from Business Insider via Yahoo! Finance. Third was How War Ripples Through Commodity Markets, a special report from The Wall Street Journal.
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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
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| Lead Stories | BlackRock chief Larry Fink says Ukraine war marks end of globalisation; Boss of $10tn asset manager warns about inflation as companies reconfigure supply chains
Brooke Masters - FT
Russia's invasion of Ukraine will reshape the world economy and further drive up inflation by prompting companies to pull back from their global supply chains, BlackRock chief executive Larry Fink has warned. "The Russian invasion of Ukraine has put an end to the globalisation we have experienced over the last three decades," Fink wrote in his annual letter to shareholders of BlackRock, which oversees $10tn as the world's largest asset manager.
/jlne.ws/3NiSjlf
ECB to Start Phasing Out Collateral-Easing Measures in July; Measures to be removed in three steps through March 2024; Greek bonds' eligibility to be kept at least through 2024
Carolynn Look and Sotiris Nikas - Bloomberg
The European Central Bank will begin phasing out collateral-easing measures linked to the pandemic starting in July this year, while continuing to accept Greek bonds until the reinvestment period of its coronavirus bond-buying program ends. Measures introduced in April 2020 to facilitate collateral availability -- especially amid risks related to credit downgrades caused by the Covid-19 crisis -- will be gradually removed in a three-step process between July 2022 and March 2024, the ECB said Thursday in a statement.
/jlne.ws/3JCz9Vx
BOE Pushes for Tougher Regulation of $1.7 Trillion Crypto Market; Crypto assets are larger than sub-prime market in 2008; Concern links between crypto and banks could unsettle markets
William Shaw - Bloomberg
The Bank of England called on policy makers to beef up the global framework for regulating cryptocurrencies to prevent them from threatening the wider stability of financial markets. The U.K. central bank's Financial Policy Committee suggested the role of prudential and market integrity regulators should be expanded and their coordination increased.
/jlne.ws/36Lp89W
DeFi projects rife with hidden risks, global regulatory body warns; Iosco report highlights conflicts and other red flags in fast-growing corner of crypto markets
Miles Kruppa - FT
The global umbrella organisation for securities regulators has warned that decentralised finance contains myriad hidden conflicts and risks, as authorities begin circling one of the fastest growing corners of cryptocurrency markets. Comparing the current rise of decentralised finance, or DeFi, to the dotcom bubble, Martin Moloney, secretary-general of the International Organization of Securities Commissions (Iosco), said its explosive growth warranted "closer attention by regulators".
/jlne.ws/3tyZNsI
SMBC Nikko bankers charged with market manipulation by Japan prosecutors; Trading scandal threatens to sink equity division at country's third-largest brokerage
Leo Lewis, Antoni Slodkowski and Eri Sugiura - FT
Tokyo prosecutors on Thursday arrested SMBC Nikko's vice-president and brought criminal charges against the company and five bankers over alleged market manipulation, in a scandal that has tarred the equity division at Japan's third-largest brokerage. According to a document issued by the prosecutors, SMBC Nikko traders put in large buy orders towards the end of the trading day to artificially boost prices of stocks, a move authorities allege constitutes market manipulation.
/jlne.ws/3qwdsP6
Stock Traders Brace for a Chaotic Reopening to Russia's Market; Foreigners banned from selling, short selling to be prohibited; Shortened four-hour trading session will have 33 stocks
Ksenia Galouchko and Sydney Maki - Bloomberg
The Russian stock market is set to partially reopen Thursday, ending the nation's record long shutdown, with several measures in place meant to limit a renewed selloff. When trading resumes at 9:50 a.m. in Moscow on Thursday for a shortened four-hour session, only 33 stocks will be active, including some of the nation's biggest companies, such as Gazprom PJSC and Sberbank PJSC. However, foreigners won't be allowed to sell equities in a ban scheduled to last until April 1, and short selling won't be permitted.
/jlne.ws/3tzr3Hl
EToro Clients' Missing Russia Stock Shows Risk in Market Tumult; Online broker irked some users with account of Magnit sale; Investors reimbursed but left confused about their holdings
Charlie Wells and Loukia Gyftopoulou - Bloomberg
The thesis for buying the stock had seemed simple. War or peace, Russians would always buy food. Yet some investors' path from purchasing stock in supermarket chain Magnit PJSC, to seeing it unexpectedly sold, seemingly returned and ultimately refunded has been far from straightforward. It's a mystery that continues to rankle some traders who used the online brokerage EToro to invest in Magnit through its global depository receipts listed on the London Stock Exchange.
/jlne.ws/35awLpY
Strikes on Ukraine's Export Hubs Damage Key Commodity Facilities; Ukraine gets 40% of its GDP from exports like grain and steel; Grain, steel infrastructure are among sites hit by Russia
Bloomberg News
Russian attacks on some of Ukraine's key export hubs are damaging commodities infrastructure and mean it could be a long road until shipments fully recover. Ukraine's ports have been closed since the war began, and now some major grain-export facilities and steel plants have been severely hit by shelling. They include a site belonging to agribusiness giant Bunge Ltd. in Mykolayiv on the Black Sea, as well as the large Azovstal steel plant in Mariupol.
/jlne.ws/3qy8Isq
Wall Street Is Scrambling For the Exits in Moscow — and Billions Are at Stake; A dozen lenders including Raiffeisen Bank, Societe Generale and Citigroup have about $100 billion of combined exposure to Russia
Harry Wilson, Matthew Boyle, and Srinivasan Sivabalan - Bloomberg
For decades, global finance firms eagerly catered to Russian firms, billionaires and the government. Then tanks started rolling into Ukraine. Citigroup Inc., which has thousands of staff and billions of dollars of assets in Russia, has said it will cut back much of its business in the country. Goldman Sachs Group Inc., JPMorgan Chase & Co. and Deutsche Bank AG are also heading for the exit, with some financiers relocating to other hubs such as Dubai. They're being followed by lawyers and other professionals.
/jlne.ws/3IwZkLF
US activist urges TP ICAP to sell; Phase2Partners calls on UK interdealer broker to consider alternatives following share price decline
Philip Stafford - FT
A US activist investor is pushing the board of TP ICAP to sell the UK interdealer broker following what it describes as a "disastrous share price decline". Phase 2 Partners, a US hedge fund led by investor Justin Hughes, has written to TP ICAP chair Richard Berliand urging him to appoint advisers and consider strategic alternatives so "long-suffering shareholders can receive a share price that reflects underlying value."
/jlne.ws/3D5X5y2
Market Conditions Prompt EBS Migration Change; Categorised: The Stream, Top Story | Tags: CME Group, EBS Direct, EBS Market, EBS Migration, eFIX, Globex
Colin Lambert - The FullFX
In response to ongoing market events and clients requests, EBS has decided to extend the timeline for its technology migration to CME Globex, including the upgrade of EBS Direct to EBS Direct 2.0, for six weeks. The migration of EBS Market and eFix to Globex, and the EBS Direct will upgrade to EBS Direct 2.0, was due to start at the beginning of April, will now take place on Sunday, May 15 (trade date Monday, May 16), subject to regulatory approval.
/jlne.ws/3LcAAtU
New York widens lead over London in top finance centres index
Huw Jones - Reuters
New York has extended its lead among the world's top financial centres, with runner up London losing ground to increasingly competitive rivals in the United States and Asia, the Global Financial Centres Index (GFCI) showed on Thursday.
/jlne.ws/3LcxyWF
Lloyd's of London predicts Ukraine war will represent 'major claim'; Insurance market expects 'multibillion-dollar losses' but says they should be manageable
Ian Smith - FT
Lloyd's of London, the city's specialist market for insurance and reinsurance, has warned that the war in Ukraine will represent a "major claim" this year, as it posted annual results showing a swing back to profit in 2021. John Neal, the institution's chief executive, told the Financial Times that it expected "multibillion-dollar losses" from the conflict, but stressed that it was still very early days and the final bill could take years to establish.
/jlne.ws/3NcfDRT
Credit Suisse Warns of $500 Million Hit From Billionaire's Lawsuit; Swiss bank had said a rogue banker was responsible for Georgian billionaire Bidzina Ivanishvili's losses
Margot Patrick - WSJ
Credit Suisse CS -1.94% Group AG is expected to pay around $500 million after losing a lawsuit brought by a Georgian billionaire who claimed the bank mismanaged his money. Credit Suisse has spent years fending off claims from Bidzina Ivanishvili, a former prime minister of Georgia. He sued the bank in Bermuda and Singapore for breach of trust, alleging he lost $800 million on forged trades made by his Geneva-based private banker, Patrice Lescaudron. Mr. Ivanishvili sought $400 million damages in Bermuda's Supreme Court, where a five-week trial ended in December.
/jlne.ws/3L2VmMG
Everyone Has Crypto FOMO, but Does It Belong in Your Portfolio? A growing array of investment options make it easier to put digital tokens alongside traditional investments. Here's what to know.
Tara Siegel Bernard - NY Times
Larry David travels through the ages, pooh-poohing many of the world's greatest innovations — indoor plumbing, the dishwasher and, lastly, cryptocurrency. "Don't be like Larry," the Super Bowl commercial urges. "Don't miss out on the next big thing."
/jlne.ws/3ivFDcH
Rise of the bots - not there yet, but on the way; Automation is constantly evolving, but bots still have a way to go before they can speak to each other independently, finds FIX panel.
Laurie McAughtry - The Trade
At the FIX EMEA conference today, a panel on 'The Rise of the Bots - Automation and Liquidity' discussed the ongoing evolution of automation on the trading desk, and concluded that while innovation was rapidly occurring, the paradise of perfect automation is still some way off.
/jlne.ws/3tDe3Rm
REGIS-TR fined by ESMA for EMIR data reporting breaches; The penalty comes just days after the UK branch was awarded a full EMIR reporting license by the Financial Conduct Authority.
Laurie McAughtry - The Trade
Luxembourg-based trade repository REGIS-TR has been fined EUR186,000 by the European Securities and Markets Authority (ESMA), the EU's securities markets regulator, for eight breaches of the European Market Infrastructure Regulation (EMIR).
/jlne.ws/3wzKF0b
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | UK to provide 6,000 missiles to Ukraine in new support
Reuters
Britain will provide Ukraine with about 6,000 new defensive missiles and almost 30 million pounds ($40 million) to support the BBC's coverage in the region and pay Ukrainian soldiers and pilots. British Prime Minister Boris Johnson will announce the new package of support on Thursday at the NATO and G7 leaders' meetings while also signalling a willingness to bolster Ukraine's defence capabilities further, his office said on Wednesday.
/jlne.ws/3qwcDWG
Putin says 'unfriendly' countries must now pay for Russian natural gas in rubles
The Hill
Russian President Vladimir Putin said Wednesday that Russia will insist that "unfriendly countries" pay for Russian natural gas exports only in rubles going forward, according to reports.
/jlne.ws/37Ptdu5
Putin says Russia will switch gas sales to roubles for 'unfriendly' countries
Reuters
Russia plans to switch its gas sales to "unfriendly" countries to roubles, President Vladimir Putin said on Wednesday, responding to a freeze on Russia's assets by foreign nations over events in Ukraine that he said had destroyed Moscow's trust.
/jlne.ws/3qQPHBR
Russian Tycoons Get $8.3 Billion Richer as Trading Resumes
Cecile Vannucci - Bloomberg
Against all odds and despite sanctions, Russian tycoons are regaining some of their wealth. After almost one month of suspension, shares in Moscow climbed, with the benchmark MOEX Russia Index rising as much as 12%. While only 33 stocks resumed trading, Russians with fortunes linked to them added $8.3 billion combined, according to the Bloomberg Billionaires Index tracking the wealthiest 500 people in the world.
/jlne.ws/3unGSjG
Zelenskiy's Virtual World Tour Proves a New Weapon in Russia War; Inspiration and guilt is his formula to spur allies to do more; Ukraine president granted rare honor 10 times within one month
Marc Champion - Bloomberg
As a professional comedian until three years ago, Volodymyr Zelenskiy knows to tailor his material for different audiences. As president of a nation at war, he's deployed that skill to great effect on a virtual world tour, inspiring and shaming in equal measure.
/jlne.ws/3wxvDYy
Russia Central Banker Wanted Out Over Ukraine, Putin Said No; Russian president said to reject Nabiullina's bid to resign; Respected central banker faces legacy at risk as sanctions hit
Bloomberg News
Russia's highly regarded central bank Governor Elvira Nabiullina sought to resign after Vladimir Putin ordered an invasion of Ukraine, only to be told by the president to stay, according to four people with knowledge of the discussions.
/jlne.ws/3ivGSZh
Russian Grab for Foreign Jets Spurs Jump in Insurance Claims; Foreign owners see clear qualifying event under war policies; Fitch, Moody's put possible losses in $10 billion bracket
Siddharth Vikram Philip and Eliza Ronalds-Hannon - Bloomberg
Russia's move to transfer almost 800 foreign-owned jets to its own aircraft register amid foreign sanctions has triggered a wave of insurance claims from leasing firms whose fleets have effectively been commandeered.
/jlne.ws/3IBdMCs
U.S., NATO Preparing for Russian Biological, Nuclear Incidents
Josh Wingrove and Jordan Fabian - Bloomberg
The U.S. is working with NATO allies to prepare for the possibility Russia deploys biological, chemical or nuclear weapons as part of its invasion of Ukraine, a senior Biden administration official said Thursday.
/jlne.ws/37Rc6rL
Fertilizer Prices Surge as Ukraine War Cuts Supply, Leaving Farmers Shocked; Smaller harvests loom from Argentina to Indonesia, and developing countries are bracing for higher food costs; 'It's like a scary movie'
Jon Emont, Silvina Frydlewsky - WSJ
In his nine years selling fertilizer to corn and rice farmers in West Africa, Malick Niang says he has never seen such a severe supply crunch—or such high prices. Since Russia invaded Ukraine, shipping companies have avoided docking at St. Petersburg, Russia, to collect goods, Mr. Niang said. That, together with the impact of the West's financial sanctions against Moscow, means fertilizer exports from Russia—the world's largest producer—have fallen sharply. Mr. Niang contacted sellers elsewhere, such as in Senegal and Morocco, but was told their order books are full until the end of the year. "Maybe we will find one or two options different from Russia, but it's going to be very expensive," he said.
/jlne.ws/3wyLkih
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Deutsche Börse invests in and partners with the AirCarbon Exchange
Air Carbon Exchange
AirCarbon Exchange (ACX) is thrilled to announce a substantial investment by Deutsche Börse AG (DB1), the parent company of European Energy Exchange AG (EEX). This investment is a key milestone in ACX's journey, representing a firm recognition of ACX's achievements and potential, and brings together two leading groups in the global carbon markets.
/jlne.ws/3NeKn4C
KBRA Analytics Releases The Bank Treasury Newsletter, the Bank Treasury Chart Deck, and Bank Talk: The After-Show
AFX
KBRA Analytics releases this month's edition of The Bank Treasury Newsletter, the Bank Treasury Chart Deck, and Bank Talk: The After-Show.
/bwnews.pr/3iA1IGY
BrokerTec Integrates Relative Value Curve Spread Trading with Broadway Technology
CME Group
BrokerTec, a leading provider of electronic trading platforms and technology services in fixed income markets, today announced that it has partnered with Broadway Technology to make its Relative Value (RV) Curve spread trading functionality available on Broadway's Toc platform.
/bit.ly/3LcYANK
EBS Market Integration onto CME Globex
CME Group
Subject to applicable regulatory approvals, EBS Market's Central Limit Order Book and eFix Matching Service will launch on CME Globex. You will receive subsequent notices with additional details and actions required to support the EBS Market integration onto CME Globex.
/bit.ly/3qxgumx
Position Limit, Accountability Levels, and Large Trader Reporting Requirements in Connection with the Initial Listing of the Options on Micro Bitcoin Futures and Options on Micro Ether Futures Contracts
CME Group
In connection with the initial listing of the Chicago Mercantile Exchange Inc. ("CME") Options on Micro Bitcoin Futures and Options on Micro Ether Futures Contracts (the "contracts") on trade date Monday, March 28, 2022 (see SER-8939 published on March 1, 2022), please note in Appendix B of CME Submission No. 22-072 the corresponding spot-month position limits (Rule 559), accountability levels (Rule 560), aggregation allocations (Rule 559.D) and reportable levels (Rule 561) for the contracts.
/bit.ly/3Ld95QY
IRS Liquidity in Europe Grows as Demand for EU-based CCP Clearing Rises
Eurex
First published on DerivSource on 21 March 2022.
Increasing market volatility and the next phase of UMR are driving more IRS volumes into clearing in Europe. In this DerivSource feature, Max Verheijen, director, Financial Markets at Cardano and Tom Prickett, managing director at JP Morgan Chase describe their experiences with market liquidity and margin funding for their interest rate derivatives activities during recent times of volatility. These market participants, as well as Matthias Graulich, chief strategy officer, and Phil Simons, global head of Fixed Income Sales - Derivatives, Funding & Financing at Eurex, shed light on how additional services, such as cross margining, can help derivatives market participants successfully weather future periods of market stress and achieve greater operational, margin and funding efficiencies.
/bit.ly/3tAX2qM
HKEX Signs Mou With Ceex To Explore Greater Bay Area, International Carbon Opportunities
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is today (Thursday) pleased to announce it has signed a Memorandum of Understanding (MOU) with the China Emissions Exchange (CEEX) to explore cooperation in tackling climate change and promoting sustainability through carbon finance.
/bit.ly/35cUSo0
ICE Announces Second Expiry in ICE Midland WTI American Gulf Coast Futures With 2.5 million Barrels Going to Delivery in April
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Midland WTI American Gulf Coast futures (contract code: HOU) went to its second expiry on March 23, with 2,588 contracts going to delivery in April, almost double the 1,400 contracts which went to expiry in March. Each futures contract is equivalent to 1,000 barrels of Permian Basin originated WTI crude oil.
/bit.ly/36qLv4D
Cash Collateral; March Quarter End
LME
LME Clear Members are advised that in order to assist management of potential tightening in market liquidity over the March quarter end period, additional controls will be introduced in relation to Cash Collateral on a temporary basis as follows:
/bit.ly/3DbViHB
Nasdaq Launches World's First Carbon Removal Indexes
Nasdaq
Indexes to support standardization and transparency in the carbon removal market
STOCKHOLM, Sweden and HELSINKI, Finland, March 24, 2022 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) today announced the launch of new commodity reference price indexes. The indexes are the first in the world to track the price of removing carbon dioxide from the atmosphere, and will follow the price of Carbon Removal Certificates (CORCs) issued by Puro.earth. By providing access to reference prices for carbon removal, Nasdaq aims to create the transparency needed to encourage investment and support project financing decisions.
/bit.ly/3tAlsAy
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | IPC expands portfolio with the launch of Connexus ALPHA; New cloud solution will provide global trading firms with ultra-low latency connectivity.
Wesley Bray - The Trade
Communications specialist IPC has expanded its electronic trading portfolio with the launch of Connexus ALPHA. The new solution will provide connectivity for hedge funds, funds of funds, proprietary trading firms and other market participants to global liquidity venues via ultra-low latency optimised point-to-point optical fibre connections.
/jlne.ws/3Nj2Yws
From Status Quo to Engine of Opportunity: 20 Years in Banking Ops
Elena Parigi - Symphony
On a recent rainy Sunday afternoon, I found myself reflecting on how much banking operations has changed since I joined my first ops team in 1998. Over the last 20 years, ops has reinvented itself for the better, faster, and cheaper, as well as vastly improved its interoperability with the rest of the financial ecosystem.
/jlne.ws/356Lp1h
EU Set to Experiment With Blockchain-Based Stock, Bond and Fund Trading
Lawmakers hailed the pilot legislation Wednesday as putting the bloc at the "forefront of innovation."
Jack Schickler - Coindesk
Stock and bond issuance, trading and settlement via blockchain technology will be tested in the European Union under a five-year pilot program approved by the European Parliament in Brussels.
Lawmakers hailed the pilot legislation Wednesday as putting the bloc at the "forefront of innovation."
The measure was first proposed by the European Commission. It will give EU members the chance to test out new crypto applications that would otherwise be blocked by existing laws governing financial market infrastructure.
/bit.ly/3utIlFn
Apple buys UK fintech start-up Credit Kudos; Purchase suggests US tech giant will launch greater push into credit services
Tim Bradshaw and Siddharth Venkataramakrishnan - FT
Apple has acquired UK-based fintech start-up Credit Kudos, signalling a deeper push into payments technology by the iPhone maker. Credit Kudos uses machine learning to create an alternative to traditional credit scores, suggesting that US tech giant may look to expand its lending services. Apple offers a credit card, which is currently only available in the US, in partnership with Goldman Sachs, and also offers instalment payment plans for its devices.
/jlne.ws/36o0CM9
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| Cybersecurity | | Top stories for cybersecurity | Hackers around the world deluge Russia's internet with simple, effective cyberattacks
Kevin Collier and Shanshan Dong and Ali Arouzi and Anastasiia Parafeniuk - NBC News
M, a Ukrainian engineer in his early 20s, is not healthy enough to enlist in the military. So every day, he sits down at his computer to do what he can as part of Ukraine's IT army, an informal group of volunteer hackers whose job it is to wreak as much havoc on Russian websites as possible.
/jlne.ws/3ivyHfE
Cyberwar or Not, Ransomware Is Still Rampant; Extortion events keep coming.
Jeff Stone - Bloomberg
Scammers just keep scamming
The world is bracing itself for a new level of cyberwarfare. But in the meantime, most hackers don't need any geopolitical prodding. A recent wave of auto-related breaches have wreaked havoc on businesses. Last week, Bridgestone confirmed that hackers had compromised internal systems in a February incident that investigators later determined was a ransomware attack. While the tire company said it restored access, the breach forced the temporary suspension of production at multiple factories in North and South America. It was the kind of increasingly common disruption with the ability to scramble global supply chains.
/jlne.ws/3iwCCZB
Italy Rail Operator Detects Signs of Hacking in System; Ferrovie dello Stato halts in-station sales on possible breach; Attacks resembling CryptoLocker detected in company's network
Alberto Brambilla - Bloomberg
Italy's state railway operator Ferrovie dello Stato SpA has temporarily halted in-station ticket sales after detecting signs of a cyber attack on its systems Wednesday morning. Suspicious activities on the company's network point to an attack similar to those using CryptoLocker ransomware, Ferrovie said in a statement.
/jlne.ws/3DbZzuS
Russian Hackers Targeting Humanitarian Efforts, Ukraine Says; Zhora calls Starlink contribution by SpaceX 'simply priceless'; Most digital attacks haven't been successful, official says
Andrew Martin - Bloomberg
A top Ukrainian cybersecurity official said Wednesday that Russian hackers are attacking logistical lines in the war-torn country, including those delivering food and humanitarian support. Victor Zhora, deputy chief of Ukraine's information protection service, said the cyberattacks are mostly linked to Russia's ground and air campaign. He declined to provide specifics on the attacks, citing security concerns.
/jlne.ws/3JCx2B5
Teen Suspected by Cyber Researchers of Being Lapsus$ Mastermind; Unconventional hacking group has hit Microsoft and Nvidia; Teen lives with mother near Oxford, England, researchers say
William Turton and Jordan Robertson - Bloomberg
Cybersecurity researchers investigating a string of hacks against technology companies, including Microsoft Corp. and Nvidia Corp., have traced the attacks to a 16-year-old living at his mother's house near Oxford, England. Four researchers investigating the hacking group Lapsus$, on behalf of companies that were attacked, said they believe the teenager is the mastermind.
/jlne.ws/36MoHMB
Microsoft Says Digital Extortion Gang Lapsus$ Targets Cryptocurrency, Too; Group has a murky background and unconventional methods; Microsoft found compromised account granting limited access
Jeff Stone and Jack Gillum - Bloomberg
A digital extortion gang with a murky background and unconventional methods -- one researcher called them "laughably bad" at times -- has claimed responsibility for a string of compromises against some of the world's largest technology companies. The group, known as Lapsus$, said in a series of public posts on the messaging app Telegram this week that it had accessed Okta Inc., the San Francisco-based identity-management firm that provides authentication tools for an array of business clients. Okta said Tuesday that attackers may have viewed data from approximately 2.5% of its customers after breaching the laptop of an engineer at a third-party vendor.
/jlne.ws/3D9p7bV
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| Cryptocurrencies | | Top stories for cryptocurrencies | DeFi App Promising 20% Interest on Stablecoin Deposits Raises Concerns; Founder Do Kwon defends high rate offered by Anchor Protocol; Chief takes bets platform powering UST stablecoin may collapse
Muyao Shen - Bloomberg
A nearly 20% interest rate is unheard of in most of traditional finance. But that's exactly what Anchor Protocol is promising people willing to deposit the crypto stablecoin UST into its decentralized finance app.
/jlne.ws/3qwOjnJ
Don't Try Picking Crypto Winners and Losers, Fed Study Suggests; Idiosyncratic behavior accounts for a small portion of moves; Connectedness Index values range between 86% and 97%
Jialiang David Pan - Bloomberg
Attempting to pick winners and losers among the thousands of digital tokens in the almost $2 trillion cryptocurrency market may not be worth your while. Prices across cryptocurrencies tend to move in a similar direction and remain sensitive to shocks as a whole, given that the market is highly interconnected, according to the finding of a study by Federal Reserve Bank of Chicago.
/jlne.ws/3D2OMTw
Silex Insight introduces Network Security Crypto Accelerator
Silex Insight
Silex Insight, a leading provider of cryptographic IP solutions, is now extending their offering by introducing a Network Security Crypto Accelerator. The Network Security Crypto Accelerator is a hardware IP core platform that accelerates cryptographic operations in System-on-Chip (SoC) environment on FPGA or ASIC
/jlne.ws/3tywuGH
Crypto Platform Kraken Hires Carrie Dolan From Tradeshift as CFO; Dolan has held roles at Lending Club, Charles Schwab, Chevron; Kraken looks to expand retail and institutional-investor base
Vildana Hajric - Bloomberg
Kraken, the trading platform for cryptocurrencies and other digital assets, hired Carrie Dolan from Tradeshift as the new chief financial officer while it embarks on a hiring spree and seeks to bring in more retail and institutional clients.
/jlne.ws/36toZYJ
Crypto-Focused SPAC Companies Are Outperforming Their Peers; Several crypto shops are aiming to list this year via SPAC; Core Scientific, Cipher, Bakkt outpaced group index this year
Crystal Kim - Bloomberg
Going public through a blank-check company is a bet that seems to have paid off only for crypto companies so far this year. Monex Group's Coincheck Inc. was the latest to agree to a reverse-merger with a special purpose acquisition company, making it the 10th crypto firm to announce such a deal since last year. Others, including stablecoin operator Circle and mining companies BitFuFu and Bitdeer are still eyeing a U.S. listing this year.
/jlne.ws/36IJxw2
Thailand Moves to 'Ring-Fence' Its Banks From Crypto Risks; Central bank may ease rules when risks manageable: official; Thailand sets investment cap of 3% of capital for banks
Suttinee Yuvejwattana - Bloomberg
Thailand, which has banned the use of cryptocurrencies for payments, will restrict the role of commercial banks in the digital-assets business to protect them from unforeseen risks, a central bank official said.
/jlne.ws/3D9pEKX
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| Politics | | An overview of politics as it relates to the financial markets | German Coalition Agrees on Package to Offset Rising Energy Costs; Leaders of three parties to announce details later on Thursday; First set of measures to ease burden already agreed last month
Birgit Jennen - Bloomberg
Germany's ruling coalition reached a deal on a second package of measures to ease the burden on consumers and businesses from soaring energy costs. Matthias Miersch, a deputy caucus leader for Chancellor Olaf Scholz's Social Democrats, confirmed an agreement had been reached after all-night talks. Leaders from the three ruling parties -- Scholz's SPD, the Greens and the pro-business Free Democrats -- will announce details at 11 a.m. in Berlin, Miersch said in an interview with public broadcaster ZDF.
/jlne.ws/3wAZ5gq
Democrats want to crack down on Wall Street. Guess who's getting in the way.
Victoria Guida - Politico
President Joe Biden pledged to bring financial oversight back in style after four years of rule rollbacks under Donald Trump. But more than a year into Biden's first term, none of the government's major bank regulators have Senate-confirmed leaders. Sarah Bloom Raskin withdrew last week as Biden's nominee for the top job overseeing banks at the Federal Reserve after facing opposition from Republicans and Sen. Joe Manchin (D-W.Va.). Moderate Democrats earlier rejected Saule Omarova, Biden's pick to head another bank regulator, because she had advocated for a dominant role for government in finance. The other key overseer, the FDIC, was just taken over by an Obama appointee on an acting basis — though his term technically expired three years ago.
/jlne.ws/3uijQuo
How Europe Got Hooked on Russian Gas Despite Reagan's Warnings; A Soviet-era pipeline, opposed by the president but supported by the oil and gas industry, set up the dependency that today helps fund the Russian assault on Ukraine.
Hiroko Tabuchi - NY Times
The language in the C.I.A. memo was unequivocal: The 3,500-mile gas pipeline from Siberia to Germany is a direct threat to the future of Western Europe, it said, creating "serious repercussions" from a dangerous reliance on Russian fuel.
/jlne.ws/3qrVgGs
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | ECB to oversee wind-down of Russia-linked bank in Cyprus; RCB to repay EUR2.8bn of customer deposits or transfer them to another bank
Martin Arnold - FT
The European Central Bank has taken the rare step of appointing a temporary administrator to oversee the wind-down of RCB Bank, a Cypriot lender with strong Russian ties. The move was announced on Thursday and means RCB, which was created as a subsidiary of Russia's state-owned VTB Bank in 1995, will repay its EUR2.8bn of customer deposits or transfer them to another bank, as first reported by the Financial Times.
/jlne.ws/35aFdWe
SEC Proposes Amendments to Remove References to Credit Ratings from Regulation M
SEC
The Securities and Exchange Commission today voted to propose changes that would remove the references to credit rating agencies from existing exceptions provided in Rule 101 and Rule 102 of Regulation M, a set of rules designed to preserve market integrity by prohibiting activities that could artificially influence the market for an offered security.
/jlne.ws/3L6eyZK
Statement on Jury's Verdict in Trial of Ambassador Advisors, LLC, Bernard I. Bostwick, Robert E. Kauffman, and Adrian E. Young
SEC
Today, after an eight-day trial, a jury serving in the United States District Court for the Eastern District of Pennsylvania ruled in favor of the SEC against Bernard I. Bostwick, Robert E. Kauffman, and Adrian E. Young and their investment advisory firm, Ambassador Advisors, LLC, for breaching fiduciary duties in connection with mutual fund share class selection practices. Previously, the Court found that Ambassador Advisors failed to adopt and implement written policies and procedures reasonably designed to prevent violations of the Investment Advisers Act of 1940.
/jlne.ws/3La0e2p
FinCEN issues additional alert regarding the importance of identifying and quickly reporting suspicious transactions involving Russian elites and their proxies
NFA
On March 16, 2022, the Financial Crimes Enforcement Network (FinCEN) issued an additional alert on the importance of all financial institutions identifying and quickly reporting any suspicious transactions involving assets of sanctioned Russian elites and their proxies.
/jlne.ws/3wyYxHL
ESMA fines Regis-TR EUR186 000 for EMIR data breaches
ESMA
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has fined trade repository REGIS-TR EUR186,000 for eight breaches of the European Market Infrastructure Regulation (EMIR).
/jlne.ws/3L8cccY
Notice to all FCA regulated firms with exposure to cryptoassets
FCA
While cryptoassets and their underlying technologies can offer benefits to financial services firms e.g., reduce costs and increase efficiencies, they also present risks to market integrity and consumers, particularly when used as a speculative investment. This is additional to significant risks in relation to financial crime and money laundering.
/jlne.ws/3wDvJxV
Amendments to the Memorandum of Cooperation with European Securities and Markets Authority
FSA
On March 18, the Financial Services Agency (FSA) and the European Securities and Markets Authority (ESMA) signed the amended Memorandum of Cooperation (MoC) which was originally concluded on February 24, 2015.
This MoC intends to strengthen and facilitate supervisory cooperation and information exchange relating to Japanese CCPs that are recognised by ESMA under the European Market Infrastructure Regulation ("EMIR"). In accordance with the implementation of revised EMIR (i.e. EMIR2.2), the amendments were made to reflect the relevant parts of the EMIR2.2 concerning the CCP supervisory cooperation.
/jlne.ws/3LdcNtS
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Continuous trading offers investors better outcomes than auctions, finds Citadel Securities; The market maker has used the example of the Taiwan Stock Exchange's 2020 transition away from auctions as evidence that continuous markets can foster better liquidity and pricing.
Annabel Smith - The Trade
Continuous markets generate better outcomes for end investors than auctions, research from Citadel Securities has found. In a study of the Taiwan Stock Exchange (TWSE), which transitioned from a frequent batch auction with a duration of 5 to 5.2 seconds to a continuous matching one in March 2020, the market maker claims to have found that continuous markets offer better liquidity and price discovery, lowers bid-ask spreads, more stable prices, and higher trading volumes.
/jlne.ws/3NgY3fg
Investors Piling Into Gold ETFs Face a Surprising Tax Bill; Exchange-traded funds backed by physical gold are taxed at a higher rate than stocks of gold mining companies.
Kristine Owram and Claire Ballentine - Bloomberg
Gold exchange-traded funds are one of this year's hottest investments, with war, inflation and stock-market volatility sending people scrambling for safe havens. But those buying physical gold ETFs may face an unexpected tax burden.
/jlne.ws/36IHojY
We're Seeing a Historic Disruption of the World's Wheat Supply; When it comes to commodities, Russia's invasion of Ukraine is a huge deal for the crop—and food more broadly.
Joe Weisenthal and Tracy Alloway - Bloomberg
When it comes to commodities, Russia's invasion of Ukraine has had a notable impact on the price of oil and natural gas. But it's also a huge deal for wheat—and food more broadly. Ukraine is a massive player in the global wheat market, and the planting season is just beginning. What's more, Russia is also a big seller of wheat and Belarus is a huge supplier of fertilizer. On this episode of Odd Lots, Tracy Alloway and Joe Weisenthal speak with Scott Irwin, an agriculture economist at the University of Illinois, about what he calls the biggest disruption he's seen in his career
/jlne.ws/3L9VppP
Natural Gas Is a Hard Habit to Quit; Consumption is growing at a faster rate than oil
Nathaniel Bullard - Bloomberg
Europe's natural gas benchmark has been on a wild ride since the fall of 2021, with prices twice spiking more than ten times above last year's spring levels. Russia's invasion of Ukraine has underlined the continent's dependence on imported gas, and challenged its planners and politicians to consider where, how, and how quickly they might limit that dependence. Comparisons to 1970s oil-driven energy crises abound. Demand for oil and natural gas is integral to contemporary society, but that does not mean that both present the same challenges.
/jlne.ws/3Nh6xTU
Boston Consulting Group sues GameStop claiming $30mn in unpaid fees; Meme-stock company 'refused to pay significant amounts' for help on transformation, complaint says
Madison Darbyshire - FT
Boston Consulting Group, one of the world's largest corporate advisers, has sued the video game retailer and meme-stock archetype GameStop over what it called $30mn in unpaid bills.
/jlne.ws/356PP8q
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Many Asian and Pacific countries are swiftly easing Covid rules, with one big exception.
The New York Times
Many Asian and Pacific countries are dismantling thickets of pandemic rules at bewildering speeds, even though the Omicron variant of the coronavirus is still raging in many places. The trend could be seen in the crowds packing the Manila zoo, K-Pop concerts in Seoul and Hindu festival celebrations across India over the last week. The moves are driven by a mix of medical advice, economic pressure and a pandemic-weary public's growing sentiment that enough is enough. But there is at least one major country bucking the trend: China.
/jlne.ws/3JuZepj
New Zealand moves to drop vaccine passes, and other global virus news.
The New York Times
New Zealand moved on Wednesday to eliminate vaccine passes, limits on social gatherings and vaccine mandates for some government workers, signaling another significant step toward loosening the country's coronavirus restrictions, which have been some of the world's toughest, in a bid to bolster its economy. Starting April 4, vaccine passes will no longer be required to enter public facilities, and vaccine mandates will be dropped for education, health, police and defense workers, Prime Minister Jacinda Ardern said in a speech on Wednesday, adding that the rules were no longer necessary given the country's high vaccination rates.
/jlne.ws/3wty26N
S.Korea's total COVID cases top 10 million as crematoria, funeral homes overwhelmed
Hyonhee Shin - Reuters
South Korea's total coronavirus infections topped 10 million, or nearly 20% of its population, authorities said on Wednesday, as surging severe cases and deaths increasingly put a strain on crematories and funeral homes nationwide.
/jlne.ws/3NfiV6Y
The BA.2 Omicron subvariant is now dominant in northeastern US states, per CDC data. Some experts warn of an impending new wave.
Marianne Guenot - Business Insider
The Omicron BA.2 subvariant has become dominant over other COVID-19 coronavirus variants in the northeastern US, per the latest CDC data. The news comes as a surge of new cases in Europe, driven by the more-contagious BA.2 and by countries lifting COVID-19 restrictions. That surge is prompting some experts to worry that another wave could soon be coming to the US.
/jlne.ws/3qwztxk
Hong Kong Urged by Major Airlines to Drop Covid Tests for Crew; Carriers avoid city as tests cause delays and risk; quarantine
Hong Kong's rules at odds with best practices, airlines say
Danny Lee - Bloomberg
A coalition of leading passenger and cargo airlines is calling on Hong Kong to scrap pre-flight and on-arrival Covid-19 tests for aircrew, saying they are a key reason to avoid flying to the city.
/jlne.ws/3wvLWoU
Hong Kong's Completely Avoidable Covid Catastrophe; The city kept the pandemic at bay for two years. Why didn't it take measures that would help in an inevitable outbreak—like an all-out campaign to vaccinate the elderly?
Iain Marlow and Shirley Zhao - Bloomberg
e evening in late February, an elderly man in a Hong Kong nursing home began struggling to breathe. He wasn't the only one who was ill. An unprecedented outbreak of Covid-19 was gathering pace, and roughly half of the facility's 100 residents had already tested positive for the virus. Less than a third were fully vaccinated; even fewer had received a booster dose. Isolating the infected was impossible. Like most dwellings in the city of 7.4 million, the nursing home was cramped. Instead of a private room, each resident's dedicated space was only big enough for a 2½-foot-wide bed, separated from neighbors by thin wooden dividers. As the man's condition worsened, staff called an emergency hotline for help. According to Cheng Ching-fat, the secretary-general of a union representing nursing-home workers, they waited more than 10 hours before an ambulance arrived to bring the man to a hospital. He died on the way, one of more than 4,000 Hong Kongers age 80 and older who've succumbed to the virus in the past few months.
/jlne.ws/3ICNAqY
How Singapore Stacks Up Against Financial Centers on Covid Rules
Shirley Zhao and Low De Wei - Bloomberg
Singapore announced Thursday significant easing in its Covid-19 curbs, with a plan to lift most restrictions for fully vaccinated visitors and a requirement to wear masks outdoors as part of its shift toward living with the virus.
/jlne.ws/3LbR8lX
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | SEC Releases Proposed Rule on Climate Disclosure Requirements for Public Companies
Elizabeth A. Cassady, Scott A. Sinder, Ashelen Vicuña - Steptoe
On March 21, the Securities and Exchange Commission (SEC) released its long-awaited proposed rule requiring public companies to disclose certain climate-related information in their registration statements and annual reports. While the Rule acknowledged that many companies already provide some of this information due to increasing investor demands, the SEC expressed concern that such disclosures are not adequate and greater consistency, comparability, and reliability is needed.
/jlne.ws/3L9O0qx
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | State Street's SSGA set to lose $14 bln Hong Kong ETF mandate -sources
Selena Li - Reuters
Hong Kong Monetary Authority (HKMA) has decided to replace State Street Corp (STT.N) unit State Street Global Advisors (SSGA) as manager of the HK$111 billion ($14.2 billion) Tracker Fund of Hong Kong (2800.HK) (TraHK), two sources told Reuters.
/jlne.ws/3ulXtV1
Fidelity Launches Business Mimicking Hedge-Fund Strategies; Money-manager wants to expand alternative investment offerings; Liquid alternatives sector added $8.2 billion through February
Miles Weiss - Bloomberg
Fidelity Investments is jumping into liquid alternatives, products that offer regular investors access to hedge-fund like strategies and are raking in billions of dollars amid rising interest rates and increased market volatility.
/jlne.ws/36j3XfC
BUX Acquires Cyprus License, Hires Jean-Raphael Nahas as MD; Nahas will oversee BUX's CFDs business in Europe; The company has migrated EU CFDs clients to the new entity.
Arnab Shome - Finance Magnates
BUX, a Dutch online broker, announced on Wednesday the completion of its acquisition of a Cyprus Investment Firm (CIF), thus gaining a regulatory green light to offer financial services from Cyprus.
/jlne.ws/3urlp9G
Goldman Sachs pays London bankers an average of $828k after bumper year; The US bank hiked payouts for its bankers in Europe by 21% as dealmaking surged
Paul Clarke - Financial News
Goldman Sachs paid its London-based staff an average of more than $828,000 last year as Wall Street banks hiked bonuses for employees after a bumper year for dealmakers. The US bank paid $3.2bn in compensation costs for its 3,844 employees at Goldman Sachs International last year, according to its newly-released annual report. Average payments of $828,564 were up from $686,512 in 2020, an increase of 21% on the previous year.
/jlne.ws/3LenqMW
Bank of New York Mellon Hit by Record Irish Fine for Lapses; Regulator reprimands firm for breaches over fund outsourcing; Company provided 'inaccurate' information to central bank
Peter Flanagan - Bloomberg
Ireland's central bank hit a unit of Bank of New York Mellon Corp. with a record fine and a reprimand for breaking rules on outsourcing fund administration services as well as giving "inaccurate and incomplete information" to the regulator.
/jlne.ws/3Nhng9y
ECB to tighten banks' access to cheap funding; Phaseout of relaxed collateral requirements shows confidence eurozone can manage economic fallout from Ukraine war
Martin Arnold - FT
The European Central Bank will end most of the more relaxed bank funding rules it introduced in response to the coronavirus pandemic, further reducing its economic and financial support despite fears the war in Ukraine will cause significant disruption.
/jlne.ws/37ZAjfN
Chinese ADR delisting threat looms over ETFs; More than 95% of one Invesco ETF is in Chinese ADRs and an iShares ETF is the largest holder of five facing delisting
Sandra Heistruvers - FT
Exchange traded funds run by global asset managers including BlackRock and Invesco have large exposures to the threat that American depository receipts holdings will be delisted if the Chinese companies fail to meet US auditing requirements.
/jlne.ws/3Ld87o0
BNP Paribas Asset Management appoints head of global equities from Capital Group; Incoming equities head brings over two decades worth of experience to BNPP AM, having served at Capital Group, Columbia Threadneedle and JP Morgan.
Wesley Bray - The Trade
BNP Paribas Asset Management (BNPP AM) has appointed Nadia Grant as its head of global equities, effective 4 April. As part of her role, Grant will lead BNPP AM's global equity team based in London and Paris.
/jlne.ws/3tDeuLu
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Malaysia Rules Out Adopting Cryptocurrency as Legal Tender; Cryptocurrency Exchanges as Bitcoin Drops Below $40,000; Photographer: Angel Garcia/Bloomberg
Yantoultra Ngui - Bloomberg
Malaysia has no intention of recognizing cryptocurrencies as legal tender, Deputy Finance Minister I Mohd Shahar Abdullah said in parliament on Thursday. "Cryptocurrencies like Bitcoin are not suitable for use as a payment instrument due to various limitations," which include price swings and exposure to cyber threats, he said.
/jlne.ws/3qzugF3
Oman to Use Oil Windfall to Cut Public Debt, Boost Spending
Dana Khraiche and Abeer Abu Omar - Bloomberg
Oman plans to use the windfall from surging oil prices to trim its public debt and boost spending on developmental projects, according to the Gulf nation's ruler. "We will seek to exploit the high oil revenues as much as possible to get rid of the state's public debt," Sultan Haitham bin Tariq said, according to state-run Oman News Agency. "What is left will be spent on development projects."
/jlne.ws/3Nmujhs
China Is Quietly Taking Cheap Russian Crude as India Buys More; Chinese teapots, state refiners purchase ESPO, Urals: traders; Indian Oil Corp. buys additional Urals, takes Far East Sokol
Bloomberg News
China's oil refiners are discreetly purchasing cheap Russian crude as the nation's supply continues to seep into the market. Unlike India's state-run oil refiners, which have issued a number of tenders seeking to buy Russia's flagship Urals crude among other grades, traders say China's state processors are negotiating privately under the radar with sellers. The nation's independent refiners are also quietly buying, according to traders who asked not to be identified as the information is confidential.
/jlne.ws/3wwM47F
Russia to switch gas invoicing to roubles for European buyers; Putin to implement measures 'in shortest possible time' in apparent effort to boost national currency
Nastassia Astrasheuskaya and Harry Dempsey - FT
Russia will begin to invoice European gas buyers in roubles, President Vladimir Putin said on Wednesday, in a move that lifted natural gas prices and boosted the Russian currency.
/jlne.ws/3qwSoYQ
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| Miscellaneous | | Stories that don't quite fit under the other sections | Coffee Farmers Face 'Mega Emergency' as Fertilizer Costs Soar
Yields at risk as growers consider nutrient-saving measures.
Marvin G Perez - Bloomberg
In Nicaragua, coffee farmers are slashing fertilizer purchases just to make ends meet. In Guatemala, growers are diluting nutrients to stretch scarce supplies. And in Costa Rica, producers are betting that their soil holds enough lingering nutrients to carry them through the next planting season.
/bloom.bg/3L6uQ50
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