| April 07, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
America's favorite silver-haired former central banker, now Secretary of the Treasury, Janet Yellen, is going to weigh in today with a speech on digital assets where she will make the case for a consistent and comprehensive policy framework that promotes responsible innovation of digital assets. She also wants the policy to appropriately assess and mitigate any risks they may pose, which is to say having the fire department ready at the SEC or CFTC or whoever is regulating them.
The speech happens today at 10:30 AM at the American University's Kogod School of Business Center for Innovation in Washington, DC. There is a MarketWatch story below in leads foreshadowing her speech. Regulatory uncertainty is the biggest thing holding back adoption of cryptocurrencies, according to a Bitcoin 2022 conference in Miami Beach, Fla.
The headline of this story should be "UK Blowhard Pins Hopes on Offshore Wind" instead of "Boris Johnson pins hopes on offshore wind and nuclear in UK energy strategy," but alas, the Financial Times is not the NY Post.
The city that brought us the television show Miami Vice is now bringing us a crypto coin named "MiamiCoin." MiamiCoin has only fallen by half since last summer, which now makes it MiamiCoin slice.
Thank you to Trading Technologies for matching the latest gift to the JLN MarketsWiki Education GoFundMe campaign from Deborah Gallizo. TT continues to match gifts to the campaign and we are just about $4,000 short of donations for them to reach their $20,000 commitment. If you would like to help TT get to their match, now is your chance to give to the GoFundMe campaign.
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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In-person events are coming back. The Security Traders Association of Chicago (STAC) is holding its 96th Annual Mid-Winter Meeting in person on April 20-21 at the Hilton Chicago. For details and to register, go here.~SR
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Eventus CEO Travis Schwab on Regulation, Transformation and Crypto at Boca 2022
JohnLothianNews.com
Eventus CEO Travis Schwab on Regulation, Transformation and Crypto at Boca 2022 John Lothian News Eventus Systems' CEO Travis Schwab has been coming to the FIA conference in Boca Raton for 20 years and said it was great to be back to seeing clients in person again this year. Schwab spoke with John Lothian News at the conference about Eventus' marketing, regulatory and volatility challenges, and the burgeoning crypto field. https://jlne.ws/3jhdxCi
Watch the video »
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JPMorgan's CEO calls for an increased minimum wage, saying people who work 'starter jobs' like cashiers, cooks, or bank tellers don't get the 'dignity' they deserve
Ben Gilbert - Business Insider
JPMorgan CEO Jamie Dimon called for a minimum wage increase in the United States on Monday. "We should immediately increase the minimum wage and the EITC [earned income tax credit]," he said in an annual letter to shareholders, "to both entice more people into the workforce and to get more income into the hands of the lower paid."
/jlne.ws/3KvYwc5
***** Everyone deserves dignity. Commerce, civility and dignity are what makes the world work. It should work for everyone.~JJL
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The Biggest Crypto Effort to End Useless Carbon Offsets Is Backfiring; A campaign to rid the world of cheap, low-quality carbon credits that don't actually help the environment ended up generating more of them
Akshat Rathi and Natasha White - Bloomberg
Users of a little-known crypto platform called Toucan now account for purchases of more than a quarter of all carbon credits by the world's largest verifier of offsets. This newest crossover between crypto and the climate is having unexpected consequences that appear to be backfiring. Crypto enthusiasts aren't usually among the top buyers of carbon offsets. Airlines, banks, oil companies and other corporate polluters load up on offsets as a way to compensate for creating emissions. A project funded through offsets could, for example, support the building of a renewable energy plant on the logic that the carbon dioxide avoided by burning of extra coal will help cancel out a company's climate harm.
/jlne.ws/3JeLmhX
****** This is an excellent use of the word "backfiring" in this headline.
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Superyachts, Seaside Apartments and Suitcases Full of Cash: Russians Pour Money Into Turkey; Western sanctions and capital controls imposed by Moscow have sent Russians looking for havens for their cash and assets
Jared Malsin and Elvan Kivilcim - WSJ
Turkey is fast becoming a haven for Russian money, from oligarchs parking their superyachts on the country's shores to young dissidents and tech workers flying from Moscow with cash in suitcases. The influx of Russian money highlights how Turkey has opposed the invasion of Ukraine while acting as an intermediary between the two countries. The strategic U.S. ally and NATO member state has condemned the invasion and sold weapons to Ukraine while choosing not to impose sanctions on Russia, a decision that also shields Turkey's economy from the worst of the fallout from the war. Turkish leaders have also acted as mediators in the crisis.
/jlne.ws/35NILxN
****** This is where having the right kind of suitcase is important. Don't use those fabric ones, but rather the aluminum ones that are stiff and can support the cold, hard cash. Also, these cases may float better. ~JJL
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Napa Valley Has a Problem: It's Running Out of Prime Room for Grapes; A battle over plans for a large hillside vineyard has split the wine capital; fighting 'vineyard sprawl'
Jim Carlton - WSJ
Craig and Kathryn Hall are trying to convince Napa Valley there is enough, prime, arable land for new vineyards—it is just further up the hillside. After a yearslong battle, authorities are scheduled to decide if they will grant them permission to plant after an April 19 hearing. A ruling in favor of the Halls could pave the way for others to press up the hillsides.
/jlne.ws/3jgbJcY
***** If you are looking for a good movie about wines, check out an early Chris Pine movie titled "Bottle Shock" from 2008. It was his role before he became Captain James Tiberius Kirk in Star Trek. It also stars the late Alan Rickman and Bill Pullman in a story about California wines versus French wines in 1976.
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Wednesday's Top Three
Our most-clicked story Wednesday was the video The Incredible Logistics Behind Corn Farming, from the YouTube channel "Wendover Productions."
Second was SEC Chairman Raises Multiple Concerns Regarding Crypto Trading Platforms, Token Issuers and Stablecoins During Speech at U Penn Law School, by Gary DeWaal at Katten. Third was Tale of Chinese spying the latest front in Pritzker-Griffin feud, from Crain's Chicago Business.
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MarketsWiki Stats
26,799 pages; 237,998 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 | Facebook owner Meta targets finance with 'Zuck Bucks' and creator coins; Social media group seeks alternative revenue streams as popularity of its main products falls
Hannah Murphy - FT
Meta has drawn up plans to introduce virtual coins, tokens and lending services to its apps, as Facebook's parent company pursues its finance ambitions despite the collapse of a project to launch a cryptocurrency. The company, led by chief executive Mark Zuckerberg, is seeking alternative revenue streams and new features that can attract and retain users, as popularity falls for its main social networking products such as Facebook and Instagram — a trend that threatens its $118bn-a-year ad-based business model.
/jlne.ws/3jaVgqt
Financial warfare: will there be a backlash against the dollar? The sanctions freezing Russia's foreign currency reserves have created an incentive for countries to bypass the US currency
Robin Wigglesworth and Polina Ivanova and Colby Smith - FT
Two weeks after Russian tanks rolled into Ukraine, South African president Cyril Ramaphosa held a phone call with Russia's Vladimir Putin. On the same day, European leaders meeting in Versailles warned democracy itself was at stake. Yet Ramaphosa struck a very different tone. "Thanking His Excellency President Vladimir Putin for taking my call today, so I could gain an understanding of the situation that was unfolding between Russia and Ukraine," he wrote on Twitter. Ramaphosa, who has blamed Nato expansion for the war, said Putin "appreciated our balanced approach".
/jlne.ws/3jcvxxJ
UK financial regulator to boost enforcement operations against 'problem firms'; FCA also plans to draft rules to cover crypto assets, including stablecoins
Eva Szalay and Siddharth Venkataramakrishnan - FT
The UK's financial regulator plans to beef up enforcement operations, in a broad crackdown on what it calls "problem firms" across financial services. The Financial Conduct Authority said on Thursday it will add 80 staff to pursue businesses that do not meet basic regulatory standards in all sectors, as it laid out its strategy for the next three years. It will also draft new rules to cover crypto assets including stablecoins, which are backed with traditional assets.
/jlne.ws/37tzoE9
MiamiCoin Gets Off to a Rocky Start; City has earned $5.25 million from launch of nonprofit-run municipal crypto, but investors see poor early returns
Heather Gillers - WSJ
Miami is the first U.S. city to earn revenue from a city-branded cryptocurrency project, getting about $5.25 million from the launch of "MiamiCoin." Buyers of the digital token have had a rockier experience: MiamiCoin's value has fallen by half since it made its debut last summer.
/jlne.ws/3KmoXk3
Regulatory Uncertainty Is a Barrier for Wider Bitcoin Adoption; Panelists at the Bitcoin 2022 conference expressed optimism that policy makers and regulators were striving to understand crypto technology and would support innovation in the industry
Mengqi Sun - WSJ
Uncertainty about how cryptocurrency regulation will roll out in the future, particularly in the U.S., remains a significant barrier for wider adoption of digital assets such as bitcoin, said panelists Wednesday at one of the largest bitcoin conferences of the year. But speakers at the Bitcoin 2022 conference in Miami Beach, Fla., were optimistic that more policy makers and regulators were seeking to better understand the technology and to support innovation in the sector.
/jlne.ws/3xbonlB
Why Russia Doesn't Want to Default—Even in a Time of War; The last time Russia defaulted on its debt, in 1998, it took several years of painful economic reforms to get back in the good graces of international investors
Anna Hirtenstein, Caitlin Ostroff - WSJ
Behind the fight over whether Russia should be allowed to pay off its debts is an age-old issue: Borrowers, even in times of war, want to keep their reputations for making investors whole. The U.S. Treasury Department this week blocked Russia from paying off a bond it had due on Monday by denying a sanctions waiver to JPMorgan Chase & Co. to process the transfer. The Treasury said U.S. banks would no longer be allowed to facilitate payments, but implied Russia could find other means, possibly using non-U.S. banks.
/jlne.ws/36V5jgR
Russia, U.S. Face-Off Boosts Default Risk; Prices of derivatives tied to the creditworthiness of the Kremlin are showing a high probability of a Russian default
Alexander Saeedy and Matt Wirz - WSJ
The derivatives market is flashing signals that the tit-for-tat between the U.S. Treasury and the Kremlin is increasing the likelihood of a Russian government default after Russia's Ministry of Finance announced Wednesday it will restrict the ability of some foreign investors to convert their payments into dollars. The cost of buying a five-year derivatives contract for protection against a Russian government default, also called a credit-default swap, jumped on Wednesday to around 75% of the total value of the debt insured, according to data from ICE Data Services
/jlne.ws/37tDEDD
Yellen warns crypto invites risks that could 'disrupt the financial system and our economy' in first major speech on digital assets
Chris Matthews - MarketWatch
Secretary of the Treasury Janet Yellen is scheduled to deliver her first major address on the potential risks and benefits of the growing crypto economy Thursday at 10 a.m. Eastern time, and she is set to argue that financial regulators should take seriously the risks posed to consumers and the broader economy by digital assets. "Digital assets may be new, but many of the issues they present are not," Yellen will tell an audience at American University's Kogod School of Business Center for Innovation, according to prepared remarks. "We have enjoyed the benefits of innovation in the past, and we have also confronted some of the unintended consequences."
/jlne.ws/3DWglOP
SEC Curbs on Fading SPAC Boom Have Wall Street Rethinking Role
Crystal Tse - Bloomberg
Even before U.S. regulators announced a crackdown on blank-check companies, the market for the once-hot acquisition vehicles was slowing down. Now, with some Wall Street banks hitting pause on underwriting those listings while they digest the potential rule changes, it could come to almost a complete standstill.
/jlne.ws/3uckDym
A New SEC Definition for 'Exchanges' Has Big Implications for Crypto
Bill Hughes - Coindesk
The U.S. Securities and Exchange Commission issued a proposal to, among other things, require "communication protocol systems" (or CPSs) to register with the agency and thereafter satisfy its many recordkeeping, transaction-monitoring and reporting obligations. These CPSs would be defined as systems or platforms that "make available" the means for buyers and sellers of securities to "interact."
/jlne.ws/3x5Qgvr
Navigating tricky waters: analysing the future of the UK-EU clearing relationship; Executives from LCH, SIX, EuroCCP and Eurex populated a panel at the PostTrade 360 event in Stockholm last week to discuss the current state of affairs in the UK and European clearing markets.
Chris Lemmon - The Trade
The backdrop of the conversation centred around the European Commission's declaration to extend equivalence for UK central counterparties (CCPs) by three years to 30 June 2025. After that, there will be no access to the European Union for Britain's derivatives clearing houses - a decision which has caused backlash from industry players - including Bank of England Governor Andrew Bailey, who said at the time that the proposal seeks to "fragment the international system" and cannot be justified.
/jlne.ws/3ugaCAi
Tradeweb launches US municipal bond artificial intelligence market pricing service; New service will use machine learning and proprietary data science to provide pricing on approximately 880,000 bonds.
Wesley Bray - The Trade
Electronic trading platform Tradeweb Markets has launched a new artificial intelligence driven market pricing service that calculates daily prices for municipal bonds using machine learning and proprietary data science. Named Tradeweb Ai-Price, the service will initially provide end-of-day prices for around 880,000 securities and custom portfolios, sourced from data published by the Municipal Securities Rulemaking Board (MSRB) and through trading activity on Tradeweb's platform. Tradeweb plans to expand the service to calculate intraday price updates later.
/jlne.ws/3LQ62ym
TP ICAP allows dealers to trade directly alongside buy-side on new issue bonds book; Expansion builds on TP ICAP's plans to bulk out its primary offering and electronify the full lifecycle of a bond.
Annabel Smith - The Trade
Interdealer broker TP ICAP has expanded its New Issue Trading (NIT) protocol to allow dealers to trade bonds directly alongside the buy-side as part of its continued primary expansion. Originally launched by Liquidnet - now TP ICAP - in September last year, the NIT solution was the first new issue trading protocol in Europe. Dealers will now be able to access the book via TP ICAP's electronic portal, Fusion.
/jlne.ws/3uiOgOu
Cowen Execution Services integrates big xyt data to drive European equities trading growth; Integration will offer additional market structure visibility and provide clients with access to liquidity opportunities, Cowen said.
Wesley Bray - The Trade
Cowen Execution Services Limited (CESL) has selected big xyt to strengthen its European equities trading platform and offer clients additional liquidity opportunities.
/jlne.ws/3DQ8F0n
FCA Outlines Three-Year Strategy for U.K. Finance Regulation; British watchdog makes 13 commitments to improve performance; Regulator has faced criticism for not protecting consumers
Tom Metcalf - Bloomberg
The Financial Conduct Authority set out a three-year strategy Thursday that will see it move faster to protect consumers from financial harm and create targets to oversee the U.K.'s financial markets more assertively and efficiently. The plan sets out 13 commitments over three areas: to reduce and prevent serious harm to consumers, set higher standards and promote more competition in the industry. For the first time, the watchdog will publish measures that it can be judged against.
/jlne.ws/3DNAmXP
Crypto Bailouts Risk Becoming Cost of Doing Business for VCs; Sky Mavis, Wormhole saw losses met by investors after hacks; 'These are realities,' says exec at Wormhole backer Jump
Emily Nicolle - Bloomberg
Hacks and scams have long been part of the fabric of doing business in crypto. Is it time for the sector's venture capitalist backers to start assuming they should expect to cover the losses? High-profile attacks on the crypto "bridges" that support key activities, like transferring tokens from one blockchain to another or playing the popular game Axie Infinity, have siphoned off more than $1 billion to date. When customers need repaying, recent incidents have shown those platforms' operators are turning to their wealthy investors for aid — a trend that perhaps signals a new chapter in tech dealmaking.
/jlne.ws/3jleHg1
Can the Fed shrink its $9tn balance sheet without causing market mayhem? US officials plan to reduce holdings amassed during the pandemic by up to $95bn a month
Colby Smith and Kate Duguid - FT
After months of debate, the US Federal Reserve has a plan to shrink its $9tn balance sheet as it tries to tighten monetary policy and tackle the highest inflation in decades. Details of the plan were contained in minutes from the latest policy meeting in March, when the Federal Open Market Committee implemented the first interest rate increase since 2018 and signalled its intention to continue raising it to a "neutral" level that neither fuels nor slows growth.
/jlne.ws/3uiGvbk
Boris Johnson pins hopes on offshore wind and nuclear in UK energy strategy; Opposition Labour party and experts say proposals do little to alleviate pressure on households from soaring bills
Nathalie Thomas and Sebastian Payne - FT
Boris Johnson has said Britain hopes to regain its "pre-eminence" in nuclear power as part of the government's long-awaited energy security strategy, which aims to produce 95 per cent of power from low carbon sources by 2030. In the foreword to the strategy, which has been the subject of significant wrangling within Whitehall, the prime minister said the government would also focus on the UK's "inexhaustible resources" of wind to reduce fossil fuel consumption.
/jlne.ws/3NNNOj7
Scale of Covid loan fraud leaves UK struggling to reclaim billions lost; While prosecutors focus on organised criminals, many of the fraudsters are minnows who vastly inflated their revenue
Daniel Thomas and Stephen Morris - FT
Earlier this year Britain's Insolvency Service banned a businessman from becoming a company director after he overstated the income of a car recovery business in order to receive a £50,000 loan from the government's Covid "bounce back" loan programme. He spent half the loan on a truck and the remainder on class A drugs.
/jlne.ws/3KmucQR
Banks push Brussels for clarity to avoid 'over-compliance' with sanctions on Russia; Europe's biggest lenders are wary of 'misalignment' with equivalent measures imposed by the US and UK
Martin Arnold and Sam Fleming - FT
European banks are stepping up their complaints to Brussels about a lack of clarity on how to implement EU sanctions on Russia and a "misalignment" with equivalent measures imposed by the US and UK.
/jlne.ws/375fzD3
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Hungary says its ready to pay for gas in roubles
Reuters
Hungary broke ranks with the European Union Wednesday (April 6) and said it was prepared to pay in roubles for Russian gas. The EU has tried to form a united front against Moscow's demand for what it called 'unfriendly countries' to pay for natural gas in Russia's currency.
/jlne.ws/3ujRFwG
EU Sanctions Hit Snags on Coal Ban Phase-In, Exemptions; Poland pushes back against growing list of exceptions; Bloc's diplomats aim to reach agreement on sanctions Thursday
Alberto Nardelli and Ewa Krukowska - Bloomberg
European Union countries are hitting some hurdles as they seek to agree on a fifth round of sanctions on Russia, with several countries saying the package is being watered down too much, according to people familiar with the matter.
/jlne.ws/371Yie6
Ruble Nears Two-Month High, Sparks Doubt Over 'Synthetic' Rally; Gains have no credence, says Toronto Dominion's Maggio; Average volumes in ruble plunge to lowest in a decade
Srinivasan Sivabalan and Netty Idayu Ismail - Bloomberg
The ruble rallied for a third day to approach the highest in more than two months, evoking skepticism from currency strategists who say the market is broken because of capital controls, forced dollar sales and ultra-thin volumes. Russia's currency jumped as much as 7.3% on Thursday, sealing its rebound from a collapse that followed the nation's invasion of Ukraine and sanctions that isolated it from the global financial system. A key driver of the latest gains is the continued demand for Russia's oil and gas in Europe and elsewhere, handing the country almost $1 billion a day in revenue.
/jlne.ws/3DMsaXS
Only One Thing Will Help Ukraine Now. Weapons; Democracies have shown unity and support for Kyiv, but it could count for nothing if they hold back over the next few weeks.
Therese Raphael - Bloomberg
The first stage of the war in Ukraine didn't go according to Vladimir Putin's plan, but it is the next four weeks that could determine how the map of Europe is changed as a result of his invasion. The incremental sanctions tightening we've seen in recent days will make little difference to that battle. It will also require a major increase in the supply of weapons and changes to the kinds of weapons supplied by Ukraine's allies in Britain, the U.S. and other countries.
/jlne.ws/3r9qyCm
Remembering Russia's Toxic Court Jester; Flamboyant, cynical and corrupt, the ultranationalist legislator Vladimir Zhironovsky made possible the country's sham democracy and indelibly shaped its public voice.
Leonid Bershidsky - Bloomberg
In an old Soviet joke, a man buys Pravda from a newsstand every day, glances at the front page, throws the paper away in disgust. "What are you looking for?" the seller finally asks, his curiosity piqued. "I'm just checking if an obit is there," the man replies. "But obits never run on the front page," the seller points out. "Oh, trust me, this one will," the man counters.
/jlne.ws/3DPKtv5
A Key Russian Oil Grade Sells Out as Asia Snaps Up Barrels; Traders say May cargoes going to China, India, Japan, Korea; Biden administration warned India about Russia relationship
Serene Cheong and Sharon Cho - Bloomberg
Cargoes of Russian Sokol crude from the Far East have sold out for next month in a sign that shipments from the nation continue to find buyers despite Moscow facing more sanctions for its war in Ukraine. May-loading cargoes from the Sakhalin-I project will be delivered to buyers in Japan, South Korea, China and India on a spot or term basis, said traders who asked not to be named because the information is private. Sokol yields a lot of diesel, and it can be shipped to nations in north Asia within a week.
/jlne.ws/3jeGGyg
EU Urges Bulgaria to Unblock Enlargement Amid Ukraine War
Slav Okov - Bloomberg
The European Union urged Bulgaria to resolve a bilateral conflict with its neighbor, a move that would unlock enlargement talks as the bloc seeks to establish unity in the face of Russia's war against Ukraine. North Macedonia, a former Yugoslav republic of 1.8 million people, changed its name to join NATO and begin accession talks with the 27-nation bloc. While it has been able to join the military alliance, Bulgaria has blocked the beginning of EU membership negotiations due to a dispute over claims including history and language.
/jlne.ws/37qa4P3
German Economy Minister Says He's Open to Russian Coal Ban
Iain Rogers - Bloomberg
Economy Minister Robert Habeck said Germany has already cut its reliance on Russian coal by at least half in the past month and won't stand in the way of a European Union ban on imports of the fuel from the country.
/jlne.ws/3JpClD2
WHO Is Preparing for Possible Chemical Attacks in Ukraine War; UN agency says it considers all scenarios, makes contingencies; WHO has been in contact with IAEA about nuclear risk
Andy Hoffman - Bloomberg
The World Health Organization is preparing for potential chemical attacks or accidents in the war in Ukraine, according to the agency's European head. "WHO is considering all scenarios and making contingencies for different situations that could afflict the people of Ukraine, from the continued treatment of mass casualties, to chemical assaults," Hans Kluge, Europe Director General for the WHO said at a media briefing in Lviv.
/jlne.ws/3jcO1hs
'There is nothing else out there': why Europe is hooked on Russian gas; Region faces 'impossible' task replacing supplies on which it has depended for decades
Tom Wilson - FT
As outrage over the war in Ukraine grows, European leaders are under mounting pressure to expand sanctions against Russia and end the EU's decades-long dependence on the country's oil and gas once and for all. But an analysis of the top 10 global producers shows just how difficult it would be to remove Russian gas from the European energy mix without imposing stringent curbs on industrial consumption that could crush economic growth.
/jlne.ws/3DQF1s3
Ukraine pleads for more military aid: Kyiv begs Nato for 'weapons, weapons and weapons' as foreign ministers from western military alliance meet
John Reed and Henry Foy - FT
Ukrainian president Volodymyr Zelensky has pleaded with the international community to provide more military supplies and to impose tighter sanctions on Russia as his foreign minister said he had one demand of Nato: "Weapons, weapons and weapons." The pleas from Kyiv come as Ukraine's military warned that invading Russian troops were regrouping and preparing an offensive in the eastern Donbas region, aimed at seizing territory in the two administrative regions that separatists have partially occupied since a Moscow-backed uprising in 2014.
/jlne.ws/3Koshva
'There is no safe place in Ukraine': Russian retreat gives little sense of relief in Kyiv; Life is trickling back into the capital, overshadowed by atrocities and devastation in its suburbs
Andres Schipani and Roman Olearchyk - FT
Two weeks ago the new Retroville shopping centre in north-western Kyiv was hit by Russian shelling, killing eight people. Now, a backhoe digger is clearing a mountain of debris in one section of the mall and Vladyslav Apostolov, co-founder of coffee chain Coffeelat, is trying to get back to business. "I am working on reopening the café here," he said in the parking lot.
/jlne.ws/3ujYIW9
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ASX Group Monthly Activity Report - March 2022 Listings and Capital Raisings
ASX Group
In March 2022, total capital raised was $10.2 billion, up 38% on the previous corresponding period (pcp)
/bit.ly/3sGw54D
CME Group Achieves Quarterly International Average Daily Volume of 7.3 Million Contracts in Q1 2022
CME Group
CME Group, the world's leading derivatives marketplace, today announced that it achieved quarterly international average daily volume (ADV) of 7.3 million contracts in Q1 2022, up 18% year on year. Reflecting all trading reported from outside the United States, this volume was driven largely by growth in Equity Index products, up 31%, and Interest Rate products, up 19%.
/bit.ly/3v4WF7z
CME Group to Launch Monday and Wednesday Gold, Silver and Copper Weekly Options on May 2
CME Group
CME Group, the world's leading derivatives marketplace, today announced that it will launch Monday and Wednesday Gold, Silver and Copper Weekly options on May 2, pending regulatory review. These new options contracts will complement the company's existing Friday Weekly, End-of-Month and Quarterly options on Gold, Silver and Copper futures. "Fed policy and economic uncertainty are key focuses for our clients across the globe, which also have implications for metals markets," said Jin Chang, Managing Director and Global Head of Metals at CME Group. "We continue to see strong demand for our short-term options, which provide clients with more flexibility to manage short-term price risk. The introduction of Monday and Wednesday Weekly options on Gold, Silver and Copper futures will provide enhanced hedging capabilities around market moving events, including weekend headlines and FOMC meetings."
/jlne.ws/3r6xBvG
Special Executive Report: Initial Listing of Monday and Wednesday Weekly Option Contracts on Gold, Silver and Copper Futures and Clarification Amendments to the Existing Gold Weekly Option, Silver Weekly Option and Copper Weekly Option Contract Titles
CME Group
Effective Sunday, May 1, 2022, for trade date Monday, May 2, 2022, and pending all relevant CFTC regulatory review periods, Commodity Exchange, Inc. ("COMEX" or "Exchange") will list Monday and Wednesday Weekly Gold, Silver and Copper option contracts (the "Contracts") for trading on the CME Globex electronic platform ("CME Globex") and for submission for clearing via CME ClearPort, as more specifically described below. The Exchange currently lists Gold Weekly Option, Silver Weekly Option and Copper Weekly Option contracts with a Friday expiry and is expanding the offering by listing Monday and Wednesday expiries
/bit.ly/3DOkap4
Position Limit and Large Trader Reporting Requirements in Connection with the Initial Listing of the Russell 2000 Annual Dividend Index Futures and Nasdaq-100 Annual Dividend Index Futures Contracts
CME Group
In connection with the listing of the Chicago Mercantile Exchange Inc. ("CME") Russell 2000 Annual Dividend Index Futures and the Nasdaq-100 Annual Dividend Index Futures Contracts (the "contracts") on trade date Monday, April 11, 2022 (see SER-8960 published March 18, 2022), please note below and in Appendix C of CME Submission No. 22-081 the corresponding position limits (Rule 559), aggregation allocations (Rule 559.D) and reportable levels (Rule 561) for the contracts.
/bit.ly/3JhfZ6v
New Product: Initial Listing of Monday and Wednesday Weekly Option Contracts on Gold, Silver and Copper Futures and Clarification Amendments to the Existing Gold Weekly Option, Silver Weekly Option and Copper Weekly Option Contract Titles - Effective May 02, 2022
CME Group
Initial Listing of Monday and Wednesday Weekly Option Contracts on Gold, Silver and Copper Futures and Clarification Amendments to the Existing Gold Weekly Option, Silver Weekly Option and Copper Weekly Option Contract Titles.
/bit.ly/35OYvRb
Product Modification Summary for Clearing Firms, Bookkeeping Software Providers, ISVs
CME Group
Effective Sunday, May 1, 2022 for trade date Monday, May 2, 2022, and pending all relevant CFTC regulatory review periods, please be advised that the Commodity Exchange, Inc. (COMEX or EXCHANGE) will amend the product names for the below listed products.
/bit.ly/3JbS2xq
ICE Offers ESG Data on Over 1.5 Million Mortgage-Backed Securities
Expands fixed income ESG coverage to 3+ million instruments
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced that it launched Environmental, Social and Governance (ESG) data coverage on more than 1.5 million mortgage-backed securities, increasing its total fixed income coverage to over 3 million instruments. ICE's mortgage-backed securities data set accounts for approximately 95% of all outstanding securitized real estate loan volume in the U.S.
/bit.ly/36Znyl2
EEX Group News, Monthly Volume Report
EEX group
EEX Group reports their March volumes with the following highlights: Power
The Intraday market has been the main growth driver on the European Power Spot market
contributing 10.7 TWh to the total volume of 52.0 TWh during the last month.
/bit.ly/3jwq4SN
Fixed-Income Futures: Suspension of intra-day non-disclosure limits
Eurex
The Management Board of Eurex Deutschland decided, with effect from 8 April 2022, to suspend the intra-day non-disclosure limits for transactions in Fixed-Income Futures entered via the T7 Entry Services (TES) or Eurex EnLight until further notice.
/bit.ly/37p5lgG
The Ukrainian crisis tempers the dividend rebound
Eurex
"Current dividend levels are likely reflective of continuing uncertainty in banks' ability to grow revenue and specific sector impacts where supply chain issues continue." - Stuart Heath, Eurex
A recent post on Qontigo's blog looked at the Russia-Ukraine conflict's lasting effects on dividend index futures. Traders now expect dividends in the EURO STOXX® Banks Index, which expire in December, to increase 19% relative to 2021. In contrast, pre-war expectations predicted a 29% boost.
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United Nations Sanctions (ISIL and Al-Qaida) Regulation United Nations (Anti-Terrorism Measures) Ordinance
HKEX
Participants are requested to note the following information published:
/bit.ly/3uibxA9
Widening of After-Hours Trading Session Price Limit for Currency Futures
HKEX
Hong Kong Futures Exchange Limited ("the Exchange" or "HKFE") is pleased to announce widening of the After-Hours Trading ("AHT") session price limit for the currency futures contracts ("the Contracts") to +/- 7%, effective from 20 June 2022 (T+1 session) 2 .
/bit.ly/3LMofwR
Introduction of New Large Open Position ("LOP") Reporting Procedures for Derivatives Holiday Trading
HKEX
As referenced in the Circular dated 11 March 2022 (Ref. No: MO/DT/057/22), the Hong Kong Futures Exchange Limited ("the Exchange" or "HKFE") will launch the Derivatives Holiday Trading on the Buddha's Birthday public holiday on 9 May 2022.
/bit.ly/3uibxA9
Amendments to the Rules, Regulations and Procedures of Hong Kong Futures Exchange Limited ("HKFE Rules") and the HKATS Trading Procedures (the "Procedures")
HKEX
Holders of Futures Exchange Trading Rights and Exchange Participants are requested to note that the Securities and Futures Commission has approved amendments to the HKFE Rules and the Procedures for the purpose of implementing the proposal set out in the Consultation Paper on Derivatives Holiday Trading issued in November 2021, under which non-HKD denominated futures and option contracts will be traded and cleared on Hong Kong public holidays. MSCI futures and option contracts will be the first batch of products which are eligible for Derivatives Holiday Trading.
/bit.ly/3LOa9uZ
Base price and daily price limits for newly listing ETF : NEXT FUNDS Solactive Japan ESG Core Index Exchange Traded Fund
JPX
The base price, etc. of NEXT FUNDS Solactive Japan ESG Core Index Exchange Traded Fund (Code: 2850), which is scheduled for initial listing on April 8, is as below.
/bit.ly/3DOtv0c
List of mutual funds available on the stock market from April 7
MOEX
Starting April 7, 2022, 44 mutual investment funds will be available on the stock market of the Moscow Exchange .
We would like to remind you of the rules for trading on the markets of the Moscow Exchange from April 5 to April 8, 2022 .
/bit.ly/36USPG1
The Finuslugi platform started calculating its own deposit rate index
MOEX
The personal finance platform of the Financial Services of the Moscow Exchange is starting to calculate the Deposit Rate Index.
The index allows you to monitor the dynamics of interest rates on bank deposits and compare conditions when choosing a deposit with the average market level and with rates on deposits available for opening online on the Finuslugi platform.
/bit.ly/3xamS73
Self-Certification Amendments to the Rules Of Bourse De Montreal Inc. to Introduce Futures Contracts on New Sector Indices
TMX
The Rules and Policies Committee of Bourse de Montréal Inc. (the "Bourse") and the Special Committee of the Regulatory Division of the Bourse approved amendments to the Rules of the Bourse in order to introduce new futures contracts on new total return sector indices. https://bit.ly/37k8M8p
SGX RegCo's Statement on Allied Technologies Limited's Special Audit Report
SGX
Singapore Exchange Regulation (SGX RegCo) refers to the Notices of Compliance (NOC) issued to Allied Technologies Limited (the Company or ATL) on 8 and 23 May 2019 and the Company's announcement dated 6 April 2022 on the special audit report prepared by the special auditor, PricewaterhouseCoopers Risk Services Pte Ltd (PwC). PwC reported the findings directly and solely to SGX RegCo.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | The Franciscan monk helping the Vatican take on — and tame — AI; Father Paolo Benanti has become one of the Pope's chief advisers on the potential harms of new tech
Madhumita Murgia - FT
On February 26, two days after war broke out in Europe for the first time in decades, Father Paolo Benanti walked briskly through the centre of Rome dressed in a hooded robe. He set off from his home overlooking the ancient Forum of Augustus, dodging city buses, cyclists and street musicians, crossed the millennia-old Ponte Sant'Angelo bridge, and finally made his way down the Road of the Conciliation, the arterial route through the Vatican. His destination was the Apostolic Palace — the Pope's official residence — where he had a rather important meeting to attend.
/jlne.ws/3ui2NtO
Data-Center Operator Cyxtera Exploring a Sale Among Strategic Options
Gillian Tan and Liana Baker - Bloomberg
Cyxtera Technologies Inc., the data-center operator that merged last year with blank-check firm Starboard Value Acquisition Corp., is exploring strategic options including a sale, according to people with knowledge of the matter.
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| Cybersecurity | | Top stories for cybersecurity | German Authorities Shut Down Russian Darknet Market, Seize $25M in Bitcoin; The Hydra Market's bitcoin privacy mixer complicated the investigation, police said.
Eliza Gkritsi - Coindesk
German authorities seized $25 million in bitcoin (BTC) as they shut down Hydra Market, saying they had closed one of the world's largest darknet markets. The cybercrime office of the Frankfurt prosecutor's office and federal criminal police confiscated 543 BTC as they "secured" the site's servers, according to a federal police statement on Tuesday.
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Cybersecurity company Tufin acquired by Turn/River Capital for $570 million
Meir Orbach - Ctech
Israeli cybersecurity company Tufin is being acquired by Turn/River Capital, a software-focused investment firm, in an all-cash transaction that values the company at approximately $570 million. Under the terms of the agreement, Tufin shareholders will receive $13 per share in cash, representing a premium of approximately 44% over Tufin's closing share price on the New York Stock Exchange on Tuesday. Tufin completed its IPO in 2019 and has seen its share price fluctuate ever since. It had a market cap of $324 million as of Tuesday.
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Why You Need A Cybersecurity Strategy Now
Mark Schwartz - Forbes
Even just a few years ago, many companies would have scoffed at the notion that they needed to have a cybersecurity strategy that outlined how they would recover should their data be compromised. It just wasn't something that most companies thought was a risk for them.
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White House reviewing agency zero trust cybersecurity plans
Justin Doubleday - Federal News Network
The White House has set a goal to modernize federal cyber defenses over the next several years using a "zero trust" approach, and agencies just delivered their initial plans to the Office of Management and Budget.
The plans describe how each agency proposes to adopt various zero trust approaches and capabilities by the end of fiscal year 2024, a goal set out by the White House's zero trust strategy released in January. The memo required agencies to submit the implementation plans by March 27.
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| Cryptocurrencies | | Top stories for cryptocurrencies | U.S. Arm of Crypto Exchange Binance Is Valued at $4.5 Billion. Watch for an IPO.
Jack Denton - Barron's
The U.S. arm of the world's largest cryptocurrency exchange, Binance, has been valued at $4.5 billion after completing a $200 million seed funding round. Binance.US's first external funding round included investment from venture capital group RRE Venture and asset manger VanEck, among others, the company said in a statement.
/jlne.ws/3DQbWNx
Binance.us Valued At $4.5 Billion In Seed Round; Raises Over $200 Million from Diverse Group of Investors
Binance.US
Binance.US ("Binance.US" or the "Company"), a leading United States-based digital asset exchange and marketplace, today announced it has raised over $200 million in its seed round at a pre-money valuation of $4.5 billion. The Company's first external funding included participation from a diverse group of investors, including RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures, among others. Mission driven firms focused on diversity, equity, and inclusion, such as Gaingels and Gold House, also joined the round.
/jlne.ws/3LOiBdx
Coinbase to More Than Triple India Headcount This Year, CEO Says; India to account for quarter of firm's key global hire plans; 'We are going to invest for the long term in India,' CEO said
Suvashree Ghosh and Sidhartha Shukla - Bloomberg
Coinbase Global Inc., the U.S. cryptocurrency exchange operator, plans to more than triple its number of employees in India this year to around 1,000, according to Chief Executive Officer Brian Armstrong. India will be Coinbase's technology hub to develop global products and half of the new hires will be engineers, added Pankaj Gupta, the company's India site head. The South Asian nation will account for a quarter of the total 2,000 people Coinbase plans to hire across product, engineering and design in 2022.
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Makers of Axie Infinity game raise $150mn after massive crypto hack; Sky Mavis says fresh funds will help compensate gamers hit by theft of more than $600mn
Tim Bradshaw - FT
Backers of Sky Mavis, the blockchain-gaming company that was hit by one of the biggest-ever crypto hacks last month, have extended it a $150mn lifeline, helping to reimburse Axie Infinity players for their stolen funds. Hackers stole more than $600mn worth of cryptocurrency from Sky Mavis' blockchain system, the Ronin Network, on March 23.
/jlne.ws/3DPmkoA
Crypto Startup Wyre Being Acquired by Payments Company Bolt for $1.5 Billion; Deal extends crypto's hot M&A market following record deal activity in 2021
Paul Vigna - WSJ
Bolt Financial Inc., a payments-focused financial technology company, is acquiring crypto-services startup Wyre Payments Inc., according to people familiar with the matter. The acquisition is valued at around $1.5 billion, according to the people. That would make it the largest merger in the crypto sector that didn't involve a blank-check company, or so-called SPAC, according to data from research firm Dealogic. In May 2021, Galaxy Digital Holdings Ltd. GLXY -1.61% agreed to acquire BitGo Inc. for $1.2 billion
/jlne.ws/3KmqoPt
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| Politics | | An overview of politics as it relates to the financial markets | Joe Manchin's Advice for Testifying Oil Execs: Fly Commercial to DC
Jennifer A. Dlouhy - Bloomberg
Senator Joe Manchin offered unsolicited advice to oil executives set for a grilling Wednesday on Capitol Hill: Have your "game on," be ready to respond to complaints about windfall profits amid the war in Ukraine -- and don't arrive in a corporate jet.
/jlne.ws/3NVQpHy
Biden's Battery Metals Boost Could Ease U.S. Dependence On China
Gabrielle Coppola - Bloomberg
President Joe Biden fired up mining companies, battery makers and environmentalists last week when he invoked Cold War powers to encourage domestic production of critical battery minerals for electric vehicles.
/jlne.ws/3ja0gvm
Pelosi Adviser Is Among Biden's Nominees for SEC Commissioner Slots
Tom Schoenberg - Bloomberg
President Joe Biden plans to nominate an aide to House Speaker Nancy Pelosi and a long-time Securities and Exchange Commission staffer to fill two top slots at the regulator, the White House said on Wednesday. Jaime Lizarraga, a senior adviser to Pelosi, would take over for departing Democratic Commissioner Allison Herren Lee. Mark Uyeda, who has spent a chunk of his career at the SEC and is currently on detail to the Senate Banking Committee, would fill an open Republican seat on the five-person commission.
/jlne.ws/3xbpUrZ
Le Pen Is Finally Getting Noticed by Markets; France's nationalist leader still looks like a longshot if she reaches a runoff against President Emmanuel Macron. But if her chances were overrated five years ago, the opposite could be true this time.
John Authers - Bloomberg
It's still very, very likely that Emmanuel Macron will win a second term as president of France. But as Sunday's first round of voting approaches, a distinct whiff of concern is blowing through markets. It isn't like the last election in 2017, when fears that the far-right Marine Le Pen would complete a black swan hat trick after the Brexit referendum and Donald Trump's election the year before grew overpowering. But it's become another risk to monitor in a world where there are already more than enough.
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Germany Must Wean Itself Off Russian Gas Sooner, Not Later; Industry is right to fear an energy embargo, but morality should outweigh the financial implications.
Chris Bryant - Bloomberg
Ukrainian civilians are slaughtered in the streets of Bucha while Germany still debates whether an embargo on Russian energy imports is too high a price to pay to stop Vladimir Putin. It's an untenable situation.
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| Regulation & Enforcement | | Stories about regulation and the law. | Stablecoins Get a Regulation Breakthrough. Why the Crypto Space Is Skeptical.
Jack Denton - Barron's
The U.K. government outlined plans on Monday to make the country a global hub for digital assets, including a move to regulate stablecoins. It marks a major push to bring crypto into the mainstream in London, one of the world's most important financial centers—but a number of people in the digital asset industry are skeptical given the U.K. regulators' history of being tough on the crypto space. One of the key announcements from the U.K. Treasury on Monday was that stablecoins would be brought within regulation as a recognized form of payment.
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McKinsey ex-partner gets 2 years prison for insider trading on Goldman purchase
Jonathan Stempel - Reuters
A former McKinsey & Co partner who helped advise Goldman Sachs Group Inc on its recent purchase of fintech lender GreenSky Inc was sentenced on Wednesday to two years in prison for insider trading on the takeover. The defendant, Puneet Dikshit, 41, had pleaded guilty in December to a securities fraud charge. U.S. District Judge Colleen McMahon, who imposed the sentence in federal court in Manhattan, also ordered Dikshit to forfeit $455,017, representing his illegal profit.
/jlne.ws/3v3gN9Q
SEC Proposes Rules for the Registration and Regulation of Security-Based Swap Execution Facilities
SEC
The Securities and Exchange Commission today proposed new Regulation SE under the Securities Exchange Act of 1934 (the Exchange Act) to create a regime for the registration and regulation of security-based swap execution facilities (SBSEFs). The new regulatory framework was one of the major reforms required under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) relating to the over-the-counter derivatives market.
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Statement on Registration of Security-Based Swap Execution Facilities
Gary Gensler - SEC
Today, the Commission is considering a proposal to create a framework for the registration of security-based swap execution facilities (security-based SEFs). I am pleased to support this proposal because, if adopted, it would increase the transparency and integrity of the traditionally opaque over-the-counter security-based swap market, fulfilling a mandate under the Dodd-Frank Act of 2010 to register and regulate the platforms that trade these instruments.
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Statement on Rules Relating to Security-Based Swap Execution and Registration and Regulation of Security-Based Swap Execution Facilities
Caroline A. Crenshaw - SEC
Thank you, Chair Gensler, and thank you to my fellow Commissioners.
Over the last year, we have taken a number of important steps toward fulfilling the agency's Dodd-Frank mandate to establish a comprehensive regulatory framework for security-based swaps. We took the final steps to implement our security-based swap entity registration and reporting rules, which should give the SEC improved oversight of, and visibility into, the security-based swap market.[1] We re-proposed rules designed to prevent fraudulent, manipulative, and deceptive behavior in connection with security-based swaps, and we proposed new rules prohibiting undue influence over the Chief Compliance Officers of security-based swap dealers and major security-based swap participants, and requiring the disclosure of large security-based swap positions.[2] We also proposed electronic recordkeeping requirements for security-based swap dealers and major security-based participants.
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FCA makes three senior hires
FCA
Laura Dawes will take up 1 of 2 new Director of Authorisations roles. Laura is currently interim Director of Strategy, Policy, International and Intelligence in the FCA's Enforcement and Market Oversight Division.
Working alongside Laura as fellow Director of Authorisations will be Dominic Cashman. Dominic joins the regulator from TP ICAP, an interdealer broker, where he was most recently Head of Integration and Transformation and, previously, Interim Group Head of Operations. Laura and Dominic will start their new roles in late April and early May.
/jlne.ws/3LLiAqL
FCA launches three-year strategy to improve outcomes
FCA
The FCA has launched a new strategy to improve outcomes for consumers and in markets throughout the UK.
As the FCA's remit is broad and growing, the three-year strategy prioritises resources to prevent serious harm, set higher standards and promote competition. The regulator will also, for the first time, hold itself accountable against published outcomes and performance metrics.
/jlne.ws/3jfk9Ba
Global regulatory body warns on liquidity risks in corporate debt; Iosco launches consultation aimed at tackling structural problems exposed in early phase of pandemic
Chris Flood - FT
Faultlines that were exposed when coronavirus shook corporate bond markets must be addressed to prevent future disruptions to a key source of funding for companies worldwide, according to the top organisation representing securities regulators. The International Organization of Securities Commissions is examining ways to improve the overall functioning and liquidity of corporate bond markets, particularly in stressed conditions.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | How Advisers to America's Ultra-Rich Plan to Win on Taxes, Again; Listening in as elite lawyers discuss ways to make the tax code work even harder for the 0.1%.
Ben Steverman - Bloomberg
The elite tax attorneys were supposed to be at a sunny Orlando resort, swapping ideas for outsmarting the Internal Revenue Service. But the omicron surge had canceled January's 56th annual meeting of the Heckerling Institute on Estate Planning, put on by the University of Miami Law School. So instead more than 1,000 advisers to America's wealthiest families were stuck on Zoom, many up north in unusually cold late-March weather.
/jlne.ws/3ugUePO
Canada to Ban Foreigners From Buying Homes as Prices Soar; Trudeau to put billions toward boosting housing supply; Benchmark price is up more than 50% over past two years
Brian Platt and Ari Altstedter - Bloomberg
Canada will ban most foreigners from buying homes for two years and provide billions of dollars to spur construction activity in an attempt to cool off a surging real-estate market. The measures will be contained in Finance Minister Chrystia Freeland's budget on Thursday, according to a person familiar with the matter, asking not to be named because the matter is private.
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Shell expects up to $5bn hit from Russia exit; Energy group reveals expected cost of withdrawal from country after invasion of Ukraine
Neil Hume - FT
Shell will take a writedown of up to $5bn after its decision to quit Russia as the UK-listed energy group warned extreme price volatility in commodity markets would hit cash flow. In a trading update ahead of next month's first-quarter results, Shell said ending its three joint ventures with Kremlin-backed gas producer Gazprom would result in a post-tax impairment charge of between $4bn and $5bn.
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Gold ETP inflows hit record high of $11.3bn in March; Investors dump European equity funds as fallout from the Ukraine war rocks markets
Steve Johnson - FT
Purchases of gold exchange traded products hit an all-time record in March, while investors pulled record amounts from domestically listed European equity funds as the fallout from Russia's invasion of Ukraine ripped through markets.
/jlne.ws/35NN0cI
New divorce rules may take some of the sting out of a split; Be prepared for some difficult conversations over your finances
Gareth Jenkins - FT
The introduction of "no-fault" divorce in England and Wales this week is likely to make the legal process easier for some couples by reducing animosity. That does not mean emotional blame is no longer apportioned. Divorce is rarely easy and the biggest challenge is often splitting assets fairly. The new legislation does little to change the mechanics of that process, but it might help to make difficult conversations less fraught.
/jlne.ws/35NtQng
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Covid Raises Blood Clot, DVT Risks for Months After Even Mild Infection; Danger of pulmonary embolism higher for almost four months; Results support use of blood thinners, underscores vaccination
Michelle Fay Cortez - Bloomberg
The risk of developing serious bleeding or potentially deadly blood clots is elevated for months after experiencing even a mild Covid infection, Swedish researchers found. While the dangers of post-Covid clotting are well known, it's less clear how long the risk lasts and what should be done to prevent it. The researchers compared the medical records of 1 million people who tested positive for the virus between February 2020 and May 2021 in Sweden to 4 million of their peers who weren't infected.
/jlne.ws/35RdF8G
Shanghai Lockdown Risks Becoming Biggest Crisis of Xi's Tenure; City reported a record of almost 20,000 new cases Wednesday; Financial hub's 25 million residents are still under lockdown
Bloomberg News
Pets beaten to death. Parents forced to separate from their children. Elderly folks unable to access medical care. Locked-up residents chanting "we want to eat" and "we want freedom." As much of the world moves on from the pandemic, the desperate scenes seeping out of China's most global city have shocked even citizens who were once staunch supporters of President Xi Jinping's Covid Zero strategy to eliminate the virus. The struggle to obtain daily necessities like food and medical care has triggered rare pushback from residents, with some saying the Communist Party's cure is worse than the disease.
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Dolphins' Playful Social Habits Form Bonds, But Spread Virus
Christina Larson - AP
Three young male dolphins simultaneously break the water's surface to breathe — first exhaling, then inhaling — before slipping back under the waves of the Chesapeake Bay. "A perfect sync," said Janet Mann, a dolphin researcher watching from a small skiff. Synchronized breathing is something dolphins often do with close pals, like these males, or that mothers and calves do together, said Mann. It's a way of affirming the relationships that are so important to these highly intelligent and social mammals, like a handshake or a hug among humans.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | High Energy Prices Challenge Wall Street's Green Shift; Some banks including Citigroup arranged more oil-and-gas than green debt in the first quarter
Amrith Ramkumar - WSJ
Wall Street arranged more bonds and loans for clean-energy projects than oil-and-gas companies in the first quarter. The shift could be short-lived amid the push to boost fossil-fuel supplies after Russia's invasion of Ukraine. Banks underwrote more than $100 billion of bonds and loans for clean-energy uses in the first quarter and arranged $95 billion in borrowing for oil-and-gas firms. The pace of underwriting slowed in both categories from last year, when total oil-and-gas and green debt issued in each area totaled about $570 billion.
/jlne.ws/37jCs5x
1% for the Planet Launches Philanthropic Fund to Drive Positive Change for the Environment; New 1% for the Planet® Impact Fund at National Philanthropic Trust Open to Donors of All Sizes; unique collaboration among National Philanthropic Trust, 1% for the Planet and CapShift
1% for the Planet
1% for the Planet — the global network of individuals and businesses that has donated more than $350 million to support environmental nonprofits around the globe — today announced the launch of an innovative philanthropic fund providing environmentally focused investments and grants
/jlne.ws/3xbwIG3
U.K. Bets Big on Nuclear, Wind in Energy Security Strategy; Boris Johnson seeks to triple nuclear power capacity by 2050; Government steps up targets for offshore wind, hydrogen
Alex Morales and Jess Shankleman - Bloomberg
Prime Minister Boris Johnson ramped up plans to build new nuclear power stations and offshore wind farms as he seeks to shore up the U.K.'s energy supplies in the wake of Russia's invasion of Ukraine. nThe premier's energy security strategy, announced on Thursday, targets a tripling of installed nuclear power capacity by 2050 and accelerates plans to install offshore wind farms this decade. The document also includes more ambitious targets on hydrogen, solar power and measures to spur North Sea oil and gas projects.
/jlne.ws/3jfGZsu
Buyout group I Squared Capital eyes LNG sector after raising $15bn; Infrastructure investor says export projects have 'increasing momentum' as Europe seeks alternatives to Russian supply
Antoine Gara - FT
A leading infrastructure investor is eyeing the liquefied natural gas sector after raising a new $15bn fund, capitalising on Europe's search for energy supply alternatives to Russia. I Squared Capital is among a handful of private capital firms dedicated to infrastructure investment. In the past decade the Miami-based group has grown to $34bn in assets, 40 per cent of them in the energy sector.
/jlne.ws/3JjEi3u
ESG playbook for bond investors needs a rewrite; It will take an evolution of fixed-income managers' approach to make a difference to corporate behaviour
Ellen Carr - FT
Not to be left out of the ESG gold rush, a growing number of bond firms now offer environmental, social and governance funds. ESG integration has become a standard box to be checked (or not) on bond clients' Requests for Proposals. Investment banks have created tools to help fixed income managers ESG-ify their portfolios.
/jlne.ws/38DWfNX
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Cowen Execution Services Selects big xyt to Identify Liquidity Opportunities in European Equities
A-Team Insight
Data and execution analytics solutions vendor big xyt has been selected by independent agency broker Cowen Execution Services, to provide improved market structure visibility and supports clients' access to unique liquidity opportunities. By providing granular metrics alongside bespoke dashboards, big xyt aims to give CESL an edge in navigating Europe's complex equities markets by providing normalised data that leverages the company's domain experience in setting up, running, and maintaining data and analytics environments.
/jlne.ws/373lGrv
UK hedge fund Rokos Capital goes for Asia equities expansion; Group applies to manage assets in Hong Kong and Singapore as it attempts to recover from a dire year
Tabby Kinder - FT
Rokos Capital Management is applying for licences to manage assets in Hong Kong and Singapore as part of an expansion into Asian equity capital markets as the UK hedge fund attempts to recover from a dire year. The fund, which is run by former Brevan Howard partner Chris Rokos and manages $13bn of assets, will open its first Hong Kong office and expand its small base in Singapore as part of an Asia buildout that includes applying for licences to trade equities in both jurisdictions.
/jlne.ws/3JkarIv
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Bumper Wheat Crop Looms Again in Australia on Ample Rains
Sybilla Gross - Bloomberg
Never mind soaring fertilizer costs or snarled supply chains -- of all the inputs Australian farmers are considering ahead of the next crop, there's one that matters more than the rest: prospects for abundant rainfall.
/jlne.ws/3KjIstN
Pakistan Surprises With Emergency Rate Hike to Curb Rupee Plunge
Faseeh Mangi - Bloomberg
Pakistan's central bank raised interest rates by 250 basis points following an emergency meeting, as escalating political chaos threatens to spill over into a fullblown economic crisis.
/jlne.ws/3JpxOAw
China's $2.3 Trillion Infrastructure Plan Puts America's to Shame; More than half the projects will directly support the manufacturing and service industries.
Tom Hancock - Bloomberg
With coronavirus lockdowns, a real estate downturn, and surging oil prices stemming from Russia's invasion of Ukraine, Chinese President Xi Jinping is turning to reliable allies to keep his ambitious economic growth target in reach: the country's more than 50 million construction workers.
/jlne.ws/3KigBtH
Russia Coal and Oil Paid for in Yuan Starts Heading to China
Bloomberg News
Russian coal and oil paid for in yuan is about to start flowing into China as the two countries try to maintain their energy trade in the face of growing international outrage over the invasion of Ukraine.
/jlne.ws/37rYSS0
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| Miscellaneous | | Stories that don't quite fit under the other sections | Agrify and Greenlight Cannabis Announce Partnership To Accelerate Vertical Farming Unit Adoption; Agrify's Stackable Cultivation Solutions Will Double Canopy for Prominent Multi-State Operator
Agrify Corporation
Agrify Corporation (Nasdaq:AGFY) ("Agrify" or the "Company"), the most innovative provider of advanced cultivation and extraction solutions for the cannabis industry, today announced that it has signed an agreement ("the Agreement") with Greenlight Cannabis ("Greenlight" www.greenlightdispensary.com) to provide premium grow solutions and related services for Greenlight's cultivation facilities. With 28 locations and growing across 5 states, Greenlight is a prominent multi-state operator ("MSO") in the United States and provides consumers with high-quality and unique medical cannabis experiences.
/jlne.ws/3ueaBg3
This Is the Red-Hot Center of the Tightest Job Market Since WWII; In Indiana's Hamilton County, companies are raising pay, improving benefits, and hiring inmates from the local jail.
Shawn Donnan - Bloomberg
In his 26 years as mayor of Carmel, Ind., the largest city in a county with deep Republican roots, Jim Brainard has overseen its transformation from a sleepy Indianapolis suburb into one of the fastest-growing communities in the country. The population has quintupled, to a little over 100,000, spurred by the relocation of corporate headquarters to the area and a residential construction boom that shows few signs of ending. Ask the staunch conservative what he thinks the top economic priorities should be nationally and you'll get answers that are strikingly at odds with the GOP's current agenda. The U.S., argues Brainard, needs looser immigration laws to attract more migrants and higher wages for low-income service workers. "Those are the two biggest challenges" for the American economy, he says.
/jlne.ws/3DOCRJj
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