| March 16, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
I made the mistake of scheduling an interview during the opening ceremony of Boca, and Jim Falvey was unable to make the conference due to last minute issues, but here is my recap of Walt Lukken's comments titled "Crypto derivatives - 'Same activity, same risk, same regulation'"
One of the highlights of every FIA Boca conference is the opening comments from FIA President and CEO Walt Lukken, who is celebrating 10 years at the FIA. However, it was Toby Taylor's 35 years at the Washington-based industry organization that Walt highlighted in his comments. Bill Herder said of Toby's 35 years, "Murderers get sentences less than that."
But before he arrived at the sentimental part of the speech, Lukken began with an important statement about the need to "stand firm in our support of freedom and democracy" amid this time of great global unrest. He spoke for all of us when he said, "Our prayers are with the Ukrainian people." Everytime I hear Walt speak I think how lucky we are to have him represent the industry as head of the FIA because of the strong values he personally represents, but also the industry values he believes in down to his bones. He is eloquent, earnest, cheerful, optimistic and a straight shooter. That All-American Hoosier upbringing shines through brightly.
He also spoke about how the derivatives industry can't ignore digital assets anymore, and that is not just because the conference is loaded with crypto companies sponsoring events or displaying at the conference. He laid out all the reasons why we must pay attention, and warned us that we ignore crypto at our own peril.
Walt also spoke about core principles for a healthy and safe market. He listed these core principles:
Markets should safeguard all market users with protections against fraud, abuse, and manipulation. Markets should maintain their integrity so that price discovery and hedging can function to help drive commerce and allocate capital. And importantly -- Markets should be fair. All participants should be treated the same for the activities they perform, the risks they generate or the products they trade. It was a timely reminder of our broad agreement on these principles.
Lastly, he weaved all these concerns, crypto markets, core principles and more into the concerns of the FIA and its key FCM members. I loved the line, "Clearing firms aren't just an inconvenient middle tier. They perform important functions." He understands that the model is being challenged. I will let you read his comments to get the whole gist of the risks he is trying to convey.
Bevon Joseph and the Greenwood Project have a booth right next to ours at Boca and they have produced a video of the Greenwood Project Year in Review.
You can change the name of a company, but it is hard to change the SWAG they are known for. Vela, which became Exegy when it merged with Exegy, is known for giving away colorful socks as swag at conferences. There were two pairs of socks in a bag hanging from my doorknob yesterday. And colorful socks are in.
Cboe held its press breakfast this morning and sped through the company's accomplishments, acquisitions and strategy and took many questions from the reporters, including yours truly. However, my questions did not register as out of left field enough for Cboe, which evidently takes bets before the press conference to guess what my left field question will be. For the record, I did ask about single stock futures and the Cboe's closed down investment in OneChicago and the prospects for that product in the U.S. and when we can expect to see a Cboe metaverse.
The exchange leaders panel this morning does not feature a representative from the CME. It is unfortunate. Others have labeled it as ridiculous. In the greater scheme of things, it does not matter. The CME has lots of ways to get their message out and will, with or without an FIA exchange leaders panel. And for the record, of the 25+ interviews JLN is doing in Boca, we have no one scheduled from CME. We will interview them another time.
We did interview the CFTC Chairman, Rostin Behnam, yesterday. He spoke this morning to the conference and here is his keynote speech. We are in good hands with Chairman Behnam and we should soon have four new commissioners to join him, giving us a CFTC that can be fully functional again. Speaking of the chairman, he was very well dressed yesterday, almost like he had read the FT special section on men's grooming that was our third most popular story of the day.
Fun fact. Once I moderated a panel for Deutsche Bank that had 12 people on it. We had 45 minutes for the panel and several questions to address. It was challenging and fun. It is nice to mix things up sometimes, rather than have the same size panel every time.
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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Keynote of Chairman Rostin Behnam at the FIA Boca 2022 International Futures Industry Conference, Boca Raton, Florida
CFTC
Good morning and thank you, Walt, for the kind introduction.[1] As I prepared these remarks, I reflected on my journey to this stage. I also reflected on the many changes this industry has navigated in the recent past. As the internet often takes you to unexpected places, I landed on a January, 2013 issue of Futures Industry (magazine).[2]
/jlne.ws/34LmvnM
***** When the chairman sat down for the interview with us, he asked, "How does my hair look?" Funny question coming from a guy who has nearly a shaved head.~JJL
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Germany Warns Kaspersky Software Risks Being Exploited by Russia; Agency sees greater threat since Russia's invasion of Ukraine; Kaspersky rejects claims, says 'war isn't good for anyone'
Iain Rogers - Bloomberg
Germany warned against using anti-virus software from Moscow-based Kaspersky Lab due to risks it could be exploited by Russia for a cyber attack. The Federal Office for Information Security, or BSI, issued the warning on Tuesday, saying that companies and authorities with special security status and operators of critical infrastructure could be "particularly at risk."
/jlne.ws/35TiEpv
******I have never liked this company and their FREE offering. The ubiquitousness of their software and the rise of bitcoin gave me pause about money-laundering.~JJL
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Citadel Securities Opens Up After Record $7 Billion Windfall; Griffin's trading giant benefited from market turmoil in 2021; After facing scrutiny, firm wants to tell own story: CEO Zhao
Katherine Doherty - Bloomberg
Citadel Securities LP was thrust into the spotlight in 2021, with day traders, lawmakers and regulators all scrutinizing the firm at the center of one of the U.S. stock market's wildest periods. They're about to learn that amid the uproar, the financial giant had its best year ever. Billionaire Ken Griffin's stock-trading powerhouse posted record revenue of $7 billion, as frenzied bouts of volatility helped drive up earnings. The figure, disclosed by people familiar with the matter who declined to be named discussing private information, topped the firm's previous record of $6.7 billion in 2020, when the pandemic upended global markets.
/jlne.ws/37tA2RP
***** We interviewed Troy Kane of Citadel Securities yesterday and learned more about the company and Troy.~JJL
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A Wall Street Lifer's Quixotic Quest to Build a Nonracist Bank; Alex Ehrlich started Percapita to reach the underbanked while making money. It hasn't been easy.
Max Abelson and Jordyn Holman - Bloomberg
It hit him before the pandemic and before the summer of protests. Alex Ehrlich, a 40-year veteran of some of the world's biggest banks, would leave his executive position at Morgan Stanley to build a financial institution that looked much different than the ones where he'd spent his career. Anyone who's been on Wall Street that long knows something is wrong there. Things had improved since the early days of Ehrlich's career, when women and Black people were all but shut out of executive suites, but much of the industry's money and power remain in the same hands today. Black people and women talk about it, and so do some rich, White, well-connected, middle-aged executives.
/jlne.ws/36j4f5E
***** A noble goal, but we need a bunch of banks doing this.~JJL
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Tuesday's Top Three
Our most-read story Tuesday was Bloomberg's Why Wall Street Is in Hot Water for Using WhatsApp. Second was The Financial Times' The FT guide to men's grooming. Third was the press release from Trading Technologies, Trading Technologies and KRM22 Announce First Products to Launch Under New Distribution Agreement.
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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 | Fresh Chaos for Nickel as LME Hit By Glitch While Prices Plunge; LME suspends electronic trading in nickel on technical issue; Prices dropped through 5% daily limit after reopening
Mark Burton and Jack Farchy - Bloomberg
The London Metal Exchange halted electronic trading in nickel minutes after it restarted, citing a technical issue with its new daily limit, as prices plunged when the market opened after a week-long suspension. Trading briefly restarted at 8 a.m. and nickel futures immediately fell through the 5% daily window before the market was suspended again. The exchange said it halted electronic trading to investigate the problem and will cancel a "small number" of transactions. Phone-based trading remains open and brokers in the open-outcry floor known as "the Ring" will also trade nickel later today.
/jlne.ws/3ulaE8X
MEMX to launch US options exchange; New exchange will leverage MEMX's data-centric exchange technology, with a target launch of Q4, subject to regulatory approval.
Wesley Bray - The Trade
MEMX, the members' exchange, has announced plans to launch a US options exchange. The new exchange, MEMX Options, will leverage the strengths of MEMX's data-centric exchange architecture and infrastructure. "MEMX Options will employ data-centric exchange technology to foster competition and create meaningful benefits for the options marketplace," Sophie Sohn, a spokesperson for the exchange, told The TRADE.
/jlne.ws/3MXXlni
Russia's Brain Drain Becomes a Stampede for the Exits; The country's best and brightest see no future as long as their president is obsessed with the past.
Leonid Bershidsky - Bloomberg
In Kyrgyzstan a member of parliament urgently called on the government to start creating jobs and setting up temporary housing for the information technology professionals who are arriving daily from Russia. Even a poor Central Asian nation that exports cheap migrant labor for Russian construction sites and fast-food restaurants looks like a safe haven to thousands of educated Russians fleeing the cataclysm Vladimir Putin created by invading Ukraine.
/jlne.ws/3N5HbIC
Cboe appoints new president of BIDS Trading; Incoming president brings almost 20 years' experience in equity trading to the firm, joining from Tourmaline Partners where he served as managing director.
Wesley Bray - The Trade
Global market infrastructure and tradable products provider, Cboe Global Markets, has appointed Stephan Berte as president of its BIDS Trading unit, effective 4 April 2022. Berte brings almost 20 years' experience in equity trading to BIDS, joining from Tourmaline Partners, where he served as managing director and founded and led its Boston office.
/jlne.ws/3MXWSS4
Too-Big-to-Fail Risk Looms Over Commodities; The giants who dominate global trade in raw materials confront unprecedented unpredictability.
Javier Blas - Bloomberg
A decade ago, Timothy Lane, deputy governor of the Bank of Canada, posed an intriguing question: Are commodity traders too big to fail? It was just after the 2008-09 global financial crisis, when policy makers were scanning the global economy looking for the next potential nightmare. Lane was among a small group of officials who worried it was hiding in plain sight — that the likes of Glencore Plc, Cargill Inc., Vitol Group and Trafigura Group, the secretive giants that underpinned global trade in natural resources, represented a systemic financial risk.
/jlne.ws/3i9rrG8
The $140 Billion Question: Can Russia Sell Its Huge Gold Pile? Russia spent years building world's fifth-biggest gold reserve; Selling that metal to shore up the ruble will be difficult
Eddie Spence - Bloomberg
Russia spent years building a giant stash of gold, an asset that central banks can turn to during a crisis. But any attempt to sell it will now be a challenge just when it's needed most. Bank of Russia expanded its gold reserves almost sixfold since the mid-2000s, creating the world's fifth-biggest stockpile that's valued at about $140 billion. It's the type of asset it could sell to shore up the ruble, which has plunged as global economies isolate Russia following its invasion of Ukraine.
/jlne.ws/3I9StI9
Oil's Wild Gyrations Are Forcing Traders Off the Crude Market
Serene Cheong and Alex Longley - Bloomberg
To understand why London's Brent oil jumped and then slumped $40 a barrel in little over two weeks, take a look behind the scenes. While the run-up in crude prices was fueled by Russia's invasion of Ukraine, a black swan event that triggered sanctions and mayhem, oil's collapse has been prompted by some position closures as risky trades were reined in amid soaring volatility. Also, some speculators likely took profit after Brent spiked to its highest level since 2008.
/jlne.ws/3w7mLZD
China Doesn't Care If It's Uninvestable — for Foreigners; Beijing's priority is to keep the real economy going. And if the Hang Seng falls into bear territory, too bad.
Shuli Ren - Bloomberg
The question of China's "investability" first came up late last year when Beijing's harsh regulatory crackdowns on its big tech companies and big real estate developers shaved trillions of dollars off foreign investors' books. This discussion is bubbling up again, as Chinese stocks listed in Hong Kong and New York witness their worst selloffs since the global financial crisis in 2008.
/jlne.ws/3JhemXn
Crypto Exchange FTX Partners With Kenya Firm to Expand in Africa; Companies to establish crypto-African currency pairs; FTX is one of the world's biggest cryptocurrency exchanges
Antony Sguazzin - Bloomberg
FTX, a cryptocurrency exchange that's been valued at $32 billion, is partnering with AZA Finance to expand the use of digital currencies and the web3 in Africa. The Hong Kong-based exchange and AZA, which offers services including Treasury functions and payments in 10 African countries, plan to build digital infrastructure to connect African markets to the global web3 economy, they said in a joint statement on Wednesday. Web3 mirrors the world wide web using blockchain technology.
/jlne.ws/3KLpoV5
Trading Technologies acquires Chicago-based RCM-X; The acquisition will bolster TT's platform with the addition of a new product suite of algorithmic execution strategies, trade analytics and TCA services.
Wesley Bray - The Trade
Trading software and SaaS provider Trading Technologies (TT) has acquired Chicago-based RCM-X, a technology provider of algorithmic execution strategies and quantitative trading products. Following 7RIDGE's acquisition of TT in December last year, the new agreement falls in line with the technology firm's plans to grow the organisation organically and through acquisitions. The full suite of RCM-X products will be available to every TT user, and the service will be fully integrated into the TT platform.
/jlne.ws/3tfIcWB
Trading Technologies acquires RCM-X
Acquisition strengthens value proposition of TT platform with new product suite of algorithmic execution strategies, trade analytics, TCA services
Trading Technologies
Trading Technologies International, Inc. (TT), a global provider of high-performance professional trading software, infrastructure and data solutions, announced today that the firm has acquired RCM-X, a technology provider of algorithmic execution strategies and quantitative trading products. TT made the announcement at a session with leaders of many of the largest global financial institutions on the first day of the 2022 International Futures Industry Conference in Boca Raton, Florida. Both firms are based in Chicago.
The agreement represents the first acquisition since TT was acquired by 7RIDGE in December 2021, when the technology firm announced plans to grow the organization organically and through acquisitions. Terms of the transaction were not disclosed.
/yhoo.it/3CIE98m
China Vows to Keep Markets Stable, Support Foreign Listings; Key committee led by Vice Premier Liu He makes statement
Stocks surged after the announcement on the promise of support
Bloomberg
Beijing issued a strong promise for policies to boost financial markets and stimulate economic growth as it responded to a market sell-off over risks from the property market, overseas listings and internet companies. Government departments should "actively introduce policies that benefit markets," according to a meeting of China's top financial policy committee led by Vice Premier Liu He, who's in charge of overall economic policy. The meeting concluded there is a need to "boost the economy," in the first quarter, according to a state-media report.
/jlne.ws/3KOIUQt
Stock Pickers Watched the S&P 500 Pass Them By Again in 2021; More U.S. large-cap stock-picking mutual funds lagged behind the benchmark than in any year since 2014
Karen Langley - WSJ
Last year was a great one for the U.S. stock market. It was another disappointment for most stock-picking fund managers. Fueled by rip-roaring corporate profits and easy monetary policy, the benchmark S&P 500 notched a total return, including price gains and dividends, of 28.7% last year. That was a stronger showing than that of 85% of U.S. large-cap stock-picking mutual funds, according to data from S&P Dow Jones Indices.
/jlne.ws/36mMaDI
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | IEA Sees Russian Oil Output Slumping by a Quarter Next Month; About 3 million b/d curtailed as buyers refuse Russian exports; Agency also sees slower oil demand growth due to high prices
Grant Smith - Bloomberg
Russia's oil output may slump by about a quarter next month, inflicting the biggest supply shock in decades as buyers shun the nation's exports following its invasion of Ukraine, the International Energy Agency said. "The implications of a potential loss of Russian oil exports to global markets cannot be understated," the Paris-based agency said in its monthly report on Wednesday. "While it is still too early to know how events will unfold, the crisis may result in lasting changes to energy markets."
/jlne.ws/3KL712z
How a Ukrainian Economist Is Fighting the Russians; Since the bombs started to drop, Kyiv School of Economics President Tymofiy Mylovanov has been working on the nightmare logistics of humanitarian aid in a war zone.
Scott Duke Kominers - Bloomberg
For the past three weeks Tymofiy Mylovanov, president of the Kyiv School of Economics in Ukraine, has been witnessing the effects of Russia's invasion of Ukraine firsthand -- working from within a war zone to bring desperately needed medical supplies to the country. Mylovanov, an economics professor and former minister of Economic Development, Trade and Agriculture for the Ukrainian government, is directing fundraising and other aid efforts from his base in Lviv in western Ukraine. Below are the lightly edited highlights of his Twitter Spaces conversation with Bloomberg Opinion columnist Scott Duke Kominers, where he discusses the economic and humanitarian disaster unfolding in his home country and shares his personal experiences of the shock of war.
/jlne.ws/3tcVtz9
Church of England Urges Total to Quit Russia or Face Divestment; TotalEnergies SE Gas Stations as Energy Giant to Boost Investor Returns After Record Profit
Francois De Beaupuy - Bloomberg
TotalEnergies SE has been warned by two U.K. shareholders that they would divest their stakes if the French company fails to exit its businesses in Russia. The Church of England Pensions Board and the Church Commissioners for England are turning up the heat on the energy major's Chief Executive Officer Patrick Pouyanne, a sign of the pressure companies are facing to isolate Russian President Vladimir Putin's regime. TotalEnergies has said it will stop buying Russian crude and investing in new projects in the country, but it continues to hold stakes in Novatek PJSC and other projects.
/jlne.ws/3u2einR
Munich Re Plans to Suspend Its Business in Russia and Belarus; German reinsurer says it will halt investments in the region; Allianz said earlier it was stopping new business in Russia
Stephan Kahl - Bloomberg
Munich Re said it won't renew existing contracts in Russia and Belarus and has suspended new business in those countries. The German reinsurer is adding its name to the growing number of companies withdrawing from the countries in the wake of Russia's invasion of Ukraine. Munich Re also said it would stop investments in the region, according to a statement on its website Wednesday.
/jlne.ws/3tdukfw
Russia's war will remake the world; The combination of conflict, supply shocks and high inflation is inevitably destabilising
Martin Wolf - FT
A new world is being born. The hope for peaceful relations is fading. Instead, we have Russia's war on Ukraine, threats of nuclear Armageddon, a mobilised west, an alliance of autocracies, unprecedented economic sanctions and a huge energy and food shock. No one knows what will happen. But we do know this looks to be a disaster.
/jlne.ws/35VzUug
Default looms as Russia hits deadline for dollar bond payments; Rating agency Fitch says any effort to switch interest payments to roubles would indicate 'default has begun'
Tommy Stubbington and Max Seddon - FT
Russia will default on its debt for the first time since 1998 if it tries to make interest payments on its dollar bonds in roubles on Wednesday, rating agency Fitch has said. Investors are awaiting $117mn in coupon payments on two Russian bonds, the first such payments since western countries responded to Vladimir Putin's invasion of Ukraine with unprecedented financial sanctions. The deadline marks a crucial test of Moscow's willingness and ability to continue servicing its external debt.
/jlne.ws/3KRvrHQ
Ninety One chair's Russia role is a governance failure for City asset manager; Active stewardship at the FTSE 250 investment house does not appear to extend to its chair Gareth Penny
Helen Thomas - FT
The war in Ukraine has set off a swift business exodus from Russia, the flight of western directors from Russian companies' boards and a good deal of soul-searching among asset managers about what, as ESG-focused stewards of investors' capital, they should do next. Not everyone it seems got the memo.
/jlne.ws/3KNPlTN
Russia's War on Ukraine Transforms Europe, but Hard Decisions Lie Ahead; After decisive early reaction to Putin's invasion, European Union leaders debate deeper changes needed to protect the continent
Marcus Walker - WSJ
The shock of Russia's invasion of Ukraine has shaken Europe's democracies out of their complacency about geopolitical dangers. And the speed with which the European Union joined the U.S. in sanctioning Russia and arming Ukraine surprised the world. Turning the initial European reaction into long-term strategies for the continent's military and economic security is the hard part. EU leaders last week agreed on the goals of revamping military defenses and decoupling energy supplies from Russia to contain Moscow's expansionism. How fast to move, and how to pay for it, are the subjects of debates now taking shape.
/jlne.ws/3q9eFMa
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | The American Financial Exchange Applauds U.S. Omnibus Appropriations Bill Support for Choice in Libor Replacements
American Financial Exchange
The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, applauds the passage of section 106 of the U.S. Omnibus Appropriations Bill signed today that supports choice in selection of replacement benchmarks to suit the needs of individual banks, companies, and institutions.
(NOLINK)
BME's Pre-Market Environment adds two new partners: Cuatrecasas and Substrate AI
BME
Cuatrecasas is a pioneer in bringing companies to BME Growth and has collaborated and supported the equity and fixed income markets.
Substrate AI will enable EpM companies and investors to understand, take part in and push forward the economic and social changes that Artificial Intelligence is bringing about.
/bit.ly/3iiEN2J
Cboe Appoints Stephen Berte as President of BIDS Trading
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced the appointment of Stephen Berte as President of its BIDS Trading unit, effective April 4, 2022.
/bit.ly/3tgSANV
Investors Will Soon Be Able to Trade Daily Futures Price Moves with Event-Based Contracts from CME Group
CME Group
Smaller-sized products will allow investors to trade on their knowledge of benchmark global metals, energy, equities and foreign currency futures markets with risk limited to the amount of their trade
CME Group, the world's leading derivatives marketplace, today announced that it is introducing event-based contracts designed for the retail audience that will make it easier for everyone to trade their views on daily up or down price moves in some of the world's most widely quoted benchmark futures markets, including gold, oil, equity indices and foreign currencies. These new daily options on futures contracts will offer short-term trading opportunities for individuals seeking to take a position on daily price moves using smaller-value trades of up to $20 per contract.
/bit.ly/3tfdmxd
Special Executive Report
CME Group
SUBJECT: Administrative Amendments to Certain NYMEX and COMEX Metals Futures Contracts Effective Sunday, March 20, 2022, for trade date Monday, March 21, 2022 New York Mercantile Exchange, Inc. ("NYMEX") and Commodity Exchange, Inc. ("COMEX") (collectively, the "Exchanges") will implement administrative amendments to certain NYMEX and COMEX metals futures contracts (the "Contracts") as listed in the table below
/bit.ly/3wga0vN
Market Update - Eurex Listed FX continues to expand
Eurex
Eurex FX continues building its positioning as Europe's FX liquidity hub of choice. The Q1 volumes and open interest further cement the transition trend from the traditional FX market towards the listed environment. Listed FX allows participants to access firm liquidity pools benefiting from the integrity and safety of an on-exchange centrally cleared marketplace.
/bit.ly/36mPZJ4
Oslo Børs launches the first edition of IPOready in Norway
Euronext
Oslo - 15 March, 2022 - Oslo Børs, part of the Euronext Group, today launched the first edition of IPOready in Norway, in which 15 companies aiming at equities listing in the next one to three years will take part.
/bit.ly/3MSkMhN
Hong Kong Futures Exchange Limited
HKEX
Subject: New USD/CNH Options Strike Series
Futures Exchange announces the addition of the following strike series effective 17 March 2022.
/bit.ly/3icBNVN
Subject: Ad Hoc Review on Guarantee Fund
HKSCC
HKSCC has performed an ad hoc review of the size of the Guarantee Fund and the contributions required from each Clearing Participant. The required size of the Guarantee Fund excluding the Dynamic Contribution Credit for all Clearing Participants after the re-calculation is HK$4,953 million. The amounts of Basic Contribution and Dynamic Contribution required from a Clearing Participant are re-calculated based on its share of the average daily CNS positions of all Clearing Participants for the period from 16 December 2021 to 15 March 2022 pursuant to Section 18.2.1 of the CCASS Operational Procedures.
/bit.ly/3q6skne
ICE Benchmark Administration Launches ICE Term SOFR Reference Rates as a Benchmark for use in Financial Instruments
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Benchmark Administration Limited (IBA) has launched ICE Term SOFR Reference Rates as a benchmark for use in financial instruments by licensees.
/bit.ly/3CO6H0j
Registered on the Lead Managing Underwriter List of TOKYO PRO-BOND Market: CLSA Limited
TSE
Today, Tokyo Stock Exchange registered CLSA Limited on the Lead Managing Underwriter List of the professional-oriented bond market, i.e. TOKYO PRO-BOND Market.
According to this time's registration, the number of securities companies on the list is 70 as of March 16, 2022.
/bit.ly/3iu5EJD
Nickel trading halted again in London as LME probes glitch; New suspension comes after London Metal Exchange had shut trading for a week
Neil Hume and Philip Stafford - FT
The London Metal Exchange suspended electronic trading in nickel on Wednesday, just moments after the world's main market for the metal reopened for business following a week-long shutdown. Wednesday's fresh trading halt came after the price of nickel tumbled when the market opened. Newly installed curbs to support the resumption were meant to prevent the price from declining by more than 5 per cent, but some trades appeared to have breached the limit of $45,590 a tonne, according to Refinitiv data.
/jlne.ws/3KM2Qn4
Miami International Holdings Announces Selection of Vermiculus Financial Technology to Provide a Real-time Clearing Solution for Minneapolis Grain Exchange Princeton, N.J.
MIAX
Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), Minneapolis Grain Exchange, LLC (MGEXTM), and Bermuda Stock Exchange (BSXTM), announced today that Vermiculus Financial Technology AB (Vermiculus) has been selected to deliver a real-time clearing solution for MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO). The system will provide clearing services based on VeriClear™, an elastically scalable and Artificial Intelligence (AI) powered real-time clearing system developed by Vermiculus.
/bit.ly/3u4OY0z
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | DTCC launches enhanced post-trade data analytics service to help firms analyze and improve their operational performance
DTCC
The new solution, ITP Data Analytics, enables firms to research and optimize the timeliness and accuracy of their trade processing and compare it against peers while gaining operational insights as they prepare for t+1 in the u.S. And to meet regulations such as CSDR in Europe.
/bit.ly/3qwVbS7
Exegy Unveils New Product Portfolio; Unified Solutions Suite Positions Company for Global Expansion
Exegy Inc.
Exegy Inc., a global leader in high-performance market data, predictive signals, trading platforms, and execution technology, today unveiled its expanded product portfolio that provides more comprehensive solutions across the capital markets ecosystem.
/jlne.ws/3CKhGb0
Ethereum co-founder hits out at economics of fast-growing Solana blockchain; Joseph Lubin says rival must 'figure out a more sustainable business model for the network'
Miles Kruppa - FT
Ethereum's co-founder Joseph Lubin has questioned the sustainability of rival projects, including the fast-growing Solana blockchain, as venture capital pours into a raft of new cryptocurrency networks. The Ethereum blockchain has become one of the world's most widely used digital ledgers, but it is facing challenges from rivals such as Solana, which has set lower transaction fees to draw in users.
/jlne.ws/3tX45ZQ
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| Cybersecurity | | Top stories for cybersecurity | How to build a culture of cybersecurity
Beth Stackpole - MIT Sloan
At a large bank, the CEO kicks off every all-staff meeting with a cybersecurity story, whether recounting a personal experience or discussing relevant, newsworthy incidents.
At another company, a former marketing manager parlays her messaging skills into creating campaigns that inform and engage employees on cybersecurity readiness and responsibility. Elsewhere, companies underscore the importance of cybersecurity by formally evaluating employees and doling out rewards or consequences based on their actions.
/jlne.ws/3Jl8HzA
Russian Isolation Spells Trouble for Global Cybersecurity
Jordan Robertson - Bloomberg
As sanctions cripple Russia's economy and U.S. companies send the country into technological obscurity, the Kremlin may call on Russian hackers to use their prowess to benefit the state, a new report warns.
In the near term, a hostile Russia might hack American and European networks in retaliation for sanctions, attacks that could involve the kinds of destructive malware deployed in Ukraine in the weeks before Russia's invasion, according to a new report from the Swedish cyber firm Truesec Group. The threat is serious enough for multiple European banks to curb access from Russia to mitigate a possible hack, Bloomberg reported Monday.
/jlne.ws/3CO8BxZ
Australia's big four banks tackling cybersecurity with a team sport mentality
Aimee Chanthadavong - ZDNet
The chief security officers of Australia's big four banks have likened combating cybersecurity attacks to playing a team sport.
"I think I'm not alone in saying that we see cyber as very much a team sport," Commonwealth Bank of Australia CISO Keith Howard said during the virtual Cyber Live event on Wednesday.
/jlne.ws/36sXmyU
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| Cryptocurrencies | | Top stories for cryptocurrencies | Coinbase Has 'Hidden Value' in Ventures Business, Oppenheimer Says
Michael Bellusci - Coindesk
Cryptocurrency exchange Coinbase (COIN) has "hidden value" in its Coinbase Ventures unit that investors have yet to fully appreciate, Owen Lau, an equity research analyst at Oppenheimer, said in a note to clients. Coinbase Ventures' investments aren't yet contributing financially to Coinbase but are "strategically important" to the company because they support the broader crypto ecosystem and add insight to emerging technologies, Lau said.
/jlne.ws/3teDYyh
Why Bitcoin's Environmental Problems Are So Hard to Fix
Jesper Starn and Josh Saul - Bloomberg
Can you love Bitcoin and the environment at the same time? The world's dominant cryptocurrency depends on so-called miners whose high-powered computers run day and night to process transactions. Its energy consumption is ballooning so fast that it's alarming environmentalists, governments and other big energy users. China has banned Bitcoin mining entirely and billionaire Elon Musk won't take the token as payment for his Tesla cars until miners switch to at least 50% renewable power. With many of them still hooked on electricity from fossil fuels, that's going to be a tall order.
/jlne.ws/3ieihYQ
Tokenise and ScribeStar partner to digitalise admissions and data feeds for security tokens exchange
Hedgeweek
Tokenise, the new ownership exchange for security tokens, including fractional ownership and royalties, has today signed a letter of intent with ScribeStar, a capital markets technology company, to fully digitalise the admissions process for digital assets on the Tokenise Stock Exchange. Tokenise is set to be among the world's first fully regulated global stock exchanges for security tokens. It offers investors and issuers a self-service digital interface that provides 24/7 direct market access. Tokenise's exchange is used for capital raising, primary issuance, secondary trading, clearing, settlement and registration of security tokens in, for example, buildings, artworks and land.
/jlne.ws/3u1H5sD
Alibaba Hunts For New SCMP Chief as CEO Moves to NFT Spinoff; Gary Liu will take up his new position after new CEO found; Alibaba's most prominent media asset is said to be up for sale
Linda Lew and Jane Zhang - Bloomberg
Alibaba Group Holding Ltd.'s most important media property is on the lookout for a new chief executive after tasking helmsman Gary Liu with running a spinoff that will turn artwork into non-fungible tokens.
/jlne.ws/3MXq2kj
NFTs and Play-to-Earn Games Shed Light on Future of Metaverse Economy; This strategy uses blockchain technology to allow players to earn cryptocurrency and NFTs in games
Wall Street Journal
The rise of play-to-earn videogames - in which gamers trade NFTs - offers a glimpse into how the metaverse could attract users with monetary rewards, and what pushbacks may come with it. Photo illustration: Josephine Chu
/jlne.ws/3JcGLO6
HSBC to Make Metaverse Debut With Virtual Gaming Partnership
Denise Wee and Emily Nicolle - Bloomberg
HSBC Holdings Plc is making its debut in the metaverse after buying a site in a virtual world aimed at sports, esports and gaming enthusiasts. The lender is acquiring a space in The Sandbox metaverse to engage with its sports-focused users, according to a press release Wednesday, which featured an image of an HSBC-branded sports stadium and welcome center.
/jlne.ws/3MODBT3
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| Politics | | An overview of politics as it relates to the financial markets | A Limited Ukraine Policy Might Be Rational, But Is It Moral? The allies want Putin to fail — at limited cost to themselves. That's not much help to Ukraine.
Clive Crook - Bloomberg
Driving into Washington over the Theodore Roosevelt Bridge the other night, I looked over at the Kennedy Center, all lit up in the blue and yellow of the Ukrainian flag. For a moment I was proud: Yes, America stands with Ukraine. Then I remembered: At that moment, Russia was shelling residential areas, mothers and their children were cowering in basements, and innocent lives were being destroyed.
/jlne.ws/3KNvlAH
West Virginia Legislature Passes Measure to Cut Off Banks That Refuse to Service Coal, Oil Industries
Brittany Bernstein - National Review
The West Virginia legislature recently passed a bill that would allow the state treasurer to restrict the state's business
with financial institutions that adopt corporate policies to cut off financing for the coal, oil, and natural gas industries. The legislation, which was first proposed by state Treasurer Riley Moore, advanced through the state House of Delegates and Senate over the weekend and now heads to the desk of Republican Governor Jim Justice.
/jlne.ws/3tet6jZ
Wall Street Gets Reprieve From Fed Crackdown as Raskin Bows Out; Progressives had expected her to usher in tougher oversight; Fed vice chair post could remain vacant as elections approach
Benjamin Bain and Max Reyes - Bloomberg
Wall Street is getting a major reprieve from tougher oversight after President Joe Biden's pick to be the top U.S. banking regulator ran aground. Progressives had pinned their hopes on Sarah Bloom Raskin -- a Duke University law professor and Washington insider who previously held high-level jobs at the Treasury Department and the Federal Reserve -- to help bring about an era of much tougher oversight for the nation's largest lenders. Those plans, and expectations for the Fed to play a bigger role in combating climate change, are now in disarray after Raskin failed to win enough support in the Senate.
/jlne.ws/36q4Thy
Biden to Withdraw Nomination for Fed's Top Bank Cop; Sarah Bloom Raskin did not appear to have the votes for Senate confirmation as Fed vice chair for supervision after a key Democrat withheld his support.
Jeanna Smialek and Emily Cochrane - NY Times
President Biden will withdraw his nomination of Sarah Bloom Raskin to serve as the Federal Reserve's top bank regulator on Tuesday, after a Democratic senator said he would join Republicans in voting against her, most likely dooming her chances of confirmation.
/jlne.ws/3Jl8cVW
Boris Johnson's 'Festival of Brexit' is a 'Recipe for Failure,' MPs Say; The U.K. government has invested £120 million in the event.
Press Association - Bloomberg
The Government has been accused by MPs of wasting tens of millions of pounds of taxpayers' money on a so-called "festival of Brexit" without any clear idea of what it is meant to be. The Unboxed: Creativity in the UK event — due to take place later this year — is supposed to showcase the best of the country's creativity following its withdrawal from the European Union.
/jlne.ws/3JfXQH6
Singapore Calls on China to Use 'Enormous Influence' on Russia; Decisions of next few weeks will be critical: Balakrishnan; Top Singapore diplomat likens war to fall of Berlin Wall
Philip Heijmans - Bloomberg
Singapore's top diplomat said he hopes China will use its "enormous influence" on Russia to help end its war with Ukraine, warning that Beijing's decisions in the coming days and weeks could determine the future path of the global economy.
/jlne.ws/3teXue7
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | CFTC Orders London-Based Swap Dealer to Pay $3.25 Million for Swap-Data Reporting, Conflicts of Interest, Mid-Market Mark, and Supervision Failures
CFTC
The Commodity Futures Trading Commission today simultaneously filed and settled charges against ED&F Man Capital Markets, Ltd. (ED&F Man), a London-based provisionally registered swap dealer, for failing to comply with certain swap dealer requirements to report accurate swaps data to a swaps data repository (SDR), failing to disclose a conflict of interest to swaps counterparties, failing to disclose mid-market marks to counterparties, and for related supervision failures.
/jlne.ws/36nitlQ
SEC Charges Call Center Operators in $58 Million Penny Stock Scheme
SEC.gov
The Securities and Exchange Commission today announced fraud charges against five individuals for allegedly operating a call center in Medellin, Colombia, which used high pressure sales tactics and made false and misleading statements to retail investors to convince them to buy the stocks of small companies trading in the U.S. markets.
/jlne.ws/3CUZw6w
ESMA published its assessment and recommendations on the EC's MiFIR review proposal
ESMA
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published its assessment of the main elements on the European Commission's (EC) MiFIR review proposal.
The letter focuses on the establishment of the consolidated tape provider (CTP) but also includes elements such as equity and non-equity transparency, reporting and payment for order flow.
/jlne.ws/3tfELyZ
FCA to consult on use of 'side pockets' for retail funds with exposure to sanctioned and suspended Russian assets
FCA
Side pockets would potentially give authorised fund managers the option to separate Russian and Belarussian assets, that are difficult to sell and/or hard to value, from the fund's other core investments.
/jlne.ws/3JhQP8F
SFC reprimands and fines Emperor Securities Limited and Emperor Futures Limited $5.4 million for breaches of anti-money laundering regulatory requirements
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) has reprimanded and fined Emperor Securities Limited (ESL) and Emperor Futures Limited (EFL) (collectively, Emperor) $5.4 million for failures in complying with anti-money laundering and counter-terrorist financing (AML/CFT) regulatory requirements (Notes 1 & 2).
Specifically, the SFC found that Emperor failed to implement adequate and effective policies and procedures to mitigate the risks of money laundering and terrorist financing associated with third party deposits and payments.
/jlne.ws/3icAUwA
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | AMC stuns investors with investment in gold and silver mine as it puts $1.8 billion war chest to work
Ciara Linnane - MarketWatch
AMC Entertainment Holdings Inc. surprised investors Tuesday with the news of an investment in a gold and silver mine that is well outside of its core cinema business. The company is buying 22% of Hycroft Mining Holding Corp. HYMC, and its 71,000 acre Hycroft Mine in Northern Nevada, that is understood to have 15 million ounces of gold deposits and some 600 million ounces of silver deposit. AMC will also receive 23.4 million warrants priced at $1.07 a share, a discount over Hycroft shares closing price Monday of $1.37. Eric Sprott, a seasoned metals investor, will make an investment equal to AMC, the company said in a statement. Combined, the investment comes to $56 million, which the two parties said would give Hycroft financial runway.
/jlne.ws/3KSUzxT
There's a Silver Lining for Your Stock Market Losses; Tax season can bring investors at least a bit of relief from volatile markets.
Stuart Trow - Bloomberg
With April 5, the end of the U.K. tax year, fast approaching, and many investors nursing significant losses in volatile markets, now is a good time to consider what can be done to mitigate any capital gains tax (CGT) liabilities you might have.
/jlne.ws/3qc8OWB
Xi Spurs Frantic Stock Buying With Lifeline for China Markets; Gauge of Chinese equities in Hong Kong surges most since 2008; Top officials vow to ensure stability in coordinated moves
Sofia Horta e Costa - Bloomberg
After a brutal 12 months for Chinese equities, Wednesday's session was looking like a tepid bounce off multi-year lows until the headlines started rolling. Then greed quickly replaced the panicked selling of the past few days. By the time trading ended just after 4 p.m. in Hong Kong, the Hang Seng China Enterprises Index was up 12.5% in its best day since October 2008. Alibaba Group Holding Ltd. surged 27%, while JD.com Inc. jumped 36%. Property stocks rallied the most in more than a decade.
/jlne.ws/3qwtYPt
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | IEA Sees Russia Crisis Accelerating Transition to Clean Energy
James Herron - Bloomberg
The upheaval in oil and gas markets triggered by Russia's invasion of Ukraine could accelerate the world's transition away from fossil fuels, said the International Energy Agency. Western nations are looking for ways to quickly wean themselves off Russian energy exports. The U.K. and the U.S already announced bans on oil imports from the country and the IEA will publish a report later this week advising its members on how to curb short-term fuel demand.
/jlne.ws/3qbJEqV
FTSE Boards Are Getting More Diverse Amid Pressure Campaigns
Eamon Farhat - Bloomberg
The boardrooms of FTSE 100 companies are becoming more diverse as an increasing number of ethnic women take on directorships, according to an update from the Parker Review. The review found that 89% of companies met the target of having at least one minority ethnic director on their board, according to Wednesday's report. As a result, directors from minority ethnic groups now hold 16% of all FTSE 100 board seats, with ethnic women making up almost half those jobs, it said.
/jlne.ws/3JjBtQP
Citi to Cover Staff Travel for Abortions as States Limit Access; Bank says new benefit is response to laws in 'certain states'; Policy starting in 2022 ensures access to 'adequate resources'
Jennifer Surane - Bloomberg
Citigroup Inc. is starting to cover travel costs for employees seeking abortion after several states including Texas implemented or proposed a near total ban on abortions. "In response to changes in reproductive health-care laws in certain states in the U.S., beginning in 2022 we provide travel benefits to facilitate access to adequate resources," the bank wrote in a filing for its shareholders meeting set for April 26.
/jlne.ws/3JcEjXU
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Investors Sue Vanguard After Target Date Funds' Big Tax Bill
Andrew Welsch - Barron's
Three investors are suing Vanguard Group for alleged negligence and breach of fiduciary duty, saying that changes the company made to target date retirement funds resulted in "massive tax bills" for individual investors. Their lawsuit, which is seeking class action status on behalf of customers who invested in Vanguard's target retirement funds, is seeking compensation for "hundreds of millions of dollars" in harm to thousands of investors.
/jlne.ws/3IdWefx
Trafigura Seeks PE Funding as Commodity Surge Triggers Margin Calls;Trader discussed $2 billion to $3 billion deal with Blackstone; Company faced multibillion-dollar margin calls last week
Jack Farchy, Dinesh Nair, and Jan-Henrik Foerster - Bloomberg
Trafigura Group, one of the world's top oil and metals traders, has been holding talks with private equity groups to secure additional financing as soaring prices trigger giant margin calls across the commodities industry. Trafigura has in recent weeks stepped up efforts to seek new funding from beyond its traditional group of bank lenders, according to people familiar with the matter.
/jlne.ws/3JvFTEF
Hong Kong Tycoon Sells UBS London Headquarters for £1.21 Billion
Shawna Kwan - Bloomberg
A Hong Kong company owned by one of Asia's richest men has found a buyer for UBS Group AG's London headquarters. Li Ka-shing's CK Asset Holdings Ltd. agreed to sell 5 Broadgate in London in a deal which values the property at 1.21 billion pounds ($1.6 billion), the company announced late Friday.
/jlne.ws/3tZUIbO
Goldman Executive Warned Bankers Not to Do Business With Jho Low; Ex-Goldman banker Ng recommended Low as client, U.S. says; Legal executive says Leissner was 'irritated' by his concerns
Patricia Hurtado - Bloomberg
A Goldman Sachs Group Inc. senior legal executive who helped vet the 1MDB bond deals that exploded in scandal told a jury he warned Goldman bankers not to do business with Malaysian financier Jho Low.
/jlne.ws/3MUFAFl
ESG Funds Get 'Brutal Wake-Up Call' on Russian Bond Holdings; Asset managers hold the bonds with default risks looming; ESG offerings own a fraction of the total $40 billion of debt
Frances Schwartzkopff - Bloomberg
Some of the roughly $40 billion in Russian foreign-currency debt now at risk of default is held by a group of ESG funds that are designed to invest in so-called sustainable assets. The Article 8 funds -- a category under Europe's environmental, social and governance investing rules -- hold about $800 million of bonds issued by the government of Vladimir Putin that have a coupon payment due this week, according to data compiled by Bloomberg.
/jlne.ws/3JgN9nr
Woodford investors face further repayment delay; Equity Income Fund clients must wait beyond the end of 2022 for closure, says administrator
Joshua Oliver - FT
Investors with money trapped in the fund formerly run by fallen star stockpicker Neil Woodford will have to wait even longer than expected to see the rest of their money returned, close to three years after the fund was shuttered.
/jlne.ws/3KR3P5g
EQT Buys Baring Asia Unit in $7.5 Billion Private-Equity Merger; Deal establishes Stockholm-based asset manager as major operator in Asia to complement its operations in Europe and U.S.
Ben Dummett - WSJ
European buyout giant EQT AB struck a $7.5 billion cash and stock deal to buy rival private-equity firm Baring Private Equity Asia, a big bet on the growth of Asia's private markets. The deal, announced Wednesday, will give EQT almost EUR18 billion, equivalent to $19.8 billion, in additional assets for a total of more than EUR90 billion, boosting management fees and investment income from investments, while establishing the Stockholm-based asset manager as a major operator in Asia to complement its bigger operations in Europe and the U.S.
/jlne.ws/3u5ym8G
Charles River® Launches Tailored Portfolio Solutions to Power Portfolio Personalization at Scale, Integrates Axioma Portfolio OptimizerTM | Press Releases
Press Releases | Qontigo
Charles River Development, a State Street Company, today announced the launch of Tailored Portfolio Solutions, an offering that enables both wealth managers and asset managers to provide high-value, fully customized portfolios at scale. The solution integrates the Axioma Portfolio OptimizerTM (APO) from index and analytics provider Qontigo.
/jlne.ws/3KMokjI
McCormick Faces Scrutiny Over Hedge Fund's Handling of Teacher Pensions; David McCormick, a Republican Senate candidate in Pennsylvania, came under attack from his chief rival, Dr. Mehmet Oz, over the underperformance of investments for the state's teachers.
Trip Gabriel - NY Times
Before he entered Pennsylvania's Senate race, David McCormick oversaw a giant hedge fund that invested billions of dollars for the retirement plans of the state's teachers. But Mr. McCormick's company, Bridgewater Associates, delivered such middling profits and charged such high fees that the Pennsylvania teachers' retirement fund moved to sell off its Bridgewater holdings beginning two years ago.
/jlne.ws/3thX5I1
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Copper Giant Xiangguang's Creditors Stop Loan Renewals; The Chinese firm had liabilities of $1.7 billion as of Sept.; Local government lobbying banks to extend debt maturities
Bloomberg News
Creditors to Yanggu Xiangguang Copper Co., one of China's biggest copper smelters, have stopped providing more loans over concerns about its ability to repay, according to people familiar with the matter. The lenders of Xiangguang include Chinese and foreign banks, said the people, who asked not to be named as the information is private. The creditors are in discussions with Xiangguang on solutions, the people said.
/jlne.ws/3MU24pQ
For Dutch province, Ukraine war is a call to pump natural gas
Anthony Deutsch - Reuters
Images of bombed-out hospitals and apartment buildings across Ukraine reminded Jannie and Bert Schrage of their home country during World War Two. Then the retired couple, who live in the north of the Netherlands, realised they had a resource to help slow President Vladimir Putin's campaign - natural gas.
/jlne.ws/3icnfp8
Saudi Switch to Yuan Seen as Symbolic, Not True Threat to Dollar; Kingdom may be trying to pressure the U.S., strategists say; Dollar's dominance seen under no threat for foreseeable future
Srinivasan Sivabalan and Netty Idayu Ismail - Bloomberg
Saudi Arabia appears to be sending a political message to the U.S. with reports that it will consider accepting yuan payments for oil sold to China, currency strategists say. The world's largest crude exporter, which has been in talks with China over yuan-priced contracts for six years, has sped up the negotiations, the Wall Street Journal reported Tuesday. The offshore yuan erased earlier losses after the report, yet investors from Nordea Investment Management to Generali Insurance Asset Management said it changes little for the dollar's status as the world's reserve currency.
/jlne.ws/3CJCFe0
Petro-Yuan Still Far-Fetched Even Amid Saudi Mulling Oil Deals; Saudi Arabia weighs pricing oil sales to China in yuan: report; China's onshore yuan rises 0.4%, most since December
Bloomberg News
The yuan is getting a boost from reports that Saudi Arabia is in talks with Beijing to price some oil sales in the Chinese currency, a development that analysts believe may be some way off. While a deal between the world's biggest producer and importer of oil could undermine the dominance of the dollar and euro in such trades, market watchers expect that to be a drawn out process. The main hurdle is the yuan's limited convertibility and that it is still tightly managed by China.
/jlne.ws/34Rnm6A
France Opens Door to Talks With Spain on Building Gas Pipeline
Alonso Soto - Bloomberg
France is willing to resume talks with Spain about building a gas pipeline connecting the two countries as Europe races to reduce its dependence on Russian gas. France, which has long resisted Spanish calls to build the link, is now willing to discuss the viability of the so-called Midcat pipeline if Madrid officially requests it, said Jean-Michel Casa, French ambassador in Madrid. Spain has about a quarter of Europe's regasification capacity
/jlne.ws/3wdsHQY
Pakistan presses ahead with Russian-built gas pipeline; Islamabad strains ties with the west after refusing to condemn Moscow's invasion of Ukraine
Benjamin Parkin and Farhan Bokhari - FT
Pakistan plans to finalise a Russian-built gas pipeline despite international pressure to isolate Moscow economically, as the US ally searches for alternatives to ease a domestic energy crunch.
/jlne.ws/3w8wsqI
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