| March 30, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
On March 28, the U.S. Senate confirmed a historic four members of the U.S. Commodity Futures Trading Commission and with that move filled the commission and saw Chairman Rostin Behnam get the most diverse set of colleagues in commission history. Here is the statement Chairman Behnam issued about the confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham:
"I congratulate Christy Goldsmith Romero, Kristin N. Johnson, Summer Mersinger, and Caroline D. Pham on their successful confirmations to serve as Commissioners at the CFTC. The confirmation of these four accomplished professionals means that the CFTC has the most diverse set of Commissioners in the agency's history," said Chairman Behnam. "I thank Senators Stabenow and Boozman for their bipartisan leadership that brought these nominees before the Senate. The American people will be well served by having a full commission that can openly debate significant policy issues in an ever-changing derivatives and financial landscape."
Former Acting CFTC Chairman and now FIA President and CEO Walt Lukken issued this statement on behalf of the FIA:
"On behalf of the FIA Board of Directors, members and staff, I congratulate these four accomplished individuals on their historic Senate confirmation. They each bring important expertise and diverse viewpoints to this agency at a critical time. The derivatives industry faces a variety of challenges and opportunities right now, and I am encouraged by the fact that these new commissioners have all shown a willingness to listen and approach complex issues with a fair and open mind. We look forward to collaborating with the CFTC under the leadership of Chairman Behnam now that it is back up to full strength."
And our friends at the DTCC issued this statement about the four new CFTC Commissioners:
"We are pleased to congratulate Kristin N. Johnson, Summer Kristine Mersinger, Caroline D. Pham and Christy Goldsmith Romero on their confirmations as Commissioners of the U.S. Commodity Futures Trading Commission. Each brings a wealth of experience across the financial services industry and we look forward to working with them to advance policies that ensure the safety and stability of the derivatives markets as well as initiatives that bolster resilience and innovation to propel the industry forward."
Congratulations to the new commissioners. We at JLN look forward to their leadership with interest. We also want to wish the best to former Commissioner Dawn Stump for her service. Thank you Dawn and good luck with what comes next.
The terms of the new commissioners are as such:
- Christy Goldsmith Romero, of Virginia, to be a commissioner of the Commodity Futures Trading Commission for the remainder of the term expiring April 13, 2024.
- Kristin N. Johnson, of Michigan, to be a commissioner of the Commodity Futures Trading Commission for a term expiring April 13, 2025.
- Summer Kristine Mersinger, of South Dakota, to be a commissioner of the Commodity Futures Trading Commission for the remainder of the term expiring April 13, 2023.
- Caroline D. Pham, of New York, to be a commissioner of the Commodity Futures Trading Commission for a term expiring April 13, 2027.
The Federation of Euro-Asian Stock Exchanges or FEAS has developed a comic book called "Borsa City" that is available in six languages. The "Borsa City" comic book is now available in Greek courtesy of FEAS member Athens Exchange Group. Check out all the languages, including English, HERE.
Also, FEAS posted an interview with Sarah Tarawneh, CEO of the Securities Depository Center Jordan on Youtube.
Today I would like to share the FIA Hall of Fame video of Kenneth Raisler, retired partner at Sullivan and Cromwell. Raisler is a legend in the industry. Here is his FIA HOF video.
The Financial Times today has a story titled "Are dogs the key to workplace happiness?" Well, I can tell you that every day I have my two dogs in my office. OK, it is a home office, but there are two beds in my office, not for me to take a nap, but for Bella and Indy (Indiana Jones) to take a nap. And their presence makes my office happier. It also makes me get up off my butt to take them for a walk.
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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Elon Musk invokes rapper Eminem in opposing SEC decree
Jonathan Stempel - Reuters
Elon Musk on Tuesday likened himself to the rapper Eminem in seeking to throw out his 2018 agreement with the top U.S. securities regulator requiring the Tesla Inc (TSLA.O) chief executive to obtain preapproval for his tweets. In a filing in federal court in Manhattan, Musk also renewed his effort to quash a U.S. Securities and Exchange Commission subpoena for details on whether he and Tesla are complying with their disclosure requirements under the 2018 consent decree.
/jlne.ws/3Npzzkl
***** Personally, I would have invoked Gloria Gaynor (I Will Survive!)
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BlackRock President Says 'Entitled Generation' Now Learning About Shortages
Sergio Chapa and Silla Brush - Bloomberg
BlackRock Inc. President Rob Kapito warned that inflation is having dramatic effects on the economy, with an entire generation now learning what it means to suffer from shortages. "For the first time, this generation is going to go into a store and not be able to get what they want," Kapito said at a conference held in Austin by the Texas Independent Producers and Royalty Owners Association. "And we have a very entitled generation that has never had to sacrifice."
/jlne.ws/3JV4hPV
****** He lived through the Beanie Baby and Cabbage Patch Kid shortage, let alone the Tickle Me Elmo shortfall. He knows whereof he speaks.~JJL
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'Whopping' Golf Club Fees Cited as Example of Hidden Inflation by Philly Fed President
Scott Lanman - Bloomberg
Federal Reserve leaders are hearing about the economic pain that inflation is causing for Americans -- including those who are members of private golf courses. Philadelphia Fed President Patrick Harker, in a speech Tuesday on the economy and housing, said inflation is widespread and showing up in a wide array of items that are part of the consumer price index "basket" representing Americans' expenses, and some that aren't.
/jlne.ws/3uIp0A2
***** Here is a man who needs a reality check. The younger generation does not play as much golf. If they want to play any golf course in the world, they can, virtually. You don't have to pay for the grass to be cut on TOPGOLF with ProPutt virtual reality (VR) golf.
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Training with a virtual Rocky has knockout potential; The technology has got me working out every evening for weeks. Is VR fitness a revolution in waiting?
Dave Lee - FT
It's Friday night and, against all the odds, I'm at the gym. Just me, some punchbags, a boxing ring — and Sylvester Stallone. He beckons me over. I'm out of my depth. Or am I? I look down. I'm ripped. A fine specimen, on my way to becoming a champion. In this virtual reality world, Stallone is there to keep me on the straight and narrow.
/jlne.ws/3NAtm5d
***** Guess what? If you don't like golf, you can take up VR boxing, except you don't have to worry about having your actual brains beaten in. My older brother boxes every day, VR style. I have seen no bruises or black eyes. ~JJL
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Tuesday's Top Three
Our most-read story Tuesday was Wall Street regulator proposes to expand the definition of broker-dealers, from Reuters via Yahoo! News. Second was a tie between The Trade's CME Group appoints new directors for its FX team and BrokerTec platform and David Brooks' opinion piece The Secrets of Lasting Friendships in the New York Times. And third was SEC Charges Seven California Residents in Insider Trading Ring.
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MarketsWiki Stats
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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
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| Lead Stories | Hackers Steal About $600 Million in One of the Biggest Crypto Heists; Ronin Network says thieves took Ether, USDC tokens on March 23; Bridge hacks can threaten the ecosystem of decentralized apps
Olga Kharif - Bloomberg
Hackers stole about $600 million from a blockchain network connected to the popular Axie Infinity online game in one of the biggest crypto attacks to date. Computers known as nodes operated by Axie Infinity maker Sky Mavis and the Axie DAO that support a so-called bridge -- software that lets people convert tokens into ones that can be used on another network -- were attacked, with the hacker draining what's known as the Ronin Bridge of 173,600 Ether and 25.5 million USDC tokens in two transactions. The breach happened on March 23, but was only discovered Tuesday, according to Ronin, the blockchain that supports Axie Infinity.
/jlne.ws/3IUYR6i
Canary Wharf proposes £500mn lab project to reinvent financial hub; Landlord wants to set up life sciences cluster in east London after pandemic dents office appeal
George Hammond - FT
Canary Wharf Group has laid out plans to build one of the largest commercial labs in Europe, accelerating efforts to reinvent the financial services hub in east London district as a buzzing commercial and residential neighbourhood. The landlord is developing a 22-storey, 750,000 square foot block split between wet labs and offices, which it hopes will ultimately be the anchor for a thriving life sciences cluster in east London.
/jlne.ws/3JUV5LF
This crisis could be the making of Europe's carbon market; Volatility triggered by war in Ukraine brings a chance to force corporate investment in decarbonisation
Helen Thomas - FT
A disorderly crash is a strange way for a market to herald its coming of age. But it might just be the making of Europe's carbon trading scheme. The price of EU carbon permits tumbled following Russia's invasion of Ukraine, falling from record highs of EUR98 per tonne in early February to lows of around EUR55, before partially recovering to about EUR80 a tonne.
/jlne.ws/3DmcuKy
A new world of currency disorder looms; The Chinese renminbi can be a challenger to the US dollar, but it won't replace it
Martin Wolf - FT
At the end of January, Russia held foreign currency reserves worth $469bn. This hoard was born of the prudence taught by its 1998 default and, hoped Vladimir Putin, also a guarantee of its financial independence. But, as his "special military operation" in Ukraine began, he learnt that more than half of his reserves were frozen. His enemies' currencies ceased to be usable money. This action is not only significant for Russia. A targeted demonetisation of the world's most globalised currencies has big implications.
/jlne.ws/3ISQSXe
Strains in $23tn US government debt market intensify as Fed tightens monetary policy; Treasuries set to post worst quarter of returns since at least 1973 on inflation and rate rise fears
Kate Duguid - FT
Investors' ability to trade US government debt has deteriorated to its lowest point since the ructions of March 2020, deepening worries about the world's most important bond market as the Federal Reserve tightens monetary policy. Liquidity, or the ease of buying and selling, in US government securities has dropped since the beginning of this year, reaching levels not seen since the first months of the coronavirus crisis, according to an index compiled by Bloomberg.
/jlne.ws/3uJdfcZ
More than $600mn in crypto stolen from Ronin Network behind 'Axie Infinity'; Theft from ledger linked to popular game is among the biggest ever targeting digital assets
Miles Kruppa - FT
More than $600mn has been stolen from the digital ledger that powers the popular cryptocurrency game Axie Infinity, in one of the largest hacks targeting the booming digital assets sector. Ronin Network, a program that allows users to transfer assets in and out of Axie, on Tuesday said it had discovered a security breach that resulted in 173,600 ether and 25.5mn USD Coin being removed by unidentified hackers from the system on March 23.
/jlne.ws/3qPtHHr
Axie Infinity's Ronin Network Suffers $625M Exploit; It may be the largest exploit in DeFi history.
Andrew Thurman - Coindesk
The latest crypto hack may be the largest yet. The gaming-focused Ronin network announced Tuesday a loss of over $625 million in USDC and ether (ETH). According to a blog post published by the Ronin network's official Substack, the exploit affected Ronin validator nodes for Sky Mavis, the publishers of the popular Axie Infinity game, and the Axie DAO.
An attacker "used hacked private keys in order to forge fake withdrawals" from the Ronin bridge across two transactions, as seen on Etherscan. While the Ronin sidechain has nine validators requiring five signatures for withdrawals and is meant to protect against these types of attacks, the blog post notes that "the attacker found a backdoor through our gas-free RPC node, which they abused to get the signature for the Axie DAO validator."
/jlne.ws/3qN992l
War in Ukraine: what explains the calm in global stock markets? Amid surprise that the financial system has not been dealt a more severe blow there are warnings of systemic risks still to be uncovered
Robin Wigglesworth, Philip Stafford and Tommy Stubbington - FT
The west's financial warfare against Russia has been dramatic. Commodity markets are chaotic, stoking already uncomfortably high inflation, and global economic growth forecasts have been marked down as a result. Many businesses face big hits from their exits from Russia.
/jlne.ws/3iLJfHF
Cboe continues global expansion with changes to technology and international finance senior leadership; The promotions follow swathes of recent senior leadership changes made by the exchange operator to reflect its growing presence globally.
Wesley Bray - The Trade
Cboe Global Markets has selected a new chief technology officer and a senior vice president for international finance from within its own ranks to support its plans for expansion. Tim Lipscomb, has been promoted to senior vice president and chief technology officer, while Stephanie Renner has been selected to assume the role of senior vice president, international finance.
/jlne.ws/3JU7WO8
DTCC Appoints Two Leaders In Financial Technology Innovation To Its Board Of Directors
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade infrastructure for the global financial services industry, today announced that two new members were elected to its Board of Directors during the firm's Annual Shareholders Meeting. The Board plays a critical role in setting the strategic direction of DTCC, providing oversight and offering guidance on topics including risk management, regulatory matters, technology, innovation and the development of new products and services.
/jlne.ws/3IQsuG0
Warren Buffett disciple Joel Greenblatt doesn't own bitcoin because he believes there's no intelligent way to value it — and has no FOMO about that
Shalini Nagarajan - Business Insider
Veteran investor Joel Greenblatt hasn't bought any bitcoin, because he doesn't think there's an intelligent way to value the cryptocurrency. "Bitcoin is never gonna earn any money," the co-CIO of Gotham Asset Management said in a Tuesday episode of the "Investor's Podcast Network."
/jlne.ws/38cDEYX
Apex Crypto Secures New York BitLicense
Apex Fintech Solutions Inc.
Apex Fintech Solutions Inc., the "fintech for fintechs" powering innovation and the future of digital wealth management ("Apex"), today announced that the New York State Department of Financial Services ("NYDFS") has approved its subsidiary, Apex Crypto LLC's ("Apex Crypto"), application for its virtual currency license, also known as the "BitLicense." Customers of Apex Crypto who have users in New York State can now trade cryptocurrencies on Apex Crypto's trusted, secure platform, 24/7, 365 days per year.
/jlne.ws/3DzDHtD
Germany takes step towards gas rationing over payment stand-off with Russia; Berlin activates emergency law as west refuses to comply with Moscow's demand for roubles
Olaf Storbeck, Harry Dempsey and James Shotter - FT
The German government has taken the first formal step towards gas rationing as it braces itself for a potential halt in deliveries from Russia because of a dispute over payments. Robert Habeck, economics minister, on Wednesday morning activated the "early warning phase" of an existing gas emergency law put in place to deal with acute energy shortages.
/jlne.ws/3JRzraY
Former GAM star Tim Haywood breached rules over Greensill, UK regulator finds; Group's ex-fund manager risked conflict of interest by accepting gifts, FCA says at it releases full findings of probe
Laurence Fletcher and Robert Smith - FT
The Financial Conduct Authority has ruled that GAM's former star fund manager Tim Haywood breached the firm's gifts and entertainment policy when he accepted a personal trip to Sardinia on Greensill Capital's private jet. The FCA disclosed the breaches in notices setting out why it fined GAM and Haywood last year. The regulator announced in December that it had fined GAM £9.1mn, alongside a smaller £230,037 penalty imposed on Haywood, but did not initially release its full findings.
/jlne.ws/3uIlmWY
The Russia ties of London's Gemcorp Capital; Asset manager received seed investment for its first fund from telecoms billionaire
Miles Johnson, Cynthia O'Murchu and Kadhim Shubber and Joseph Cotterill - FT
A billionaire backed by the Kremlin's sanctioned state weapons manufacturer provided seed investment to a London fund manager that now has $1.2bn in assets. Gemcorp Capital, an emerging markets-focused investment firm based in Mayfair, went on to pursue deals involving Russian state-owned companies, including a failed plan to broker the sale of Sputnik V Covid-19 vaccines to Ghana.
/jlne.ws/3DnAxJ6
What you thought you knew about interest rates and the market is wrong; Conventional macroeconomic assumptions do not tally with data about returns on different kinds of capital
Andrew Smithers - FT
Conventional macroeconomics is mistaken and its errors have profound and adverse consequences for economic policy. Many economists believe that central banks can stabilise economies by altering real interest rates, as the US Federal Reserve did earlier this month when it lifted its benchmark rate by a quarter of a percentage point amid concerns about rising inflation. Interest rates are thought to decide the cost of capital and levels of investment, which then change levels of economic activity.
/jlne.ws/3uIbUD9
The LNG Export Boom Is Draining U.S. Natural-Gas Supplies and Lifting Prices; Overseas shipments of shale gas are replacing Russian supplies in Europe and boosting prices at home
Ryan Dezember - WSJ
The U.S. is shipping more natural gas than ever overseas, which is keeping domestic inventories lean and power prices high. Natural-gas prices usually decline into spring, when heating demand drops but before air-conditioning season begins. Gas producers and traders use the off-season to build up inventory for summer, socking away fuel in storage facilities until the weather turns and demand and prices rise.
/jlne.ws/3LudcYW
Societe Generale appoints new head of asset manager and hedge fund sales for its markets division; Industry veteran has 28 years of experience across markets in trading, sales and product development with senior roles at Morgan Stanley, Deutsche Bank and Citi.
Jonathan Watkins - The Trade
Societe Generale has named Jane Karczewski as head of asset manager and hedge fund sales for its markets division. Karczewski joins the bank's global markets team to define and implement the commercial strategy with Societe Generale's hedge fund and asset manager clients across the UK. She will work in close collaboration with sales, trading and client coverage teams across the bank.
/jlne.ws/3wPBuca
FX Veteran Flanagan to Retire
Colin Lambert - The FullFX
It will be the end of an era on 31 March when Steve Flanagan retires, bringing to an end a 43-year career in the FX industry - the vast majority of it with JP Morgan. I have known Steve for many decades by reputation and in person and he is the epitome of a professional, no matter what role he has taken on.
/jlne.ws/3DlDASc
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Germany Triggers Emergency Plan to Secure Energy Supplies; Economy Minister Habeck sees risk Russian gas could be cut off; Germany faces significant exposure to Russian energy imports
Arne Delfs, Elena Mazneva, and Isis Almeida - Bloomberg
Germany triggered an emergency plan to brace for a potential Russian gas cut-off as President Vladimir Putin insists that the crucial fuel should be paid for in rubles. Europe's largest economy, which relies on Russia for more than 50% of its natural gas, initiated the first of three phases of the plan, signaling there are serious signs the supply situation may deteriorate, Economy Minister Robert Habeck said Wednesday. The announcement comes as the Kremlin plans to tell European energy companies by Thursday how to pay for fuel in the Russian currency, even if the process of switching won't begin immediately.
/jlne.ws/3uEkent
Poland Wants to Halt Russian Oil, Gas on Ukraine Invasion; Country also announces plans to halt imports of coal; Poland, Germany move to cut dependence on Russian energy
Maciej Martewicz and Piotr Bujnicki - Bloomberg
Poland will strive to stop all Russian oil, gas and coal imports this year, as moves to wean Europe off its dependence on energy supplies from the country over its war in Ukraine intensify. Poland plans to "do everything" to stop importing Russian oil by the end of 2022, Prime Minister Mateusz Morawiecki said at a media conference on Wednesday.
/jlne.ws/3qOrZpw
Costs of War Mount in Europe as Inflation Soars and Growth Sags; Spanish prices jump, Germany gets recession warning on energy; Lagarde sees 'significant risks to growth' amid uncertainty
Andrew Langley - Bloomberg
The economic damage from the war in Ukraine is worsening across Europe as already-record inflation soars further and Germany faces a danger of recession because of its dependence on Russian energy.
/jlne.ws/3JUMyIm
EU and Russia in stand-off over rouble payments for gasl; Failure to revise supply contracts could halt the flow of fuel to Europe
Harry Dempsey and Neil Hume, Nastassia Astrasheuskaya and Sarah White - FT
Europe and Russia are locked in a stand-off over Moscow insisting that its gas is paid for in roubles, raising the prospect of a halt in supplies as the Kremlin doubles down on its demands. Russian officials said on Tuesday that Moscow would not "supply gas for free" to Europe, a day after G7 countries unanimously rejected President Vladimir Putin's directive.
/jlne.ws/3qPHwWm
How War in Ukraine Roiled Facebook and Instagram; The rules over what war content is permitted on Facebook and Instagram keep changing, causing internal confusion.
Ryan Mac, Mike Isaac and Sheera Frenkel - NY Times
Meta, which owns Facebook and Instagram, took an unusual step last week: It suspended some of the quality controls that ensure that posts from users in Russia, Ukraine and other Eastern European countries meet its rules. Under the change, Meta temporarily stopped tracking whether its workers who monitor Facebook and Instagram posts from those areas were accurately enforcing its content guidelines, six people with knowledge of the situation said. That's because the workers could not keep up with shifting rules about what kinds of posts were allowed about the war in Ukraine, they said.
/jlne.ws/3uDUA1V
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Delisting of Three (3) LNG Freight (Baltic) Futures Contracts - Effective March 28, 2022
CME Group
Effective March 28, 2022, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) delisted the below products from CME Globex and CME ClearPort. There is currently no open interest in these products
/bit.ly/3IRqgGl
Expansion of Listing Schedule of the Adjusted Interest Rate S&P 500 Total Return Index Futures Contract
CME Group
Effective Sunday, May 1, 2022, for trade date Monday, May 2, 2022, and pending all relevant CFTC regulatory review periods, Chicago Mercantile Exchange Inc. ("CME" or "Exchange") will expand the listing schedule for the Adjusted Interest Rate S&P 500 Total Return Index Futures contract (the "Contract") for trading on the CME Globex electronic trading platform ("CME Globex") and for submission of clearing via CME ClearPort, as more specifically described in the table below.
/bit.ly/3Lv2FNt
Pyrum Innovations AG new in the Scale segment of the Frankfurt Stock Exchange
Deutsche Börse
Pyrum Innovations AG (ISIN: DE000A2G8ZX8 ) has been listed in the Scale segment of the Frankfurt Stock Exchange since today. The first price of the share was EUR97.00. The company is already listed on the Oslo Stock Exchange, and its shares can now also be traded on the Frankfurt Stock Exchange thanks to the dual listing.
/bit.ly/3DpiKl1
Deutsche Börse successfully places EUR 600 million corporate bond at an attractive coupon of 1.5 percent
Deutsche Börse
Today, Deutsche Börse AG successfully placed a corporate bond in the amount of EUR 600 million. The bond has a term of 10 years and an annual coupon of 1.5 percent.
/bit.ly/3NAQ50I
Record volumes for FTSE 100 Derivatives at Eurex marking one year anniversary
Eurex
29 March marks the one year anniversary since the launch of FTSE 100 Derivatives at Eurex
2022 witnessed a sharp increase in trading activity for the FTSE 100 Derivatives at Eurex compared to last year (+254% vs. 2021).
/bit.ly/3uF8TDt
Equity and Equity Index Derivatives: Delisting of Russian derivatives
Eurex
Eurex Circular 031/22 Equity and Equity Index Derivatives: Delisting of Russian derivatives
1. Introduction
In Eurex circulars 023/22, 024/22 and 025/22, Eurex announced termination of trading in eight single stock and four equity index derivatives, as well as suspension of trading in additional eleven single stock derivatives and one equity index derivative.
/bit.ly/38eRtpR
Member Section: Announcement of Member Section Release 2.9
Eurex
With this circular, Eurex announces the introduction of the next Member Section enhancements: Member Section Release 2.9, which will be available from Monday, 11 April 2022.
/bit.ly/3ITeb3s
FEX Global Suspension of ESPO Asian Crude (Argus) Futures and Options Contracts
FEX Global
The Board of Directors of FEX Global have determined to indefinitely suspend for trading all futures and options products referencing the ESPO Asian Crude (Argus) Benchmark. This suspension will come into effect after the close of today's trading session. A market notice has been published at 9.30am today AEST.
FEX Global is deeply concerned about the invasion of Ukraine and believe that this action is in line with both the legal and other sanctions that have been imposed on Russia and Belarus as well as the intent of those sanctions.
/bit.ly/35mGeKM
Update to Exemption of Trading Fee for Securities Market Maker Transactions in Exchange Traded Products and Inclusion of Exchange Traded Products as Volatility Control Mechanism (VCM) Applicable Securities
HKEX
With effect from 3 May 2022, the rate of exemption of Trading Fee for Securities Market Maker Transactions in Exchange Traded Products will be updated based on the quarterly review.
/bit.ly/3wLu7lJ
Indicative Average Prices of MSCI Taiwan (USD) Index Futures Contracts
HKEX
The calculation of the IAP is based on the average of the underlying Index values on the Last Trading Day taken at (i) 1-minute intervals during the last 25 minutes of trading on the Taiwan Stock Exchange Corporation before the end of the continuous trading session, and (ii) the unofficial closing index value, rounded to the nearest 2 decimal places.
At the request of Exchange Participants ("EPs") which may require an Indicative Average Price ("IAP") of certain futures contracts to facilitate their internal operational process, the Exchange may in its absolute discretion publish the IAP of selected futures contracts from time to time for EPs' reference only. The Exchange may decline future requests for IAP at any time.
/bit.ly/36DHnOM
ICE Mortgage Technology Reconnects Thousands of Mortgage Industry Experts at Experience 2022 and Brings Virtual Experience Home
ICE via Business Wire
The Best of Experience 2022 Available Online April 18-30, 2022
ICE Mortgage TechnologyTM, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today shared that its annual ICE Experience conference, which was conducted back in person since the pandemic, concluded with 2,500 in attendance.
/bit.ly/3iRa9xX
JPX and QUICK Publish Anthology of ESG Issues
JPX
Japan Exchange Group, Inc. (JPX) and QUICK Corp. have today published an anthology of ESG issues (in Japanese only) which aims to support information disclosure among Japanese listed companies.
/bit.ly/3qQrXxt
Execution of the Compression Trades for Nikkei 225 Options
JPX
Osaka Exchange (OSE) announced that the compression trades for Nikkei 225 Options (powered by TriOptima AB) * was executed during the Night Session on March 29th (Trading date March 30th) . In this cycle, total of 1,980 contracts (JPY 56 billion in notional amount) were traded.
/bit.ly/36YUXfB
Consolidated Guidance on Disruption Events and Updated Guidance on the calculation of Monthly Average Settlement Prices
LME
This Notice consolidates and updates guidance published by the LME to date in relation to Disruption Events. The Disruption Event framework was originally introduced through paragraphs 23 to 30 of LME Notice 22/064, and supplemented by paragraph 14 of LME Notice 22/067 and paragraphs 13 and 14 of LME Notice 22/068. This Notice withdraws all previous Notice provisions relating to Disruption Events and restates them in this Notice. It also provides further detail on how Disruption Events may impact the calculation of Monthly Average Settlement Prices ("MASPs"), Monthly Moving Average Prices ("MMAPs")1, and Notional Average Prices ("NAPs").
/bit.ly/3624ceb
Regulations for the markets of the Moscow Exchange March 30
MOEX
On March 30, 2022, trading on the markets of the Moscow Exchange, by decision of the Bank of Russia, will be conducted according to the following rules.
/bit.ly/38djjTn
Nasdaq Appoints Oliver Albers Executive Vice President, Head of Investment Intelligence
Nasdaq via Globe Newswire
Nasdaq today announced that Oliver Albers has been appointed Executive Vice President, Head of Investment Intelligence. Albers, who is currently the Senior Vice President, Global Head of Data for the Investment Intelligence business, will lead the strategic direction of the group to drive the next phase of growth across Nasdaq's data, index and analytics offerings. Lauren Dillard, Executive Vice President, Head of Investment Intelligence, has resigned to take an executive role at a private equity firm.
/bit.ly/3qMVRCZ
NYSE Bonds - Addition to the List of Traded Bonds
NYSE
The following bonds will be added at the opening of trading on Wednesday, March 30, 2022.
These bonds have been added as "NYSE traded bonds" pursuant to an SEC exemption that allows the NYSE to trade certain non-convertible debt of NYSE listed companies and their wholly owned subsidiaries, without the issuer having listed those securities on the NYSE.
/bit.ly/3LUpTgO
SIX Digital Exchange and Aequitec to partner on Cap Table and Share Registry services for SDX's digital equity securities offering
SIX
Switzerland's SIX Digital Exchange (SDX), the world's first fully regulated FMI digital asset exchange, and Aequitec, a digital share register and cap table company, will partner to enhance the funding process for private companies. This will enable the seamless issuance and custody of digital equity securities in SDX's regulated CSD.
/jlne.ws/3NxV1DJ
Taiwan Futures Exchange is to recruit 25 staff and welcomes various talents
TAIFEX
The Futures Exchange has expanded the recruitment of 25 people, and registration will be opened from now on. All kinds of outstanding talents are welcome to apply for the exam.
/bit.ly/36GyALR
***** Note, this link goes to a Chinese version of this press release.
DTCC Appoints Two Leaders in Financial Technology Innovation to its Board Of Directors
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade infrastructure for the global financial services industry, today announced that two new members were elected to its Board of Directors during the firm's Annual Shareholders Meeting. The Board plays a critical role in setting the strategic direction of DTCC, providing oversight and offering guidance on topics including risk management, regulatory matters, technology, innovation and the development of new products and services.
The new directors are William (Bill) Capuzzi of Apex Fintech Solutions and Kelley Conway of Northern Trust.
/bit.ly/3NxUAcB
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Turing Award Won by Programmer Who Paved Way for Supercomputers; In the 1970s, Jack Dongarra created code and concepts that allowed software to work easily with the world's most powerful computing machines.
Cade Metz - NY Times
In the late 1970s, as a young researcher at Argonne National Laboratory outside Chicago, Jack Dongarra helped write computer code called Linpack. Linpack offered a way to run complex mathematics on what we now call supercomputers. It became a vital tool for scientific labs as they stretched the boundaries of what a computer could do. That included predicting weather patterns, modeling economies and simulating nuclear explosions.
/jlne.ws/36YwOWi
TransFICC closes $17 million investment led by AlbionVC; New investment will be used to expand TransFICC's engineering teams and to support the company's growth strategy and geographical expansion.
Wesley Bray - The Trade
Fixed income and derivatives venue connectivity specialist TransFICC has closed a $17 million Series A extension funding round led by AlbionVC. The investment round included all existing institutional shareholders and follows its initial Series A for $7.8 million, announced in April 2020.
/jlne.ws/3IRqYTS
MarketAxess partners with DataBP to automate data licensing and post-sales processes; Partnership will help increase efficiency and reduce risk, meeting institutional fixed income trading clients' business intelligence demands.
Wesley Bray - The Trade
MarketAxess has partnered with data licensing and commercial management platform DataBP to leverage its services to support and automate data licensing and post-sales processes. As a result of the rapidly evolving methods of data consumption in financial services, an increasingly sophisticated level of scale and automation is required to provide customers with a broader range of services and to manage a diverse group of data subscribers and redistributors.
/jlne.ws/36Yz0gu
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| Cybersecurity | | Top stories for cybersecurity | Using Russian tech? It's time to look at the risks again, says cybersecurity chief
Danny Palmer - ZDNet
Organisations using Russian-linked software or products have been told to take time to consider the risk involved with using those technologies following Russia's invasion of Ukraine.
New guidance from the National Cyber Security Centre (NCSC) - part of GCHQ - says organisations in several key areas in particular should reconsider the risk of using Russian-controlled products as part of their network or supply chain because of the risk of potential cyberattacks.
/jlne.ws/3IThNT5
2022 Trends To Look Out For In The Industrial Cybersecurity Industry
Matt Morris - Forbes
In a cybersecurity landscape marked by the pandemic's upheaval, there's considerable opportunity for bad actors and a persistent challenge for cybersecurity pros. It's a dangerous time for critical infrastructure companies that are consistently outmatched by sophisticated and well-funded attackers. Improving industrial cybersecurity in 2022 and beyond requires that several trends and initiatives come to fruition that push back against attacks and protect the public.
/jlne.ws/3iQ61Ow
As White House Warns of Cyber Threats, 600,000 Jobs Are Open
Olivia Rockeman - Bloomberg
President Joe Biden has urged U.S. companies to "harden your cyber defenses immediately" amid a growing risk of Russian cyberattacks. For many, that won't be easy.
The war for talent has been well-telegraphed throughout the country, but it's particularly acute in cybersecurity. And it's only worsened as competition in the broader labor market has heated up, heightening both companies' potential vulnerability to hackers and the urgency to boost the workforce.
/jlne.ws/35ohp1d
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| Cryptocurrencies | | Top stories for cryptocurrencies | MicroStrategy Borrows Against Holdings to Buy More Bitcoin
Crystal Kim - Bloomberg
MicroStrategy Inc., the software company controlled by entrepreneur Michael Saylor that's made investing in Bitcoin central to its corporate strategy, is borrowing against its digital-asset holdings for the first time to buy more of the cryptocurrency.
/jlne.ws/3K6uWtv
Blockchain project Ronin hit by $615 million crypto heist
Tom Wilson and Elizabeth Howcroft - Reuters
Blockchain project Ronin said on Tuesday that hackers stole cryptocurrency now worth almost $615 million from its systems, in what would be one of the largest cryptocurrency heists on record. The project said that unidentified hackers on March 23 stole some 173,600 ether tokens and 25.5 million USD Coin tokens. At current exchange rates, the stolen funds are worth $615 million, but they were worth some $540 million at the time of the attack.
/jlne.ws/3JSxP0P
El Salvador courts crypto 'whales' as traditional investors shun bitcoin bond; Potential buyers still lack information on legal framework underpinning 'volcano token' deal
Joshua Oliver and Tommy Stubbington - FT
El Salvador's $1bn bitcoin-backed bond could tap deep wells of capital among cryptocurrency enthusiasts after many big international investors have shunned the project. Demand from bitcoin "whales" — investors holding large quantities of the world's biggest cryptocurrency — is likely to be crucial to fundraising for the bond, according to people involved with the effort.
/jlne.ws/3uH1cNe
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| Politics | | An overview of politics as it relates to the financial markets | House Votes to Expand Tax Benefits for Retirement Savings; Bill would automatically enroll workers in savings plans; Legislation is rare example of bipartisan tax proposal
Laura Davison - Bloomberg
The House overwhelmingly passed legislation that would expand the tax benefits for retirement accounts to bolster the savings of Americans, many of whom have nothing banked for after they stop working. The legislation, approved on a 414-5 vote, creates a tax credit of up to $1,000 per employee for small businesses that offer a savings plan. The bill also expands a tax credit for low-income individuals who contribute to their accounts. Workers would automatically be enrolled in retirement plans, with a choice to opt out, rather than requiring employees to pro-actively sign up.
/jlne.ws/3r9BiRp
Senate Prepares Confirmation Vote for Lisa Cook as Fed Governor; Nomination required procedural step to advance in the chamber after deadlocking in committee
Nick Timiraos - WSJ
The Senate voted Tuesday to advance the nomination of economist Lisa Cook for a seat on the Federal Reserve's board, a procedural step required before the full chamber can vote on whether to confirm her for the post.
/jlne.ws/3NA9tek
Sen. Wyden Demands Answers From Crypto Investors Identified In HuffPost Investigation; The Finance Committee chair is asking questions after a HuffPost report that crypto millionaires were taking advantage of the "opportunity zone" tax break intended to help poor neighborhoods.
Molly Redden - Huff Post
Senate Finance Committee chair Ron Wyden (D-Ore.) pressed a group of cryptocurrency companies and professionals on Monday to justify their use of a tax break meant to uplift low-income neighborhoods, which HuffPost revealed is instead being used by wealthy crypto investors to skirt taxes with questionable benefits for the local community.
/jlne.ws/3Nys62w
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| Regulation & Enforcement | | Stories about regulation and the law. | SPACs Face Fresh SEC Legal Threat for Overly Bullish Forecasts
Ben Bain and Gillian Tan - Bloomberg
SPAC sponsors who embellish projections about the companies they plan to take public face a new threat in a plan from the U.S. Securities and Exchange Commission.Wall Street's main regulator will propose curbing the legal protections that some blank-check companies have relied on to make bullish forward-looking statements about the firms they plan to merge with, according to people familiar with the matter who requested anonymity because the plan is not yet public. The regulation, set to be released on Wednesday as part of a broader set of SPAC rules, would clarify that investors can sue over inaccurate special purpose acquisition company forecasts.
/jlne.ws/3JT8p2T
Four women join CFTC in U.S. Senate vote hailed as historic
Pete Schroeder - Reuters
Four women will take seats on the Commodity Futures Trading Commission, returning the derivatives regulator to full strength, after a unanimous U.S. Senate vote hailed as historic by the chair of the Senate Agriculture Committee.
"This confirmation makes history because all four nominees are women, three of whom are women of color," Senator Debbie Stabenow, the chair, said in a statement.
/reut.rs/3NCeT8W
Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham
CFTC
Commodity Futures Trading Commission Chairman Rostin Behnam today made the following statement on the unanimous U.S. Senate confirmations of four new CFTC Commissioners: "I congratulate Christy Goldsmith Romero, Kristin N. Johnson, Summer Mersinger, and Caroline D. Pham on their successful confirmations to serve as Commissioners at the CFTC. The confirmation of these four accomplished professionals means that the CFTC has the most diverse set of Commissioners in the agency's history," said Chairman Behnam. "I thank Senators Stabenow and Boozman for their bipartisan leadership that brought these nominees before the Senate. The American people will be well served by having a full commission that can openly debate significant policy issues in an ever-changing derivatives and financial landscape."
/jlne.ws/3LoMxgj
Court Finds El Paso Man and His Firm Liable for Defrauding Forex and Cryptocurrency Clients of More Than $7.2 Million
CFTC
The Commodity Futures Trading Commission today announced that a consent order was entered in the Western District of Texas in an enforcement action against defendants Abner Alejandro Tinoco, and his company, Kikit & Mess Investments, LLC, a self-styled investment firm, finding that they misappropriated in excess of $7.2 million from investors who intended to trade forex or cryptocurrency in managed accounts. The order imposes injunctive relief, including bans relating to trading and registration.
/jlne.ws/3tPAu5G
Proposed Rule Change to Amend FINRA Rule 2360 (Options) to Increase the Position and Exercise Limits for Conventional Options on Certain Exchange-Traded Funds
FINRA
Financial Industry Regulatory Authority, Inc. ("FINRA") is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to amend Rule 2360 (Options) to increase the position and exercise limits for conventional options on certain exchange-traded funds ("ETFs").
/jlne.ws/3ILA44A
SEC Charges Seven California Residents in Insider Trading Ring
SEC
Securities and Exchange Commission v. Hari Prasad Sure, et al., Civ. Act., o. 3:22-cv-01967 (N.D. Cal. filed March 28, 2022)
The Securities and Exchange Commission today announced insider trading charges against three software engineers employed at Twilio, Inc., a San Francisco-based cloud computing communications company, and four family members and friends for allegedly generating more than $1 million in collective profits by insider trading ahead of the company's positive first quarter 2020 earnings announcement on May 6, 2020.
/jlne.ws/3qJEyCM
FCA Extends Key Crypto Deadline for Revolut, 11 Other Applicants
Emily Nicolle - Bloomberg
The U.K.'s financial regulator is extending a Thursday deadline for its approval of crypto operations, giving a dozen firms more time to get their applications or affairs in order. The Financial Conduct Authority said firms on its temporary register of cryptoasset businesses -- including digital bank Revolut and crypto brokerage Copper Technologies -- will be given additional time if they can show they require it, such as providing more information for their application, pursuing an appeal against the FCA's decision or to wind down their operations.
/jlne.ws/38hEEv3
FCA fines GAM International Management and former Investment Director Timothy Haywood
UK FCA
The Financial Conduct Authority (FCA) has fined asset manager GAM International Management Limited (GIML) £9,103,523 for failing to conduct its business with due care and attention and failing to adequately manage conflicts of interest. The FCA has also fined Timothy Haywood, a former Investment Director and Business Unit Head at GIML, £230,037.
/jlne.ws/3IR3mii
ESMA Issues Its 2021 Corporate Reporting Enforcement And Regulatory Report
ESMA
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its 2021 Corporate Reporting Enforcement and Regulatory Report. ESMA makes recommendations to issuers and auditors to improve future financial and non-financial reports, by assessing how issuers comply with International Financial Reporting Standards (IFRS) and non-financial reporting obligations and adhere to ESMA's recommendations.
/jlne.ws/3JT6VpD
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Vultures Are Coming for Russian Debt; The country is fast becoming a case study in distressed investing. Who's buying? Capitalism's finest, of course.
Erik Schatzker - Bloomberg
Wall Street doesn't usually let moral dilemmas get in the way of making money. There's almost always a bidder for whatever security is on offer, no matter how dodgy the issuer, how funky the structure, or how unpleasant the circumstances. Russian President Vladimir Putin's invasion of Ukraine is no exception.
/jlne.ws/3uEEZzf
How Will Oil Markets Cope Without China's Demand? Shanghai's lockdown has sent prices tumbling, but it would be a mistake to think the pandemic is the only factor.
David Fickling - Bloomberg
How will the world's oil markets cope without China? They may be about to get a foretaste. As with every commodity on the planet, Chinese demand has had an overwhelming impact over the past few decades. Consumption as a whole is lower than for some other materials: At about 15% of global demand, the country uses a bit less per person than the world average, compared with its roughly 53% share of the planet's steel production. Still, in terms of incremental growth, China is everything, accounting for 41% of additional daily barrels pumped between 2009 and 2019.
/jlne.ws/3Luoxsm
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The Covid Era Has More Diabetes and Brain Fog; Covid infections raise the risk of diabetes, neuropsychological issues and Long Covid. But we don't really understand how.
Therese Raphael and Sam Fazeli - Bloomberg
Commenting on Britain's near-record-high number of Covid cases, the U.K.'s chief medical officer, Chris Whitty, said last Wednesday that we should expect seasonal peaks for the next few years, interspersed with new variants of SARS-CoV-2. As we move into the post-pandemic, living-with-the-virus era, more research is surfacing about the ways even mild Covid cases leave lingering effects on health in some people. Three conditions in particular are capturing scientists' attention due to the large number of sufferers: increased rates of diabetes, neuropsychological problems and the illness known as Long Covid. Researchers have found associations between Covid infections and each of these issues, but we don't know enough yet to establish causality.
/jlne.ws/3wP91mO
One Avocado a Week Cuts Risk of Heart Disease by 20%
Press Association via Bloomberg
Eating two or more servings of avocado every week cuts the risk of heart disease by a fifth, according to a new study. Experts found that one avocado a week (equivalent to two servings) appears to slash the risks of coronary heart disease by 21% compared to people who do not eat avocado. Replacing half a serving per day of margarine, butter, egg, yoghurt, cheese or processed meats with the equivalent amount of avocado was also associated with a 16% to 22% lower risk of heart disease.
/jlne.ws/3qMnrju
Corporate Bonds Lost $1 Trillion and There's More Trouble Ahead; Credit suffers losses resembling Covid, financial crisis drops; Inflation, growth slowdown and war hit buyers from all angles
Tasos Vossos and Hannah Benjamin - Bloomberg
Investors in company debt are bracing themselves for more trouble ahead after a turbulent quarter as economy fears remain in place while the end of the war in Ukraine could prove elusive. The worldwide pool of the safest corporate debt has already shrunk by $805 billion so far this year, while the global junk market lost $236 billion, according to data compiled by Bloomberg. That's the biggest dollar decline since records began over 20 years ago, following a borrowing binge propelled by record-low funding costs.
/jlne.ws/3wQpEOY
Vitol generates record net profit of $4bn in 2021; Biggest independent energy trader rides rising demand and price volatility
Neil Hume - FT
Vitol, the world's biggest independent energy trader, made record profits last year on the back of rising demand for energy as lockdown restrictions eased. The privately owned group generated more than $4bn of net profit as revenue almost doubled to $279bn on the back of higher oil and gas prices, according to people who have seen a copy of its results. Gross profit rose $1bn to $6bn, they said.
/jlne.ws/35qBT9A
Cancer Patients Are at High Risk of Depression and Suicide, Studies Find; Two new studies of millions of people around the world suggest that doctors should be thinking more about cancer patients' mental health, experts said.
Jessica Wapner - NY Times
One day years ago, during her training in neurology, Dr. Corinna Seliger-Behme met a man with end-stage bladder cancer. Before the diagnosis, the man had a stable family and job, and no history of mental health problems, Dr. Seliger-Behme recalled. But, soon after learning of his terminal disease, he tried to kill himself with a knife in the bathtub. He spent the last week of his life in the psychiatric ward.
/jlne.ws/3DlyoOc
Everyone Is Not OK, but Back at Work Anyway; Supervisors are called on to help people navigate personal challenges, whether or not they have the training to do so.
Emma Goldberg - NY Times
It's exceptionally difficult to get someone to crack a smile, let alone laugh, in a corporate event hosted on Zoom, but the comedian Dani Klein Modisett finds ways. One game she likes to play during her laughter workshops involves asking participants to each name five items in a category — for example, things in their refrigerator — as fast as they can, after which everyone else chants: "Those are five things!" Eventually people loosen up. They start giggling. (Maybe you had to be there.)
/jlne.ws/3IPPDIv
Shanghai's Lockdown Tests Covid-Zero Policy, and People's Limits; A staggered lockdown on China's commercial capital of 26 million people has sent beleaguered residents scrambling and raised fears of broader damage to the economy.
John Liu and Paul Mozur - NY Times
Even before Shanghai imposed a lockdown to curb a rapidly spreading Covid outbreak, life for many in China's wealthiest city had been upended by the virus — and the government's response. Residents raced to hoard groceries in case they were ordered to stay home. Some protested at the gates of housing complexes that were locked with little notice. Others, sent to government isolation facilities, were forced to sleep on the floor because of a shortage of beds.
/jlne.ws/3uDyyMQ
China's patchy vaccine campaign leaves elderly at risk; More than 130mn in danger of developing severe Covid-19 symptoms or dying
Eleanor Olcott and Andy Lin and Primrose Riordan - FT
China's patchy vaccination campaign has left half of its elderly population exposed to a higher risk of severe Covid-19, just as the country tackles surging outbreaks of the infectious Omicron variant in Shanghai and other regions. Shanghai on Monday began a two-phase lockdown of all 26mn of its residents to combat a wave of largely asymptomatic cases that have been rapidly multiplying in the community.
/jlne.ws/3JQKH7C
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Bankers Are Still Standing Behind the Dirtiest Fossil Fuel; The amount of financing going to coal-related projects may be running at a rate that's double last year's pace.
Tim Quinson - Bloomberg
Granted it's still early in 2022, but signs are emerging that the amount of financing going to coal-related projects is running at a rate that's more than double last year's pace. With the first quarter coming to a close, banks (mostly based in China) have helped coal companies raise $9.9 billion via loans and bond sales, according to data compiled by Bloomberg. For comparison, the number was closer to $4.4 billion during the first three months of 2021.
/jlne.ws/3JWpjho
Global banks keep up pace with $742bn in fossil fuel finance despite climate pledges; World's largest lenders provided only slightly less financing last year than in 2020, analysis shows
Camilla Hodgson - FT
Global banks provided $742bn in financing to coal, oil and gas companies last year, despite the fanfare of climate pledges by lenders that signed up to former Bank of England governor Mark Carney's industry alliance, according to the latest comprehensive analysis by an activist group.
/jlne.ws/3uGB6cZ
Banker Salaries Are No Longer Closely Guarded Secrets at Westpac
Harry Brumpton - Bloomberg
The water-cooler conversations at Westpac Banking Corp. are about to get a whole lot more interesting. One of Australia's largest banks said Wednesday it will no longer stop employees from openly discussing their salaries as part of an initiative to help narrow the gender pay gap. From April, pay confidentiality clauses won't apply in existing employee contracts, a change it first introduced with new hires that joined the lender from December.
/jlne.ws/3IS49zp
Banker to the Ultra-Rich Says War Raises Questions Over ESG Labels; Coutts is asking fund managers to prove ESG bets are working; War in Ukraine is turning into pivotal moment for the industry
Natasha White - Bloomberg
Coutts & Co., the centuries-old wealth manager whose clients include Queen Elizabeth II, said Vladimir Putin's war on Ukraine is putting pressure on ESG funds to justify their use of the label. It's now clear that hundreds of funds touting environmental, social and governance goals failed to dodge the autocratic regime behind Europe's worst military conflict since World War II. Funds marketing themselves as ESG held about $8.3 billion in Russian assets right before the war, including state-backed energy giants and even bonds issued by the Kremlin, according to data compiled by Bloomberg.
/jlne.ws/35oc8Xt
McDonald's Linked to Amazon Deforestation in New Report; A Brazilian group alleges that companies supplying beef to the restaurant chain have bought cattle originating from illegally cleared ranches.
Jessica Brice - Bloomberg
McDonald's Corp. has ties to deforestation and labor abuses in Brazil's Pantanal wetlands and in the Amazon rainforest, which plays a crucial role in regulating the world's climate, according to a report published Wednesday by Reporter Brasil, an independent research group focused on environmental and labor issues.
/jlne.ws/36TcZ2F
OUT NOW: New ICAP Status Report 2022 presents the latest developments in emissions trading systems worldwide
Emissions Trading Worldwide: ICAP Status Report 2022
ICAP
ICAP's Emissions Trading Worldwide: Status Report 2022 demonstrates how ETS is proliferating across the globe, progressively expanding into new sectors, and aligning with net-zero goals. Emissions trading systems (ETS) play a key role in the challenge of the century: reaching net zero emissions by 2050. Governments' net-zero commitments cover roughly 70% of global GHG emissions, but many are not supported by the near-term policies. Reaching that long-term goal requires that existing ETSs are strengthened. They are increasingly becoming a policy tool of choice to drive decarbonization and will play a central role in reaching net zero emissions.
/jlne.ws/3iM3Tav
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | FTSE Russell & ADX launch FTSE ADX 15 representing top listed companies
FTSE Russell
FTSE Russell and Abu Dhabi Securities Exchange (ADX) announced today the launch of the FTSE ADX 15 Index (FADX 15) representing the top publicly listed companies on ADX.
The new FTSE ADX 15 Index, a sub-index of the FTSE ADX General Index, is calculated by a combination of free float adjusted market capitalisation and median daily trading value of the top 15 traded companies on ADX.
/jlne.ws/3iUoaL3
GPIF selects new Japanese equity ESG index: FTSE Blossom Japan Sector Relative Index
FTSE Russell
FTSE Russell, a leading global index, data and analytics provider, today announces the Government Pension Investment Fund (GPIF) of Japan has selected its newly created FTSE Blossom Japan Sector Relative Index, for its latest ESG passive fund. GPIF is the largest pension fund in the world with about $1.73 trillion in assets (as of end of December 2021)*.
/jlne.ws/3tR1FwV
Hedge Funds That Took Roman Abramovich's Billions Have No Way Out; Cayman rules say firms can manage money but can't collect fees; Concord steered oligarch's fortune to hedge funds, PE firms
Katherine Burton, Sabrina Willmer, and Dawn Lim - Bloomberg
When Concord Management came calling with the promise of checks for as much as $100 million, more than 100 hedge funds and private equity firms jumped at the offer. Most of the $6 billion behind Concord belongs to Roman Abramovich, who earlier this month was sanctioned by the European Union and the U.K. as part of sweeping penalties against billionaires believed to be close to Russian President Vladimir Putin. Now the firms are stuck: Their clients are asking questions, they can't get rid of the tainted money and they can't immediately collect fees on it either.
/jlne.ws/3wJNITz
Credit Suisse 'Turned a Blind Eye' to Rogue Banker, Says Judge; Judge says billionaire client Ivanishvili lost $553 million; Credit Suisse unit intends to vigorously appeal the verdict
Hugo Miller - Bloomberg
The Bermuda unit of Credit Suisse Group AG managing the fortune of billionaire Bidzina Ivanishvili "turned a 'blind eye'" to the criminal behavior of a rogue banker, a judge ruled as he estimated the Georgian client's losses at $553 million. The damages for Ivanishvili are still to be calculated by forensic accountants working on the case, Bermuda Supreme Court Chief Justice Narinder Hargun said Tuesday in a brief hearing accompanying the 281-page judgment handed down against Credit Suisse Life Bermuda in the island nation's capital, Hamilton.
/jlne.ws/3uCsxjp
1MDB Banker Got a 'Bad Karma' Warning Before Scandal Exploded
Patricia Hurtado and Francesca Maglione - Bloomberg
The wife of the former Goldman Sachs banker on trial over the 1MDB scandal told the jury her feng shui master warned her husband's boss of "bad karma" -- a prediction that seems to have come true. Hwee Bin Lim, the wife of ex-Goldman Sachs Group Inc. banker Roger Ng, was testifying for Ng on Tuesday as he stands charged with conspiracy in the looting of sovereign wealth fund 1Malaysia Development Bhd. Lim told the jurors that she and Ng arranged for feng shui readings with a "Master Pang" for Ng's boss, Tim Leissner, in 2015 and 2016.
/jlne.ws/3tNkDVo
Ex-Goldman Banker's Wife Says She Has No Proof of Investments; Roger Ng's wife testified $35 million was from investment gain; 'When you invest in China, there's no point for documents'
Patricia Hurtado and Francesca Maglione - Bloomberg
The wife of the former Goldman Sachs Group Inc. banker on trial in the 1MDB scandal said she has no documentation proving that $35 million allegedly paid to him as an illegal kickback was actually a return on a legitimate investment. Ex-Goldman banker Roger Ng's wife, Hwee Bin Lim, testified Monday in his defense that she invested her parents' money in businesses controlled by the then-wife of Ng's boss at the time, Tim Leissner.
/jlne.ws/36Y5WFU
Defiance CEO Looks to Set Her Disruptive Tech ETF Apart From Cathie Wood's ARK; Sylvia Jablonski became boss of Defiance earlier this month; She'll focus on 'dynamic disruptive trends' with new funds
Isabelle Lee - Bloomberg
Escaping the shadow of Cathie Wood and ARK Investment Management is tough enough in the thematic-fund business. Imagine if you're one of the few other female CEOs in the $7 trillion U.S. exchange-traded fund industry -- one who's also chasing disruptive tech bets.
/jlne.ws/3K8tVkF
Apollo drops plans to buy Pearson after £7bn bid rejected; Private equity group must walk away for six months under UK takeover rules
Kaye Wiggins and Bethan Staton - FT
Apollo has dropped plans to buy the UK education publisher Pearson after the private equity group's £7bn takeover offer was rejected. Apollo "has been unable to reach agreement with the board of Pearson as to the terms of an offer", the US buyout group said in a statement on Wednesday. Under UK takeover rules, it must now walk away from bidding for the publisher for six months.
/jlne.ws/3wL4oKp
Franklin Templeton launches Taiwan ETF for European investors; About 60% of the fund's assets are in Taiwanese technology stocks
Sandra Heistruvers - FT
Franklin Templeton has added a Taiwanese equity exchange traded fund to its passive offering for European investors, increasing its single-country emerging market ETF offering to five products. The US asset manager claims that at 0.19 per cent the Dublin-domiciled Franklin FTSE Taiwan Ucits ETF has the lowest total expense ratio of any Taiwanese equity ETF available in Europe.
/jlne.ws/3iP0oQO
Goldman Sachs Closes Acquisition of GreenSky
The Goldman Sachs Group, Inc.
The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it has completed the previously announced acquisition of GreenSky, Inc. ("GreenSky") in an all-stock transaction. GreenSky stockholders received 0.03 shares of common stock of Goldman Sachs for each share of GreenSky Class A common stock.
/jlne.ws/3DlxCkh
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | In China's Wall Street, bankers and traders sleep in offices to beat COVID lockdown
Reuters
More than 20,000 bankers, traders and other workers are bedding down in office towers in Shanghai's Lujiazui district as they bid to keep China's giant financial hub ticking over through a COVID-19 lockdown, according to local administration officials.
/jlne.ws/3wRbNaX
Fortescue and E.ON sign deal to replace Russian gas with Australian green hydrogen; MoU agreed to deliver 5mn tonnes of carbon-free fuel to Germany and the Netherlands
James Fernyhough in Melbourne and Neil Hume - FT
Australian billionaire and Fortescue chair Andrew Forrest has pledged to produce and export enough green hydrogen to Germany to replace about a third of its gas imports from Russia, in an ambitious plan he said would require $50bn in investment.
/jlne.ws/3Dln9W1
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