| February 04, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
JLN Staff
Facebook did a huge faceplant yesterday as the price of its shares plunged 26%, erasing $251.3 billion (that is Billion with a B) worth of market value in a single day, the biggest single day wipeout in market value for any U.S. company ever, Bloomberg reported.
While Wormhole may have bad branding, Jump Trading has excellent branding as it jumped right in and filled the $320 ETH hole created by the hack in DeFi platform Wormhole, which was developed by Certus One. Jump bought Certus one back in August. Nice work Jump.
If you liked Hong Kong Exchange & Clearings animated video for the Year of the Tiger, you should also watch their Lunar New Year Market Open Celebration video. Check it out HERE.
The LPGA is releasing a three-part documentary on the Tour Championship, a behind-the-scenes three-part documentary that details "the excitement, competition and glamour of the Tour's 2021 crowning event," the ME Group Tour Championship. The documentary includes interviews with LPGA Commissioner Mollie Marcoux Samaan and CME Group Chairman and CEO Terry Duffy among other features.
Thank you to Aaron Walter, the latest person to give to the JLN MarketsWiki Education GoFundMe Campaign. Aaron works at Google Cloud and was formerly with the CME Group.
We have heard about the high price of coffee and the limited acreage, but here is another reason why it is an essential part of the day. According to researchers at the nutrition app Zoe, headed up by Tim Spector from Kings College, coffee is good for your gut. Coffee drinkers have higher microbiome diversity than non-coffee drinkers. And you know me, I am all for diversity. I am not for inclusion of anything in my coffee however.
File this under the category of investment returns. On Wednesday when we were getting all the snow across the U.S, including 8 inches in Elmhurst, IL, I received a call from one of my former Scouts asking if I needed help removing snow from my driveway. I was doing some snow shoveling at the time. I told him to come by after the snow stopped later in the day. He is an Eagle Scout and he brought another Scout, a Life Scout, with him. They were both in the Boy Scout troop for which I was the Scoutmaster for eight years. They did a great job on my very long driveway and also the sidewalks. They asked for $15 per person for their work. I paid them double that and another $10 per boy for having the initiative to call me up and ask if I needed help that day. While I overpaid for their rates, it was much lower than my deductible for an emergency room visit for a potential heart attack. They moved a lot of snow.
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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Cboe Global Markets Reports 2021 Fourth Quarter and Full Year Results
Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the 2021 fourth quarter and full year
"2021 was a remarkable year for Cboe as we made significant progress advancing our strategic initiatives while delivering record full year results. As we begin 2022, we are focused on the transformational opportunities ahead in Data and Access Solutions, Derivatives and Cboe Digital, opportunities that span our ecosystem," said Edward T. Tilly, Cboe Global Markets Chairman, President and Chief Executive Officer. "We have demonstrated our ability to diversify and strengthen our revenue profile as a global market operator, something we believe will accelerate in 2022 as we continue to broaden our geographic reach and extend access to our unique set of products and services around the globe. Continued efforts to build on our core capabilities through organic and inorganic investment will allow Cboe to remain a leader in capital markets innovation. I am incredibly proud of the entire Cboe team for the record results delivered in 2021, and I am even more excited about the opportunities in 2022 and beyond."
/jlne.ws/3goiSX3
***** Whoever let Ed Tilly become a shark, well, here are the results.~JJL
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America Is Facing a Great Talent Recession; If the U.S. is to stand up to a resurgent China, it needs to think as hard about finding top talent as it does about promoting equity.
Adrian Wooldridge - Bloomberg
Another monthly jobs report finds employers across the U.S. still crying out in vain for workers. Goods are undelivered for want of truckers. Code is unwritten for want of coders. Hotel beds are unmade for want of bed makers, with both Hilton Worldwide Holdings Inc. and Marriott International Inc. dispensing with automatic daily housekeeping at their nonluxury properties. Even the Internal Revenue Service's struggle to have enough people to deal with taxes on time is bordering on the apocalyptic.
/jlne.ws/3rrfSQ5
***** America is great because it has always attracted immigrants from all over the world to the land of opportunity, risk takers who are motivated to build a better world for themselves, their families and the world. Part of our country has forgotten, or does not realize this. We are a people united by an idea of freedom and opportunity, and that attracts talented motivated people. We need to get back to that message.~JJL
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Food Prices Approach Record Highs, Threatening the World's Poorest; The prices have climbed to their highest level since 2011, according to a U.N. index. It could cause social unrest "on a widespread scale," one expert said.
Ana Swanson - NY Times
Food prices have skyrocketed globally because of disruptions in the global supply chain, adverse weather and rising energy prices, increases that are imposing a heavy burden on poorer people around the world and threatening to stoke social unrest. The increases have affected items as varied as grains, vegetable oils, butter, pasta, beef and coffee. They come as farmers around the globe face an array of challenges, including drought and ice storms that have ruined crops, rising prices for fertilizer and fuel, and pandemic-related labor shortages and supply chain disruptions that make it difficult to get products to market.
/jlne.ws/3glqpGj
***** More wars are fought over just this than probably any other factor. Food should be acquired by trade, not by war. ~JJL
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Depression, isolation, loss of purpose: Could retirement be bad for your mental health?
Liz Weston - MarketWatch
The late Pamela Hixon of Leipsic, Ohio, was eager to retire from her job running a hospice agency. Soon after she quit, however, Hixon spiraled into depression and anxiety. She sought help from counselors and her pastor, but it wasn't enough. Six months after retiring, she took her own life. "She lost purpose, she lost significance, she lost a sense of meaning in her life," says her son Tony Hixon, a Findlay, Ohio-based wealth manager who wrote about the experience and how it transformed his financial planning practice in a book, "Retirement Stepping Stones: Find Meaning, Live with Purpose, and Leave a Legacy."
/jlne.ws/3GlVDaR
***** How many former pit traders' depression was linked to loss of purpose, social isolation and lost significance?~JJL
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Thursday's Top Three
Thursday's top story was The CME Group Inc. Names Slate of Director Nominees. Chairman & CEO Terrence Duffy led the pack of nominees. Our second most read story was MarketWatch's The 'best job in America' pays $145,000 and has 14,000 job openings — and offers a generous work-life balance. Looks like the role of Enterprise Architect came out on top. Our third story was from The Wall Street Journal's Social-Media Platform Stocktwits Takes Cue From Brokerages, Adds Crypto Trading. Stocktwits, a social media community for investors and traders is adding live trading to its platform.
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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 | Jump Crypto Replenishes $320 Million Stolen in Wormhole Hack; Trading Powerhouse's $320 Million Save Suggests It's Crypto-Rich
Nick Baker, Yueqi Yang, and Olga Kharif - Bloomberg
Jump's response to Wormhole hack was a fast refund of losses; President of Jump Crypto calmly tweeted all day about snafu
This week's $320 million blockchain hack gives a tantalizing hint at just how huge a presence Jump Trading Group has become in cryptocurrencies. Jump was always notoriously tight-lipped about its operations even as it grew over the course of two decades into a quiet giant of financial markets. So people took notice when the Chicago-based trading firm started opening up last year about its crypto ambitions. But some secrets remained. Like, for instance, just how much money is the company making in crypto?
/jlne.ws/32Y9feB
Meta Erases $251 Billion in Value, Biggest Wipeout in History
Thyagaraju Adinarayan and Jan-Patrick Barnert - Bloomberg
Shares slump 26%, dragging down Snap, Pinterest, Twitter; Wall Street cuts price targets on Meta shares after earnings
Meta Platforms Inc.'s one-day crash now ranks as the worst in stock-market history. The Facebook parent plunged 26% Thursday on the back of woeful earnings results, and erased about $251.3 billion in market value. That's the biggest wipeout in market value for any U.S. company ever.
/jlne.ws/3HrztFi
Why 'Londongrad'—Putin Allies' Safe Haven—Is Key to Averting Russia-Ukraine War
Brendan Cole - Newsweek
Hitting the London pockets of Russian President Vladimir Putin's inner circle could stave off war in Ukraine, experts have told Newsweek; though it risks unknown consequences. Russian wealth has flowed into Britain in recent decades, helping safeguard kleptocrat's wealth from international sanctions, and easing pressure on Putin's foreign policy.
/jlne.ws/3GlNjru
Crypto Trading Volume Slows, Boding Ill for Exchanges
Vildana Hajric and Akayla Gardner - Bloomberg
Total spot volumes hit lowest level since December 2020; Exceptionally quiet, fearsome, uncertain time in crypto: Hindi
During the brutal cryptocurrency selloff last month, volumes also tumbled -- a development that doesn't bode well for exchanges that trade the digital tokens. Total spot volume slumped to $1.8 trillion in January, a decline of more than 30% from the previous month, according to a report from CryptoCompare. That was the lowest turnover since the end of 2020. Even at its intra-month peak of $91 billion on Jan. 24, trading was down nearly 50% from December.
/jlne.ws/3J15iFl
Wormhole Rescue Shows Crypto World Can Move Fast and Fix Things
Michael P. Regan - Bloomberg
Jump Crypto rescues project after hacker snags $320 million; Wormhole-like bridges are of 'paramount importance' to crypto
If there's one thing more shocking than the fact that a hacker was able to exploit a software bug and drain some $320 million worth of cryptocurrency from something called Wormhole, it's this: Backers of the project were able to replace the pilfered tokens in a matter of hours.
/jlne.ws/3gkmDNc
SEC Response to Meme-Stock Mania Coming Next Week, Gensler Says
Ben Bain and David Westin - Bloomberg
The Securities and Exchange Commission is set to consider new stock trading rules in what would be the Wall Street regulator's most direct response yet to last year's wild trading in GameStop Corp. and other meme stocks. SEC Chair Gary Gensler said Thursday that the agency is preparing to take up a range of policy changes starting next week that would deal with issues raised by last year's market frenzy, including shortening the time it takes to settle stock trades.
/jlne.ws/3gmeCr9
Are Crypto Assets Securities?
Megan DeMatteo - Coindesk
Last September, after perhaps the most "2021" of all possible 2021 insider-trading scandals, NFT marketplace OpenSea's head of product, Nate Chastain, stepped down from his role. The reason? Chastain purchased non-fungible tokens (NFTs) that he knew were set to display on the front page before they appeared there publicly. It was a seemingly innocent act, similar to a Foot Locker employee purchasing a pair of Air Jordans with his employee discount before the sneakers hit the shelves - right? Wrong. NFTs aren't shoes; they're digital assets minted on a blockchain, and in some cases, they can even be considered securities. The Internal Revenue Service (IRS) counts NFTs when you do your taxes - even receiving an NFT as a gift triggers a taxable event. And U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce, who has a reputation for being crypto-friendly, told CoinDesk last October that consumers should be "very careful" when trying to determine if the crypto assets are securities.
/jlne.ws/3rp0tQ9
Biggest Crypto Exchange in Africa Sets Sights on U.S. Expansion
Adelaide Changole and Loni Prinsloo - Bloomberg
Digital Currency Group-owned Luno studying state regulations; Luno may add new coins to serve its 9 million worldwide users
Africa's largest cryptocurrency exchange is looking for a foothold in the U.S., the latest international platform to try and tap one of the world's biggest populations of digital-asset investors.
/jlne.ws/3sdc8Rv
Tradeweb surpasses $1bn in annual revenues for the first time; Record total revenue of $1.1 billion was driven by average daily trading volume of more than $1 trillion.
Wesley Bray- The Trade
Electronic trading platform Tradeweb recorded its 22nd consecutive year of record revenues in 2021, as total revenue increased by 20.6% to $1.1 billion compared to 2020. The record year followed a fourth quarter which also saw increased percentages compared to the prior year period. This included a quarterly revenue of $276.9 million, which was a 18.8% increase from 2020, as well as an average daily volume of $1.1 trillion for the quarter, which was an increase of 24.1% compared to prior year period.
/jlne.ws/3gt7Ob2
Sky-High Markets Are New Risk to Billionaires Beyond Death and Divorce
Scott Carpenter - Bloomberg
Zuckerberg's $31 billion one-day wealth drop is third-biggest; Meta co-founders and Spotify's Daniel Ek also lost fortunes
For the world's richest people, there used to be three ways to quickly see a fortune disappear: Death, default or divorce. The past few months have added another risk: Sky-high valuations of giant technology companies falling from the stratosphere.
/jlne.ws/3sddLi5
End of Negative ECB Rates in 2022 Is Bet for Traders, Economists
Greg Ritchie, Craig Stirling, and Carolynn Look - Bloomberg
Money markets price 50bps of interest-rate hikes this year; Goldman Sachs, Deutsche Bank also lift rate forecasts to 0%
Traders and economists aligned their positions on euro-area monetary policy with both groups now forecasting the European Central Bank will bring an end to seven years of negative interest in 2022.
/jlne.ws/3urJW00
American Express and BNY Mellon plan to call employees back to the office in March; BNY Mellon, which has nearly 50,000 employees worldwide, told its staff that their return-to-office date would be March 7.
Emma Goldberg and Lananh Nguyen - NY Times
With New York's coronavirus cases declining, some Wall Street firms are recycling their favorite human resources message: back to the office, for real this time. BNY Mellon, a global bank with nearly 50,000 employees, including 5,400 in New York, told all its staff in a memo Thursday that their return-to-office date would be March 7. But the firm has broken from many of its industry peers in adopting a more flexible approach to reopening its workplace.
/jlne.ws/3Lcho0o
Morningstar Indexes appoints first Head of ESG Strategy
Morningstar
Thomas (Tom) Kuh will help further accelerate sustainable investment initiatives for rapidly growing global index provider.Morningstar Indexes, part of Morningstar, Inc. (Nasdaq: MORN), today announced the appointment of Thomas Kuh, PhD, as global Head of ESG Strategy. In creating this role, Morningstar Indexes is looking to advance its global ESG strategy to accelerate growth in this market while harnessing the broad ESG strengths of Morningstar.
/jlne.ws/3rqI0CP
The reality of whistleblowing at work
FT
Whether you're the boss, the deputy or on your way up, we're shaking up the way the world works. This is the podcast about doing work differently. Join host Isabel Berwick every Wednesday for expert analysis and watercooler chat about ahead-of-the-curve workplace trends, the big ideas shaping work today - and the old habits we need to leave behind. Brought to you by the Financial Times.
/jlne.ws/3omOfpc
GameStop Saga one year on: a stark difference between the US and European financial market infrastructures but...; Javier Hernani, head securities services at SIX, writes exclusively for The TRADE.
Javier Hernani - The Trade
Today marks the one-year anniversary of the GameStop saga - when retail brokers halted the buying of the stock citing the inability to post sufficient collateral at clearing houses to execute their clients' orders. As explained by analysts, this event was driven by the Reddit bloggers WallStreetBets pumping up the price of GameStop which put a short squeeze on hedge fund Melvin Capital as a result.
/jlne.ws/3J2fWf1
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The Covid Vaccine We Need Now May Not Be a Shot; Nasal vaccines under development around the world may make better boosters by stopping the coronavirus in the airways.
Apoorva Mandavilli - NY Times
On the outskirts of this centuries-old Indian city, a world away from its congested roads and cacophony, the gleaming modern laboratories of Bharat Biotech are churning out a Covid vaccine that would be sprayed into the nose rather than injected into the arm.
/jlne.ws/34v8wSA
Risk of Covid-19 Death Is 93% Lower for Fully Vaccinated People Than Unvaccinated; Mortality rates were "consistently lower" across all age groups for those who had received an extra dose, the U.K.'s Office for National Statistics says.
Press Association via Bloomberg
The risk of death involving Covid-19 is 93% lower for people who have had a booster or third dose of vaccine compared with unvaccinated people, new research suggests. Mortality rates for coronavirus deaths were found to be "consistently lower" across all age groups for those who had received an extra dose compared with those who had received no doses, according to the Office for National Statistics (ONS).
/jlne.ws/3GEQ7QR
Hong Kong to Send Tens of Millions of Covid Tests to Residents
Jinshan Hong and Michelle Fay Cortez - Bloomberg
City encouraging residents to perform home tests, Lam says; Move comes as untraceable case jump in growing outbreak
Hong Kong is buying "tens of millions" of home testing kits to send to the city's 7.4 million residents, as surging Covid cases threaten to overwhelm the financial hub's health-care system.
/jlne.ws/3uqH43a
It's time to 'move on' from the pandemic, says Harvard medical professor
Monica Buchanan Pitrelli - CNBC
It's time to let the young, healthy and "anyone who wants to move on" from the pandemic do so, said Dr. Stefanos Kales, a professor at Harvard Medical School. In a paper posted on LinkedIn last month, Kales said that for the majority of children and adults, "Covid-19 is not a serious threat, only a nuisance that impedes schooling, work and travel."
/jlne.ws/3seMgEN
India's COVID deaths cross 500,000 but some analysts count millions more
Neha Arora, Sumit Khanna - Reuters
India's official COVID-19 death toll crossed 500,000 on Friday, a level some data analysts said was breached last year but was obscured by inaccurate surveys and unaccounted dead in the hinterlands, where millions remain vulnerable to the disease.
/jlne.ws/3AVP2Ta
As Omicron peaks, the US healthcare system is left 'broken beyond repair'; Despite Covid hospitalizations trending downward, 80% of hospitals across the country are under 'high or extreme stress'
Eric Berger - The Guardian
Dr Brian Resler, an emergency physician in the San Francisco Bay Area, recently polled a group of doctors on an overnight shift about their jobs. "Everyone of us said if we could go back, we would choose a different career," said Resler, who spoke on the condition that the Guardian does not identify his hospital.
/jlne.ws/3upfWSh
Omicron Subvariant BA.2 Is Gaining Ground. Should We Worry?
James Paton - Bloomberg
Two years into the pandemic, a mutated version of the omicron variant, known as BA.2, has become the latest challenge to taming Covid-19. The subvariant, detected in at least 57 countries, appears to spread even more easily than the original. But so far it doesn't seem to cause more severe disease and booster shots remain an effective shield. Scientists are racing to answer a number of questions about this variant as they prepare for the next one.
/jlne.ws/3urTR5K
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Cboe Global Markets Reports Trading Volume for January 2022
Cboe Global Markets Inc.
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today reported January monthly trading volume statistics across its global business lines.
/jlne.ws/3rqLjKv
Cboe Plans to List SPX Tuesday, Thursday-Expiring Weeklys Options
Cboe Global Markets Inc.
With new listings, Cboe to offer SPX Weeklys with expirations on every trading day of the week- Allows investors to fine-tune their trading time frames with even greater precision and flexibility- Short-term trading on the rise: options expiring within five days or less now comprise 46 percent of total U.S. options volume- New listings planned for second or third quarter 2022, subject to regulatory review
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced plans to list S&P 500 Index Weeklys options with Tuesday and Thursday expirations in the second or third quarter of 2022, subject to regulatory review.
/jlne.ws/34AeLER
MGEX Reports Trading Results for January 2022; Sets January Monthly Volume Record
MGEX
Minneapolis Grain Exchange (MGEXTM), a Designated Contract
Market (DCM) and Derivatives Clearing Organization (DCO), today reported record January 2022 trading volume of 277,151 contracts, a 16.1% increase from January 2021 and the highest January volume total in the history of MGEX. MGEX reported Hard Red Spring Wheat (HRSW) Futures volume of 185,949 contracts, a decline of 20.2% from January 2021 and an increase of 41.5% from December 2021. HRSW Options volume totaled 8,489 contracts, a 98.7% increase from January 2021 and a 26.8% increase from December 2021. SPIKES® Futures volume totaled 82,713 contracts in January 2022, up 7.5%.
/jlne.ws/3L8ypsh
Miami International Holdings Reports January 2022 Trading Results; MIAX Exchange Group Sets Daily Volume Record; MIAX Pearl Equities Sets Market Share and Volume Records
MIAX
Miami International Holdings, Inc. today reported January 2022 trading results for its U.S. exchange subsidiaries - MIAX, MIAX Pearl and MIAX Emerald (together, the MIAX Exchange Group), and Minneapolis Grain Exchange (MGEX).
/jlne.ws/3ymBkH1
Cboe Global Markets Reports Trading Volume for January 2022
Cboe Global Markets, Inc.
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today reported January monthly trading volume statistics across its global business lines. The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain January trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
/jlne.ws/3rqLjKv
Polish Intraday offer launched successfully; EPEX SPOT and ECC complete their product suite in Central Europe
EEX
The European Power Exchange EPEX SPOT and its clearing house European Commodity Clearing (ECC) successfully launched their Intraday continuous market in Poland, extending their offering in Central Europe. This completes the product suite in Poland, following the Day-Ahead launch in February 2021.
/jlne.ws/3L6ZJHn
SET to list Thematic ETF UHERO on Feb 7
Stock Exchange of Thailand
The Stock Exchange of Thailand (SET) will list Thailand's first Thematic exchange traded fund (ETF) called The United Hero ETF, issued by UOB Asset Management (Thailand) Co., Ltd. (UOBAM Thailand), on February 7, under the ticker symbol "UHERO".
/jlne.ws/34kOBG9
Retail investors traded RUB 130 billion in securities on MOEX in January 2022
MOEX
The number of individuals with a brokerage account on Moscow Exchange exceeded 17.4 million people in January 2022. Retail investors hold 28.8 million brokerage accounts on Moscow Exchange. 2.8 million people, an all-time high, executed trades in January 2022. Retail investors accounted for 41.2% of equity trading, 17.8% of bond trading, 12% of FX spot trading and 42.9% of derivatives trading.
/jlne.ws/3HrBSQr
Europe's first SPAC of 2022: GP Bullhound Acquisition I SE officially lists on Euronext markets, raises EUR200 million in the process
Dan Taylor - tech eu
Earlier this week Luxembourg-based GP Bullhound Acquisition I SE announced their intentions to list a special purpose acquisition company (SPAC) on the Amsterdam Euronext, and as of this morning, officially went live.
/jlne.ws/34iwGA3
GP Bullhound Acquisition I SE lists on Euronext Amsterdam
Euronext
First SPAC to join Euronext in 2022, following the record-breaking number of 22 SPAC listings in 2021 on Euronext markets; SPAC listing raises EUR200 million;
Euronext today congratulates GP Bullhound Acquisition I SE, a Special Purpose Acquisition Company (SPAC), on its listing on Euronext Amsterdam (ticker code: BHND). It is the first SPAC listing on Euronext markets in 2022, following a record-breaking year with 22 SPAC listings in 2021.
/jlne.ws/3AZE8M8
MARF registers a new bond issue from Unicre
BME-X
Portuguese company Unicre- Instituição Financeira de Crédito has registered a new 23.5 million euro bond issue in BME's fixed income market, MARF. The new issue has a nominal value per unit of 100,000 euros, an annual interest rate of 1.75% and maturity at par in February 2025. The bonds have been placed with qualified investors. With this new issue, Unicre gains access to the capital markets through MARF and diversifies its financing sources.
/jlne.ws/3sk2Raj
Extraordinary free float adjustment of Siltronic AG in the SDAX and TecDAX
Deutsche Börse Group
STOXX Ltd., the global index provider of Qontigo, has announced an extraordinary adjustment in the SDAX and TecDAX. The free float of Siltronic AG changed by more than 10 percentage points.
/jlne.ws/3urQT16
ASX Group Monthly Activity Report - January 2022
ASX
/jlne.ws/351gPmZ
Constellation Energy Corp. Joined the NASDAQ-100 Index on February 2, 2022
Nasdaq
On February 2, 2022, Exelon Corp. (Nasdaq: EXC) announced it completed the separation of Constellation Energy Corp. (Nasdaq: CEG), Exelon's former power generation and competitive energy business. Upon the completion of this spin-off transaction, Constellation Energy Corp. was added to the NASDAQ-100 Index® (Nasdaq: NDX), the NASDAQ-100 Equal Weighted Index (Nasdaq: NDXE) and the NASDAQ-100 Ex-Technology Index (Nasdaq: NDXX) on February 2, 2022.
/jlne.ws/34c3rir
Guidance on the Conduct of General Meetings Amid Evolving COVID-19 Situation
SGX
Following the issuance of the Regulator's Column on 16 December 2021 ("16 December 2021 Regulator's Column") entitled "What SGX RegCo expects on the conduct of general meetings amid the ongoing COVID-19 situation" by the Singapore Exchange Regulation ("SGX RegCo"), this regulatory announcement has been updated on 4 February 2022 to provide that the 16 December 2021 Regulator's Column will form part of the Checklist (defined below).
/jlne.ws/34kU8wp
SGX reports 1H FY2022 net profit of S$222 million
SGX
Singapore Exchange (SGX) today reported 1H FY2022 adjusted net profit of S$221.8 million (S$228.0 million). Total revenue of S$521.6 million (S$520.8 million) was comparable to the same period last year.
/jlne.ws/3Gmu5lr
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Google's Ethical AI Team Is Still Struggling; The group's role is important inside and outside the company.
Nico Grant - Bloomberg
In a tumultuous week for tech stocks, Alphabet Inc. is looking good. On Tuesday the company said it minted more than $20 billion in profit in the fourth quarter, and would now split its stock to entice new investors. Its shares shot upward, even as the market value of its rival Meta Platforms Inc. has cratered.
/jlne.ws/3GlOXJP
Meta Hit With New Fine as Battle for Control of Giphy Continues
Katharine Gemmell and Aoife White - Bloomberg
Facebook parent fined $2 million for breaking probe rules; Meta will appeal the CMA order to unwind Giphy in April
Meta Inc. was fined 1.5 million pounds ($2 million) from the U.K.'s competition regulator for breaching an enforcement order during its Giphy merger probe, the latest twist in an increasingly messy fight for control of the GIF search engine. The Facebook parent failed to inform the Competition and Markets Authority that three "key" U.S. employees had left the company, a breach of its merger investigation rules, the regulator said on Friday.
/jlne.ws/34w4WaP
World's Most Influential Money Manager Enters the TikTok Sphere; BlackRock is the latest financial giant to make an appeal to younger investors on the viral video platform.
Paulina Cachero - Bloomberg
BlackRock Inc.'s status as the world's biggest money manager with $10 trillion in assets powers it with influence across the economic, financial and political spheres. It's now taken a baby step into a new arena: TikTok.
/jlne.ws/3B56On9
Amazon Shares Jump as Cloud Unit Helps Drive Profit Past Estimates
Spencer Soper - Bloomberg
Earnings get boost from stake in electric-truck maker Rivian; Company keeps lid on expenses after warning of holiday costs
Amazon.com Inc. ramped up the price of its flagship Prime membership offering, which along with strong cloud performance drove its shares 13% higher in U.S. premarket trading Friday. If that move holds up, it puts the e-commerce giant on track to add $184 billion in value, a U.S. market record for a single-day gain in value and potentially causing another massive swing in what has been a volatile week for tech stocks.
/jlne.ws/3GsG012
Startups helping measure and offset carbon attracted $1.2 billion from investors running to a hot sector
Tasmin Lockwood - Insider
Startups focused on the measurement and mitigation of carbon emissions had a breakthrough year in 2021, with investment soaring to $1.2 billion in the US and Europe in 2021, according to a funding analysis.
/jlne.ws/34ybPZo
Blockchain.com announces partnership with Cloud9
Rachel Kaser - Venturebeat.com
Blockchain.com today announced it is partnering with Cloud9, the esports organization. The cryptocurrency platform will offer financial literacy opportunities to Cloud9's audience.
/jlne.ws/32W0pOq
Citrix Confirms to Be Acquired by Elliott and Vista for $16.5 Billion
Joe Woelfel - Barron's
Citrix Systems , the cloud computing company, confirmed Monday it would be purchased for $16.5 billion, including debt, by Elliott Management and Vista Equity Partners.
/jlne.ws/3GrjyWj
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| Cybersecurity | | Top stories for cybersecurity | Ransomware Attack in Germany Tied to Colonial Pipeline Hackers
Ryan Gallagher - Bloomberg
Type of malware written in Russian, known for sophistication; Black Cat appears to be related to Colonial Pipeline hackers
A Russia-linked cybercrime gang was allegedly responsible for ransomware attacks that took down a swath of Germany's fuel-distribution system this week and hindered payments at some filling stations.
/jlne.ws/3s9P6uI
Homeland Security Forms Board to Examine Hacks Like NTSB Probes Plane Crashes
Jeff Stone - Bloomberg
The Cyber Safety Review Board will first review Log4j fallout; National Cyber Director, notable security executives involved
The Biden administration has created an advisory board to review major cybersecurity incidents in the hopes of minimizing the impact of future attacks. The U.S. Department of Homeland Security said Thursday that the Cyber Safety Review Board will include leaders from government and the private sector to examine past events, with the goal of meaningfully improving the nation's ability to respond to major hacks. The board is modeled in part on the National Transportation Safety Board, which investigates airline crashes and other transportation accidents.
/jlne.ws/3J0gLoE
Three Cybersecurity Predictions That Will Affect Consumers In 2022 And Beyond
Andrew Newman - Forbes
2021 saw an explosion of high-profile cyberattacks on enterprises, critical infrastructure, healthcare facilities, government agencies, schools and more. Coinciding with those attacks came a barrage of mainstream media coverage. For example, the attacks on Kia Motors, the Colonial Pipeline and JBS made big headlines.
/jlne.ws/3gpmV5C
SEC Chair Emphasizes Cybersecurity and Gives Clues as to Future Cyber Regulations
Joseph Weinstein, Sean McGrane, Kristin Bryan & James Brennan - Consumer Privacy World
Last week, the Chair of the Securities and Exchange Commission (SEC) Gary Gensler discussed the SEC's cybersecurity policy work and publicized ongoing SEC regulatory efforts that could affect public companies, SEC registrants, and financial sector service providers. During his keynote address at the 2022 Securities Regulation Institute, Chair Gensler stressed the importance of cybersecurity to the modern economy and the SEC's cooperation with federal agencies as part of the Biden administration's broader cybersecurity initiatives. He then outlined six different areas where SEC staff are considering new or revised cyber regulations:
/jlne.ws/3rqAMPh
Cybersecurity In The Industry 4.0 Era
Yevgeny Dibrov - Forbes
More people than ever have joined the digital economy, and an Owl Labs survey found that 80% of people expect to work at least three days a week from home. A report by Upwork predicts that "by 2025, 36.2 million Americans will be working remotely, an 87% percent increase from pre-pandemic levels."
A workforce partially returning to the office has reinforced existing phenomenons like BYOD, with most employees now hopefully aware of the dangers of threats like email phishing. Hackers will be leveraging machine learning to create even more convincing messages in the hopes that this will allow them to steal user logins and gain access to private databases.
/jlne.ws/32XAoyp
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| Cryptocurrencies | | Top stories for cryptocurrencies | NFTs suffer 'some' money laundering, manipulative flows that inflate prices
David Hollerith - Yahoo Finance
Non-fungible tokens have seen a "significant" rise manipulative practices that exaggerate prices, liquidity and launder money, according to new data — a growing fear as the sector turns increasingly volatile. A report released Wednesday from blockchain analytics platform, Chainalysis, found "significant wash trading and some money laundering" does occur, with at least part of those questionable flows running through ultra-hot NFTs, a sub-sector of the growing cryptocurrency market.
/jlne.ws/34gRfNd
Move toward digital dollar gains steam as Boston Fed says its prototype can handle 1.7 million transactions per second
Chris Matthews - MarketWatch
Cryptocurrencies have taken a beating in the market in recent months, but the steady march toward an economy greased by virtual money continues apace.
/jlne.ws/34CnxlO
He spiked his father's tea to access $400,000 in cryptocurrency. His dad awoke two days later.; Criminal case from Bethesda, Md., underscores danger of benzodiazepine addiction
Dan Morse - Washington Post
The cup of warm tea seemed like a perfectly kind gesture. Even more so, court records show, when the server poured in some white powder for what he promised would be a safe energy boost. "It's really good for you," Liam Ghershony, 24, told his father.
/jlne.ws/3L8fL3M
'Crypto Winter' Puts Pressure on Nascent Industry; Some crypto firms are making sacrifices as prices tumble in the new year, 21Shares' Rashwan says
Michael P. Regan and Vildana Hajric - Bloomberg
Hosts Mike Regan and Vildana Hajric are joined each week by expert guests to discuss the main themes influencing global markets. Crypto was red-hot in 2021 — so much so that it spawned a whole ecosystem of related products, including the first Bitcoin futures exchange-traded fund in the U.S. But can companies maintain enthusiasm for the growing industry as prices tumble in the new year? Hany Rashwan, co-founder and CEO of 21Shares, a provider of crypto exchange-traded products, joins this week's "What Goes Up" to talk about that and his company's plans for expanding its own offerings.
/jlne.ws/34aeV64
Myanmar Plans Its Own Digital Currency This Year to Lift Economy
Khine Lin Kyaw - Bloomberg
Junta mulls joint venture with local firms on digital project; GDP to grow 1% in fiscal year after shrinking 18%: World Bank
Myanmar's military government plans to establish a digital currency to support domestic payments and boost the economy within the year and is assessing how to move forward, according to a top spokesman of the State Administration Council.
/jlne.ws/3HuxVKT
Want Your Tax Refund in Crypto? TurboTax and Coinbase Have You Covered; Tax preparer, crypto firm team up to allow users to get refunds in more than 100 cryptocurrencies, including bitcoin or ethereum
Joseph Pisani - WSJ
TurboTax is offering customers a new way to get their tax refunds: in cryptocurrencies. The tax-preparing software, owned by Intuit Inc. INTU -4.75% , will prompt users to send parts or all of their refund to a Coinbase COIN -3.23% Global Inc. account. Coinbase said those who don't have an account will get a link to open one.
/jlne.ws/3ooFCuG
Manchester United close to deal with blockchain company Tezos - reports
Proactiveinvstors.co.uk
Manchester United is reportedly close to announcing a multi-year training kit sponsorship with Tezos, a proof-of-stake blockchain platform. The deal, rumoured to be worth more than US$27mln per year,...
/jlne.ws/3urPTdm
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| Politics | | An overview of politics as it relates to the financial markets | AOC says it's 'not really a mystery' why Congress hasn't passed a stock trading ban for lawmakers given that 'an enormous amount' of them trade stocks
Bryan Metzger - Insider
Democratic Rep. Alexandria Ocasio-Cortez of New York offered a blunt assessment of why members of Congress haven't voted to ban themselves from trading stocks: because many of them hold lots of stock themselves. In an interview with Yahoo Finance published on Wednesday, the progressive congresswoman said that it's "not a mystery to me" why a stock trading ban is "difficult to pass" in Congress, given that "an enormous amount" of members hold stock.
/jlne.ws/34wQM9g
House Expected to Pass $350 Billion Bill to Help U.S. Compete Globally; Senate passed similar bill to address challenge from China, but House version includes climate and economic measures GOP opposes
John D. McKinnon, Natalie Andrews, Yuka Hayashi
The House is poised Friday to approve a sprawling $350 billion initiative to boost U.S. competitiveness with China and other rivals, but differences with the Senate signal struggles ahead in reaching a compromise.
/jlne.ws/3gltiGW
Covid-19 Commission Modeled on 9/11 Inquiry Draws Bipartisan Backing; A broad, bipartisan group of senators is coalescing around a plan for an independent panel to investigate the origins of the coronavirus and the U.S. response.
Sheryl Gay Stolberg - NY Times
A broad and bipartisan group of senators is coalescing around legislation to create a high-level independent commission, modeled after the one that examined the Sept. 11 attacks, with broad powers to investigate the origins of the coronavirus pandemic and the response across the Trump and Biden administrations.
/jlne.ws/3uoRdgO
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | CFTC Charges Texas Resident with Misappropriating Confidential Information and Participating in a Brokerage Kickback Scheme
CFTC
The Commodity Futures Trading Commission today announced it has filed a complaint in the U.S. District Court for the Southern District of Texas against Matthew Clark of Houston, Texas. The complaint charges Clark with misappropriating confidential natural gas block trade order information from his employer and directing natural gas block trades to a brokerage firm in exchange for a share of the brokerage commissions charged to his employer for these trades. The complaint also charges Clark with making false statements to the CFTC.
/jlne.ws/3ror8wr
Crypto regulation is coming, just not this year: SEC's Peirce
Jennifer Schonberger - Yahoo Finance
Securities and Exchange Commissioner Hester Peirce expects an SEC proposal to expand the definition of an exchange as a backdoor way to regulate cryptocurrency exchanges, but does not anticipate the commission will formally introduce direct crypto regulation this year.
/jlne.ws/3sy6p99
Former Compliance Officer Ordered To Pay $2.8M In Trading Scheme
Jennifer Lea Reed - Financial Advisor
A compliance officer at an independent broker-dealer that was shuttered for a $28.7 million excessive trading scheme has been ordered by Finra to pay $2.8 million in compensatory damages to former customers. Michael Leahy of the now defunct First Standard Financial Company was also deemed responsible for interest on the damages, $25,000 in reimbursement for expert witness fees, the $600 claimant portion of the filing fee and $6,050 in Finra hearing fees, Finra said in a recent filing.
/jlne.ws/3J4amIW
All About Transparency
ISDA
This week's decision by the Commodity Futures Trading Commission (CFTC) to delay implementation of certain amendments to its swap data reporting rules until December 5 is a significant and welcome development, and will give market participants vital breathing space to make the necessary changes to their systems. It is important to remind everyone that this is the first step in what could be a multi-phase revision process, with firms required to make further updates in 2023. Given the planning and resourcing required for implementation, we would urge the CFTC to clearly spell out how and when these extra changes will be made - transparency we think will be essential in guiding firms in their compliance efforts...
/jlne.ws/3uqIICb
OSC seeks applications for Investor Advisory Panel
OSC
The Ontario Securities Commission (OSC) is inviting applications for membership on its independent Investor Advisory Panel (IAP), which provides an investor perspective on policy, rule-making and other regulatory initiatives. The IAP advises and comments on proposed rules, policies and investor protection initiatives, while considering the views of a broad range of investors through consultation with investors and organizations representing investors.
/jlne.ws/3rtl5ad
OCC to Host Virtual Innovation Office Hours
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency will host virtual Innovation Office Hours on March 16-17, to promote responsible innovation in the federal banking system. Office hours are one-on-one meetings with representatives from the OCC Office of Innovation to discuss financial technology (fintech), new products or services, partnering with a bank or fintech company, or other matters related to responsible innovation in financial services. Each meeting will last no longer than one hour.
/jlne.ws/34kOjz3
MAS-led Industry Consortium Publishes Assessment Methodologies for Responsible Use of AI by Financial Institutions
Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) announced today the release of five white papers detailing assessment methodologies for the Fairness, Ethics, Accountability and Transparency (FEAT) principles, to guide the responsible use of AI by financial institutions (FIs). The white papers were published by the Veritas Consortium, comprising 27 industry players. The Consortium also released an open-source toolkit [1] to help FIs adopt the Fairness Assessment Methodology.
/jlne.ws/3orpGb0
A Framework for Equitable Sharing of Losses Arising from Scams
Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) today updated that banks in Singapore have substantially implemented the additional measures1 to bolster the security of digital banking announced on 19 January 2022. The measures, taken together, provide a significant added layer of security to protect customers' funds. MAS is working with the industry to evaluate longer-term measures to be implemented in the coming months, as well as to develop a framework for equitable sharing of losses arising from scams.
/jlne.ws/3uoJS0K
ESMA Publishes Latest Edition Of Its Newsletter
ESMA
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its latest edition of its Spotlight on Markets Newsletter covering December 2021 and January 2022.
/jlne.ws/3GtFakG
FCA tells investment firms to get legal advice before using influencers
Sonia Rach - FT Adviser
The Financial Conduct Authority has warned investment firms on the use of influencers to promote their products on social media, after seeing a sharp uptick in regulatory action on promotions by authorised firms. In an alert published by the regulator yesterday (February 3) the FCA said the use of social media influencers had become a concern and firms should get legal advice before promoting their products in this way.
/jlne.ws/3HuFbGD
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Fear Is a Good Motivation for Fraud; Also Wormhole's exploit, ARK's customer loyalty, Alphabet's stock split, Elon Musk's Twitter lawsuits and a hollow gold cube.
Matt Levine
One way to do fraud when you are pitching an investment is to lie about the investment. "Our thing has guaranteed 20% monthly returns with no risk," you say, and then you steal all the money. This is pretty common. Another way to do fraud when you are pitching an investment is to lie about the alternatives. "If you put money in a bank or the stock market it will all be stolen from you by vampires; only our thing can protect you from that." (Then you steal all the money.) This is ... also pretty common? A lot of financial frauds seem to appeal to people with a conspiratorial mind-set; they are happy to believe that the regular system is stacked against them and they need to give their money to a scammer to protect themselves.
/jlne.ws/3J4ZMBs
World's Most Influential Money Manager Enters the TikTok Sphere;BlackRock is the latest financial giant to make an appeal to younger investors on the viral video platform.
Paulina Cachero - Bloomberg
BlackRock Inc.'s status as the world's biggest money manager with $10 trillion in assets powers it with influence across the economic, financial and political spheres. It's now taken a baby step into a new arena: TikTok.
/jlne.ws/34z8RU9
Meta, formerly Facebook, faces historic drop as stock tanks
Barbara Ortutay - AP
Meta is putting a lot of virtual eggs — and billions of dollars — into the metaverse basket, and Wall Street is pretty anxious about it. Shares of the company formerly known as Facebook saw a historic plunge Thursday after the social media giant reported a rare profit decline due to a sharp rise in expenses, shaky ad revenue growth, competition from TikTok and fewer daily U.S. users on its flagship platform.
/jlne.ws/3J7q9qL
Record Run for Zero-Interest Convertible Bonds Hits a Wall; Expectations of rate hikes have thrown cold water on the market, which expanded sharply during the pandemic
Corrie Driebusch - WSJ
Over the past two years, investor demand for convertible bonds got so hot that bankers did something unprecedented: They sold nearly $57 billion of bonds that pay no interest, according to data compiled by JPMorgan Chase & Co.
/jlne.ws/3HrVBiJ
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Texas Storm Forecast Is Painful Déjà Vu; Even if the state manages to avoid widespread blackouts over the weekend, it may not mean the grid is truly reliable
Jinjoo Lee - WSJ
Texas' grid operator, the Electric Reliability Council of Texas, didn't live up to its name last year. This time around, widespread blackouts of that severity seem less likely, but that may not say much about how resilient the system actually is.
/jlne.ws/3L9Kr4r
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Ken Griffin's Citadel posts 5% gain during January's market slump; Upbeat start to 2022 comes during a strong run for multi-strategy hedge funds
Laurence Fletcher - FT
Ken Griffin's Citadel has emerged as one of the biggest hedge fund winners from January's financial market turmoil.The firm, which manages $43bn in assets as one of the industry's largest players, gained 4.7 per cent last month in its flagship fund, according to a person who had reviewed its performance data. Citadel's global fixed income fund, meanwhile, gained 4.9 per cent.
/jlne.ws/3GrQA8y
Credit Suisse refers some African wealth management clients to Barclays
Reuters
Credit Suisse (CSGN.S) has signed a deal with Barclays (BARC.L) to take on rich clients in parts of Africa after it decided to exit wealth management in nine countries, the Swiss bank said on Friday, confirming an earlier Bloomberg report.
/jlne.ws/3rn5eK5
Alliance Bernstein enters ETF space with new hire; The firm plans to build out a global ETF business with an initial set of products expected to launch later this year.
Laurie McAughtry - The Trade
Alliance Bernstein (AB), the New York-based investment manager with $742 billion in assets under management, has brought on board Noel Blanchard to develop an active exchange-traded business as its first ever global head of ETFs and portfolio solutions.
/jlne.ws/3slef5T
New Liquidnet Americas trading head expands US ETF offering; New un-conflicted US ETF trading solution is spearheaded by the Liquidnet Trading Desk including its new head of trading for the Americas region.
Annabel Smith - The Trade
Agency broker Liquidnet has expanded its US remit in exchange traded funds (ETFs), led by a new head of trading desk for the Americas. Jennifer Hubbs was appointed head of trading desk for the Americas in August last year, returning to Liquidnet to develop its program trading services and expand its existing ETF, high touch and inter-region trading.
/jlne.ws/3roPRAX
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Bank of Russia Approves Atomyze as First Digital Asset Issuer
Anna Baydakova - Coindesk
Bank of Russia announced on Thursday that Atomyze has become the first company in the country to be put on the central bank's list of approved digital assets operators. Atomyze, a firm which sells tokenized metal from Russian mining and smelting giant Nornickel's inventory, will be able to legally issue tokens and provide wallets to users in Russia. The company uses blockchain technology based on Hyperledger Fabric.
/jlne.ws/3AWC4ob
Zimbabwe Makes U-Turn on Mining Royalties to Halt Currency Slide
Godfrey Marawanyika - Bloomberg
Miners need to pay up to half of royalties in local currency; Zimbabwean dollar lost almost a quarter of its value in 2021
Zimbabwe's finance minister requested mining companies pay up to half of their royalties in local currency, as part of measures to stem a decline in the unit that has been fanning inflation.
/jlne.ws/3L5OxuJ
NATO chief Stoltenberg named Norway central bank chief despite opposition
Reuters
NATO Secretary General Jens Stoltenberg will become Norway's new central bank chief, the government said on Friday, despite opposition worries that the appointment of the former prime minister could weaken Norges Bank's independence.
/jlne.ws/3B56oNB
U.K. May Change Energy Price Cap More Often to Ease Burden
Rachel Morison - Bloomberg
Adjustments to the cap level could be made quarterly; Consultation comes after a 54% increase in bills from April
U.K. energy regulator Ofgem is considering altering the price cap for consumer bills more frequently to deal with volatility in wholesale markets that shows little sign of abating. The watchdog on Thursday announced a 54% increase from April to the cap on the amount suppliers can charge most households. The level is currently changed every six months, and making it more frequent would soften such huge hikes on bills. The proposed changes are being consulted on until March 4.
/jlne.ws/3glTuB9
Turkey's Flagship Weapon in Lira's Defense Gets Record Inflows
Patrick Sykes - Bloomberg
Accounts were launched to curb dollar demand as lira crashed; Deposits rose by 81 billion liras in a week, regulator says
Turks are putting their money into state-backed accounts designed to bolster confidence in the lira at the fastest rate since their December launch. Deposits in so-called FX-protected accounts reached 290 billion liras ($21.4 billion) as of late Thursday, banking regulator chairman Mehmet Ali Akben said, up from the last official total of 209 billion a week earlier.
/jlne.ws/3IXzscy
$1.5 Trillion of Sub-Zero Debt Vanishes as Rate-Hike Bets Soar
Greg Ritchie, Garfield Clinton Reynolds, and Enda Curran - Bloomberg
Japan and German five-year yields turn positive on Friday; Pool of global negative yielding debt shrinks most on record
The world's enormous pool of negative-yielding debt shrank by a record 20% in just a day, signaling that negative yields might be a thing of the past if ever-bolder bets on policy normalization pay out. In both Germany and Japan, the world's major bastions of negative rates, five-year yields climbed above zero on Friday for the first time in years. They were once part of a pile of such debt, which has dwindled to $6.1 trillion, a three-year low.
/jlne.ws/3Grt2Rr
Shell Finds Oil in Highly Anticipated Offshore Namibia Field
Paul Burkhardt and Laura Hurst - Bloomberg
Extent of the discovered system is yet to be determined; TotalEnergies also drilling well in nearby offshore area
Royal Dutch Shell Plc has made an oil discovery in Namibia, an area where previous explorers have largely failed to find commercial resources. Searching for oil and gas in the waters of the southwest African nation has been compared to the early days of the North Sea, where a number of wells were drilled before any significant discoveries were made. To date, there have been 15 exploratory wells drilled offshore, according to Namibia's Ministry of Mines and Energy.
/jlne.ws/3J4zsru
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