| March 08, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The FIA today announced its 2022 Hall of Fame inductees to be honored at next week's International Futures Industry Conference in Boca Raton, Florida. The honorees are Sharon Bowen, Ron Filler, Arthur Hahn, Chuck Hohman, Blythe Masters, Joanne Medero, Ken Raisler, Steve Sparke, Steve Staszak, Hiromi Yamaji. It is an impressive class of true contributors to the futures industry. Here is a comment from FIA President and CEO Walt Lukken from the press release about this year's class:
"We established the FIA Hall of Fame to recognize the people who have made exceptional contributions to the growth and development of the futures, options and listed derivatives industry. This year's inductees represent business leaders, advocates, policymakers, and visionaries who have provided the leadership and support necessary to keep our industry growing. We are grateful for their service and honored to present them with this recognition."
I have not seen a chart like nickel, since omicron was a thing.
The Trade has a feature titled "International Women's Day: A view from the top" to celebrate International Women's Day 2022. The Trade feature presents some of the world's most senior figures in trading.
Also, InnovateFinance has come out with its "Women in FinTech Powerlist 2021," which shines a spotlight on the women leading innovation in financial services for the seventh year in a row. It is mostly a list of women I don't know, which means they are doing great work and need some more light shined on it, so thank you InnovateFinance for doing so.
JLN has 24 videos scheduled for Boca for next week. We have a couple of slots left on Tuesday and Wednesday, and room on Thursday. Contact me if you if you are interested and have some news or perspectives on industry or world affairs to share.
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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John's Take - Hitesh Mittal of BestEx Research on Payment for Order Flow
JohnLothianNews.com
This week comedian and TV star Jon Stewart shined a big bright light on the subject of payment for order flow in equities trading on an episode of his show, The Problem with Jon Stewart. While his take is always entertaining and sometimes impactful, I wanted to share with you another source that has also looked at the subject.
Listen »
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FIA announces 2022 Hall of Fame inductees; FIA announces 2022 Hall of Fame inductees
FIA
FIA today announced the induction of 10 new members into the FIA Hall of Fame. This year's class joins 165 other honorees in the Hall of Fame, which was established in 2005 on FIA's 50th anniversary. The new members will be honored at an awards ceremony during FIA's annual International Futures Industry Conference in Boca Raton, Fl. Walt Lukken, president and CEO of FIA said: "We established the FIA Hall of Fame to recognize the people who have made exceptional contributions to the growth and development of the futures, options and listed derivatives industry. This year's inductees represent business leaders, advocates, policymakers, and visionaries who have provided the leadership and support necessary to keep our industry growing. We are grateful for their service and honored to present them with this recognition."
/jlne.ws/3MzPD2k
***** Patrick Lothian of John Lothian Productions has been working hard on videos for the Hall of Fame presentation. There is one about each new member and one for the event itself. This is part of the sponsorship deal FIA has with John Lothian & Company, Inc. and part of our contribution to the Hall of Fame.~JJL
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Russia-Ukraine war could bring 'biblical event' as global wheat supply disrupted: Expert
Julie Hyman - Yahoo Finance
Grain prices were already rising before Russia invaded Ukraine, and recent days have seen unprecedented further gains as two of the world's biggest producer are at war. Wheat closed in Chicago at the highest price ever on Monday. Benchmark corn and soybean futures have each surged by 26% this year. Those kinds of increases in food-staple commodities have been associated with social unrest throughout history.
/jlne.ws/3tBZTyp
****** I am looking for a man named Joseph with a multicolored coat. Have you seen him?
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Oceans of Grain — America, Russia and Ukraine's breadbasket in flames; Scott Reynolds Nelson's history of the global wheat trade is a timely warning of how basic food exports can shape empires
Rana Foroohar - FT
The world's breadbasket is at war. Russia and Ukraine together account for about a quarter of the world's wheat, and roughly 12 percent of its total calories. Should the war interrupt the spring planting season — which it shows every indication of doing — poor countries and rich countries alike could face food shortages and steep inflation. That disruption of grain trade may in turn bring massive economic, political and social upheaval.
/jlne.ws/3vQiREi
****** I think you see a theme here, and it is not to get your Bible out, though that is always a good idea.~JJL
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Influencers with Andy Serwer: Gary Gensler
Yahoo Finance
In this episode of Influencers, Andy speaks with SEC Chair Gary Gensler about the federal government's response to the Russia-Ukraine conflict, the health of the global economy, and the challenges of regulating the U.S. stock market.
/jlne.ws/3tHJusi
***** I want some of the chill pills that Gary Gensler has taken. The man is all over the media and social media and just chill.~JJL
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Monday's Top Three
Yesterday's most read story was about employment: Trading Technologies Jobs at Trading Technologies. The Telegraph placed second with its reporting on the cloud, Hackers expose the foolishness of trusting 'the cloud' with our data. And third was Bloomberg with The Bond King's Genius Was No Match for His Ego
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MarketsWiki Stats
26,765 pages; 237,649 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
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Editor
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| Lead Stories | LME Halts Nickel Trading After Unprecedented 250% Spike; Top producer Tsingshan under pressure to meet margin calls; Prices spiked as short position holders scrambled to close out
Mark Burton, Jack Farchy, and Alfred Cang - Bloomberg
The London Metal Exchange suspended trading in its nickel market after an unprecedented price spike left brokers struggling to pay margin calls against unprofitable short positions, in a massive squeeze that has embroiled the largest nickel producer as well as a major Chinese bank. Nickel, used in stainless steel and electric-vehicle batteries, surged as much as 250% in two days to trade briefly above $100,000 a ton early Tuesday. The frenzied move -- the largest-ever on the LME -- came as investors and industrial users who had sold the metal scrambled to buy the contracts back after prices initially rallied on concerns about supplies from Russia.
/jlne.ws/3pNFC82
**** NY Times Version
Nickel Tops $100,000 as Big Short Tests 145-Year-Old Exchange; The rapid surge will push up costs for EV manufacturers; Nickel pares gain to be up 74% after hitting $101,365
Bloomberg News
Nickel spiked briefly above $100,000 a ton on the London Metal Exchange amid a short squeeze that's embroiled a major Chinese bank and encouraged rule changes from one of the world's top commodity exchanges. The material used in stainless steel and electric-vehicle batteries surged as much as 111% to $101,365 a ton after closing up 66% the day before. It pared gains to be up 74% at $83,500 a ton as of 3:10 p.m. in Shanghai.
/jlne.ws/34npN0f
Chinese Tycoon Behind Big Nickel Short Faces Billions in Losses; Xiang Guangda caught out by metal's spectacular rally; London Metal Exchange suspended nickel trading on Tuesday
Alfred Cang and Jack Farchy - Bloomberg
A Chinese tycoon who built a massive short position in nickel futures is facing billions of dollars in mark-to-market losses after the metal surged more than 170% in two days, according to people familiar with the matter. Xiang Guangda -- who controls the world's largest nickel producer, Tsingshan Holding Group Co., and is known as "Big Shot" in Chinese commodity circles -- has closed out part of his company's short position and is considering whether to exit the wager altogether, the people said. Nickel rocketed to a record high above $100,000 a ton on Tuesday, driven in part by Tsingshan and its brokers' activity, before trading was suspended.
/jlne.ws/35A5yNJ
China Construction Bank Gets Reprieve on Metal Margin Calls; LME has given CCBI Global Markets more time to make payment; Margin calls were in the hundreds of millions of dollars
Jack Farchy - Bloomberg
A unit of China Construction Bank Corp. was given additional time by the London Metal Exchange to pay hundreds of millions of dollars of margin calls it missed Monday amid an unprecedented spike in nickel prices, according to people familiar with the matter. The reprieve from the LME means that the unit, called CCBI Global Markets, is not formally in default, the people said, asking not to be identified as the matter isn't public.
/jlne.ws/3Kx0AQF
China Asks Banks to Report Derivatives Risk as Markets Reel
Bloomberg News
China asked its biggest financial firms and other state-owned enterprises to report the extent of their exposure to derivatives contracts following wild swings in nickel and other commodities that embroiled one of the country's largest banks.
/jlne.ws/376Wikl
Biden to sign order clearing way for crypto oversight
Sam Sutton and Victoria Guida - Politico
President Joe Biden will sign an executive order as soon as midweek to marshal resources across the government to develop a sweeping plan to oversee cryptocurrencies, including whether the U.S. should issue a fully virtual version of the dollar, according to two people familiar with the document.
/jlne.ws/3pPtq6R
Shell to Stop Buying Russian Oil and Gas; Process is likely to take some time due to long-term contracts
James Herron and Laura Hurst - Bloomberg
Shell said its output of fuels could be reduced by the move; James Herron and Laura Hurst - Bloomberg
Shell Plc and BP Plc said they won't make any new purchases of Russian oil and gas, but won't be able to immediately to disentangle themselves from the country due to long-term contracts and the likely difficultly of finding alternative supplies.
/jlne.ws/3vP2iJ4
U.S. Is Planning to Ban Russian Oil Imports; Timing of decision remains fluid, but could happen as soon as Tuesday
Andrew Restuccia, Justin Scheck, Vivian Salama - WSJ
The Biden administration is planning to ban Russian oil imports into the U.S. and an announcement on the issue is imminent, according to people familiar with the matter. The administration's deliberations about the ban have ramped up as lawmakers of both parties, including House Speaker Nancy Pelosi, called for action on the issue.
/jlne.ws/35DwyvD
The Future Turns Dark for Russia's Oil Industry; An exodus by Western companies and disdain for Russian oil signal the start of a reckoning.
Stanley Reed - NY Times
A week after a chorus of Western executives from Exxon Mobil, BP, Shell and other companies denounced Moscow's violent onslaught in Ukraine and pledged to pull their companies out of Russian ventures, it appears the turbulence for Russia's energy industry has only begun.
/jlne.ws/35ZVgX1
Leaving Russia for Morals or Money; Also CDS, Gazprom bonds, shorts, Bitcoin, anti-ESG, venture fees and meme activism.
Matt Levine - Bloomberg
If you are an international company or investor, why might you stop investing or doing business in Russia? There are two basic reasons: Moral reasons: Russia's invasion of Ukraine is bad and you do not want to support it. Exactly whose morality matters here could vary: A company might pull out of Russia because of its chief executive officer's personal moral views, or to respond to (or avoid) moral pressure from shareholders, employees or customers. But the idea is that by stopping investing in Russia you are in some way punishing Russia and raising the costs of its aggression, even potentially at some cost to yourself.
/jlne.ws/3sMYF4k
Exclusive-Wall Street regulator to propose climate risk rule as early as next Wednesday -sources
Katanga Johnson and Jarrett Renshaw - Reuters
The U.S. Securities and Exchange Commission (SEC) plans to propose its landmark climate risk rule as early as next Wednesday, March 16, said two people familiar with the agency's planning. One of the people, who spoke anonymously about private agency plans, said the Wall Street regulator is "committed" to issuing the proposal by month end. An SEC spokeswoman declined to comment.
/jlne.ws/3pNbf1x
JSE Seeks Climate, Sustainable Bonds as ESG Investment Jumps; About $4 trillion of ESG debt has been sold globally to date; JSE to create Sustainability and Transition Segments
Antony Sguazzin - Bloomberg
JSE Ltd., which runs Africa's biggest stock and bond exchanges, has changed its listing requirements to increase exposure to the rapidly growing environmental, social and governance investment sector and to allow the sale of bonds to raise funds to fight climate change.
/jlne.ws/3ISKC2E
JPMorgan to remove Russian debt from widely tracked bond indices; Bank follows MSCI, S&P and others in excluding securities as sanctions squeeze economy
Kate Duguid - FT
JPMorgan Chase announced it will remove Russian debt from its widely used bond indices in the latest move to exclude the country from the global financial system since Vladimir Putin went to war with Ukraine.
/jlne.ws/3MBz0TV
EU plans to cut Russian gas imports by two-thirds in a year; LNG and coal use for longer will need to be offset by increased renewable energy to meet climate targets, green commissioner says
Andy Bounds - FT
The European Union will outline a plan on Tuesday to cut Russian gas imports by two-thirds within a year as it seeks to reduce its dependency on the country's fuel supplies after Moscow's invasion of Ukraine.
/jlne.ws/3pJc2Aw
European industry braced for pain from latest surge in oil and gas prices; Sectors from metals and transport to agrochemicals hurt by prospect of new measures against Russia
FT reporters - FT
The latest surge in oil and gas prices as the west responds to Russia's invasion of Ukraine is threatening a sharp rise in costs for European industry, severely hurting sectors from steel and aluminium to fertilisers and transport.
/jlne.ws/3tGIpRG
Banks in Europe Take Brunt of Market Selloff; Ukraine conflict is hitting Europe's banks just as they were shaking off Covid-19 downturn
Patricia Kowsmann - WSJ
Most banks in Europe have little direct exposure to Russia. Yet that hasn't stopped investors from fleeing their shares since war broke out in Ukraine. Analysts say the lack of visibility regarding what will come next in the conflict, a spike in oil prices that may slow down Europe's economy, and indirect exposures that aren't yet known, are combining to make investors ultra-wary of lenders on the continent.
/jlne.ws/3CnbsgS
International Women's Day: A view from the top; To celebrate International Women's Day 2022, The TRADE is delighted to present some of the world's most senior female figures in trading, offering exclusive insights on the year ahead.
Laurie McAughtry - The Trade
Gender diversity is a crucial topic, and the question of how to attract - and retain - more women into trading, especially into senior positions, is one of the utmost importance. But of equal importance, thinks The TRADE, is the recognition and celebration of the distance already travelled, and the achievements already won.
/jlne.ws/3hNJgKD
Ready or not: what in-scope firms should be doing to prepare for Phase 6 of the Uncleared Margin Rules; Phase 6's lower threshold will bring smaller firms into scope, which typically have fewer middle and back-office resources and differing levels of automation, writes Bob Stewart, executive director of institutional trade processing (ITP) at DTCC.
Bob Stewart - The Trade
With less than six months to go before the implementation of Phase 6 of the BCBS-IOSCO Uncleared Margin Rules (UMR), in-scope buy-side firms should now be in the advanced stages of their preparations. Firms that fail to meet their margin requirements under the new rules face the prospect of regulatory fines.
/jlne.ws/365nWhm
LeveL ATS dark pool and Luminex block venue complete merger; The sell-side dark pool and buy-side block trading venue will continue to operate as separate alternative trading systems under one broker-dealer.
Annabel Smith - The Trade
Independently operated US equities sell-side dark pool, LeveL ATS, and buy-side block trading venue, Luminex Trading & Analytics, have completed their merger. The pair confirmed their intentions to merge in September last year, shortly after Nasdaq acquired a minority stake in LeveL ATS in August, joining existing investors Bank of America, Citi and Fidelity.
/jlne.ws/3Km7eZI
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Calls for U.S. to ban Russian oil gain momentum despite inflation concerns; An increasing number of Republicans and Democrats are calling for a U.S. import ban to punish President Vladimir Putin
Steven Zeitchik, Yasmeen Abutaleb and Annie Linskey - Washington Post
A growing number of U.S. officials are calling for a ban on Russian oil and gas imports to pressure that country's economy despite concerns that such a move could raise already high gas prices for American consumers. Officials including U.S. Secretary of State Antony Blinken, Sens. Marco Rubio (R-Fla.) and Joe Manchin III (D-W.Va.), and Rep. Adam B. Schiff (D-Calif.) called Sunday for a U.S. ban as part of the ongoing bid to hinder the Russian economy over its invasion of Ukraine.
/jlne.ws/3CpA4FN
Hate for Putin's Russia Consumes Ukraine
Maria Varenikova - NY Times
Trapped in his apartment on the outskirts of Kyiv during fierce battles over the weekend, the well-known Ukrainian poet Oleksandr Irvanets composed a few lines that encapsulated the national mood. "I shout out to the whole world," he wrote in a short poem published online by his fans, who have since lost touch with the writer and were worried that he may have fallen behind Russian lines. "I won't forgive anyone!"
/jlne.ws/35yskFK
Russia warns West of $300 per barrel oil, cuts to EU gas supply
Reuters
Western countries could face oil prices of over $300 per barrel and the possible closure of the main Russia-Germany gas pipeline if governments follow through on threats to cut energy supplies from Russia, a senior minister said on Monday. Oil prices spiked to their highest levels since 2008 on Monday after U.S. Secretary of State Antony Blinken said Washington and European allies were considering banning Russian oil imports.
/jlne.ws/37e6eIY
Russia Threatens to Cut Natural Gas Flows to Europe Via Nord Stream 1
Bloomberg News
Russia threatened to cut natural gas supplies to Europe via the Nord Stream 1 pipeline as part of its response to sanctions imposed over the invasion of Ukraine, a move that could heighten the turmoil in energy markets and drive consumer prices even higher.
/jlne.ws/372cTpq
Ukraine Puts a Crypto Twist on War Bonds. It Can Do More; The country has reportedly raised more than $50 million in digital currency donations. Introducing NFT and token mechanics could help bring in more.
Trung Phan - Bloomberg
Javelin and Stinger missiles, Molotov cocktails and now...crypto war bonds. To support its life-or-death struggle against Russia, Ukraine is seeking to tap the rapidly expanding potential of cryptocurrencies. If it succeeds, other nations facing dire circumstances may follow.
/jlne.ws/3sSmMP3
War Exposes Europe's Failure to Heed Warnings Over Russian Gas; Leaders are talking up the urgent need to reduce dependency, but the continent has heard those words many times before.
Ewa Krukowska - Bloomberg
On a freezing winter morning, Europe woke up to a shock. Russia had cut off gas to Ukraine. Companies started reporting drops in supplies via the transit country. Calls to reduce energy dependence on Moscow resonated across the continent. That was in January 2006. Sixteen years on, through another supply crisis and then Russia's annexation of Crimea, the European Union is much in the same place: plotting ways to cut reliance on its single biggest gas supplier and bracing for a stoppage of flows as Russia wages war on Ukraine.
/jlne.ws/35UgAgp
Biden's Tough Sanctions Create Worry That Putin Lacks an Exit; The crackdown on Russia's economy could have consequences that last decades.
Nick Wadhams - Bloomberg
The sanctions the U.S. and Europe are slapping on Russia's economy and the billionaires around President Vladimir Putin are unprecedented in scope. Some experts wonder if these powers have made clear what actually needs to happen to get those restrictions lifted.
/jlne.ws/3vN6vN4
Ukraine Struggles to Get 'War Bonds' to Investors Abroad; The government has been selling debt even as Russian troops advance, but it's only available to top-tier investors.
Priscila Azevedo Rocha - Bloomberg
On Feb. 28, just four days after Russian troops invaded Ukraine, the nation's debt chief told investors he'd found a way to support his country's defense: He was set to use Ukraine's weekly debt auction the following day to raise funds for its military, denominated in retail investor-friendly chunks of 1,000 hryvnia ($33). Outraged at the invasion and seeking a way to show support, people around the world flooded social media asking how they might be able to buy what everyone started calling "war bonds."
/jlne.ws/3pJ5ZMk
Curbs on Russian exports raise risk of oil shock and recession in Europe; Threat of stagflation looms for developed world despite strong underlying economies
Chris Giles - FT
The rise in oil and gas prices triggered by the Ukraine conflict and western moves to punish Moscow has raised the threat of the worst stagflationary shock to hit energy importing economies since the 1970s.
/jlne.ws/3KpbOGG
Russia's banks turn from global ambitions to survival; Moscow bankers caught out by speed of hit from western sanctions
Owen Walker - Ft
In the run-up to Russia's invasion of Crimea in 2014, VTB Bank, the country's second-biggest lender, dedicated an entire floor at its Imperia Tower headquarters in central Moscow to financing the country's war machine.
/jlne.ws/3sRlZxE
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Change of Company Secretary
ASX
ASX advises that Daniel Csillag has resigned as a Company Secretary of ASX Limited effective today. The Board wishes to thank Mr Csillag for his service to ASX as a Company Secretary over the last decade. Daniel Moran continues as the person nominated under Listing Rule 12.6 for communication with ASIC with regard to Listing Rule matters.
/bit.ly/3sGw54D
ASX Group Monthly Activity Report - February 2022
ASX
Listings and Capital Raisings In February 2022, total capital raised was $98.6 billion, up materially on the previous corresponding period (pcp).
/bit.ly/3sGw54D
The Spanish stock exchange opens the trading session by ringing the bell for gender equality
BME
BME and the Global Compact Spanish Network promote this event for the fifth consecutive year
More than 400 people have followed the Bell Ringing and the two subsequent panels virtually.
Today's session, International Women's Day, was marked with a Ring the Bell for Gender Equality. The event, held at the Madrid stock exchange and broadcast virtually, is part of the Ring the Bell for Gender Equality initiative, promoted by Sustainable Stock Exchanges and the United Nations Global Compact. This is the fifth year that BME and the United Nations Global Compact Spanish Network have organised this event, which also featured two round tables, which were followed by over 400 people.
/bit.ly/3628l20
CME Group Global Head of Commodities, Options & International Markets to Present at Raymond James Institutional Investors Conference
CME Group
CME Group, the world's leading derivatives marketplace, today announced that Derek Sammann, Senior Managing Director, Global Head of Commodities, Options & International Markets, will present at the 43rd Annual Raymond James Institutional Investors Conference on Tuesday, March 8, 2022, at 9:15 a.m. (Eastern Time).
/bit.ly/3tHqgTA
Physical Aluminum Transacted for First Time on CME Group's Electronic Auction Platform
PRNewswire
CME Group, the world's leading derivatives marketplace, today announced that physical aluminum was transacted for the first-time ever on CME Group's electronic auction platform. On Thursday, March 3, 2022, 200 metric tons of P1020A aluminum were auctioned for delivery in Owensboro, Kentucky. The transaction was completed at a price of 35.50 cents per pound premium to CME Group's physically-delivered Aluminum futures March 2022 contract, which settled at $3767.75 per metric ton on the same day.
/jlne.ws/3HUf0Zl
Ocean GeoLoop lists on Euronext Growth Oslo
Euronext
The fifth company to list on Oslo Børs in 2022, and the 18th on Euronext Market capitalisation of NOK 1.8 billion
Oslo Børs, part of the Euronext Group, today congratulates Ocean GeoLoop on its admission to Euronext Growth Oslo (ticker: OCEAN).
Ocean GeoLoop industrialises innovative green technologies with global scaling potential, and aims at solving the greatest challenge of our time: the climate, environment and resource crisis. The company has developed a new and unique process for capturing and storing CO2 emissions (CCS) from point sources. Ocean GeoLoop was established as an offshoot of the Ocean research project, initiated by Hans Gude Gudesen in 2006.
/bit.ly/3hMJAtl
Suspension of USD London Nickel Mini Futures and CNH London Nickel Mini Futures
HKEX
Due to trading suspension of Nickel contract in the LME market, Hong Kong Futures Exchange
Limited has suspended trading in the USD London Nickel Mini Futures and CNH London Nickel
Mini Futures (HKATS code: LUN and LRN) until further notice.
/jlne.ws/3I61rGp
Suspension of MICEX Index Futures
HKEX
Due to trading suspension of constituent stocks of The MOEX Russia Index (formerly MICEX
Index), the underlying index has not been pricing. Accordingly, Hong Kong Futures Exchange
Limited will suspend trading in the MICEX Index Futures (HKATS code: MCX) with immediate
effect until further notice.
/jlne.ws/3tDQBlt
ICE Benchmark Administration Introduces ICE U.S. Dollar Inflation Expectations Index Family
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Benchmark Administration Limited (IBA) is introducing the ICE U.S. Dollar Inflation Expectations Index Family to help investors gauge future inflation expectations and inform policy and risk management decision making.
/bit.ly/3q9BDTF
JPX Monthly Headlines - February 2022
JPX
JPX group companies undertake various initiatives and disseminate information with the aim of providing the most attractive markets to all users.Every month, we showcase the highlights of these efforts in short and concise summaries just for you.
/bit.ly/3vPkbap
Suspension of LME Nickel Market
Following further unprecedented overnight increases in the 3 month nickel price, the LME has made the decision to suspend trading for, at minimum, the remainder of today (Tuesday 8 March 2022).
/bit.ly/3624ceb
Nickel Suspension - Further Information - Delivery Deferral and Trade Cancellation
LME
The LME has been monitoring the impact on the LME market of the situation in Russia and the Ukraine, as well as the recent low-stock environment and high pricing volatility environment observed in various LME base metals and in particular Nickel. With immediate effect, and following the suspension of the LME Nickel market announced in Notice 22/052, the LME (acting where required through the Special Committee) has determined that it is appropriate in the circumstances to take the following actions in respect of physically settled Nickel Contracts: (i) cancel all trades executed on or after 00:00 UK time on 8 March 2022 in the inter-office market and on LMEselect until further notice (Affected Contracts); and (ii) defer delivery of all physically settled Nickel Contracts due for delivery on 9 March 2022 and any subsequent Prompt Date in relation to which delivery is not practicable (as determined by the LME and notified to the market) owing to a trading suspension in line with the process in this Notice.
/bit.ly/3624ceb
MIAX and Bermuda Stock Exchange Announce
Participation in World Federation of Exchanges' Ring the Bell for Gender Equality 2022 Ceremony
MIAX
Miami International Holdings (MIH), the parent holding company of MIAX® and Bermuda Stock Exchange (BSXTM), announced today that the two exchanges are participating in the World Federation of Exchanges Ring the Bell for Gender Equality ceremony on Tuesday, March 8, 2022. The campaign serves as a global initiative by exchanges around the world to foster greater gender equality and highlight the benefits of a diverse and inclusive workplace.
/bit.ly/34rCQ0S
NSE IFSC becomes First International Exchange at IFSC to physically settle US Stocks
NSE
NSE International Exc ha nge (NSEIFSC ) launched trading in NSE IFSC Receipts (India's first Unsponsored Depository Receipts on US Stocks under IFSCA's regulatory sandbox framework) on March 3rd, 2 02 2 The product offering was a first of its kind initiative where Indian Retail Investors could trade in Global stock s using the LRS route. To start with, NSE IFSC commenced trading in major US stocks (Apple, Alphabet, Amazon, Microsoft, MetaPlatforms, Tesla ) to be settled on a rolling T+3 day basis through its Clearing Corporation Ltd (NICC L).
/bit.ly/3pckN5S
Karnataka State Higher Education Council to sign Mou with NSE Academy for financial awareness among students
NSE
NSE Academy Limited (NAL), a wholly owned subsidiary of the National Stock Exchange (NSE) intends to collaborate with Karnataka State Higher Education Council (KSHEC) to provide financial education and investment awareness for the holistic well-being of college students.
/bit.ly/3pckN5S
NYSE Bonds - NYSE Bond Symbol Change - PSXP to PSX
Traded Bond Name and Symbol Changes due to Merger in Common Stock
The following bonds will change symbols to reflect the new symbol of the parent company on Wednesday, March 9, 2022: Phillips 66 Partners LP (PSXP) to Phillips 66 (PSX)
/bit.ly/3IYhV4s
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Scoop: Investor Nichole Wischoff raising $50M solo fintech fund
Ryan Lawler - Axios
A new fund is coming to town. Nichole Wischoff, who spent the last five years working at companies like Blend and Built Technologies, is raising a $50 million solo fund to invest in fintech startups, she tells Axios Pro.
/jlne.ws/37idi7z
Fintech Funding Takes A Tumble
Joanna Glasner - Crunchbase
Venture capitalists' enthusiasm for fintech, which ranked as the hottest sector for startup investment last year, is showing signs of waning.
In the past two weeks, a total of 51 fintech companies across the globe collectively raised $1.1 billion in seed through late-stage venture funding, per Crunchbase data. That's down about 63 percent from the prior two-week period, during which 80 companies raised just shy of $3 billion.
/jlne.ws/3vPGJHZ
Women in FinTech Powerlist 2021
InnovateFinance
The Women in FinTech Powerlist 2021 shines a spotlight on the women leading innovation in financial services. Now in its 7th year, the Powerlist has increasingly attracted a global audience, resulting in applications and nominations from around the world. The 2021 iteration shines a spotlight on 250 women across 9 categories.
A select number of women were chosen for the 'Standout 45' distinction by a panel of independent judges. Innovate Finance called on the FinTech ecosystem to nominate and submit applications, and received 1000s of responses, highlighting that there is certainly no lack of female talent within the sector!
/jlne.ws/3HS1EwK
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| Cybersecurity | | Top stories for cybersecurity | Google buys cyber security company Mandiant for $5.4bn; Tech giant seeks to boost cloud computing business with deal set to be its second-largest acquisition
Madhumita Murgia - FT
Google is to buy US cyber security company Mandiant for $5.4bn as it looks to bolster its cloud computing business, making it the tech giant's second-largest ever acquisition. The search company on Tuesday said it would purchase Mandiant for $23.00 per share, in an all-cash deal. It comes as Google looks to boost its cloud computing business, Google Cloud, in an attempt to take on rivals such as Microsoft, which offers cyber security products through its Azure cloud platform. The cyber security company will become part of Google's $19bn cloud business after the deal is completed.
/jlne.ws/3pPa7KJ
**** WSJ Version.
Ukraine and US targeted by cybersecurity attacks in run-up to Russian invasion
James Vincent - The Verge
New reports have emerged of hacking campaigns linked directly and indirectly to Russia's war in Ukraine, with the stories shedding more light on an opaque element of the invasion: cyberwarfare. Many experts predicted that Russia would launch significant cyber attacks in Ukraine, shutting down the country's electrical grid for example. But while large-scale operations have not materialized, reports of smaller forays are beginning to emerge.
/jlne.ws/34n8UCS
Don't Get Distracted: How To Move Toward Cybersecurity Awareness
Liran Tancman - Forbes
In cybersecurity, we can often struggle when it comes to managing distractions, overstimulation and disorganization. We receive alerts that falsely tell us that almost everything requires our attention rather than what is truly necessary, and these "false positives" can make it difficult to focus on what to patch and what not to patch. Security-monitoring and scanning tools can surface many false positives. These scanners, while integral, often give us too much useless information. It can be a struggle to know which signals require action and which can be ignored.
/jlne.ws/3hKZvbw
50% of global cybersecurity firms host exposed databases
Security Magazine
More than half of leading cybersecurity firms host at-risk databases, according to Reposify's new Cybersecurity Industry: State of the External Attack Surface report. The assessment uncovered more than 200,000 exposed assets among 35 multinational cybersecurity companies and their 350+ subsidiaries in only two weeks.
Findings note that 97% of security companies have exposed assets on their Amazon Web Services (AWS); 89% of assets identified on remote access sites were exposed to the internet, and 42% of the assets discovered could be classified as "high" or "critical" risk.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Steve Wozniak calls Bitcoin 'pure-gold mathematics' and the reason shows why crypto could be here to stay
Jonathan Vanian - Fortune
Apple cofounder Steve Wozniak is a big proponent of bitcoin, but is wary of other cryptocurrencies and related non-fungible tokens. During a recent interview with Business Insider, Wozniak said Bitcoin is the "only [cryptocurrency] that's pure-gold mathematics," praising the underlying technology and calculations that underpin the best-known cryptocurrency.
/jlne.ws/3vMlTcL
This Texas Town Was Deep In Debt From A Devastating Winter Storm. Then A Crypto Miner Came Knocking.
Sarah Emerson - Buzz Feed
Last February, a disastrous winter storm pummeled Texas with ice and snow, threatening to topple the Texan energy grid. In the city of Denton, neighborhoods blinked off and on as the local power provider tried to conserve electricity. Places like assisted living facilities were momentarily excluded from the blackouts, but those eventually went dark too. Then the gas pipelines froze, and the power plant stopped working. Over the next four days, the city bled more than $200 million purchasing energy on the open market. It would later sue the Electric Reliability Council of Texas, the grid operator also known as ERCOT, for saddling Denton with inflated energy prices that caused it to accrue $140 million in debt."While we were in an emergency, ERCOT allowed prices to go off the scale," Denton City Council Member Paul Meltzer told BuzzFeed News. "We were forced to pay. We were approached Tony Soprano - like to empty our reserves."
/jlne.ws/37e7Qm0
It's Complicated: The Relationship Between Crypto and NFTs
Nathan Thompson - Coindesk
If the last 12 months in cryptocurrency has taught us anything, it's that people really like owning a piece of code that proves they overpaid for a JPEG file. And it's not just about monkey pictures either. Soon NFTs (non-fungible tokens) will be used to trade music rights, real estate and debt instruments.
/jlne.ws/3CoOLZO
Thailand approves relaxed tax rules for digital assets
Reuters
Thailand's cabinet on Tuesday relaxed tax rules for investments in digital assets to help promote and develop the industry following a surge in cryptocurrency trading in Southeast Asia's second-largest economy. The rules, in line with an earlier announcement, will allow traders to offset annual losses against gains for taxes due on cyptocurrency investments, and exempt a value-added-tax of 7% for cryptocurrency trading on authorized exchanges, Finance Minister Arkhom Termpittayapaisith told a news conference.
/jlne.ws/3sRYlRT
Bain Capital Ventures Launches $560 Million Crypto Fund; The fund will invest in about 30 companies over several years; Bain Capital Crypto has already invested about $100 million
Olga Kharif - Bloomberg
Bain Capital Ventures -- one of the world's biggest startup-investment firms -- is launching a $560 million fund focused exclusively on crypto-related efforts.
/jlne.ws/3sQhCCZ
Binance Trading Volume Plunged to New Lows in February
Raphael Minter - Beincrypto
February proved to be a difficult month for the entire crypto finance space and particularly so for cryptocurrency exchanges. Binance recorded approximately $1.08 trillion in trading volume during the second month of 2022, according to Be[In]Crypto Research.
/jlne.ws/3hRcys2
FTX crypto exchange establishes European presence; As part of the expansion, a range of FTX's products and services will now be available to clients in Europe.
Wesley Bray - The Trade
Global cryptocurrency exchange FTX Trading has expanded its presence into Europe and the Middle East with the establishment of FTX Europe, marking the next phase of its global expansion.
/jlne.ws/3IT1mXK
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| Politics | | An overview of politics as it relates to the financial markets | China Pushes Russia Conspiracy Theory About U.S. Labs in Ukraine; Foreign Ministry urged U.S. to name viruses stored in labs; Beijing has yet to call Russia's military action an 'invasion'
Bloomberg News
China accused the U.S. military of operating "dangerous" biolabs in Ukraine, echoing a Russian conspiracy theory that Western officials warned could be part of an effort to retroactively justify President Vladimir Putin's invasion.
/jlne.ws/3pJlOCz
White House to Order Broad Review of Cryptocurrencies; Federal agencies to study the creation of U.S. digital currency and the risks of digital assets
Andrew Duehren - WSJ
The White House is set to release an executive order this week tasking several federal agencies with conducting a broad review of cryptocurrencies, including studying the creation of a U.S. digital currency, according to a person familiar with the matter.
/jlne.ws/3hN8f0y
Opinion: Congress may be getting it wrong: Crypto should be regulated just like other financial assets
Todd Phillips and Alexandra Thornton - MarketWatch
Cryptocurrency has gone from niche interest to Super Bowl ad, and Congress is now looking at ways to appropriately regulate these new assets. Congressional committees have held hearings to understand stablecoins, the environmental impacts of crypto mining, and the role of government in policing markets. Several lawmakers have introduced legislation to bring crypto assets into the regulatory fold, with sponsors arguing that their bills offer "responsible federal oversight of trading platforms and critical consumer protections."
/jlne.ws/35ysPzC
Biden Planning to Sign Executive Order on Crypto This Week: Reports
Nelson Wang - Coindesk
President Joe Biden is set to sign an executive order this week summarizing the U.S. government's strategy for dealing with cryptocurrencies, according to reports from Bloomberg and Reuters, citing people familiar with Biden's plans.
/jlne.ws/3vLtJmU
Top Senate Democrat says regulating crypto would be like killing the internet in its infancy
Marco Quiroz-Gutierrez - Fortune
Crypto has a major ally on the Hill. In a departure from many of his Democratic colleagues, Sen. Ron Wyden, D-Ore., told the Financial Times Monday that regulators should be careful not to clamp down hard on cryptocurrencies. Wyden told the paper that the emergence of cryptocurrencies is similar to the days of the early internet, when he and his colleagues created Section 230 of the Communications Decency Act, which protects social media companies from being sued for what users post on their platforms.
/jlne.ws/3HQBj1N
U.S. Warns Banks, Crypto Firms Against Potential Efforts to Evade Russian Sanctions; Red flags that FinCEN says banks and crypto firms should watch out for include transactions coming from or sent to an IP address located in Russia or Belarus, or from IP addresses already flagged as suspicious
Mengqi Sun - WSJ
The U.S. Treasury Department is warning financial institutions and cryptocurrency firms to be on the lookout for attempts to evade sanctions and other restrictions imposed as a result of Russia's ongoing invasion of Ukraine.
/jlne.ws/3txKhMs
U.K. Has All The Tools to Sanction Oligarchs; But there are questions over the government's will to use them.
Paul J. Davies - Bloomberg
French customs officials impounding a Russian billionaire Igor Sechin's superyacht on the Cote D'Azur made for sensational headlines, but it was just one of the moves against a string of oligarchs by the U.S., Europe and U.K.
/jlne.ws/3pQfsS3
The City of London's Russia ties need to be cut; It is fanciful to suggest there is a sustainable middle ground. There is not
Helen Thomas - FT
Please disembark. No, really. The Caviar Express was what FT Alphaville, back in 2006, called the stream of British directors looking east to lend their names, experience and credibility to the companies flocking to London from the former Soviet Union. As Russian companies paid for the respectability of the British establishment, the individuals behind those businesses, and their wealth often followed the listings to London.
/jlne.ws/3sQ27ey
European Parliament Proposes Expanding 'Travel Rule' to Every Single Crypto Transaction
Jeremy Van der Haegen - Coindesk
A possibly transformative digital assets regulation draft is threatening to shake up the European crypto landscape. On Feb. 9, two major factions of the European Parliament submitteda policy blueprint
that aims to apply existing regulations designed to counter money laundering and terrorism financing to all crypto transactions. The draft was spearheaded by Belgian parliament member (MEP) Assita Kanko (European Conservatives and Reformists) and Spanish MEP Ernest Urtasun (Greens - European Free Alliance).
/jlne.ws/35ZuIVw
EU Aims to Sanction 14 Wealthy Russians, Dozens of Lawmakers; Proposal stops short of broader ban on Russian access to ports; Specific penalties need to be approved by member states
Alberto Nardelli, John Follain, and Nikos Chrysoloras - Bloomberg
The European Union is set to propose a new round of sanctions that would target a total of 14 individuals, including a number of wealthy Russians and their family members, but will stop short of more far-reaching steps like penalizing ports, according to several diplomats.
/jlne.ws/3HRiAn2
EU to Consider Massive Joint Bond Sales to Fund Energy, Defense; The European Commission's plan could be unveiled this week; EU officials still working on details, including facility size
Jorge Valero and Nikos Chrysoloras - Bloomberg
The European Union will unveil a plan as soon as this week to jointly issue bonds on a potentially massive scale to finance energy and defense spending as the bloc copes with the fallout from Russia's invasion of Ukraine. The proposal may be presented after the EU's leaders hold an emergency summit in Versailles, France, that starts Thursday, according to officials familiar with the preparations. Officials are still working out the details on how the debt sales would work and how much money they intend to raise.
/jlne.ws/3CmZkwm
As Russia Goes, So Goes State Capitalism? Its economic implosion under Western pressure offers a cautionary tale for China and other state-dominated economies.
Adrian Wooldridge - Bloomberg
In the halcyon days before Russia invaded Crimea in 2014, I was a frequent guest at the St. Petersburg International Economic Forum (SPIEF) — or "Davos on the Neva" as it was dubbed. The usual suspects were there. The heads of McKinsey and Co. and Goldman Sachs Group Inc. networked with other global panjandrums. Mercedes-Benz and PepsiCo Inc. sponsored lavish entertainment tents. Panels discussed worthy subjects such as sustainability, crowdsourcing and corporate social responsibility. Henry Kissinger and Gerhard Schroeder were feted by all and sundry.
/jlne.ws/3pJFbvC
Russia Is Now the World's Most-Sanctioned Nation; Invasion of Ukraine prompted blitz of 2,778 new sanctions; Switzerland has enacted the most sanctions against Russia
Nick Wadhams - Bloomberg
Russia has vaulted past Iran and North Korea to become the world's most-sanctioned nation in the span of just 10 days following President Vladimir Putin's invasion of Ukraine.
/jlne.ws/3vPCZX9
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | SEC Investor Advisory Committee to Discuss Artificial Intelligence and Cybersecurity on March 10
SEC
The Securities and Exchange Commission's Investor Advisory Committee will hold a public meeting remotely on March 10 at 10:00 a.m. ET. The meeting is open to the public via live webcast, and will be archived on the committee's website for later viewing.
This will be the first Committee meeting led by the new slate of officers who were appointed on December 2, 2021. Christopher Mirabile is the new Chair; Leslie Van Buskirk is the new Vice Chair; and Brian Hellmer is the new Assistant Secretary. Theodore Daniels continues as Secretary.
/jlne.ws/3hOWDu9
SEC Charges Previously-Barred Investment Adviser with Fraud
SEC
The Securities and Exchange Commission today charged a previously-barred North Carolina-based investment adviser with lying to retail investors about the use and value of their investments.
The SEC's complaint alleges that, starting in approximately February 2019, David W. Schamens solicited investments in a purported pooled investment vehicle that would invest in pre-selected stocks, which would then be "auto-traded" by a proprietary algorithm. However, rather than using investor funds to engage in any type of trading, Schamens allegedly used the overwhelming majority of the money for personal expenses and to repay previous investors seeking redemptions.
/jlne.ws/3IVQGay
FCA targets exodus of anti-money laundering staff in 'Dear CEO' letter; The regulator warns that oversight roles are changing hands too rapidly, which may lead to gaps in firms' financial crime net
Justin Cash - Financial News
The Financial Conduct Authority is honing in on senior staff at financial firms who are responsible for stopping money laundering. The regulator has sent a so-called 'Dear CEO' letter to a number of firms, noting a high turnover of their money laundering reporting officers, or MLROs, people who have seen the letter told Financial News. The campaign is part of an increasingly tough stance being taken against laundering offences.
/jlne.ws/3KivP1E
Recent statements by Binance and Eqonex Limited
UK FCA
We are aware of recent statements made by Eqonex Limited and the Binance Group confirming that an entity called Bifinity will advance a US$36 million convertible loan to EQONEX.
/jlne.ws/3HSJzyx
Updated list of issuers of gift certificates in repayment procedures based on the "Payment Services Act"
Japan FSA
The FSA updated the list of issuers who are repaying, have completed repaying or have announced the termination of use of prepaid payment instruments, as defined in the "Payment Services Act" (e.g. gift vouchers, gift certificates, and prepaid cards).
/jlne.ws/2vF00vl
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Big 4 accounting firms are leaving Russia. PwC's Russian clients reportedly include Sberbank, Gazprom, and Russia's central bank.
Grace Dean -Business Insider
The accountancy giants PwC, KPMG, EY, and Deloitte have announced that they're stopping operations in Russia amid the ongoing attacks on Ukraine. PwC and KPMG both announced the move on Sunday, while EY and Deloitte followed the next day.
/jlne.ws/3vOR7A3
Zoltan Pozsar on the Great Commodities Collateral Crunch in Funding Markets
Tracy Alloway - Bloomberg
The world's awash with liquidity, but there are still signs of funding stress creeping in. Here, for instance, is FRA/OIS, a key gauge of interbank funding risk, as of the close on Monday.So what's going on? Zoltan Pozsar, Credit Suisse AG's head of short-term interest rates, is back to explain. As he puts it in a note published late on Monday, the problem is that — much like triple A-rated mortgage bonds were used as collateral to secure short-term funding before the Great Financial Crisis of 2008 — commodities have been used to secure financing that could now be stressed as Russia's invasion of Ukraine sparks major price moves.
/jlne.ws/3tF424J
Commodities go crazy: nickel edition; Squeeze.
Claire Jones and Jamie Powell - FT
To paraphrase a commodity trading Crocodile Dundee talking to the denizens of r/wallstreetbets — "that's not a short squeeze; this is a short squeeze":
/jlne.ws/3HUqJHk
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Hong Kong's covid lockdown chaos is driving an exodus
Mary Hui - Quartz
Hong Kong is seeing a record number of net departures by residents as the city is battered by a runaway covid outbreak—and hamstrung by a government caught completely flatfooted in its pandemic response. For the past three weeks, there has been a net departure of over 20,000 residents each week, the highest levels in more than two years, according to numbers from the city's immigration authorities and compiled by David Webb, a Hong Kong-based investor. For weeks now, government authorities have hinted—both in public and through leaks to the media—at a possible mainland-style lockdown in Hong Kong as a way to curb transmission and carry out a compulsory mass-testing campaign.
/jlne.ws/3tHHrEL
Covid Can Shrink the Brain as Much as a Decade of Aging, Study Finds; The abnormalities resemble up to a decade of brain aging; More research is needed to gauge duration of virus's impact
Jason Gale - Bloomberg
Even a mild case of Covid-19 can damage the brain and addle thinking, scientists found in a study that highlights the illness's alarming impact on mental function. Researchers identified Covid-associated brain damage months after infection, including in the region linked to smell, and shrinkage in size equivalent to as much as a decade of normal aging. The changes were linked to cognitive decline in the study, which was published Monday in the journal Nature.
/jlne.ws/3MynpVD
Unvaccinated Elderly Send Hong Kong's Covid-19 Death Rate to World's Highest; City was caught unprepared for a massive increase in cases as elderly vaccination rate remained low after monthslong stretches of zero infections
Natasha Khan - WSJ
Almost a year ago, Rio Ling decided to hold off on vaccinating his 86-year-old father against the coronavirus because he was more worried about possible side effects than the virus itself, given that Hong Kong had kept cases low under its "Zero-Covid" policy. By the time he gave the go-ahead in January, after the Omicron variant had broken through the city's defenses, it was too late. A few hours after finally receiving the inoculation in late February, Mr. Ling's dad, who has high blood pressure and dementia, tested positive for Covid-19.
/jlne.ws/3CoAdt0
Hong Kong is stuck in limbo as Covid cases soar; Residents are faced with a difficult choice: continue waiting for authorities to act — or decide to leave
Ravi Mattu - FT
Living in a Hong Kong pummelled by the worst Covid outbreak in China since the start of the pandemic is like being stuck in a real-life version of Waiting for Godot. The absurdist play by Samuel Beckett tells the story of Vladimir and Estragon, two men who agree to wait for the arrival of the titular character to give them some direction. Godot never shows up but their existential discussions about what they should do become the story.
/jlne.ws/35Zwo1A
China says Hong Kong must stick to "dynamic zero" COVID strategy
Farah Master - Reuters
A top Chinese health official rallied embattled Hong Kong on Tuesday to stick with a "dynamic zero" coronavirus strategy and warned that the city's "lifeline" health system was at risk and the situation had to be turned around as soon as possible.
/jlne.ws/3pPkcHw
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Oil industry pleads with Wall Street to stop holding back investment; Spending cuts are exacerbating price shock caused by Russia's war in Ukraine, say executives
Myles McCormick, Justin Jacobs and Derek Brower - FT
Oil industry chiefs have called on Wall Street to stop holding back investment in new crude supply as "chaos" and "bedlam" threaten to overwhelm energy markets amid fears the west will ban Russian oil exports following the invasion of Ukraine. A surge in the international oil price to $139 a barrel on Monday has sparked fears that the rally could damage the global economy. Speaking at the CERAWeek conference in Houston, oil executives pinned some of the blame on their investors.
/jlne.ws/3IVh3xy
Carbon-Transformation Startup LanzaTech is Going Public in $2.2 Billion SPAC Deal; Company traps waste gas, uses bacteria to turn it into sustainable chemicals and products for customers including Unilever and Coty
Amrith Ramkumar - WSJ
LanzaTech NZ Inc. is merging with a special-purpose acquisition company to go public in a deal that values the carbon-capture and transformation company at about $2.2 billion, company officials said. Chicago-based LanzaTech traps carbon that would be emitted during industrial processes and uses bacteria to convert the waste gas into sustainable chemicals such as ethanol. Companies such as Chinese steelmaker Shougang Group Co. add LanzaTech's technology into their manufacturing process, while buyers of the resulting end products include consumer-products maker Unilever UL -3.94% PLC and beauty company Coty Inc. COTY -9.48%
/jlne.ws/3Mu1L5b
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Hedge Fund Balyasny Plans Hiring Spree for New Unit in Equities Expansion
Alex Wittenberg - Bloomberg
Balyasny Asset Management is launching a new business to bolster the hedge fund's equities strategy and plans to hire investment managers as part of the expansion. The unit, Corbets Capital, will debut in the second half of the year with offices in New York and Greenwich, Connecticut, according to a memo seen by Bloomberg. Tom Stephens, Balyasny's associate director of research, will head Corbets as president, reporting to the firm's equity-management team.
/jlne.ws/3hKQhMq
'Cunning Liar' Leissner Can Be Asked About Kimora Lee Emails
Patricia Hurtado and Bob Van Voris - Bloomberg
Former Goldman Sachs Group Inc banker Tim Leissner can be questioned about certain emails he sent his estranged wife Kimora Lee Simmons Leissner to determine whether he's a "cunning liar," a judge ruled. The Monday order in the Brooklyn federal court trial of Leissner's alleged 1MDB co-conspirator Roger Ng is a compromise -- the defense originally wanted to show the emails to the jury. U.S. District Judge Margo Brodie ruled that the jury couldn't see them.
/jlne.ws/3HSDxOc
Blackstone Growth Leads $200 Million Investment in DNAnexus; Round is said to value bioinformatics firm at $600 million; Deal follows Blackstone investments in Medable, Cryoport
Michelle F Davis - Bloomberg
Bioinformatics company DNAnexus Inc. has raised $200 million in a financing round led by Blackstone Inc. funds. The series I round values the Mountain View, California-based company at about $600 million, said people familiar with the matter who asked not to be identified discussing it. It was led by funds managed by Blackstone Growth. Existing investors Northpond Ventures, GV, Perceptive Advisors, Innovatus Capital Partners and Foresite Capital also participated, according to a statement reviewed by Bloomberg.
/jlne.ws/3CD4a9b
Morgan Stanley CEO Says Workers Staying Despite Office Push
Harry Brumpton - Bloomberg
The Great Resignation is turning into a great myth for one Wall Street bank. Morgan Stanley chief James Gorman says the firm has seen relatively few departures in the wake of the pandemic, and certainly nothing like the trend that's seen U.S. workers quitting their jobs in record numbers. In contrast, he says the bank received about 500,000 job applications last year.
/jlne.ws/3sPI5Rl
TradeStation Securities Supports Trading of 20-Year U.S. Treasury Bond Futures from CME Group Starting on Day One; The new product offers TradeStation Securities customers efficiency and precision in managing the 20-year maturity point on the U.S. Treasury curve.
TradeStation Group, Inc.
TradeStation Securities, Inc., an award-winning*, self-clearing online brokerage for trading stocks, ETFs, options, and futures, now offers its clients the ability to trade 20-year Treasury Bond Futures from CME Group. TradeStation Securities continues to expand its suite of over 350 futures and futures options products as part of its depth and breadth of offerings to futures traders.
/jlne.ws/3sPP4K4
'Brutal' selling in speculative tech stocks knocks Tiger Cub hedge funds; Falls have proved 'wicked punishment' for managers holding Peloton, Zoom and other high-growth bets
Laurence Fletcher and Akila Quinio - FT
Several hedge funds spawned by Julian Robertson's investment firm Tiger Management have sustained steep losses in recent months, after big falls for US tech stocks in which many of them held stakes.
/jlne.ws/3vPaGIc
Investors dump European ETFs for commodities funds; Broad commodity ETPs, which benefit from rising energy and food prices, have attracted $6.8bn this year
Steve Johnson - FT
Investors have pulled money out of European equity funds and pumped it into commodities in the past three weeks as Russia's invasion of Ukraine sent financial markets into turmoil. More than $2bn was withdrawn from exchange traded funds focused on the European equity market in the second half of February, according to data from BlackRock, a trend Karim Chedid, head of investment strategy for BlackRock's iShares arm in the Emea region, said had continued in early March.
/jlne.ws/35ZQXLl
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Considers Buying Stakes in Russian Energy, Commodity Firms; Beijing's talking with state-owned firms on opportunities; Any deal is to bolster energy, commodity imports: sources
Bloomberg News
China is considering buying or increasing stakes in Russian energy and commodities companies, such as gas giant Gazprom PJSC and aluminum producer United Co. Rusal International PJSC, according to people familiar with the matter.
/jlne.ws/3IVCzlR
PBOC to Hand Over 1 Trillion Yuan in Profit for Fiscal Boost
Bloomberg News
China's central bank will hand over more than 1 trillion yuan ($158 billion) in profits to the finance ministry, a move that will help the government boost fiscal spending to stimulate the economy this year.
/jlne.ws/3vQgEbY
China Should Draft a Digital Yuan Law, State Bank Official Says
Bloomberg News
China should draft new laws and regulations for the digital yuan to address privacy concerns and clarify how it operates, a senior Chinese state bank official proposed.
/jlne.ws/35y9COx
Sri Lankan Rupee Tumbles Most in More Than Four Decades; Central bank's Cabraal says 230/USD a guidance on rupee; Flexible FX is positive for exporters, says CAL's Jonas
Lilian Karunungan and Anusha Ondaatjie - Bloomberg
The Sri Lankan rupee posted its biggest single-day decline in more than 40 years, after a continued drain in the nation's international reserves forced the central bank to relax its grip on the currency. The currency slid 12% to a record low of 227.86 against the dollar, following the Central Bank of Sri Lanka's move to effectively devalue the currency on Monday. The 12% decline was its biggest since Nov. 16, 1977, when the currency slumped more than 40%.
/jlne.ws/370TFAv
Russia's war on Ukraine boosts China's financial ambitions
FT Podcast
A rundown of the most important global business stories you need to know for the coming day, from the newsroom of the Financial Times. Available every weekday morning. See acast.com/privacy for privacy and opt-out information.
/jlne.ws/3CmRMdf
A Russian debt default could spill over into emerging markets including China, according to Yale economist Stephen Roach
Adam Morgan McCarthy - Business Insider
Famed economist Stephen Roach told CNBC on Sunday a Russian debt default would reverberate across emerging markets. Economist Stephen Roach said a Russian sovereign debt default would not be an isolated financial-markets incident, and instead, it had the capacity to spill over into emerging markets and even affect China.
/jlne.ws/3KqbVBN
??Three More Billionaires Resign From LetterOne in Ukraine Fallout
Benjamin Stupples - Bloomberg
Andrei Kosogov, Alexei Kuzmichev and German Khan became the latest billionaires to step down from a Luxembourg-based investment firm in the fallout of Russia's Ukraine invasion. Kosogov, 60, Kuzmichev, 59, and Khan, 60, resigned from all positions at LetterOne, which has investments in German oil and gas producer Wintershall Dea and mobile phone operator Veon Ltd., the company said Monday in a statement. Its board will also donate $150 million to support those affected by the Ukraine war, while LetterOne shareholders have agreed that further dividends will go to relief efforts, according to the statement.
/jlne.ws/3sTWYBW
Uniper takes EUR1bn Nord Stream 2 hit and signals shift from Russian gas; German utility plays down prospect of supply disruptions as it pledges no new contracts with the country
Olaf Storbeck - FT
Uniper is taking a EUR1bn hit from writing off its exposure to the suspended Nord Stream 2 gas pipeline, following fellow investors in the project in turning its back on Russia after the invasion of Ukraine
/jlne.ws/3pMpzaB
Remorseful Shell abandons Russian oil
Reuters
Shell (SHEL.L) stopped buying Russian crude on Tuesday and said it would phase out its involvement in all Russian hydrocarbons from oil to natural gas over Ukraine, becoming one of the first major Western oil companies to abandon Russia entirely.
/jlne.ws/3txNWtG
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| Miscellaneous | | Stories that don't quite fit under the other sections | A Business School Aims to Mint Leaders Who Think About More Than Profit; The dean of MIP in Milan wants graduates of his New Generation MBA to focus on the social good companies can do.
Chris Stokel-Walker - Bloomberg
The world is changing faster than business schools, and some deans—cajoled by students and employers demanding different skills from MBAs—are responding to the shift. We spoke with Federico Frattini of MIP, the Graduate School of Business of Politecnico di Milano, about his plans to introduce a "new generation" MBA this September.
/jlne.ws/3MvXk9L
Fighting Disinformation Can Feel Like a Lost Cause. It Isn't.
Jay Caspian Kang - Bloomberg
A couple of weeks ago, I wrote about disinformation and how it has been used as a cudgel to dismiss and silence opinions that some people might not like. This doesn't mean that disinformation isn't a problem — the speed with which unverified, mislabeled or outright false news came out of Ukraine was a grim reminder of this — but it's become increasingly difficult to tell the difference between what's a purposeful attempt to mislead the public and what's being called disinformation because of a genuine difference of opinion.
/jlne.ws/3hMQZbV
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