| March 25, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2022 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
There is more bad real estate news in Chicago. As expected, the 175 West Jackson Building was repossessed by its lenders after the owners defaulted on their loans. The 135 S. LaSalle Street Building is in foreclosure negotiations. Other notable Chicago buildings are also being abandoned by their owners over debts, or a lack of desire to invest in updating the buildings to attract new tenants. Crain's Chicago Business has the story.
The CFTC has extended the comment period for the FTX Request for Amended DC Registration Order. This was the talk of FIA Boca 2022 as it deals with the issue of moving to a non-intermediated clearing model. So far I am verklempt, but not sure how long that will last. I need some coffee.
It is time to get ready to party again in Singapore. Covid restrictions are to be lifted for the Republic on March 29. Large-scale social events, live performances and alcohol consumption beyond 10:30 pm are coming back, The Business Times reported.
Early bird pricing for the 40th annual Options Industry Conference, being held May 10-12, 2022 at La Cantera Resort & Spa in San Antonio, ends today, March 25.
Evolution Markets announced changes to its executive suite, appointing Evan Ard as CEO and Peter Zaborowsky to the newly created position of president and head of global brokerage Evolution Markets. Additionally, the company's co-founder, President and CEO Andrew Ertel, is stepping back from his management role at the firm and assumes the new role of executive chairman. Mr. Ertel also remains as the chairman of the Evolution Markets board of directors.
The OCC is looking for help in cybersecurity and has a position open for an "associate principal, security engineering" in either Chicago or Dallas.
The London Stock Exchange has an innovative program called the "LSEG Returner Programme," which partners with the group Women Returners to seek professional individuals who are looking to return to the workplace after a career break. The program aims to hire women in permanent roles at LSEG.
I have a confusing basketball situation. Purdue plays Saint Peter's in the NCAA tournament. I graduated from Purdue University. I attend St. Peter's United Church of Christ. Now, the church does not have anything to do with the school and its basketball team, except for the name, but it does share that rather important name. I expect the Purdue Boilermakers to beat the Saint Peter's Peacocks, but maybe Saint Peter's is the holy Cinderella team of this year's NCAA basketball tournament.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
++++
Lukken Happy to Be Back at Boca; Hails Conference a Success
JohnLothianNews.com
Walt Lukken was not the last interview JLN conducted during Boca, but he was the second to last. The JLN team interviewed the FIA president & CEO on the back patio of the Mizner Conference Center on the last day of the conference minutes before he offered his closing words.
Watch the video »
++++
Oligarchs, power and profits: the history of BP in Russia; The oil giant's 32-year journey defined the west's lucrative yet complicated courtship of the post-Soviet country
Tom Wilson - FT
In April 1990, five months after the fall of the Berlin Wall, John Browne sat in a car outside the oil and gas ministry in Moscow eating a McDonald's hamburger. The Soviet Union was unravelling after decades of communist rule. Browne, then a senior executive at BP, the oil company he would later run for 12 years, was in town to speak to anyone he could about investment opportunities behind the Iron Curtain.
/jlne.ws/36oDrS2
***** This is a story that should be a movie.~JJL
++++
Two big Loop office buildings being seized by lenders; The bank repossessions show the ongoing financial carnage some office landlords are facing in the downturn.
Danny Ecker - Crain's Chicago Business
Lenders are taking control of a pair of massive-but-outdated Loop office buildings in two high-profile examples of downtown office distress during the COVID-19 pandemic. In one of the largest bank repossessions of a downtown property over the past two years, a venture of Toronto-based Brookfield Asset Management has transferred the 1.4 million-square-foot building at 175 W. Jackson Blvd. to special servicer LNR Partners, according to Bloomberg data tied to Brookfield's $280 million loan on the property. Miami Beach, Fla.-based LNR was overseeing the loan, which was packaged with other loans and sold off to commercial mortgage-backed securities investors.
/jlne.ws/3IKrO52
***** The Insurance Exchange Building owners defaulted. Let that sink in for a minute.~JJL
++++
Financial Advisers Aren't Sold on Crypto; Trading rules, volatility and risk are some of the reasons advisers are hesitant to recommend the digital assets
Paul Vigna - WSJ
Investment advisers are still conflicted about putting clients into crypto. A January survey from BitWise Asset Management of 600 financial advisers found 15% allocated a portion—usually 5% or less—of their clients' portfolios in crypto in 2021. That is up from 9% a year ago and 6% two years ago. Still, 85% of advisers still aren't investing in cryptocurrencies for clients.
/jlne.ws/3Ni6rvc
***** We just need some more Matt Damon Super Bowl commercials and we will win them over.~JJL
++++
Talking Resilience with Gary Petitt, CEO of ED&F Man
Barrington Hibbert Associates via LinkedIn
Gary Pettit's journey to his current role of CEO of ED&F Man can be described as somewhat unconventional. Working his way up from bank teller, Gary has experienced significant highs and challenging lows in both his personal and professional life. One prominent theme throughout his life is his resilience which has allowed him to push forward in the face of adversity. This, he believes, is the key to his success. His advice to anyone starting their career journey is to consistently focus on your goals and learn to bounce back from difficulties.
/jlne.ws/359Pe63
****** Gary Petitt was brought in and had to make some hard choices. Hard choices normally involve people and their jobs.~JJL
++++
The SEC's Climate-Disclosures Proposed Rule - Eight Key Takeaways; SEC Ramps Up COVID-19 Response
Vinson & Elkins
The Securities and Exchange Commission ("SEC") released a proposed rule on March 21, 2022, that would require U.S. and foreign private issuers to provide certain climate-related information in their registration statements and annual reports. The proposed rule — The Enhancement and Standardization of Climate-Related Disclosures for Investors — would require companies to develop and disclose a significant amount of climate-related information, including climate-related risks reasonably likely to have a material impact on finances and business, greenhouse gas ("GHG") emissions, and climate-related financial statement metrics. The following sets forth eight key takeaways from the proposed rule.
https://jlne.ws/3NndiU3
***** The SEC must have some pretty good coffee to get ramped up like that.~JJL
++++
Thursday's Top Three
Our top story Thursday was Viewpoint - Stronger together at Boca by Walt Lukken, president and CEO of the FIA, from FIA MarketVoice. Tied for second place were The Financial Times' BlackRock chief Larry Fink says Ukraine war marks end of globalisation and The Wall Street Journal's An Alleged Fraud Uncovered by a Short Seller Ends in Gunfire. And third was Crypto isn't decentralized. It's actually run by a handful of big wigs exploiting low-paid workers, says long-time internet academic, which came in second on Wednesday.
++++
MarketsWiki Stats
26,781 pages; 237,836 edits
MarketsWiki Statistics
++++
|
|  | | |
| 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
| | | Jeff Bergstrom
Editor
| | | Alex Perry
Associate Editor
| | | 
|
| |
|
|
 | |
| Lead Stories | LME to Nearly Double the Size of Its Default Fund After Squeeze
Jack Farchy and Mark Burton - Bloomberg
The London Metal Exchange told members it will nearly double the size of its clearinghouse default fund as the exchange grapples with the fallout from an unprecedented short squeeze that has roiled metals markets. The LME has notified members that the default fund will increase to $2.075 billion from $1.1 billion from April "due to a rise in stress testing losses," according to people familiar with the matter who asked not to be because the information is not public. Member contributions, which are based on relative initial margins, are due on April 4.
/jlne.ws/3NnOvz8
Clearstream Blocks Russia's Depository as Bond Payments Loom
Giulia Morpurgo - Bloomberg
Russia's National Settlement Depository said its account with Clearstream -- the Luxembourg-based clearinghouse that processes payments for many of the nation's corporate and sovereign bonds -- has been blocked. Operations haven't been going through since the freeze on March 24, the NSD said in a statement on its website. A decision to restart will be based on a review by regulators in Luxembourg, it said.
/jlne.ws/3LwFnqz
London Metal Exchange Sees Trader Exodus as Open Interest Slides; Open positions across LME dropped more than 8% since March 8; About $6 billion of nickel positions liquidated in two weeks
Mark Burton and Jack Farchy - Bloomberg
Traders and investors are rapidly cutting exposure to the London Metal Exchange after this month's nickel-market chaos, driving open interest to a 15-year low and leaving key metals exposed to wild price swings as liquidity shrivels. The number of open positions across the LME's six main metals fell more than 8% in the two weeks after the exchange suspended trading in nickel and canceled billions of dollars worth of transactions on March 8. Investors have queued up to unwind their nickel positions since the market reopened, and the chaos has spilled over into other markets too, with aluminum and zinc exposure dropping sharply.
/jlne.ws/3LbbgEM
Former Fidelity Investments chief Ned Johnson dies aged 91; Leader transformed Boston firm into one of world's largest asset management groups
Brooke Masters - FT
Edward "Ned" Johnson, who led the transformation of Fidelity Investments into one of the world's largest asset management groups, has died at age 91, his daughter and successor Abigail announced on Thursday. Johnson ran Boston-based Fidelity, which had been founded by his father and namesake, for nearly 40 years. By the time he stepped down as chief executive in 2014 the regional family firm had become a behemoth, responsible for managing nearly $5tn.
/jlne.ws/3D9Dtcn
US says hopes of resolution of audit impasse with China 'premature'; Beijing's ban on foreign access to audits could cause delisting of $2tn of shares in US-listed Chinese companies
Eleanor Olcott and Michael O'Dwyer - FT
US regulators have warned that investor hopes that it was close to an agreement with Beijing that would allow audit inspections of US-listed Chinese companies and avert the delisting of $2tn of shares were "premature". The US Public Company Accounting Oversight Board on Thursday said it "remains unclear" whether Beijing will "permit and facilitate" access for its officials to inspect the audits of US-listed Chinese companies, as required by US law. The statement threatens to reverse gains made by US-listed Chinese equities over the past week.
/jlne.ws/3LigX3Y
ICE Clear Europe, LCH and LME given three-year European equivalence extension post-Brexit; Regulators confirmed plans earlier this year to consult on the potential extension of a select few CCPs until the end of June 2025.
Annabel Smith - The Trade
The European Securities Markets Authority (ESMA) has extended the recognition status of three UK clearing counterparties in Europe for a further three years. ICE Clear Europe and the London Stock Exchange Group's (LSEG) LCH will retain their Tier 2 status in Europe and the London Metal Exchange (LME) will retain its Tier 1 status, until 30 June 2025.
/jlne.ws/3Nl7mee
CFTC Extends Public Comment Period on FTX Request for Amended DCO Registration Order
CFTC
Commodity Futures Trading Commission is extending the deadline for the public comment period on a request from LedgerX, LLC d.b.a. FTX US Derivatives (FTX) to amend its order of registration as a derivatives clearing organization (DCO).
/jlne.ws/3iyxSCO
Nearly 50% of European Firms in Hong Kong Plan to Relocate Staff; Grim results come as city sees runaway omicron outbreak; Recent relaxation is 'too little, too late,' chamber head says
Iain Marlow - Bloomberg
Nearly half of the European companies in Hong Kong plan to fully or partially relocate operations and staff out of the city, a new survey suggests, in the latest sign that the world's toughest Covid-19 travel and quarantine restrictions are eroding the appeal of Asia's main finance hub.
/jlne.ws/3uuoTIv
OTC nickel contracts stuck despite trading resumption; Contracts still unable to settle using new prices, but Isda template may solve the issue
Rebekah Tunstead - Risk.net
While nickel futures trading has resumed on the London Metal Exchange (LME), contractual problems have meant holders of over-the-counter derivatives contracts linked to the metal are still unable to settle trades that expired during the market shutdown. The International Swaps and Derivatives Association is working on a bilateral template that would allow counterparties to use the new prices to settle the trades. But, in the meantime, the contracts remain stuck unless they are dealt with
/jlne.ws/3IF0ll9
Nickel Tycoon Covered Part of Big Short Position This Week
Jack Farchy and Alfred Cang - Bloomberg
The Chinese tycoon whose big short bet on nickel was the focus of an unprecedented short squeeze has covered some of his position, according to people familiar with the matter. Xiang Guangda, the owner of nickel and stainless-steel giant Tsingshan Holding Group Co., bought contracts on the London Metal Exchange to reduce his short bet as the nickel market briefly unfroze this week, the people said, asking not to be identified as the information wasn't public.
/jlne.ws/3DbapkP
U.S. Says Speculation of Deal on China Stock Listings Is Premature; PCAOB says full access to audit documents 'not negotiable'; Chinese companies face possible delisting from NYSE, Nasdaq
Benjamin Bain - Bloomberg
The U.S. audit watchdog said speculation about a deal that would keep hundreds of Chinese companies from being kicked off American stock exchanges is "premature." In a statement on Thursday, the Public Company Accounting Oversight Board said that while it continues to meet with Chinese regulators, it's unclear if Beijing authorities will ultimately permit U.S. inspectors to fully review the audit papers of companies. The regulator added that any agreement would only be a "first step" and that the PCAOB would then investigate to ensure that the deal is being followed.
/jlne.ws/3DdPD42
U.S., EU Reach LNG Supply Deal to Cut Dependence on Russia; Target of 15 billion cubic meters is fraction of Russia supply; Biden is discussing Ukraine war with NATO, EU and G-7 allies
Jordan Fabian, Josh Wingrove, and Ewa Krukowska - Bloomberg
The U.S. and the European Union will push to boost supplies of liquefied natural gas to European countries by the end of 2022 in a bid to displace Russian gas, a political framework that now leaves companies to sort out the details.
/jlne.ws/3iyzegS
HFA Seeks Nominations to Global Board of Directors
Hedge Fund Association
Interested in a leadership role within the alternative investment industry? Nominations are now being accepted for HFA's annual Global Board of Directors election.
The Hedge Fund Association, Inc. ("HFA") is a 501(c)(6) non-profit trade and non-partisan lobbying organization. Our global mission is to advance transparency, development and trust in alternative investments. All HFA Directors are unpaid volunteers elected by current HFA members and serving for 3-year terms. This year's election will fill 5 Board positions.
/jlne.ws/3LepBjL
European wave of Omicron sub-variant BA.2 foreshadows US surge; North America is likely to be hit by a sharp rise in infections within weeks, experts warn
Oliver Barnes and John Burn-Murdoch, Leila Abboud and Jamie Smyth - FT
Less than two months after forecasting "a long period of tranquility" for Europe in the pandemic, the World Health Organization's regional chief warned this week that much of the continent was in the grip of a fresh Covid-19 surge after "brutally" sweeping away restrictions.
/jlne.ws/3Dcx8wT
Market calm shows that wartime doesn't mean volatility; Traders are learning from history that it is foolish to assume conflicts are bad for stock prices
Gillian Tett - FT
War is cruel. In their own way, so are markets. When Russia invaded Ukraine last month, global stock markets initially tumbled amid investor shock. The US benchmark S&P 500 plunged 15 percent from its peak, while the Nasdaq Composite fell more than 20 per cent.
/jlne.ws/3LdzSN7
|
| | | |
|
| |
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Panicked Russians Don't Believe Official Advice That Economy Is Fine; Sugar, diapers, pet food among items in high demand in Russia; Economy is headed for deep recession after war, sanctions
Bloomberg News
As Russians have turned to panic-buying in the wake of President Vladimir Putin's invasion of Ukraine, one item remains in plentiful supply -- official reassurances that everything is under control. The government has rushed out near-daily declarations that essential staples remain plentiful in an economy blindsided by war and sweeping international sanctions.
/jlne.ws/3tC7y0O
Will Russians Use Crypto to Bust Sanctions? It wouldn't be easy, but governments can and should make it even harder.
The Editors - Bloomberg
The financial strictures imposed on Russia have put a spotlight on cryptocurrencies. Could the Russian government, or sanctioned officials, use digital assets to hide and move their wealth, undermining efforts to punish President Vladimir Putin's regime for its bloody war in Ukraine?
/jlne.ws/3NocM8w
Russia's Latest Bond Payment Begins Showing Up for Some Holders; ;At least two international bondholders received coupon; Interest payment on Russia's 2029 bonds was due March 21
Lyubov Pronina, David Caleb Mutua, and Davide Scigliuzzo - Bloomberg
Some holders of a $3 billion Russia bond received an overdue interest payment, signaling that the heavily sanctioned nation will once again sidestep a default. The $66 million interest payment started showing up in accounts on Thursday, according to two international bondholders, who asked not to be identified because they weren't authorized to speak publicly. The payment was in dollars, one of the people said. A third bondholder reached Thursday said they had yet to see the payment.
/jlne.ws/3iyHpKj
Scotland to Offer Free Health Care, Some Child Benefits to Ukraine Refugees on Arrival; People fleeing the war will be able to access health care, including maternity care and mental health services, along with some child support payments.
Press Association via Bloomberg
Ukrainians fleeing the war in their homeland will be able to access healthcare and some benefits as soon as they arrive in Scotland. Health Secretary Humza Yousaf explained the move was part of efforts to ensure that those fleeing the Russian invasion receive the "warmest welcome possible".
/jlne.ws/35bmIkl
Russia High-Wire Act to Avoid Default Leaves Bondholders on Edge; Country has so far continued to pay all its debt obligations; Companies grappling with web of sanctions to pay creditors
Davide Scigliuzzo and Abhinav Ramnarayan - Bloomberg
Some payments arrived on time. Others hit several days late. And an increasing number are getting stuck in a web of financial intermediaries that are struggling to comply with international sanctions against Russian President Vladimir Putin and his allies. A month since the country's invasion of Ukraine, investors are starting to realize just how narrow the path is for Russia -- and some of its biggest corporations -- to avoid default. That's casting a pall over a country that was once a darling of emerging-market investors, leaving creditors with little else to do but anxiously check with back offices in the hope they got paid.
/jlne.ws/3wD7pfz
Gold producer Petropavlovsk blocked from bond payment as UK sanctions bite; Russian-focused company prohibited from paying interest due after its main lender Gazprombank had assets frozen
Neil Hume - FT
Petropavlovsk has been thrown into fresh turmoil after the Russian-focused gold producer was blocked from making a payment on one of its bonds when the UK targeted its main lender with sanctions. The London-listed miner said it was prohibited from making a $560,000 interest payment due on Friday after the UK froze the assets of its main lender Gazprombank.
/jlne.ws/3iD46Nc
Bank of England postpones City stress tests over Ukraine war; BoE says it is confident that UK banks are well capitalised and 'resilient' to wide range of shocks
Siddharth Venkataramakrishnan and Laura Noonan - FT
The Bank of England has postponed its annual stress tests of UK banks, designed to ensure they are strong enough to deal with another financial crisis, citing uncertainty around the fallout from the Ukraine war. Announcing the decision in its regular financial stability update on Thursday, the BoE said it was confident that the major British institutions were well capitalised and "resilient" to a wide range of shocks related to conflict.
/jlne.ws/36LpSM6
Harvested and Ready to Export, Bananas Bound for Russia Have Nowhere to Go; Ecuador's growers confront glut, as sanctions help shut Russian market after the invasion of Ukraine; Paraguay's beef exports are hurt, too
Jenny Carolina González and Juan Forero - WSJ
With no market for his bananas, Segundo Solano recently dumped his harvest of 45,000 pounds of the fruit on a highway in Ecuador's banana-growing south. "I'm giving them away," Mr. Solano, 59 years old, wrote on signs placed on the bananas. The blame for his predicament—and that of tens of thousands of banana growers in Ecuador—can go to Russia's invasion of Ukraine.
/jlne.ws/3iCurLu
India's Russian-Oil Buy: Red Flag or Red Herring? The discount-price purchase likely represents opportunistic buying rather than a significant structural shift
Megha Mandavia - WSJ
Desperate times call for desperate measures. The adage may sum up India's recent decision to buy discounted Russian oil. While it raised eyebrows in the West, the purchase at this time of soaring prices likely represents opportunistic buying by the world's third-largest crude importer rather than a significant structural shift.
/jlne.ws/35bmgmj
Russian Central Bank Chief Tried to Quit Over Ukraine War; Respected official is left to steer the economy through harsh sanctions
Thomas Grove, Evan Gershkovich, Alexander Osipovich - WSJ
Russian Central Bank Gov. Elvira Nabiullina tried to resign after the invasion of Ukraine, people familiar with the matter said. Her effort was rejected by Russian President Vladimir Putin who instead nominated her for a third term. Over nearly a decade Ms. Nabiullina has been one of Mr. Putin's most stalwart allies in buttressing the Russian economy against volatile oil prices and U.S. sanctions in a growing face-off with the West, while remaining one of the few liberals who hold senior positions in the Russian government.
/jlne.ws/3wD41Bh
What Sanctions Mean for Russia's $140 Billion in Gold; Sanctions could make it more difficult, but not impossible, for Russia to sell some precious metal to raise money while invasion of Ukraine continues
Amrith Ramkumar and Caitlin Ostroff - WSJ
The U.S. is clamping down on Russia's ability to sell its gold reserves and raise money, the latest effort to cripple the country's war chest while the invasion of Ukraine continues. The Treasury Department clarified Thursday that any transaction involving gold related to Russia's central bank falls under existing sanctions, its latest step to limit Russia's capacity to raise money. Although it would be difficult for Russia to sell its gold stash, analysts say the challenge of tracing gold through the ancient physical market allows potential loopholes for Moscow to raise funds this way.
/jlne.ws/3DdTLB6
|
| | | |
|
| |
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Globex Notices: March 21, 2022
CME Group
Topics in this issue include: Critical System Updates, Product Launches, Product Changes, Events and Announcements
/bit.ly/35bikBT
EBS Market Integration Notice: New Content and Updates
CME Group
EBS Market Integration onto CME Globex
Subject to applicable regulatory approvals, EBS Market's Central Limit Order Book and eFix Matching Service will launch on CME Globex. You will receive subsequent notices with additional details and actions required to support the EBS Market integration onto CME Globex.
/bit.ly/3qxgumx
Three-Month SOFR Futures vs Eurodollar Futures Inter-Commodity Pack Spreads on CME STP
CME Group
Effective Sunday, May 15 (trade date Monday, May 16), a futures pack spread (CME Globex product code - SEP) between the Three-Month SOFR Futures vs Eurodollar Futures contracts will be listed for trading on CME Globex and submission for clearing via CME ClearPort. In CME STP, trades on this new futures pack spread will be decomposed into individual Trade Capture Reports for Three-Month SOFR futures (Clearing product code - SR3) and Eurodollar futures (Clearing product code - ED).
/bit.ly/3qA56Gv
Performance Bond Requirements: Energy & Agriculture - Effective March 25, 2022
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below.
The rates will be effective after the close of business on March 25, 2022.
/bit.ly/3JHYltI
Performance Bond Requirements: Agriculture, Energy, Equity, and Metal Margins - Effective March 25, 2022
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below.
/bit.ly/3NwEccq
Exchange Council warns of interference in price formation process and contests possible CACM overhaul
EEX
Paris, 24 March 2022. At the quarterly meeting of the EPEX SPOT Exchange Council, all participants forcefully condemned the Russian invasion of Ukraine and expressed their deep empathy for everyone who suffers from this war. "The European spirit has been the major driving force to build the EU energy market as we know it today. We are all shocked to witness a war in Europe, which stands against everything we believe in" stresses Ralph Danielski, Chief Executive Officer of EPEX SPOT. The Exchange informed its members that despite the tense political situation, its markets continue to run in a stable and orderly manner, even though electricity prices have risen and show increased volatility, also in the context of the conflict.
/jlne.ws/3JQwoQc
The diversification benefits of a multi-factor approach - Qontigo's blog post
Eurex
It's official; incorporating multi-factors in your portfolio can contribute to portfolio diversification and active returns. The researchers at Qontigo (Axioma) wrote a blog article describing their analysis of the performance of the Multi-factor indices and the benefits of implementing multi-factor strategies into an investment portfolio.
/bit.ly/3NnYO6D
HKEX To Launch New Investor Relations Portal, IR CONNECT
HKEX Corporate
Hong Kong-listed companies can use IR Connect to enhance and expand their outreach to both investors and analysts
HKEX's new issuer services portal to launch in Q3 2022
Hong Kong Exchanges and Clearing Limited (HKEX) today (Friday) is pleased to announce it will launch a new digital investor relations platform, IR Connect, to help link Hong Kong-listed issuers with their investors.
/bit.ly/36RrJ2c
Practice Session For Electronic Communication Platform 2.0 (Ecp 2.0)With reference to the HKEX
Exchange Circular (Ref No: CT/002/22), an optional Practice Session for Electronic Communication Platform 2.0 (ECP 2.0) will be arranged on 9 April 2022 (Saturday). Exchange Participants (EPs) are strongly encouraged to participate in the Practice Session to verify their access to ECP 2.0 via Client Connect and familiarise themselves with the new web user interface of ECP 2.0.
/bit.ly/3iSwE5L
ICE Announces Second Expiry in ICE Midland WTI American Gulf Coast Futures With 2.5 million Barrels Going to Delivery in April
ICE
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Midland WTI American Gulf Coast futures (contract code: HOU) went to its second expiry on March 23, with 2,588 contracts going to delivery in April, almost double the 1,400 contracts which went to expiry in March. Each futures contract is equivalent to 1,000 barrels of Permian Basin originated WTI crude oil.
/bit.ly/3iyJXb1
Update of ETF Market Making Incentive Scheme Version 2.0
TSE
Tokyo Stock Exchange, Inc. (TSE) introduced an ETF Market Making Incentive Scheme in order to improve liquidity in the ETF market in July 2018. Thereafter, TSE launched ETF Market Making Scheme Version 2.0 (Ver.2.0) in April 2019 and will now be updating said scheme on April 1, 2022.
/bit.ly/36jLMWP
Prohibition of Order Submission Outside Daily Price Limits
LME
This Notice introduces a Rule-based prohibition on the submission of orders outside the applicable daily price limits (up or down) on any Execution Venue.
/bit.ly/3624ceb
Nickel Closing Prices Disruption Event
LME
This Notice declares that Nickel Contracts traded up to the pre-set daily price limit on LMEselect on 24 March 2022. As a result, the Nickel Closing Prices are, for the purposes of the LME's pricing procedures, subject to a Disruption Event.
/bit.ly/3624ceb
Nickel Official Prices Disruption Event
LME
This Notice declares that the Nickel Contracts traded in the Ring traded up to the pre-set daily price limit in the second Ring session (R2) on 24 March 2022. As a result, the Nickel Official Prices are, for the purposes of the LME's pricing procedures, subject to a Disruption Event.
All members and other interested parties
/bit.ly/3624ceb
LCH's CDSClear to offer client clearing of credit index options; As part of the launch, BNP Paribas and JP Morgan become the first banks to provide client clearing of credit index options through CDSClear.
Wesley Bray - The Trade
The London Stock Exchange Group's (LSEG) clearing arm, LCH, has revealed that BNP Paribas and JP Morgan are the first banks to offer client clearing of credit index options at CDSClear.
/jlne.ws/36NYTPV
Request For Comments Amendments To The Rules Of Bourse De Montréal Inc. To Modify The No-Review Range Of The 30- Year Government Of Canada Bond Futures (LGB)
TMX
On MARCH 15, 2022, the Rules and Policies Committee of Bourse de Montréal Inc. (the "Bourse") and the Special Committee of the Regulatory Division of the Bourse approved amendments to the Rules of the Bourse pertaining to the no-review range of the 30-Year Government of Canada (the "GoC") bond futures ("LGB") in order to enhance market quality and help stimulate more activity in the contract. Comments on the proposed amendments must be submitted at the latest on APRIL 25, 2022.
/bit.ly/3IED5DP
Nasdaq Announces Mid-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date March 15, 2022
Nasdaq
At the end of the settlement date of March 15, 2022, short interest in 3,348 Nasdaq Global MarketSM securities totaled 10,111,145,146 shares compared with 10,020,586,922 shares in 3,326 Global Market issues reported for the prior settlement date of February 22, 2022. The mid-January short interest represents 2.55 days compared with 2.68 days for the prior reporting period.
/bit.ly/3NeWy1g
Replacements in NIFTY SME EMERGE Index
NSE
The Index Maintenance Sub-Committee - Equity (IMSC) of NSE Indices Limited has decided to make the following exclusions from NIFTY SME EMERGE index on account of proposed migration of the companies from NSE's SME EMERGE platform to NSE's Capital Market segment (Main Board). These changes shall become effective from March 31, 2022 (close of March 30, 2022).
/bit.ly/3pckN5S
NYSE Pillar Gateway Validation and Proprietary Market Data Enhancements - Reminder
NYSE
As previously announced, beginning March 28, 2022, NYSE will implement changes to the NYSE Pillar Platform across all NYSE Group equity markets. NYSE Pillar Gateway. The maximum price supported on order entry for low price stocks will be modified to $2,147.48 (previously $4,294.67) and for high price stocks, $214,748.364 (previously $429,467.296). Orders priced above their respective maximum price will be rejected.
/jlne.ws/3JGSKnh
|
| | | |
|
| |
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Qatar's $450 Billion Wealth Fund Shifts From Trophies to Tech; SWF increasingly targeting startups in growth markets; QIA sold a $1 billion stake in U.K.-listed Glencore this week
Dinesh Nair and Adveith Nair - Bloomberg
The Qatar Investment Authority is trimming stakes in listed trophy assets and turning to closely-held technology companies in growth markets in a major strategy shift for one of the world's largest sovereign wealth funds. Qatar is among the world's richest countries because of the size of its gas exports. It's been taking steps to diversify its economy and the $450 billion QIA, founded in 2005, has vowed to plow more money into Asia and the U.S. after years of substantial investment in Europe.
/jlne.ws/3IEDlmh
DelphX Announces License Agreement with Fintech Leader, Halo Investing, for Industry-First Platform
DelphX Capital Markets Inc.
DelphX Capital Markets Inc. (TSXV: DELX) (OTCQB: DPXCF) ("DelphX") is pleased to announce a license agreement with Chicago-based Halo Investing ("Halo") to develop and launch the DelphX structured products platform. Currently ranked among Fintech's fastest growing companies, Halo has created the first multi-issuer technology platform that enables registered investment advisors, banks and investment professionals to access structured products and other protective investment solutions that were previously unavailable to most investors.
/jlne.ws/3izsTly
|
| | | |
|
| |
| Cybersecurity | | Top stories for cybersecurity | They May Be Kids, But the Lapsus$ Hackers are Still Giants; Youthful cyber crime is not unusual, but these exploits aren't like other malware attacks.
Tim Culpan - Bloomberg
In a house in Oxford, England, a 16-year-old living with his mother has been wreaking havoc on the other side of the world. Believed to be a male, he's hacked victims from Microsoft Corp. to Okta Inc. and blazed a trail of mayhem along the way
/jlne.ws/36lgsr2
The new problem in cybersecurity: Slaying the data dragon
Dave DeWalt - Security Magazine
For the past many years, the focus in cybersecurity has been on collecting data. Data is a powerful tool and critical to finding the patterns, insights or behavioral signals that might signal a vulnerability in the organization's protection stance or even an attack underway.
/jlne.ws/36msHUg
Cybersecurity Lessons From Russia's War in Ukraine
Christopher Whyte - ForeignPolicy
What's interesting about the digital dimensions of the ongoing conflict in Ukraine thus far is the fact that events seem to bear out much of what cybersecurity scholars have said for years about the utility of cyber-instruments for enhancing state power. As the cybersecurity expert Jason Blessing put it, there was no Russian "cyber blitzkrieg," and it's unlikely there will be anything of the sort, at least according to prevailing thinking about cyberconflict. That's because cyber-instruments just aren't good tools for controlling escalation or affecting the battlefield.
/jlne.ws/3qCnzC2
'Great Resignation' Depletes Already Hard-to-Find Cybersecurity Talent -- Virtualization Review
David Ramel - Virtualization & Cloud Review
Survey after survey in the IT industry point to one common pain point: finding cloud computing, cybersecurity and other tech talent to fulfill enterprise initiatives. It was bad before the wave of pandemic-spurred job-quitting and apparently has only gotten worse. And that's during a time of increasing ransomware and other cybersecurity attacks.
/jlne.ws/3uvCY8z
Four Russian state employees charged with hacking energy sector; US indictments for past attacks come as Washington warns companies of cyber threats amid Ukraine invasion
Stefania Palma - FT
The US Department of Justice has charged four Russian government workers in connection with hacking campaigns that targeted the global energy sector as Washington warns companies to be on high alert for potential cyber attacks amid Moscow's invasion of Ukraine.
/jlne.ws/3wD9BUl
Fund houses buy up 'alts' specialists to move beyond equities and bonds; Asset managers add private strategies to grab share of market worth $15tn and growing
Brooke Masters - FT
Traditional asset management groups are racing to expand offerings in alternative investments as they seek to boost profitability and head off competition from private equity giants. More than a dozen groups known for their mutual and exchange traded funds each reported managing at least $100bn in alternative assets at the end of last year, up from nine groups five years ago. Their ranks include BlackRock, Invesco and PGIM.
/jlne.ws/3iCqw1i
|
| | | |
|
| |
| Cryptocurrencies | | Top stories for cryptocurrencies | Spot Bitcoin ETFs Could See Approvals by 2023: Bloomberg Intelligence
Michael Bellusci - Coindesk
Don't miss CoinDesk's Consensus 2022, the must-attend crypto & blockchain festival experience of the year in Austin, TX this June 9-12. Spot bitcoin (BTC) exchange-traded funds (ETFs) could start to garner some approvals by mid-2023 given a proposed U.S. Securities and Exchange Commission (SEC) rule change that redefines exchanges, Bloomberg Intelligence analysts James Seyffart and Eric Balchunas wrote in a post to clients on Thursday.
/jlne.ws/3tEJYAU
Divorcing spouses are hiding millions of dollars of crypto from each other — and NFTs are increasingly involved too
Natasha Dailey - Business Insider
Crypto is the new "Cayman Islands bank account" for spouses hiding money in the midst of a divorce. Cryptocurrencies, which are digital assets tied to blockchain technology, are already an effective tool for hiding funds, crypto investigator Paul Sibenik said. And that makes them the perfect match for sly spouses in a divorce.
/jlne.ws/3NmLz68
Metaverse presents 'half a trillion'-dollar opportunity: ProShares strategist
Thomas Hum - Yahoo Finance
Investment in the metaverse and metaverse technology has grown significantly over the past year, with tech giants like Meta (FB) and Microsoft (MSFT) leading the charge. According to ProShares Advisors Global Investment Strategist Simeon Hyman, metaverse presents an investment opportunity for individuals and institutions alike.
/jlne.ws/3wBppqF
|
| | | |
|
| |
| Politics | | An overview of politics as it relates to the financial markets | Biden Calls for Russia to Be Removed From G-20 Over Ukraine; WATCH: President Biden called for Russia's removal from the G-20 group of major economies.Source: Bloomberg
Josh Wingrove and Jordan Fabian - Bloomberg
Russia should be removed from the Group of 20 over its actions in Ukraine, President Joe Biden said. "My answer is yes," Biden told reporters in Brussels following meetings with NATO and Group of Seven allies. Biden said the issue was discussed during those meetings and that his view is that if Indonesia -- this year's host country -- and others don't agree to exclude Russia, then Ukraine should be allowed to attend as well.
/jlne.ws/3urtScR
The White House slams the reopening of the Moscow Stock exchange as a 'charade', with Russia banning foreigners from selling
Harry Robertson - Business Insider
The White House has harshly criticized the limited reopening of the Moscow Stock Exchange, calling it a "charade" and saying it highlights Russia's isolation from the global financial system. Russia resumed stock trading on the Moscow exchange Thursday for the first time in a month. The government shut the market on February 25, the day after Russia's invasion of Ukraine triggered a dramatic fall of up to 50% in stocks.
/jlne.ws/3JD0Mh5
|
| | | |
|
| |
| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | New York Man Charged in 'Cash-to-Bitcoin' Money Laundering Plot
Erik Larson - Bloomberg
A New York man was indicted for allegedly running a "cash-to-Bitcoin" money-laundering scheme that he openly bragged about on social media, telling clients he could help them stay "completely off the radar." Thomas Spieker, 42, converted more than $2.3 million into Bitcoin and more than $380,000 of Bitcoin into dollars to launder criminal proceeds between January 2018 and August 2021, Manhattan District Attorney Alvin Bragg said Thursday in a statement.
/jlne.ws/3wzDncy
Two U.S. men arrested for $1 million non-fungible token 'rug pull' scheme
Jody Godoy - Reuters
Two men were arrested and charged with scamming buyers of non-fungible tokens (NFTs) worth $1.1 million, authorities said on Thursday, in what appeared to be the first U.S. federal criminal case involving the class of digital assets whose popularity exploded last year.
/jlne.ws/3iEr2vq
2021 Definitions: A Better, Safer Solution
ISDA
One of the many knock-on effects of events in Russia is that the Moscow Prime Offered Rate (MosPrime), used by firms across the world as a reference rate for ruble-denominated interest rate derivatives, is no longer available via Refinitiv. Instead, the rate will be published by the benchmark's administrator, Russia's National Finance Association (NFA). As MosPrime isn't ceasing publication, you might think this shouldn't be an issue - and it wasn't for those trades referenced to the 2021 ISDA Interest Rate Derivatives Definitions. For transactions using the 2006 ISDA Definitions, however, it did create some unhelpful complexity, drumming home why all market participants should shift to the 2021 iteration...I
/jlne.ws/3IDYgGa
Women's History Month Event: SEC to Host Free Virtual Financial Fraud Webinar
SEC
On March 29, 2022 at 7 p.m. ET the Securities and Exchange Commission's New York Regional Office, in coordination with Alpha Kappa Alpha Sorority Inc., Tau Omega Chapter, will celebrate women's history month with a free investor education panel discussion about staying safe from financial fraud.
/jlne.ws/3wCOhOY
SEC Announces New Leadership in Examinations Division and New York Regional Office
SEC
The Securities and Exchange Commission today announced that Daniel S. Kahl, Acting Director of the SEC's Division of Examinations, will depart the agency after more than 21 years of service. Richard R. Best, Director of the SEC's New York Regional Office, will serve as Acting Director of the Division of Examinations upon Mr. Kahl's departure. Lara Shalov Mehraban will serve as Acting Director of the New York Regional Office.
/jlne.ws/3Leekjn
Martha Legg Miller, Director of Small Business Advocate Office, to Leave SEC
SEC
The Securities and Exchange Commission today announced that Martha Legg Miller, Director of the Office of the Advocate for Small Business Capital Formation (OASB), is leaving the agency at the end of April. Sebastian Gomez Abero will serve as Acting Director.
/jlne.ws/3LgumJy
Statement on Proposal to Remove References of Credit Ratings from Regulation M
SEC
Today, the Commission voted to propose removing references of credit ratings from Rules 101 and 102 of Regulation M (Reg M). I was pleased to support today's proposal because, if adopted, it would fulfill a mandate issued by Congress in the wake of the 2008 financial crisis.
In Section 939A of the Dodd-Frank Act of 2010, Congress directed federal agencies, including the SEC, "to remove any reference to or requirement of reliance on credit ratings" from our rules and to substitute an appropriate standard for credit-worthiness.
/jlne.ws/3wzfphB
CFTC Extends Public Comment Period on FTX Request for Amended DCO Registration Order
CFTC
The Commodity Futures Trading Commission is extending the deadline for the public comment period on a request from LedgerX, LLC d.b.a. FTX US Derivatives (FTX) to amend its order of registration as a derivatives clearing organization (DCO).
FTX currently offers clearing of futures and options on futures contracts on a fully collateralized basis directly to retail participants (non-intermediated model). In its request for an amended order of registration, FTX proposes to clear margined products for retail participants while continuing with a non-intermediated model.
/jlne.ws/3iyxSCO
HM Treasury, CMA, FCA and PSR joint statement on Open Banking future
FCA
Open Banking has led to greater competition and innovation in UK retail banking, bringing real benefits to consumers and businesses. The Government and regulators are committed to supporting the continued growth of Open Banking.
This joint statement sets out that HM Treasury, the CMA, the FCA and the PSR are working together to provide a vision and propose a constitution for the future open banking entity, ensure a smooth transition from the Open Banking Implementation Entity, and oversee the new entity once it is set up. It also announces the creation of a joint regulatory oversight committee led jointly by the FCA and the PSR to deliver this.
/jlne.ws/3LdiN5P
|
| | | |
|
| |
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The U.S. Dollar's Dominance Is Being Stealthily Eroded
Enda Curran - Bloomberg
The dollar's share of global reserve currencies has been in steady decline over the past 20 years as central banks turn to nontraditional currencies, including the renminbi, to diversify their holdings. Reserve managers have moved out of dollars in two directions, with one quarter headed into the renminbi and three quarters into currencies of smaller countries that have traditionally played a limited role as reserve assets.
/jlne.ws/3qyYk3s
The Days of Cheap Milk Are Over, Arla Boss Says; Higher prices for cheese and butter might then be not far behind.
Press Association via Bloomberg
The UK boss of diary giant Arla has said that customers are likely going to face higher prices to buy a pint of milk, as farmers are being squeezed by soaring costs. "We are calling time on cheap milk," Ash Amirahmadi told the PA news agency as the business set out its plan for the next five years.
/jlne.ws/3iyhSkg
Soaring Bread Prices Should Make Arab Leaders Nervous; Anger at food inflation could easily spur political unrest as it did a decade ago, especially in Egypt, the world's No. 1 importer of wheat.
Bobby Ghosh - Bloomberg
When Muslims in the Arab world congregate at sundown during Ramadan to chew the fat during the fast-breaking "iftar" meal, the conversations tend to drift toward politics, and good-natured gabfests can quickly turn into group grumbling. Nothing leavens a gripe session more than the rising price of the staple of every Middle Eastern meal: bread.
/jlne.ws/3tCykGl
The Bond Market Losing $2.6 Trillion Is Actually Good News; For the vast majority of fixed-income investors, the opportunity to capture higher yields offsets any unrealized losses.
Aaron Brown - Bloomberg
The Bloomberg Global Aggregate Index, a benchmark for the bond market worldwide, has tumbled 11% from its peak in January 2021, equating to a drop of $2.6 trillion in the index's market value. Bloomberg News describes this as an unprecedented loss in the long history of the bond market. Big capital losses are always bad news in the stock market, but in the bond market can be welcome news for most.
/jlne.ws/3JFwc6D
Oil Demand Destruction Is Here Amid Ukraine War, JPMorgan Says
Michael Jeffers - Bloomberg
Commodities markets have a well-worn saying that "the cure for high prices is high prices." According to JPMorgan Chase & Co., the process may just be starting to happen in oil. Consumers are feeling the pinch as oil has jumped to more than $100 a barrel following Russia's invasion of Ukraine. But the actual war in Ukraine, the financial sanctions targeting Russia and the spread of the omicron variant in China have all had even more of a direct impact on oil demand than those elevated prices, according to the bank.
/jlne.ws/3qDaYie
|
| | | |
|
| |
| Wellness Exchange | | An Exchange of Health and Wellness Information | Shanghai's Covid Cases Hit a Record 1,600 as Testing Intensified
Bloomberg News
Shanghai's Covid cases jumped more than 60% in a single day, topping 1,600 on Friday, even as authorities escalated restrictions that many feared would plunge the Chinese financial hub into city-wide lockdown.= There were 1,609 new infections, a record in the city of about 25 million people, including 1,580 without any symptoms, the Shanghai Health Commission said.
/jlne.ws/3LeDRJc
Germany's Covid Situation Probably Won't Get Better Soon; Risk of infection is greater than ever, Lauterbach says; Health minister says new restrictions may be needed in fall
Tim Loh - Bloomberg
Germany's Covid-19 situation probably won't improve in the coming weeks, Health Minister Karl Lauterbach said Friday, suggesting millions more people will catch the virus and thousands more will die before warmer weather arrives.
/jlne.ws/3ulEMRe
Experts See China Stuck in a Slowly Evolving Covid-Zero Loop; A wave of omicron infections is testing the world's most stringent containment regime.
Bloomberg News
After conquering Covid-19 for almost two years with a zero-tolerance approach, China is now in the midst of its worst wave since the initial outbreak in Wuhan. Having breached what's arguably the world's toughest containment regime, omicron — the most infectious coronavirus variant — is starting to test Beijing's Covid Zero resolve.
/jlne.ws/3tDX8Oo
China Continues 'Severe And Complex' Fight Against Covid-19
Huizhong Wu - AP
China continues to battle its worst COVID-19 outbreak, driven by the omicron variant, with health officials on Friday calling the situation "severe and complex." The country has counted more than 56,000 cases since March 1, according to national health officials, who gave a press briefing Friday. More than half of those cases have been recorded in northeastern Jilin province and include asymptomatic cases as well. The numbers do not include Hong Kong, which tracks its COVID-19 data separately.
/jlne.ws/3uvwQwP
|
| | | |
|
| |
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Just A Third of Largest Banks Have Set Robust 2030 Climate Goals; Institutions are failing to put in place short-term targets; InfluenceMap's Coates points to 'stark disconnect' in finance
John Ainger - Bloomberg
Most of the world's largest banks and asset managers are failing to set concrete climate targets for 2030, raising concern that global finance is kicking the can down the road when it comes to greening the industry.
/jlne.ws/3qyKvSK
Evolution Markets Announces Executive Transition, Appointing Evan Ard as the Firm's CEO; Peter Zaborowsky Takes on the New Position as President and Head of Global Brokerage
Evolution Markets
Evolution Markets announces a series of changes to its executive team as it continues to focus on growth of the core business and a strategic expansion of services in the sustainability and energy transition sectors. The changes are as follows: Company co-founder, President and Chief Executive Officer, Andrew Ertel, steps back from his management role at the company to take on the new title of Executive Chairman. Mr. Ertel will continue to provide strategic counsel to the executive team, and he remains Chairman of the Evolution Markets Board of Directors. Evan Ard, previously Executive Managing Director at Evolution Markets, becomes the new Chief Executive Officer, with overall responsibilities for the management and strategic direction of the company. Mr. Ard will also become a member of the Evolution Markets Board of Directors. Evolution Markets co-founder Peter Zaborowsky takes on the role of President and Head of Brokerage Services. In this newly created role, Mr. Zaborowsky will manage the global brokerage corps of Evolution Markets, which serves clients in energy and environmental commodity markets from offices in New York, Houston, and London. He will remain a member of the Evolution Markets Board of Directors.
/jlne.ws/3tByKNp
Central Banks Must Add Biodiversity to Financial Stability Risks
Swati Pandey - Bloomberg
Biodiversity loss poses a "significant and under-appreciated" threat to financial stability and its status needs to be elevated by regulators, according to a study by central bankers, financial supervisors and academics.
/jlne.ws/3NeW1MO
|
| | | |
|
| |
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Ex-Goldman Banker Wasn't Even at Key 1MDB Meetings, Witness Says
Patricia Hurtado - Bloomberg
Goldman Sachs Group Inc. banker Roger Ng wasn't always included in meetings held by key players in the multibillion-dollar looting of 1MDB, according to testimony presented by his defense team. Ng, the only Goldman banker to go to trial in the 1MDB scandal, is accused of plotting with his former boss Tim Leissner and Malaysian financier Jho Low to pull off a fraud in which billions of dollars were siphoned from the Malaysian sovereign wealth fund.
/jlne.ws/3D8guOT
Citi global co-head of markets Lathrop to depart
Reuters
Citigroup Inc (C.N) said on Thursday in a memo that Carey Lathrop, global co-head of markets, will leave the bank and Andy Morton, who has been sharing the post with him since 2019, will entirely assume the position. After a roughly 30-year stint at Citi, Lathrop decided to depart to seek a new professional challenge, Paco Ybarra, Chief Executive Officer of Institutional Clients Group, said in the memo, without providing further details.
/jlne.ws/3urb51j
Schroders chief slams Ark ETFs for 'massive wealth destruction'; Peter Harrison claims Cathie Wood's funds are an example of the trend for 'speculating rather than investing'
Ed Moisson - FT
Schroders' chief executive has criticised the arrival of speculative "have-a-go" investors in the asset management industry for causing "massive destruction of wealth". Peter Harrison singled out exchange traded funds managed by Cathie Wood, chief investment officer at Ark Invest, for producing "billions and billions of dollars of wealth destruction".
/jlne.ws/36LElYk
|
| | | |
|
| |
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | New Zealand Says Foreign Visitors Will Need to 'Pay Their Way'
Tracy Withers - Bloomberg
New Zealand may ask international visitors to pay more to access some of the nation's natural attractions as the government seeks ways to limit the impact of tourism on the environment. Tourism Minister Stuart Nash told a University of Otago conference Friday he is "planning ways now to ensure that our future visitors pay their way.
/jlne.ws/3tF92aV
Japan Unsure How Russia Will Execute Rouble Payments for Energy Sold to 'Unfriendly' Nations
Reuters
Japan does not know how Russia will handle the required rouble payments for its energy sold to "unfriendly" countries, the finance minister said on ThursdayJapan accounted for 4.1% of Russia's crude oil exports and 7.2% of its natural gas exports in 2021. "Currently, we're looking into the situation with relevant ministries as we don't quite understand what is (Russia's) intention and how they would do this," Finance Minister Shunichi Suzuki said in a parliament session.
/jlne.ws/3tCCZrT
China Bond Market Exodus Shows Signs of Gathering Pace in March
Bloomberg News
The biggest exchange-traded fund tracking yuan bonds recorded a whopping $460.4 million of outflows so far this month, adding to recent signs of an exodus from Chinese assets. The outflows put the iShares China CNY Bond UCITS ETF on track for the second biggest monthly withdrawal on record. Exante Data, which analyzes trends in global capital flows, says weekly flows data for March suggest the retreat from Chinese assets is gathering pace.
/jlne.ws/3NwHBYK
These Are the European Countries Most at Risk of Diesel Shortages
Julian Lee - Bloomberg
There's growing anxiety that Europe might run out of diesel following Russia's invasion of Ukraine. The continent only has about 40 days supply of the crucial fuel in its stockpiles. Europe has historically taken about 20% of its imports from Russia. But European oil companies are shunning petroleum supplies from the country as the fighting spills into a second month, and instead are seeking shipments from as far afield as the Middle East, Asia and the U.S. Shell Plc, BP Plc and TotalEnergies SE are already restricting deliveries of the fuel in Germany.
/jlne.ws/3NllvIx
|
| | | |
|
| |
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2022 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
