| March 10, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Gordon Brown, the former UK Prime Minister, has a column in Bloomberg saying Vladimir Putin should face a war crimes tribunal for the Ukraine invasion. His collaborators should join him at the tribunal too, Brown wrote. That will be must watch TV for this century if it happens.
Japanese technology giants Sony and Nintendo have joined the exodus from Russia, suspending PlayStation and Switch console shipments and taking their online stores offline in Russia, Bloomberg reported. Also, all the Pokémon GO characters were seen leaving Russia on a virtual airplane.
Additionally, moves sure to stir Russia discontent, Ferrari announced it had stopped building cars for the Russian market and has pledged to donate EUR1 million to Ukraine relief, Bloomberg reported. So Russians will have to drive Lada, except this iconic Russian car maker halted production because of supply issues because of the sanctions. So no new Ferraris, no new Ladas and no Pokémon GO characters to find if you have to travel by foot.
Amazon announced it will be delivering 20 packages to each investor's home rather than one. Actually, it was an announcement of a 20-1 stock split for Amazon, the first such split for the company since 1999, the FT reported.
During a debate in the Scottish Parliament on International Women's Day March 8, Scotland's leader Nicola Sturgeon apologized for Scotland executing witches, and then took a bump in the polls with Scottish witches to announce she was calling for a referendum on Scottish independence.
I am hitting the road today to drive to Florida for the FIA conference. First I am headed to Sarasota, then to Boca Raton. I am also stopping in Tennessee to see my one-year-old niece, and her father, Patrick Lothian and his wife. If you are going to FIA Boca, I will see you there.
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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Will Russians Choose Truth or Lies? Ukraine's Fate Depends on Them; We all deceive ourselves into not seeing painful truths. How ordinary Russians deal with this temptation now has become a matter of war and peace.
Andreas Kluth - Bloomberg
Russians are facing a psychological conundrum all human beings confront every day, but at a far more consequential level. It is this: How much will they choose to know, or deliberately not know? Their answer may decide the course of history. If the war of aggression by Russian President Vladimir Putin against Ukraine is the world's most urgent problem, the question about how ordinary Russians sift and interpret information about it is the meta-problem. It'll determine whether Putin stays in power, and whether he gets away with escalating this conflict into an even bigger catastrophe.
/jlne.ws/37dURRb
**** There is a video of a Russian soldier (you will have to search for it) on Twitter, who tells how the Russian soldiers were lied to and how bad all this is for Russia. It is very compelling. Putting POWs in front of the media is not OK, but this did not look forced. It looked like a message from the heart.~JJL
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A Wheat ETF Teaches the Meme Crowd a Lesson the Hard Way; There isn't a lot of dumb money in the commodity markets, but there is in the stock market.
Jared Dillian - Bloomberg
Commodity prices have soared the last two weeks as a result of the Russian invasion of Ukraine, drawing novice investors looking to make a quick buck. Many are already getting burned by their lack of knowledge. Investing in commodities is more complicated than investing in stocks. In commodities, all the action occurs in the futures market because there aren't any liquid markets for things like spot oil, gas or corn. Then there's the margin system — to trade commodities futures you must deposit some initial margin into an account and then you are subject to the ongoing vagaries of adhering to margin requirements. But most of the investing public doesn't want to deal with all that, so they just gravitate to the growing number of exchange-traded funds tracking single commodities or baskets of commodities. Here, too, the risks are different than with an ETF that owns stocks.
/jlne.ws/3JdEbqY
***** In the commodity markets, dumb money is dealt with pretty quickly because of the leverage.~JJL
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The Wonderful Thing About Markets? They Bounce; Whether dead cats or Tiggers, great rebounds are inevitable during high uncertainty and volatility. It's better for longer-term investors to resist timing and instead see the bigger picture.
John Authers - Bloomberg
The Tigger Market
Feline market analogies are in order after a day like Wednesday. The huge resurgence for risk assets could be called a "dead-cat bounce" (a charming Wall Street expression derived from the fact that even a dead cat will bounce if you drop it far enough.) It could also be called a Tigger market because, as the Winnie the Pooh character assures us, "Bouncing's what Tiggers do best." Just try substituting the word "markets" for "Tiggers" in this poem: The wonderful thing about Tiggers, Is Tiggers are wonderful things, Their tops are made out of rubber, Their bottoms are made out of springs, They're bouncy, trouncy, ouncy, pouncy, Fun, fun, fun, fun, fun
/jlne.ws/3Kwo0Fv
*****All I have to say is TTFN~JJL
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Facebook Libra: the inside story of how the company's cryptocurrency dream died; It had the blue-chip partners, the tech and the right players. None of which could save it
Save
Hannah Murphy and Kiran Stacey - FT
On June 24 2021, Jay Powell and Janet Yellen sat down for their weekly breakfast amid the austere surroundings of the US Treasury building on 1,500 Pennsylvania Avenue. There was only one major question on the agenda: should they give the green light for a global cryptocurrency designed by Facebook?
/jlne.ws/3tNrxJ2
****** Facebook just picked the wrong sign. If they only had the courage of a Leo.~JJL
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Wednesday's Top Three
Our most read story for Wednesday was Cboe Cboe Global Markets Announces Senior Leadership Changes; Promotion of David Howson to President. Second was the comprehensive page of resources from the FIA Russian Sanctions Resources. And third, the owls drove our readers to Harry Potter Wiki Patronus Charm.
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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 | Nickel Shows How Russian Resources Fuel Clean Energy, Too; The metal's wild week is a reminder that high commodity prices aren't all good news for the renewable energy business
Stephen Wilmot - WSJ
Nickel at $100,000 a ton is evidence of a financial squeeze more than one related to the underlying commodity. It still illustrates the risks associated with the bets on green energy now piling up in investors' brokerage accounts. Renewable-energy stocks have been among the few gainers in the rocky markets since Russia invaded Ukraine, in keeping with the energy sector more generally. Wind turbine maker Vestas Wind Systems, for example—the largest stock in the S&P Global Clean Energy GCEI -12.20% Index—has risen 37% since hitting a 20-month low two weeks ago. There has been strong buying of clean-tech stocks from individual investors, according to data provider VandaTrack, though interest remains far lower than it was at the start of 2021 following President Biden's election victory.
/jlne.ws/3CAgUNM
SEC Proposes Requiring Firms to Report Cyberattacks Within Four Days; Regulator offers rule that would mandate reporting of ransomware incidents and data breaches
Paul Kiernan - WSJ
Federal regulators are considering a requirement that publicly traded companies disclose data breaches and other significant cybersecurity incidents within four days, as they seek to strengthen financial markets' resilience to online attacks. The Securities and Exchange Commission proposed a rule Wednesday that would impose mandatory reporting for companies around cybersecurity. Commissioners voted 3-1 to issue the proposal, which could be completed after the agency receives and analyzes feedback from the public.
/jlne.ws/379asRY
The rising costs of China's friendship with Russia; The war in Ukraine represents a threat to China's economy and could lead to a diplomatic backlash over its support for Moscow
Tom Mitchell, Demetri Sevastopulo, Sun Yu and James Kynge - FT
When the Russian invasion of Ukraine started two weeks ago, Jane Yan, a senior executive at a machine parts maker in eastern China, says she was not too worried about the impact. After all, buyers in Russia and Ukraine accounted for less than 5 per cent of the company's overseas sales last year.
/jlne.ws/3J0KnCF
Third BitMEX Founder Pleads Guilty to Anti-Money-Laundering Violation; Samuel Reed is the third company founder to enter a plea bargain with U.S. prosecutors over the cryptocurrency derivatives exchange's anti-money-laundering failures
Richard Vanderford - WSJ
BitMEX co-founder Samuel Reed pleaded guilty and agreed to a $10 million fine over the cryptocurrency derivatives exchange's anti-money-laundering failures, becoming the third founder of the business to reach a plea deal with U.S. prosecutors. Mr. Reed, the longtime chief technology officer for BitMEX, entered a plea Wednesday in Manhattan federal court to a charge of violating the Bank Secrecy Act, which requires financial institutions to try to curb illicit uses of their services.
/jlne.ws/3pTbmbQ
Tycoon Behind Nickel's Big Short Has Power to Fuel More Drama; Xiang Guangda still has significant short holdings in nickel; Traders question whether Tsingshan requires such a large hedge
Bloomberg News
Xiang Guangda's wrong-way bet on nickel futures helped trigger one of the wildest commodity price spikes in history. Now the Chinese tycoon known as "Big Shot" must decide whether to unwind a wager that risks fueling more dramatic swings in one of the world's most prized metals.
/jlne.ws/3tSQeE2
Putin Must Face a War Crimes Tribunal for Ukraine Invasion; The U.S. should join European leaders in backing prosecution of Russian aggressors, says a former U.K. prime minister, just as Nazis were punished at the Nuremberg Trials.
Gordon Brown - Bloomberg
Such is the gravity of Russian President Vladimir Putin's aggression against Ukraine that an international prosecutor should be appointed and a tribunal established to bring him and his collaborators to trial for their crimes.
/jlne.ws/3Cts1rH
Europe's Plan to Quit Russian Fuel Starts a Global Fight for Gas; EU needs to add LNG imports equivalent to key buyer Korea; Higher prices expected as Asia, Europe fight over spot LNG
Stephen Stapczynski and Shoko Oda - Bloomberg
The liquefied natural gas market is primed for a global battle for supply with far-reaching repercussions as the threat of Russia cutting off Europe sends the continent scrambling for alternatives. Russia pumps enough gas into Europe every day to cover a third of the continent's consumption. To replace most of that supply by the end of the year, the bloc drew up a plan that requires new sources of LNG nearly equivalent to annual deliveries to South Korea, the market's third-largest buyer.
/jlne.ws/3qgqQaj
Thiel-Backed Crypto Exchange Eyes Debut Amid Regulatory Delays; Bullish extends deadline amid crypto-SPAC deal delays; Ex-NYSE President Farley expects to list in the second quarter
Crystal Kim - Bloomberg
Crypto exchange Bullish is eyeing a public debut in the second quarter after regulatory delays kept the company backed by billionaires Peter Thiel and Richard Li from merging with a special purpose acquisition company and listings shares at the end of last year.
/jlne.ws/3hSG7cJ
'We Could Lose It All': BP's Bet on Russia Was Always a Gamble; The company will eat a $25 billion loss with its forced exit from the country—but higher oil prices will ease the pain.
Laura Hurst - Bloomberg
On Feb. 8, after delivering the highest quarterly profit in a decade, BP Plc Chief Executive Officer Bernard Looney offered a strong defense of the company's deep ties with Russia's largest oil producer. Russian tanks had not yet crossed into Ukraine, but with 130,000 troops at the country's borders, tensions were quickly rising, and BP's 20% stake in Kremlin-backed Rosneft PJSC meant the London-based oil giant had a lot at stake.
/jlne.ws/35Fmd2s
Calpers Conundrum: A $300 Million Hit to Dump Bets on Russia; Biggest U.S. public pension is debating how to handle holdings; Fallout from Ukraine invasion reverberating throughout markets
Dawn Lim and Annie Massa - Bloomberg
A debate is raging inside the California Public Employees' Retirement System over whether it should quickly exit its Russia investments -- at a hefty cost. In the past week, staffers at the largest U.S. public pension discussed the possibility of dumping the holdings, a decision that would ultimately require the board's approval. That followed California Governor Gavin Newsom's call for state pensions to cut off money to Russia following its invasion of Ukraine -- and to send a message to the world that the country is uninvestable.
/jlne.ws/3sXgE8i
Amazon announces 20-for-1 stock split and $10bn share buyback; Ecommerce giant follows similar moves by Alphabet, Apple and Tesla in effort to boost stock price
Dave Lee - FT
Amazon has announced a 20-for-1 stock split and a share buyback of up to $10bn, in an effort to boost its stock price in the face of heavy operating costs and concerns over staff retention. The split, which does not technically change the company's fundamental value but often spurs investor optimism, is the fourth in the company's 28-year history. The last was in September 1999.
/jlne.ws/3hTVUIf
How financial regulation can be made less partisan; The reforms that could improve decision making at agencies like the FDIC
Sheila Bair - FT
The US Federal government consists of hundreds of agencies, with an alphabet soup of acronyms indecipherable to the general public. But the Federal Deposit Insurance Corporation has stood out in the US, widely recognised for its record of protecting insured bank deposits. The FDIC has never been associated with a "left" or "right" political leaning, as it has focused on its quintessentially non-partisan function of preventing bank runs.
/jlne.ws/3vWbtqV
There Will Never Be Enough Workers; Even if all the people who left the job market during the pandemic come back, employers are still going to struggle to find employees
Justin Lahart - WSJ
There are millions of jobs available in the U.S. Most of them will probably never be filled. The Labor Department on Wednesday reported that U.S. employers had a seasonally adjusted 11.3 million job openings on the last day of January. Other than December's record 11.4 million available jobs—a number that was revised from 10.9 million in Wednesday's report—that counted as the highest level in the 21 years of data. It amounts to 1.7 open positions for each of the 6.5 million active job seekers who were counted as unemployed in January.
/jlne.ws/35FHmcN
Russia's War Is Raising Gas Prices and Roiling Financial Markets; The price of gasoline is climbing and the markets are adjusting to gloomier prospects as the war in Ukraine grinds on.
Jeff Sommer - NY Times
It's getting to the point where you're better off filling up your gas tank in the morning because the price will be higher by the time you drive home. This is an exaggeration, but not much of one. The price of gasoline was already rising before Russia invaded Ukraine on Feb. 24, and it has risen every day since then. As the most important measure of inflation that most Americans regularly see, this daily increase is a big problem in itself.
/jlne.ws/3MF8itS
Biggest Wheat Buyer Blames 'Greedy Traders' for Spiraling Prices; Egypt is boosting purchases of local harvest as market soars; TV anchors push a message of frugality as Ramadan approaches
Salma El Wardany - Bloomberg
Egypt, the biggest buyer of wheat, is trying to lessen the blow from unrelenting price increases by boosting stockpiles and blaming greedy traders, while TV anchors are lecturing households to be more frugal. The most-populous Arab nation imports the majority of its wheat from Russia and Ukraine, using it as the cornerstone of a bread-subsidy program for millions of people. The grain is more expensive now than in 2008, when the world saw food riots and demonstrations, and Egypt needs to get ahead of any similar discontent since about half of its people live near or below the World Bank's poverty line.
/jlne.ws/3i18a9C
U.S. Energy Chief Calls for More Oil Output Amid 'War Footing'; Granholm thanks oil industry for serving nation for 100 years; U.S. can decarbonize and also raise short-term oil output
Mark Chediak and Paul Takahashi - Bloomberg
The top U.S. energy official openly called on oil and natural gas producers to boost supply amid an energy crisis sparked by Russia's invasion of Ukraine. "We are on a war footing," Energy Secretary Jennifer Granholm told a packed ballroom at the CERAWeek by S&P Global energy conference in Houston on Wednesday.
/jlne.ws/3MFql2T
Japan Tech Giants Sony, Nintendo Join Growing Exodus from Russia; PlayStation and Switch console shipments to be suspended; Both have taken their online stores in Russia offline
Vlad Savov and Yuki Furukawa - Bloomberg
Sony Group Corp.'s PlayStation business and Nintendo Co. have suspended shipments to Russia, joining an exodus of multinational companies withdrawing from the country in response to its invasion of Ukraine.
/jlne.ws/377Oteb
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | After Ukraine, Europe wonders who's next Russian target
Dusan Stojanovic - AP
For some European countries watching Russia's brutal war in Ukraine, there are fears that they could be next. Western officials say the most vulnerable could be those who aren't members of NATO or the European Union, and thus alone and unprotected — including Ukraine's neighbor Moldova and Russia's neighbor Georgia, both of them formerly part of the Soviet Union — along with the Balkan states of Bosnia and Kosovo.
/jlne.ws/3Cx7eDp
Russian economy in 'shock' from unprecedented economic war - Kremlin
Reuters
The Kremlin said on Thursday that Russia's economy was experiencing a shock and that measures were being taken to soften the impact of what it described as an "absolutely unprecedented" economic war being waged against Moscow. The West has imposed sweeping sanctions against Russia over its invasion of Ukraine.
/jlne.ws/3vVMhRE
Russians dump the ruble as Moscow's exchange reopens for trade after pause amid Ukraine war
Natasha Dailey - Business Insider
The Russian ruble sank after Moscow's exchange reopened it for trading Wednesday following a pause amid the war in Ukraine. The Moscow exchange closed ruble trading Friday as sanctions from the West — brought on by Putin's forces attacking Ukraine — hit Russia's economy, while offshore trading continued. Since the closure, more moves from the West have targeted Putin's economy, and Russians got their first chance this week to react when the exchange reopened ruble trading Wednesday.
/jlne.ws/3J2V3Rg
Russian Prowess Questioned as Troops Bogged Down in Ukraine; Questions over missing capabilities, from airpower to cyber; Poor troop morale, organization echo past weaknesses
Marc Champion - Bloomberg
The Russian army's unexpected struggles in Ukraine are prompting calls for a fresh look at widely shared assumptions about the effectiveness of President Vladimir Putin's military machine. Putin spent well over a decade modernizing a conscript-based military that proved wanting in Chechnya during the 1990s, and Georgia in 2008. Its first test in a large-scale conflict since the end of the Cold War has raised questions about what that boom in spending achieved. Russian forces have been bogged down for weeks in parts of Ukraine and have failed to take control of key cities. While it is far too early and data are too sparse to draw conclusions, that's raising many questions, including over the high-end equipment it has not yet deployed in Ukraine.
/jlne.ws/36cwJy4
War Accelerates Russia's Internet Isolation; Putin has long been preparing a break from the Western internet, and his Ukraine invasion is a turning point.
Jillian Deutsch and Ivan Levingston - Bloomberg
The Russian internet began shrinking rapidly when the country's troops poured across Ukraine's border in February. First Facebook and Twitter got slower, then the government blocked them entirely. TikTok is now restricting service, and Apple, Dell, Microsoft, and Oracle are curtailing operations. Russian internet users can no longer count on being able to use Amazon's or Netflix's streaming video platforms, web-enabled services such as Airbnb, or payment networks like Visa and Mastercard.
/jlne.ws/3tLlTqT
Wealthy Russians flock to Dubai as west tightens sanctions; Gulf emerges as potential haven amid toughened financial rules
Simeon Kerr - FT
Russians have flocked to set up businesses and buy property in the United Arab Emirates in an effort to secure residence and park assets in the Gulf as the US, UK and EU tighten financial sanctions, relocation experts, brokers and lawyers said.
/jlne.ws/3sXjgmC
Russia, Out to Contain NATO, Instead Reignites the Alliance; The invasion of Ukraine has given the group renewed focus after decades of seeking a purpose in the post-Cold War world
Daniel Michaels - WSJ
Troops at Lithuania's Rukla military base have stood at high alert for years, worried about the threat posed by Russia, across the border 62 miles away. Their NATO allies to the west had played down those concerns. Now NATO is pouring resources into the remote outpost. Since President Vladimir Putin launched an invasion of Ukraine on Feb. 24, other North Atlantic Treaty Organization members have sent 600 troops to Rukla and doubled the number of allied forces throughout this tiny country to 3,000. NATO plans to add another 1,000 troops from the U.S. and other countries.
/jlne.ws/3pVXqhf
All Roads to Peace Lead Through Putin
Rosalind Mathieson - Bloomberg
Talks in Turkey today between the foreign ministers of Russia and Ukraine — the most high-level interaction since the war began — show clearly there is still just one decision maker in Moscow on what happens now. That's Vladimir Putin. Speaking after the 1.5 hour meeting, Dmytro Kuleba said he pressed Russian counterpart Sergei Lavrov to agree to a humanitarian corridor to let people leave the besieged eastern city of Mariupol, where a maternity hospital was shelled yesterday. Lavrov, he said, told him he'd take that back to Moscow rather than making any promises.
/jlne.ws/3KvUX55
Ferrari to Russia: No More Supercars for You; The Italian marque, beloved by the world's ultra-rich, has stopped building cars for the Russian market and has pledged to donate EUR1 million to Ukraine relief.
Hannah Elliott - Bloomberg
Ferrari NV is adding its name to the list of automakers suspending production for customers in Russia in response to its invasion of Ukraine. "Given the ongoing situation, Ferrari has taken the decision to suspend the production of vehicles for the Russian market until further notice," the automaker said March 8. The decision came a week after executives told journalists at a press launch in Seville, Spain, they were closely monitoring the situation and had yet to determine how to respond.
/jlne.ws/3CvRGzS
Iconic Russian Car Maker, Known for Cold War Self-Reliance, Halts Production; Disruption shows how Russia's economy is beginning to feel the bite of Western sanctions
Nick Kostov, Evan Gershkovich - WSJ
Lada cars have been a symbol of Russia's self-reliance since they began rolling off assembly lines during the depths of the Cold War. On Wednesday, Lada's factory floors ground to a halt as Western sanctions deprived its parent company of the parts and supplies it needs to make cars, according to people familiar with the matter. Thousands of workers have been placed on leave.
/jlne.ws/3hSpLRk
Russia Devises Plan to Seize Firms Abandoned in Foreigner Exodus; Flood of foreign companies left Russia after Ukraine invasion; Economy Ministry said goal is asset sales, not nationalization
Bloomberg News
Russia's government moved closer to seizing and even nationalizing foreign-owned companies that are leaving the market over the invasion of Ukraine while planning measures to coax others into staying. In the first explicit response to the exodus of foreign businesses from Ikea to McDonald's Corp., the Economy Ministry has outlined new policies to take temporary control of departing companies where foreign ownership exceeds 25%.
/jlne.ws/3KzIMUM
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Cboe Global Markets makes series of senior leadership changes with promotions and relocations; New roles for David Howson, Ade Cordell and Natan Tiefenbrun in series of promotions.
Wesley Bray - The Trade
Cboe Global Markets has made several changes to its senior management team, reflecting the company's recent global expansion and plans for its next phase of growth. The changes include the promotion of David Howson to the role of president of Cboe Global Markets, effective 12 May 2022. Howson, who currently serves as executive vice president at Cboe and president for Europe and Asia Pacific, will relocate from London to Chicago to assume his new role.
/jlne.ws/3HZkH8q
Performance Bond Requirements - Agriculture, Energy Margin - Effective March 10, 2022
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 10, 2022.
/bit.ly/3tOFPJ9
Effective Dates for Spot Month Position Limits in the April 2022 Core Products
Dear Market Participant:
Spot month limits are effective at the close of trading on the dates listed (in chronological order):
MSN03-09-22SpotMonthPositionLimitsintheApr2022CoreContracts
/bit.ly/3KDHqbT
Euronext announces annual review results of the PSI®
Euronext
Lisbon - 9 March 2022 - Euronext today announced the results of the annual review for the PSI®, which will take place after markets close on Friday 18 March 2022, and be effective from Monday 21 March 2022.
/bit.ly/3MC7e9X
Euronext announces March 2022 review results of the OBX® Family
Euronext
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris - 9 March, 2022 - Euronext today announced the results of the March 2022 review for the OBX® family including the OBX®, OSEBX® and OSEFX®. The changes due to the review will be effective from Monday 21 March, 2022.
/bit.ly/3KvlZtp
Euronext announces March 2022 annual review results of the BEL® Family
Euronext
Brussels - 9 March 2022 - Euronext today announced the results of the annual review for the BEL 20®, BEL Mid® and BEL Small® indices, which will take place after markets close on Friday 18 March 2022 and be effective from Monday 21 March 2022.
/bit.ly/3pQA78M
Former B3 and Credit Suisse executive joins HKEX as new co-head of emerging business development; New co-head brings over 20 years' experience in exchange operations, capital markets and financial services to HKEX.
Wesley Bray - The Trade
Hong Kong Exchanges and Clearing (HKEX) has appointed Daniel Sonder as its co-head of emerging business development. Alongside co-head Julien Martin, Sonder will lead and develop HKEX's emerging business opportunities in data, ESG, carbon and digital assets, reporting to co-head of markets, Glenda So and Wilfred Yiu.
/jlne.ws/3sVXTC6
UK Government's Department of Business, Energy and Industrial Strategy Adopts ICE Connect for Analysis of the UK Emissions Program
Business Wire
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced that the UK Government's Department of Business, Energy and Industrial Strategy (BEIS) will use the ICE Connect desktop platform for analysis of the UK's Emissions Trading Scheme (ETS) markets.
/bit.ly/3pT62p5
The New York Stock Exchange Announces Launch of the NYSE Sustainability Advisory Council
Business Wire
Exchange-led Group of Senior Sustainability Officers from NYSE-listed Companies Will Identify, Develop and Share Best Practices
The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, announced today the launch of the NYSE Sustainability Advisory Council. The council will bring together select sustainability leaders within the NYSE community of more than 2,400 listed companies to identify and share global best practices addressing environmental, social and governance (ESG) issues.
/bit.ly/3sX03Bt
Nickel Update - Further Information: Position Transfers and Fees
LME
The LME and LME Clear (LME Group) have been continuing to work on the evolving nickel situation, with the intention of ensuring it is able to re-open the market, with trading continuing in an orderly manner, in an appropriate timeframe. This Notice provides further information on Members performing positions transfers, and fees for Nickel trades.
/bit.ly/3624ceb
Amendments to the List of Fees of Bourse De Montréal Inc. (Effective April 1st, 2022)
TMX
Bourse de Montreal Inc. hereby announces the following amendments to its List of Fees effective April 1 st, 2022. The new List of Fees in blackline and clean version is attached for your information.
/bit.ly/3vTiNnl
Nasdaq Announces End-of-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date February 28, 2022
Globe Newswire
At the end of the settlement date of February 28, 2022, short interest in 3,326 Nasdaq Global MarketSM securities totaled 10,020,586,922 shares compared with 9,916,446,118 shares in 3,301 Global Market issues reported for the prior settlement date of February 15, 2022. The end-of-February short interest represent 2.68 days average daily Nasdaq Global Market share volume for the reporting period, compared with 2.72 days for the prior reporting period.
/bit.ly/3795NPY
NSE and Government of Chhattisgarh sign Mou to fuel growth of SME's in the State
NSE
India's leading stock exchange, the National Stock Exchange of India Ltd. (NSE) and the Government of Chhattisgarh have signed a Memorandum of Understanding (MoU) to spread awareness amongst MSME's of the state regarding fund raising by IPO mechanism using NSE SME Platform - Emerge.
https://bit.ly/3pckN5S
Notice on Investigation and Penalties for Violations of Relevant Rules and Regulations in February 2022 Updated on: Mar 10,2022
Shanghai Futures Exchange
Shanghai Futures Exchange (hereinafter referred to as "The Exchange") has been on continuous efforts in investigating and penalizing violations of relevant rules and regulations, so as to strengthen the risk management of the futures market, regulate the futures trading activities and protect the legitimate rights and interests of futures market participants. The enforcement against such violations in February 2022 are listed as follows:
In the aspect of administration of abnormal trading behaviors, the Exchange has dealt with a total of 42 cases, among which 12 cases were self-trades,30 cases were frequent order cancellations.The Exchange has separately notified the relevant clients by phone through members,placed 6 clients and 1 group of accounts with actual control relationship on the Exchange's watchlist,notified 9 abnormal trading behaviors to all the members. The Exchange has suspended 2 clients from opening new positions on the relevant futures contracts and notified to the market.
/bit.ly/3hSzWp3
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Nordic Fintech Lunar Raises $77M, Builds Crypto Trading Platform
Jamie Crawley - CoinDesk
Nordic neobank Lunar raised $77 million at a $2 billion valuation and unveiled a crypto trading platform.
/jlne.ws/3pTI8JM
Biden EO Promises The World; Fintech Investors And Innovators Just Want Stable Regulation
Roslyn Layton - Forbes
Investors are looking for leadership from the President on financial innovation; instead they get a word salad of an executive order on consumers, financial stability, national security, and climate risks. The EO is a regulatory pile-on which asserts that ten federal agencies; a cadre of state insurance, banking, and securities regulators; and a smattering of other bureaucrats to protect consumers, investors, and business while ensuring "sufficient oversight and safeguard against any systemic financial risks posed by digital assets." Consumers and financial innovators have long wanted a coherent, predictable regulatory regime which supports investment and experimentation while providing needed information to the public. Sadly Biden's order merely punts the issue back to regulators to codify their capricious and abusive overreach.
/jlne.ws/3MJ7hRA
Fintech Leaps Forward In Latin America
Sean Salas - Forbes
Latin America is known for its mambo and salsa dance styles, but there's something else shaking up the region — fintech. According to Crunchbase, the continent has just given birth to more than 20 unicorns. The report reveals that venture capitalists are flooding the area as well. Startup funding reached $20 billion last year. That's a 320% increase from 2020! Not to mention, the highest amount to date. Let's put the dancing shoes aside and find out what's fueling this demand for innovative banking tools.
/jlne.ws/3KymnY5
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| Cybersecurity | | Top stories for cybersecurity | Russia's digital iron curtain will fail; Putin's war aims in isolating the country from the global internet will do lasting damage to the country's tech ambitions
John Thornhill - FT
After President Vladimir Putin launched his military assault on Ukraine last month, Kyiv urged the international community to punish Russia by switching off its internet connections. Icann, the apolitical, non-profit organisation that runs the internet's "address book", rightly refused the demand, arguing that such a move "would have devastating and permanent effects on the trust and utility of this global system".
/jlne.ws/3CxdXgD
SEC votes to propose new cybersecurity rules
Bob Pisani - CNBC
The Securities and Exchange Commission is voting on Wednesday to propose new cybersecurity rules for public companies.
/jlne.ws/3HTH92E
Cybersecurity report identifies top 5 cybercrime rings
Security Magazine
Hafnium and DarkSide are among the top cybercrime groups of interest to cybersecurity professionals, according to a cyber workforce report.
The Cyber Workforce Benchmark report from Immersive Labs analyzed cyber knowledge, skills and judgment from over half a million exercises and simulations run by more than 2,100 organizations in the last 18 months. These were broken down to understand the workforce cyber capabilities of cybersecurity, application security and crisis response teams.
/jlne.ws/3IV9HtT
Why You Need To Hire Cybersecurity Professionals With Three-Dimensional Competency
Dr. Adewale Peter Obadare - Forbes
As a cybersecurity executive with more than 20 years of experience, I've hired my share of cybersecurity professionals. Over the years it's become clear to me that the best performing and most productive employees are the ones with three core competencies: cognitive, functional and social. It seems obvious, but in practice, it can be hard to find.
/jlne.ws/3CxSg01
It's time to stop hoping that cybersecurity problems will just go away
Danny Palmer - ZDNet
Businesses are reluctant to admit cybersecurity weaknesses because they fear reputational damage - but by choosing to hide their heads in the sand and ignore security vulnerabilities, they risking more significant damage to their brand if they do get hacked.
Analysis by cybersecurity and bug bounty company HackerOne suggests that almost two-thirds of organisations maintain a culture of cybersecurity through obscurity, hoping that weaknesses and vulnerabilities will remain undetected or simply won't causes issues.
/jlne.ws/3sXciOs
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| Cryptocurrencies | | Top stories for cryptocurrencies | Goldman Sachs Explores Offering New Options for Cryptocurrencies; Discussions on the bilateral OTC options are at early stage; Goldman already offers Bitcoin, Ether options and futures
Yueqi Yang - Bloomberg
Goldman Sachs Group Inc. is exploring offering over-the-counter bilateral crypto options, signaling the bank's deepening participation in helping institutions trade digital-currency derivatives. The powerhouse is among a few Wall Street banks at the early stage of exploring such offerings, according to people with knowledge of the matter, asking not to be identified discussing private information. The so-called bilateral options allow trades to be customized so that crypto holders such as hedge funds and Bitcoin miners can hedge risks or boost yields.
/jlne.ws/3J4LW2K
Trading Firm DRW Allows Crypto Investors to Hedge Risk With Bilateral Options; Firm is first traditional trading giant to enter the field; Sees rising institution interest in options to generate yield
Yueqi Yang - Bloomberg
DRW Holdings LLC said it's the first large trading firm to offer over-the-counter bilateral crypto options, paving the way for more institutional investors to deepen their participation in the cryptocurrency market.
/jlne.ws/3pVQDEe
Crypto exchange FTX targets institutional investors with launch of new unit; New FTX Access platform will provide execution, index, analytics and advisory services to institutional investors interested in gaining exposure to digital assets.
Wesley Bray - The Trade
Crypto exchange FTX Trading, and US based crypto platform West Realm Shires Services have launched a new unit targeted at institutional investors. FTX Access will initially provide institutional investors interested in gaining exposure to digital assets with trade execution, analytics, index products, advisory services and capital introductions, with plans to expand into custody, derivatives, structured products and other asset management products later down the line.
/jlne.ws/3tKRAAC
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| Politics | | An overview of politics as it relates to the financial markets | U.S. Slams China for Pushing Russia's 'Preposterous' Lab Theory; Claims recall past disinformation by Moscow, White House says; U.S., Ukraine have cooperated to clean up chemical facilities
Bloomberg News
Washington criticized China and Russia for promoting a conspiracy theory that the U.S. military runs biolabs in Ukraine, escalating a dispute over attempts at misleading the public over the war in Europe.
/jlne.ws/35N4W7o
Boris Johnson opens door to fracking in response to Ukraine war; Prime minister looking at 'all options' as he prepares to draw up new energy strategy
Jim Pickard and George Parker and Nathalie Thomas - FT
Boris Johnson has paved the way for a possible lifting of the UK ban on fracking for shale gas as he draws up a new energy supply strategy following Russia's invasion of Ukraine.
/jlne.ws/3hU3rXp
EU Targets Golden Visas in Clampdown on Dirty Money; Vote could trigger a legislative proposal from the Commission; Passport, visa plans have raised 3.5 billion euros each year
Clara Hernanz Lizarraga - Bloomberg
European Union lawmakers voted to limit so-called golden visas, as countries across the region clamp down on cash-for-passport programs. Wednesday's European parliament vote, which passed with a 595 to 12 majority, aims to ban "golden passports" and set up EU-level regulation on visas that includes stronger background checks on applicants and the source of their wealth. After the vote, the parliament expects the European Commission to propose legislation to standardize programs across the common area.
/jlne.ws/37k47U1
Putin Has 'Gone All In' on Ukraine War, Estonian Premier Says; 'They want to cause as much damage as possible,' Kallas says; Baltic premier speaks after high-level talks fail on progress
Aaron Eglitis and Maria Tadeo - Bloomberg
Russian President Vladimir Putin and his government lack any political will to end its war on Ukraine, Estonian Prime Minister Kaja Kallas said after direct talks between Moscow and Kyiv failed to make progress.
/jlne.ws/3J0PlQ7
U.S.'s Raimondo Warns Chinese Firms on Evading Russia Sanctions; She says no evidence Chinese firms like SMIC evading sanctions; McCaul says China, like Russia, should face tech restrictions
Jenny Leonard - Bloomberg
Commerce Secretary Gina Raimondo vowed to vigorously enforce export controls on Russia and said the U.S. would be on guard against Chinese semiconductor companies that might try to get around the sanctions. "It's going to be hard. I'm not going to pretend it won't be hard," she said in an interview at the White House Wednesday. "We've never done anything like this. But we have a plan and we're serious about it."
/jlne.ws/3sXFnJn
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Statement of Chairman Rostin Behnam on the President's Executive Order on Digital Assets
CFTC
Commodity Futures Trading Commission Chairman Rostin Behnam today released the following statement on the Executive Order on Digital Assets signed by President Biden today:
/jlne.ws/34vyNka
SEC Proposes Rules on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure by Public Companies
SEC
The Securities and Exchange Commission today proposed amendments to its rules to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance, and incident reporting by public companies.
/jlne.ws/3J184el
SEC Awards More Than $3.5 Million to Whistleblower
SEC
The Securities and Exchange Commission today announced an award of more than $3.5 million to a whistleblower who provided critical information that significantly contributed to the success of two SEC enforcement actions.
/jlne.ws/3CuoDfW
Prepared Remarks before the Investor Advisory Committee
Chair Gary Gensler - SEC
Thank you. It's good to be back with the Investor Advisory Committee (IAC) again. As is customary, I'd like to note that my views are my own, and I'm not speaking on behalf of the Commission or SEC staff. I'd like to acknowledge the departure of Committee members J.W. Verret and Paul Mahoney. J.W. has served as the Assistant Secretary and Chair of the Market Structure Subcommittee. Paul has served in a number of roles, including IAC Chair during a transitionary period. Both have been active, engaged members of the Committee. Thank you for volunteering your time to make important contributions to our work.
/jlne.ws/3KBxorM
Assessing Materiality: Focusing on the Reasonable Investor When Evaluating Errors
Paul Munter - SEC
Under our federal securities laws, public companies are required to disclose certain financial and other information to investors. The basic premise of this disclosure-based regulatory regime is that if investors have timely, accurate, and complete financial and other information, they can make informed, rational investment decisions.
/jlne.ws/3MEmPFU
Dissenting Statement on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure Proposal
Commissioner Hester Peirce - SEC
Thank you, Renee, Ian, and Jessica. Cybersecurity risk is top of mind for everyone. The Commission's consideration of this topic—whether for investment advisers, as we did a month ago,[1] or public companies, as we are doing today—is, therefore, reasonable. We must approach this topic, of course, through the prism of our mission. We have an important role to play in ensuring that investors get the information they need to understand issuers' cybersecurity risks if they are material. This proposal, however, flirts with casting us as the nation's cybersecurity command center, a role Congress did not give us. Accordingly, I respectfully dissent.
/jlne.ws/3Kzl0bs
Statement in Support of a Multi-Pronged Approach to Cybersecurity
Commission Caroline A. Crenshaw - SEC
As I noted a few weeks ago, cybersecurity is one of the biggest challenges facing market participants today [1]. Chief executive officers have identified cybersecurity as the number one threat to business growth in the coming years. [2] Experts have provided Congressional testimony that cyber threats are among the most significant strategic risks to our national security, economic prosperity, and public health and safety. [3] President Biden signed a National Security Memorandum acknowledging that the recent cyberattacks on Colonial Pipeline and JBS Foods demonstrate "significant cyber vulnerabilities" across our critical infrastructure. [4]
/jlne.ws/3vTwX7Z
Statement on Proposal for Mandatory Cybersecurity Disclosures
Chair Gary Gensler - SEC
Today, the Commission is considering a proposal to mandate cybersecurity disclosures by public companies. I am pleased to support this proposal because, if adopted, it would strengthen investors' ability to evaluate public companies' cybersecurity practices and incident reporting.
/jlne.ws/3MDC6Hc
SEC Obtains Final Judgment Against Operator of Fraudulent Digital Asset Trading Fund
SEC
On March 2, 2022, the United States District Court for the Southern District of New York entered final judgment against Defendant Stefan H. Qin, which concluded the SEC's case against Qin, the founder and operator of Virgil Sigma Fund LP, a fraudulent investment fund Qin formed purportedly to engage in digital asset arbitrage trading.
/jlne.ws/3i2Kthb
ASIC amends market integrity rules and other ASIC-made rule books
ASIC - Australian Securities and Investments Commission
ASIC has introduced new market integrity rules aimed at promoting the technological and operational resilience of securities and futures market operators and participants.
ASIC has also amended the prohibition on payment for order flow to address certain regulatory gaps and made deregulatory, minor and administrative amendments to 10 ASIC-made rule books.
/jlne.ws/3tJvHBE
ESMA finds shortcomings in supervision of cross-border investment activities and issues specific recommendations to CySEC
ESMA
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, is today publishing its peer review report on the supervision of cross-border activities of investment firms.
/jlne.ws/34z1oFg
FINRA Fines Deutsche Bank Securities, Inc. $2 Million For Best Execution Violations
FINRA
FINRA announced today that it has fined Deutsche Bank Securities, Inc. $2 million for failing to comply with its obligation to seek best execution for its customers' orders. "The duty to seek best execution for customer orders is a fundamental obligation of any broker-dealer that buys or sells securities on behalf of customers," said Jessica Hopper, Executive Vice President and Head of FINRA's Department of Enforcement. "We will continue to pursue disciplinary action against firms that fail to use reasonable diligence to execute customer transactions so that the price is as favorable as possible under prevailing market conditions."
/jlne.ws/3pQeRzO
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Wheat Extends Slump as Rising Stockpiles Seen Cushioning War Impact; Exports from Black Sea region already hampered by the war; Milling-wheat futures in Paris advance as much as 4.3%
Megan Durisin - Bloomberg
Chicago wheat futures erased losses as Ukraine said Russia plans to continue its war in the country, risking further curbs on grains supplies from the region. Crop exports have already been hampered by the invasion. The U.S. Department of Agriculture on Wednesday cut its outlook for Ukrainian wheat sales this season by 4 million tons and Russia's by a similar amount. Robust Australian and Indian shipments will only partly offset those losses.
/jlne.ws/3sX3EPZ
Amazon Stock Split and Buyback Could Deliver Much-Needed Liftoff; Announces 20-for-1 stock split, $10 billion stock repurchase; Analysts say move 'positive,' split could draw retail traders
Thyagaraju Adinarayan - Bloomberg
A stock split and a massive buyback could just be the boost Amazon.com Inc. needs to break out of a spell of prolonged share price weakness. Amazon said late Wednesday it intends to boost its outstanding shares by a 20-to-1 ratio, the e-commerce giant's first stock split in more than two decades. That news, combined with a $10 billion share-buyback proposal, saw the stock advance 6.7% in premarket trading Thursday.
/jlne.ws/3vTUky2
China Doubles Yuan Trading Band for Ruble After Record Move; Trading limit raised to 10% from 5% from March 11, China says; Trade between China & Russia was $112 billion in 2020
Bloomberg News
China will double the yuan trading band for the ruble amid signs of distressed liquidity as banks back away from making markets. The currency pair will be allowed to trade 10% around the fixing rate to meet demand for market development from March 11, the China Foreign Exchange Trade System said in a statement. That compares with a previous limit of 5%.
/jlne.ws/369xh7O
Russia's Default Swaps Signal $40 Billion Pay Day Is Imminent; Contracts have surged to indicate record likelihood of default; Growing confidence CDS contracts to pay out if Russia defaults
Laura Benitez - Bloomberg
If the swap market is to be believed, Russia is going to default on foreign debt, and insurance is going to pay out. Trading on credit-default swaps, used to insure against non-payment, has skyrocketed this week despite the myriad of questions over whether Russia's plan to repay some foreign bondholders in rubles could ultimately be judged as a default. There are even concerns that international sanctions and existing bond terms could complicate any settlement of the $39.7 billion of outstanding contracts.
/jlne.ws/3pT2djD
Is the nickel in a nickel worth more than the nickel itself? Commodities go crazy: numismatics edition
Claire Jones - FT
A nickel's not worth a dime. It's worth much more than that. At least if commodity prices remain where they have been this week. On Tuesday, the cost implied by the three-month futures contract for the hitherto unprecious metal hit $100,000 per tonne.
/jlne.ws/3t0CeJ9
Oil Traders Bet Prices Will Pass $200 a Barrel This Month; Prices for Brent crude call options surge on rising futures; Traders assessing potential for Russian supply to be cut off
Serene Cheong - Bloomberg
Traders piled into options that oil could surge even further after rising to the highest since 2008, with some even placing low-cost bets that futures surpass $200 before the end of March.
/jlne.ws/3MHxsYP
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Shanghai steps up defences against wave of asymptomatic COVID cases
Reuters
The Chinese financial hub of Shanghai is moving quickly to halt the spread of COVID-19 amid a rising wave of local symptomless cases, testing tens of thousands of people, delaying dozens of concerts and exhibitions and shutting some public venues.
/jlne.ws/34uN8gz
Pfizer Agrees to Supply Africa CDC with Covid Pill Paxlovid
Katarina Hoije and Janice Kew - Bloomberg
Pfizer Inc. has agreed to supply Africa with its Covid-19 pill, bringing a key virus-fighting tool to the continent. A document outlining the agreement between the drugmaker and the Africa Centres for Disease Control and Prevention is with the African Union's legal office, John Nkengasong, director of the Africa CDC said at a briefing on Thursday.
/jlne.ws/3MAJymx
Vaccines and Omicron mean Covid now less deadly than flu in England; Recent rise in hospital admissions shows decision to end restrictions still carries risks
John Burn-Murdoch and Oliver Barnes - FT
A combination of high levels of immunity and the reduced severity of the Omicron variant has rendered Covid-19 less lethal than influenza for the vast majority of people in England, according to a Financial Times analysis of official data.
/jlne.ws/3vUG4VT
Hong Kong's Covid-19 Death Rate Is the World's Highest Because of Unvaccinated Elderly; 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/3tKbprC
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Seeing the Future of Energy Through a Coal Company's Solar Strategy; Building renewables on old coal mining sites is a win-win
Nathaniel Bullard - Bloomberg
We are two weeks into Russia's invasion of Ukraine, and only just beginning to understand the long-term implications for energy, trade, technology and climate. I attempted a broad inquisitive view last week. Needless to say, it did not include specifics such as the U.S. and U.K. banning the importation of Russian oil, or a short squeeze sending the spot price of nickel to more than $100,000 a ton.
/jlne.ws/34uNOCD
ESG Fund Bosses Under Rising Pressure to Ax Gas as War Rages; Activist campaign calls EU plan 'unscientific and unjust'; Russia-Ukraine conflict shines light on Europe's gas reliance
John Ainger - Bloomberg
Asset managers are under renewed pressure to blacklist gas from ESG funds, as activists slam European plans to call the fossil fuel "green" in the middle of a war that has exposed the region's energy dependence on Russia.
/jlne.ws/3pTd796
Coal's Comeback in India Shows Scale of Climate Challenge; Coal-fired generation at a record in April-Feb., data show; Demand can accelerate domestic output, Deloitte says
Rajesh Kumar Singh - Bloomberg
Coal's share in India's power mix rose after five years of declines, underscoring Prime Minister Narendra Modi's challenge to overhaul the nation's energy sector and meet climate goals. The fuel contributed 69% of the country's total electricity generation in the first 11 months of the fiscal year to March, compared with about 68% a year earlier, Bloomberg calculations based on data from the Central Electricity Authority show. Power output from the fuel was at a record during the 11-month period, rising more than 10% over the year.
/jlne.ws/3sXJu8j
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | NN Investment Partners selects SDI Asset Owner Platform to further enhance SDG insights and SFDR reporting
Qontigo
The Sustainable Development Investments Asset Owner Platform (SDI AOP) and Qontigo, its exclusive distribution partner, have announced that asset manager NN Investment Partners (NN IP) has subscribed to the SDI AOP dataset, which allows users to enhance their investment decision making with data on the UN Sustainable Development Goals (SDGs). This data set supports NN IP's commitment to continuously enhance its ESG data and analytics models, using both internal and external sources.
/jlne.ws/3KDKUet
BlackRock Hedge Fund Raised Its Russia Bet, Suffered Record Loss; Emerging Frontiers Fund lost a tenth of its value in February; Fund increased its large wager on Russian stocks during month
Nishant Kumar - Bloomberg
One hedge fund team at BlackRock Inc. saw Vladimir Putin's invasion of Ukraine as a chance to buy more of the country's stocks. That decision has backfired. BlackRock's Emerging Frontiers Fund plunged over 10% in February, suffering the worst trading loss since it started more than a decade ago, according to people with knowledge of the matter and an investor document seen by Bloomberg. The fund, which was managing $960 million at the end of January, is now down about 7% this year, said the people, who asked not to be identified because the details are private.
/jlne.ws/3sYyLKO
Fidelity Trading Boom Lifts Johnson Family Wealth to $48 Billion; Family fortune rose by $6.2 billion after firm's 2021 results; Abigail Johnson, Fidelity's CEO, is now worth $21.5 billion
Jill R Shah - Bloomberg
The bet that Fidelity Investments made on retail investors who swarmed the stock market during the pandemic is paying off for Abigail Johnson and her family. The fortune of Fidelity's chief executive officer jumped to $21.5 billion after the closely held fund manager reported Wednesday that revenue rose 15% last year, according to the Bloomberg Billionaires Index. The family, which owns almost half the Boston-based company, is now worth $48 billion, an increase of $6.2 billion.
/jlne.ws/3I1NtF8
Deutsche Bank Sees $9 Billion in Payouts as Targets Raised; CEO Sewing lifts key profit goal after turning around lender; Russia exposure is 'well controlled,' CFO von Moltke says
Steven Arons and Nicholas Comfort - Bloomberg
Deutsche Bank AG's Christian Sewing vowed to raise profitability and flagged 8 billion euros ($8.8 billion) in potential capital distributions as he seeks to attract shareholders following his turnaround of Germany's largest lender.
/jlne.ws/3CulMDO
Pimco Amassed Billions of Exposure to Russia Debt Facing Default; The asset manager had both bond, derivative positions; CDS tied to Russia's debt suggest a high chance of default
Loukia Gyftopoulou and Laura Benitez - Bloomberg
Pacific Investment Management Co. built up billions of exposure to Russian debt, opening up its funds to losses as markets price in a default by the sovereign. The Newport Beach, California-based asset manager had at least $1.5 billion of sovereign debt, according to the latest fund filings compiled by Bloomberg. It had also placed about $1 billion of bets on Russia via the credit-default swap market as of Dec. 31, according to fund documents on its website. The Financial Times reported the holdings earlier on Thursday and said Pimco faces billions of dollars of losses should Russia default on its debt.
/jlne.ws/35EXcV7
Credit Suisse slashes executive bonuses after scandals at Archegos and Greensill; Lender also reveals $1.7bn gross credit exposure to Russia
Owen Walker - FT
Credit Suisse has chopped bonuses for it senior executives by 64 per cent after a year during which the bank suffered heavy losses from the collapse of family office Archegos Capital and specialist finance company Greensill. Chief executive Thomas Gottstein's overall pay decreased by 43 per cent to SFr3.8mn ($4mn), while his variable pay dropped 77 per cent. The highest paid executive at Credit Suisse last year was chief financial officer David Mathers, who received SFr4.1mn in total pay.
/jlne.ws/3vVUF3u
H2O defends big Russian rouble bet as it expects short war; Asset manager seeks to reassure investors that Russian currency will rebound
Robert Smith and Cynthia O'Murchu - FT
H2O Asset Management has defended an outsized bet on the Russian rouble that has left its investors with substantial losses, telling them it does not expect Vladimir Putin's invasion of Ukraine to develop into a lengthy conflict. The wager on the rouble marks out H2O, a former star of the European asset management industry that has lurched from crisis to crisis in recent years, from many investors who have cut their exposure to Russia since Putin sent troops into Ukraine two weeks ago.
/jlne.ws/3tIPam4
Bank of New York Mellon Chief Executive Todd Gibbons to Step Down; Vice Chair Robin Vince, a Goldman Sachs veteran, tapped to succeed him
Justin Baer - WSJ
Bank of New York Mellon Corp. BK 2.86% Chief Executive Todd Gibbons plans to retire, following a nearly three-year tenure in which he steered the custody bank through the upheaval of the coronavirus pandemic. The company is set to announce Thursday that it is naming Vice Chair Robin Vince, a former Goldman Sachs Group Inc. partner, to be its new CEO. Mr. Gibbons will step down on Aug. 31, with Mr. Vince serving as president and CEO-elect until then. Mr. Vince is also expected to replace Mr. Gibbons on the bank's board.
/jlne.ws/3pTFggm
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Japan Tobacco Suspends Investments in Russia, Joining Rivals
Kanoko Matsuyama and Corinne Gretler - Bloomberg
Japan Tobacco Inc., the largest cigarette producer in Russia, said it will suspend investments and marketing in that market, after rivals Philip Morris International Inc. and British American Tobacco Plc took similar steps. The company said Thursday it can't exclude the possibility of halting production in the country unless there's an improvement in the operating environment and geopolitical situation.
/jlne.ws/3MIkR7t
Sanctioned Russian Billionaires Resign From Alfa-Bank Owner
Benjamin Stupples -Bloomberg
Mikhail Fridman and Petr Aven, two of the billionaires behind investment firm LetterOne, have resigned from the owner of one of Russia's biggest banks in the fallout from the war in Ukraine. Fridman, 57, and Aven, 66, stepped down as directors of Alfa-Bank parent ABH Holdings, according to a March 3 registry filing, days after the European Union imposed sanctions on the pair.
/jlne.ws/3I73Y36
Russia Says It Has Enough Energy Buyers Even With Sanctions
Bloomberg News
Russia has enough buyers for its oil and gas even as Western nations and their allies impose sanctions in response to the invasion of Ukraine, according to a top Kremlin official. "We will not persuade anyone to buy our oil and gas," Russian Foreign Minister Sergei Lavrov said Thursday at a briefing in Turkey following a meeting with his Ukrainian counterpart Dmytro Kuleba. "If they want to replace it with something, they are welcome, we will have supply markets, we already have them."
/jlne.ws/3hWhQT1
World's Oil Giant Adds to Diesel Strain With Rare Buy Tender; Aramco seeks to buy 1.2-4.6m bbls of diesel for Saudi Arabia; Move is straining a market already headed into a global crunch
Elizabeth Low and Sharon Cho - Bloomberg
Oil kingpin Saudi Arabia is seeking to purchase an unusually large amount of diesel in a surprise move for the net exporter, adding strain when diesel markets already are in short supply.
/jlne.ws/3pUUph7
Rio Moves to Stop Shipments to Russian-Owned Alumina Plant; Rio is looking to stop bauxite shipments to key Rusal plant; Move comes as Deripaska sanctioned by U.K., aluminum jumps
Thomas Biesheuvel and Archie Hunter - Bloomberg
Rio Tinto Group plans to stop supplying bauxite and sourcing alumina from a United Co. Rusal International PJSC refinery in Ireland that's a key supplier to Europe's aluminum industry, spreading fresh turmoil to international metal markets. Russia's invasion of Ukraine has upended commodity markets, with prices of everything from oil to wheat soaring over the past two weeks. The war is starting to have wider repercussions as sanctions and self-imposed restrictions on Russian businesses start to choke off shipments from one of the world's biggest exporters of raw materials.
/jlne.ws/3pTsG0k
Rio Tinto to Sever All Commercial Ties With Russian Business; Miner has alumina joint venture with Rusal in Queensland; Resources firms are withdrawing from operations in Russia
James Thornhill - Bloomberg
Rio Tinto Group has joined the ranks of multinationals shunning Russia following the country's invasion of Ukraine, calling into question the fate of its alumina joint venture with Moscow-based United Co. Rusal International PJSC.
/jlne.ws/3Kxr8RM
Caterpillar, Deere Join Firms Suspending Business in Russia; Deere halts farm equipment shipments to Russia, Belarus; Caterpillar suspends operations at factories in Russia
Joe Deaux - Bloomberg
Two of the world's largest manufacturers of machinery equipment needed for everything from farms to construction sites said they suspended business in Russia following the nation's invasion of Ukraine, further isolating the country from the global economy.
/jlne.ws/3sYlUs8
Hilton, Hyatt Stop Developing New Hotels in Russia
Patrick Clark - Bloomberg
Marriott International Inc. and Hilton Worldwide Holdings Inc. are suspending the development of new hotels in Russia, joining a corporate backlash against the invasion of Ukraine. The announcements follow decisions by McDonald's Corp., Starbucks Corp., and other iconic U.S. brands to stop doing business in the country. Neither Marriott nor Hilton has halted operations at existing hotels. Russia's government has outlined a proposal to seize and even nationalize some foreign-owned businesses that leave the market.
/jlne.ws/34BrzLy
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| Miscellaneous | | Stories that don't quite fit under the other sections | AME Church Halts Retiree Payouts Amid Probe Into Missing Funds; Ministers worry about their savings after church says law enforcement has opened investigation
Theo Francis - WSJ
The African Methodist Episcopal Church, among the largest U.S. Protestant denominations, has suspended retirement payments and discussed steep cuts to the savings of its ministers amid an investigation into missing funds, according to church documents and officials. The church said federal law enforcement and an outside law firm are investigating "a possible financial crime" involving funds managed by its retirement-services department covering about 5,000 participants, including ministers and bishops.
/jlne.ws/3Cxh34f
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