| February 09, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
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Hits & Takes
JLN Staff
Dutch Ilya Lichtenstein and Heather R. Morgan were arrested in the case tied to the 2016 hack of crypto exchange Bitfinex and the laundering of $4.5 billion in Bitcoin that was worth $71 million when first stolen. They made bail and have matching ankle bracelets. She is a highly educated freelance columnist for Forbes and Inc. Magazine, among other roles, who is a second degree connection to me on LinkedIn, according to her profile. I have five connections who are first degree connections to her. Lichtenstein is a third degree connection, but could have been much closer considering he and I graduated from the same high school, Glenbrook South in Glenview, IL. He would have overlapped at Glenbrook South with another graduate, Patrick Lothian, my nephew and head of video production here at John J. Lothian & Company, Inc.
I am a little confused by the stories on this though, some say it was a $3.6 billion hack and laundering and other stories say it was a $4.5 billion hack and laundering. I decided to go with the $4.5 billion number and put a little more sizzle on this steak. It is also the number the Feds used in their report. If you want to go into the weeds of this story, the defendants' attempt to launder the Bitcoin and how the U.S. Department of Justice tracked them down, check out this report from the DOJ. And for the record, this seizure makes the U.S. government the largest holder of Bitcoin of any government in the world right now. However, the U.S. will work with Bitfinex to "follow appropriate legal processes" to establish Bitfinex's rights to a return of the stolen bitcoin.
I won't go into some of the crazier things about Heather Morgan, though I will say she was very efficient after making bail of taking down her YouTube videos.
The stereotype is that women are criticized for their looks, or style choices. Just for the record, the tables were turned and the FT has a story with the headline "Why is Jeff Bezos such a terrible dresser?" I mean give the guy a break already, if you only shopped at Amazon, your wardrobe might be a little off too. I know mine is.
FOW has graced us all with a story in front of the FOW curtain for all to see titled "Todd settles into life at Trading Technologies." It is the story of a boy named Todd. No, wait, the CEO's last name is Todd, Keith Todd. The whole two first name thing always throws me. Actually, this is an in depth story by Luke Jeffs (another two first name dude, or does the plural Jeffs make it a three?) that looks at Keith, his role at TT and his plans for TT's future.
The FIA Law & Compliance Division is holding a webinar on March 3 titled "The Archegos Rules: What the SEC's Security-Based Swap Proposals Mean for Your Business" at 10 a.m. ET featuring Peter Petraro, Brian Rabbitt and Josh Sterling of Jones Day. they will look at the proposals and what they will mean for your business—from both a transactional perspective and the enforcement viewpoint of former senior federal regulators. Register HERE.
Speaking of the Law & Compliance Division of the FIA, its conference is set for April 27 to 29 in Washington and is open for registration. Register before April 8 to save. Registration and details are HERE.
Sandra Ro, CEO of the Global Blockchain Business Council - USA will testify before the United States Senate Committee on Agriculture, Nutrition, and Forestry during the full committee hearing on "Examining Digital Assets: Risks, Regulation, and Innovation" with CFTC Chairman Rostin Behnam, FTX CEO Sam Bankman-Fried, Chamber of Digital Commerce Founder & President Perianne Boring and Wharton Professor Kevin Werbach, author of The Blockchain and the New Architecture of Trust, at 10 a.m. ET today. You can watch the hearing live with this LINK.
Eventus has a full page of jobs they are looking to fill, but have two positions on their marketing team, a marketing manager for EMEA and another a marketing associate for the U.S. Details of their complete list of job openings is HERE. Also at Eventus, David Mitchell has been promoted to regional managing director, America's.
ICE is looking for an inside sales specialist in New York for ICE Data Services. Details are HERE.
Transcend, a firm that optimizes collateral, liquidity and funding in real-time is the latest firm to join the FIA.
The Full FX is one year old and Colin Lambert penned a note titled 'A Big "Thank You"' to commemorate the anniversary and thank everyone for their support. Happy birthday The Full FX and congratulations to Colin Lambert, Michelle Hemstedt and Cindy Jiang for this achievement.
Later this morning we will be publishing an interview I did with John Damgard, former president of the FIA, in 2019 at the FIA Boca Raton conference for The History of Financial Futures video series. Damgard talks about the founding of the CFTC, FIA and NFA and more that resulted from the introduction of financial futures.
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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Todd settles into life at Trading Technologies
Luke Jeffs - FOW
There aren't many people in derivatives who know more about building a software business than Keith Todd.
Cutting his teeth in telecoms where he rose to become head of ICL before it rebranded Fujitsu Services, Todd arrived in derivatives as executive chairman and chief executive of FFastFill, which he sold in 2013 to TT's main rival ION Group.More recently, he founded and ran KRM22, a tech firm with an innovative take on risk, and then became on December 21 chief executive of Trading Technologies, when private equity consortium 7Ridge comprising Cboe Global Markets and Singapore Exchange (SGX) completed its acquisition of TT.
/jlne.ws/3gDwiyp
***** Keith and the investors have big plans for TT. Now comes the execution.~JJL
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100 Million Americans Can Legally Bet on the Super Bowl. Sports Will Never Be the Same; The first Super Bowl of the online betting era is upon us, and it's going to be wild.
Peter Robison and Ira Boudway - Bloomberg
A decade ago, one knowledgeable authority had deep reservations about the idea of the National Football League ever embracing legalized gambling. It would create a corrosive atmosphere in which every penalty or dropped pass—the normal ebbs and flows of games—"inevitably will fuel speculation, distrust, and accusations of point-shaving or game-fixing." The moralist was none other than NFL Commissioner Roger Goodell, declaring the league's opposition to expanding sports bookmaking outside of Nevada.
/jlne.ws/3rALPFA
***** Sometimes I think we are turning into the world of the "Back to the Future" movies after Biff has stolen the almanac with all the future winners listed in it. Dystopian to say the least.~JJL
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Crypto Exchanges Make Their Super Bowl Debut at Critical Time
Akayla Gardner and Martine Paris - Bloomberg
FTX, Crypto.com will run ads during Sunday's football game; Some 30-second Super Bowl ads sold for $7 million this year
It's a testing time for crypto exchanges to be making their Super Bowl ad debuts. Recruiting new users can be simple when prices are skyrocketing. It's a bit harder after tokens like Bitcoin and Ethereum have lost some steam, now down 35% from all-time highs.
/jlne.ws/3so4cwR
***** Hundreds of millions of dollars are being spent on advertising and Hollywood style production of commercials for this year's Super Bowl. Every year is a record, but the crypto crowd is taking it to a new level.~JJL
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America 2022: Where Everyone Has Rights and No One Has Responsibilities
Thomas L. Friedman - NY Times
The conflict between Neil Young and Joe Rogan over the anti-vaccine propaganda Rogan spreads through his podcast triggered a heated debate over the boundaries of free speech on platforms like Spotify and whether one entertainer — Young — had the right to tell Spotify to drop another — Rogan — or he'd leave himself. But this clash was about something more than free speech. As a journalist who relies on freedom of speech, I would never advocate tossing Rogan off Spotify. But as a citizen, I sure appreciated Young calling him out over the deeper issue: How is it that we have morphed into a country where people claim endless "rights" while fewer and fewer believe they have any "responsibilities."
/jlne.ws/3oDU167
***** We do have responsibility to each other, our communities, our country, our planet. But sometimes we are blind and need to see, sometimes when we are lost, we need to be found. Sometimes we need to see the grace that is ours from shouldering those responsibilities to each other.~JJL
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Relentless Wall Street Billionaire Has a Secret Cause; Carl Icahn, the investor known for his campaigns against CEOs and rivals, is pressing McDonald's for better treatment of pigs; 'Animals are one of the things I feel really emotional about'
Cara Lombardo - WSJ
Carl Icahn, the billionaire investor known for his relentless campaigns against CEOs and rivals, has a secret cause that he has pursued for a decade. In 2012, McDonald's Corp. pledged to stop buying pork for its Bacon McDouble cheeseburgers, McRib sandwiches and the like by 2022 from producers who use small crates to constrain pregnant swine. Left unmentioned was that Mr. Icahn had pushed for the change behind the scenes.
/jlne.ws/3oX9Kxx
***** I would love to see a commercial for this cause.~JJL
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Tuesday's Top Three
Our most read story yesterday was TMX's, Switch Risk in Futures: A Refresher. Second, and the second time on this list, was The Atlantic's, The COVID Jerk. Third, from CoinTelegraph, was Crypto exchange FTX.US to give away Bitcoin as part of Super Bowl ad. Gives new meaning to, "I watch it for the ads."
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | Retail investors lose out when brokers sell their orders, Dutch regulator warns; AFM study adds to regulatory scrutiny of controversial trading practice
Philip Stafford - FT
The Dutch markets watchdog has warned that retail customers usually get a worse price when their trades are sent to venues that pay for investors' orders, adding to intense regulatory scrutiny of the controversial practice. A study by the Dutch Authority for the Financial Markets (AFM), published on Wednesday, will add fuel to EU regulators' scrutiny of payment for order flow, a process whereby brokers sell their customers' orders to market intermediaries.
/jlne.ws/3gzkjlF
'Crocodile of Wall Street' Arrested in Bitcoin Scandal Made for Crypto Era; Heather Morgan and Ilya Lichtenstein's world of TED talk-style speeches and music videos collapsed around them when they were arrested over stolen Bitcoin worth $4.5 billion.
Paulina Cachero and Misyrlena Egkolfopoulou - Bloomberg
They are, to hear the feds tell it, a Bonnie and Clyde for the crypto age — made-for-TikTok personalities who broke bad, glamorously, right before their followers' eyes. She billed herself as "The Crocodile of Wall Street" and "Razzlekhan," a surrealist artist and rapper with tattooed hands and, she boasted, more pizzazz than Genghis Khan.
/jlne.ws/3rDs40o
'Full blown' pandemic phase of Covid nearly over in US, declares Anthony Fauci; Biden's top medical adviser says Americans will soon make 'own decisions' on dealing with virus
Kiran Stacey - FT
The US is heading out of the "full blown" pandemic phase of Covid-19, Joe Biden's chief medical adviser said, as he predicted a combination of vaccinations, treatments and prior infection would soon make the virus more manageable.
/jlne.ws/3GDokQv
CFTC Chair to Testify on Cryptocurrencies as Congress Weighs Legislation; Lawmakers are considering whether agency needs additional authority to police market
Paul Kiernan - WSJ
The nation's top derivatives regulator is set to testify Wednesday about cryptocurrencies before a congressional panel that is weighing the need for new legislation to bring the volatile asset class under government oversight. Rostin Behnam, the recently confirmed chairman of the Commodity Futures Trading Commission, is appearing before the Senate Agriculture Committee for a hearing examining risks, regulation and innovation in the cryptocurrency industry. Additional witnesses include billionaire cryptocurrency entrepreneur Sam Bankman-Fried.
/jlne.ws/3B7UdzJ
Landmark Credit Suisse money laundering trial opens; Prosecutors allege bank processed millions of euros of transactions for Bulgarian mafia
Sam Jones - FT
Credit Suisse became the first Swiss bank in the country's history to answer criminal charges on Monday, with the opening of a case involving millions of euros in allegedly laundered drug money. At the centre of the trial are allegations, set out in a 500-page indictment, about the bank's processing of funds for a Bulgarian mafia between 2004 and 2008.
/jlne.ws/3B9Ks3N
Justice Department Says It Seized $3.6 Billion Worth of Bitcoin Stolen in 2016 Hack; The value of the bitcoin at the time it was seized last week marks the department's largest-ever financial seizure
Dustin Volz
The Justice Department said Tuesday it seized over $3.6 billion worth of digital currency stolen during a hack of a cryptocurrency exchange and arrested two suspects for allegedly trying to launder the proceeds. The value of the cryptocurrency at the time it was seized last week marks the largest financial seizure ever by the Justice Department, officials said.
/jlne.ws/3B73fgm
U.S. accuses couple of laundering $4.5 billion in Bitcoin tied to big 2016 hack
Sarah N. Lynch and Raphael Satter - Reuters
The U.S. Justice Department said on Tuesday it has unraveled its biggest-ever cryptocurrency theft, seizing a record-shattering $3.6 billion in Bitcoin tied to the 2016 hack of digital currency exchange Bitfinex. A husband-and-wife team of alleged money launderers was arrested in Manhattan on Tuesday morning, it added.
/jlne.ws/3B8McKD
Bitfinex Hack New Twist: Two Arrested in Israel After $1.5M Moved; As Israel arrests hackers with military training over the Bitfinex hack, CT talks with cybersecurity experts about the infamous cyber attack.
Joseph Birch - Cointelegraph
One of the most prominent crypto cybercrimes in recent years took a dramatic turn on June 23, when two Israeli brothers were arrested in connection with the 2016 Bitfinex hack and other crypto-related phishing attacks.
/jlne.ws/35OD9mz
Behind Wall Street's Big Paydays; Banks worry outsized compensation may not be enough to hold onto top performers.
Andrew Ross Sorkin, Jason Karaian, Sarah Kessler, Stephen Gandel, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni - NY Times
Big banks are responding to the "Great Resignation" by writing big checks. To keep workers from leaving, Wall Street institutions have been raising pay and bonuses for everyone from senior executives to junior bankers. The thing is, it may not be enough, The Times's Lananh Nguyen reports.
/jlne.ws/3Jcg3EU
Crypto exchange CrossTower launches OTC for Indian HNIs, institutional investors; Cryptocurrency exchange CrossTower has announced the launch of its personalised 'Over the Counter' services for its Indian users
FE Online
Crypto exchange CrossTower has announced the launch of its personalised 'Over the Counter' services for its Indian users. With the new feature, CrossTower aims to guide, assist and enable High-net-worth individuals (HNIs) and institutional investors to trade in crypto assets, the exchange said in a statement.
/jlne.ws/34ElcGR
Forget About Fiat Currencies: Voyager to Let Users Buy Stocks With Crypto
Yueqi Yang - Bloomberg
Platform plans to accept stablecoin USDC for equity trades; Crypto platform to also launch NFT feature and boost hirings
The disparate worlds of equities and crypto are set to move closer together: Voyager Digital Ltd. is planning to launch a feature later this year that will allow customers to buy traditional stocks using the stablecoin USDC. Voyager's new offering is a result of a joint venture announced in May with Market Rebellion to operate a regulated broker-dealer, which will handle equity trades on behalf of Voyager's customers. Stablecoins like USDC, which is operated by Circle, are designed to closely track a traditional currency or other asset, in this case the U.S. dollar.
/jlne.ws/3LlZZSN
Cantor Trader on Trial for Taking 'Off the Books' Commissions
Chris Dolmetsch - Bloomberg
Adam Mattessich claims arrangement didn't violate SEC rules; Cantor's former equities boss Phil Marber expected to testify
For over a decade, even after he was promoted to Cantor Fitzgerald LP's global co-head of equities, Adam Mattessich received personal checks from other traders who paid him half their commissions from certain clients. Whether he did anything wrong is at issue in a trial that gets underway Wednesday in Manhattan federal court. Mattessich, who resigned from Cantor in 2018, doesn't deny the conduct alleged in a Securities and Exchange Commission lawsuit but claims the firm's equities division had a permissive culture in which such arrangements were "open and notorious," and traders received no compliance training to suggest they were not allowed.
/jlne.ws/3B9K0CD
Credit Suisse shareholders take aim at vice-chair following scandals; Two major investors say they will vote against re-election of Severin Schwan if he is proposed
Owen Walker and Stephen Morris - FT
Credit Suisse investors have warned that they will try to block any move to extend the tenure of the bank's longtime vice-chair Severin Schwan, as the scandal-hit lender faces growing pressure to rebuild its reputation.
/jlne.ws/34JVIHY
US arrests two and seizes $3.6bn in cryptocurrency from Bitfinex hack; Prosecutors charge New York-based couple with conspiring to launder billions stolen in 2016 breach
Stefania Palma and Hannah Murphy - FT
The US Department of Justice has arrested two people and confiscated more than $3.6bn worth of cryptocurrency that it said was stolen during the high-profile 2016 hack of the Bitfinex exchange, executing the government agency's largest financial seizure.
/jlne.ws/35P12ue
What Happens When More Companies Start Acting Like Banks? Financial services are being upended as many non-banking brands begin to enter the market.
Image may contain Human and Person
Sonali De Rycker - Wired
The pandemic has forced many businesses to change the way they serve their customers. At the same time, customer expectations have also grown, and these positive transformations will last for some time. In 2022, they will be joined by an upending of the way businesses help their customers with money. Thanks to what is known as "embedded finance", 2022 will be the year that any organisation can become a financial-services company.
/jlne.ws/3ssP4hF
NYC Couple Caught in $4.5 Billion Bitcoin Scandal Are Crypto Era Bonnie and Clyde; Heather Morgan and Ilya Lichtenstein's world of TED talk-style speeches and music videos collapsed around them when they were arrested over stolen Bitcoin worth $4.5 billion.
Paulina Cachero and Misyrlena Egkolfopoulou - Bloomberg
They are, to hear the feds tell it, a Bonnie and Clyde for the crypto age — made-for-TikTok personalities who broke bad, glamorously, right before their followers' eyes. She billed herself as "The Crocodile of Wall Street" and "Razzlekhan," a surrealist artist and rapper with tattooed hands and, she boasted, more pizzazz than Genghis Khan.
/jlne.ws/3rDs40o
BNP Paribas Wants to Be Europe's Global Investment Bank; France's top lender filled out its equities business last year in a bid to become a European bank with a wider reach
Rochelle Toplensky - WSJ
The European lender with the most ambitious plans to create a U.S.-style full-service global investment bank these days is France's BNP Paribas. BNPQY -0.13% Fourth-quarter results Tuesday showed what a challenge that can be. Continental Europe's largest bank by market value reported decent overall numbers, flattered by lower loan losses. Revenue and profits grew last quarter, creating a comfortable capital buffer of 12.9% and delivering a return on tangible equity of 10%. But BNP's global-markets division trailed the performance of U.S. rivals on both the top and bottom lines because of normalizing markets.
/jlne.ws/3srRhtO
AFME welcomes 3-year extension to Euro clearing
AFME
? Commenting on the proposals from the European Commission today, Pete Tomlinson, Director of Post Trade at AFME, said:
"AFME welcomes the decision from the European Commission to extend the equivalence period for UK CCPs until 30 June 2025. This is an important step towards avoiding a significant financial stability risk and provides medium-term certainty for EU market participants. AFME continues to believe that voluntary, market-driven initiatives are important to help achieve the Commission's stated objective of growing clearing volumes in EU market infrastructures. We look forward to considering the accompanying Commission consultation in more detail."
/jlne.ws/3rBNCu7
UBS Loses Bid to Dodge Chinese Billionaire's $500 Million Suit
Ellen Milligan - Bloomberg
Judge says London is the right place to rule on the case; Businessman alleges negligence after investment was wiped out
UBS Group AG lost its bid to throw out a $500 million lawsuit brought by an exiled Chinese billionaire over a costly margin call in 2015. A London judge ruled that the U.K. does have the right to hear the case brought by Guo Wengui, a wealthy businessman with close ties to former Donald Trump adviser Steve Bannon, meaning the suit can continue to trial. It's a blow for UBS who had sought to get part of the case dismissed on jurisdiction grounds.
/jlne.ws/3JdRCXF
SoftBank looks to bypass UK in favour of Nasdaq Arm listing; Collapse of Nvidia sale sparks political and corporate battle over London or New York IPO
Anna Gross, Tim Bradshaw, Arash Massoudi and Jim Pickard, Richard Waters, Antoni Slodkowski and Leo Lewis - FT
Japan's SoftBank plans to list one of Britain's most successful tech companies in New York after a $66bn sale to Nvidia fell through, in a move that has sparked a political and corporate battle over the future home of Arm Holdings.
/jlne.ws/34MqMqz
Charles River and LedgerEdge Announce Collaboration to Provide DLT-Enabled Corporate Bond Liquidity and Trading Services
Charles River
Charles River Development, a State Street Company, today announced a collaboration with LedgerEdge to provide investment firms with access to corporate bond liquidity from the LedgerEdge ecosystem via the Charles River Inventory Hub and Order and Execution Management System (OEMS).
/jlne.ws/3ryReNw
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Hong Kong Set to Report More Than 1,100 New Coronavirus Cases
Jinshan Hong - Bloomberg
Hong Kong will report more than 1,100 coronavirus cases on Wednesday, as the city's worsening outbreak prompts the government to roll out its toughest ever pandemic measures. The city will announce an almost doubling of cases from a day earlier, local media reported, citing people they didn't identify, and it would be the first time daily infections have crossed the four-digit threshold. There's also set to be about 800 preliminary positive cases.
/jlne.ws/3uzqtu6
Johnson Suggests All U.K. Covid Rules to Be Lifted This Month
Alex Morales and Emily Ashton - Bloomberg
Prime Minister Boris Johnson indicated the U.K.'s remaining Covid regulations, including the requirement for positive cases to self-isolate, will be removed later this month as the country pivots to a new strategy of living with the virus.
/jlne.ws/3BaCSWP
Why the World Needs China's Covid-Zero Policy; The alternative is a massive surge in infections and deaths that could bring global supply chains to a halt, sending inflation higher.
James Mayger - Blomberg
Over the past two years, China's zero-tolerance policy of lockdowns, mass testing, and strict border quarantines for Covid-19 has prevented a huge number of deaths at home and ensured that everything from iPhones and Teslas to fertilizer and car parts continues to flow to the rest of the world.
/jlne.ws/34lzdtr
Dropping Indoor Mask Mandate, New York Joins Blue States Easing Covid Rules; After a scare in November, New Jersey's governor and other Democratic leaders held back-channel talks over lifting mandates and helping voters impatient with restrictions reclaim a sense of normalcy.
Lisa Lerer, Luis Ferré-Sadurní and Astead W. Herndon - NY Times
Gov. Kathy Hochul will drop New York's stringent indoor mask mandate on Wednesday, ending a requirement that businesses ask customers for proof of full vaccination or require mask wearing at all times, and marking a turning point in the state's coronavirus response, according to three people briefed on her decision.
/jlne.ws/3GGQVV4
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group Inc. Reports Fourth-Quarter and Full-Year 2021 Financial Results
CME Group
CME Group Inc. (NASDAQ: CME) today reported financial results for the fourth quarter and full year of 2021. The company reported revenue of $1.1 billion and operating income of $632 million for the fourth quarter of 2021. Net income was $625 million and diluted earnings per common share were $1.71. On an adjusted basis, net income was $608 million and diluted earnings per common share were $1.66. Financial results presented on an adjusted basis for the fourth quarter of 2021 and 2020 exclude certain items, which are detailed in the reconciliation of non-GAAP results.1
/jlne.ws/3B79UXU
Looming court battle could void SEC's market data efforts Litigation preview: What will the big exchanges argue in a court case to reverse the SEC's initiatives?
Joanna Wright - Waters Technology
Next month the industry will see the culmination of a legal battle between the largest exchange groups—the New York Stock Exchange (Nyse), Cboe, and Nasdaq (the petitioners in the case)—and the Securities and Exchange Commission (SEC). The exchanges want the US Court of Appeals for the District of Columbia to void two initiatives by the SEC aimed at modernizing the way National Market System (NMS) data is disseminated to subscribers. On March 18, the court will hear oral arguments in the case
/jlne.ws/3oAANhL
Euronext announces the launch of Tech Leaders, the segment dedicated to Tech companies, with a full suite of pre-IPO and post-IPO services
Euronext
The Tech Leaders segment will include high-growth listed Tech companies that meet a set of financial and non-financial criteria, and will benefit from dedicated post-IPO services; This strong commitment to the Tech sector will also include a set of pre-IPO services for private Tech companies that have not yet listed and are considering an IPO on Euronext markets
Euronext, the leading European market infrastructure, today announced the forthcoming launch of Tech Leaders, a segment dedicated to highlighting the visibility and attractiveness of high-growth listed Tech companies among international investors, together with a suite of services to support them all along their financial journey. Alongside this segment, Euronext is launching a full suite of pre-IPO services to attract private Tech listing candidates to Euronext's markets, supporting their growth financing needs.
/jlne.ws/3B6a4Pf
Cboe's European Derivatives Market Beats Expectations
Shanny Basar - MarketsMedia
Volumes on Cboe Europe Derivatives (CEDX) in January 2022 have overtaken last year after the platform launched in September 2021 and the product suite is being expanded. CEDX, an Amsterdam-based futures and options venue, launched with clearing provided by EuroCCP, Cboe's pan-European clearing house. Ed Tilly, chairman, president and chief executive of Cboe Global Markets, said on the results call that the number of participants trading and volume on CEDX continued to grow month over month in 2021.
/jlne.ws/3Jb2q8Z
Agreement between Athens Exchange Group (ATHEX Group) and the Romanian Commodities Exchange (BRM) for the provision of post-trading services
Athens Stock Exchange Posted
ATHEX Group and the Romanian Commodities Exchange (BRM) signed an agreement for the provision of post trading services to the Romanian Natural Gas Futures traded on BRM market.
The scope of this agreement comprises the support of ATHEX Group to BRM regarding BRM's endeavors for the development of Futures products on its Gas Day Ahead Spot Market Index and the provision of clearing, settlement, and risk management of transactions on the said products by ATHEXClear under its capacity as an EMIR authorized CCP under EU legislation. Euro will be the currency for the settlement of the transactions.
/jlne.ws/3rABjOx
Regional value creation through green hydrogen
Josephine Möslein
The title of my master thesis is "Regional economic and employment effects through green hydrogen production and storage in model regions of Germany".
Green hydrogen implementation in the energy system is a challenge that affects the whole economy. It is one of the most prominent and promising approaches to achieving a sustainable future. In contrast to grey and blue hydrogen, green hydrogen is characterized by its CO2-free generation. Especially the energy sector needs advanced flexibility options, facing high volatility due to an increased share of renewable energy (RE) sources. As an energy carrier, hydrogen can be used as energy storage and could be an essential element for integrating RE into the energy system. Further, it can act as a substitute for fossil fuels and contribute to environmental issues or the depletion of natural resources. Besides, a transition to a more decentralized energy generation may lead to modifications of municipality economies.
/jlne.ws/3B8vT0m
Iran Fara Bourse: New Instructions to Facilitate Market-makers
Iran Fara Bourse Via FEAS
CEO Meysam Fadaee reports : Capital market authorities approve instructions on market-making, which aims to facilitate trades and increase liquidity. The new instruction allows the market-maker to halve commitments for minimum daily trades and minimum accumulated order under discretion.
/jlne.ws/3uDAFlC
Euroclear launches SDR penalty appeals process using Taskize; New functionality builds on existing client service channel.
Richard Schwartz - The Trade
Following the implementation of the CSDR Settlement Discipline Regime on 1 February, Euroclear is using Taskize, the provider of inter-company workflow to the financial services industry, as the preferred channel for its members to appeal penalties at both the ICSD and its domestic CSDs.
/jlne.ws/3HDVq41
Unscheduled change in the MDAX
Deutsche Börse Group
STOXX Ltd., the global index provider of Qontigo, has announced an extraordinary change in the index composition of the MDAX. alstria office REIT AG is deleted from the MDAX because the free float has fallen below ten percent in connection with a takeover. According to the rules of the " Guide to the DAX Equity Indices ", Chapter 4.1.1.1, a free float of at least ten percent is required to be included in the DAX selection indices.
/jlne.ws/3rCryj9
Stock Admission- China Connect Securities under Shenzhen-Hong Kong Stock Connect
HKEX
/jlne.ws/3GEIsBZ
Reminder on Payment Obligations of Clearing Participants
HKEX - THE SEHK OPTIONS CLEARING HOUSE LIMITED
SEHK Options Clearing House Limited (SEOCH) considers it appropriate to remind all participants of the importance of having proper risk management and robust funding arrangements in place to adequately monitor their exposures and fulfill their payment obligations to SEOCH on time to ensure the smooth operations of the derivatives market.
/jlne.ws/3oDcwHM
Reminder on Payment Obligations of Clearing Participants
HKEX - HKFE CLEARING CORPORATION LIMITED
HKFE Clearing Corporation Limited (HKCC) considers it appropriate to remind all participants
of the importance of having proper risk management and robust funding arrangements in place
to adequately monitor their exposures and fulfill their payment obligations to HKCC on time to
ensure the smooth operations of the derivatives market.
/jlne.ws/3GEdoCr
Subject: Reminder on Payment Obligations of Clearing Participants
HKEX - HONG KONG SECURITIES CLEARING COMPANY LIMITED
Hong Kong Securities Clearing Company Limited (HKSCC) considers it appropriate to remind all participants of the importance of having proper risk management and robust funding arrangements in place to adequately monitor their exposures and fulfill their payment obligations to HKSCC on time to ensure the smooth operations of Hong Kong and China Connect markets.
/jlne.ws/3GxiGQ5
Delisting of Securities of China XD Plastics Company Limited and Advaxis, Inc. from The Nasdaq Stock Market
Nasdaq
The Nasdaq Stock Market announced today that it will delist the common stock of China XD Plastics Company Limited. China XD Plastics Company Limited's common stock was suspended on October 29, 2021 and has not traded on Nasdaq since that time.
/jlne.ws/3owSYF2
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Microsoft Teams is getting a new LinkedIn integration; Chat participants will see each others' social network profiles from March
Danny Bradbury - ITPRO.co.uk
Microsoft Teams is getting a new LinkedIn integration that will give users access to colleagues' profiles on the professional social networking site.
/jlne.ws/3svEgzg
Is your firm violating exchange audit trail regulations?
Chris Haworth - BornTec
How certain are you that your company is compliant with CFTC and Exchange "Audit Trail Requirements"? Some firms would ascribe a fairly high degree of confidence. Our data shows this confidence is mis-placed. BornTec's analysis shows that utilizing typical industry practices, there will be missing, invalid or corrupted data much of the time.
/jlne.ws/3HHx3CO
There Are Now 1,000 Unicorn Startups Worth $1 Billion or More; Almost a decade after the term "unicorn" was coined to describe a rare breed of private company, about two new companies are joining the herd daily.
Ellen Huet - Bloomberg
Hubert Palan signed on to Zoom from his home in Oakland, Calif., on Feb. 2 and prepared to address the 400 or so employees at his startup, Productboard Inc. As chief executive officer, he had big news: Productboard had just raised a new round of funding at a valuation of $1.7 billion. That meant the company could now officially call itself a unicorn—the term for a startup that investors deem worth $1 billion or more.
/jlne.ws/3GBLs20
Digital payments group Adyen reports 70% jump in transactions; Dutch company says its strategy of targeting online and offline sales is paying off
Siddharth Venkataramakrishnan - FT
Dutch payments group Adyen has reported a 70 per cent jump in transactions in 2021, boosted by the shift to digital accelerated by the coronavirus pandemic. Adyen acts as a middleman between other payment companies and merchants including Uber, LinkedIn, Spotify and Microsoft. Its share price rose 10 per cent on Wednesday after strong full-year results.
/jlne.ws/34Eqe6d
Pico launches Corvil Electronic Trading Data Warehouse; The new solution will provide precision visibility into trade execution, helping participants make faster, more effective decisions.
Wesley Bray - The Trade
Infrastructure and technology provider Pico has enhanced the capabilities of its Corvil Analytics product suite with the launch of the Corvil Electronic Trading Data Warehouse.
/jlne.ws/3GKdMzm
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| Cybersecurity | | Top stories for cybersecurity | Banks Told to Be Vigilant on Cyber Risk as Russia Tensions Rise
Nicholas Comfort - Bloomberg
European regulators are telling the region's banks to keep a close eye on potential hacking attacks as tensions with Russia rise over Ukraine. The European Central Bank has reminded banks in recent weeks to keep up their cyber defenses, according to a person briefed on the discussions. And Germany's top banking regulator said this week that hacking attacks are a key concern of bank executives in the current environment.
/jlne.ws/3B7IKjF
Microsoft (MSFT) Considering Possible Deal For Mandiant (MNDT)
William Turton, Liana Baker and Dina Bass - Bloomberg
Microsoft Corp. is in talks to acquire cybersecurity research and incident response company Mandiant Inc., according to people familiar with the discussions, a deal that would bolster efforts to protect customers from hacks and breaches.
The deliberations may not result in an offer, said the people, who asked not to be identified because the talks are private. Mandiant and Microsoft declined to comment. Mandiant shares surged 18% in New York, bringing its market value to almost $4.3 billion. Microsoft stock gained 1.2% to $304.56.
/jlne.ws/3GDsd83
Iran Malware in HPE Server Stuns Cybersecurity Experts
Jordan Robertson - Bloomberg
In the final days of 2021, a cybersecurity firm in Iran detailed a startling discovery: a mysterious piece of malicious code in a server made by Texas-based Hewlett Packard Enterprise Co.
The Tehran-based company, Amnpardaz Software Co., is little known outside of Iran. The same can be said about cybersecurity inside the country: For most of the world, visibility inside Iran is vanishingly low.
/jlne.ws/337pfLk
Consolidation and automation key as cybersecurity becomes a competitive edge in 2022
Purandar Das - Security Magazine
We took two steps forward and three steps back. That's what 2021 feels like when we realize that cybersecurity incidents have risen 125% year over year. Work from home (WFH), rapid cloud infrastructure adoption, ransomware as a service (RaaS), and services stretched security teams even thinner in a market already reeling from staffing shortages can all feel overwhelming. In 2022, cybersecurity teams stand determined to regain the ground lost to the rapidly shifting threat landscape of 2021.
/jlne.ws/3rEbcWY
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| Cryptocurrencies | | Top stories for cryptocurrencies | Mrs (alleged) Bitfinex hack has a fascinating online footprint; Alleged hacker and bona fide rapper/surrealist artist Razzledazzle, aka Heather Morgan, thinks toxic people suck like vacuum cleaners
Claire Jones - FT
One half of the couple arrested Tuesday for allegedly laundering cryptocurrency worth a cool $4.5bn, seemingly stolen during the 2016 hack of Bitfinex, has an interesting side hustle.
/jlne.ws/3Lj5GRE
Bitfinex Cryptocurrency Linked to 2016 Hack Surges 59% After Fund Recovery
Olga Kharif - Bloomberg
Bitfinex parent promised to use proceeds to burn some tokens; Leo was issued in 2019 to beef up Bitfinex's coffers
The cryptocurrency known as Unus Sed Leo, which was issued in part to recapitalize the Bitfinex exchange following a 2016 hack, surged more than 50% after the U.S. announced that most of the stolen funds were recovered. The firm iFinex, which operates Bitfinex and is affiliated with the Tether stablecoin, issued Leo in 2019 to beef up its coffers after a series of blows, including the hack in which it lost Bitcoin currently valued at $4.5 billion. In its white paper explaining Leo, Bitfinex promised that if the funds from the hack are ever recovered, it will use an amount equal to at least 80% of recovered net funds to repurchase and burn outstanding LEO tokens within 18 months of the funds' recovery. Bitfinex confirmed its commitment to use the funds in this way in a statement Tuesday.
/jlne.ws/3rCxKYv
Judge Grants Bail to Crypto Couple in $4.5 Billion Hack
Bob Van Voris and Chris Dolmetsch - Bloomberg
Ilya Lichtenstein and Heather Morgan appear in N.Y. court; U.S. says crypto seizure from couple was its biggest everA New York judge granted bail for two people charged with trying to launder billions of dollars worth of Bitcoin stolen in a 2016 hack of the Bitfinex currency exchange.
/jlne.ws/3LmtRhW
Newton Completes US$20M (CAD$25M) Series B Funding Round
Yahoo Finance
Newton Crypto, a low-cost cryptocurrency trading platform for Canadians, today announced that it has completed a US$20 million (CAD$25 million) Series B funding round, led by the partners from DV Chain and with participation from CI Financial Corp., a global asset and wealth management firm, along with Singh Capital Partners, Anthony Pompliano, Tiny Capital and Snowdevil Capital (founded by Shopify co-founder Tobias Lütke). This latest oversubscribed round brings Newton's valuation to approximately US$200 million (CAD$253 million), reflecting the company's growing customer base and market share.
/jlne.ws/3LluEzP
Couple charged with money laundering tied to 2016 $4.5B crypto hack
Joseph Gedeon - Politico
The Justice Department on Tuesday announced the arrest of a couple in New York charged with conspiring to launder stolen Bitcoin linked to the 2016 hack of a cryptocurrency exchange from which $4.5 billion went missing.
/jlne.ws/3uH1JjX
Russia to Treat Bitcoin as a Foreign Currency in Its Regulatory Plans; Russia may adopt Bitcoin as a foreign currency instead of a digital asset; Draft law to be presented by 18 February 2022, more details inside.
Matti Williamson - Finance Magnates
Recent reports suggest the Russian government and the Bank of Russia have reached an agreement on regulating cryptocurrencies. Initially, Russia's central bank proposed banning cryptocurrencies as well as crypto mining.
/jlne.ws/3snfdym
Crypto accounting: investors need more clarity on the rules; Companies should have stronger guidance on how to present the changing value of their digital asset holdings
Francine McKenna - FT
Despite the rising use of digital assets, there is still a big hole in accounting rules about what to do when companies hold them. Investors deserve more clarity on these hugely volatile bets.
/jlne.ws/3LetENM
Sequoia and Silver Lake fund crypto infrastructure start-ups; World's top technology investors jockey to back fledgling groups building software that powers cryptocurrencies
Miles Kruppa and Richard Waters - FT
The world's largest tech investors are pouring money into cryptocurrency infrastructure companies, as the growing industry struggles to keep up with new users. Alchemy, which makes software for cryptocurrency developers, said on Tuesday its valuation had risen to $10.2bn after receiving a $200mn round of funding led by the private equity investor Silver Lake and venture capital company Lightspeed Venture Partners.
/jlne.ws/34Gqx0j
Zambia Explores Digital Currency, But Warns Against Crypto
Taonga Clifford Mitimingi - Bloomberg
Expects to complete research into GovCoin by fourth quarter; Digital Currency being explored to expand financial inclusion
Zambia's central bank expects to complete research on forming a digital currency that could cut transaction costs and boost participation in the formal financial system by the fourth quarter.
/jlne.ws/3JkWMRX
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| Politics | | An overview of politics as it relates to the financial markets | U.S.-Led Coalition Slams 'Attacks' on Hong Kong Press Freedom
Iain Marlow - Bloomberg
A U.S.-led group of democracies condemned China for "suppression" of Hong Kong's press freedoms in a statement that was "firmly rejected" by China, highlighting lingering tensions over human rights.
/jlne.ws/3JeGg5L
SEC Bogs Down on Climate Rule, Handing White House Fresh Setback
Robert Schmidt and Benjamin Bain - Bloomberg
The Biden administration faces a fresh environmental setback after its signature climate initiative flopped in Congress, this time as a Democratic rift on the U.S. Securities and Exchange Commission stalls efforts to bring corporations into the fight against global warming.
/jlne.ws/3uBqnlL
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Joint Readout of Principals' Meeting of UK and U.S. Authorities Regarding Central Counterparty Resolution
CFTC
Joint Release: Bank of England, Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Securities and Exchange Commission
Joint Readout of Principals' Meeting of UK and U.S. Authorities Regarding Central Counterparty Resolution
Senior officials from the Bank of England, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, Securities and Exchange Commission, and Federal Reserve Board convened a virtual meeting today to discuss certain issues relating to the resolution of a central counterparty (CCP). This meeting was one of a regular series of senior-level meetings held since 2017 to share views on CCP resolution and review the progress of an ongoing program of joint work among the agencies.
/jlne.ws/3LwJPGy
ICE Homeland Security Investigations partners in investigation leading to 2 arrests for alleged conspiracy to launder $4.5 billion in stolen cryptocurrency
U.S. Immigration and Customs Enforcement
U.S. Immigration and Customs Enforcement (ICE), Homeland Security Investigations (HSI) contributed to an investigation resulting in the arrest of two individuals this morning in Manhattan for an alleged conspiracy to launder cryptocurrency that was stolen during the 2016 hack of Bitfinex, a virtual currency exchange, presently valued at approximately $4.5 billion. Thus far, law enforcement has seized over $3.6 billion in cryptocurrency linked to that hack.
/jlne.ws/3sqVWfq
ESMA launches joint action on MiFID II costs and fees; The action will allow ESMA and national competent authorities to assess the application by firms of the MiFID II requirements on costs and charges.
Laurie McAughtry - The Trade
The European Securities and Markets Authority (ESMA) is launching a common supervisory action (CSA) with national competent authorities (NCAs) across Europe, to explore the application of MiFID II costs and charges disclosure rules. Originally coming into force in January 2018, the introduction of MiFID II changed the way that costs and charges were presented.
/jlne.ws/3J9GLhi
The systemic risk designation dance
The Trade Blog
Your friendly neighbourhood regulators are having a bit of a moment, post-pandemic. The current fixation on bolstering the industry's operational resilience has led them down a path and to the realisation that there are a lot of services out there that if taken out, could have a big impact on the markets. Market infrastructures have long been designated as "systemically important"—well, as long as the category has existed, that is—but what of the slew of other third-party services that are heavily used by everyone from hedge funds to investment banks?
/jlne.ws/3B78blo
FINRA OTCE and OTC Transparency Data Websites Availability
FINRA
FINRA will be performing scheduled maintenance to the OTCE.FINRA.org and OTCTransparency.FINRA.org websites from 11 p.m. ET Thursday, February 10, 2022, to 12 a.m. ET Friday, February 11, 2022. During this time, these websites will be unavailable to users.
/jlne.ws/3uGL0Ns
Finalising LIBOR transition - achievements in sterling markets and what remains to be done
UK FCA
A critical step in the necessary shift in global interest rate markets towards more robust foundations was reached on 31 December 2021, as most LIBOR settings were published for the final time. Sterling markets navigated this transition on time and with minimal disruption, supporting global transition efforts towards alternative risk-free reference rates (RFRs). The Bank of England, FCA and Working Group are now able to reflect on achievements in sterling markets, set out what more needs to be done and provide an update on how the Working Group will operate in the future.
/jlne.ws/3rAc8Mf
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | ECB policy tightening raises risks of 'financial accident'; Abrupt slowdown in stimulus programme could knock Italian and Greek bonds, investors say
Tommy Stubbington - FT
Investors are growing worried that if the European Central Bank signals too aggressive a tightening in monetary policy, it could trigger the type of bond market tumult that worsened the eurozone debt crisis a decade ago.
/jlne.ws/3Jgk0so
Market swings scare off US companies with plans to go public; 'Everything is on hold' in IPO pipeline as private investments or buyouts gain favour
Nicholas Megaw and James Fontanella-Khan and Miles Kruppa - FT
More US companies seeking fresh capital are turning to private investments or looking for potential buyers as volatile stock markets stand in the way of going public. Falling valuations and unpredictable market swings have led to a sharp drop in listings activity that experts think will take several months to bounce back, but private fundraisings are continuing at close to a record pace.
/jlne.ws/3gB2vXb
Bundesbank's Joachim Nagel calls on Europe to tighten financial belt; Central bank head offers confirmation it will continue its hawkish tradition of fighting inflation
Martin Arnold - FT
The new head of Germany's central bank has said it is time for Europe to tighten its financial belt by ending the exceptional monetary and fiscal stimulus that helped the economy to rebound swiftly from the pandemic.
/jlne.ws/3HJilLp
It's Official: SPACs Are the New Money-Market Funds; Blank-check vehicles may now be in demand more as sources of risk-free arbitrage than as ways to invest in exciting startups
Jon Sindreu - WSJ
Investing in SPACs isn't about the adrenaline rush it used to be. As markets sour on speculative assets, a new exchange-traded fund is offering a twist on investing in special-purpose acquisition companies. Sometimes called "blank-check" vehicles, SPACs last year became Wall Street's favorite way to list flashy ventures with no profits.
/jlne.ws/34r8F9S
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | BlackRock's Larry Fink Meets Big Oil and Its Foes to Navigate Climate Fight
Silla Brush - Bloomberg
BlackRock CEO held a roundtable with Exxon, Chevron and others; He also met with groups at COP26 climate conference in Glasgow
Facing an uprising from fossil-fuel interests on the right and advocates fighting carbon emissions on the left, Larry Fink is making a personal effort to manage climate-change politics. In recent weeks, the BlackRock Inc. chief executive officer has sought out private meetings with senior representatives from both cohorts as the world's largest asset manager -- with about $10 trillion of client money -- faces intense scrutiny over its views on the environment.
/jlne.ws/3gvzk80
Four in every 10 euros of European fund assets now sold as 'sustainable' -Morningstar
Tommy Wilkes - Reuters
Assets in European funds marketed as sustainable have hit 4 trillion euros -- almost 40% of all assets managed in European Union-domiciled funds -- Morningstar said on Monday in the latest sign of soaring demand for products considered greener.
/jlne.ws/3GCHR3H
The data behind ESG rankings: How to make investment decisions backed by numbers
Financial-Planning.com
Making investment decisions based on environmental, social, and governance (ESG) criteria is a trend that's gone mainstream. Investors and their financial advisors look to data to determine which companies and funds are truly meeting their ESG goals. Making things more complicated, every investor has their own views on which ESG priorities are the most important.
/jlne.ws/3LoXUFJ
Finding Mutual Funds Without Fossil-Fuel Holdings Isn't Easy; In the U.S., there are just 15 of them with zero exposure.
Tim Quinson - Bloomberg
In the U.S., there are just 15 mutual funds (with the highest sustainability ratings from Morningstar Inc.) that have zero exposure to fossil fuels.
/jlne.ws/3gxXYVt
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | The Bad Banks That Are Quietly Making Good; With interest rates rising, European lenders should expect growth in their core business.
Paul J. Davies - Bloomberg
Ask investors if they liked European bank stocks and for years you'd have probably heard: Non, nein or no. Finally, things are changing. BNP Paribas SA of France, Banco Bilbao Vizcaya Argentaria SA of Spain and UniCredit SpA of Italy are among those that have reported good results for 2021 this month and begun returning billions of euros of capital to shareholders. With interest rates set to head higher, they should actually start making money from ordinary lending, too.
/jlne.ws/3srma1s
Hedge Fund Millions Are at Stake in Sculptor CEO Pay Dispute
Hema Parmar and Tom Maloney - Bloomberg
Dan Och's board member said Jimmy Levin earns too much; Pay is below top fund managers, but more than bank chiefs
What's the appropriate pay for a hedge-fund manager? It depends on who you ask. In an industry where the highest earners reap billions of dollars a year, the most public salary fight right now is over the hundreds of millions earmarked for Sculptor Capital Management Inc.'s Jimmy Levin.
/jlne.ws/3HGepee
Ex-Credit Suisse Manager on Trial Had 'No' Banking Background
Hugo Miller - Bloomberg
Ex-athlete, bank are on trial for aggravated money laundering; Allegations 'meritless,' former employee innocent, says bank
An ex-Credit Suisse Group AG relationship manager accused of abetting money-laundering said she was a banking novice who was recruited for her language expertise and elite sports background. E., who cannot be named under Swiss reporting laws, quit her career as a professional athlete in 2000 and was invited to join the sports and entertainment desk at UBS Group AG. With no university education or background in finance, she was put on a basic finance training course by the bank, she told the federal criminal court in the southern Swiss city of Bellinzona
/jlne.ws/3uDDT8I
Ex-Warburg Banker Handed Prison Sentence for Illegal Tax Deals
Karin Matussek - Bloomberg
German judges sentence man to 3 1/2 years for tax scheme; Detlef M. admitted to knowing tax deals were illegal
An ex-managing director at M.M. Warburg & Co. was sentenced to three-and-a-half years in prison for his role in illegal Cum-Ex deals that cost Germany's taxpayers about 109 million euros ($124 million). A German court in Bonn convicted Detlef M., of Warburg Invest, of aggravated tax evasion for his role in the transactions in 2009 and 2010. Prosecutors had initially sought seven years, while his defense asked the judges for a suspended prison term.
/jlne.ws/3uAY9Yp
Fidelity's index fund business Geode hits $1tn in assets; Subsidiary helps money manager synonymous with stockpicking leapfrog rival State Street
Robin Wigglesworth - FT
Fidelity's little-known passive investment business Geode Capital Management surged to $1tn in assets last year, underscoring its quiet emergence as a major player in the index fund industry.
/jlne.ws/3LettlA
MSCI ESG indices' outperformance needs scrutiny, experts caution; The indices were not only aided by stock selection, but inclusion of oil and gas could confuse some investors
Emma Boyde - FT
A suite of MSCI environmental, social and governance indices outperformed their non-ESG parent despite surging energy stock prices last year, but analysts say the findings deserve careful scrutiny. Researchers from MSCI examined the performance of the MSCI All Country World Index, the provider's flagship broad global equity index of more than 2,900 large- and mid-cap stocks, and compared performance with five ESG versions of the index.
/jlne.ws/3HQpRE8
BlackRock Names Ed Fishwick as Risk Chief; He succeeds BlackRock co-founder Ben Golub, who will transition to a senior advisory role at the money manager
David Smagalla - WSJ
BlackRock Inc. has named company insider Ed Fishwick as its chief risk officer, according to an employee memo viewed by The Wall Street Journal. Mr. Fishwick will succeed BlackRock co-founder Ben Golub, who will step back from day-to-day duties at the asset-management firm and transition to a senior adviser role, according to the memo. The move was reported earlier by Pensions & Investments.
/jlne.ws/34MDsOs
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Worst Drought in Decades Grips Swathe of North Africa
Souhail Karam and Megan Durisin - Bloomberg
Morocco rainfall for grains season is lowest in three decades; King Mohammed VI called for nationwide prayers for rain
Wheat is wilting, and cities are planning to ration water, as stretches of North Africa's grain belt suffer the worst drought in 30 years. Rain is scant in Morocco this growing season, with the amount of moisture since September at its lowest in at least three decades. Parts of Algeria and Tunisia also are dry, running the risk of smaller harvests that may boost reliance on foreign supply at a time of near-record food costs.
/jlne.ws/3rD2f0o
Hong Kong's young journalists decry the 'death of free press'; After a series of high-profile media company closures, fearful reporters are looking for jobs elsewhere
Chan Ho-him - FT
Five years is the average career span for many young journalists in Hong Kong, or so my friends from journalism school often joked. A career that can be underpaid, with long, irregular hours, is sustained only by a fervent passion for the job. But last month, dozens of reporters with less time than that under their belts were forcibly ejected from the industry when two popular independent news outlets, Stand News and Citizen News, were closed amid increased pressure from authorities.
/jlne.ws/3HHtoEM
China's Quant Hedge Funds Stumble After Breakneck Growth; Recent setbacks suggest the industry is hitting headwinds, including increasing competition to exploit market inefficiencies
By Rebecca Feng - WSJ
Some data-driven Chinese hedge funds have stumbled, after several years of eye-catching returns and surging inflows from investors. These quantitative fund managers use statistical models to select stocks and time trades, relying on machine-developed trading algorithms to filter out human weaknesses and find patterns in the market. The rise of Chinese quant investing mirrors earlier growth on Wall Street, with stock markets in both countries being large and liquid.
/jlne.ws/3gFQi3r
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| Miscellaneous | | Stories that don't quite fit under the other sections | A Meteorite Auction Takes Off, Thanks to Crypto; Christie's annual sale of extraterrestrial artifacts is getting traction with a tech crowd.
James Tarmy - Bloomberg
Thanks in large part to crypto-rich collectors, an online-only auction of meteorites at Christie's is set to break through the stratosphere. Running Feb. 9 - 23, the sale, Deep Impact: Martian, Lunar, and Other Rare Meteorites, follows a string of record-making meteorite auctions in 2021.
/jlne.ws/3gzAqQa
PIMCO asks 'bond king' Bill Gross to see a copy of his memoirs before publishing
Lydia Moynihan - NY Post
Bill Gross is penning a memoir — and Pacific Investment Management Co. would appreciate the opportunity to have a peek before he publishes it. The billionaire "bond king" — who in 2014 left PIMCO, the bond-trading giant he founded 50 years ago, in a storm of acrimony and lawsuits — recently got an inquiry from PIMCO's attorneys about his upcoming book that's slated for release in the next few weeks, On The Money has learned.
/jlne.ws/3oAsl2e
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