| March 22, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Intercontinental Exchange launched a global brand campaign yesterday around the theme of "Make the Connection" that tells the ICE story and unifies the company as one cohesive organization. This includes updating the branding for the New York Stock Exchange.
I congratulate ICE and the global communications company Prosek, which drove the project, for this innovative and thoughtful approach. This was a longstanding branding problem for the NYSE that dates back to its pre-ICE days at NYSE-Euronext. This "Make the Connection" theme not only evokes ICE's transparent markets, but also weaves the brand together in a common stitch. ICE also launched a television advertisement as part of the campaign, with its own collection of influencers.
The winners of the "HKEX Awards" were announced recognising top-performing market participants of 2021. The four major categories were Exchange Traded Products, Market Data, Stock Connect and Structured Products.
Douglas Peterson, the President and CEO at S&P Global has published a thought leadership open letter on LinkedIn titled "Transparency and Impact: The Essential Principles of ESG" Peterson says "I believe strongly that financial markets can be a powerful force for good, and that transparent and rigorous ESG scoring is an essential tool for market participants to evaluate and optimize their societal impact."
The Division of Enforcement of the U.S. Securities and Exchange Commission submitted a "NOTICE OF PROPOSED PLAN OF DISTRIBUTION AND OPPORTUNITY FOR COMMENT" in the administrative proceeding "In the Matter of S&P Dow Jones Indices LLC, Respondent" concerning a $9,000,000 order to pay in conjunction with problems with the VIX futures contracts real-time prices.
Stable is looking to hire a Digital Marketing Director.
IMC is looking for a Facilities Systems Specialist in Chicago for a full time position.
DTTC is offering a "Derivatives Trade Reporting Rules Roundup" with key regulatory insights to get ahead of the upcoming revisions to global derivatives reporting rules. You can download the report HERE.
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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We apologize for the spelling error that led readers looking for our MarketsWiki page on Charlotte Crosswell to go to a blank page. We have it right this time. ~JB
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Ukraine Update: Zelenskiy Calls on Pope Francis to Mediate
Bloomberg News
Ukraine President Volodymyr Zelenskiy held talks with Pope Francis and called on the leader of the Catholic Church to mediate in the conflict, while Germany's finance chief proposed a "Marshall Plan" to help Ukraine rebuild when the war ends. Zelenskiy earlier said that Ukrainian forces were still holding Russian troops at bay on many fronts. The invasion has driven 10 million people -- nearly a quarter of Ukraine's population -- from their homes, according to the United Nations. About 3.4 million have fled to other countries such as Poland.
/jlne.ws/3iwvuwc
***** Playing the Pope card is a good move, except Putin is playing a different game.~JJL
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The end of the necktie and the last stylish man; My tie collection is useless in the post-style age. Is there nothing left for men to decorate themselves with?
Robert Armstrong - FT
I own 80 ties. They fall into various categories. About a quarter of them are Hermès, mostly inherited from my late father and uncle, both avid collectors. They went in for little animals, so these run mainly to foxes, donkeys, ostriches, lovebirds and the like. Some of them, like me, date from the 1970s. Also from my father, I have three or four lovely madras numbers, now a little tattered, from ancient American brands Robert Talbott and Bergdorf's. Somewhere along the line I've picked up various classics, in dots and paisley, from British makers like Bowring Arundel.
/jlne.ws/3itZjhg
*****There were way too many men in suits at Boca, though sans ties. They received the memo from FIA President and CEO Walt Lukken that FIA Boca 2022 was a "tie-free-zone." The most unstylish man there, the one who did not get the memo and did wear a tie, was former Trading Technologies CEO Tim Geannaopolis. You hardly even saw his tie though, his smile was so big from having sold TT (and cashed in his shares). He was the one guy who I did not think needed to ever wear a tie ever again, but alas he wore one. ~JJL
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Tesco customer captured on video filling car up with cooking oil amid fuel prices surge
Alex McIntyre - CheshireLive
A man was spotted in a Tesco car park with a trolley full of cooking oil - which he was using to fill up his car. The customer was filmed outside the supermarket in Congleton on Tuesday afternoon (March 15). In the video he can be seen next to the rear of his car with a trolley filled with bottles of oil. He then starts to unscrew them one by one, pouring the oil into his vehicle.
/jlne.ws/3JMEYzP
*****My cousin's ex-husband had a business collecting old cooking oil to turn it into diesel fuel. Great business, but the trucks all smelled like french fries when they drove down the road.~JJL
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Friday's Top Three
Our most read story on Monday was by Financial Times, Traders in uproar over the LME. Second was The Wall Street Journal's take on the LME's role in the nickel market chaos, Inside the Nickel Market Failure: Massive Trades the Exchange Didn't See, Third was helpful information from the New York Times on social sharing news, How to Avoid Sharing Misinformation on the War in Ukraine
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MarketsWiki Stats
26,777 pages; 237,777 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
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Editor
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| Lead Stories | SEC Proposes Rules to Enhance and Standardize Climate-Related Disclosures for Investors
SEC
The Securities and Exchange Commission today proposed rule changes that would require registrants to include certain climate-related disclosures in their registration statements and periodic reports, including information about climate-related risks that are reasonably likely to have a material impact on their business, results of operations, or financial condition, and certain climate-related financial statement metrics in a note to their audited financial statements. The required information about climate-related risks also would include disclosure of a registrant's greenhouse gas emissions, which have become a commonly used metric to assess a registrant's exposure to such risks.
/jlne.ws/3CZThOR
LME in Talks with Governments on Whether to Block Russian Metal; CEO Chamberlain says exchange will follow sanctions policy; LME copper committee has recommended banning Russian metal
Jack Farchy, Anna Edwards, and Mark Cudmore - Bloomberg
The London Metal Exchange is talking with governments about whether it should keep allowing Russian metal to be delivered into its warehouse network, said Chief Executive Officer Matthew Chamberlain. The LME wants to make sure it "can't be part of financing any type of atrocity," he told Bloomberg TV in an interview. However, the exchange will take its lead from government policy, and major Russian metal producers are not currently subject to sanctions.
/jlne.ws/3iwxepe
Central Banks, BIS Develop Digital Currencies Platform Prototype
Swati Pandey - Bloomberg
Several central banks and the Bank for International Settlements have developed prototypes for a common digital currencies platform that has the potential to make cross-border payments more efficient. The two prototypes demonstrate the technical viability of such a platform, the BIS said in a statement Tuesday with the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore, and the South African Reserve Bank.
/jlne.ws/3qshd8h
How One Oligarch Used Shell Companies and Wall Street Ties to Invest in the U.S.; Using a network of banks, law firms and advisers in multiple countries, Roman Abramovich invested billions in American hedge funds.
Matthew Goldstein and David Enrich - NY Times
In July 2012, a shell company registered in the British Virgin Islands wired $20 million to an investment vehicle in the Cayman Islands that was controlled by a large American hedge fund firm. The wire transfer was the culmination of months of work by a small army of handlers and enablers in the United States, Europe and the Caribbean. It was a stealth operation intended, at least in part, to mask the source of the funds: Roman Abramovich.
/jlne.ws/3JvfDdb
The S.E.C. moves closer to enacting a sweeping climate disclosure rule; The commission gave initial approval to a much-anticipated rule that would require public companies to report the climate-related impact of their businesses.
Matthew Goldstein and Peter Eavis - NY Times
The Securities and Exchange Commission has said for the first time that public companies must tell their shareholders and the federal government how they affect the climate, a sweeping proposal long demanded by environmental advocates. The nation's top financial regulator gave initial approval to the much-anticipated climate disclosure rule at a meeting on Monday, moving forward with a measure that would bolster the Biden administration's stalled environmental agenda.
/jlne.ws/3twbWPd
British Companies Want to List Anywhere But in London Right Now; IPOs in U.K. are set to post worst first quarter since 2009; String of flops, post-IPO performances hurt appetite in U.K.
Kat Van Hoof and Swetha Gopinath - Bloomberg
A growing number of U.K. companies is ditching a home listing to go abroad, after a series of high-profile flops cast doubt on London's campaign to attract startups and initial public offerings. The U.K. is heading for its worst first quarter for IPOs since 2009, according to data compiled by Bloomberg. The war in Ukraine and soaring inflation stoked volatility, denting investor confidence. But while companies in Italy and Norway managed to pull off large listings, London has seen only delays.
/jlne.ws/3IvnG8N
Covid's Fifth Wave Shows Us How to Live With the Virus; Not all countries are impacted equally by the BA.2 subvariant. That tells us a lot about what works and what doesn't.
Therese Raphael and Sam Fazeli - Bloomberg
Covid cases are on the rise in several European countries. Upticks are visible again in France, Italy and the U.K. Infection rates in both Austria and Germany eclipse previous waves of the virus (based on cases per million). China is grappling with new highs in terms of case counts. The U.S. may soon follow.
/jlne.ws/3ttHGnO
U.K. Watchdog Ramps Up 'Red Alert' Over Crypto Advertising; Independent regulator sends notice to more than 50 firms; Rulebreakers could face prosecution, fines or forced shutdown
Emily Nicolle - Bloomberg
The U.K.'s advertising regulator sent an enforcement notice to more than 50 companies that have promoted cryptocurrencies ahead of an impending clampdown on "misleading and irresponsible crypto ads" in the country. The Advertising Standards Authority said the notice is meant to serve as a warning for businesses to review and clean up their ads over the next two months, after which tougher measures will be introduced to penalize rule breakers.
/jlne.ws/3D8ZlEM
Everyone Wants to Do ESG Now; Also block trades, nickel, mutual fund taxes and non-corporeal beings.
Matt Levine - Bloomberg
We talked a few weeks ago about the documentary-filmmaker son of a financial-services billionaire who hated working in financial services and loves alternative medicine and "archetypal astrology." He now works as the head of environmental, social and governance affairs at his dad's firm, Interactive Brokers Group Inc. I wrote:
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | What happened to Russia's cyber-assault on Ukraine? Big Tech is losing in Europe, again; chipmakers face more shortages
Tim Bradshaw - FT
It is a question that many observers of the invasion of Ukraine dared not ask: what happened to Russia's long-feared cyber offensive? Earlier this month, the FT detailed a secret US mission to bolster Ukraine's cyber defences ahead of the Russian invasion. This succeeded in preventing an attack on the country's railways, which proved vital for civilians escaping the conflict. Yet the absence (so far) of the anticipated Russian digital assault continues to astound cyber security observers.
/jlne.ws/3iIekw5
Propaganda spread by Russian embassy accounts puts Big Tech in bind; Facebook resists calls from EU and US for bigger crackdown on Kremlin-directed misinformation
Hannah Murphy and Javier Espinoza - FT
Western lawmakers have demanded that social media companies crack down on Russian state accounts, including the dozens of embassies, government ministries and political leaders that are part of the Kremlin propaganda machine. US and EU politicians want platforms such as Facebook and Twitter to do more to tackle misinformation online related to the invasion of Ukraine, including curbing the more than 100 Russian embassy accounts around the world as well as government agencies such as the ministry of defence.
/jlne.ws/3wsy5j3
YouTube at Risk of Russia Ban After Facebook Is Deemed Illegal; Video site bans Russian military account in latest tiff; Google has removed some staff from Russia but kept services up
Nico Grant and Mark Bergen - Bloomberg
Google, one of the few American corporate giants still operating in Russia, is poised to lose one of its biggest footholds in the country as tensions with the Kremlin continue to escalate.
/jlne.ws/36a5sN7
S&P to Pull Credit Ratings for All Russian Firms After EU Ban; EU sanctions to block Russian access to credit-rating services; S&P currently rates Russia CC, two levels above default
Sydney Maki - Bloomberg
S&P Global Ratings is withdrawing its credit grades on Russian entities after the European Union's decision last week to ban firms from providing ratings to companies established in the country.
/jlne.ws/3trLI0a
Russian Oil Refiners Are Cutting Back Production, Gunvor Says
Archie Hunter and Will Mathis - Bloomberg
Russian refiners are trimming their output, exacerbating a shortfall in European diesel supply, Gunvor Group Chief Executive Officer Torbjorn Tornqvist said. "This is a global problem but for Europe it's very hard because Europe is so short" of diesel, Tornqvist said at the Financial Times Commodities Global Summit.
/jlne.ws/3NdxFDl
Ukraine Sunflower Planting to Sink With Crop Hit Hardest by War; Plantings in 2022 could fall about 48% y/y, UAC says; Global vegetable oil supply is already tight, lifting prices
Megan Durisin - Bloomberg
Ukraine, the world's biggest sunflower producer, may only plant half a normal crop as farmers grapple with the fallout of the Russian invasion. The country's sunflower shortfall is likely to compound tight global vegetable-oil supplies, with prices of rivals such as palm and canola trading near record highs. Ukrainian sunflower oil is typically shipped across Asia, Europe and the Middle East. Buyers are already bracing for shortages and shoppers are hoarding supplies.
/jlne.ws/3wrsWrz
EU Lawmakers Point to Russia in New Bid to Block 'Green' Gas; Lawmakers cite Russia's invasion as reason to scrap plans; Inclusion of gas, nuclear in taxonomy fraught with controversy
John Ainger - Bloomberg
European lawmakers from across the political divide said a proposal to brand gas a "green" energy source can no longer be taken seriously, given the urgency of weaning the bloc off Russian oil and gas.
/jlne.ws/3IIHkyl
Steel Is the Other Big Commodity Shock from the War in Ukraine; Europe needs to wake up to the nascent steel crisis. Price spikes and potential shortages could ripple across the global economy.
Javier Blas - Bloomberg
Joseph Stalin ordered the construction of the Iron & Steel Works in Mariupol in 1930 — one of his mega-projects to industrialize the Soviet Union. For a time, the complex was one of the world's largest steel mills. Nearly a century later, another Russian leader with a Stalinist bent, Vladimir Putin, ordered its destruction. The bombs falling on the blast furnaces of Mariupol, the Ukrainian city under Russian siege, are a symbol of how the war has turned the steel market upside down.
/jlne.ws/3qoXgz6
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Libor transition progresses, but hurdles remain for legacy loans
Polo Rocha - American Banker
The banking industry's transition away from the scandal-plagued Libor interest rate benchmark is largely proceeding smoothly, though many companies are still facing technical difficulties.
/bit.ly/3NeHPmX
REGIS-TR UK Ltd receives full license
REGIS-TR UK
REGIS-TR UK Limited has received its full UK EMIR license from the Financial Conduct Authority (FCA). The TR was incorporated in March 2019 and has been providing UK EMIR regulatory reporting services since the first business day after Brexit on 4 January 2021.
/bit.ly/3qpq7n0
SIX Now Providing EU Taxonomy and Other ESG Data from Sustainalytics
SIX
Swiss financial data expert SIX, one of Europe's leading financial information providers, is delighted to announce that Sustainalytics' ESG data is now available for the broad customer base of SIX for them to comply with new EU sustainability regulations. Sustainalytics is the first third party specialist ESG data provider that SIX has onboarded to its distribution channels.
/bit.ly/3Nbx2Kw
HKEX Awards announced recognising top-performing market participants of 2021.
HKEX
The four major categories were Exchange Traded Products, Market Data, Stock Connect and Structured Products.
/jlne.ws/3wIqRb5
Suspension of CCASS Services on 2 Apr and 23 Apr 2022 (Saturdays)
HKEX
To facilitate internal drill and upgrade activities, CCASS online services will be suspended on the following Saturdays: - 02 Apr 2022 - 23 Apr 2022
/bit.ly/36CqkMw
Subject: Trading Arrangements of CICC Carbon Futures ETF
HKEX
Exchange Participants are requested to note that CICC Carbon Futures ETF (Stock Code: 3060 - HKD Counter, 9060 - USD Counter, 83060 - RMB Counter) has been authorized under collective investment scheme by the Securities and Futures Commission and is expected to commence trading on the Exchange and admitted to the list of Designated Securities eligible for short selling on 23 March 2022 (Wednesday). This RMB counter will also be eligible for the RMB Equity Trading Support Facility (TSF). Investors should always refer to the details about the Fund provided by the Fund Manager, e.g. Net Asset Value per Unit, before trading the abovementioned ETF(s). Detail of its trading arrangements (Attachment 1) is attached for reference.
/bit.ly/350qHjB
Japan Exchange Group, Inc.
JPX
Notice of Revision to Earnings Forecast and Dividend Forecast We hereby announce that the consolidated earnings forecast and year-end dividend forecast for the fiscal year ending March 31, 2022 released on October 27, 2021 have been revised as follows.
/bit.ly/3L5m9b7
Update of ETF Market Making Incentive Scheme Version 2.0
JPX
Tokyo Stock Exchange, Inc. (TSE) introduced an ETF Market Making Incentive Scheme in order to improve liquidity in the ETF market in July 2018. Thereafter, TSE launched ETF Market Making Scheme Version 2.0 (Ver.2.0) in April 2019 and will now be updating said scheme on April 1, 2022.
/bit.ly/36jLMWP
Disruption Event - Nickel Official Prices
LME
This Notice declares that the Nickel Contracts traded in the Ring traded down to the pre-set daily price limit in the second Ring session (R2) on 21 March 2022. As a result, the Nickel Official Prices are, for the purposes of the LME's pricing procedures, subject to a Disruption Event.
/bit.ly/3624ceb
Disruption Event - Nickel Closing Prices
LME
This Notice declares that Nickel Contracts traded down to the pre-set daily price limit on LMEselect on 21 March 2022. As a result, the Nickel Closing Prices are, for the purposes of the LME's pricing procedures, subject to a Disruption Event.
/bit.ly/3624ceb
NYSE American Options: Reduction of the Minimum Allowable Parameter for Transaction-Based Risk Mitigation on Orders
On Wednesday, March 23, 2022, NYSE American Options will be reducing the minimum allowable parameter for Transaction-Based risk mitigation for orders, per Rule 928NY, Commentary .03. The minimum allowable parameter will be lowered to 1 transaction, from the current minimum of 3 transactions.
/bit.ly/3ipjPiT
Announcement on the Release of Information Management Rules and Other Implement Rules of Shanghai Futures Exchange
SHFE
After being approved by the board of directors of Shanghai Futures Exchange (SHFE) and reported to China Securities Regulatory Commission, SHFE hereby releases the Information Management Rules and the revised versions of its Trading Rules and Options Trading Rules, which will come into effect as of the date of March 22, 2022.
/bit.ly/350tTvB
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Hudson River Trading joins TP ICAP's digital asset platform as market maker; Susquehanna, Jane Street, Virtu Financial and Flow Traders have also agreed to provide liquidity for the platform.
Wesley Bray - The Trade
Interdealer broker, TP ICAP, has added Hudson River Trading to its Digital Assets Spot platform as a market maker ahead of its launch later this year. TP ICAP's platform - once given regulatory approval by the UK's Financial Conduct Authority (FCA) - will feature a wholesale electronic over the counter (OTC) marketplace for spot crypto asset trading including in Bitcoin and Ethereum. It will also include post-trade infrastructure providing straight through processing (STP) and payment netting services for settlement of trades across a network of digital asset custodians.
/jlne.ws/3qnb5yk
FCA awards full UK EMIR license to REGIS-TR UK; The trade repository has been providing UK EMIR reporting services since January 2021, post-Brexit.
Laurie McAughtry - The Trade
The UK's Financial Conduct Authority has finally issued a full UK EMIR license to trade repository REGIS-TR UK, which has been providing EMIR regulatory reporting services since the first business day after Brexit on 4 January, 2021. REGIS-TR UK was incorporated in March 2019, just months before the EMIR refit came into force in June of that year. The sister company of Luxembourg-based European trade repository REGIS-TR, which was first founded in 2010, the UK branch was launched specifically to provide continuity of service to UK clients post-Brexit, with an initial focus on EMIR reporting.
/jlne.ws/3CZWnSW
BNP Paribas and JP Morgan back budding FinTech Saphyre in $18.7m Series A funding; FinTech set to invest in product development and the ongoing expansion of interoperability programs with funding from supporting banks.
Jonathan Watkins - The Trade
JP Morgan and BNP Paribas have backed a highly touted FinTech in a Series A round of $18.7 million, throwing their investment behind Saphyre, a start-up aiming to structure all pre-trade data while eliminating post-trade inefficiencies. The New Jersey-based outfit digitises all pre-trade data and documents, eliminating redundant manual processes and allowing for secure, expedited access to data throughout the trade lifecycle.
/jlne.ws/3ipqgCy
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| Cybersecurity | | Top stories for cybersecurity | Biden warns CEOs that Russian cyber attack on US is 'coming'; President tells executives it is their 'patriotic duty' to strengthen digital defences
Kiran Stacey and Andrew Edgecliffe-Johnson and Gary Silverman - FT
Joe Biden has warned a Russian cyber attack on the US is coming and told business executives it is their "patriotic obligation" to strengthen their digital defences. "Today my administration issued new warnings that based on evolving intelligence Russia may be planning a cyber attack against us," the president said at a meeting on Monday with members of the Business Roundtable, a large corporate lobbying organisation.
/jlne.ws/3imNJ7w
Secretary of Homeland Security issues cybersecurity preparedness statement
Ashley Crockett - KATV
The Department of Homeland Security was investigating potential cyberattacks against the United States.
In a statement from the Secretary of Homeland Security Alejandro N. Mayorkas, he explained cybersecurity preparedness:
/jlne.ws/3qr0h24
EU proposes cybersecurity rules for EU bodies amid cyberattack worries
Foo Yun Chee - Yahoo Finance
EU countries should put in place a framework to manage cybersecurity risks at EU institutions, the European Commission said on Tuesday, amid concerns about rising cyberattacks that could disrupt key activities and steal sensitive information.
/jlne.ws/3wsE7QJ
Are U.S. Cyber Defenders Prepared For Russian Attacks Over Ukraine?
Sandra Joyce - Barron's
As the crisis in Ukraine has devolved into a full invasion by the Russian military—and the United States alongside international partners have begun responding to this aggression—many are rightfully wondering what we might anticipate with respect to cyber attacks in this next phase of the conflict. Facing the prospect of a continued military campaign by Russia, what could escalation in cyberspace look like, and how ready is the private sector to deal with potential attacks? While Russia's cyber capabilities are well known and should be taken seriously, the last several years of constant ransomware attacks have made the private sector more resilient to facing this crisis.
/jlne.ws/3NbtzLF
Young people scammed on Instagram highlight UK surge in online crime; Efforts to tackle steep rise in fraud are stymied by under-resourced and outdated strategies
William Wallis - FT
It took nearly three months and the intervention of a journalist before Meta, the parent company of Instagram, acted to recover 19-year-old Alex Bosley's account after it had been hijacked by scammers last November. By that time, dozens of Bosley's followers had been duped into the same money flip, initiated on the popular messaging platform Snapchat, handing over funds and surrendering access to their Instagram accounts as part of a con that promised rapid returns on cryptocurrency.
/jlne.ws/3iuYWTz
SEC Proposes Cybersecurity Disclosure Rules for Public Companies
Cynthia J. Larose, Megan N. Gates and John P. Condon - The National Law Review
Following closely on its proposal for substantial new cybersecurity requirements for investment advisers and registered investment companies, the Securities and Exchange Commission (SEC) unveiled a new slate of proposed cybersecurity disclosure rules for public companies. The proposed new cybersecurity mandates for publicly traded companies are designed to standardize cybersecurity-related incident reporting, governance, and risk management and emphasize the increasing importance of cybersecurity as a dimension of corporate governance.
/jlne.ws/3woSTYH
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| Cryptocurrencies | | Top stories for cryptocurrencies | Ether Outperforms Bitcoin as Excitement Builds for Software Upgrade; Ethereum's migration to proof-of-stake is scheduled this year; Ether rallied after successful merge in testnet last week
Olga Kharif and Jialiang David Pan - Bloomberg
Ether is outperforming its better-known-rival Bitcoin once again as optimism over a long-sought update that promises to reduce the carbon footprint of the world's most-used blockchain appears to be getting closer to fruition.
/jlne.ws/3JvXYlT
Ray Dalio's Bridgewater Investing in Crypto Fund: Sources
Danny Nelson and Ian Allison - CoinDesk
Bridgewater Associates is preparing to back its first crypto fund.
The world's largest hedge fund is planning to back an external vehicle, two people told CoinDesk. It has no current intention of directly investing in crypto assets itself, one of the sources said.
/jlne.ws/36zTSKP
U.K. Watchdog Ramps Up 'Red Alert' Over Crypto Advertising
Emily Nicolle - Bloomberg
The U.K.'s advertising regulator sent an enforcement notice to more than 50 companies that have promoted cryptocurrencies ahead of an impending clampdown on "misleading and irresponsible crypto ads" in the country.
The Advertising Standards Authority said the notice is meant to serve as a warning for businesses to review and clean up their ads over the next two months, after which tougher measures will be introduced to penalize rule breakers.
/jlne.ws/3ug86sx
What Is Cryptojacking? How to Protect Yourself Against Crypto Mining Malware
Krisztian Sandor - CoinDesk
While most crypto hacks involve stealing private keys belonging to a crypto wallet and emptying it, cryptojacking involves infecting a device with malware to gain control over it. Here's how you can protect yourself.
/jlne.ws/3ulEvOg
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| Politics | | An overview of politics as it relates to the financial markets | Republican stance on free markets is shifting when it comes to China; Despite the priority traditionally given to the free flow of capital, many now argue that Beijing should be the exception
Oren Cass - FT
The Ronald Reagan Presidential Library is playing host this year to prominent Republicans speaking about their party's future. Senator Tom Cotton used his recent turn to disavow the longstanding alliance on America's right-of-centre between conservatives and libertarians. "Whereas libertarian ideas have helpfully influenced domestic tax and regulatory policy," he said, "these ideas often falter in a world of borders. There's no natural level of people, goods, or money moving across borders; it's a policy choice that must be made by the people and their representatives."
/jlne.ws/3uecDLX
Oil Thirst Is Forcing Biden to Pivot U.S. Back to Saudi Arabia; President's staff argues icy approach not serving U.S. goals; Crown prince isn't ready to forgive perceived insult
Nick Wadhams, Annmarie Hordern, and Matthew Martin - Bloomberg
President Joe Biden has been reluctantly drawn into closer ties with Saudi Arabia's king-in-waiting, forced by Russia's invasion of Ukraine to rethink a standoffish approach as the U.S. struggles to curb soaring oil prices. The problem is Crown Prince Mohammed bin Salman isn't ready to play along.
/jlne.ws/3ts7lNF
Putin Misunderstands History. So, Unfortunately, Does the U.S.; Biden is making a colossal mistake in thinking he can bleed Russia dry, topple Putin and signal to China to keep its hands off Taiwan.
Niall Ferguson - Bloomberg
"The language people speak in the corridors of power," former Secretary of Defense Ashton Carter once observed, "is not economics or politics. It is history." In a recent academic article, I showed how true this was after both the 9/11 terrorist attacks of 2001 and the "9/15" bankruptcy of Lehman Brothers in 2008. Policy makers used all kinds of historical analogies as they reacted. "The Pearl Harbor of the 21st century took place today," President George W. Bush noted in his diary, late on the night of the attacks, to give just one example, though many other parallels were drawn in the succeeding days, from the Civil War to the Cold War.
/jlne.ws/3tuzHHe
EU to Propose Using 500-Million-Euro Crisis Fund for Farmers
Jorge Valero - Bloomberg
The European Union will for the first time tap an agricultural crisis fund to cushion the impact of the ongoing war in Ukraine on food producers facing high energy prices and shortages of some key products.
/jlne.ws/3N9EGVB
Spanish PM urges EU to cut energy costs or be Putin's 'hostage'; Sánchez tells the FT that bloc faces emergency and must increase independence from Russia
Daniel Dombey and Valentina Pop - FT
Spain's prime minister has said EU leaders must act to bring down energy prices to stop Europe becoming the "hostage" of Vladimir Putin and limit the economic damage caused by the war in Ukraine.
/jlne.ws/3tuw2Jt
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Statement on Proposed Mandatory Climate Risk Disclosures
Chair Gary Gensler - SEC
Today, the Commission is considering a proposal to mandate climate-risk disclosures by public companies. I am pleased to support today's proposal because, if adopted, it would provide investors with consistent, comparable, and decision-useful information for making their investment decisions and would provide consistent and clear reporting obligations for issuers.
/jlne.ws/3wIM0BZ
We are Not the Securities and Environment Commission - At Least Not Yet
Commissioner Hester Peirce - SEC
Thank you, Chair Gensler. Many people have awaited this day with eager anticipation. I am not one of them. Contrary to the hopes of the eager anticipators, the proposal will not bring consistency, comparability, and reliability to company climate disclosures. The proposal, however, will undermine the existing regulatory framework that for many decades has undergirded consistent, comparable, and reliable company disclosures. We cannot make such fundamental changes to our disclosure regime without harming investors, the economy, and this agency. For that reason, I cannot support the proposal.
/jlne.ws/3wIKYG7
Shelter from the Storm: Helping Investors Navigate Climate Change Risk[1]
Commissioner Allison Lee - SEC
This is a watershed moment for investors and financial markets as the Commission today addresses disclosure of climate change risk - one of the most momentous risks to face capital markets since the inception of this agency. The science is clear and alarming,[2] and the links to capital markets are direct and evident.[3]
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Statement on the Enhancement and Standardization of Climate-Related Disclosures for Investors
Commission Caroline A. Crenshaw - SEC
Today marks an important and long-awaited step forward for the Securities and Exchange Commission. While other jurisdictions and independent bodies have made significant strides to provide investors and companies with a basic framework for climate-related disclosures,[1] for too long we have left the U.S. markets to rely solely on outdated and outmoded guidance.[2]
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SEC moves towards requiring corporate climate disclosures; US regulator's proposal asks companies to disclose emissions and have them verified by third party
Stefania Palma and Patrick Temple-West - FT
The US securities regulator would force public companies to disclose their direct greenhouse gas emissions and have them verified by a third party, under long-awaited climate change risk rules proposed by the agency.
/jlne.ws/3JrWgBU
Tokyo Prosecutors to Charge SMBC Nikko Over Block Offers: Nikkei; Probe Gets SMBC Nikko Dropped From Bond Underwriting Deal
Takashi Nakamichi - Bloomberg
Tokyo prosecutors plan to indict SMBC Nikko Securities Inc. for alleged market manipulation, according to the Nikkei, in what's set to be a blow to one of Japan's largest brokerages. The prosecutors determined employees weren't sufficiently supervised despite having conducted allegedly illegal trades repeatedly,
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Crypto Scam Couple Seeks Delay in Case During Plea Talks
Anthony Lin - Bloomberg
The couple charged with trying to launder $4.5 billion in stolen cryptocurrency are asking for a delay in the case "to facilitate the discovery process and plea discussions." Lawyers for Ilya Lichtenstein and Heather Morgan filed a joint letter with prosecutors Monday asking a federal judge in Washington to postpone a hearing scheduled for Friday until May 4.
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Five Key Takeaways From SEC's Proposal for Climate Disclosures; What you need to know about the U.S. regulator's plans to measure companies' carbon footprints.
Eric Roston and Saijel Kishan - Bloomberg
The U.S. Securities and Exchange Commission issued a 500-plus-page proposed rule Monday that would mandate corporate disclosure of greenhouse gas emissions. It builds on years of voluntary efforts. With publicly traded companies responsible for 40% of emissions, investors have been pressing the regulator for rules. The plan is "the most extensive, comprehensive and complicated disclosure initiative in decades," said Meredith Cross, a former SEC director who's now a partner at law firm WilmerHale.
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New Rules Put Net Zero Pledges Under Scrutiny; New SEC rules demand more climate disclosure but are squishy on some standards
Jean Eaglesham - WSJ
Hundreds of companies have pledged to cut their carbon footprints to help limit climate change. Under new regulations proposed Monday, many of these companies will now have to disclose their emissions, including hard-to-measure data from their suppliers and customers. The Securities and Exchange Commission said its sweeping plans are designed to allow investors to better compare the impact of climate change on companies.
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UK ads regulator raises pressure on crypto; ASA sets out standards to 50 UK companies
Joshua Oliver - FT
The UK advertising regulator is intensifying its scrutiny of ads for high-risk cryptocurrencies as the sector waits for the Financial Conduct Authority to assume new oversight powers. The Advertising Standard Authority (ASA) on Tuesday issued an enforcement notice to more than 50 UK companies that advertise cryptocurrencies, setting out its standards for these ads, including warnings against encouraging people to buy crypto with credit cards or to swap their pension for tokens such as bitcoin.
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BIS Innovation Hub and Central Banks of Australia, Malaysia, Singapore and South Africa Develop Experimental Multi-CBDC Platform for International Settlements
MAS
BIS Innovation Hub, RBA, BNM, MAS and SARB announced that Project Dunbar has developed two prototypes for a shared platform that could enable international settlements using digital currencies issued by multiple central banks. Led by the Innovation Hub's Singapore Centre, Project Dunbar proved that financial institutions could use CBDCs issued by participating central banks to transact directly with each other on a shared platform. This has the potential to reduce reliance on intermediaries and, correspondingly, the costs and time taken to process cross-border transactions.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Central Bank Predictability and Sloth Have Their Costs; One obvious byproduct is upward pressure on inflation. But there are also huge benefits for for governments: their debt burdens fall.
Richard Cookson - Bloomberg
There are many possible reasonable reactions to the Federal Reserve's belated move to raise its target interest rate by a quarter of a percentage point last week. I'd be hard-pressed to liken current Fed Chair Jerome Powell to Paul Volcker as one of them, as some have done. Volcker, you may recall, was the Fed chairman who pushed through a series of very sharp rate increases that put an end to rising inflationary pressures after more than a decade of acquiescence, albeit at the cost of two deep recessions in the early 1980s.
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Russia's local bonds drop as Moscow takes first steps towards reopening markets; Country's central bank says it will buy rouble debt to 'neutralise excessive volatility'
Tommy Stubbington and Philip Stafford - FT
Russia's local currency bonds dropped on Monday as trading resumed for the first time since Vladimir Putin's invasion of Ukraine, in the first tentative steps towards reopening Moscow's financial markets. Yields on the benchmark 10-year rouble bond, which rise as prices fall, climbed as high as 19.7 per cent in pre-market trading before settling back to 13.9 per cent — roughly 1.7 percentage point higher than the last trading day on February 24, according to Refinitiv data.
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US ruling on bond ETFs raises a market risk; More inflows into passive funds could exacerbate selling of certain assets in times of crisis
Tatjana Puhan - FT
The market volatility triggered by the Ukraine war is a reminder that crises can expose hidden stresses and strains that have built up over time in the financial system. Boom time changes to market structures can turn into significant risks when there is an abrupt turn in conditions, particularly when trading liquidity dries up. In that context, investors should note one recent change to the financial plumbing of US markets.
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Ethics of cobalt mining must be taken seriously by traders; Buyers need to create common standards and metrics to govern extraction process
Michael Posner and Dorothée Baumann-Pauly - FT
President Vladimir Putin's attempt to bludgeon Ukraine into submission is forcing western governments and businesses to renew their focus on energy independence as a strategic imperative. Shifting transportation from fossil fuels to battery power is part of the answer, and more batteries will require more cobalt mining. The challenge is how to mine cobalt safely and without exploiting children.
/jlne.ws/3NbSSxm
There's Only One Stock-Market Sector in the Green This Year; 'The new FANG is going to be fuel, agriculture, natural resources and gold,' one investor says of the energy sector's rally
Hardika Singh - WSJ
Energy stocks are leading the pack in the stock market in 2022. Russia's invasion of Ukraine has sent crude-oil prices on a tear—and energy stocks along for the ride—as investors monitor looming supply threats and rapidly evolving geopolitical tensions. Gasoline prices, meanwhile, have risen to record levels, punishing consumers at the pump and lifting already high inflation. Energy is the only sector in the S&P 500 in the green for 2022, up 37%. The benchmark itself is down 6.4% with investors worried about the pace of the Federal Reserve's plan to increase interest rates to curb inflation.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Clues to Covid-19's Next Moves Come From Sewers; Wastewater in parts of U.S. has yielded increasing concentrations of the virus, but the data can be murky
Brianna Abbott, Jon Kamp - WSj
At a sewage treatment plant on a sliver of land in Boston Harbor, trickles of wastewater are pumped into a plastic jug every 15 minutes. Samples from the jugs, analyzed at a lab in nearby Cambridge, Mass., are part of the growing effort to monitor the Covid-19 virus in wastewater across the U.S. On Deer Island in Boston, readings from the system covering 2.4 million people have recently shown virus readings leveling off after a steep decline from this winter's Omicron-driven rise. In some areas, levels of the virus may be edging higher.
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New Research Shows Higher Risk of Developing Diabetes After Covid-19 Infection; Study adds to growing evidence showing increased risk for a range of cardiometabolic conditions after Covid-19
Sumathi Reddy - WSJ
A large new study found that people who recovered from Covid-19 within the past year are 40% more likely to receive a new diagnosis of diabetes compared to those who weren't infected. The increased risk translates into 1% of people who have had Covid-19 developing diabetes who otherwise wouldn't have, the study's author says, resulting in potentially millions of new cases world-wide.
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Hong Kong Data Show Benefit to Third Shot of Sinovac in Preventing Omicron Deaths; New study of the city's continuing Covid-19 outbreak underscores the importance of booster shots for the Chinese vaccine
Natasha Khan - WSJ
Scientists at the University of Hong Kong found that three doses of China's Sinovac vaccine had a clear benefit over two in preventing severe illness or death in people over the age of 60, underscoring the importance of boosters for those who have received that Covid-19 shot.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Indian Banks Are Unprepared to Fight Climate Change, Report Says; State-owned banks lag private lenders in climate strategies; None of banks surveyed have a long-term net zero target year
Archana Chaudhary - Bloomberg
Banks in the world's third-biggest polluting nation are poorly prepared to combat rising global warming risks, according to a new study by local research and advisory group Climate Risk Horizons.
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Finance Industry's Climate Promises Leave Plenty of Room for Oil and Gas; Research by Reclaim Finance and partner organizations found that, of 150 financial institutions, more than half have no restrictions on fossil-fuel work
Eric Roston - Bloomberg
Fewer than half of 150 major financial institutions have restricted their business with the oil-and-gas sector, even though many of them have made high-profile pledges to reduce their contribution to climate change, according to new research by the Paris-based nonprofit Reclaim Finance.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Ex-Goldman Banker's Wife Created Shell Entity After 1MDB Deal; U.S. argues account and shell company helped launder kickbacks; Jho Low paid ex-banker $35.1 million, prosecutors say
Patricia Hurtado - Bloomberg
Former Goldman Sachs Group Inc banker Roger Ng's wife created a shell company and opened a bank account that prosecutors say she used to help launder tens of millions of dollars in illegal kickbacks from Malaysian financier Jho Low.
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Archegos quietly built stake in Deutsche Bank; Germany's biggest bank was also among the lenders to the family office whose collapse left rivals with $10bn in losses
Olaf Storbeck and Ortenca Aliaj - FT
Archegos Capital Management quietly amassed a stake in Deutsche Bank after its founder Bill Hwang forged ties with the German lender's leaders before the family office imploded last year, the Financial Times can reveal. The collapse of New York-based Archegos 12 months ago left its prime brokers, which included Credit Suisse, Nomura and Morgan Stanley, with a combined $10bn in losses after the investment firm's highly leveraged bets on US media and technology shares unravelled.
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Morgan Stanley IM product head departs for Capital Group in newly created role; New Europe and Asia product development head at Capital Group brings over 16 years' experience, including 11 years at Morgan Stanley in product focused roles.
Wesley Bray - The Trade
Morgan Stanley Investment Management's international product head has left for a newly created EMEA focused role at hedge fund Capital Group. Kat Ferris joins Capital Group as head of product development for Europe and Asia after serving at Morgan Stanley for the last 11 years, most recently spearheading its international product strategy for the last four years, including launching investment funds in EMEA for retail and institutional clients. Prior to joining Morgan Stanley IM, she spent five years as a senior product manager at Dutch asset manager, Robeco.
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BNP to end all Russian banking business; French group steps up response to Ukraine invasion and joins other lenders heading for the exit
Sarah White - FT
BNP Paribas is to end all business in Russia, becoming the latest big international bank to sever ties with corporate clients in the country after the invasion of Ukraine.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Australia warned it faces 'national emergency' as commercial shipping fleet dwindles; Country risks supply chain disruption when geopolitical tensions rise, says industry group
Nic Fildes - FT
Australia faces a "national emergency" unless it re-establishes a sovereign commercial shipping fleet to ensure critical goods flow during times of war and economic sanctions. The war in Ukraine, alongside Canberra's geopolitical tensions with Beijing, has highlighted the vulnerability of Australia's security and economy given its supply chain is almost completely reliant on ships registered to other countries.
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Hong Kong expats drive unprecedented demand for Singapore school places; Families escaping strict Covid measures battle to find spots for their children in the city-state
Oliver Telling and Chan Ho-him - FT
Expatriates fleeing Hong Kong's draconian pandemic restrictions are struggling to secure places for their children at Singapore's top private schools, prompting some families to think twice about relocating to the rival financial centre. International schools across Singapore told the Financial Times that they had received multiple times more inquiries than normal but were unable to meet the unprecedented demand.
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Evergrande Delays Results as Banks Seize $2 Billion at Unit; Developer says 'major incident' at Evergrande Property Services will be investigated
Clarence Leong, Quentin Webb - WSJ
Banks have unexpectedly taken control of more than $2 billion held by one of China Evergrande EGRNF -7.19% Group's key subsidiaries, as the embattled property developer said neither it nor its main listed units could meet an imminent deadline to publish their annual results. The move by lenders adds fresh uncertainty to Evergrande's restructuring. Global bondholders view its two big Hong Kong-listed subsidiaries, which focus on property management and car making, as important sources of potential value for international creditors.
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Russia may not stop with Ukraine - NATO looks to its weakest link
Sabine Siebold and Robin Emmott - Reuters
Hours after Russian missiles first struck Ukrainian cities on Feb. 24, German naval commander Terje Schmitt-Eliassen received notice to sail five warships under his command to the former Soviet Republic of Latvia to help protect the most vulnerable part of NATO's eastern flank.
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Russian newspaper blames army death toll report on hackers
Mark Trevelyan - Bloomberg
A Russian newspaper has accused hackers of planting fake news on its website after a report briefly appeared there saying nearly 10,000 Russian soldiers had been killed in Ukraine. The incident marked the second apparent breach within a week of the tightly controlled war narrative that the Kremlin promotes through loyal Russian media.
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