| February 03, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
JLN Staff
Jeff Sprecher and Intercontinental Exchange is the ironman of the derivatives world, performing year after year without a break. ICE announced its fourth quarter and full year 2021 financial results and for the 16th consecutive year has produced record revenues. It is a story of growth, performance and utter concentration to the mission.
ICE also announced their 2022 statistics that showed average daily volume (ADV) up four percent year on year and open interest (OI) up six percent year on year. Brent ADV was up 2% and OI up 6%. Total energy ADV was up 3% and OI up 2%. The big gains came in Gilt OI up 59% and Euribor ADV up 51% y/y; OI up 71% y/y. Total Interest Rate ADV was up 13% y/y and OI up 22% y/y. Coffee OI was up 12% y/y and Cocoa ADV was up 35% y/y; OI up 25% y/y.
The CME Group had named their slate of director nominees, led by Terrence Duffy. The CME Group annual meeting, when the election will be held, is on May 4, 2022. The CME Group also announced their dividend for the first quarter of $1.00 per share, an 11% increase from the prior level of $.90 per share.
Congratulations to Doug Bry, who won election to the NFA board of directors, the NFA announced.
The Financial Times' Philip Stafford has a story this morning titled "European bond data costs soar 50% over five years, study shows; Increase comes as regulators scrutinise competition and pricing in the market." The cost of data is a big story, not just in Europe. Data costs are increasingly taking a bigger and bigger "byte" out of traders pockets.~JJL
A DeFi Project known as Wormhole said hackers stole about $320 million in cryptocurrency. I believe the problem here is not their coding, but rather it started with the branding. Really, Wormhole? That just begs for someone to find a hole in your code.
Kate Delp, DTCC Executive Director and General Manager, DTCC Data Repository (U.S.) LLC (DDR) issued this statement yesterday:
"The delay to the CFTC Rewrite is welcomed by market participants as the industry continues their preparations for the regulation changes. Market participants now have eleven months to prepare before the CFTC Rewrite takes effect, the largest regulatory reporting change since CFTC reporting requirements began in 2012. The Technical Specifications and data verification requirements of the CFTC Rewrite will require market participants to adopt more robust trade reporting systems and controls than may currently exist today. Market participants should be evaluating and adopting comprehensive trade reporting solutions that enable the customization of reporting options to fit their needs and bolster their overall trade reporting workflows. The solutions should also be scalable for seamless processing of large volumes and easy-to-use entitlement rules, provide advanced exception management capabilities, reprocessing functionality and submission monitoring—all critical for market participants to insulate themselves and their internal resources from the impact of ongoing regulatory changes."
Journalist John Aidan Byrne is hosting a new podcast titled "Odean Capital Conversations" that feature Dick Bove, chief financial strategist at Odeon Capital Group, and Mathew Van Alstyne, Odeon managing partner & co-founder. The first episode is titled "DEER IN THE HEADLIGHTS: FED in deep state of fear & paralysis, unable to count money supply."
In case you missed it, that fury beast known as Punxsutawney Phil fursaw six more weeks of winter after he saw his shadow yesterday. Groundhog Day 2022 has spoken.
Metaverse, meet Venusverse. A new startup created by two women announced the launch of Venusverse, the first Canadian, female founded, female focused educational program, incubator and NFT collection. Co-founders Janelle Chalouhi and Natalie Dumond hope to address the gender gap and remove barriers to entry for women in NFTs, cryptocurrency and Web3.
Have you moved to an N95 or KN95 mask? Do you wonder how long you can wear one particular mask? The New York Times has an article just for you titled "How Long Can I Keep Wearing the Same Respirator Mask? With the right care, your high-performance mask can last for multiple uses."
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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Micro Treasury Yield Futures Surpass 1 Million Contracts Traded
CME Group
CME Group, the world's leading derivatives marketplace, today announced that Micro Treasury Yield futures volume surpassed 1 million contracts on February 2. "At just under six months old, we're pleased with the support and participation we've seen from clients and market participants for our Micro Treasury Yield futures contracts," said Agha Mirza, CME Group Global Head of Rates and OTC Products. "In an environment of shifting monetary and fiscal policy, U.S. Treasury risk management continues to be more important than ever. These micro-sized contracts allow traders of all sizes to gain exposure to yield of on-the-run Treasury securities or more precisely hedge U.S. Treasury auction issuance, in an efficient, cost-effective way."
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***** This yield will only get bigger for the CME.~JJL
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Arbitration Attorneys Uncover "secret" Arrangement: How Many Cases Must Be Vacated Now, FINRA?
Recent Cases Securities Fraud; Georgia Ruling Found Wells Fargo and FINRA in Cahoots, Tainting the Arbitration Panel Selection Process; Wronged Investors Demand Answers from FINRA
Peiffer Wolf
Last week, the Superior Court of Fulton County, GA found that Wells Fargo Counsel and FINRA Dispute Resolution manipulated the arbitration panel selection process resulting in a favorable arbitration ruling for Wells Fargo Clearing Services. Arbitration attorneys representing the wronged investors in the case had filed a civil complaint against FINRA Dispute Resolution arguing that FINRA and Wells Counsel had improperly stacked the supposed "neutral arbitration panel" via an undisclosed arrangement between FINRA and Wells Fargo.
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***** What are pals for anyway?~JJL
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Don't believe the hype: Web3 is not going to change the world; Web3 is just a new spin on the same blockchain tech that we've been discussing for the last decade.
Dr Ewan Kirk - Sifted.edu
Unless you've been living under a rock for the past few months, you will have undoubtedly heard of Web3. According to some VCs and founders, this radically updated internet will unlock a new era of human co-operation and creativity, and so on. The Web3 hype is just another reminder of how short-term the tech industry's memory is. As someone that was mining bitcoins as far back as 2012, it's clear that Web3 is just a new spin on the same blockchain tech that we've been discussing for the last decade.
/jlne.ws/3ul9ETN
*****Don't believe the hype about not believing the hype about Web3. It is real. The hype that is.~JJL
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You'll Be Shocked To Learn That Someone Calling Themselves 'ILovePonzi' Spent A Fortune On Those Dumb Ape NFTs And Had Them All Stolen By Hackers
Matt Prigge - uproxx.com
Much like cryptocurrency, NFTs are a rising digital trend that can't help seeming awfully dodgy, and just because Gwyneth Paltrow and Paris Hilton are into them. The same day that some artists discovered that non-fungible tokens were being made without their consent, word broke that a collector of the fad got scammed out of their collection of JPEGs depicting apes and mutants.
/jlne.ws/3uoqnpd
****** File this in the "stuff you can't make up" folder.~JJL
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Wednesday's Top Three
Wednesday's top story was The Wall Street Journal's, Ripple's Legal Brawl With SEC Could Help Settle When Cryptocurrencies Are Securities. I'm no lawyer but it seems they have a good point. Our second most read story was MarketWatch's The 'best job in America' pays $145,000 and has 14,000 job openings — and offers a generous work-life balance. Gotta say the #1 job listed is a bit vague as a job description but at least it pays well. Our third story was from DeCential, Opening the Kimono on Dialectic, the Family Office for Crypto's Ultra-Rich.
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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 | Social-Media Platform Stocktwits Takes Cue From Brokerages, Adds Crypto Trading; The exchange FTX will be providing the infrastructure for trading
Paul Vigna - WSJ
Stocktwits, the social-media service for retail investors, is adding live trading as an option for its users within the platform. The first assets Stocktwits users will be able to trade are cryptocurrencies. The platform plans to expand into equities trading later this quarter. Brokerages such as Robinhood Markets Inc., Webull and eToro have grown in popularity in part by adding social components to trading, incorporating chat feeds and trending stocks. The payment app, Venmo, also gained ground because of its social feeds and emoji.
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European bond data costs soar 50% over five years, study shows; Increase comes as regulators scrutinise competition and pricing in the market
Philip Stafford - FT
The cost of data needed to trade bonds in Europe has soared by 50 per cent over five years, according to new data that highlight regulators' concerns about competition and pricing in the market.
/jlne.ws/3J1SAWQ
The Future of Finance Is Digital, Says Eswar Prasad. What Could Go Right—and Wrong
Reshma Kapadia -Barron's
Discussions with central bankers at a conference a couple of years ago prompted economist Eswar Prasad to start writing what he anticipated would be a slim volume on how digital currencies could affect monetary-policy implementation. As he delved deeper into the world of digital technologies such as blockchain, cryptocurrencies, and stablecoins, however, he began to realize their potential to revolutionize, and potentially destabilize, financial markets and the international monetary system.
/jlne.ws/3L8ZM5g
DeFi Project Known as Wormhole Hit With a Potential $320 Million Hack
Olga Kharif and Yueqi Yang - Bloomberg
Protocol serves as link between Solana and other DeFi networks; Project offers $10 million to hacker to return the funds
Wormhole, a communication bridge between Solana and other decentralized-finance blockchain networks, said hackers stole about $320 million in cryptocurrency. The online thieves made away with 120,000 wETH, or so-called wrapped Ether, the project's team said on Twitter. They pledged to add Ether over the next several hours to ensure the wETH is backed one-for-one and get the network back up. The post didn't elaborate on where they would get the Ether.
/jlne.ws/3rngwhm
U.K. Tax Regulator Toughens DeFi Stance and Crypto Isn't Happy
Ian Taylor - Bloomberg
Treatment as similar to property is inconsistent, critic says; Agency provides further information on lending and staking
Getting to grips with crypto on your annual tax bill is already a tough nut to crack, but the U.K. tax authorities are about to make it even harder. Her Majesty's Revenue and Customs updated its guidance for the treatment of crypto assets to include further information on lending and staking in decentralized finance on Wednesday, marking the first time it has made a foray into the nascent sector. Crypto investors can stake their tokens on blockchain networks to help validate transactions and earn rewards, usually also paid out in tokens.
/jlne.ws/3ASH2m9
Bots Are Overrunning Crypto Networks Like Solana as They Hunt for Profits; After conquering the Ethereum ecosystem, crypto trading bots are roaming — and causing havoc on — younger blockchains.
Olga Kharif - Bloomberg
Deploying funny-sounding strategies like "sandwich trading," bots have conquered much of the market for Ethereum-based digital tokens, scooping up hundreds of millions — if not billions — of dollars in trading profits over the years. Along the way, they've made enemies by front-running others' transactions, something blockchain-fueled trading fundamentally permits. There's been a benefit to the broader industry, too: By acting like old-school arbitrageurs, bots have made the Ethereum ecosystem more efficient, reducing price dislocations by methodically buying low and selling high, over and over and over.
/jlne.ws/32ZZDQI
Novogratz launches ESG programme to tackle bitcoin's 'dirty' image; Billionaire founder of Galaxy Digital blames 'misinformation' for environmental concerns
Eva Szalay - FT
Galaxy Digital, the digital assets company owned by billionaire Michael Novogratz, has ramped up its use of renewable energy for crypto mining, after accepting that the industry is failing to convince investors of its green credentials.
/jlne.ws/3umHDuY
GameStop Partners With Australian Blockchain Startup to Develop NFT Marketplace; Companies plan to dole out up to $100 million in cryptocurrency to help videogame developers make nonfungible tokens for the market
Sarah E. Needleman - WSJ
GameStop Corp. GME -11.15% said it would launch a marketplace for nonfungible tokens later this year in partnership with an Australian blockchain startup, stepping into a trendy but unproven area of tech as the videogame retailer tries to turn around its struggling business. Sydney-based Immutable Pty. Ltd. will help develop the marketplace on its carbon-neutral platform, called Immutable X, which uses the blockchain-based computer network Ethereum, GameStop said Thursday.
/jlne.ws/3sdSncp
Cboe jumps on the mini options train; Cboe Global Markets will launch trading in a new cash-settled options contract from March to help retail investors gain exposure to the US equity market.
Laurie McAughtry - The Trade
Market infrastructure provider Cboe Global Markets has confirmed the planned launch of Nanos, a new one-multiplier, cash-settlement options contract that is a fraction of the size of a standard options contract. Designed to provide greater access to options trading for retail investors, and listed exclusively on the Cboe options exchange, the new contract will be available from 14 March subject to regulatory approval.
/jlne.ws/35OaYEv
GameStop Options Trading Snapshots: A Tale of Three Market Environments
SpiderRock
Let's take a walk down meme-ory lane. It is the end of January 2020 in Chicago, a month that averaged a relatively mild 34-degrees and not much snow (7.8 inches total). Meanwhile, 77,026 GameStop options were traded. The stock exhibited volatility by the standards of the time, starting the month above $6/share and ending the month below $4/share.
Fast-forward. It's the end of January 2021. It was a bit colder (a 32-degree average) in Chicago than the prior year and the city got much more snow (21.9 inches total).
In the month, 25,166,766 GameStop options were traded.
/jlne.ws/3rnVEXp
European bonds market data costs double in five years, finds report; Fixed income data costs are increasing faster than equities, finds the AFME report, and regulatory intervention such as a consolidated tape will do little to solve the problem on its own.
Annabel Smith - The Trade
Costs associated with market data in the fixed income markets rose by 50% from 2017 to 2021, a report by the Association for Financial Markets in Europe (AFME) and Expand Research has found. In the industry association's report, it found that costs associated with European bonds market data had risen substantially more than in the equity markets, driven predominantly by price increases of around 35% on the existing cost base and new incremental usage which sparked a further 15% spend from participants.
/jlne.ws/3HqYuR4
Crime and NFTs: Chainalysis Detects Significant Wash Trading and Some Money Laundering In this Emerging Asset Class
Chainalysis
Non-fungible tokens (NFTs) were one of the biggest stories in cryptocurrency in 2021. NFTs are blockchain-based digital items whose units are designed to be unique, unlike traditional cryptocurrencies whose units are meant to be interchangeable. NFTs can store data on blockchains — with most NFT projects built on blockchains like Ethereum and Solana — and that data can be associated with images, videos, audio, physical objects, memberships, and countless other developing use cases. NFTs typically give the holder ownership over the data or media the token is associated with, and are commonly bought and sold on specialized marketplaces.
/jlne.ws/3gh4ShN
Grayscale Launches First Equity ETF Tracking New Joint Index With Bloomberg
Tanzeel Akhtar - Coindesk
New York-based Grayscale, which is owned by Digital Currency Group, the parent company of CoinDesk, has launched the first equity exchange-traded fund (ETF) tracking the Bloomberg Grayscale Future of Finance (BGFOF) index.
/jlne.ws/3ghrJtx
Crypto Giant Launches Push to Become 'World-Class ETF Issuer'
Katie Greifeld - Bloomberg
The world's largest cryptocurrency fund manager is making its first foray into the $7 trillion exchange-traded fund business. Grayscale Investments LLC's Future of Finance ETF (ticker GFOF), which begins trading on Wednesday, is designed to track companies that are "actively building and advancing the digital economy," said to David LaValle, the firm's global head of ETFs. That vision includes companies such as Silvergate Capital Corp., Coinbase Global Inc and PayPal Inc
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India's proposed 30% tax on digital asset income is overall a positive, crypto exchange head says
Saheli Roy Choudhury - CNBC
India's proposed tax rate on income from virtual assets is steep, but it signals that the government recognizes the country's cryptocurrency industry, the head of a top crypto exchange told CNBC. In the Feb. 1 annual budget, Finance Minister Nirmala Sitharaman noted in her speech the "phenomenal increase in transactions in virtual digital assets." She proposed a 30% tax on any income from the transfer of digital assets and said no deductions would be allowed. Losses incurred from such transactions could not be set off against any other income.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Opinion: When should the government lift pandemic restrictions? These four metrics can provide the answer.
Joseph G. Allen - Washington Post
Decision-makers are increasingly embracing the reality that we will have to "learn to live with" the coronavirus. But how will they know when to impose or lift restrictions? Fortunately, they don't have to guess. There are four underutilized data metrics they can use to guide decisions — not only for this surge, but for the rest of the pandemic.
/jlne.ws/3sepjl5
The Twilight of Covid Mandates in Europe; The U.K. ditches a diktat for health staff as other leaders rethink how to live with the virus.
The Editorial Board - WSJ
The Biden Administration isn't the only government rethinking Covid vaccine mandates. The Occupational Safety and Health Administration quietly dropped its mandate after a rebuke from the Supreme Court, and some leaders in Europe are also finally getting serious about learning to live with the virus.
/jlne.ws/3AXySbT
Why do some people get Covid when others don't? Here's what we know so far
Holly Ellyatt - CNBC
One of the great mysteries that has emerged from the Covid-19 pandemic — and one that's still being investigated by infectious disease specialists — is why some people catch Covid and others don't, even when they're equally exposed to the virus. Many of us know entire households who caught Covid and had to isolate over the pandemic, but there are also multiple anecdotes of couples, families and colleagues where some people caught the virus — but not everyone.
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The Omicron Variant Has New Versions Already. What Comes Next? Viruses keep evolving until they run out of hosts to infect. Worldwide, billions remain unvaccinated against Covid—which means Omicron isn't the end.
Wired
THE FAST-MOVING OMICRON variant is on the wane. More than half the states in the US appear to have passed a peak in cases, and global modeling predicts the wave will wash through most of the world by the end of March. That poses the question: What comes next? SARS-CoV-2 has already provided a near-term answer. A subvariant of Omicron called BA.2 is rapidly supplanting the first version, known as BA.1. In an assessment published last Friday, the United Kingdom's Health Security Agency said the incidence of BA.2 there doubled in seven days. A few days before that, the Statens Serum Institut, an arm of Denmark's health ministry, said BA.2 already accounts for almost half of that nation's Omicron cases.
/jlne.ws/3s8KPHU
How dangerous is the fast-spreading new Omicron sub-variant BA.2? Sister strain of coronavirus variant has been detected in 57 countries, says the WHO
Oliver Barnes, Ella Hollowood and Donato Paolo Mancini and Primrose Riordan - FT
Scientists who track coronavirus mutations are closely monitoring an uptick in cases of an Omicron sub-variant named BA.2, just as countries were beginning to hope the worst of the latest wave of coronavirus infections had passed.
/jlne.ws/3ro8tRD
U.S. Covid-19 Hospitalizations Continue Tracking Downward; Though deaths are still rising, optimism is growing that the worst may soon be over
Nick Kostov - WSJ
Hospitalizations for Covid-19 in the U.S. continued to fall, with the seven-day average of patients with confirmed or suspected cases easing to 134,000 on Wednesday, down 16% from a Jan. 20 high, according to data from the Department of Health and Human Services.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | OCC January 2022 Total Volume Becomes Highest January on Record
Year-to-date cleared contract volume through end of January up 6.4 percent year-over-year
OCC
OCC, the world's largest equity derivatives clearing organization, announced today that average daily volume for January 2022 was 44.9 million contracts, up 1.1 percent compared to January 2021. Total volume was 897.6 million contracts, up 6.4 percent compared to January 2021.
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Nasdaq January 2022 Volumes
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for January 2022 on its investor relations website. A data sheet showing the monthly volumes and quarterly capture rates can be found at: http://ir.nasdaq.com/financials/volume-statistics.
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Notified Expands Strategic Partnership with Nasdaq to Simplify ESG Data Management and Reporting for Customers; Agreement allows Notified to offer Nasdaq OneReport software to its Investor Relations, Public Relations, and Event Cloud customers
Nasdaq
Intrado Corporation ("Intrado"), a global leader in technology-enabled services, announced today its Notified business segment has expanded its strategic partnership with Nasdaq to offer Nasdaq OneReport to customers. The partnership gives Notified customers the ability to manage and report on Environmental, Social, and Governance ("ESG") efforts by simplifying the gathering, tracking, managing, approving, and disclosing of ESG data.
/jlne.ws/3gjT3Y7
Euro-Bono-Futures: Introduction of intra-day non-disclosure limits
Eurex
The Management Board of Eurex Deutschland decided, with effect from 1 March 2022, to introduce intra-day non-disclosure limits for trades entered using the Eurex T7 Entry Services (TES) in Euro-Bono-Futures (FBON).
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LCH SwapAgent completes first EUR swaption trade under AFB/FBF
LCH
Natixis CIB and Crédit Agricole CIB were the counterparties to the first SwapAgent trade under the French law FBF/AFB master agreement; 33 counterparties have processed over $3.7 trillion in notional volume on LCH SwapAgent since launch; LCH SwapAgent offers standardisation, efficiency and simplicity in the bilateral derivatives market; LCH SwapAgent today announced it has processed its first EUR swaption trade under an FBF/AFB master agreement governed by French law. Natixis CIB and Crédit Agricole CIB were the counterparties to the trade.
The EUR swaption trade will be ESTR discounted and Euro collateralised under the SwapAgent Credit Support Annex (CSA). The SwapAgent CSA is the first widely adopted standardised CSA in the bilateral derivative market and seeks to improve efficiencies by standardising Euro collateral as variation margin for Euro swaptions. The SwapAgent standardised CSA is now in use by 33 global derivative counterparties across EMEA, the US and Asia Pacific.
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Intercontinental Exchange Reports January 2022 Statistics
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today reported January 2022 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
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Intercontinental Exchange Announces 15% Increase to its Quarterly Dividend
Intercontinental Exchange, Inc.
Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology and market infrastructure, announced board authorization of its first quarter 2022 dividend of $0.38 per share, up 15% from its previous $0.33 per share quarterly dividend in 2021. The first quarter cash dividend is payable on March 31, 2022 to stockholders of record as of March 17, 2022. The ex-dividend date is March 16, 2022.
/jlne.ws/3ulZF0i
Intercontinental Exchange Reports Fourth Quarter & Full Year 2021; 16th consecutive year of record revenues
Intercontinental Exchange, Inc.
Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today reported financial results for the fourth quarter and full year of 2021. For the quarter ended December 31, 2021, consolidated net income attributable to ICE was $1.5 billion on $1.8 billion of consolidated revenues less transaction-based expenses. Fourth quarter GAAP diluted earnings per share (EPS) were $2.70. Adjusted net income attributable to ICE was $760 million in the fourth quarter and adjusted diluted EPS were $1.34.
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CME Group Inc. Names Slate of Director Nominees
CME Group
CME Group Inc. today announced its slate of candidates for its board of directors for election at the company's annual meeting to be held Wednesday, May 4, 2022.
/jlne.ws/3oprn8H
CME Group Declares Quarterly Dividend
CME Group
CME Group Inc., the world's leading derivatives marketplace, today declared a first-quarter dividend of $1.00 per share, an 11% increase from the prior level of $0.90 per share. The dividend is payable March 25, 2022, to shareholders of record as of March 10, 2022.
/jlne.ws/3rqKkKh
Atrys Health to start trading on the stock exchange as of 7 February; It was listed on BME Growth in July 2016
BMEX-X
Next Monday, February 7th, the shares that make up the stock capital of Atrys Health, listed on BME Growth, will be traded on the stock exchange, following the approval by the Spanish securities market supervisor (CNMV). The shares will be traded under the code "ATRY".
/jlne.ws/3J4QFRB
BME brings together 22 Spanish medium and small sized companies with international investors in Frankfurt
BME-X
The companies represented at the event, which will take place remotely, have a combined market value of more than 11 billion euros; A hundred online meetings are estimated to take place between the participating companies and over 75 European institutional investors, mainly from France and Germany.
The fifteenth edition of the Frankfurt European Midcap Event starts next 8 February, an annual meeting in which BME is a regular sponsor and which is once again being held as a virtual-only event due to health reasons. The event aims to bring together small and mid-cap companies from different European countries with more than 75 investors interested in this type of issuers.
/jlne.ws/3umyaDX
-- Amendments to the Daily Settlement Procedure Document for the S&P Annual Dividend Index Futures and S&P Quarterly Dividend Index Futures Contracts - CME
-- CME Globex Notices: January 31, 2022
-- EBS Market Integration Notice: New Content and Updates - CME
-- CME STP Notices: February 3, 2022
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | FTX to Buy Fintech Liquid in Push to Reach Japanese Traders
Akayla Gardner - Bloomberg
FTX Trading Ltd. is set to acquire Singapore-based fintech Liquid Group Pte Ltd. in a push to increase its presence in Japan. The acquisition will allow FTX to enter the Japanese market with a regulatory stamp-of-approval because a key subsidiary of Liquid, Quoine Corp., was among the first cryptocurrency exchanges to register with Japan's Financial Services Agency in 2017. Quoine was approved to offer derivatives trading, an integral service for FTX.
/jlne.ws/3GzDbvz
Meta spent $10 billion on the metaverse in 2021, dragging down profit; Quarterly profits decreased 8 percent, to $10.3 billion, from a year earlier. Shares of Meta's stock plunged about 22 percent in after-hours trading.
Mike Isaac - NY Times
Mark Zuckerberg said his company was going all in on the metaverse last year. On Wednesday, he showed the costs of making that transition. Meta, the company that Mr. Zuckerberg founded as Facebook, said that its Reality Labs division, which makes virtual-reality goggles, smart glasses and other yet-to-be-released products, lost more than $10 billion in 2021 as it built the business. Those products are key to Mr. Zuckerberg's vision of the metaverse, a next generation of the internet where people would share virtual worlds and experiences across different software and hardware platforms.
/jlne.ws/32VoF3f
From Burna Boy to TV's Big Brother Naija, Nigerian startups are spending millions on celebrity endorsements; Companies like Flutterwave are doing cash giveaways, TV sponsorships and music partnerships to stay ahead of competitors.
Abubakar Idris - Restofworld.org
Late last September, the Grammy Award - winning Nigerian musician Burna Boy was back on stage in San Francisco. He wasn't performing as usual, to a sold-out stadium, but making his debut appearance as the global brand ambassador for a fintech company, Chipper Cash, a pan-African payments unicorn.
/jlne.ws/3L7a1qY
POWER PLAYERS: 18 women to watch in 2022 who made partner or higher in Europe's male-dominated VC ecosystem
Riddhi Kanetkar and Tasmin Lockwood - Insider
At 29, Annalise Dragic became one of Europe's youngest female venture-capital partners last year after rising through the ranks at Sapphire Ventures. Her promotion was something of a rarity, as the venture-capital industry is overwhelmingly male. Women made up 12% of the top roles like general partner and managing director at venture firms in 2021 — a slight decrease from 13% the previous year, according to Atomico's State of European Tech reports.
/jlne.ws/3L5mVFY
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| Cybersecurity | | Top stories for cybersecurity | 90% of security leaders face internal cybersecurity skills shortage
Security Magazine
Security leaders are facing significant challenges in acquiring the appropriate skills to execute against their strategic objectives.
According to research conducted by global cybersecurity recruitment firm Stott and May, in partnership with Forgepoint Capital, internal skills represent the single most significant barrier to strategy execution for 43% of cybersecurity leaders, who identified budget (35%), technology (13%), and board-level buy-in (9%) as key hurdles. The research provided insight into the thoughts and core priorities of a snapshot cohort of 55 security leaders and examined critical themes, including the skills shortage, inhibitors to strategy execution, and the business perception of cybersecurity functions.
/jlne.ws/3IYgh2n
White House cybersecurity official in Europe warning of Russian hacks
James Pearson - Reuters
Russia could use cyberattacks as part of its efforts to destabilise and further invade Ukraine, a White House cyber official visiting her European counterparts said on Wednesday.
Anne Neuberger, U.S. deputy national security advisor for cyber and emerging technology, was meeting European Union and NATO officials in Brussels to discuss the threat of cyber attacks against Ukraine by Russia.
/jlne.ws/3olCdwD
Cybersecurity 2022 - The Year in Preview: Continued Threats to Nation's Energy Supply as Regulators Race to Keep Up
Foley Hoag LLP - JDSupra
As we reported in our 2021 Year in Preview series, we began 2021 anticipating that ransomware would be a serious threat to critical energy infrastructure. These concerns were realized in May 2021 when the Colonial Pipeline Company's ("Colonial") entire 5,500-mile pipeline system carrying liquid fuels was shut down due to a ransomware attack by DarkSide, a hacking group that allegedly has loose ties to the Russian government.
Colonial is far from the only business that has experienced a cyberattack this year—media reports indicate that the energy sector was in the top five most attacked industries in 2021, and at least a quarter of big energy companies are highly susceptible to ransomware attacks. Experts have classified these threats as substantial and growing, and requiring strong action in the face of increasingly sophisticated and destructive hackers.
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Cybersecurity: Many managers just don't want to understand the risks
Danny Palmer - ZDNet
Senior managers are putting businesses at risk of cyberattacks and data breaches because they don't understand cybersecurity issues and, in some cases, don't even want to learn about the dangers.
According to research by cybersecurity company Trend Micro, just half of IT decision makers believe that the board understands cyber risks. Of the 5,321 IT leaders surveyed, 90% said that the C-suite aren't focused on cybersecurity because they have other priorities, such as digital transformation or improving productivity. As a result, they see cybersecurity as a barrier to reaching their preferred goals.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin Lovers Like the Winklevoss Twin Urge Patience After Declines
Akayla Gardner - Bloomberg
Bitcoin failed to hold the two-week high registered Tuesday, while advocates from the Winklevoss brothers to the president of El Salvador urged the faithful to remain strong.
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NFT Art Exists in the Digital World. Collectors Want to Put Them on the Wall; Swiping through a vast inventory of images on a cell phone or laptop isn't doing it anymore for digital art owners
Kelly Crow - WSJ
Art collectors and cryptocurrency investors went wild last year buying art that exists only in the digital world. Now, Desiree Casoni, a collector in Key Biscayne, Fla., is trying to figure out how to hang all her new purchases on the wall. Ms. Casoni owns more than 500 digital artworks with her investor husband, Pablo Rodriguez-Fraile. Bored of swiping through their collection on a cellphone or laptop, the couple initially retooled a few television sets throughout their home, but that meant downloading files onto thumb drives and plugging them in. Ms. Casoni said they next dabbled with digital picture frames designed to run looping slideshows of family photographs, but said some of these models didn't allow them to resize or crop images.
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NFT museum opens its doors in United States
AFP
A museum dedicated to NFTs -- the blockchain-based creations that have taken the artworld by storm -- has opened its doors in the United States. The Seattle NFT Museum features original artworks along with explanations of the technology behind them, and is intended to help visitors navigate the new world of Non-Fungible Tokens. "The point of a physical space is to make it easier for anyone to access," museum co-founder Peter Hamilton told AFP.
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Pricey pixels: Why people spend fortunes on NFT art
Joseph Boyle and Jordi Zamora - Techxplore.com
Driven by high-profile auctions, the market for NFTs exploded in 2021 with sales worth more than $40 billion, according to analytics firm Chainalysis. Thousands of artists beaver away every day creating images to sell as digital tokens (NFTs) in online exchanges. The market is booming, the most popular pieces can sell for millions, but outsiders may wonder why anyone would pay anything at all. No physical pieces of art exchange hands in these transactions. Buyers use cryptocurrencies and receive their NFTs—a unique piece of computer code related to the artwork that is stored on a blockchain, a kind of digital ledger that cannot be changed.
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Coinbase Announces Date of Fourth Quarter and Full Year 2021 Financial Results
Coinbase Global, Inc.
Coinbase Global, Inc. (the "Company" or "Coinbase") announced today that it will publish its fourth quarter and full year 2021 shareholder letter, including financial results, on its Investor Relations website at investor.coinbase.com on Thursday, February 24, 2022 at approximately 1:00 p.m. PT. The Company will hold a question and answer session to discuss its financial results at 2:30 p.m. PT that same day.
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In Huge Precedent, IRS Says It Will Not Tax Unsold, Staked Crypto
Kamran Rosen - Forbes
In court filings expected to be made public Thursday, the IRS declared it would refund $3,293 in income tax (plus statutory interest) to a Nashville couple who had paid the amount on 8,876 Tezos tokens they had obtained through staking.
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Are crypto payments becoming mainstream for small and midsize businesses?
Bronwyn Howell - AEI.org
Four years ago, my colleague and I reacted with some mirth when Australia's Brisbane Airport became the first in the world to allow travelers to use bitcoin, Dash, Ethereum, and other digital currencies to shop and dine across its terminals. At the time, transaction fees of around $10 ensured exchanges of comparatively modest sums were processed in a timely manner. While this may have helped with a small number of high-end merchandise deals, it hardly seemed useful for a quick coffee or snack between connecting flights. Likewise, the 10 percent discount on goods purchased with the approved digital currencies did not successfully entice me and my colleague during subsequent stopovers between Brisbane and Port Moresby.
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Bored Ape start-up in investment talks with Andreessen Horowitz; NFTs pioneer Yuga Labs discussing financing with Silicon Valley investor that would value it at up to $5bn
Miles Kruppa and Cristina Criddle and Tim Bradshaw - FT
The start-up behind Bored Ape Yacht Club, the non-fungible token collection that counts celebrities such as Gwyneth Paltrow and Snoop Dogg as owners, is discussing a financing with Andreessen Horowitz that would value it at between $4bn and $5bn. According to people with knowledge of the discussions, NFTs pioneer Yuga Labs is seeking to sell a multimillion-dollar stake in a new funding round.
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FTX Trading raises $400 million in Series C funding round; The latest funding round has increased FTX Trading's valuation to $32 billion.
Wesley Bray - The Trade
FTX Trading, FTX.COM owner and operator, has closed $400 million in a Series C fundraise, increasing the company's valuation to $32 billion. The funding round included participation from Temasek, Paradigm, Ontario Teachers' Pension Plan Board, NEA and IVP among others.
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| Politics | | An overview of politics as it relates to the financial markets | How Ken Griffin's money is reshaping conservative politics beyond Illinois; The hedge fund multibillionaire is showering cash on conservative candidates from coast to coast.
A.D. Quit - Crain's Chicago Business
As Ken Griffin prepares to underwrite an all-out effort to unseat Illinois governor and fellow billionaire J.B. Pritzker this year, he's finding time—and money—to extend his influence far beyond his home state.
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The donor king of Chicago: Ken Griffin splashes midterm cash; The GOP donor was the biggest contributor to Republicans' biggest super PACs in 2021.
Shia Kapos, Brittany Gibson - Politico
The single biggest spender in Republican politics pumped more than $28 million into the GOP in 2021 — and he's expected to multiply that number leading into the midterms. Ken Griffin, the founder and CEO of the hedge fund Citadel, was the largest individual donor last year to the GOP super PACs aiming to flip control of Congress, contributing $11 million to the Congressional Leadership Fund and $5 million to Senate Leadership Fund. He splashed another $5 million apiece into Florida Gov. Ron DeSantis' PAC and into Honor Pennsylvania, a super PAC backing fellow hedge funder Dave McCormick — and opposing celebrity physician Mehmet Oz — in Pennsylvania's GOP Senate primary, making Griffin the biggest individual donor to those two groups so far.
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Raskin Faces Senate Questions Over Views on Climate Change, Regulations; Sarah Bloom Raskin and two other Fed nominees are set to testify at their confirmation hearing, a key hurdle on way to confirmation
Andrew Ackerman - WSJ
Sarah Bloom Raskin, President Biden's nominee to become the government's top bank regulator, goes to Capitol Hill on Thursday to face lawmakers' questions about her support for tougher banking rules and for using financial regulation to address climate change—positions cheered by Democrats but criticized by Republicans.
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Hedge funds bet on beaten-down Russia and Ukraine assets; Nervous institutional investors still steering clear owing to rising political risks
Laurence Fletcher - FT
Hedge funds are scooping up Russian and Ukrainian assets after sharp declines since last autumn, while institutional investors stay clear as they view the intensifying political risks as too hot to handle.
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Joe Biden's nominee for top Fed watchdog signals tough stance on banks; Pointed remarks suggest Sarah Bloom Raskin has not been cowed by Republican attacks
Colby Smith - FT
Joe Biden's nominee for the Federal Reserve's top regulatory position signalled her intention to take a tough approach to policing Wall Street, arguing that stability should "never be compromised in favour of short-term political goals" as it was during the 2008 crisis.
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | MAS and CSRC Advance Regulatory Collaboration and Capital Markets Connectivity at the 6th Bilateral Roundtable
Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) and the China Securities Regulatory Commission (CSRC) exchanged information to advance cooperation in capital markets supervision and connectivity at the 6th MAS-CSRC Supervisory Roundtable last week. Both sides discussed the implementation of the capital markets collaboration initiatives announced at the recent 17th Joint Council for Bilateral Cooperation between Singapore and China held in December 2021.
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RI Advice to pay $6 million penalty, John Doyle to pay $80,000 penalty: Royal Commission case study
ASIC
The Federal Court has ordered RI Advice Group Pty Ltd to pay a $6 million penalty for failing to take reasonable steps to ensure that its authorised representative, John Doyle, provided appropriate financial advice, acted in his clients' best interests and put clients' interests ahead of his own.
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ASIC quarterly update October to December 2021
ASIC
ASIC has released its quarterly update for 1 October to 31 December 2021 (REP 717). During the quarter we completed investigations into matters arising from the Financial Services Royal Commission.
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Financial education and literacy: a priority for the ESAs
ESMA
The European Supervisory Authorities (ESAs) - EBA, EIOPA and ESMA, held their first joint high-level conference on financial education and literacy on 1 and 2 February 2022. The conference gathered high-level government representatives as well as experts from public authorities, academia, NGOs, consumer associations and the industry to raise awareness of this important topic. It also offered a forum to share ideas and best practices and to gather input from all the stakeholders on how to tackle future challenges.
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ESMA launches Call for Evidence on ESG ratings
ESMA
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, today publishes a Call for Evidence on Environmental, Social and Governance (ESG) ratings. The aim is to gather information on the market structure for ESG rating providers in the European Union (EU).
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ESMA launches its new STS register
ESMA
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has launched its Simple, Transparent and Standardised (STS) Register for the notification of securitisations under the Securitisation Regulation.
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SEC Obtains Bifurcated Judgments Against Crowdfunding Issuer and Its CEO
SEC
The Securities and Exchange Commission announced today that, on January 28, 2022, the Court in SEC v. Shumake, et al, entered bifurcated judgments against crowdfunding issuer, 420 Real Estate, LLC, and its CEO, Willard Jackson.
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SEC Files Fraud Charges Alleging a Multi-Million Dollar Scheme That Targeted Retirement Accounts
SEC
The Securities and Exchange Commission today announced charges against Safeguard Metals LLC, and its owner, Jeffrey Santulan, for engaging in a multi-million dollar fraudulent scheme involving hundreds of investors who were at or near retirement age.
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Notice of Members Elected to NFA's Board of Directors and Nominating Committee
NFA
Board of Directors
This year there was one contested election in the CPO/CTA category of NFA's Board of Directors. The result of the election is as follows:
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Bridgewater Executive Says Commodities Are The Most Underused Inflation Hedge
Alex Wittenberg - Bloomberg
Commodities are the most underused hedge against inflation as the economy expands and prices rise, said Bridgewater Associates executive Karen Karniol-Tambour.
"You're looking at assets that are going to do well as the economy grows and inflation pressures are strong," Karniol-Tambour, the firm's co-chief investment officer for sustainability, said Wednesday in a Bloomberg Television interview.
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Rising Rates Squeeze Bond Funds; Some funds that held up best strayed from their traditional investing grounds
Sebastian Pellejero - WSJ
January's market turmoil hit even the safest bond funds. Some of those that held up best strayed from their traditional investing grounds, or concentrated on the shortest maturities. Only a few U.S.-based funds that focus on investment-grade taxable debt have earned a positive return or traded flat through January, when including interest payments and price swings, according to data compiled by Morningstar Direct. More than 300 others posted total losses ranging from minus 0.1% to minus 3.6% over the same period.
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The great venture-capital resignation is underway
Melia Russell - Insider
A fiery job market has left many workers to rethink what they want their careers to look like. That's true even for venture capitalists. In recent months, investors like Katie Haun, Jeremy Liew, Sarah Cannon, Bijan Sabet, and Katherine Boyle, among others, have called it quits at some of the most respected venture firms.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Energy Investors' 2022 Anthem: 'Mo Money Mo Problems'; The oil sector is bracing for another supercycle. For investors, it won't just be about curbing the companies' discipline but also their own demands.
Jinjoo Lee - WSJ
Oil-and-gas companies have 99 problems, but cash flow isn't one. At least not yet. In a sea of red for nearly all sectors this year, companies producing oil and gas are a rare spot of green. While the S&P 500 is down almost 4% year to date, oil-and-gas exploration companies in the index are up 25%.
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Valkyrie Investments commits one percent of revenue to Stripe Climate to reduce carbon emissions around the world
Valkyrie Investments
Valkyrie Investments ('Valkyrie'), an emerging asset manager focused on the digital asset class, is excited to announce it is partnering with Stripe Climate as part of a broader firmwide sustainability commitment .
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Asset managers dismiss Biden's methane clampdown as too lenient; Move to regulate leaks of potent greenhouse gas would exempt small wells from oversight
Myles McCormick - FT
Large investors including Wellington Management and Legal & General have criticised US president Joe Biden's crackdown on methane pollution for being too lenient on the oil and gas industry, as asset managers take a more vocal stance on climate policy.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman Sachs Asset Management completes investment in Elea Digital, Piemonte Holding's Brazilian data center platform
Piemonte Holding
Piemonte Holding and the Private Credit business within Goldman Sachs Asset Management announce they have completed an investment in Elea Digital, an ecosystem of six data centers across different Metro-Areas in Brazil.
/jlne.ws/3AT4cZA
Janus Henderson Investors Pull $5.2 Billion as Exodus Persists
William Patrick Geor Louch - Bloomberg
Clients have withdrawn cash for 17 straight quarters; Activist investor Trian has been awarded two board seats
Janus Henderson Group Plc has failed to stem a client exodus in the fourth quarter in results that may increase pressure on it from its largest shareholder. The asset manager saw $5.2 billion of net outflows in the three-month period, according to a statement Thursday. That was more than the $3.56 billion consensus for outflows by analysts polled by Bloomberg.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | The Assault on Apple Daily; The demise of Jimmy Lai's newspaper shows how far China will go to bring Hong Kong into line.
Iain Marlow - Bloomberg
Journalists tend not to be early risers. So when some 500 police officers arrived at the offices of Apple Daily, Hong Kong's most prominent pro-democracy newspaper, at 7:30 a.m. on June 17, feature writer Shirley Leung was still asleep in her apartment. She finally checked her phone around 9 o'clock. The messages coming in were alarming. The police had detained the paper's top editors and were sweeping its newsroom, carting away files and hard drives, a scene that would have been hard to imagine in Hong Kong even a few years earlier.
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International investors in Chinese companies face growing risks
FT Video
As property companies such as Evergrande teeter on the brink of collapse and the Chinese government cracks down on the tech sector, the FT's global China editor James Kynge and markets editor Katie Martin discuss the changing dynamics of investing in China and examine whether the opportunities to make money are worth the growing political risk
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Indian stocks suffer worst foreign outflows since global financial crisis; Sell-off batters valuations as New Delhi seeks record IPO for state-run insurer
Hudson Lockett and Chloe Cornish - FT
Foreign selling of Indian equities has reached the highest level since the global financial crisis, batting down valuations of top stocks as Narendra Modi's government plans to use the listing of a state-run insurer to plug holes in the national budget.
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China CSI 300 index's 'most significant rebalancing' tilts to industrials; JPMorgan notes shift to growth and Goldman Sachs cites tailwind from 'common prosperity' goal
Emma Boyde - FT
Exchange traded fund investors wanting to invest in the China growth story, but worried about regulatory winds buffeting the country's internet giants, may take succour from the latest CSI 300 rebalancing. December's rebalancing of the CSI 300, China's key benchmark of onshore-listed companies, has garnered cautious approval from both Morgan Stanley and Goldman Sachs, even as it comes after all kinds of bad news for those investing in China.
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| Miscellaneous | | Stories that don't quite fit under the other sections | America's covid job-saving programme gave most of its cash to the rich
The Economist
It was known as the "American peculiarity". Weeks into the first pandemic-induced lockdowns in March 2020, America was suffering from anomalously high job losses. The unemployment rate more than quadrupled between February and April, leaping from 3.5% to 14.7%. Elsewhere in the oecd, a club of mostly rich countries, the average increase was much less steep. Unemployment rates in Britain and Germany barely budged, rising from 4% to 4.1% and 3.5% to 3.7% respectively. Many governments staved off damage by paying businesses to keep workers employed. But America had little experience with anything approaching that sort of drastic intervention. Its hastily designed scheme sent much of its relief money to people who didn't need it.
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U.S. job market faces reshuffling as workers quit at near record rates
Jonnelle Marte and Aleksandra Michalska - Reuters
Gina Marino quit two jobs last year.
In the summer, she left a position at a small social media marketing agency for a bigger firm offering more money and greater responsibility.
Three months later, despite liking her colleagues and the company but realizing she lacked passion for the industry she was supporting, she quit again.
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Milken's New Predators' Ball: Billionaires Gather in Florida; Events in Palm Beach and Miami are expected to draw at least two-dozen billionaires including Peter Thiel, as well as Joe Manchin and Serena Williams.
Amanda L Gordon and Benjamin Stupples - Bloomberg
The 75-year-old billionaire kicks off the first Milken Institute South Florida Dialogues on Friday, according to an invitation obtained by Bloomberg. The six-day preliminary agenda of island- and mansion-hopping has Ken Griffin talking national security in South Beach, and Sonia and Paul Tudor Jones hosting tennis matches at their oceanfront Palm Beach estate Casa Apava. The format is similar to the dialogues he's presented in the Hamptons for years.
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