| March 28, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
This morning I have the John's Take piece from The Spread and it is titled, "Why I hate Chuck Mackie and Thoughts on FTX's CFTC Request." Now, I don't really hate Chuck, but....
Chuck encouraged me to offer my thoughts on FTX's request to "amend its order of registration as a DCO to allow it to modify its existing non-intermediated model." I was a little busy at the time, which drew my ire towards Mr. Mackie.
My comment letter to the CFTC also needs a little editing, as I wrote it after 14 hours in front of the screen and my eyes glazed over. I missed a comma and a word, at least. I am sure my JLN editors would find more faults to correct. But that letter is the basis of John's Take this week.
Today is my first day of radiation treatment for prostate cancer. I am told that I should not notice any impact until about halfway through, when I will start to get fatigued. This is why I have scheduled the treatments for the end of the day, at 3:45 p.m. My one big unknown is whether I will be in any shape to go to the Options Conference in San Antonio, TX in May.
JLN will be sending its video team to the conference, so we will be producing more of our JLN Industry Leader video series from there. If you are attending the conference and will have news, or something to talk about, please contact us.
The Financial Times has a Special Report: Navigating Cyber Risk. The FT says: "More digital transactions and data collection since the pandemic, and new cyber risks from the war in Ukraine, are forcing companies to improve their systems. We look at the challenges for consumer businesses, insurers, and ethical hackers." The stories include:
- Ukraine fallout expected to test companies' hardened cyber defences; Western leaders and insurance experts warn of a likely increase in attacks
- In charts: Cyber security risks and companies' readiness; UK government research shows that nearly half of all businesses are still not seeking advice on protection
- Contact tracing poses data challenge for hospitality groups; Small businesses have become accountable for storing personal information — and liable to fines
- Customer data platforms step up to the challenge of cyber crime; New systems let businesses record every touchpoint with consumers — but must add extra security
- Hotels in hackers' sights as technology replaces personal touch; Hospitality businesses are the third most targeted for cyber attacks as they gather more customer data
- Ethical hackers 'hit the jackpot' as tech groups pay for protection; Helping app makers spot critical security weaknesses is becoming a lucrative business
ABN AMRO Clearing Bank is celebrating its 10th edition of the Amsterdam Investor Forum scheduled for September 20 and 21 in the bank's headquarters in Amsterdam. Look for more information soon.
At the 19th Structured Retail Products Europe Awards 2022, Marex won "Most Innovative Product" for its Bitcoin Cash & Carry Certificate.
J.P. Morgan has signed on as a prime sponsor of the Eurex Derivatives Forum for the third year in a row. The Derivatives Forum will be held on May 24 and 25.
If you want to see the commercials for the NYSE and ICE's new branding campaign, "Make the Connection," you can find it HERE. It is downright cool.
Thank you to the anonymous donor who gave $500 to the JLN MarketsWiki Education GoFundMe campaign last week. We greatly appreciate all the support for our efforts to preserve industry history and educate the next generation of market participants and industry professionals. We are now over $57,000 of our $300,000 goal.
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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Goldman Sachs Executes First Crypto Options Trade; ICE Launches Global Brand and Ad Campaign; Alex Reflects on FIA Conference
JohnLothianNews.com
"Alex Perry's Optionstopia" takes a look at this week's options news highlights: Goldman Sachs Executes First Crypto Options Trade; ICE Launches Global Brand and Ad Campaign; Alex Shares Remarks from FIA Conference
Euronext presents: Options Term of the Week
Watch the video »
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John Fildes' Down Under View From FIA Boca 2022
JohnLothianNews.com
John Lothian News interviewed John Fildes of Bain & Company, Inc. of Australia at FIA Boca 2022 about the crypto space, exchange consolidation, payment for order flow and his perspective from down under. Fildes, who was formerly the CEO of Chi-X Australia, is now the capital markets practice lead and expert partner with Bain & Company.
Watch the video »
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John's Take: Why I hate Chuck Mackie and Thoughts on FTX's CFTC Request
JohnLothianNews.com
I have a love/hate relationship with Chuck Mackie. I love him because he is a great guy, good citizen and cheerful practitioner of solving the world's problems with market-based solutions. I hate him because he really knows how to make me work, and work hard. Don't worry, there are others on this list too (Hello, Barbara).
Watch the video »
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GH Financials to promote Asian head Sharon Shi to Group CEO
Luke Jeffs - FOW
GH Financials, the London-based derivatives broker, has appointed its head of Asia Sharon Shi Ning as its new group chief executive officer, subject to regulatory approval. GH, whose former CEO Mark Phelps left last month to become European head of GH rival RJ O'Brien, said on Monday it has appointed with immediate effect Sharon Shi Ning as its CEO-elect. Her formal appointment as GH CEO is subject to UK regulatory approval while her planned move to London from her current base Hong Kong is dependent on the firm securing the necessary visa, the broker said.
/jlne.ws/3r45VYr
***** Nice move by GH Financials in finding their replacement for Mark Phelps inhouse. Congratulations to Sharon Shi.~JJL
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Deutsche Bank Fired Senior Bankers Over Strip Club Bill
Gillian Tan and Steven Arons - Bloomberg
Deutsche Bank AG fired a number of top bankers in New York after a tab run up at a strip club was expensed as legitimate business spending, according to people with knowledge of the matter.
/jlne.ws/3JMUk7b
***** Here are clearly some men who needed to learn to use bitcoin.~JJL
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Crypto Robin Hood stole $50 million and says he'll it donate to charity. But the victims just want their money back
Marco Quiroz-Gutierrez - Fortune
Staring at his computer screen, Blaine couldn't help but start sweating. The $50,000 in cryptocurrency he once had in his account was now worthless. Months from getting his law school degree, Blaine, 25, had invested all the money that he had made from trading NFTs over the past year in the hopes of putting it toward starting a life with his fiancé. He had put $50,000 of a stablecoin, USD Coin (USDC), into a liquidity pool of assets for stablecoins USDC and Cashio nine days prior, but when he tried to take his money out on Wednesday it was worth nothing. "I just went outside and went for a walk," he said.
/jlne.ws/3wDbUa9
****** There is an overuse and misuse of the name "Robin Hood." Add Cinderella to that list too. Headline writers need to get some new fictional characters to hype stories with.~JJL
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We Study Virus Evolution. Here's Where We Think the Coronavirus Is Going.
Sarah Cobey, Jesse Bloom and Tyler Starr and Nathaniel Lash - NY Times
As scientists who study how viruses evolve, we are often asked about the future of the coronavirus. Will it go away? Get worse? Fade into the background of our lives? Become seasonal like the flu?
/jlne.ws/3qJGHOO
****** If you remember your biology, this will be an interesting story for you.~JJL
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Friday's Top Three
Our top story on Friday was Crain's Chicago Business' Two big Loop office buildings being seized by lenders, a sign of the pandemic times in downtown Chicago. Second was Bloomberg's LME to Nearly Double Its Default Fund After Nickel Squeeze, a story that generated a number of comments on Twitter. Third was the CFTC's CFTC Extends Public Comment Period on FTX Request for Amended DCO Registration Order.
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MarketsWiki Stats
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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 | Trading Floors Fill With Sleeping Bags in Shanghai Lockdown; Bocom, Huatai Securities among firms calling staff to offices; Shanghai is imposing a two-phase lockdown to quell outbreak
Bloomberg News
Banks, brokerages and asset management firms in Shanghai rushed to call staff into the office before a 5 a.m. lockdown on Monday, with some asking employees to stay for days to keep operations going as the city grapples with its worst Covid outbreak since early 2020. Bank of Communications Co., Huatai Securities Co. and HFT Investment Management Co. were among firms alerting employees to make it back to the office to avoid being caught in the lockdown, according to people familiar with the directives. Many are calling on their staff to prepare to sleep in the office, with one asset management firm offering an extra 2,000 yuan ($313) a night to camp out on weekdays and 4,000 yuan over the weekend, a person said.
/jlne.ws/3wHtl9q
CME Group Announces Launch of Micro-Sized Bitcoin and Ether Options
CME Group
CME Group, the world's leading derivatives marketplace, today launched options on Micro Bitcoin and Micro Ether futures, further expanding its suite of cryptocurrency derivatives offerings. "The launch of these micro-sized options builds on the significant growth and liquidity we have seen in our Micro Bitcoin and Micro Ether futures," said Tim McCourt, CME Group Global Head of Equity and FX Products. "Sized at one-tenth of their respective underlying tokens in size, these contracts will offer a wide range of market participants - from institutions to sophisticated, active, individual traders - greater flexibility and precision to manage their exposure to the top two cryptocurrencies by market capitalization."
/jlne.ws/3qGD0cE
Shanghai split by lockdown as officials struggle to contain Covid outbreak; China's financial centre hit by panic buying ahead of public transport shutdown and mass testing
Thomas Hale and Hudson Lockett and Tom Mitchell - FT
Shanghai ushered in extreme lockdown measures on Monday that cleaved China's leading financial centre in two and blocked connections to the rest of the country, as local authorities tried to quell a record outbreak of largely asymptomatic Covid cases. Police cut off tunnels and bridges linking Pudong, home to Shanghai's financial district and many big manufacturers, to Puxi. The two areas, separated by the Huangpu river, are being locked down for mass testing, with Pudong closed until April 1 and its residents confined to their homes. Puxi's closure and testing drive will start when Pudong reopens, and will run until April 5.
/jlne.ws/3uzm0WL
Fertiliser inflation presages a global food supply crisis; The effect of price rises could be exacerbated by excessive concentration in the sector
Rana Foroohar - FT
We know that the war in Ukraine has led to sharp increases in prices for both food and fuel. This in turn has sparked concern that we may see a repeat of the famine and food riots that took place in 22 countries in the years following the global financial crisis, caused by a perfect storm of rising commodities prices. While US wheat farmers should be in a good position to help buffer some of the pain from agricultural disruptions in Ukraine and Russia, they are worried about inflation of another sort — in fertiliser.
/jlne.ws/3ILYhYr
Vanguard Stumbles In Pivot From Cult of Jack Bogle; For diehard fans of the company's founder, what's at stake is the very soul of the $8 trillion mutual-fund giant.
Annie Massa - Bloomberg
Jack Bogle is gone. But head west from Philadelphia, toward the leafy borough of Malvern, Pennsylvania, and turn onto the Vanguard Group campus. There's old Jack, cast in bronze, surveying his singular creation: Vanguard, the mutual-fund giant that changed everything. At Vanguard's headquarters, 117 miles and a world away from Wall Street, Bogle's figurative heirs are charting new paths for his quirky company, that great popularizer of low-cost index funds.
/jlne.ws/3iMx7Gc
BrokerTec integrates US Treasury benchmark spread trading solution with Broadway platform; Integration of the RV Curve spread trading solution will help remove legging risk, provide inside liquidity and increase matching opportunities, BrokerTec said.
Wesley Bray - The Trade
CME Group's fixed income platform BrokerTec has integrated its Relative Value (RV) Curve spread trading functionality with Broadway Technology's Toc platform. According to BrokerTec, the integration will increase execution efficiencies by combining liquidity from BrokerTec's central limit order book with a single-threaded matching engine to remove legging risk, provide inside liquidity and increase matching opportunities when trading benchmark spreads.
/jlne.ws/3JMzl4B
ASX's post-trade blockchain project faces another delay; Update from exchange operator on software releases and timelines suggest intended go-live in April 2023 may now be pushed back.
Jon Watkins - The Trade
The Australian Securities Exchange (ASX) has warned stakeholders there is a strong likelihood its intended go-live data for its replacement post-trade platform based on distributed ledger technology will be delayed again. The communication marks the latest in a long line of setbacks to the timeline of the project which has been planned since 2016 but wrought with delays.
/jlne.ws/3DfHxI9
LSEG targets end-to-end investment ecosystem through TORA acquisition; Speaking to The TRADE, group head of trading and banking solutions at LSEG, Dean Berry, and TORA chief, Robert Dykes, explain the ins and outs of the deal.
Annabel Smith - The Trade
The London Stock Exchange Group (LSEG) wants to provide services that span the entire investment lifecycle and its recently announced acquisition of TORA is set to plug the remaining gaps standing in its way. Announced in February, the deal will set the exchange back a cool $325 million and expand even further the growing empire gathering beneath its prestigious umbrella.
/jlne.ws/3qJHShc
Analysis-U.S. mulls shaking up stock trading rules to aid small investors
Katanga Johnson and John McCrank - Reuters
Wall Street's regulator is considering changes to stock market rules to increase competition for orders and improve deals for retail investors, according to its top official Gary Gensler and industry executives. The U.S. Securities and Exchange Commission (SEC) is scrutinizing the practice of payment-for-order-flow (PFOF), in which wholesale market-markers pay brokers like TD Ameritrade, Robinhood Markets and E*Trade to route retail customer orders to them instead of to exchanges. The SEC review could lead to the biggest shake-up of U.S. equity market rules in over a decade.
/jlne.ws/36xNUKQ
Banks stuck in legal tangle over Russian corporate bond payments; Plumbing that connects borrowers and investors jams up as lawyers scrutinise payment risks
Philip Stafford, Tommy Stubbington and Robert Smith - FT
Sanctions against Russia are disrupting the flow of payments between bond issuers and investors as lawyers at banks and other intermediaries assess the risk of acting on behalf of companies with links to Moscow. Fund managers typically take it for granted that payments on the bonds they own, or regular interest payments, will reach their accounts. But the unprecedented sanctions levelled on Russia since its invasion of Ukraine have disrupted global finance, snarling the firms that shuffle these payments around the world in legal discussions about what obligations they can meet without falling foul of the restrictions.
/jlne.ws/3uzma0j
Column: LME nickel limps back but tensions are not going away
Andy Home - Reuters
London Metal Exchange (LME) three-month nickel is currently trading at $35,150 per tonne. This is in itself something of an achievement for the exchange. It's not been easy restarting the London nickel market after its March 8 breakdown and ensuing week-long suspension.
/jlne.ws/3uv11nV
Moscow Exchange to Expand Limited Trading to All Stocks Monday
Ksenia Galouchko - Bloomberg
Russia will expand limited trading to all shares listed on the Moscow Exchange in another shortened session on Monday. The Moscow Exchange will trade Russian shares, in addition to corporate and municipal bonds, in a shortened four-hour session, according to the Russian central bank's website statement. The ban on short selling these securities will apply, it said.
/jlne.ws/3LkgNZH
Citing 'Hamilton,' court says trading firm cannot be taxed on oil exports
Nate Raymond - Reuters
A federal appeals court judge didn't throw away his shot to fill a ruling holding that a commodities trading firm's domestic crude oil exports could not be taxed with a history lesson about Alexander Hamilton and lyrics from his namesake Broadway musical. U.S. Circuit Judge James Ho of the 5th U.S. Circuit Court of Appeals cited Hamilton's failed efforts during the 1787 Constitutional Convention to allow the federal government to tax exports in Thursday's 2-1 ruling he penned favoring Trafigura Trading.
/jlne.ws/3IESEeB
ASX blockchain upgrade delayed for fourth time
Lachlan Keller - Forkast
The Australian Securities Exchange (ASX) has announced its highly anticipated AU$250 million (US$187 million) blockchain project has been delayed for release until late 2023 at the earliest. CHESS, or Clearing House Electronic Subregister System, was initially slated for a blockchain upgrade by April 2021 to replace a transactions settlement structure adopted nearly 30 years ago.
/jlne.ws/3NpvwEx
Barclays Expects £450 Million Loss on Bond Error, Delays Buyback; Lender issued $15 billion more securities than it registered; British bank looking to repurchase affected instruments
Stefania Spezzati and Tom Metcalf - Bloomberg
Barclays Plc expects to take a 450 million-pound ($591 million) hit and will delay a share buyback after mistakenly issuing about $15 billion more structured notes and exchange traded notes than it had registered for sale.
/jlne.ws/3JLnGTC
How Russia's Central Bank Engineered the Ruble's Rebound; By limiting selling and forcing buying, Russia has manufactured demand for its battered currency
Caitlin Ostroff - WSJ
The ruble is in a central-bank-induced coma. While Russia's currency can still see sharp swings in a day, it has trimmed its steep losses and begun to stabilize. It is now trading at around 99 rubles to the dollar, about 17% weaker than it was before Russian troops invaded Ukraine on Feb. 24 but stronger than its record low of 151 on March 7, according to FactSet.
/jlne.ws/36ThMAZ
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russian aluminium billionaire Deripaska warns of long war in Ukraine
Guy Faulconbridge - Reuters
Russian aluminium tycoon Oleg Deripaska said on Sunday that U.S. President Joe Biden's speech in Warsaw indicated that some sort of "hellish ideological mobilisation" was underway that may usher in a long conflict in Ukraine. Deripaska, the founder of Russian aluminium giant Rusal who has previously called for peace, said his personal opinion was that the conflict in Ukraine was "madness" which would bring shame on generations to come.
/jlne.ws/3qETr9p
Russia Seizes Rare Swiss Watches in Sanctions Reprisal; Audemars Piguet timepieces worth millions seized in Moscow; Switzerland banned export of luxury goods including watches
Andy Hoffman - Bloomberg
Russian agents seized millions of dollars worth of Audemars Piguet watches in Moscow in an apparent retaliation for Swiss sanctions banning luxury goods exports, Swiss newspaper NZZ am Sonntag reported. The pricey watches were seized from the firm's local premises by special agents from Russia's FSB, the newspaper said, citing people familiar with a confidential Swiss Federal Department of Foreign Affairs memo.
/jlne.ws/3DnYCQc
On Telegram, Ignoring Lies Could Protect the Truth in Russia; A stubborn refusal to remove propaganda may be why it is the last global internet platform available to Russians. The potential benefits are worth it.
Parmy Olson - Bloomberg
Over the past month as the Kremlin's bloody invasion of Ukraine shook the world, the online platforms on which Russians could see the truth about the war shut down one by one. Facebook and Instagram were banned under Russia's "extremism" law; TikTok suspended video-sharing and YouTube is on the brink of a shutdown.
/jlne.ws/3JGc83T
With Nuclear Threat, Putin Makes the Unthinkable a Possibility;Mo st Westerners thought the peril of apocalypse disappeared with the 1991 collapse of the Soviet Union. They were wrong.
Max Hastings - Bloomberg
Might Russian President Vladimir Putin drop The Bomb? Unleash a nuclear weapon in Ukraine? It is conceivable. Yet five years ago, it would have seemed fantastic that such a question could be posed about any national leader in the world. For much of the Cold War, prospects of Armageddon filled the nightmares of statesmen and their peoples. During the past three decades, however, we have lived as if nuclear weapons had ceased to exist. In 1985, the U.S. and Soviet Union issued a joint statement that "a nuclear war cannot be won and must never be fought," which seemed to point the way toward a much less scary world.
/jlne.ws/36Q7BgI
Heineken to pull out from Russia in EUR400mn hit; The Dutch brewer joins a handful of consumer groups to pull out of country entirely
Ian Johnston - FT
Heineken will end its operations in Russia, in a move that will cost the Dutch brewer EUR400mn and pressure rivals to follow suit. The world's second-largest brewer said on Monday it would transfer its Russian business to a new owner and that it would not profit from the transaction.
/jlne.ws/3wQzKz0
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CHESS replacement project update - changes to software release timing and implications for project milestones
ASX
Since our last project update and the opening of the first fully integrated Industry Test Environment (ITE) in November, there has been a lot of activity, input and engagement across the industry.
/bit.ly/3sGw54D
BrokerTec Integrates Relative Value Curve Spread Trading with Broadway Technology
CME Group
BrokerTec, a leading provider of electronic trading platforms and technology services in fixed income markets, today announced that it has partnered with Broadway Technology to make its Relative Value (RV) Curve spread trading functionality available on Broadway's Toc platform.
/bit.ly/3LcYANK
Special Executive Report
CME Group
SUBJECT: Delisting of Three (3) LNG Freight (Baltic) Futures Contracts Effective today Monday, March 28, 2022, New York Mercantile Exchange, Inc. ("NYMEX" or "Exchange") delisted three (3) LNG freight (Baltic) futures contracts (the "Contracts") as set forth in the table below. There is no open interest in the Contracts.
/bit.ly/3qFKDji
Deutsche Börse Group acquires leading fund data manager Kneip
Deutsche Börse Group
Kneip is a leading European fund data specialist based in Luxembourg offering a wide range of services and has longstanding relationships in the asset management industry; The transaction brings Kneip to benefit from a strong ecosystem of distribution services within Fund Center and the fund processing business from Clearstream; With this step, Deutsche Börse Group is strengthening its growth areas of fund services and data
/bit.ly/35gwpOs
Eurex | Eurex Securities Transactions Services GmbH
Eurex
Operational wind-down of Eurex STS following regulatory changes
Eurex Securities Transactions Services GmbH (Eurex STS) will wind down its services with effect from 30 June 2022. Eurex STS is thus responding to the "Refit" draft of the Central Securities Depository Regulation (CSDR) published by the European Commission on 16 March 2022, which proposes to remove mandatory buy-ins for not settled securities deliveries.
/bit.ly/36UvzHx
Eurex Exchange Readiness Newsflash | REMINDER: Regulatory Reporting Solution (RRS) for non-MiFIR firms: Readiness Statement
Eurex
Dear Eurex Participant,
We would like to remind you about the submission of the "Readiness Statement" which is mandatory prior to the go-live of the Regulatory Reporting Solution (RRS) for non-MiFIR firms.
/bit.ly/3uzje3R
Rana Gruber transfers to the main list at Oslo Børs
Euronext
The third transfer on Oslo Børs in 2022
Market capitalisation of approximately NOK 2.35 billion
/bit.ly/36Ayohh
HKEX Names Head of Sales and Marketing, ASEAN
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Monday) it has named Ms Adeline Ee as Managing Director, Head of Sales and Marketing, ASEAN.
/bit.ly/3uy54jw
Adoption of 2021 ISDA Interest Rate Derivatives Definitions - V5 published by the International Swaps and Derivatives Association, Inc. ("ISDA") by OTC Clearing Hong Kong Limited ("OTC Clear")
HKEX
Please be advised that effective from 28 March 2022 (the "Effective Date"), OTC Clear will adopt in its entirety Version 5.0 of the Main Book of the 2021 ISDA Interest Rate Derivatives Definitions as published by ISDA on 25th March 2022 (the "New Version") for the purposes of interpreting or implementing the Contract Terms of each Contract registered with OTC Clear irrespective of its Registration Time.
/bit.ly/3uzkjsr
ICE Expands its U.S. Renewable Fuels MarketsWith the Launch of Renewable Volume Obligation Futures
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced the launch of two Renewable Volume Obligation futures contracts, expanding ICE's U.S. renewable fuels futures markets.
/bit.ly/3NrW8ot
Designation of Securities Under Supervision (Confirmation): NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange Traded Fund
TSE
TSE has designated an issue as Securities Under Supervision (Confirmation) as follows.
/bit.ly/3wNmeMH
Moscow Exchange opened trading by ringing the bell, uniting financial market participants
MOEX
On March 28, 2022, the Moscow Exchange opened trading by striking the exchange bell, dedicated to bringing together the efforts of professional market participants, regulators, issuers and investors to maintain the stability of the financial industry.
/bit.ly/3wKJevQ
About the operation of the MOEX Board system (OTC systems) March 28, 2022
MOEX
News: "On the date of March 28, 2022 , Requests to the Subsystem for indicating interest and generating quotes for instruments of the MOEX Board Information System will be accepted . Agreements can be concluded only in the ERP mode, Anonymous ERP and with settlements in NSD.
/bit.ly/3iI3PbT
About trading in the stock market section on March 28, 2022
MOEX
We inform you that in accordance with Part I. General Part of the Rules for Trading on the Stock Market, the Deposit Market and the Credit Market of PJSC Moscow Exchange "Moscow Exchange MICEX-RTS", approved by the decision of the Supervisory Board on December 22, 2021 (Minutes No. 14) , Part II. Stock Market Section of the Rules for Trading in the Stock Market, the Deposit Market and the Credit Market of the Public Joint Stock Company "Moscow Exchange MICEX-RTS", approved by the decision of the Supervisory Board on October 27, 2021 (Minutes No. 11), Part III. REPO Market Section of the Rules for Trading on the Stock Market and the Deposit Market of the Public Joint Stock Company "Moscow Exchange MICEX-RTS", approved by the decision of the Supervisory Board on October 27, 2021 (Minutes No. 11), Part IV.
/bit.ly/3wKJuei
On the calculation of indicators of the Moscow Exchange on March 28, 2022
On March 28, 2022, in accordance with the decision of the Bank of Russia on the mode of trading on the Moscow Exchange, all indices and indicators will be calculated.
/bit.ly/3Df1Mpi
New Equity Options Classes
TMX
Bourse de Montréal Inc. (the Bourse) and Canadian Derivatives Clearing Corporation (CDCC) hereby inform you that at the opening of trading on Tuesday, March 29th 2022, the following new equity options classes will be listed: Moscow Exchange opened trading by ringing the bell, uniting financial market participants
Annual Review of NIFTY Fixed Income Indices
NSE
The Index Maintenance Sub-Committee - Debt (IMSC) of NSE Indices Limited has decided to make changes in NIFTY Fixed Income Indices as part of its annual review as given hereunder. These changes shall become effective from April 04, 2022 (close of April 03, 2022)
/bit.ly/3pckN5S
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Why Apple Acquired An 'Open Banking' Fintech
Ron Shevlin - Forbes
The Apple-oids in Cupertino must eat this stuff up. Every time Apple makes an acquisition, the technology world—and increasingly now, the fintech averse—goes into hyper speculation mode, trying to figure out why the company made the purchase and what it plans to do with the acquired firm.
/jlne.ws/3qGFxUf
Traditional credit companies are losing out to fintech alternatives
Verdict
In a filing on 14 February, it was revealed that Warren Buffett's firm, Berkshire Hathaway, offloaded Visa and Mastercard shares worth over $3 billion in favour of a $1 billion investment in Brazil's largest fintech, Nubank. This is not Berkshire's first dealing with Nubank and it will not be its last. Buffett's firm previously invested $500 million in the fintech in July 2021 and had made a gain of $150 million following its IPO in December 2021. Warren Buffett's investment in Nubank signals a shift in focus from credit companies to fintech companies.
/jlne.ws/3qJt95L
3 fintech unicorns on geopolitics, the COVID curve and growth prospects - Glenn Freeman
Glenn Freeman - Livewire
Some of the biggest names in global business, economics, politics and other spheres were assembled for the Credit Suisse Asian Investment Conference 2022. These include the likes of Dr Condoleezza Rice, former US Secretary of State; Mo Gawdat, a former senior executive at Google; and John B. Taylor, a Stanford economics professor.
/jlne.ws/3NwrRFc
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| Cybersecurity | | Top stories for cybersecurity | Russian cybersecurity firm Kaspersky added to US national security blacklist
Katie Wickens - PC Gamer
The US Federal Communications Commission (FCC) has named Russian cybersecurity firm Kaspersky an unacceptable risks to US national security, adding it to the Covered List—a list of communications equipment and services it wants to keep an eye on.
/jlne.ws/3DkwQ7e
'Preparation, not panic': Head of US cybersecurity on possible Russian cyberattack
CNN (Video)
Cybersecurity and Infrastructure Security Agency Director Jen Easterly told CNN's Pamela Brown that the US government is making preparations in the face of a possible Russian cyberattack on US critical infrastructure and businesses.
/jlne.ws/3IJXCHa
Cybersecurity Needs to Be Taken More Seriously, Executives Say
Eric J. Savitz - Barron's
Amid the most dangerous geopolitical period in decades, President Joe Biden warned U.S. business executives this past week about the threat of Russian cyberattacks, pleading with them to do more to prepare. To understand why the White House is so anxious about the Russian cyber threat, it's important to revisit a 2017 hacking incident that never got enough attention.
/jlne.ws/3tKUdDJ
In charts: Cyber security risks and companies' readiness
Siddharth Venkataramakrishnan - Financial Times
Cybersecurity concerns could once be written off as the preserve of large companies. But, in today's networked world — where many are still partly working remotely as a result of the pandemic, and Russia's invasion of Ukraine is raising cyber warfare threats — that era is long gone.
/jlne.ws/36MVmS5
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| Cryptocurrencies | | Top stories for cryptocurrencies | Why Chiliz Was a Hot Cryptocurrency on Sunday
Eric Volkman - The Motley Fool
One of the lesser-known cryptocurrencies, Chiliz (CRYPTO: CHZ), was having a splendid Sunday. Excitement is clearly growing for Chiliz 2.0, the major upgrade of the blockchain on which the coin sits. Compounding that, investor interest in tokens linked to entertainment properties is growing overall.
/jlne.ws/3NoWNH7
Just as Hal Finney Predicted, Bitcoin Is Being Purchased to Act as a Reserve Currency
George Kaloudis - Coindesk
Hal Finney received the first-ever Bitcoin transaction. Hal passed from ALS in 2014, but his legacy lives on because he was a genius (at least, by my account). Or a time traveler. Or a clairvoyant. I mean, he tweeted this in 2009. Later, in 2010, Finney wrote a message on the famed BitcoinTalk forum that discussed the "ultimate fate of Bitcoin, to be the 'high-powered money' that serves as a reserve currency for banks that issue their own digital cash." Now we're seeing another Finney premonition potentially coming true.
/jlne.ws/3JPa3CM
Exxon Weighs Taking Gas-to-Bitcoin Pilot to Four Countries; The oil giant launched its Bakken crypto pilot in January 2021; Miners are pushing to use 'flared' gas to power operations
Naureen S Malik - Bloomberg
Exxon Mobil Corp. is running a pilot program using excess natural gas that would otherwise be burned off from North Dakota oil wells to power cryptocurrency-mining operations and is considering doing the same at other sites around the globe, according to people familiar with the matter.
/jlne.ws/3DdmpC9
Ethereum Founder Is Backing Zambia's Bid to be Africa's Tech Hub; Entrepreneurs in talks with state about business incentives; Zambia looking to tap into soaring interest in Africa startups
Matthew Hill - Bloomberg
Zambia may be better known for mining copper than crypto, but a group of young entrepreneurs are looking to reinvent the country as an African technology hub -- with support from Ethereum co-creator Vitalik Buterin.
/jlne.ws/3IYI0Qh
Sudan Central Bank Warns on Cryptocurrency Use as Economy Tanks
Simon Marks - Bloomberg
Sudan's central bank urged citizens not to use cryptocurrencies, warning of the risks of financial crime, electronic piracy and market volatility, the state-run SUNA News Agency reported.
/jlne.ws/3LluB6h
Mandela's Arrest-Warrant NFT Raises $130,000 in Auction; Proceeds will go to South Africa's Liliesleaf Museum; Africa's biggest NFT auction also sold a Bored Ape piece
Loni Prinsloo - Bloomberg
A non-fungible token created from Nelson Mandela's original arrest warrant raised 1.9 million rand ($130,000) in an auction to help fund a heritage site that documents South Africa's struggle for democracy. Mandela, the anti-apartheid activist who emerged from 27 years in prison to become South Africa's first Black president, was arrested in 1962 for conspiring to overthrow the White-minority government.
/jlne.ws/3JMCVvw
The Strange Details of the ApeCoin Twitter Scam from One Unlucky Victim
Matthew Leising - Decential.io
In the annals of phishing attacks that plague the crypto world, set a place aside for the incredible bad luck of Brian Fanzo. A popular podcaster, Fanzo is about a third of the way through a project where he's buying one non-fungible token, or NFT, every day for a year, with the collection to be auctioned off in November. He spends a lot of time on marketplaces like Open Sea, which is what he was doing on the evening of Sunday March 20 when his project came to a crashing halt.
/jlne.ws/37TbKAW
ApeCoin is rewarding Bored Ape insiders with billions of dollars
Scott Nover - Quartz
The Bored Ape Yacht Club is one of the most prominent collections of nonfungible tokens (NFTs) in the world. The series of 10,000 blockchain-based cartoon primates, worth roughly $3 billion at today's prices, has become ubiquitous in internet culture. One particularly sad-looking ape with a party hat and a stud earring recently received a $276,000 bid at auction on the online marketplace OpenSea (though that likely won't be enough to win).
/jlne.ws/3utaTi3
Lender Part-Owned by Thailand's King Catches The Metaverse Bug
Thomas Kutty Abraham - Bloomberg
Thailand's biggest bank by market value has become the latest lender seeking to capitalize on the metaverse craze, with a unit announcing plans to set up a headquarters in a version of the internet that's still taking shape.
/jlne.ws/3iJIoam
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| Politics | | An overview of politics as it relates to the financial markets | U.K. to Reveal Crypto Regulation Plans in Coming Weeks: CNBC
Foster Wong - Bloomberg
The U.K. government plans to announce a new regulatory regime for the cryptocurrency market in the coming weeks, with a focus on stablecoins, CNBC reports, citing four unidentified people familiar with the matter.
/jlne.ws/36SdWYU
Sanctioned Russian oligarch who stepped down from his $22 billion investment firm says the company is scared to meet up with him personally
Petr Aven, Kate Duffy - Business Insider
A Russian oligarch sanctioned by the UK and EU said the investment firm he co-founded was scared to meet him after he stepped down. "They are afraid even to meet me personally. We are afraid of authorities very much," Petr Aven said in an interview with the Financial Times published Friday.
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Fallout Grows After U.K. Authority's Missteps in Unaoil Probe; Paul Bond is the second executive to have his conviction quashed in the Unaoil case, after an appeals court criticized the U.K.'s Serious Fraud Office for its dealings with a private investigator
Dylan Tokar - WSJ
The U.K.'s criminal probe into Unaoil Group further unraveled, after a London appeals court on Thursday overturned the bribery conviction of an executive who had worked for a client of the oil-services consulting firm. Paul Bond, a former sales manager for SBM Offshore NV, a Dutch oil-services company, is the second individual to have his conviction quashed after an appeals court in December found that the U.K.'s Serious Fraud Office had made serious missteps in its case involving Monaco-based Unaoil. Mr. Bond was convicted last year of conspiracy to bribe public officials to secure oil contracts in Iraq after the fall of Saddam Hussein in 2003.
/jlne.ws/3iI70Al
SEC Awards $1.25 Million to Whistleblower
SEC
The Securities and Exchange Commission today announced an award of $1.25 million to a whistleblower who provided specific and credible information that prompted SEC staff to open an investigation that resulted in a successful SEC covered action.
After alerting SEC staff to the underlying conduct, the whistleblower provided extensive assistance that saved SEC time and resources. The whistleblower identified witnesses, explained critical documents, and helped focus the investigation on key issues.
/jlne.ws/36Wbgd3
San Francisco Regional Director Erin E. Schneider to Leave Agency
SEC
The Securities and Exchange Commission today announced that Erin E. Schneider, the Director of the San Francisco Regional Office since 2019, is leaving the agency after more than 17 years of service. Monique C. Winkler will become the office's Acting Regional Director when Ms. Schneider departs at the end of this month.
/jlne.ws/3JQoJSi
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator,
has today published its Final Report on the European Union Carbon Market (EU carbon market).
ESMA
The Report's analysis did not find any current major deficiencies in the functioning of the EU carbon market based on the data available. However, ESMA's analysis of the market has led it to put forward a number of policy recommendations to improve market transparency and monitoring.
/jlne.ws/3JQb0dW
FCA confirms PRIIPs regulations
FCA
These new requirements are one of the first examples of the FCA confirming UK divergence from EU rules following Brexit.
Those that manufacture, advise on, or sell PRIIPs are required to produce and provide a Key Information Document (KID) about the product they are selling. Our changes remove information about the performance of certain products which can be misleading for consumers and will help those buying without financial advice to rely on the KID to make more informed investment choices.
/jlne.ws/3uG9eGe
HM Treasury, CMA, FCA and PSR joint statement on Open Banking future
FCA
Open Banking has led to greater competition and innovation in UK retail banking, bringing real benefits to consumers and businesses. The Government and regulators are committed to supporting the continued growth of Open Banking.
/jlne.ws/3LdiN5P
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | U.S. Treasury market plagued with illiquidity as government bonds suffer worst week in years
Vivien Lou Chen - MarketWatch
Signs of trouble continue to show up in the world's largest, most liquid government-securities market as government bonds logged their worst week in years and the U.S. central bank's interest rate hiking cycle gets under way. All six of the gauges used to monitor U.S. Treasury market depth — or the ease with which securities can be bought and sold without significantly impacting their prices — have remained at abnormal conditions for the month of March, according to JPMorgan Chase & Co.'s JPM, +0.87% Liquidity Stress Dashboard.
/jlne.ws/36PWOmG
The European Credit Market Is Stirring Back to Life; Companies are able to sell bonds again as higher yields tempt investors.
Marcus Ashworth - Bloomberg
It's been a rocky quarter, but the European credit market is dusting itself off and getting back to work. It's been a difficult time to raise money with 12 blank days of no new bond sales of any kind this quarter, the most for at least a decade. Russia's invasion of Ukraine and a sharp jump in yields have made for a volatile backdrop. The increase in government borrowing costs this year has driven the total value of negative-yielding bonds globally to less than $3 trillion, a far cry from the $18 trillion seen at the end of 2020.
/jlne.ws/3qHPwIS
Ukraine war accelerates the stealth erosion of dollar dominance; Central banks are diversifying reserves beyond the US currency, euro and renminbi
Barry Eichengreen - FT
The decision by the US and allies to freeze Russia's foreign reserves has unleashed an intense debate about the future of the international monetary system. That debate is vigorous because the stakes are high and because it is at least 75 years, and the second world war, since similar decisions were taken — and after which the system was transformed. The debate is confusing, however, because it overlooks what has actually been happening to the global monetary system.
/jlne.ws/36S6gpE
US companies buy back shares in record volumes; Repurchasing spree aims to tap volatile markets and reassure investors as growth slows
Nicholas Megaw - FT
US companies are rushing to repurchase large volumes of shares to take advantage of recent stock market volatility and reassure investors as growth slows. A record $319bn of share buybacks have been authorised this year, according to Goldman Sachs data, with a rising number of companies using "accelerated" deals to buy volumes as quickly as possible while their share prices are depressed. There were $267bn in share buybacks at the same point in 2021.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Fighting Putin Comes Before Climate Change; We already had to wean ourselves off fossil fuels for the sake of the planet. Now we need to do it for our self-defense as well.
Andreas Kluth - Bloomberg
On the day Russia launched its all-out attack on Ukraine, Svitlana Krakovska was holed up in her home city of Kyiv, working feverishly to finish a report. As leader of the Ukrainian delegation to the Intergovernmental Panel on Climate Change (IPCC), she and scientists around the world were dotting the i's and crossing the t's of their sixth assessment of global warming and its threats to humanity.
/jlne.ws/3DktVvi
New VC Fund Targets Carbon-Heavy Consumer Marketplace; Backed by Leonardo DiCaprio, the $45 million Regeneration VC fund is focused on decarbonizing goods like leather and plastic.
Eric Roston - Bloomberg
Climate change is now generally understood by scientists to be a systemic problem in which individual decisions are too small, at any scale, to make an impact. Consider this index of evolution over the last 16 years. Al Gore's 2006 documentary An Inconvenient Truth ends with the question "Are you ready to change the way you live?" and then asks people to buy energy-efficient appliances and light bulbs. The website of the 2021 satire Don't Look Up, by contrast, implores people to "Change the System."
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | UK government to cut NatWest stake to less than 50%; Lender to buy back £1.2bn of shares from the Treasury
Sarah Provan and Siddharth Venkataramakrishnan - FT
NatWest is to buy back about 5 per cent of its shares from the UK government for £1.2bn, reducing the Treasury's voting rights in the lender to less than 50 per cent for the first time since 2008.
/jlne.ws/3wZki43
The VXX plot thickens with Barclays' £450m structured notes loss; Today's announced £450mn hit is linked to its iPath exchange-traded notes business.
Robin Wigglesworth - FT
A few weeks ago Barclays abruptly stopped supporting two of its most popular exchange-traded notes, VXX and OIL. The move to suspend share creations linked to the notes, designed to mimic Vix volatility futures and crude oil prices respectively, puzzled many, given how VXX in particular was a popular trading tool with nearly $1bn in assets. It also meant trading went haywire. At the time, all Barclays would say was:
/jlne.ws/3JLbbqR
Macquarie to buy £4.2bn controlling stake in UK gas network; Sale by National Grid values transmission and metering business at £9.6bn
Gill Plimmer - FT
Macquarie has agreed to purchase a controlling stake in a critical part of the UK's gas network for £4.2bn and promised "significant" investment to upgrade it for a green economy. The Australian group, the world's largest infrastructure investor, has teamed up with British Columbia Investment, one of Canada's largest asset managers, to buy a 60 per cent stake in National Grid's gas transmission and metering business.
/jlne.ws/3LkEu41
Bankers for Spac deals cut fees as redemptions rise; Underwriters offer incentives after more investors pull out of blank cheque transactions
Nikou Asgari - FT
Spac bankers are agreeing to slash their fees on deals if they face large redemptions in a sign of the desperation to complete blank cheque transactions in a difficult market. Investors have been redeeming their money from Spac deals at increasing rates amid heightened regulatory scrutiny, a string of scandals and poorly performing Spac mergers. Average redemptions hit 90 per cent in February, according to Dealogic data.
/jlne.ws/3tLxZ4m
Amundi looks to strengthen ties with banks with new dedicated equity capital markets desk; The desk will act as an intermediary between banks' capital markets teams and Amundi's portfolio management teams.
Annabel Smith - The Trade
European asset manager Amundi has launched a new equity capital markets desk aimed at strengthening its connection with banks' capital markets teams. Following its launch the new desk will act as an intermediary between banks' capital markets desks and Amundi's portfolio management teams and is aimed at assisting banks gauge the appetite for upcoming equity issuances, accelerated book buildings and the placement of institutional shares.
/jlne.ws/3JQss2e
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Are Better Covid Tests On the Way? A conversation with entrepreneur Janice Chen on how gene-editing technology could produce more accurate tests for Covid and other diseases.
Lisa Jarvis - Bloomberg
This is one of a series of interviews by Bloomberg Opinion columnists on how to solve the world's most pressing policy challenges. It has been edited for length and clarity. Lisa Jarvis: The last two years of enduring nasal swabs for Covid have all of us thinking a lot more about the way in which we test for infectious diseases. You helped found Mammoth Biosciences in 2018, fresh from getting your Ph.D. under Nobel laureate Jennifer Doudna, one of the pioneers of the gene-editing technology Crispr. At the time, most Crispr companies were focused on finding treatments and cures for human diseases. You were pitching the idea that Crispr could transform how diseases are identified in the first place. How can Crispr make a difference in detecting disease?
/jlne.ws/3iIOGap
The Vaccine-Hesitant Could Use Some Friendly Shame; Talking down won't work, but appealing to responsibility might. Excerpt from "The Shame Machine: Who Profits in the New Age of Humiliation."
Cathy O'Neil - Bloomberg
The experience of the global Covid-19 pandemic raises a troubling question about the state of human society: Why would so many otherwise intelligent people refuse vaccines that can save their lives and help protect their friends and loved ones? The answer lies to a large extent in shame, and in the ways government officials, scientists and community leaders should and shouldn't deploy it.
/jlne.ws/3JREPLu
Shanghai to Lock Down Half City in Turns for Mass Covid Test
Bloomberg News
Shanghai will lock down each half of the mega city in turns to conduct a mass testing blitz as authorities scramble to staunch a spiraling virus outbreak in the financial hub and beyond. The city of 25 million people will first lock down areas east of the Huangpu River, which includes its financial district and industrial parks, for four days starting Monday. Then the lockdown will start in the city's west for another four days, according to a Sunday statement from local government.
/jlne.ws/3qBV6ws
Shanghai to Lock Down 25 Million People, Half of the City at a Time; Decision comes day after officials denied Covid-19 lockdown plans, amid a rise in mostly asymptomatic cases
Yang Jie, Liza Lin, James T. Areddy - WSJ
Shanghai imposed stringent pandemic restrictions it has long tried to avoid on its 25 million residents that are likely to disrupt commercial activity well beyond the city limits. Local authorities said on Sunday they plan to lock down the city in two phases over the next week and a half to try to control an outbreak of the highly infectious Omicron variant of the Covid-19 virus.
/jlne.ws/3JPt5J9
The Best Way to De-Stress Workers? Scrap Meetings; Neuroscientist Bruce Perry offers tools to get the most out of an employee's brain.
Arianne Cohen - Bloomberg
It's a common refrain: Employees are a company's most valuable asset. More specifically, it's their cortexes, the part of the brain that handles language, thinking, reflection, and planning, says neuroscientist and psychiatrist Bruce Perry, founder of the Neurosequential Network. The problem is, workers are widely mismanaged by their bosses, Perry says: "The cortex is exquisitely sensitive, so stressing out your people is really shooting yourself in the foot."
/jlne.ws/3wJmxbA
Barclays to Book $591 Million Loss Due to Debt-Sale Snafu; British bank is buying back structured notes after selling too many of them
Anna Hirtenstein - WSJ
Barclays BCS -0.22% PLC said it is buying back a slug of structured notes at a loss of about £450 million, or $591 million, after selling too many of them. Structured notes are a type of debt instrument that is linked to an underlying reference such as the S&P 500 or oil. The British bank had registered with the U.S. Securities and Exchange Commission to sell up to $20.8 billion of these notes. It exceeded the limit by $15.2 billion, the company said.
/jlne.ws/3uvWn9u
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Abu Dhabi Wealth Fund Pauses Investments in Russia, Reuters Says
Shaji Mathew - Bloomberg
Abu Dhabi's Mubadala is pausing its investments in Russia because of the war in Ukraine, Reuters reported, becoming the first Gulf wealth fund to take a public position on the conflict.
/jlne.ws/3wJuFbP
Russian Weekly Oil Exports Drop 26% as Buyers Look Elsewhere; Exports slid to 3.63m b/d in week of March 17-23: data; Many buyers are seeking alternatives to Russian energy
Bloomberg News
Russia's oil exports shriveled by more than a quarter in the week March 17-23 compared with the prior week, according to industry data. The country's average daily shipments reached 495,300 tons, down 26.4% from the week before, according to figures seen by Bloomberg. That's equivalent to about 3.63 million barrels a day.
/jlne.ws/3JOYR95
Europe battles to secure specialised ships to boost LNG imports; Plan to rapidly reduce reliance on Russian gas hangs on ability to acquire scarce storage and vessels to convert fuel
Harry Dempsey - FT
Europe's plan to reduce reliance on Russian gas and bolster the continent's energy security hangs on its ability to secure specialised ships that offer the quickest way to import alternative supplies and to rapidly build associated infrastructure. Since Russia invaded Ukraine last month, Germany, Italy and the Netherlands have announced plans to secure floating storage and regasification units (FSRUs) — liquefied natural gas tankers with heat exchangers that use seawater to turn the supercool fuel back into gas.
/jlne.ws/35gpbdk
The case for joint European energy procurement is irresistible; EU leaders have already set out plans to wean the bloc off dependence on Russian supplies — but they can go further
Martin Sandbu - FT
In an echo of the 1970s, the world is in the throes of a geopolitically induced energy price shock. That decade is rightly remembered as a painful time for western economies. But high oil prices also yielded unexpected benefits. The end of cheap energy and the obvious need for long-term energy security spurred a successful drive for energy efficiency.
/jlne.ws/3IYMR3X
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| Miscellaneous | | Stories that don't quite fit under the other sections | Employers not ready for full-time hybrid
Taylor Borden, Editor at LinkedIn News
What's the best post-pandemic working model — remote, hybrid or on-site? Workers and their employers don't always agree on how to answer that question, according to a recent AT&T survey of employees and business leaders at large U.S. companies. About 86% of employees would prefer hybrid work, while 64% of businesses would prefer a full return to the office. The discrepancy could be rooted in a lack of preparation: 72% of businesses reported having no hybrid strategy and 76% reported not having the right performance indicators to support permanent hybrid work.
/jlne.ws/3iD24Ne
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