| March 29, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
The Arab Federation of Capital Markets or AFCM Annual Conference Bahrain 2022 began at 12:45 AM CST this morning with opening comments. The speakers were H.E Sh. Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, Ministry of Finance & National Economy, Bahrain, Eng. Khalid Alhussan, Chief Executive Officer, Saudi Stock Exchange (Tadawul), Sh. Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer, Bahrain Bourse, Rami El Dokany, Secretary General, Arab Federation of Capital Markets, and Eng. Mohammed Al Ballaa. It was moderated by Sara Abu Al-Fateh, a news reader on Bahrain International & Radio.
I woke up at 12:45 AM for the opening ceremony and listened to some of the opening comments, though most were not in English, which at that time of the morning did not matter much for my comprehension. I also listened in on some later sessions this morning as I worked on this newsletter that were all in English. The AFCM has a nice lineup of speakers, the content is interesting and is doing a very good job producing the virtual aspect of the conference. The AFCM in 2021 rebranded from Arab Federation of Exchanges to Arab Federation of Capital Markets. The AFCM is headquartered in Beirut, Lebanon.
The FIA had John Lothian Productions edit video FIA shot and photos FIA provided, along with scripts, into individual videos for each of the 2022 FIA Hall of Fame inductees. We want to highlight one of these new Hall of Fame members and their videos here in JLN each day to show them some love. Patrick Lothian edited the videos and even provided the voice over for them.
The first video we would like to highlight is that of former BlackRock executive Joanne Medero. Here is her video and story.
John McKenzie, the CEO of TMX Group, shared on LinkedIn that his family is celebrating the one year anniversary of their son Jacob being cancer free. To show his appreciation and to give back, John is riding with TEAM TMX in the 15th annual Ride to Conquer Cancer. You can donate to John's Conquer Cancer page here.
Jennifer Jucovics has been promoted to manager of process improvement at CME Group, according to a LinkedIn update.
Gerald Corcoran, the CEO of RJ O'Brien, is the latest to give to the JLN MarketsWiki Education GoFundMe campaign, with the largest donation to date of $2500. That donation was then topped by Trading Technologies, which is matching donations to the campaign and also matched the $500 given by an anonymous donor. Thank you, Gerry and TT and all who have given and all who have yet to give. Support our efforts to preserve industry history and help us educate the next generation of market professionals and industry participants. The campaign is now just over $62,600.
Radiation treatment number one went well yesterday for yours truly. I did wake up today with a very big head, but I had that before the treatment.
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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The Secrets of Lasting Friendships
David Brooks - NY Times
In early 2020, just before the start of the pandemic, I met a woman who said she practiced "aggressive friendship." It takes a lot of her time, but she's the person who regularly invites friends over to her house, who organizes events and outings with her friends. What a fantastic way to live. I thought of her while reading Robin Dunbar's recent book, "Friends." If the author's name means something to you, it's probably because of Dunbar's number. This is his finding that the maximum number of meaningful relationships most people can have is somewhere around 150. How many people are invited to the average American wedding? About 150. How many people are on an average British Christmas card list? About 150. How many people were there in early human hunter-gatherer communities? About 150.
/jlne.ws/3uEd8z0
*****These should not be secrets. Mr. Brooks is seeing to that.~JJL
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Grayscale's Fight for a Bitcoin ETF Could End in Lawsuit Against SEC; CEO Sonnenshein points to futures ETF as basis of argument; Campaign to convert largest Bitcoin fund intensifies
Katherine Greifeld and Crystal Kim - Bloomberg
Grayscale Investments LLC's campaign to convert its almost $30 billion Bitcoin trust into an exchange-traded fund could end with legal action. The Securities and Exchange Commission's final deadline to rule on the digital-asset manager's application to convert the Grayscale Bitcoin Trust (ticker GBTC) into a physically-backed ETF -- a product not yet approved by U.S. regulators -- is July 6. Should the SEC reject the filing, Grayscale would consider a lawsuit as part of its response.
/jlne.ws/35kHJcx
****** This is a case of how NOT to make friends, lasting or not.~JJL
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Michelle Howard Joins Barchart to Lead Business Development and Strategy for Agriculture
Barchart
Barchart, a leading provider of data, tools, and software to the global commodity industry, announced that Michelle Howard is joining as Director of Business Development and Strategy for Barchart's agribusiness solutions - which are trusted by over 500 agribusinesses representing over 4,000 grain facilities.
/jlne.ws/3JNoN5b
******Welcome aboard, Michelle. You have a great business to develop more.~JJL
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Monday's Top Three
Our top story Monday was John Lothian's John's Take: Why I Hate Chuck Mackie and Thoughts on FTX's CFTC Request, from JLN. (Spoiler alert: he doesn't really hate Chuck Mackie.) Second was Deutsche Bank Fired Senior Bankers Over Strip Club Bill, from Bloomberg via Yahoo! Finance. Third was the New York Times opinion piece, We Study Virus Evolution. Here's Where We Think the Coronavirus Is Going. And no, it's not good news.
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MarketsWiki Stats
26,788 pages; 237,912 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
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Editor
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| Lead Stories | Wall Street regulator proposes to expand the definition of broker-dealers
Katanga Johnson - Reuters
The U.S. Securities and Exchange Commission (SEC) on Monday proposed expanding the definition of broker-dealers and mandating that Principal Trading Firms (PTFs) must register with the agency in a bid to enhance market resiliency and help level the playing field. The Wall Street regulator said its proposal, which is subject to public consultation, aims to expand the definition of a dealer as "one that engages in a routine pattern of buying and selling securities that has the effect of providing liquidity to other market participants," which would capture a range of activities it sees as critical to the agency's monitoring of systemic risk.
/jlne.ws/3tJVjj1
Incubex And Trayport Announce The Successful Launch Of The Voluntary Climate Marketplace
TVCM
IncubEx, a Chicago-based privately held company that designs and develops new financial products in global environmental, climate risk and related commodity markets and Trayport Limited (Trayport), a wholly-owned subsidiary of TMX Group, announced the successful launch of The Voluntary Climate Marketplace (TVCM) on March 25th with the first transaction for 25,000 Vintage 20
/jlne.ws/3uzIyqn
Financial Sanctions Call for a New Bretton Woods Framework; The next iteration of the global financial order would benefit from a base of core democratic values.
Karen Petrou - Bloomberg
After World War I, the great powers decided on reparations to punish an aggressor for its carnage. After World War II, the great powers turned instead to reconciliation, creating the Bretton Woods Agreement to entice aggressors into good statecraft to gain access to a rules-based global financial order. Now, the great powers are reasserting themselves with a new kind of reparations: sanctions and even expropriations. We shall see if aggressors are dissuaded from still worse, but the post-1945 global-financial-policy construct is doomed. Given the vital importance of stable finance, it's not too soon to think about what must come next to prevent 2022's reparations from ending as disastrously as a century ago.
/jlne.ws/3Doy7Ku
Nickel Paralysis Deepens as Battered Market Barely Trades; Producers and consumers rely on the LME to hedge price risk; Volumes are also dropping across the LME's other metals
Mark Burton - Bloomberg
Nickel trading volumes continue to collapse on the London Metal Exchange in the wake of an historic short squeeze, setting up a liquidity crisis in the market for one of the most crucial industrial commodities. The LME halted nickel trading and canceled nearly $4 billion worth of transactions earlier this month after prices spiked by 250% in under two days, as it sought to protect its brokers from huge margin calls owed by Tsingshan Holding Group Co and other short position holders. After a haphazard effort to restart trading, nickel has spent much of the past fortnight locked at the upper or lower limit of a new daily price cap designed to rein in the unprecedented volatility.
/jlne.ws/3DhXy08
Banks Demand More Protection on New Risk Amid Volatility; Invasion of Ukraine hit high-yield bond, leveraged loan market; Pricing rises as market widens out for fresh debt issues
Claire Ruckin - Bloomberg
Buyout activity is picking up pace in Europe, but a number of banks are taking a cautious approach to new risk, looking for higher pricing, more flex protection and in some instances fuller fees on junk-rated debt underwrites against a backdrop of heightened volatility, inflation and rising rates. Russia's invasion of Ukraine felled a positive start to the year by all but shutting Europe's high-yield bond and leveraged-loan market, leaving banks sitting on $37 billion of existing underwrites they have so far been unable to sell down. The assumption is that banks will attempt to sell a lot of that following the Easter holiday weekend in mid-April, but an increase in potential M&A deals means many have also been asked to commit to new debt financings.
/jlne.ws/3JRlc5Y
Russia Built Parallel Payments System That Escaped Western Sanctions; Crimea sanctions spurred Russia to build its own Mir payments network, taking the sting out of Visa, Mastercard exits
Alexander Osipovich and AnnaMaria Andriotis - WSJ
Western sanctions have disrupted nearly every part of Russia's financial system, but there is one big exception. The domestic-payments system continued to work smoothly after Visa Inc. and Mastercard Inc. pulled out earlier this month. While the card giants' exit from Russia was viewed as a significant move by many in the West, the reality on the ground was anything but. Most Russian consumers never lost the ability to use their Mastercard- and Visa-branded cards to pay for things within the country.
/jlne.ws/35kVrw3
Environmental Groups Pressure Bitcoin Community to Lower Energy Use; Consortium launches effort advocating changes to the cryptocurrency's code
Paul Vigna - WSJ
A consortium of environmental groups launched a campaign on Monday seeking to change bitcoin's code to decrease its energy use, which has grown substantially in the past few years. Bitcoin is popular among some investors, but its energy use has riled environmental groups, alarmed some lawmakers, and put the cryptocurrency at odds with a green movement that has some supporters on Wall Street. The new campaign aims to persuade people involved with the cryptocurrency, from mining companies to investors to software developers, that a change is better for the environment and bitcoin's reputation and support.
/jlne.ws/3IMAasz
Barclays Trips Itself Up; The bank's basic mistake in handling a complex product raises questions about how this could have happened.
Rochelle Toplensky - WSJ
Barclays BCS -10.61% shareholders woke on Monday to the unwelcome news of a sizable hit to its U.S. structured products business. These are generally cleverly designed instruments—sometimes too cleverly for an unpredictable world—but the British bank was tripped up by a much more elementary error.
/jlne.ws/36WcS6h
CME Group appoints new directors for its FX team and BrokerTec platform; New directors bring a wealth of experience to CME Group, having served at NatWest Markets, TFSEdge and Societe Generale Corporate and Investment Banking.
Wesley Bray - The Trade
CME Group has appointed a new executive director for its London-based FX team as well as a new director for its fixed income platform, BrokerTec. Chris Povey joined CME's FX team as executive director on 21 March, reporting directly to Paul Houston, global head of FX at CME Group. Povey's role consists of overseeing the development, management and growth of CME Group's listed FX options business.
/jlne.ws/36UZdg6
US stock exchanges defeat Flash Boys inspired lawsuit; A Federal Judge has said the institutional investors behind it could not prove they suffered harm because of the exchanges' actions.
Annabel Smith - The Trade
After litigation spanning eight years, a Federal Judge has dismissed the case brought by a group of institutional investors that claim US stock exchanges defrauded investors by favouring high frequency trading firms. Seven stock exchanges including Nasdaq, the New York Stock Exchange (NYSE), and BATS Global Markets - now part of Cboe - were accused of giving HFTs an advantage over other participants by providing them with superior data feeds and order processing, and closer locations to the exchanges to improve the latency of trading signals.
/jlne.ws/35jyHfK
Industry expert joins Liquidnet as head of execution and quantitative services for the Americas; New head brings over two decades worth of experience to the role, having previously served at BNP Paribas, Deutsche Bank and UBS.
Wesley Bray - The Trade
Agency broker Liquidnet has appointed a new head of execution and quantitative services (EQS) for the Americas as it looks to enhance its EQS offering. James Rubinstein takes on the role and will based in New York, reporting directly to Rob Laible, global head of equities. He will be responsible for setting the strategic direction for Liquidnet's EQS offering as well as leading the effort for its distribution in the Americas. Rubinstein brings more than two decades worth of experience to the role, joining Liquidnet from BNP Paribas where he served as head of electronic equities product, Americas.
/jlne.ws/3wLQesg
CME executive joins Cboe Global Markets as director of EMEA sales; New director brings several years' experience in sales related roles to the firm, having served at CME Group, Morgan Stanley and UBS Global Asset Management.
Wesley Bray - The Trade
Market infrastructure provider Cboe Global Markets has appointed a new director of EMEA sales for its data and access solutions division. Nigel Jeyakumar takes on the role and will be based in London, leading Cboe's sales efforts in Europe, Middle East and Africa (EMEA) for the company's suite of market data, indices and analytics offerings. He will report to Bo Chung, senior vice president in global sales and index licensing.
/jlne.ws/3JS1DdP
SEC moves to unmask high-speed traders in Treasury bond market; Principal trading firms would be forced to disclose positions and activity in $21tn industry
Philip Stafford, Kate Duguid and Stefania Palma - FT
The US securities regulator plans to bring high-speed traders in Treasury bonds under direct supervision, ushering in more transparency to one of the world's most important financial markets. In a unanimous vote, members of the Securities and Exchange Commission on Monday proposed guidance that would require the trading firms to register with the agency. The move would require the traders to be more transparent about their positions and daily trading activity.
/jlne.ws/35jDldR
$5 Billion High-Frequency Trading Suit Dismissed in Win for Exchanges
Bob Van Voris - Bloomberg
Nasdaq Inc., Cboe Global Markets Inc. and Intercontinental Exchange Inc. won the dismissal of a $5 billion lawsuit alleging they gave unfair advantages to high-frequency traders. U.S District Judge Jesse Furman on Monday threw out the proposed class action lawsuit filed by plaintiffs who claimed policies favoring HFT produced high fees for the exchanges but caused other traders $1 billion in losses each year for five years.
/jlne.ws/3DnbRjV
G-7 Rejects Putin Demand for Ruble Payments for Russian Gas
Birgit Jennen - Bloomberg
Energy ministers from the Group of Seven industrialized nations unanimously rejected Russian President Vladimir Putin's demand that natural-gas contracts be paid in rubles. The order represents a "one-sided and clear breach of contracts," German Economy Minister Robert Habeck said Monday after chairing G-7 talks. "That means that a payment in rubles is not acceptable and we urge the relevant companies not to comply with Putin's demand."
/jlne.ws/35jkrUg
NFTs Could Go Mainstream With Instagram's Planned Support, Deutsche Bank Says
Will Canny - Coindesk
Bringing non-fungible-tokens (NFTs) to Instagram's large audience has the potential to supercharge the overall market going mainstream, Deutsche Bank said in a research report on Sunday. Earlier this month, Meta Platforms (FB) CEO Mark Zuckerberg said that the company was "working on bringing NFTs to Instagram in the near term."
/jlne.ws/3DrGvZG
FTX Names Marcel Lötscher Head of Regulatory Strategy for Europe
FTX Europe
FTX Europe today announced the appointment per October 1st, 2022 of Dr. Dr. Marcel Lötscher, LL.M. MBA, to the newly created position, Head of Regulatory Strategy. Lötscher is being hired to continue FTX's global expansion into Europe and the Middle East, giving users in European Economic Area and the Middle East access to FTX's innovative products, including industry-leading derivatives, options and volatility products, tokenized stocks, and other services and products. He will be focused on working with European regulators, including the Swiss Financial Market Supervisor Authority (FINMA) and the Cyprus Securities and Exchange Commission (CySEC).
/jlne.ws/36vPGfG
McGonigle Nabs Ex-CFTC Attorney For Chicago Office
Law360
McGonigle PC has added Maggie Sklar, a former attorney for the Federal Reserve Bank of Chicago and the Commodity Futures Trading Commission, as a partner in its Chicago office, where she'll advise financial services clients in a host of regulatory matters. Sklar said she will serve clients in the banking, commodities and securities space, advising them on regulatory compliance and investigations, as well as tackle work in emerging spaces such as digital assets and blockchain. She's also keen to advise financial services firms on their environmental, social and governance practices, both from a compliance perspective and in enforcement actions, she told Law360 on Friday.
/jlne.ws/35kA9i6
Coinbase Could Reportedly Buy Mercado Bitcoin's Parent Company
Varuni Trivedi - FX Empire
American cryptocurrency exchange platform Coinbase Global is in conversation to acquire 2TM, the firm behind Mercado Bitcoin - Brazil's largest crypto exchange. A Brazilian newspaper Estadão reported on Sunday that negotiations between Coinbase and 2TM have been taking place since last year, and an agreement could be announced by the end of this month. No sources have been cited for now.
/jlne.ws/3Ds1bk7
U.K. Faces Crypto Exodus as Firms Sound Off Before FCA Deadline; Copper, Revolut among companies awaiting regulatory approval; Firms may have to suspend services if not cleared by March 31
Emily Nicolle and Ivan Levingston - Bloomberg
Crypto companies still awaiting U.K. regulatory approval are looking abroad with only three days until a government deadline, prompting industry concerns of an impending exodus and an unfair advantage awarded to those stationed overseas. The Financial Conduct Authority currently plans to shutter its temporary registration regime for cryptoasset businesses on March 31, leaving some of the country's biggest industry players in limbo. Twelve firms including crypto custodian Copper Technologies Ltd. and digital bank Revolut Ltd. remained on the temporary register as of Tuesday, and face having to suspend their services if they don't gain approval before the deadline.
/jlne.ws/3iHT4GH
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Credit Suisse Stops New Business in Russia, Cuts Exposure
Myriam Balezou - Bloomberg
Credit Suisse Group AG has stopped pursuing new business in Russia and is cutting its exposure to the country, following global peers in pulling back after the invasion of Ukraine. The Swiss bank is helping its clients unwind their Russia exposure, according to an internal document seen by Bloomberg. The bank added that it has moved roles out of the country and is assisting employees to relocate elsewhere. A spokesperson for Credit Suisse confirmed the content of the document.
/jlne.ws/3tMeNUd
How tech is helping banks deal with Ukraine war risks, the Biden budget, and the OCC on why banks shouldn't wait to drop overdraft fees
American Banker via LinkedIn
As the war in Ukraine continues, banks are dodging fallout from the ruble's woes as well as sanctioned clients. Here's how tech is helping them manage the risks. We're also listening to Michael Hsu, the acting comptroller, as he explains why it's crucial not to waiver as banks around you drop their overdraft fees. Read more:
/jlne.ws/3DgwI8F
When Nokia Pulled Out of Russia, a Vast Surveillance System Remained
Adam Satariano, Paul Mozur and Aaron Krolik - NY Times
Nokia said this month that it would stop its sales in Russia and denounced the invasion of Ukraine. But the Finnish company didn't mention what it was leaving behind: equipment and software connecting the government's most powerful tool for digital surveillance to the nation's largest telecommunications network.
/jlne.ws/3JOSwul
Russia Threatens G7 Nations As Ministers Reject Gas-For-Rubles Scheme
Editor - OilPrice.com
Russia on Monday has issued a firm and unyielding response to G-7 ministers who had dismissed as "unacceptable" its plan to only accept ruble payments for Russian gas going to "unfriendly" nations. Earlier Monday German Economy Minister Robert Habeck said from Berlin that the Kremlin's demand for natural gas contracts to be paid in rubles is a "one-sided and clear breach of contracts" - saying the contracts must be honored under prior conditions, according to Bloomberg. "That means that a payment in rubles is not acceptable and we urge the relevant companies not to comply with Putin's demand," Habeck said. "Putin's effort to drive a wedge between us is obvious but you can see that we won't allow ourselves to be divided and the answer from the G-7 is clear: the contracts will be honored."
/jlne.ws/3uE4j8q
Russia Pays $102 Million Coupon, Taking a Step Back From Default
Bloomberg News
Russia has made a $102 million interest payment as the world's biggest energy exporter continues to service its foreign bonds despite financial isolation after the invasion of Ukraine.
/jlne.ws/3Lpujvi
Russian tech giant Yandex's data harvesting raises security concerns; Information collected by company through apps on Apple and Google-powered mobile devices is sent to Russian servers
Patrick McGee - FT
Russia's biggest internet company has embedded code into apps found on mobile devices that allows information about millions of users to be sent to servers located in its home country. The revelation relates to software created by Yandex that permits developers to create apps for devices running Apple's iOS and Google's Android, systems that run the vast majority of the world's smartphones.
/jlne.ws/3JQutLI
How sanctions on Russian energy exports could work; The options for the west for reducing revenues for Moscow while minimising the impact on oil flows
Pierre Andurand - FT
It is probably not a coincidence that Russia decided to invade Ukraine at a time of extreme tightness for the energy markets. European natural gas prices reached record highs before the invasion, trading above $300 per barrel of oil equivalent, or 10 times historical averages. For many specialists, oil prices were destined to break all-time highs in 2022 due to very low oil inventories, minimum spare production capacity and an expected shortage of supply for the years to come. The only counter force in the short-term — apart from government-mandated demand restriction measures — comes from demand destruction, which happens at higher prices alongside a weaker economy.
/jlne.ws/3IT1fui
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Aquis sees annual net revenue grow by 42% despite market share drop; Exchange services provider attributed a market share loss in H2 last year to market volatility, the shift to dark trading and a change in strategy of one designated liquidity provider.
Annabel Smith - The Trade
Aquis saw its net revenue reach £16.2 million last year according to its 2021 financial results, representing a growth of 42% on the year prior. The exchange operator attributed this to its exchange revenues, which rose by 26% to £9.8 million driven by increased activity levels and the addition of new members, and data revenues which reached £2.3 million, up 159% from the year prior. Licensing revenues also reached £4.4 million, up 90% from the year prior, while Aquis profit before tax rose by 540% from 2020 to £3.2 million.
/jlne.ws/3iGSXex
SIX Realigns Organizational Structure to Support Growth in International CMI Business
BME
SIX adopts a new organizational structure to support its growth plans in the international capital market infrastructure (CMI) area by combining its exchange-related businesses in a new "SIX Exchange Group" entity by end of 2022. The entity will operate under the SIX Group holding umbrella, alongside the "SIX Banking Services" unit and the Worldline participation, with current ownership and governance remaining unchanged.
/bit.ly/3NuN81F
Cboe Global Markets Announces Two Senior Executive Promotions to Support Continued Growth and Global Expansion
Cboe names Tim Lipscomb new Chief Technology Officer
Cboe Europe CFO Stephanie Renner promoted to newly created role, SVP, International Finance
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced two senior executive promotions that will further accelerate the company's growth as it continues to advance on its global expansion strategy. These promotions include the appointments of Tim Lipscomb as Senior Vice President, Chief Technology Officer, and Stephanie Renner as Senior Vice President, International Finance.
/yhoo.it/3IQHRhz
'Creator Economy' Business Talenthouse Lists on SIX Swiss Exchange
BME
Today, Talenthouse AG (Ticker "THAG") listed its shares on SIX Swiss Exchange and added Creator Economy - a new industry type - to the SIX Swiss Exchange's listed company universe.
/bit.ly/3LiLNt0
Reduction of the Minimum Price Increment and Related Amendments to the CME Globex Non-Reviewable Trading Ranges Table of the Swiss Franc/U.S. Dollar ("CHF/USD") Futures Contract
CME Group
Effective Sunday, May 1, 2022, for trade date Monday, May 2, 2022, Chicago Mercantile Exchange Inc. ("CME" or "Exchange") will reduce the minimum price increment of the Swiss Franc/U.S. Dollar ("CHF/USD") futures contract (Rulebook Chapter: 254; Commodity Code: E1) for trading on the CME Globex electronic trading platform ("CME Globex") and for submission for clearing via CME ClearPort.
/bit.ly/3qNjM51
Operational wind-down of Eurex STS following regulatory changes
Deutsche Börse Group
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/3iLSRCk
HKEX Hosts 2022 Corporate Day
HKEX
HKEX unveils vision to build the Marketplace of the Future; 3 Strategic Pillars to drive HKEX vision: Connecting China and the World, Connecting Capital with Opportunities, and Connecting Today with Tomorrow; HKEX senior executives present business updates and strategic priorities in virtual Corporate Day event
Hong Kong Exchanges and Clearing Limited (HKEX) today (Tuesday) hosted its 2022 Corporate Day for investors, clients and market participants, with senior executives updating on Group strategy and setting out a blueprint to build the Marketplace of the Future.
/bit.ly/3tM64RH
Risk Management Arrangements in respect of the Ching Ming Festival and Easter Holidays
HKEX
All markets operated by the Hong Kong Futures Exchange will be closed for business on 5 April 2022 and from 15 April to 18 April 2022, respectively. In order to assure that safeguards are in place against potential market risks that may arise during the aforesaid periods when some of the major markets are open, the Clearing House has decided to adopt the following risk management measures:
/bit.ly/3LtBbb3
Voluntary Cessation of Trading
HKEX
Exchange Participants are requested to note that the Exchange has been notified by the following Exchange Participant of its cessation of trading on the Exchange. Exchange Participant Name Date of Cessation of Trading Tak Fung Shares Investment Company Limited 29 March 2022
/bit.ly/3Lpw0c4
ICE Marks First Anniversary of ICE Futures Abu Dhabi and ICE Murban Crude Futures
ICE/Business Wire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, and the Abu Dhabi National Oil Company (ADNOC), today marked the first anniversary since the launch of ICE Futures Abu Dhabi (IFAD) and ICE Murban Crude Oil futures.
/bit.ly/3Nz9Bem
Japan Exchange Group and S&P Dow Jones Indices Launch S&P/JPX 500 ESG Score Tilted Index Series
JPX
First TOPIX 500-based ESG indices arrive as investors increasingly integrate ESG values into mainstream Japanese equity portfolios
S&P Dow Jones Indices ("S&P DJI"), the world's leading index provider, and Japan Exchange Group ("JPX") have joined forces to increase transparency in and support the growth of the Environmental, Social and Governance (ESG) market in Japan with the launch of the S&P/JPX 500 ESG Score Tilted Index Series.
/bit.ly/3Ds8Qin
Regulations for the markets of the Moscow Exchange March 29
MOEX
On March 29, 2022, trading on the markets of the Moscow Exchange, by decision of the Bank of Russia, will be conducted according to the following regulations.
/bit.ly/3NoCR7r
Moscow Exchange plans to hold AGM on April 28 in absentia
MOEX
On March 25, 2022, the Supervisory Board of the Moscow Exchange (MOEX) decided to convene and hold the annual general meeting of shareholders (AGM) on April 28, 2022 in the form of absentee voting.
/bit.ly/3Nzbg3A
How Gen Z Is Reshaping the Investing Landscape
Market Insite - Nasdaq contributor
A new study conducted by Nasdaq, in partnership with Morning Consult, reveals that the profile of the traditional retail investor has shifted as younger generations, specifically Gen Y and Gen Z, have become more active. Over the past couple of years, retail investors have flooded into the market. However, a new study conducted by Nasdaq, in partnership with Morning Consult, reveals that the profile of the traditional retail investor has shifted as younger generations, specifically Gen Y (or millennials) and Gen Z, have become more active, looking beyond traditional investments for alternative options to grow their money.
/bit.ly/3uDVo7a
NYSE Bonds - Addition to the List of Traded Bonds
NYSE
The following bonds will be added at the opening of trading on Tuesday, March 29, 2022.
These bonds have been added as "NYSE traded bonds" pursuant to an SEC exemption that allows the NYSE to trade certain non-convertible debt of NYSE listed companies and their wholly owned subsidiaries, without the issuer having listed those securities on the NYSE.
/bit.ly/3tOYAxF
NYSE Bonds - Traded Bonds - Change in Clearing Status
NYSE
Traded Bonds - Change In Clearing Status - 03/28/2022
The New York Stock Exchange, Inc. has been advised that the following securities have been changed from Ex-Clearing to NSCC Eligible: Please see the attached list for clearing status changes.
/bit.ly/3LUpTgO
Circular of Shanghai International Energy Exchange on Trading Adjustments for Qingming Festival 2022
SFE
Shanghai International Energy Exchange has released its Circular on Trading Adjustments for Qingming Festival 2022 as follows: In accordance with Trading Schedule during National Holidays for Year 2022 and Risk Management Rules of the Shanghai International Energy Exchange, Shanghai International Energy Exchange (hereinafter referred to as "INE") hereby notifies the trading adjustments for Qingming Festival 2022 as follows:
/bit.ly/3DldoHk
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | The Sell-Side Clearing Management Insight Report Q1 2022
Cleared derivatives
ION Group
In this report, written by Acuiti, we look at where the opportunity is for firms in 2022 and provide a deep dive analysis of post-trade operations and investment intentions. In addition, we profile the most traded new ETD contracts in the last quarter and provide an analysis of concentration among FCMs in the US market.
/jlne.ws/3tMVauY
Ant-Backed Philippine Unicorn Will Expand in Fintech Before IPO;Operator of payment app GCash entering crypto, stocks trading; GCash saw $73 billion in gross annual transactions last year
ByIan C Sayson - Bloomberg
A Philippine fintech venture, whose flagship GCash payment platform clocked almost $73 billion in gross transactions last year, will consider an initial public offering only after expanding its services.
/jlne.ws/3qJh8NL
HP Makes Bet on Hybrid Work With $1.7 Billion Deal; PC company says acquisition of Poly is aimed at the change in how offices and workers are meeting
Will Feuer - WSJ
HP Inc. agreed to buy Poly, a maker of workplace communications products, for $1.7 billion in a bet on the rise of hybrid work. HP will pay $40 cash for each outstanding share of Poly, a premium of more than 50% from its closing price Friday. The companies valued the deal for Poly, formerly known as Plantronics, at $3.3 billion, including debt.
/jlne.ws/3tO3efb
Zelle warns about scams, says it's not responsible for funds stolen through app
Ashli Lincoln - WSB Cox
Money gone in seconds. That's what's happening to millions of customers who rely on the popular money-transferring app Zelle. Consumer advisers say thieves using the app to target money is on the rise. Channel 2's Ashli Lincoln found nearly 18 million Americans were scammed involving these money transfer apps. Consumer advisors warn people not to fall for this scam, because once your money is gone, chances are high that you won't get it back.
/jlne.ws/3NyjEA3
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| Cybersecurity | | Top stories for cybersecurity | FCC flags Kaspersky, Russian cybersecurity firm, as national security risk
Jennimai Nguyen - Mashable
The U.S. Federal Communications Commission has deemed all products and services from the Russia-based cybersecurity firm Kaspersky an "unacceptable risk to national security."
According to the FCC's release, the move comes in an effort to uphold 2019's Secure and Trusted Communications Networks Act, which requires the agency to publish a list that details any communications equipment or services which may present a risk to national security.
/jlne.ws/3JRYjPN
The White House wants 11 percent more cybersecurity funding
Aaron Schaffer - The Washington Post
President Biden is asking Congress to boost cybersecurity across the federal government to record levels as his administration attempts to follow-through on promises to modernize U.S. cyberdefenses.
/jlne.ws/3tNobqv
One in four employees lose job after making cybersecurity mistakes
Ian Barker - Betanews
We all make mistakes from time to time, but a cybersecurity error could cost you your job according to a new report.
The study from email security company Tessian finds almost one in four respondents (21 percent) lost their job as a result of a security mistake that compromised their company's security -- up from 12 percent in 2020.
/jlne.ws/3iKN4wP
SEC Proposes New Rules To Enhance Cybersecurity Disclosures, Incident Reporting Requirements - Technology
Doneld G. Shelkey and Charlotte Roxon - Mondaq
The US Securities and Exchange Commission (SEC) on March 9 proposed new rules to enhance and standardize disclosures relating to the risk management, strategy, governance, and incident reporting requirements of cybersecurity applicable to public companies (registrants).
/jlne.ws/3DlAJsf
Kevin Mandia: We're braced for the impact of Russian cyber attacks; In the second of our monthly 'Tech Exchange' interviews, the founder of cyber security firm Mandiant warns of indiscriminate hacking of western companies and governments as the Ukraine crisis escalates
Hannah Murphy - FT
Mandiant, the cyber security company founded by Kevin Mandia, has become one of the world's best-known providers of intelligence on online threats to companies and governments. It has spent years tracking the cyber campaigns of nation-state actors such as Russia, Iran, China and North Korea, as well as criminal groups. And now, as Russia's invasion of Ukraine escalates, its understanding of the types of attack that Russian intelligence could mount has taken on greater importance.
/jlne.ws/3uB8LFc
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| Cryptocurrencies | | Top stories for cryptocurrencies | Ethereum is approaching the 'merge' and crypto investors are having major FOMO
Taylor Locke - Fortune
If you feel swept up in all the hype surrounding Ethereum's impending upgrade, you aren't alone. Google searches for "Ethereum merge" have seen an uptick over the past 12 months, recently hitting a peak. Along with all the interest, Ether's price has seen a boost as well. It hit a two-and-a-half month high this morning when it neared $3,350. It's currently trading at around $3,406, up 6% in the last 24 hours, and almost 19% in the last week.
/jlne.ws/3tNnQUV
Crypto Privacy Positions Harden Ahead of Crunch EU Vote
Jack Schickler - Coindesk
The crypto industry is sounding the alarm over new European Union rules due to be agreed Thursday, which they say would invade privacy and treat new technologies less fairly than cash or traditional bank transfers. Those arguments don't appear to have swayed key lawmakers, who remain adamant that tougher rules are needed to stop crypto being used to process dirty money. Others, however, have argued the proposals currently on the table could be unworkable or even unlawful. Big players in the sector including Coinbase (COIN) have already come out swinging against the so-called travel rule, which would extend anti-money laundering identity checks to payments made in digital currencies, even if they are under an existing threshold of 1,000 euros ($1,098).
/jlne.ws/3uVv7S3
Crypto Exchange Bybit Moves Headquarters to Dubai From Singapore
Joanna Ossinger - Bloomberg
Cryptocurrency exchange Bybit announced plans to move its headquarters to Dubai from Singapore, as the emirate steps up efforts to attract companies in the fast-growing industry. Bybit will start operations in Dubai as early as next month, after receiving in-principle approval to conduct a "full spectrum" of virtual-assets business in the United Arab Emirates, it said in a blog post Monday. Crypto.com, also based in Singapore, separately said it will set up a regional base in Dubai, and plans to establish a "significant" presence there.
/jlne.ws/3qGwOB9
Blockchain bros are turning a South Pacific island into 'crypto paradise'
Hannah Frishberg - NY Post
Cash ain't king here. A group of blockchain enthusiasts are turning a 32-million square foot island into what they hope will soon be considered the "crypto capital of the world." "After years of preparation, a green light from the Vanuatu Prime Minister and Minister Of Finance and all approvals in place, Satoshi Island is now ready to be developed into a real-world crypto economy and blockchain based democracy," states a bio for the 800-acre portion of the island nation Vanuatu that has been freshly named after Satoshi Nakamoto, the pseudonymous developer of bitcoin
/jlne.ws/3wQhTs6
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| Politics | | An overview of politics as it relates to the financial markets | White House Banks on 'Price Signals' to Avert Food Shortage; Top economist predicts U.S. farmers will increase planting; World bracing for shortages with war in Ukraine, a breadbasket
Nancy Cook - Bloomberg
U.S. farmers will respond to "price signals" and increase their production to avert any domestic food shortage stemming from Russia's invasion of Ukraine, the White House's chief economist said Monday. "We don't expect a shortage here, because we are net exporters," Cecilia Rouse, the chair of President Joe Biden's Council of Economic Advisers, told reporters at a briefing. "But we are acutely aware of the fact that there are regions in the world that depend heavily on exports of wheat in particular and other grains from Ukraine and Russia."
/jlne.ws/3qJ87Es
Billionaires and Private Equity Would See Tax Hikes in Biden's Plan; President doubles down on calls for higher corporate rate; New budget plan would tax unrealized gains of top earners
Laura Davison - Bloomberg
President Joe Biden made a fresh effort on Monday to persuade Congress to take steps to overhaul the tax code and squeeze more revenue from the largest companies and the wealthiest households. The Treasury Department released the so-called Greenbook that details plans for $2.5 trillion in tax increases on corporations and high-earning households, including a modified wealth tax and eliminating the carried-interest tax break for investment funds. That's on top of the $1.5 trillion of tax increases included in the House-passed version of Biden's Build Back Better plan that weren't detailed in this document. That bill is stalled in the Senate.
/jlne.ws/3IQrZM1
Lawmakers Launch Probe of Credit Suisse Compliance With Russia Sanctions; House Oversight Committee seeks documents related to deal to reduce exposure to yacht, aircraft loans
Margot Patrick - WSJ
U.S. lawmakers asked Credit Suisse CS -2.58% Group AG to hand over information related to the bank's compliance with sanctions over Russia's invasion of Ukraine. In a letter to Credit Suisse Chief Executive Thomas Gottstein Monday, Rep. Carolyn B. Maloney (D., N.Y.), chairwoman of the Committee on Oversight and Reform, and Rep. Stephen F. Lynch (D., Mass.), chairman of the Subcommittee on National Security, asked the bank to hand over information on its financing of yachts and aircraft owned by potentially sanctioned individuals.
/jlne.ws/3IQgvrI
How Joe Manchin Aided Coal, and Earned Millions; At every step of his political career, Joe Manchin helped a West Virginia power plant that is the sole customer of his private coal business. Along the way, he blocked ambitious climate action.
Christopher Flavelle and Julie Tate - NY Times
On a hilltop overlooking Paw Paw Creek, 15 miles south of the Pennsylvania border, looms a fortresslike structure with a single smokestack, the only viable business in a dying Appalachian town. The Grant Town power plant is also the link between the coal industry and the personal finances of Joe Manchin III, the Democrat who rose through state politics to reach the United States Senate, where, through the vagaries of electoral politics, he is now the single most important figure shaping the nation's energy and climate policy.
/jlne.ws/3LqWeuu
U.K. Police Recommend 20 'Partygate' Fines With Probe Ongoing; Metropolitan Police doesn't name people or specify breaches; Boris Johnson has said he was assured no rules were broken
Kitty Donaldson - Bloomberg
U.K. police said they will recommend 20 fines for staff and officials close to Boris Johnson over parties during the pandemic, which broke rules imposed by the government to contain the spread of coronavirus. The individuals -- who London's Metropolitan Police did not name -- will be the first to be handed so-called fixed penalty notices over the events, which took place in the heart of the British government while the rest of England was restricted from socializing in groups due to Covid-19.
/jlne.ws/3NxoRs4
***** Here is the FT version of this story.
Roman Abramovich 'Suffered Symptoms of Suspected Poisoning' After Ukraine Talks
Geraldine Scott - Press Association via Bloomberg
Chelsea Football Club owner Roman Abramovich was among a group who suffered symptoms consistent with poisoning after attending peace talks in Ukraine. The Russian oligarch, who is involved in negotiations between Kyiv and Moscow, is understood - along with at least two Ukrainian negotiators - to have developed red eyes, constant and painful tearing, and peeling skin on their faces and hands since the meeting at the start of the month, according to the Wall Street Journal (WSJ).
/jlne.ws/3qJbICv
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | CFTC Awards Approximately $625,000 to Four Whistleblowers
CFTC
The Commodity Futures Trading Commission today announced a whistleblower award of approximately $625,000 to four whistleblowers. This award recognizes the contributions of each of them, three of whom provided support to the CFTC jointly. One of the whistleblowers received a higher award percentage to recognize that he or she provided the highest level of ongoing assistance and cooperation to the Division of Enforcement.
/jlne.ws/3Dj3N3A
SEC Charges Seven California Residents in Insider Trading Ring
SEC
The Securities and Exchange Commission today announced insider trading charges against three software engineers employed at Twilio, Inc., a San Francisco-based cloud computing communications company, and four family members and friends for allegedly generating more than $1 million in collective profits by insider trading ahead of the company's positive first quarter 2020 earnings announcement on May 6, 2020.
/jlne.ws/3qNoYG3
SEC to Host Free Virtual Outreach Event to Help Older Adults and Their Caregivers Avoid Financial Fraud
SEC
The U.S. Securities and Exchange Commission is hosting a free virtual outreach event entitled, Safeguarding the Golden Years: Avoiding Financial Fraud, on Thursday, March 31, 2022 to help educate older adults and their caregivers on the unique challenges of investing in an increasingly complicated market.
/jlne.ws/3LiQq6m
SEC Proposes Rules to Include Certain Significant Market Participants as "Dealers" or "Government Securities Dealers"
SEC
The Securities and Exchange Commission today proposed two rules that would require market participants, such as proprietary (or principal) trading firms, who assume certain dealer functions, in particular those who as act as liquidity providers in the markets, to register with the SEC, become members of a self-regulatory organization (SRO), and comply with federal securities laws and regulatory obligations.
/jlne.ws/3wIqpcz
Statement on the Further Definition of a Dealer-Trader
Gary Gensler - SEC
Today, the Commission unanimously proposed two rules further defining a dealer to help identify principal trading firms (PTFs) and firms conducting similar activities that must register with the SEC. I was pleased to support this proposal because I believe it reflects Congress's statutory intent that firms engaging in important liquidity-providing roles in the securities markets, including in the U.S. Treasury market, be registered with the Commission. Further, requiring all firms that regularly make markets, or otherwise perform important liquidity-providing roles, to register as dealers or government securities dealers also could help level the playing field among firms and enhance the resiliency of our markets.
/jlne.ws/3qJJQ17
Statement on Proposal to Further Define "As a Part of a Regular Business" in the Definition of Dealer and Government Securities Dealer
Hester M. Peirce - SEC
The Exchange Act defines "dealer" broadly to encompass any person that is "engaged in the business of buying and selling securities . . . for [its] own account," unless it is not doing so as "part of a regular business."[1] Drawing the line between dealers and other active participants in our markets has long been challenging, and those challenges have only increased as our markets have evolved over the decades. Today's proposal seeks to bring some clarity to how this definition applies in markets where some of the key providers of liquidity are not registered as dealers and may not be subject to any Commission registration framework. It would do this by establishing a qualitative test and, solely for the government securities market, a quantitative trading threshold to determine whether such firms should be required to register as dealers.
/jlne.ws/36Ah6AM
Remarks at the ICI Investment Management Conference
William Birdthistle - SEC
As Eric mentioned in his introduction, I am new to this position. Indeed, today marks the end of only my third month on the job. The SEC announced my appointment so recently that I can still remember one of the reports of that news, which arrived under the following headline: "Fund Critic Birdthistle to Take Reins at SEC's Division of Investment Management."[2] Well, that certainly sounds a little ominous.
/jlne.ws/3LiJki8
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Oil Hedging's Growing Costs Are Imperiling Real-World Deliveries
Devika Krishna Kumar and Sheela Tobben - Blomberg
It's getting both costlier and more time consuming to hedge oil as liquidity shrinks in the futures market, slowing transactions and threatening to ultimately disrupt real-world deliveries if the situation doesn't improve. Some hedging deals that used to take four to six weeks to transact are now taking three months or more, one person who executes hedging for shale producers said. At the same time, the cost for producers to lock in hedges that act as insurance against a sudden collapse in prices has recently surged by as much as 50%.
/jlne.ws/3NtfqtB
Not All Yield Curve Inversions Are Fatal; The curve can't be ignored, but its current behavior isn't a foolproof indicator of a coming recession.
John Authers - Bloomberg
Inversion Aversion
The yield curve is almost inverted. Indeed, parts of it are inverted already. And it's flattened remarkably swiftly. Does any of this matter? A large part of the population is entitled to ask: What does any of this mean?
/jlne.ws/3IINr5r
Global Supply Lines Brace for 'Menacing' Economic Storm to Widen; Germany feels industrial shocks from war, while China's lockdowns snarl ports and trade
Brendan Murray - Bloomberg
Global supply strains that started to ease in early 2022 are worsening again as headwinds strengthen from the war in Ukraine and China's Covid lockdowns, threatening slower growth and faster inflation across the global economy. After the pandemic hit Asia-U.S. trade routes the hardest over the past two years, the latest turmoil is being acutely felt in Germany, which is heavily reliant on Russian energy and suppliers across Eastern Europe. Business expectations in the region's biggest economy during March posted the steepest one-month drop on record, factories across the continent face diesel and parts shortages, and delays moving cargo through key North Sea gateways such as Bremerhaven are lengthening.
/jlne.ws/3Dl3xBk
Russia investors should put morals ahead of profiteering
For sanctions to bite hard, there can be no compromise in economic measures to counter Ukraine invasion
Patrick Jenkins - FT
Investment bank traders are renowned more for their pragmatic opportunism than their moral compass. So it is a measure of President Vladimir Putin's pariah status that none of the big Wall Street names appears to be risking their reputation buying up out-of-fashion Russian assets as they are dumped by mainstream investors.
/jlne.ws/3Lrw3DZ
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Shanghai's Lockdown Tests Covid-Zero Policy, and People's Limits; A staggered lockdown on China's commercial capital of 26 million people has sent beleaguered residents scrambling and raised fears of broader damage to the economy.
John Liu and Paul Mozur - NY Times
Even before Shanghai imposed a lockdown to curb a rapidly spreading Covid outbreak, life for many in China's wealthiest city had been upended by the virus — and the government's response. Residents raced to hoard groceries in case they were ordered to stay home. Some protested at the gates of housing complexes that were locked with little notice. Others, sent to government isolation facilities, were forced to sleep on the floor because of a shortage of beds.
/jlne.ws/3NwZrKY
Pretending the Pandemic Is Over Will Not Make It So
The Editorial Board - NY Times
The worst of the Covid-19 pandemic may be behind us, but pretending that it is over will not make it so. A new Omicron subvariant, BA.2, is driving up coronavirus case counts in Europe and Asia, and experts predict it soon will account for the majority of new cases in the United States. The impact is uncertain. On the one hand, many Americans have already been infected by a similar strain of the virus. On the other hand, BA.2 arrives as people increasingly are resuming prepandemic behaviors, and according to the Centers for Disease Control and Prevention, roughly one-third of Americans have not completed their initial round of vaccinations, and more than 70 percent have not received booster shots.
/jlne.ws/36FZfIJ
China's patchy vaccine campaign leaves elderly at risk; More than 130mn in danger of developing severe Covid-19 symptoms or dying
Eleanor Olcott and Andy Lin and Primrose Riordan - FT
China's patchy vaccination campaign has left half of its elderly population exposed to a higher risk of severe Covid-19, just as the country tackles surging outbreaks of the infectious Omicron variant in Shanghai and other regions. Shanghai on Monday began a two-phase lockdown of all 26mn of its residents to combat a wave of largely asymptomatic cases that have been rapidly multiplying in the community.
/jlne.ws/3JQKH7C
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Elon Musk Changes the Narrative to Tesla's Advantage Yet Again; The billionaire CEO has a knack for turning attention away from negative news.
Dana Hull - Bloomberg
Last month, I wrote about Tesla frontrunning California's Department of Fair Employment and Housing by publishing a blog post about the agency's racial-discrimination and harassment lawsuit before the lawsuit was even filed. It was a clear move to get ahead of allegations of widespread mistreatment of Black workers at the automaker's facilities throughout the state.
/jlne.ws/3tNV7PL
Jobs that will help save the planet; Young recruits to the workforce are on a quest for careers that help tackle climate change
Alexandra Heal - FT
Evelina Olago spent her childhood in both Kenya and Ukraine, and it was the stark contrast she observed in the two countries' economic development that inspired her career. Now, she works at Just Climate, part of Generation Investment Management — the sustainable investment firm co-founded by former US vice-president Al Gore.
/jlne.ws/3iLV1BW
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Ex-Goldman banker's wife testifies in husband's defense at 1MDB trial
Luc Cohen - Reuters
The wife of former Goldman Sachs banker Roger Ng on Monday testified in her husband's defense at a U.S. trial over the looting of hundreds of millions of dollars from Malaysia's 1MDB sovereign wealth fund between 2009 and 2014.
/jlne.ws/3qJJjMv
Ex-Goldman Banker Ng's Wife Says $35 Million Was Investment Gain; Roger Ng's wife said she invested with Tim Leissner's wife; Prosecutors claim the money was Ng's kickback from 1MDB fraud
Patricia Hurtado - Bloomberg
The wife of former Goldman Sachs Group Inc banker Roger Ng denied that $35 million held in an account in her mother's name was stolen from 1MDB, claiming instead that the money was the return on a legitimate investment.
/jlne.ws/3tOn89Q
Barclays Shares Tumble as Holder Sells £900 Million Block; Bank's biggest investors include QIA, Vanguard, BlackRock; On Monday, Barclays said it oversold structured notes in error
Swetha Gopinath and Stefania Spezzati - Bloomberg
Barclays Plc shares fell Tuesday as a shareholder sold about 900 million pounds ($1.2 billion) of stock, a day after the lender revealed a costly blunder in how it sold billions of dollars in securities. The shares for sale were priced at 150 pence, according to terms seen by Bloomberg. The London-listed stock fell 3.4% to 155 pence as of 12:22 p.m. Goldman Sachs Group Inc. facilitated the book building process. A representative at Barclays declined to comment.
/jlne.ws/36PKHGh
Bankers Who Stay in Hong Kong Are Rewarded With a Pay Bonanza; Finance staff see up to 35% 'walking across the street' raises; City's booming crypto sector adds to the battle for talent
Cathy Chan, Sarah Zheng, and Zheping Huang - Bloomberg
Hong Kong's stringent Covid restrictions turned the city into a dead end for the legions of finance workers decamping for other destinations. Those who choose to stay are being presented with the sort of opportunities that don't come along very often. Interviews with headhunters, executives and employees across the finance and digital-asset industry depict intense competition for tech-savvy workers who are willing to endure life in a city that's largely isolated from the rest of the world. For such people, opportunities abound for big promotions and big pay increases — at least in the short term.
/jlne.ws/3wK2OZ0
JPMorgan Behind Moves to Detain Russian Billionaire's Superyacht; Bank sought to enforce against Pumpyansky's Axioma yacht; Axioma was impounded in Gibraltar last week after court order
Jonathan Browning - Bloomberg
JPMorgan Chase & Co., the biggest U.S. bank, is behind court moves to seize a superyacht owned by a sanctioned Russian billionaire in Gibraltar. In one of the first public court actions by a bank to enforce on a debt against a sanctioned individual, JPMorgan won a court order authorizing Gibraltar's port authority to detain the 73-meter (240-foot) yacht Axioma owned by Dmitry Pumpyansky. The 5-deck Axioma, which boasts an infinity swimming pool plus a 3D cinema, was impounded last week. Officials in the British territory said that while they wouldn't normally have allowed the yacht to enter Gibraltar waters given Pumpyansky's ownership, they seized the vessel "in the interests of creditors with proper claims."
/jlne.ws/3tMzwag
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Vietnam arrests chairman of FLC, Bamboo Airways over market manipulation
Reuters
Vietnamese police on Tuesday arrested the chairman of one of the country's largest private groups on accusations of manipulating the stock market, the Ministry of Public Security said. Trinh Van Quyet, chairman of property and leisure company FLC Group and Bamboo Airways, is also accused of hiding stock transaction information, the ministry said in a statement.
/jlne.ws/3iIAwpw
Russian-owned Indian refinery faces funding squeeze
Nayara Energy debt rating under review as sanctions hit major shareholder Rosneft
Dev Chatterjee, Contributing writer - Nikkei Asia
MUMBAI -- Nayara Energy, an affiliate of Russian energy major Rosneft and owner of the country's second-largest oil refinery, is facing increased finance costs due to Western pressure, even as India works to maintain trade with Russia.
/s.nikkei.com/3uEkVwO
Germany's Favorite Hedge Against Inflation? Real Estate; Inflation worries are pushing German house prices even higher, adding to the risk of an overshoot.
Chris Bryant - Bloomberg
Germans are already predisposed to worrying about inflation. Today, there's plenty to be concerned about. Consumer prices are increasing at an annual rate of more than 5%. German producer prices rose almost 26% year on year in February, the highest increase since 1949, which suggests consumer price inflation could yet go higher. That's painful when almost 3 trillion euros ($3.3 trillion) of German household wealth is parked in cash and bank deposits, earning a low or negative-yield.
/jlne.ws/3uAWkJw
Can US natural gas relieve Europe from Russian supply dependency? Moves to provide LNG face obstacles in terms of infrastructure and shift to clean energy
Derek Brower and Myles McCormick - FT
The US and EU last week announced a breakthrough deal to wean Europe off Russian natural gas. The "groundbreaking" pact, said Joe Biden, would strip Vladimir Putin of the ability to "coerce and manipulate" the continent's energy consumers.
/jlne.ws/3qJaWoS
Beer giants Heineken and Carslberg join exodus from Russia
Toby Sterling and Jacob Gronholt-pedersen - Reuters
Brewing giants Carlsberg (CARLb.CO) and Heineken (HEIN.AS) said on Monday they would quit Russia, joining an exodus of Western companies as pressure grows on Moscow following its invasion of Ukraine.
/jlne.ws/3tNKX1r
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| Miscellaneous | | Stories that don't quite fit under the other sections | 'Wolf of Wall Street' Extra Among Alternate Jurors in 1MDB Trial
Patricia Hurtado - Bloomberg
An alternate juror in the trial of an ex-Goldman Sachs banker over the 1MDB scandal revealed having worked as an extra on "The Wolf of Wall Street," which was partly funded by cash looted in the scam.
/jlne.ws/3iLrZlU
How to navigate office life: a guide for young recruits; Watch your wellbeing, talk to senior colleagues — and avoid taking on too many menial tasks
Kate Bassett - FT
David Solomon, chief executive of Goldman Sachs, made it clear: he is not a fan of homeworking. It is "an aberration" that must be corrected "as soon as possible", he told a conference last year. "I don't want another class of young people arriving [remotely] that aren't getting more direct contact, direct apprenticeship, direct mentorship," he said.
/jlne.ws/3qKRzf3
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Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
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