| March 18, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Boca is done. This Boca will be known for several things. First off, it was the return from the pandemic Boca. It will also be remembered as the "Crypto Boca," when lots of crypto firms were sponsors and part of the agenda. It will also be remembered as the "Inside Boca," when nearly every outside event was held inside as the weather dictated such a move. It will also be remembered as yet another Boca where Walt Lukken slipped a reference to the Most Interesting Man in the World, Pat Kenny, into his opening remarks. Walt did so in an ad lib, which is why I missed reporting about it previously. For me, it will be the Boca where the JLN video team was made up of the Lothian offspring Robby and Kat Lothian and JLN's new Associate Editor Alex Perry. It was a great team effort.
Congratulations to Walt Lukken, Charlie Jones, Emma Davey and the whole FIA team on a successful Boca. Despite the weather, despite the refurbished hotel complex that is not quite done and this being the first major conference at the resort since most of the staff was hired in November of 2021, the conference was a success. People enjoyed the conference and loved seeing each other again. The high level of executives who attended the conference was quite impressive, especially considering the pandemic is not quite over yet.
The FT has an article this morning with a recommendation about how to follow war, which is "Just read Wikipedia." The FT says, "The truth about war is messy" and "crowdsourcing truth does not sound like the best idea in partisan times but disputed entries on the Ukraine invasion are factual."
ION and Acuiti.io have partnered in a report titled "The Sell-Side Clearing Management Insight Report Q1 2022, Cleared derivatives." The report looks at where opportunities are for firms in 2022 and provides an analysis of post-trade operations and investment intentions. It also profiles the most traded exchange traded derivatives contracts in the last quarter and provides an analysis of concentration among futures commission merchants in the U.S. market. For more information and to download the report, go HERE.
Women In Derivatives (WIND) is holding a Peloton Ride fundraiser for humanitarian aid and support for Ukraine on Saturday, March 26th from 9:00-9:45am EST with a 45 minute ride. The proceeds will go to the International Rescue Committee (IRC) in support of Ukraine. You don't need to ride to donate. You can donate HERE, and please do so before the ride. You can learn more about the fundraiser HERE.
The Book "The Epic Mentor Guide" shares insider advice from 180 female leaders, including PEAK6 Co-Founder Jenny Just and Poker Power General Manager Erin Lydon.
Rob Merrilees and Ed Haravon of Get Real XR have another episode of their YouTube series, this one that looks at the metaverse. It is titled "Get Reel: Metaverse in the News."
New FIA Hall of Fame member Sharon Brown-Hruska, PhD has been named chairman of the Regulatory Oversight Committee (ROC) and director at FMX Fenics Markets Xchange.
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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Alex Rodriguez Says Blockchain Can Bring Sports-Team Ownership to Masses
Katherine Doherty and Allyson Versprille - Bloomberg
Small-time sports fans could get a piece of big-time teams with the help of blockchain technology, according to baseball-player-turned-businessman Alex Rodriguez.
"With blockchain, I think millions of people around the world will have an opportunity to own a sports team, if not a small stake in one," Rodriguez said at the Futures Industry Association conference in Boca Raton, Florida, Thursday. "We don't have that opportunity, but tomorrow I think we will," said the former Major League Baseball star also known as "A-Rod."
/jlne.ws/3Jldgda
***** Let me translate this for you: "I fell short of being able to buy the New York Mets because I did not have enough money, so with blockchain others can give me enough money to be able to win the next time."
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'The birth of a new Ukraine': how Russia's war united a nation; A divided country, deeply cynical about its government, has discovered a strong sense of national identity under fire
John Reed and Guy Chazan in Lviv and Roman Olearchyk - FT
At an aid distribution centre in Ukraine's embattled capital Kyiv this week, people were collecting and dispatching donations of emergency food, medicines, clothes and children's toys for cities under attack by Russian troops, missiles and bombs. While about half the donations came from abroad, where Russian president Vladimir Putin's invasion has created a groundswell of global support for President Volodymyr Zelensky and his people, the rest came from quieter parts of Ukraine.
/jlne.ws/3Jnasfw
***** There was once a group of colonies that united and beat the biggest and best army in the world at the time, granted with some help from the French and foreign financial help. Winning that war forged a nation that has so far stood the test of time.~JJL
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Ex-FCA chief Bailey 'fell asleep' in pensions mis-selling meeting; BoE governor's 'head dropped and had his eyes closed' during steelworkers hearing
Josephine Cumbo - FT
Andrew Bailey, when head of the Financial Conduct Authority, fell asleep during a meeting about what would become one of the UK's biggest pension mis-selling scandals, according to people in attendance who were pressing the regulator to take faster action to protect those affected.
/jlne.ws/37Ht4sL
****** Been there, done that.
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From pasta shortage to run on iodine pills, panic buying hits Europe again; Two years on from pandemic shortages, Russia's war sparks fresh wave of hoarding in parts of Europe
Silvia Sciorilli Borrelli, Alexander Vladkov and Erika Solomon - FT
In northern Italy, the supermarkets have been cleared of pasta. Pharmacies in Norway are sold out of iodine tablets. And in Germany, trade groups are warning against Hamsterkäufe — "hamster shopping", or panic buying.
/jlne.ws/3u5uC7f
***** To beat empty shelves, grow your own food supplies, but I have never had any luck growing pasta at home, no matter how many times or different shapes I have planted.~JJL
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Thursday's Top Three
The focus was on Ukraine and Russia Thursday. Our most read story Thursday was Russia warns United States: we have the might to put you in your place, from Reuters via Yahoo News. Second was The Financial Times' Energy traders call for 'emergency' central bank intervention, in which the European Federation of Energy Traders warned that healthy companies could run out of cash because of commodity disruptions caused by the Ukraine invasion. And third was A Losing and Desperate Putin Could Be Terrifying, a Bloomberg opinion piece.
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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 | White-Collar Workers Are Ready to Network Again. Conference Organizers Want to Help; In-person conferences are returning in force this year, but reduced travel budgets and a patchwork of ever-changing coronavirus safety rules are creating headaches for planners
Dylan Tokar - WSJ
Business travel is back. Again. White-collar workers are packing their suitcases and boarding planes after a retreat from nonessential travel prompted by the Omicron variant. One of their first orders of business? Reconnecting with colleagues in their industry and, well, partying. There is a growing desire among some lawyers, accountants and other professional-services workers to get back out into the world and start networking. The demand to do so is fueling a shift by conference organizers to a mixture of in-person and hybrid offerings from the largely virtual-only events of the past two years.
/jlne.ws/3ilESTz
Inside the Nickel Market Failure: Massive Trades the Exchange Didn't See; The 145-year-old London Metal Exchange failed to see the risks coming, partly because they were hidden from view
Joe Wallace - WSJ
The war in Ukraine broke the nickel market. The risks had been building for years. Banks and brokers lent heavily to producers and speculators eager to take a position on the humble metal, a key ingredient in stainless steel and electric-vehicle batteries. The exchange in London where metals have traded for 145 years failed to see the mounting danger. "The simple fact here is that we did not have visibility over the size of the risk," said Matthew Chamberlain, the London Metal Exchange's chief executive.
/jlne.ws/3ifQsPZ
Finra Pinpoints Scope of Potential Liability for Compliance Chiefs; Finra's notice comes amid growing concerns about individual liability among compliance professionals
Mengqi Sun - WSJ
The Financial Industry Regulatory Authority said it would only take action against chief compliance officers when they fail to carry out specific supervisory responsibilities designated by the firm, and not in matters where they play an advisory role. Finra, Wall Street's self-regulatory arm, in a regulatory note Thursday said that it generally considers the role of compliance chief an advisory position rather than a supervisory one. The responsibility for supervision under Finra rule 3110, which lays out obligations for member firms and requires each to designate individual supervisors for responsibilities, lies with a company's senior business management and not its compliance officers.
/jlne.ws/3CPFU3C
Oil Market's Big Winners: 'Little Guys' Who Are Eager to Drill; Autry Stephens and other small operators race to produce more crude with big players on sidelines; 'almost too good to be true'
Gregory Zuckerman - WSJ
In the spring of 2020, oil prices were crashing and Autry Stephens was in trouble. When prices stabilized a few months later, his Midland, Texas, oil company decided to take a gamble and expand drilling. His timing was perfect. With oil prices today gyrating around $100 a barrel, Mr. Stephens's company, Endeavor Energy Resources, and a few other privately held U.S. drillers, have emerged as pivotal players in the global energy market. The war in Ukraine and sanctions against Russia have hit supplies, and these smaller operators are among the few racing to produce more crud
/jlne.ws/3CW8nVl
How the U.S. and EU Cut Russia Off From the Global Economy; Unprecedented coordination from late November set the stage for aggressive sanctions when Ukraine was invaded
Ian Talley, Daniel Michaels, Jon Hilsenrath - WSJ
Shortly before Thanksgiving, Treasury Secretary Janet Yellen met with senior officials in the White House Situation Room to discuss a Russian troop buildup on the border of Ukraine. The meeting included top intelligence advisers, defense officials and diplomats, who concluded Russia might be preparing to invade. Ms. Yellen said she would contact counterparts in Europe and elsewhere to urge them to begin preparations for an economic response, according to people familiar with the meeting, and she started making calls to coordinate after the holiday.
/jlne.ws/3LcrHRp
Hong Kong's Scandal-Plagued Answer to Nasdaq Left for Dead; Small-cap GEM has no listings this year, following one in 2021; GEM market demise is adding to pain of city's smaller brokers
Kiuyan Wong - Bloomberg
Debate is swirling in Hong Kong over what to do with the city's scandal-plagued alternative listing platform, once touted as Asia's answer to the Nasdaq.
/jlne.ws/3Joj4lU
Hong Kong's First SPAC Makes Its Debut; Aquila raised about $128 million; nine more SPACs, backed mostly by Chinese investors and entrepreneurs, have filed to list in the city
Jing Yang, Dave Sebastian - WSJ
Hong Kong's first SPAC listing concluded Friday, with nine more in the pipeline, as the city seeks to establish itself as a base for China- and Asia-focused blank-check companies. The deal by Aquila Acquisition Corp., which raised the equivalent of about $128 million, came against a backdrop of extraordinary volatility for Chinese stocks, fueled by a range of concerns including potential U.S. delistings, Covid-19 lockdowns and the war in Ukraine. Hong Kong's Hang Seng Index has recently hit multiyear lows and on Wednesday staged its biggest rally since 2008.
/jlne.ws/3Ik9eQH
Banks Are No Lifeline for Floundering Commodities Traders Now; Lenders' hands are largely tied by rules imposed after the 2008 financial crisis.
Paul J. Davies - Bloomberg
The commodities traders' finance emergency is no storm out of the blue. It's been brewing for some time. Funding from traditional sources -- commercial banks -- has been getting harder to come by for years, thanks to a mix of fraud losses, stricter money-laundering rules, sanctions-busting fines and environmental concerns. But mostly it's about costly capital charges for commodities risks.
/jlne.ws/3uaMHRk
FCA leaves crypto firms in limbo as registration deadline looms; Financial watchdog approves only a quarter of applications for digital asset companies to operate in Britain
Joshua Oliver and Laura Noonan - FT
The Financial Conduct Authority has approved only a quarter of applications by crypto firms for permissions necessary to run their business in the UK as tensions swell ahead of a high-stakes deadline at the end of this month. The FCA has greenlit just 27 of the more than 100 firms that applied to join its list of registered crypto firms, which will be a requirement for running a UK-based digital assets business from April. Almost two dozen are still awaiting a decision from the regulator.
/jlne.ws/3CQKwGL
Banks and Russia: there is no easy way out; Western executives have limited ways to exit: sell up, wind down or pass the business to the state
Stephen Morris and Owen Walker - FT
Less than a month before the invasion of Ukraine, UniCredit chief executive Andrea Orcel looked at buying a Russian bank and participated in a roundtable with Vladimir Putin to discuss business opportunities for Italian companies. Now he is facing a EUR7bn loss as his entire Russian business could be wiped out.
/jlne.ws/3CPL93c
Bridgewater's Karen Karniol-Tambour Says Markets Pricing In 'Magical Scenario'
Alex Wittenberg - Bloomberg
Stock and bond markets are betting on a "magical scenario" where economic expansion continues even while the Federal Reserve raises rates to combat inflation, said Bridgewater Associates executive Karen Karniol-Tambour.
"If you look at history, that looks pretty unlikely," Karniol-Tambour, the firm's co-chief investment officer for sustainability, said Thursday in a Bloomberg Television interview.
/jlne.ws/3u6uRiy
JPMorgan Processed Russia Bond Payments, Sent Money to Citigroup
Jennifer Surane, Hannah Levitt, and Giulia Morpurgo - Bloomberg
JPMorgan Chase & Co. has processed funds that were earmarked for interest payments due on dollar bonds issued by the Russian government and sent the money on to Citigroup Inc. as bondholders waited for a second day to receive the $117 million, according to people familiar with the matter.
JPMorgan was the correspondent bank Russia used to send the payment to Citigroup, which is acting as payment agent on the bonds, the people said, asking not to be identified discussing a private matter. JPMorgan sent the money to Citigroup after it sought and received the required approvals from U.S. authorities on Wednesday, one of the people said.
/jlne.ws/3iilcQq
JPMorgan's Marko Kolanovic Says Market Bubble Corrections Almost Over
Cristin Flanagan - Bloomberg
The rout in tech, biotechnology and emerging-markets stocks may be nearly over, and it's time for investors to start adding to beaten-down, high-beta positions, according to JPMorgan Chase & Co. strategist Marko Kolanovic.
"While the commodity supercycle will persist," the strategist said, "the correction in bubble sectors is now likely finished, and geopolitical risk will likely start abating in a few weeks' time (while a comprehensive resolution may take a few months)."
/jlne.ws/3tkcck3
Facebook Parent Sued Over Scam Ads by Australian Regulator; Meta Platforms' technology enabled the fake ads to target users most likely to click on them, regulator says
Mike Cherney - WSJ
An Australian regulator is suing Meta Platforms Inc. for not doing enough to remove scam ads from Facebook that featured public figures promoting cryptocurrency, deepening the social media giant's legal troubles over the issue.
/jlne.ws/3Jm3p6U
US Treasury to allow Russia's $117 million bond payment to go through in dollars
Natasha Dailey - Business Insider
Russia says it made a $117 million bond payment — a move to avoid defaulting on its debt — and the US Treasury Department said it would allow the installment.
/jlne.ws/3JhA1yu
Transitions away from LIBOR are showing progress, finds Bloomberg; New survey finds that over 50% of firms no longer trade USD LIBOR-indexed products, suggesting that the transition away from USD LIBOR is well underway.
Wesley Bray - The Trade
According to a new survey from Bloomberg, financial services firms are on track for a successful transition following the cessation or non-representation designation of Sterling, Swiss and Japanese Yen LIBORs at the end of 2021. The survey was conducted last month and polled 130 executives from financial services firms and corporations worldwide.
/jlne.ws/361jWPg
The American Financial Exchange Applauds U.S. Omnibus Appropriations Bill Support For Choice In Libor Replacements
Mondovisione
The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, applauds the passage of section 106 of the U.S. Omnibus Appropriations Bill signed today that supports choice in selection of replacement benchmarks to suit the needs of individual banks, companies, and institutions.
/jlne.ws/3qiYgFb
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | U.S. Says Russia's Putin Likely to Make Nuclear Threats If Ukraine War Drags
Anthony Capaccio - Bloomberg
President Vladimir Putin can be expected to brandish threats to use nuclear weapons against the West if stiff Ukrainian resistance to Russia's invasion continues, draining conventional manpower and equipment, according to a new assessment by the Pentagon's Defense Intelligence Agency.
/jlne.ws/3KXeqM3
Putin's Anti-Western Enmity Is Deeply Personal—and Stretches Back a Thousand Years
Michael Hirsh - Foreign Policy
Whether or not Vladimir Putin's invasion of Ukraine ends any time soon, what is certain to continue is the Russian president's abiding hatred and mistrust of the United States and other Western powers, which he believes left him no choice but to launch an unprovoked war.
/jlne.ws/3u0jAjK
Putin Rails Against Alleged Traitors as Economic Pain Begins to Bite
Thomas Grove - WSJ
For weeks, Russian President Vladimir Putin has railed against foes in the West and in Ukraine, where his bloody invasion is bogged down after three weeks.
Now, with no clear end to the hostilities in sight and the Russian economy coming under enormous strain, Mr. Putin has issued an ominous warning: The Kremlin will tolerate no dissent. Moreover, those with ties to the West are squarely in the Kremlin's sights.
/jlne.ws/3qfCQbV
Russians have up to $213 billion stashed offshore in Swiss banks
Oliver Hirt and Brenna Hughes Neghaiwi - Reuters
Switzerland's secretive banks hold up to $213 billion of Russian wealth, the country's financial industry association estimates, as sanctions on Russia give a rare glimpse inside Swiss vaults.
The Swiss Bankers Association (SBA) estimated that the banks hold between 150 billion and 200 billion Swiss francs ($213 billion) of Russian client money in offshore accounts.
/jlne.ws/3u7NzpZ
Broke Oligarch Says Sanctioned Billionaires Have No Sway Over Putin
Stephanie Baker - Bloomberg
When I first called Mikhail Fridman to ask if he would talk about what it's like to be sanctioned, he all but hung up on me. A couple of days later, he said he still didn't think it was a good idea. After further back and forth he finally agreed, proposing we meet at a hotel in London's Mayfair district. I countered with his home, Athlone House, a Victorian estate he bought in 2016 for £65 million ($85 million at the current exchange rate). He didn't like that, which is how we ended up at a cafe in North London, speaking for almost two hours against the constant sound of an espresso machine grinding in the background.
/jlne.ws/3qgswjL
Tire Maker Michelin Suspends Russian Operations and Exports to Country
Tara Patel - Bloomberg
Michelin's decision to stop exporting to Russia includes freezing a supply contract with flag carrier Aeroflot PJSC for airplane tires, dealing a further blow to the country's aviation industry.
The French manufacturer on Tuesday said it would also halt operations at a factory near Moscow, accounting for about 1% of its global passenger car tire production. Michelin earns about 2% of sales in Russia and employs about 1,000 people in the country, three quarters of them at a plant at Davydovo, according to the statement.
/jlne.ws/3KVfgsM
Russia Media Restrictions Grow: YouTube Drops RT, Instagram Blocked
Nico Grant - Bloomberg
YouTube said it will expand its blockade of Russian state-controlled media outlets RT and Sputnik on its video-streaming platform globally, and took other steps to unravel financial ties with Russia as the country's invasion of Ukraine intensifies.
The world's largest video-sharing site, owned by Alphabet Inc.'s Google, will also prevent creators in Russia from making money through its platform. The company will take down all videos about the invasion that violate its policies, including graphic content, misinformation and hate speech, according to a YouTube tweet.
/jlne.ws/3wxUtYD
BNY Mellon to Refrain From New Russian Business and Securities
Dan Reichl - Bloomberg
Bank of New York Mellon Corp., the world's biggest custody bank, said it has ceased new banking business in Russia and suspended investment-management purchases of Russian securities in the wake of the invasion of Ukraine.
The moves are expected to trim first-quarter revenue by about $100 million and cut annual revenue by $80 million to $100 million going forward, bank spokesman Garrett Marquis said late Thursday in an emailed statement.
/jlne.ws/366xkBy
Russia quits Council of Europe rights watchdog
Reuters
Russia on Tuesday quit the Council of Europe, the continent's leading human rights watchdog, pre-empting an expected expulsion over its attack on neighbour Ukraine. Russia is only the second country to leave the pan-European group tasked with upholding human rights and the rule of law since its formation after World War Two.
/jlne.ws/3tYvB9a
Propaganda war rages as Russians face huge pressure to back invasion; Kremlin's nationalist push is bigger that state-sanctioned euphoria that followed 2014 Crimea annexation, say analysts
Max Seddon and Polina Ivanova - FT
As schoolchildren across Russia sat through compulsory lessons telling the Kremlin version of why Vladimir Putin's forces invaded Ukraine, Moscow teacher Kamran Manafly wrote a post on Instagram on why he refused to put his students through "state propaganda".
/jlne.ws/3MUCPUq
Altruism and adrenaline propel North Americans into war in Ukraine; President Zelensky's invitation to foreign fighters offers a moral clarity reminiscent of the Spanish civil war
Patti Waldmeir - FT
What motivates thousands of volunteers — many with no prior link to Ukraine — to drop everything and abandon spouses and children to fight in a foreign war halfway across the world? I grew up protesting the Vietnam war; I can't imagine what would motivate me to take up arms. But the Ukrainian embassy in Washington DC said a week ago that 6,000 Americans had already inquired about joining the country's International Legion of Territorial Defence.
/jlne.ws/3KPfJg6
Telegram Thrives Amid Russia's Media Crackdown; The social media and chat app has become an increasingly popular destination for unfiltered news, pro-Kremlin propaganda and everything in between
Sam Schechner - FT
Russia's campaign to restrict access to Twitter, Facebook and other sources of uncensored information on its invasion of Ukraine has skipped one crucial platform: the social media and chat app Telegram. Anyone in Russia who wanted to follow Ukrainian President Volodymyr Zelensky's address to Congress on Wednesday could find it on Telegram, along with images of Russia bombing civilian areas in Ukraine. Users are decamping en masse to Telegram from banned apps like Meta Platforms Inc.'s Instagram as well as others that are under threat of being blocked, like Alphabet Inc.'s YouTube.
/jlne.ws/3ikkt0Y
Why Vladimir Putin Invokes Nazis to Justify His Invasion of Ukraine
Anton Troianovski - NY Times
Ukraine's government is "openly neo-Nazi" and "pro-Nazi," controlled by "little Nazis," President Vladimir V. Putin of Russia says. American officials led by President Biden are responsible for the "Nazification" of Ukraine, one of Russia's top lawmakers says, and should be tried before a court. In fact, another lawmaker says, it is time to create a "modern analogy to the Nuremberg Tribunal" as Russia prepares to "denazify" Ukraine.
/jlne.ws/3tllpZv
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Aquis continues expansion plans with move into dark trading; The exchange operator confirmed earlier this week that it would be assuming responsibility for the business activities of UBS MTF for an undisclosed fee, subject to regulatory approval.
Annabel Smith - The Trade
Aquis has always had its heart set on becoming an all-encompassing exchange services provider, and until recently dark trading remained an evasive final piece of the puzzle. However, this is no longer the case. The exchange operator confirmed on 16 March that it had struck a deal with non-disclosed venue, UBS MTF, to transfer its business activities over to Aquis, subject to regulatory approval. Terms of the deal were not disclosed however it's expected to be completed this year and to have a "marginally accretive" impact on revenue for 2022.
/jlne.ws/3idinjJ
LMAX Group partners with SIX to launch 24/7 traded crypto-asset futures; The launch will initially include centrally cleared USD settled Bitcoin and Ethereum futures, with a launch date expected in Q3, subject to regulatory approval.
Wesley Bray - The Trade
FX and cryptocurrency exchange operator LMAX Group has partnered with SIX to launch centrally cleared crypto-asset futures. Expected in Q3 2022, subject to regulatory approval, the launch will initially include centrally cleared USD settled Bitcoin and Ethereum futures. Trading will occur 23 hours, five days a week, with plans for the full product roll out to be extended to 24/7 trading.
/jlne.ws/369HO2Z
ASX options and futures market issue resolved
ASX
ASX24 is now fully operational, all contracts are open and ASX is operating as normal. ASX can confirm that the issue was caused by a hardware fault, which has been resolved.
The issue was isolated to ASX24 and did not affect ASX Trade, i.e., the equities trading platform continued to operate normally.
/bit.ly/3sGw54D
ASX options and futures market is currently halted
ASX
ASX identified a hardware-related issue with ASX24 and placed the system into a halt at around 10am this morning. The issue is isolated to ASX24 and does not affect ASX Trade, i.e., the equities trading platform continues to operate normally.
/bit.ly/3sGw54D
New - Three-Month SOFR Futures vs Eurodollar Futures Inter-Commodity Pack Spreads on CME STP
CME Group
Effective Sunday, May 15 (trade date Monday, May 16), a futures pack spread (CME Globex product code - SEP) between the Three-Month SOFR Futures vs Eurodollar Futures contracts will be listed for trading on CME Globex and submission for clearing via CME ClearPort. In CME STP, trades on this new futures pack spread will be decomposed into individual Trade Capture Reports for Three-Month SOFR futures (Clearing product code - SR3) and Eurodollar futures (Clearing product code - ED).
/bit.ly/3N0NCMO
CME Globex Notices: March 14, 2022
CME Group
Topics in this issue include: Critical System Updates, Product Launches, Product Changes, Events and Announcements
/bit.ly/3JnhbWV
EBS Market Integration onto CME Globex
CME Group
Subject to applicable regulatory approvals, EBS Market's Central Limit Order Book and eFix Matching Service will launch on CME Globex. You will receive subsequent notices with additional details and actions required to support the EBS Market integration onto CME Globex.
/bit.ly/3ihEJ3k
Product Modification Summary for Clearing Firms, Bookkeeping Software Providers, ISVs
CME Group
Effective Sunday, May 15, 2022 for trade date Monday, May 16, and pending all relevant CFTC regulatory review periods, please be advised that the Chicago Mercantile Exchange, Inc. (CME or Exchange) will list Pack Spreads (SEP) on Three-Month Eurodollar futures and Three-Month SOFR futures Intercommodity spread (SED) on CME Globex and for block trade submission for clearing on CME ClearPort.
/bit.ly/3tmLw2j
Hkex Welcomes First SPAC Listing
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is, today (Friday), pleased to welcome the first Special Purpose Acquisition Company (SPAC) listing in Hong Kong, with Aquila Acquisition Corporation debuting on the Main Board.
/bit.ly/3KR0h3a
Subject: Upgrade of Internet Explorer (IE) 11 to Microsoft Edge Browser and other changes HKEX
Upgrade Internet Explorer (IE) 11 to Microsoft Edge Browser Clearing Participants (CPs) that access CCMS via CCMS Terminals are advised to take note that Microsoft announced the support for Internet Explorer (IE) 11 will end on 15 June 2022.
/bit.ly/3Itp0co
Subject: Indicative Average Prices of MSCI China A 50 Connect (USD) Index Futures Contracts
HKEX
At the request of Exchange Participants ("EPs") which may require an Indicative Average Price ("IAP") of certain futures contracts to facilitate their internal operational process, the Exchange may in its absolute discretion publish the IAP of selected futures contracts from time to time for EPs' reference only. The Exchange may decline future requests for IAP at any time.
/bit.ly/3wyUFa3
HKEX Fact Book 2021
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) has published the latest annual fact book on the HKEX website. HKEX Fact Book 2021 presents a review of the securities, derivatives and commodity markets in 2021, as well as clearing and settlement information. It includes the market indices' movements, trading statistics and analysis, corporate actions of listed companies, fund-raising figures and historical statistics.
/bit.ly/3webXsJ
Change of USD London Nickel Mini Futures and CNH London Nickel Mini Futures Contracts Maximum Fluctuation Price Band
HKEX
With reference to the announcement made from the London Metal Exchange (LME) on Nickel Contracts dated on 17 March 2022 (London Time), daily price limits of Nickel Contracts in LME will be changed from 8% to 12% with effect on 18 March 2022. Accordingly, Hong Kong Futures Exchange Limited (HKFE) announced that the maximum fluctuation price band will be changed from 8% to 12% on the previous closing prices in T-Session for USD London Nickel Mini Futures (LUN) and CNH London Nickel Mini Futures (LRN) Contracts with effect on 18 March 2022 until further notice.
/bit.ly/3KZjTlP
ICE Benchmark Administration Launches ICE Term SOFR Reference Rates as a Benchmark for use in Financial Instruments
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Benchmark Administration Limited (IBA) has launched ICE Term SOFR Reference Rates as a benchmark for use in financial instruments by licensees.
/bit.ly/3CTIsxF
Daily Price Limits Update Nickel
LME
This Notice updates the daily upper and lower price limits in either direction ("daily price limits") for outright Contracts in Nickel on all Execution Venues (which have increased from 8% to 12%) with effect from 18 March 2022, and restates the daily price limits for all other base metal Contracts. This Notice should be read in conjunction with Notice 22/0671, which describes more fully how daily price limits operate on the LME's Execution Venues.
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Nasdaq to Hold First Quarter 2022 Investor Conference Call
NASDAQ
Nasdaq (Nasdaq: NDAQ) has scheduled its First Quarter 2022 financial results announcement.
/bit.ly/3MYSbaD
NSE Indices launches three new target maturity indices
NSE
NSE's index services subsidiary, NSE Indices Limited today launched three new target maturity indices namely, Nifty AAA CPSE Bond Plus SDL Apr 2027 60:40 Index, Nifty G-Sec Jun 2027 Index and Nifty SDL Sep 2027 Index.
/bit.ly/3pckN5S
Mercari Exchange Australia reveals completion of Series A fundraise
BusyContinent
Mercari, which operates a Tier 1 wholesale Australian financial exchange for the trading of derivatives, announced the closing of a fundraising round to enable it to further expand its current activities and, to develop new institutional product solutions, including crypto-assets.
/jlne.ws/3ubSkPv
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Meta (FB) Slapped With $19 Million Fine for EU Data Law Breaches on Facebook
Stephanie Bodoni - Bloomberg
Meta Platforms Inc. was fined 17 million euros ($19 million) for violating the European Union's privacy rules by failing to prevent a series of data breaches on its Facebook platform in 2018.
The Irish Data Protection Commission, the lead EU privacy watchdog for Meta, said it found that Facebook "failed to have in place appropriate technical and organizational measures."
/jlne.ws/36rSPwq
Upgrading legacy post-trade infrastructure: 3 key technology considerations when integrating SaaS
Mohammad Abidi - Baton Systems via FINEXTRA
While front-office technology has enabled trading in nanoseconds, post-trade processing remains manually intensive, opaque, restrictive and slow. Interoperable SaaS platforms can provide efficient, future-proof solutions allowing firms to achieve friction-free processing implemented with minimal disruption.
/jlne.ws/3JnhBfX
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| Cybersecurity | | Top stories for cybersecurity | Business is at last collaborating on cyber security; Once-taboo concepts such as industrial strategy are back in vogue as western companies fear a Russian attack
Gillian Tett - FT
A decade ago, the Obama White House tried to force American companies to collaborate on cyber defence. It did not go well: the US Chamber of Commerce and other big business groups blocked a cyber security bill, complaining it smacked of excessive government intrusion.
/jlne.ws/3JnBuDz
The HP cybersecurity deal made for a world of malware threats
Riley de León - CNBC
When Bromium made its debut on the inaugural CNBC Disruptor 50 list in 2013, its pitch was that fighting malware with traditional fire is a losing battle and the only way to wage and win a new war against cyber attackers is to isolate viruses rather than try to keep them out entirely.
/jlne.ws/366TTWE
The Metaverse Is Our Chance To Play Cybersecurity Catch-Up
Ian McShane - Forbes
Whether you're the eternal believer or the dismissive cynic, there is no doubt the concept of the metaverse is the hot topic dominating the technology industry right now. When the word "metaverse" began entering the news cycle, I thought of Ready Player One and what potential similarities between the metaverse and the film.
/jlne.ws/3wiU1gn
Inside the plan to fix America's never-ending cybersecurity failures
Patrick Howell O'Neill - MIT Technology Review
The 2021 hack of Colonial Pipeline, the biggest fuel pipeline in the United States, ended with thousands of panicked Americans hoarding gas and a fuel shortage across the eastern seaboard. Basic cybersecurity failures let the hackers in, and then the company made the unilateral decision to pay a $5 million ransom and shut down much of the east coast's fuel supply without consulting the US government until it was time to clean up the mess.
/jlne.ws/3weYJvF
SEC Proposes New and Amended Cybersecurity Rules for Public Companies
Dechert LLP
On March 9, 2022, the Securities and Exchange Commission ("SEC") voted three-to-one to propose new and amended rules for public companies that are subject to the reporting requirements of the Securities Exchange Act of 1934 regarding cybersecurity risk management, strategy, governance, and incident reporting.1 The Proposing Release ("Proposal") states that the new and amended rules are intended to strengthen investors' ability to assess public companies' cybersecurity practices and to provide investors with timely notification of material cybersecurity incidents.
The proposed rules would dramatically expand current guidance (dating from 2011 and 2018), and if adopted, they will significantly impact how public companies and boards disclose cyber incidents and information relating to their cybersecurity oversight.
/jlne.ws/3uagLwE
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| Cryptocurrencies | | Top stories for cryptocurrencies | Putin's War Will Put Central Bankers on the Cryptocurrency Frontlines
Andy Mukherjee - Bloomberg
Before it handed over the dubious mantle of the world's worst-performing currency to the Russian ruble, the Turkish lira had lost 44% of its value against the dollar in one year. Its purchasing power at home also waned: Depending on whether you believe official statistics or private estimates, inflation in Turkey is anywhere between 54% to 124%. So how did the locals react? For one, the tech-savvy classes went the crypto way.
/jlne.ws/3whCepS
Cryptocurrency Experts Say No Evidence of Major Russia Sanctions Dodging
Matt Robinson - Bloomberg
Crypto doesn't appear to be a successful tool for avoiding the sanctions that the U.S. and its European allies levied against Russian organizations and individuals including President Vladimir Putin following the country's invasion of Ukraine, a panel of cryptocurrency experts told lawmakers.
"We have not seen evidence of Russia or Putin systematically using cryptocurrencies to evade sanctions," Jonathan Levin, co-founder of Chainalysis Inc., a blockchain-analytics firm that sells anti-money laundering services to the government, told the Senate Banking Committee on Thursday.
/jlne.ws/3tmLFCS
C2X Announces $25 Million Funding Round Led By FTX Ventures, Jump Crypto and Animoca Brands
In addition to the financing, C2X names Hashed and Terra as advisors
MetaMagnet Ltd.
MetaMagnet Ltd., operator of the universal blockchain gaming platform built on the Terra blockchain, C2X ("the Platform"), today announced the closing of a $25 million funding round led by FTX Ventures, Jump Crypto and Animoca Brands. This round was conducted as a private token sale, at a $500 million valuation to the platform. C2X also disclosed today that an Initial Exchange Offering (IEO) was conducted today, March 18, 2022, for the Platform's native token, C2X. The public listing of the C2X token will be announced at a later date.
/jlne.ws/3u8o2Nx
Crypto's Unregulated DeFi Boom Raises Shadow Banking Comparisons
Olga Kharif - Bloomberg
Many of the negative hallmarks of shadow banking -- such as the excessive leverage and opacity that precipitated the 2008 global financial crisis -- have already seeped into the world of decentralized finance. That's the warning of Hilary Allen, a professor at American University's Washington College of Law, in a recently published paper titled "DeFi: Shadow Banking 2.0?"
/jlne.ws/3IyuEKl
Sberbank Gets Russia Central Bank Approval to Issue, Exchange Digital Assets
Yueqi Yang - Bloomberg
Russia's central bank has granted Sberbank PJSC, the nation's biggest lender, a license to issue and exchange digital assets. Using Sber's platform, companies can issue their own digital assets to attract market investments, buy digital assets through Sber's system, or make other digital assets transactions, the bank said in a statement Thursday.
/jlne.ws/3ihkCCt
Meta sued by Australian regulator for allegedly 'misleading' crypto ads; Consumer watchdog says owner of Facebook allowed schemes that wrongly used celebrity images
Nic Fildes - FT
Australia's competition regulator has taken Meta to court for allegedly allowing misleading cryptocurrency advertisements on Facebook, in a test case for the parent group's responsibilities over actions that cause consumer harm on the social media platform.
/jlne.ws/3u5wQn7
CryptoPunk NFTs Rekindle Manipulation Chatter Ahead of Meebits Deal
Muyao Shen - Bloomberg
An online commotion around seemingly irregular trading of a NFT collection prior to the acquisition of the project is shining light again on a perceived lack of regulatory clarity in one of the most explosive corners of crypto.
During the days leading up to the March 11 purchase by Yuga Labs of the intellectual property of the Meebits collection from Larva Labs, more than a dozen addresses on the Ethereum blockchain purchased a large amount of the nonfungible tokens. The price floor, or the lowest price a seller is willing to accept, went as high as 6.134 Ether, or about $15,800, on March 12, according to NFT Price Floor. That's nearly double two days earlier.
/jlne.ws/3tmvWDS
GameStop (GME) Earnings: Company Misses Estimate, to Launch NFT Marketplace
Cecilia D'Anastasio - Bloomberg
GameStop Corp. reported a surprise loss during the holiday quarter and said it would launch a marketplace for nonfungible tokens by the end of the second quarter of fiscal 2022.
The company reported an adjusted loss of $1.86 a share, while analysts had projected a profit of 84 cents. Net sales rose 6.2% to $2.25 billion in the three months ended Jan. 29, the video game retailer said Thursday in a statement. Analysts had projected $2.23 billion. The shares fell about 9% in extended trading.
/jlne.ws/3CQYGYa
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| Politics | | An overview of politics as it relates to the financial markets | Sunak warns UK faces £70bn hit from EU ban on Russia oil and gas; Chancellor tells cabinet colleagues an immediate embargo would tip Europe into recession
Jim Pickard and Chris Giles - FT
An immediate EU-wide embargo on Russian oil and gas imports would send economic shockwaves throughout Europe and cause at least £70bn of damage to the British economy, chancellor Rishi Sunak has told colleagues. His warning comes after prime minister Boris Johnson urged western allies to follow the lead of the UK and US and ban imports of Russian hydrocarbons.
/jlne.ws/37I0p6P
UK watchdog revokes Russia Today's broadcast licence; Ofcom imposes ban after probe into 'impartiality breaches' at Russian state-backed TV channel
Patricia Nilsson and Mark Wembridge - FT
Russia Today has been stripped of its licence to broadcast in the UK after an investigation by the media regulator concluded that the Russian state-backed television network was not a "responsible broadcaster".
/jlne.ws/3Jpr5Hh
Why UK energy needs an 'everything' strategy after Russia's war; Government's plan will be challenge for Treasury but it's no bad thing, if done properly
Helen Thomas - FT
Call it the everything strategy. The UK is working up a new energy plan, prompted by Russia's invasion of Ukraine and soaring oil and gas prices, that seems likely to include just about everything. That's no bad thing. Discussions of energy and the net zero transition are fraught, even among believers: try mediating between the evangelists of hydrogen versus heat pumps.
/jlne.ws/3IftfrO
The UK needs a windfall tax on North Sea oil and gas companies; Rishi Sunak can ease the cost of living by targeting the profits of firms gaining from the war in Ukraine
Chris Giles - FT
Windfall taxes have a bad name for good reasons. Companies need to understand how their returns will be taxed before they invest, so a predictable tax system promotes capital spending and growth. If nations gain a reputation for appropriating profits when they have been legitimately made, they cannot blame companies for choosing to go elsewhere.
/jlne.ws/3CPN1Jg
The Rajapaksa Brothers' Power Isn't Enough to Stop Sri Lanka Going Broke
Ruth Pollard - Bloomberg
In just over two years, Sri Lanka's first family has presided over a series of crises mostly of its own making.
The island nation of 22 million people is facing its worst economic upheaval in a decade. From an ill-fated fertilizer ban that led to a dramatic fall in yields of crops like rice and tea, to its failure to deal with a foreign-currency crisis that's now a humanitarian emergency, the government of President Gotabaya Rajapaksa is fast running out of solutions. Relying until now on help from its two major backers — India and China — and stubbornly refusing wider international aid, the country is on the verge of default.
/jlne.ws/3Ncy211
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | USAA Fined $140 Million for Failing to Fix 'Rudimentary' Anti-Money-Laundering Program; The violations resulted in the failure to file at least 3,873 suspicious activity reports, the U.S. Treasury's financial crimes unit said
Dylan Tokar - WSJ
USAA Federal Savings Bank has agreed to pay $140 million after admitting it failed to fix an anti-money-laundering program that authorities said was "rudimentary" and significantly understaffed. The bank, which caters to military members and their families, willfully failed to implement and maintain an anti-money-laundering program that met the requirements of the Bank Secrecy Act, the U.S. Treasury Department said.
/jlne.ws/3L0oqVb
Amid Invasion of Ukraine, I.R.S. Aims to Police Oligarch Sanctions; It wants to add agents to a 3,000-person investigations unit to help crack down on attempts by Russian oligarchs to evade sanctions.
Alan Rappeport - NY Times
The Internal Revenue Service is pressing Congress to devote more resources to the agency as it takes an increasingly central role in the Biden administration's efforts to prevent Russia and its oligarchs from evading the punishing sanctions that the United States has imposed.
/jlne.ws/37w4db6
Robinhood (HOOD) in $640,000 Settlement With Vermont Over Outages
Annie Massa - Bloomberg
Robinhood Markets Inc. reached a $640,000 settlement with Vermont regulators over outages on the brokerage's trading platform and lax supervision of accounts.
The firm is still grappling with the fallout from a series of disruptions on its brokerage app in March 2020, when trading volumes surged at the onset of the pandemic. The Vermont Department of Financial Regulation said at least 40 customers in the state complained to the regulator or Robinhood, according to a statement Thursday.
/jlne.ws/3CPV5d9
FINRA Issues Reminder About the Scope of Chief Compliance Officer Supervisory Liability
FINRA.org
FINRA today issued a Regulatory Notice reminding member firms about the scope of broker-dealer chief compliance officer (CCO) supervisory liability under FINRA rules.
"Chief compliance officers play an important role in facilitating compliance by promoting strong practices that protect investors and market integrity. That does not automatically make them supervisors, subject to FINRA's supervisory requirements," said Jessica Hopper, Executive Vice President, Enforcement. "This Notice helps to clarify when a CCO is—and is not—subject to potential liability under FINRA's Supervision rule."
/jlne.ws/3IrjZAJ
ASIC helps young people Get Moneysmart
ASIC - Australian Securities and Investments Commission
57% of young people want to learn more about investing, 54% want to make the most of their money, and now, more than ever, young people are visiting ASIC's Moneysmart website to help them make informed money decisions.
ASIC surveyed 3,000 Australians aged 15 to 21, to better understand the money challenges young Australians face. The results provided insight into how young people learn about and engage with money, and how they feel about their finances.
/jlne.ws/3CQthp3
Press Release-Financial Supervisory Commission upgrades its digital supervision, and banking industry API reporting mechanism creates a new era of supervisory technology-Financial Supervisory Commission
FSC (Taiwan)
In order to respond to the development of international supervisory technology and establish effective and accurate supervision mechanisms, the Financial Supervisory Commission (FSC) has been actively encouraging banks to fully adopt the API reporting method. After a 3-year trial period, as of January 2022, all national banks have fully adopted API to automatically report all financial statements via the Financial Examination Bureau's "Financial Supervisory Report System for Banks and Bills Finance Companies" (the single reporting system). This system has effectively improved reporting efficiency and security. The FSC also encourages banks to actively integrate internal automation into their API reporting mechanism, so as to maximize the synergy generated by automated reporting, help realize smart regulatory reporting, and move towards a new era of supervisory technology.
/jlne.ws/36sTj5s
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | A purchasing manager's guide to offsetting price risk exposure
David Becker - Fastmarkets
As a purchasing manager, you might have learned that it's prudent to "buy when you can, not when you need to." This saying is pertinent because once input prices start to rise, finding a source at a reasonable price can be challenging. One way to mitigate your risk of increasing costs is to use a financial product to offset your exposure.
/jlne.ws/3698gtF
Nickel Can't Find a Price
Matt Levine - Bloomberg
Here is a silly but not entirely inaccurate description of the nickel market right now:
/jlne.ws/3MXQ0nJ
Market Too Dull? New Fund Will Target Most-Volatile Large Caps
Emily Graffeo - Bloomberg
For any investors looking for maximum drama in the U.S. stock market, a new exchange-traded fund is looking to target only the biggest and most-volatile companies.
Volatility Shares filed an application for an ETF late Wednesday that would track the S&P 500 Volatility - Highest Quintile Index, a gauge of the 100 most-volatile stocks in the U.S. equity benchmark. The index is down 1.5% year to date, outperforming the S&P 500's 8.1% decline.
/jlne.ws/3th3mUe
Stock Traders Brace for a $3.5 Trillion 'Triple Witching' Event
Lu Wang - Bloomberg
Wall Street traders are bracing for fresh equity-market fireworks Friday after another week of global turbulence.
In a quarterly event known as triple witching, roughly $3.5 trillion of single-stock and index-level options are set to expire, according to Goldman Sachs Group Inc. At the same time, more near-the-money options are maturing than at any time since 2019 -- suggesting a bevy of investors will actively trade around those positions.
/jlne.ws/3uaEUTC
Timeless relevance of Markowitz's ideas for finance and investing; Renowned paper on portfolio selection published 70 years ago is still key to understanding risk and returns
Arturo Cifuentes - FT
The merits of portfolio diversification were probably first acknowledged by the simple rule proposed in the Babylonian Talmud: one-third in real estate, one-third in merchandise (working capital) and the remaining third in liquid assets.
/jlne.ws/3Jm4njm
'Judge and jury': the conflict of interests plaguing proxy advisers; Plus, Tiger travails, bedlam in the nickel markets, and Stonehenge at the British Museum
Harriet Agnew - FT
One scoop to start: BlackRock, the world's largest asset manager, has taken about $17bn in losses on its Russian securities holdings because of the attack on Ukraine, showing the broad impact of sanctions and closed markets.
/jlne.ws/3KRd3P6
Investors flee from bank sector ETFs following Ukraine invasion; US Treasuries, gold, oil and gas and commodities funds are among those that have attracted the most inflows
Steve Johnson - FT
Bank sector exchange traded funds have borne the brunt of investor selling since Russian tanks rolled into Ukraine in late February, as money instead flowed into the relative safety of gold and US Treasury funds. Morningstar data show six specialist financial sector funds are among the 20 ETFs to have seen the largest net outflows globally since the start of the Ukraine crisis.
/jlne.ws/3urWkLV
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The COVID Funding Collapse Is a Disaster
Ed Yong - The Atlantic
All epidemics trigger the same dispiriting cycle. First, panic: As new pathogens emerge, governments throw money, resources, and attention at the threat. Then, neglect: Once the danger dwindles, budgets shrink and memories fade. The world ends up where it started, forced to confront each new disease unprepared and therefore primed for panic. This Sisphyean sequence occurred in the United States after HIV, anthrax, SARS, Ebola, and Zika. It occurred in Republican administrations and Democratic ones. It occurs despite decades of warnings from public-health experts. It has been as inevitable as the passing of day into night.
/jlne.ws/3JpQeBG
Another COVID Wave Is Looming
Rachel Gutman - The Atlantic
About three weeks ago, COVID case rates in the United Kingdom made an abrupt about-face, spurred on by a more transmissible Omicron subvariant called BA.2. (So far, there is no reason to believe the new subvariant causes more severe disease.) Case rates are rising, too, in Switzerland and Greece and Monaco and Italy and France. Given that BA.2 is already present in the United States, The Washington Post reports that epidemiologists and public-health leaders suspect that North America will be next. After all, the paper said, "in the past two years, a widespread outbreak like the one in Europe has been followed by a similar surge in the United States some weeks later."
/jlne.ws/3wgYujH
Moderna Requests FDA Approval for Fourth Covid Shot for Adults
Michelle Fay Cortez - Bloomberg
Moderna Inc. has filed for U.S. regulatory clearance of a second Covid-19 booster shot for all adults, covering significantly more people than Pfizer Inc. and BioNTech SE's request earlier this week for a more limited emergency authorization for those over 65.
/jlne.ws/3CQoiV6
Thailand's Covid Cases Jump to Record Ahead of Review of Curbs
Anuchit Nguyen - Bloomberg
Thailand reported 27,071 new Covid-19 cases on Friday, a record daily count, ahead of a key government panel meeting to consider further easing of entry rules for vaccinated foreign visitors and lifting of some curbs on local businesses.
/jlne.ws/3MU98TD
AstraZeneca prepared to ditch effort to secure US approval for Covid vaccine; UK drugmaker's R&D chief says abandoning market would have little impact
Hannah Kuchler and Kiran Stacey - FT
AstraZeneca's head of research and development has said the UK drugmaker would consider not submitting its Covid-19 vaccine for approval in the US if it finds it is "banging its head against a brick wall indefinitely" with regulators.
/jlne.ws/3u7rGqN
Ivermectin Didn't Reduce Covid-19 Hospitalizations in Largest Trial to Date; Patients who got the antiparasitic drug didn't fare better than those who received a placebo
Sarah Toy - FT
Researchers testing repurposed drugs against Covid-19 found that ivermectin didn't reduce hospital admissions, in the largest trial yet of the effect of the antiparasitic on the disease driving the pandemic. Ivermectin has received a lot of attention as a potential treatment for Covid-19 including from celebrities such as podcast host Joe Rogan. Most evidence has shown it to be ineffective against Covid-19 or has relied on data of poor quality, infectious-disease researchers said. Public-health authorities and researchers have for months said the drug hasn't shown any benefit in treating the disease. Taking large doses of the drug is dangerous, the Food and Drug Administration has said.
/jlne.ws/3tlj7tp
Overwhelmed by Omicron, Hong Kong Runs Out of Space for Its Dead; Crematoria work around the clock and coffins run short as death toll soars,
Dan Strumpf, Elaine Yu - WSJ
People are dying from Covid-19 in Hong Kong at a rate that surpasses most of the world's worst pandemic peaks, with almost 300 deaths a day overwhelming the city's ability to cope. Officials have deployed makeshift refrigerators to store bagged bodies that had been piling up in the crowded corridors of public hospitals. Crematoria work around the clock and coffins are running short. Authorities have placed 50 repurposed storage containers in a parking deck near an overflowing public mortuary to house 2,300 bodies.
/jlne.ws/3u7shJc
Hong Kong's COVID infections exceed 1 million amid outbreak
AP
Hong Kong's total coronavirus infections exceeded 1 million and the number of related deaths topped those in mainland China, as the city grapples with a widespread outbreak. Health officials reported 20,079 confirmed infections on Friday, taking the total since the start of the pandemic to 1,016,944. Nearly 97% of those came from Hong Kong's current wave, which began in December. Since Feb. 9, nearly 5,200 people have died from the virus.
/jlne.ws/3JpFvXV
Facing its first COVID outbreak, Samoa goes on lockdown
Nick Perry - AP
Samoa will go into lockdown from Saturday as it faces its first outbreak of COVID-19 after a woman who was about to leave the country tested positive.
/jlne.ws/3Igpy56
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | UK to Ramp Up Offshore Wind Targets in Energy Security Push
Alex Morales - Bloomberg
The U.K. is planning to significantly raise targets for offshore wind power as part of its drive toward energy self-sufficiency in the wake of Russia's invasion of Ukraine, two people familiar with the matter said.
The goals -- including for floating wind turbines -- will form part of an energy security plan that was promised earlier this month by Prime Minister Boris Johnson, which is set to be unveiled next week by the government.
/jlne.ws/34U4WCa
Drought Set to Scorch California and U.S. West Again, Forecasters Say; Forecast calls for little rain and rising temperatures; Parched conditions have gripped most of western U.S.
Brian K Sullivan - Bloomberg
The multiyear mega-drought that's drained western U.S. reservoirs, parched croplands across California's fertile valleys and raised the risk of wildfires shows no signs of easing, forecasters say.
/jlne.ws/3MU9DNv
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Private Equity Giant Hellman & Friedman Shoots for Record $30 Billion Fund
Gillian Tan, Dinesh Nair, and Michelle F Davis - Bloomberg
Hellman & Friedman is targeting more than $30 billion for its next flagship fund, a record for the private equity firm, according to people familiar with the matter.
The firm has begun pre-marketing to potential investors ahead of plans to formally launch fundraising efforts during the fourth quarter, one of the people said, asking not to be identified discussing private talks.
/jlne.ws/3CRilat
Bank of America's Iannazzo, Who Was Ousted After Rant, Hired by Brokerage Aegis
Max Reyes - Bloomberg
A former Bank of America Corp. financial adviser who was ousted after a smoothie-shop tirade that was caught on video is now working at broker-dealer Aegis Capital Corp.
Financial Industry Regulatory Authority data shows James Iannazzo registered with New York-based Aegis Capital as of March 15. The entry doesn't specify his position at the company, and a representative for Aegis Capital couldn't immediately be reached for comment.
/jlne.ws/362Ftaj
Sanctions against Russia may cost BNY Mellon $200 million this year; BNY Mellon has ceased new business in Russia and has "suspended investment management purchases of Russian securities," it said.
Lananh Nguyen - The NY Times
BNY Mellon, a New York bank that tracks and holds assets for many big institutions, may lose as much as $200 million in revenue this year as it stops new business in Russia and complies with a raft of sanctions imposed by Western nations aimed at crippling the nation's economy.
/jlne.ws/37uoC0b
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Credit Investors Face Billions in Losses, Shrinking Power
Rebecca Choong Wilkins - Bloomberg
Investors in China's $870 billion of offshore bonds are facing up to the realities of being last in line as borrowers struggle to pay during an unprecedented wave of distress that's sent defaults to a record. Already behind their onshore peers in the pecking order, hurdles faced by dollar-note holders in their efforts to claw back money are growing. They include backroom deals that give priority to undisclosed private lenders, unfavorable extensions and payment delays -- all underscoring poor governance at debtors and the diminished power of creditors.
/jlne.ws/3tiYRZ9
The Myth of the Chinese 'Debt Trap' in Africa; Beijing has built huge infrastructure projects all across the continent, making some Western powers uncomfortable. But all is not as it seems.
Robin Fall - Bloomberg
Over the past two decades, China has built large infrastructure projects in almost every country in Africa, making some Western powers uncomfortable amid wider concerns about Beijing's intentions on the continent. However, a deeper look shows that accusations of so-called debt trap diplomacy are—at least so far—unfounded.
/jlne.ws/3u7qDHn
Chinese Fund Managers Turn Poetic to Urge Patience After Stock Maelstrom; 'The future belongs to the optimists,' one domestic asset manager says
Rebecca Feng - WSJ
After a roller-coaster few days in which Chinese stocks plunged and then staged a remarkable comeback, money managers in the country sought to calm the nerves of investors with poetic letters and notes of encouragement. "In the violent fluctuations, we feel the panic and suffering of our fundholders, but we believe that winter will eventually pass and the future belongs to the optimists," wrote Bank of Communications Schroder Fund Management Co. in a Thursday letter to its investors. The mutual-fund manager is a joint venture between the Chinese state-owned bank and British money manager Schroders, and has the equivalent of $87 billion in assets under management, according to data provider Wind.
/jlne.ws/3JsAduT
Why India Is Losing Faith in the West; While the U.S. and Europe are congratulating themselves over the speed and effectiveness of sanctions against Russia, many Indians decry their hypocrisy and unilateralism.
Mihir Sharma - Bloomberg Opinion
On Wednesday, Indian government officials said that state-controlled Indian Oil Corp. had reached a deal to buy 3 million barrels of oil from Russia's Rosneft Oil Co. at a 20% discount to global prices. This is a drop in the ocean of India's oil needs, which stood at 4.5 million barrels a day in January. Still, if a payment system in rupees is worked out that insulates the transaction from sanctions placed on Russia, much more could follow.
/jlne.ws/3u6Jxy4
Shenzhen overtakes New York as home for billionaires; But China's wealthiest fail to crack top 10 list dominated by Americans
CK Tan - Nikkei
Shenzhen has overtaken New York as a top spot for billionaires, cementing China as the world's home to the super rich, according to an annual wealth list published Thursday.
/jlne.ws/3ti4XJs
The future of SPH Media - it isn't enough to be trusted; If it wants Singaporeans to pay for its journalism, the media group needs to break out of a 'staid monopoly' mindset and transform fundamentally to truly meet their needs.
Chan Cheow Pong, Tee Zhuo - Business Times
It has been more than 3 months since Singapore Exchange-listed Singapore Press Holdings SPH : T39 -0.43% (SPH) fully transferred its media arm to the new SPH Media Trust (SMT), letting go of an increasingly less profitable business operating in a tough environment.
/jlne.ws/3tlpWuP
IEA calls for driving restrictions and air travel curbs to reduce oil demand; Energy agency warns 2.5mn barrels a day of Russian oil exports could cease from next month
Leslie Hook - FT
The International Energy Agency has called for member countries to adopt "emergency measures" to cut oil demand in the wake of Russia's invasion of Ukraine, including driving restrictions, lower speed limits and curbs on air travel. Fatih Birol, head of the energy watchdog, on Friday warned that such steps might be necessary because "oil markets are in an emergency situation . . . and it may get worse".
/jlne.ws/3Iioy0h
U.S. imposes sanctions over illicit exports of gold from Congo
Reuters
The United States on Thursday imposed sanctions on Belgian businessman Alain Goetz and a network of companies tied to him that it accused of being involved in the illicit movement of gold from Democratic Republic of Congo.
/jlne.ws/3Im9wqg
Increased scrutiny threatens British Virgin Islands and wealthy clients; Growing international pressure on tax havens and local corruption probe put the territory's business model at risk
Michael Stott - FT
The British Virgin Islands have weathered some devastating storms. When Hurricane Irma lashed the territory with 220mph winds in 2017, five people were killed and more than 80 per cent of the buildings damaged.
/jlne.ws/3ikp7fs
Canadian Oil Sands: Buried Treasures; Surging oil prices are set to generate a much higher boost to Canadian oil companies' cash flow than U.S. peers
Jinjoo Lee - WSJ
Dirty, expensive to extract and trapped by a lack of pipelines, Canadian oil sands can be a tough investment proposition. Yet a year of elevated oil prices has turned companies mining them into cash machines. Soaring energy prices are set to reward almost everyone producing hydrocarbons: Major oil companies and U.S. shale producers reported record free cash flows in 2021 and should do even better this year.
/jlne.ws/3In6F0z
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| Miscellaneous | | Stories that don't quite fit under the other sections | Jho Low Was an $87 Million Vegas Whale at Baccarat Tables
Patricia Hurtado - Bloomberg
Jho Low was a big man in Vegas. He sported gold lame suits, traveled with an entourage and lost tens of millions of dollars, a New York jury was told. In a single 90-minute stint playing baccarat, his game of choice, the Malaysian financier lost $1.75 million, Kirk Godby, a marketing executive at the Venetian in Las Vegas, testified.
/jlne.ws/3KTnYYv
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