| March 17, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
A very successful FIA Boca 2022 is wrapping up. The Hall of Fame members were introduced and honored yesterday. The parties were all mostly held, save the closing cocktails. This morning Alex Rodriguez, the former baseball player and the ancien petit-ami of the other JLo, is in a fireside discussion with Sam Bankman-Fried
The JLN Team is finishing up its busy schedule this morning with interviews of Cboe's Rob Hocking, ICE's Chris Edmonds and FIA's Walt Lukken
So far we have interviewed SGX's Michael Syn, Bain's John Fildes, Bloomberg's Larry Tabb, Citadel Securities' Troy Kane, Cboe's Ed Tilly, Eventus Systems's Travis Schwab, Cloud Margin's Stuart Connolly, Trading Technologies's Keith Todd, CQG's Pat Kenny, Qontigo's Sebastian Ceria, CFTC Chairman Rostin Behnam, NovaFori's Garry Jones, Cboe's Dave Howson, FIA Tech's Nick Solinger and Mark Davis, OCC's John Davidson, SGX's Loh Boon Chye, TMX's Luc Fortin, Euronext's Stéphane Boujnah, ABN AMRO Clearing's Robert Laurents Booij, NinjaTrader's Martin Franchi, Copper's Betty Sharples, Vermiculus's Nils-Robert Persson, Baton System's Jerome Kemp, Cboe's Catherine Clay, Tabb Group's Bruce Morris, OpenFin's Mazy Dar and FTSE Russell's Arne Staal.
Silvia Davi has joined Symbiont as chief marketing and communications officer. Silvia was the global head of communications for Nasdaq and head of Nasdaq Marketsite studio when I first met her.
This year's JLN team at Boca was made up of Alex Perry, Robby Lothian and Kat Lothian. Alex flew in from Alabama. This is only the second time we have met in person. Robby flew in from Missouri and Kat from West Virginia. This is Kat's third Boca and Robby's first. They did great work, including Robby doing a special video project for SGX at the conference. Thank you to Alex, Robby and Kat for all their hard work. It was great to see such exceptional teamwork.
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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Russia warns United States: we have the might to put you in your place
Reuters
Russia warned the United States on Thursday that Moscow had the might to put the world's pre-eminent superpower in its place and accused the West of stoking a wild Russophobic plot to tear Russia apart. Dmitry Medvedev, who served as president from 2008 to 2012 and is now deputy secretary of Russia's Security Council, said the United States had stoked "disgusting" Russophobia in an attempt to force Russia to its knees.
/jlne.ws/3Iq4ZDy
***** I love a good end of the world boast. Those are the best.~JJL
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A Losing and Desperate Putin Could Be Terrifying; Fighting for his life, the Russian leader could turn to nuclear or chemical weapons, attacks on NATO members or atrocities against Ukrainian civilians.
Hal Brands - Bloomberg
The war in Ukraine is getting more dangerous, in part because it is going better than Ukraine's supporters could have imagined. President Joe Biden has sought to reconcile two conflicting objectives: avoiding U.S. military intervention while also helping Ukraine and making Moscow pay a high price for aggression.
/jlne.ws/3tha10y
****** This is the "a wounded animal is the most dangerous" theory. ~JJL
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It Turns Out the World's Largest Potato Is Actually a Gourd, Guinness World Records Says; Scientists ran several tests on samples of 17-pound tuber named 'Dug' but couldn't identify any potato DNA
Jennifer Calfas - WSJ
The record-breaking hopes for a contender vying to be the world's heaviest potato were just mashed. Guinness World Records determined "Dug"—the giant potato-looking mass that captured world-wide attention after a New Zealand couple found it in their garden last year—isn't a potato at all. Through DNA sequencing, scientists determined it is a tuber of a gourd in the family Cucurbitaceae.
/jlne.ws/3Je8X3b
***** This story is half baked and just makes my skin peel.~JJL
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Wednesday's Top Three
Our most read story Wednesday was The FT guide to men's grooming, from the Financial Times. I expect all you men to be looking dapper the next time I see you...which will probably be on Zoom. Second was Bloomberg's Nickel Reopens Limit-Down in a Shambolic Day of False Starts. Third was the FIA's Crypto derivatives - 'Same activity, same risk, same regulation' - the opening remarks at FIA Boca from Walt Lukken, FIA president and CEO.
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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
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| Lead Stories | World Court Orders Russia to Suspend Military Action in Ukraine; Vote on preliminary measures is 13-2 at the International Court of Justice, with Russian and Chinese judges dissenting
Jess Bravin - WSJ
The International Court of Justice on Wednesday directed Russia to suspend its military operations in Ukraine, issuing a preliminary but likely unenforceable order in Kyiv's suit contending that the Kremlin justified its invasion on the false pretext of stopping a purported genocide in Ukraine's Russian-speaking Luhansk and Donetsk regions. The world court, an arm of the United Nations based in The Hague, has no independent power to enforce its decisions, and Russia already has argued the 15-member tribunal lacked jurisdiction over the dispute.
/jlne.ws/36q7Nmu
Energy traders call for 'emergency' central bank intervention; Trade body warns healthy companies could run out of cash as Ukraine invasion sparks commodity ructions
Claire Jones, Neil Hume and Martin Arnold - FT
Europe's largest energy traders have called on governments and central banks to provide "emergency" assistance to avert a cash crunch as sharp price moves triggered by the Ukraine crisis strain commodity markets.
/jlne.ws/3qfgY0h
The Financial-Meltdown Risk Nobody Talks About; Like every other market, it's all about credit.
Mark Gongloff - Bloomberg
It's a Commod, Mod, Mod, Mod World
It increasingly feels like we're late in a long game of Jenga, where the pieces are the global financial system, and we're still roughly yanking out supports one by one. Also, all the players are toddlers, and the tabletop is lava. In the quaint olden times of the 1990s, a Russian sovereign default alone was enough to rattle global finance and spur the formation of a committee to save the world. So adorable! Now Russia is on the verge of defaulting again, but it's only like the fifteenth likeliest candidate to set all of the money on fire. Get in line, Russian default, behind Russia's war, Covid wave No. 234, a Fed raising interest rates to fight soaring inflation and more.
/jlne.ws/37Ej97e
Lloyd's of London issues its largest fine after 'boys' night out' bullying; Atrium hit with £1mn penalty for behaviour including sexual harassment of female staff
Ian Smith - FT
Lloyd's of London has issued the largest fine in its history, and its first for a non-financial infraction, against underwriting group Atrium for behaviour that included "systematic bullying" and the sexual harassment of female staff on an annual "boys' night out". The misconduct, disclosed in a bulletin on Wednesday, led to a £1mn fine for Atrium plus more than £500,000 in costs — the biggest levy ever imposed by the insurance market's enforcement body.
/jlne.ws/3N0c9l4
Markets 'operating well,' no sign of defaults amid extreme volatility - CFTC Chair
John Mccrank and Katanga Johnson - Reuters
Markets are "operating well" amid extreme volatility sparked by Russia's invasion of Ukraine, although there are unknown risks, the chair of the U.S. Commodity Futures Trading Commission said on Wednesday.
/jlne.ws/3CN5yWI
Nikko scandal puts Japan's financial regulator to the test; The FSA's crown as a champion of investors has slipped as investigation escalates
Leo Lewis - FT
Five years ago, when Abenomics was still very much a thing and Japan's investment case could be sold to global funds with a 10-second elevator pitch, the country's Financial Services Agency looked almost heroic. Finally, it seemed, foreign and domestic shareholders had the public sector champion they needed to make corporate Japan sweat a little harder in their interests. The FSA, empowered by the prime minister, Shinzo Abe, produced (and later toughened) the country's first corporate governance and stewardship codes. They provided investors with new articles of faith and the tools for long-overdue change. The FSA seemed the most serious tailwind for Tokyo's ambitions as a global financial centre.
/jlne.ws/3iiHku1
Transitions away from LIBOR are showing progress, finds Bloomberg survey; 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
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
Default looms as Russia hits deadline for dollar bond payments
Tommy Stubbington and Max Seddon - Financial Times
Russia said it had sent interest payments due on its dollar bonds for processing on Wednesday but it could not guarantee investors would receive the cash, leaving the country on the brink of its first debt default since 1998.
Investors were awaiting $117mn in coupon payments on two Russian bonds, the first such payments since western countries responded to President Vladimir Putin's invasion of Ukraine with unprecedented financial sanctions. The deadline marks a crucial test of Moscow's willingness and ability to continue servicing its external debt.
/jlne.ws/3KRvrHQ
Russia Says Eurobond Coupon Paid to Correspondent Bank
Bloomberg News
Russia's Finance Ministry said a $117 million interest payment due on two dollar bonds had been made to its foreign correspondent bank amid mounting speculation that the country is heading for a default.
/jlne.ws/3qcDE16
**** Here is the FT version of this story. ~JJL
Russia Ruble Liquidity Drain Shows Market in Distress
Lilian Karunungan and Masaki Kondo - Bloomberg
The stark disparity between offshore and local ruble prices underscores just how scarce liquidity has become when trading Russia's currency overseas. The offshore ruble was indicated around 95 per dollar in Asia morning trading on Thursday, compared with 108 per dollar in Moscow on Wednesday. That's the strongest relative to onshore in data compiled by Bloomberg going back to 2003.
/jlne.ws/3CTd9Tx
UAE, Russia Discuss Importance of Stable Energy Markets
Zainab Fattah - Bloomberg
The United Arab Emirates and Russia discussed the importance of stable energy markets on Thursday, the UAE's foreign minister Sheikh Abdullah bin Zayed said during a visit to Moscow. "We discussed global energy supplies and the essential goods markets as well as the importance of energy and food stability for the global economy," he said after meeting with his counterpart Sergei Lavrov. The UAE and Russia are both part of the OPEC+ alliance.
/jlne.ws/34RWrrg
Binance forges links in the Gulf as it seeks fixed base; Crypto-trading platform's lack of formal headquarters has added to regulators' concerns
Joshua Oliver and Simeon Kerr - FT
Binance, the world's largest cryptocurrency exchange, is setting down roots in the Gulf as it seeks to placate global regulators by establishing a fixed home base and regulatory ties for its international business.
/jlne.ws/3u3pZdW
Hong Kong Says It May Loosen Covid-19 Flight Bans, Quarantine; City could announce changes as soon as Sunday to rules that have isolated the financial center and led to an exodus of expatriate workers
Natasha Khan - WSJ
Chief Executive Carrie Lam said her government is reviewing its Covid-19 measures, including lengthy quarantines and flight bans from key markets, that have isolated the Asian financial hub and drawn complaints from the global banks and major companies that operate in the city.
/jlne.ws/3qeFPRN
Retail Investors Are Dropping Out of the Stock Market
Jacob Sonenshine - Barron's
There was a time—during the pandemic era—when retail investors were participating in the stock market, even driving its movements. This year, they have been much less active.
Retail traders—those directly buying shares of individual companies, exchange-traded funds and options on popular trading platforms like Robinhood and TD Ameritrade—were particularly active last year, driving strong demand for stocks. In late 2021, retail investors were helping to send stocks higher every time they briefly dipped, allowing the S&P 500 to ride out the final four months of the year without a pullback of more than 5%.
/jlne.ws/3wejXdi
Nickel Bulls Are Taunted by a Huge Sell Order as Trading Reopens
Jack Farchy and Mark Burton - Yahoo Finance
Nickel barely traded after the market reopened on Wednesday, but dealers on the London Metal Exchange were focused on a large sell order at the limit-down price of $45,590 a ton.
/jlne.ws/3KU0ZMT
Shanghai Nickel Traders Cut Positions After Turmoil in London; Open bets on the metal slump to lowest since 2015 on SHFE; Global market reeling from short squeeze and trading halt
Alfred Cang - Bloomberg
Traders in China's nickel futures are rushing to clear their exposure to the metal that's been rocked by wild prices swings and market mayhem in London. Open positions across all nickel contracts on the Shanghai Futures Exchange slumped this week to their lowest since the metal's early days on the bourse in 2015. Nickel has largely continued to trade in Shanghai through a chaotic March on the London Metal Exchange that's included a 250% price jump, a trading halt, and a messy re-opening.
/jlne.ws/3KX5QNH
Nickel Traders Awake to Fresh Mayhem as LME Glitches Again; Orders to sell at 8% limit down were rejected before the open; LME reopened the nickel market Wednesday after week-long halt
Mark Burton, Alfred Cang, and Jack Farchy - Bloomberg
The London Metal Exchange's nickel market, thrust into the global spotlight by an unprecedented short squeeze last week, was paralyzed by problems yet again on Thursday. The start of the second day of trading after a week-long suspension was delayed to 8:45 a.m. after a series of problems hit the LME's electronic system. First, brokers found that orders to sell at the lower-limit of 8% below Wednesday's closing price were being rejected, after the LME expanded the trading band the previous day.
/jlne.ws/3KPvIuH
Dave Portnoy Accusations Prompt Scrutiny of Barstool as Penn National Pursues Acquisition; Gambling regulators in two states are looking into both companies amid sexual-misconduct allegations against Barstool's founder
Katherine Sayre, Omar Abdel-Baqui - WSJ
Scrutiny of Barstool Sports is mounting as gambling operator Penn National Gaming Inc. PENN 6.01% moves to acquire the media company to help it compete in the sports-betting business. Gambling regulators in Nevada and Indiana have said they are looking into Barstool and Penn National in the wake of sexual-misconduct accusations against Barstool founder and star personality Dave Portnoy.
/jlne.ws/3MYDNyV
FinCEN Advises Banks on How to Look for Transactions by Sanctioned Russian Elites; The Treasury Department also unveiled a bounty-style reward program
David Smagalla - WSJ
The U.S. Treasury's Financial Crimes Enforcement Network sent an alert advising financial institutions on how Russian elites who are under sanctions could seek to evade those measures, pointing out red flags that could help identify possibly suspicious transactions by them or their families. The Treasury Department also unveiled the launch of the Kleptocracy Asset Recovery Rewards Program, which offers rewards of up to $5 million for information that would lead to the government obtaining or repatriating stolen assets in the accounts of a U.S. financial institution.
/jlne.ws/3u6Vns8
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Credit Suisse CEO details tens of billions managed for Russian clients
Brenna Hughes Neghaiwi - Yahoo Finance
Credit Suisse is reviewing its operations in Russia, Chief Executive Thomas Gottstein said on Tuesday, as he detailed tens of billions of dollars in assets managed for wealthy Russian customers.
"We're now reviewing the situation. It's a very serious situation," Gottstein said during Morgan Stanley's European Financials Conference in London, referring to the impacts of Russia's invasion of Ukraine. "We will see over the coming months what it means for our operations. I have not taken any decision."
/jlne.ws/3L8hIfV
Ninety One chair's Russia role is a governance failure for City asset manager
Helen Thomas - The Financial Times
The war in Ukraine has set off a swift business exodus from Russia, the flight of western directors from Russian companies' boards and a good deal of soul-searching among asset managers about what, as ESG-focused stewards of investors' capital, they should do next.
Not everyone it seems got the memo.
/jlne.ws/3KNPlTN
U.S. Is Sending Dive-Bombing Switchblade Drones to Ukraine; 100 of the dive-bombing 24-inch drones will be supplied; The weapons were first used in Afghanistan against the Taliban
Anthony Capaccio and Roxana Tiron - Bloomberg
The expanded arsenal that the U.S. is sending to Ukraine includes 100 armed drones that are tube-launched from the ground and plunge into their targets, according to people familiar with the plans. The dive-bombing Switchblade drone, made by AeroVironment Inc., has been in the arsenal of U.S. commandos since it was secretly sent to Afghanistan in 2010 for use against the Taliban. Army officials have described it as a flying shotgun. It's less than 24 inches (61 centimeters) long and weighs about six pounds (2.7 kilograms.)
/jlne.ws/363uYDv
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | 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.
/jlne.ws/369HO2Z
Aquis Exchange to assume business activities of UBS MTF
HedgeWeek
Aquis Exchange (AQXE), the pan-European large and mid-cap equities trading arm of Aquis Exchange PLC, is to assume the business activities of UBS MTF, the non-displayed matching pool of UBS MTF Limited (a subsidiary of UBS AG), subject to regulatory approval and completion.
/jlne.ws/3JiiXZh
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
SIX to partner with LMAX Group to launch 24/7 traded crypto futures
BME
SIX and LMAX Group, the leading operator of institutional exchanges for FX and crypto currency trading, have partnered to launch cash-settled, centrally cleared crypto-asset futures ("crypto futures").
/bit.ly/3qa2zmc
BME and BBF Fintech launch the second edition of Hack & Disrupt! and leverage Bilbao as a fintech innovation centre
BME
The hackathon, during which challenges on sustainable finance will be solved on 1 and 2 April in Bilbao, will award 5,000 euros in prizes
The second edition leverages the Bilbao financial centre as a hub for innovation and technological discussion in the financial sector
/bit.ly/3u80Q1R
EBS Market Integration Notice: New Content and Updates
CME Group
EBS Market Integration onto CME Globex
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
Availability of Pack Spreads (SEP) for the Three-Month Eurodollar Futures and Three-Month SOFR Futures Inter-Commodity Spread (SED) on CME Globex and CME ClearPort.
CME Group
/bit.ly/3qcZm5o
IEF2 Program Guidelines
CME Group
CME Clearing will reactivate the IEF2 Program effective May 2, 2022. The IEF2 Program allows clearing members to utilize certain U.S. government money market mutual funds as Performance Bond collateral.
/bit.ly/37rdX6r
Product Modification Summary: Increase of the September 2022 Coupon Rates for all of the Eris US Dollar Swap Futures, Eris SOFR Swap Futures, and MAC SOFR Swap Futures Contracts - Effective March 28, 2022
CME Group
/bit.ly/37DPcnQ
Increase of and Amendments to the Single Month and All Month Accountability Levels for the E-mini Gold Futures, E-mini Silver Futures and E-mini Copper Futures Contracts
CME Group
Effective at the close of business on April 8, 2022, the Commodity Exchange, Inc. ("COMEX" or "Exchange") will increase and amend the Single Month and All Month Accountability Levels for the E-mini Gold Futures, E-mini Silver Futures and E-mini Copper Futures Contracts (the "Contracts") as noted below and in Appendix A of COMEX Submission No 22-091. In addition, the Exchange will eliminate references to the Spot Month Accountability Level as the Contracts expire prior to the spot period of the underlying core referenced futures contracts.
/bit.ly/3wbeC6x
EBS Market Integration Notice: New Content and Updates
CME Group
EBS Market Integration onto CME Globex
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
Change in Interest Rate on USD Cash Balances
CME Group
Effective March 17, 2022, CME Clearing will modify the interest rate paid on USD cash balances on deposit by clearing members accordingly: o The interest rate paid on USD cash balances on deposit by clearing members to meet customer and house (proprietary) performance bond requirements associated with products in both the Base waterfall and in the Cleared Swaps IRS waterfall will change from the current rate of Interest on Reserve Balances ("IORB") less 5 basis points to IORB less 13 basis points.
/bit.ly/37sVxlO
Eurex starts trading Weekly KOSPI 200 Options on 28 March
Eurex
More flexibility for short-term exposure to the Korean market
Only trading venue for KOSPI derivatives during European and U.S. trading hours
KOSPI 200 Futures and Mini-Futures now tradable in the U.S.
/bit.ly/3MYFwVe
Eurex Exchange Readiness Newsflash | Reminder EURO STOXX® 50 Index Futures: Change of minimum price gradation (tick) for outright futures contracts
Eurex
/bit.ly/3CQ95Ua
HKEX Names Advisor To The Ceo
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is today (Thursday) pleased to announce it has named Ms Yang Qiumei as Managing Director, Advisor to the CEO.
/bit.ly/3ih9Uf7
Ad hoc Margin Rate Revision
HKEX
Please be advised that pursuant to the CCASS Operational Procedures Section 10.10A.2, HKSCC has reviewed the current Margin Rate level and determined that the Margin Rate shall be revised from 7% to 9% with effect from 21 March 2022
??https://bit.ly/3uoTwiD
Inter-commodity Spread Enquiry: 2211-6901
HKEX
Please be advised that pursuant to Exchange Rule 617(d) and HKCC Rule 402, the Exchange and the Clearing House have determined that with effect from the commencement of trading on Monday, 21 March 2022 (including the mandatory intra-day variation adjustment and margin call, if applicable), the delta/spread ratio and spread credit rate of the following product pair(s) shall be revised and can be found here.
/bit.ly/3JmI2Cb
United Nations (Anti-Terrorism Measures) Ordinance United Nations Sanctions (ISIL and Al-Qaida)
HKEX
Regulation Enquiry: Ms Juvenia Fok 2840 3866
Holders of Futures Exchange Trading Rights and Exchange Participants are requested to note the following information published on 8 March 2022: (A) in the Gazette: - the updated list of terrorists and terrorist associates under section 4 of the United Nations (Anti-Terrorism Measures) Ordinance; and (B) on the website of Commerce and Economic Development Bureau ("CEDB"): - the updated list of individuals, groups, undertakings and entities under the United Nations Sanctions (ISIL and Al-Qaida) Regulation.
/bit.ly/3D3SuMV
Resumption Trading of USD London Nickel Mini Futures and CNH London Nickel Mini Futures Contracts And Introduction of Maximum Fluctuation Price Band Mechanism.
HKEX
CIRCULAR With Reference to the announcement made from the London Metal Exchange (LME) on Nickel Contracts dated on 16 March 2022, trading of Nickel Contracts in LME resumed at 8:00 am London time (4:00pm Hong Kong Time) on Wednesday 16 March 2022. Accordingly, Hong Kong Futures Exchange Limited (HKFE) announced that USD London Nickel Mini Futures (LUN) and CNH London Nickel Mini Futures (LRN) Contracts will resume trading on 17 March 2022. Trading Hours for T session is from 9:00am - 4:30pm and T+1 session is 5:15pm - 3:00am.
/bit.ly/3ibIlnE
Investortools Adds ICE Bonds' Muni Market Data to the Investortools Dealer Network
Provides seamless access to ICE TMC municipal bond execution protocols
Expands access to ICE's municipal bond data and yield curves
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced that ICE Bonds has expanded its connection with Investortools' Perform, providing executable municipal market data from ICE TMC within the Investortools Dealer Network. Customers can now use ICE's leading fixed income pricing and yield curves, and seamlessly access the ICE Bonds municipal bond liquidity and execution protocols, on the Perform platform.
/bit.ly/3MWVWNM
Base price and daily price limits for newly listing ETF : NEXT FUNDS NASDAQ-100(R) (Yen-Hedged) Exchange Traded Fund and 1 other
JPX
The base price, etc. of 2 ETFs, including NEXT FUNDS NASDAQ-100(R) (Yen-Hedged) Exchange Traded Fund (Code: 2845), which are scheduled for initial listing on March 18, are as below.
/bit.ly/3IlC57n
Changes to Daily Price Limits for Nickel
LME
This Notice updates the daily upper and lower price limits ("daily price limits") for outright Contracts in Nickel on all Execution Venues (which have increased from 5% to 8%) and informs the market of the arrangements for the resumption of Nickel trading on 17 March 2022. For good order, this Notice also 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
/bit.ly/3624ceb
Nickel Closing Prices
LME
This Notice confirms that the LME's Nickel Closing Prices traded down to the pre-set 5% daily price limit on LMEselect, and hence (for the purposes of the LME's pricing procedures) that a Disruption Event (as defined in Notice 22/064) has occurred in respect of the Nickel Closing Prices.
/bit.ly/3624ceb
NSE Data launches Fixed Income Analytics Platform
NSE
"We believe the NSE Fixedin platform will help fill the current gap in the fixed income and fund analytics space by combining comprehensive data, powerful analytics tools and a simple and elegant user interface, all on a single platform at a click of a button. We will continuously innovate and add new features to the NSE Fixedin platform as the market evolves." said Vikram Limaye, MD & CEO, National Stock Exchange of India Limited.
/bit.ly/3pckN5S
SGX RegCo announces start of sustainability training for company directors
SGX
Singapore Exchange Regulation (SGX RegCo) today announced eight sustainability training courses that directors of listed companies can attend to equip themselves with basic knowledge on sustainability matters.
/bit.ly/3wjBosP
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | HSBC to Make Metaverse Debut With The Sandbox Virtual Gaming Partnership
Denise Wee and Emily Nicolle - Bloomberg
HSBC Holdings Plc is making its debut in the metaverse after buying a site in a virtual world aimed at sports, esports and gaming enthusiasts.
The lender is acquiring a space in The Sandbox metaverse to engage with its sports-focused users, according to a press release Wednesday, which featured an image of an HSBC-branded sports stadium and welcome center.
/jlne.ws/3KPPC8P
Robinhood Readies Feature That Lets Users Lend Out Stocks
Mark Gurman and Annie Massa - Yahoo Finance
Robinhood Markets Inc.'s plan to let users loan out their stocks to other financial institutions -- a program known as fully paid securities lending -- is taking shape within its app, part of a push to compete with more conventional brokerages.
/jlne.ws/3u7W1Fw
Andreessen Horowitz Invests in German Fintech Startup Payrails
Ivan Levingston - Bloomberg
Andreessen Horowitz is leading a $6.4 million seed funding round into Berlin-based Payrails, and is joined by other backers including HV Capital and Delivery Hero SE Chief Financial Officer Emmanuel Thomassin, according to a statement Thursday.
/jlne.ws/3CXO0Hy
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| Cybersecurity | | Top stories for cybersecurity | Cybersecurity: 3 areas of pressing concern for CFOs
Sheryl Estrada - Fortune
"We're getting a lot of questions around the current conflict that's happening between Russia and Ukraine," Poppy Gustafsson, CEO of Darktrace PLC, a U.K.-based cybersecurity firm, told me. And many of those cybersecurity questions are coming from a range of C-suite leaders including CEO, CIOs, CFOs, and CTOs, Gustafsson says.
/jlne.ws/3weSWGp
Regulatory Focus on Privacy and Cybersecurity for Private Funds
National Law Review
2021 continued the trend of increased regulatory focus on privacy and cybersecurity for private investment funds in the U.S. and abroad. There are no signs of the trend leveling off any time soon.
/jlne.ws/3qelRXj
SEC Proposes Sweeping New Cybersecurity Disclosure Rules for Public Companies
Alston & Bird - JDSupra
Our Securities, Securities Litigation, and Privacy, Cyber & Data Strategy teams highlight the key aspects of the Securities and Exchange Commission's latest sweeping changes to its cybersecurity reporting rules for public companies subject to the Securities Exchange Act.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin, Crypto Miners Prep for Extended Winter While Margins Contract
Crystal Kim - Bloomberg
Crypto miners are hunkering down for a possible squeeze as rising costs, swinging Bitcoin prices, and now a war in Ukraine threaten to erode the industry's substantial profit margins.
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Bitcoin Worth $1.2B Leaves Coinbase in a Sign of Persistent Institutional Adoption
Omkar Godbole - CoinDesk
While bitcoin's (BTC) four-month bearish price action appears to have scared away retail leverage traders, institutions focused on longer-term horizons seem unperturbed.
That's evident from the recent large outflow of coins from the U.S.-based crypto exchange Coinbase (COIN), according to blockchain analytics firm Glassnode.
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News Direct Becomes First Newswire to Accept Cryptocurrency for Payments
News Direct
The adoption of cryptocurrencies such as Bitcoin and Ethereum is rapidly changing the financial industry and redefining the way society views monetary ownership. News Direct, already known for being at the forefront of technological advancements, is looking to be ahead of the curve once again.
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Ethereum co-founder hits out at economics of fast-growing Solana blockchain
Miles Kruppa - Financial Times
Ethereum's co-founder Joseph Lubin has questioned the sustainability of rival projects, including the fast-growing Solana blockchain, as venture capital pours into a raft of new cryptocurrency networks.
The Ethereum blockchain has become one of the world's most widely used digital ledgers, but it is facing challenges from rivals such as Solana, which has set lower transaction fees to draw in users.
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Bitcoin Mining CEOs Prep for Extended Winter as Still-Rich Margins Contract; CEOs of Marathon, Riot and Hut 8 talk strategy as costs rise; Companies shore up balance sheets, tap debt and equity markets
Crystal Kim - Bloomberg
Crypto miners are hunkering down for a possible squeeze as rising costs, swinging Bitcoin prices, and now a war in Ukraine threaten to erode the industry's substantial profit margins. Companies are tapping debt markets, shoring up balance sheets and credit lines, and even filing to sell shares in order to raise more cash. Marathon Digital Holdings Inc. and Hut 8 Mining Corp. are among the most recent companies to reach for planned stock sales, and a just-in-case move could prove prescient with the price of Bitcoin hovering around $41,000.
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Binance Deepens Mideast Push After Getting License for Dubai
Ben Bartenstein - Bloomberg
Binance Holdings Ltd. has been granted a license to operate in Dubai, days after getting approval in Bahrain, further bolstering its presence in the Middle East
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Crypto Startup That Wants to Scan Everyone's Eyeballs Is Having Some Trouble; Sam Altman's Worldcoin wants to give cryptocurrency to everyone in the world, but the startup has pushed back its launch date and stopped operating in some countries.
Ellen Huet - Bloomberg
Worldcoin — the billion-dollar startup that wants to give cryptocurrency to every living human by imaging their eyes — has recently halted operations in at least seven countries due to a host of logistical hurdles that have prompted it to redraw its launch plans.
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The World's First Yacht NFT Just Sold for $12 Million—With an IRL 110-Footer to Follow
Michael Verdon - Robb Report
The world's first NFT yacht sale was made last week on the Ethereum Blockchain. Designed by Gregory C. Marshall, the 110-footer will be built in Canada by Tactical Custom Boats. Last month, Marshall partnered with Cloud Yachts to introduce the NFT concept to yacht design and sales, offering a $95 million NFT of a custom-designed superyacht that will be built by Delta Marine in Seattle.
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Spotify draws up plans to join NFT digital collectibles craze; Job ads fuel excitement in the crypto and music industries about the potential of NFTs to boost artists' earnings
Tim Bradshaw and Anna Nicolaou - FT
Spotify is drawing up plans to add blockchain technology and non-fungible tokens to its streaming service, fuelling excitement in the crypto and music industries about the potential of NFTs to boost artists' earnings. Two recent job ads show Spotify is recruiting people to work on early-stage projects related to "Web3", a tech buzzword for a blockchain-powered network that some crypto enthusiasts hope will wrestle control back from the Big Tech platforms that dominate today's internet.
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| Politics | | An overview of politics as it relates to the financial markets | As Chinese Stocks Surge, U.S. Signals Hard Line on Delistings; Watchdog, key senators demand full access to audit work papers; China's shares jumped as Beijing signaled support for markets
Benjamin Bain - Bloomberg
The U.S. accounting watchdog is insisting that Beijing provide complete access to audits of Chinese companies that trade in New York, setting a high bar for any deal that allows the firms to maintain their American listings. Public Company Accountability Oversight Board inspectors must have the same visibility into Chinese audit work papers as they get for businesses based in other countries, the watchdog said in a statement Wednesday. The PCAOB added that it remains "actively engaged" in seeking to resolve a long-running standoff with Chinese officials over the inspection requirement, which applies to all companies whose shares trade in the U.S.
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Biden's Pick for Fed's Top Bank Cop Withdraws
Jeanna Smialek - The New York Times
Sarah Bloom Raskin, President Biden's nominee to serve as the Federal Reserve's top bank regulator, withdrew from consideration after a Democratic senator said he would join Republicans in voting against her. Ms. Raskin sent a letter to the White House on Tuesday with her decision, according to two people familiar with the decision.
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Goldman Executive Warned Bankers Not to Do Business With Jho Low
Patricia Hurtado - Yahoo Finance
A Goldman Sachs Group Inc. senior legal executive who helped vet the 1MDB bond deals that exploded in scandal told a jury he warned Goldman bankers not to do business with Malaysian financier Jho Low.
/jlne.ws/3qes6KR
China Regulator Weighs Letting U.S. Inspect Some Company Audits; Stocks regulator could open less sensitive companies to audit; More than 200 U.S.-traded Chinese firms face forced delisting
Bloomberg News
China's securities watchdog is weighing a proposal that would allow U.S. regulators to inspect auditors' working papers for some companies as soon as this year, people familiar with the matter said, in a bid to prevent Chinese firms from being forced to delist en masse from U.S. exchanges. The China Securities Regulatory Commission is considering allowing U.S. officials to inspect documents on firms that don't possess sensitive data, the people said, asking not to be identified as the information is private. Companies such as quick service restaurant operator Yum China Holdings Inc. could be examples of those that the provision would apply to, the people said. Travel platform Trip.com Group Ltd. is another potential example, one of the people said.
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FCA eyes measures to ease pain for investors in funds with Russian assets; 'Side pockets' move will allow investors to enter funds without gaining exposure to Russia
Adrienne Klasa - FT
The UK markets regulator is consulting with asset managers about introducing an "exceptional" measure to help limit the damage to investors from Russia's invasion of Ukraine. The Financial Conduct Authority said it is considering authorising UK retail funds to use so-called "side pockets" to segregate Russian and Belarusian assets.
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Keynote of Chairman Rostin Behnam at the FIA Boca 2022 International Futures Industry Conference, Boca Raton, Florida
CFTC
Good morning and thank you, Walt, for the kind introduction.[1] As I prepared these remarks, I reflected on my journey to this stage. I also reflected on the many changes this industry has navigated in the recent past. As the internet often takes you to unexpected places, I landed on a January, 2013 issue of Futures Industry (magazine).[2]
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SEC Charges Texas School District and its Former CFO with Fraud in $20 Million Bond Sale
SEC
The Securities and Exchange Commission today charged Crosby Independent School District (Crosby ISD) and its former Chief Financial Officer, Carla Merka, with misleading investors in the sale of $20 million of municipal bonds in order to pay its outstanding construction liabilities and fund new capital projects. The SEC also charged Crosby's auditor, Shelby Lackey, with improper professional conduct in connection with the audit of the school district's 2017 fiscal year financial statements.
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EU financial regulators warn consumers on the risks of crypto-assets
ESMA
The European Supervisory Authorities (EBA, ESMA and EIOPA - the ESAs) today warn consumers that many crypto-assets are highly risky and speculative. The ESAs set out key steps consumers can take to ensure they make informed decisions.
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'No action' relief as a result of COVID-19
FMA (New Zealand)
COVID-19 continues to have a significant impact on many market participants. We recognise that this may lead to practical difficulties which affect their ability to meet their regulatory obligations. Where a market participant breaches, or expects to breach, a regulatory obligation as a result of the COVID-19 circumstances and seeks relief from the FMA, the primary approach we intend to take is 'no-action'.
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FCA to consult on use of 'side pockets' for retail funds with exposure to sanctioned and suspended Russian assets
FCA
The FCA has begun discussions with stakeholders about options to allow UK authorised retail funds to make exceptional use of 'side pockets' given the significant practical challenges in disposing of Russian and Belarussian assets in the context of suspensions and extensive global sanctions.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Stock Pickers Watched the S&P 500 Pass Them by Again in 2021
Karen Langley - WSJ
Last year was a great one for the U.S. stock market. It was another disappointment for most stock-picking fund managers.
Fueled by rip-roaring corporate profits and easy monetary policy, the benchmark S&P 500 notched a total return, including price gains and dividends, of 28.7% last year. That was a stronger showing than that of 85% of U.S. large-cap stock-picking mutual funds, according to data from S&P Dow Jones Indices.
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Woodford investors face further repayment delay
Joshua Oliver - Financial Times
Investors with money trapped in the fund formerly run by fallen star stockpicker Neil Woodford will have to wait even longer than expected to see the rest of their money returned, close to three years after the fund was shuttered.
Link Group, the fund administrator overseeing the wind down of the Equity Income Fund, said on Tuesday that the small cache of remaining assets still trapped in the fund may not be sold until 2023 or beyond. The company previously said it expected to complete the final sales by the end of 2022.
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A Once Radical Idea to Close the Wealth Gap Is Actually Happening; How economist Darrick Hamilton brought baby bonds from Bed-Stuy to U.S. statehouses.
Ben Steverman - Bloomberg
Darrick Hamilton grew up shuttling between two worlds. Each morning during the 1970s and '80s he and his sister would travel three miles to Brooklyn Friends, the elite private Quaker school that their parents had scrimped, saved, and sacrificed to afford. Then the kids would return from downtown Brooklyn to Bedford-Stuyvesant, which was overwhelmingly Black, largely poor, and one of New York's most dangerous neighborhoods. At the time, pundits and politicians frequently talked of a "culture of poverty" or a "pathology" in Black "ghettos." That didn't compute for Hamilton. "I could see the vivid inequality," he says, but "I could see fundamentally people were not different." The neighbor he played football with who was later incarcerated for robbing an armored car didn't seem essentially different from the classmate who might be an investment banker today.
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Ukraine crisis exposes ETF investors to the perils of herding; The funds are so easy to trade they are frequently used to establish positions in response to events
Dave Baxter - FT
From low fees to diversification, there are more than enough reasons to love the humble exchange traded fund. While often used as core, long-term holdings, they can also be quick and easy to trade. That explains why investors sometimes use them to establish tactical positions in response to events.
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Why I'll never buy an active investment fund again; I began to doubt whether there was any such thing as skill when it came to picking stocks
Hugo Cox - FT
Were you happy with your active manager in 2021? For British investors in the US stock market, where actively managed funds holding the largest US stocks returned 27.5 per cent, the answer may be yes. For Europe, too, large-cap funds saw gains of 14.9 per cent, according to Morningstar data.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Is Europe's new COVID surge coming to America next?
Andrew Romano·West - Yahoo News
While many Americans have decided the pandemic is "over" as it pertains to their own lives — a full 37 percent, according to the latest Yahoo News/YouGov poll — those who've been paying close attention to the latest COVID-19 developments overseas are now asking themselves two troublesome questions. What the heck is happening in Europe? And is it about to happen in the U.S. too?
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How One Country Is Beating Covid Despite 600,000 New Cases a Day; Death rate among lowest in the world thanks to shots, testing; Continuing to test helps find cases at risk of becoming severe
Sangmi Cha - Bloomberg
South Korea has reached two seemingly contradictory pandemic milestones: It recorded more than 600,000 new Covid-19 infections on Thursday, the most of anywhere in the world. At the same time, the country has one of the lowest virus death rates globally. While anywhere else an infection surge of this size would signal an out-of-control outbreak soon to be followed by a spike in fatalities, in South Korea -- which is about the size of Indiana -- the picture is more complex.
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I Caught Omicron. People in China Thought I Was Dying; After two years of stoking fear, Beijing will have a hard time persuading people to just live with the virus.
Shuli Ren - Bloomberg
China has been practically Covid-free for two years. Most people there do not know of any family and friends who got the disease. So when I caught the contagious omicron variant two weeks ago, I immediately broadcast the development to my friends there — if nothing else, it was an exciting break from the monotony of lockdown in Hong Kong.
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China Finds Way to Do Covid Zero While Keeping Factories Open; Technology hub Shenzhen has been locked down since ; unday
'Closed loop' systems used by iPhone maker Foxconn, others
Bloomberg News
Just days into a Covid-19 lockdown that bars residents of Shenzhen from leaving their homes, China is allowing some companies to restart factories in the tech hub in a move that may provide a blueprint for shielding the economy and supply chains from the country's virus fight.
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Germany's Covid Cases Hit Record With Curbs Poised to Expire; Public-health agency reports almost 300,000 new infections; Scholz to hold latest round of strategy talks later Thursday
Iain Rogers - Bloomberg
Germany registered a record number of new Covid-19 cases on Thursday, propelling the infection rate to a new high for the sixth straight day and raising alarm ahead of plans to lift almost all remaining curbs this weekend. Chancellor Olaf Scholz is due to hold talks with regional leaders on pandemic strategy later on Thursday, with Russia's war on Ukraine also on the agenda. While there is little appetite to reimpose nationwide restrictions as long as hospitalization rates remain in check, some of the 16 state premiers are unhappy with the rapid pace of unwinding. The lower house of parliament is due to approve the legislation loosening measures on Friday.
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Britons less cautious over Covid than at any point during pandemic; Relaxation comes as government advisers increasingly uneasy over rising infections and hospital admissions from Omicron BA.2 offshoot
Oliver Barnes and John Burn-Murdoch - FT
Britons are taking fewer precautions towards Covid-19 than at any point during the pandemic, according to the latest polling data, as unease grows among government science advisers about a rising wave of infections and hospital admissions prompted by the Omicron BA.2 offshoot. When Omicron hit late last year, Britons began to exercise greater caution towards social gatherings, public transport use and office working, reversing 10 months of waning carefulness after a two-month lockdown at the start of 2021.
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Japan executives urge relaxation of virus travel curbs to revive M&A boom; Strict restrictions are frustrating a return to overseas dealmaking
Antoni Slodkowski, Eri Sugiura and Leo Lewis - FT
Corporate chiefs at some of Japan's biggest companies have called on the government to reclassify Covid-19 as endemic and lift some of Asia's strictest pandemic restrictions to help unleash two years of pent-up demand for cross-border mergers and acquisitions. Their push comes as senior M&A bankers and lawyers say they expect an increase of deal proposals after a 'golden week' of national holidays in early May as corporate Japan goes on the global acquisition trail.
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New Covid Wave in China Hits Sellers of 'Quarantine Insurance'; Policies that pay claimants who are forced to lock down are disappearing as the Omicron variant of the coronavirus spreads rapidly across the country
Jonathan Cheng - WSJ
In a country where one person inadvertently crossing paths with a Covid-19 patient can instantly put an entire apartment complex under lockdown for 14 days or more, Chinese insurers last year began offering what they called "quarantine insurance"—get locked down, receive a payout. Now, as the Omicron variant of the coronavirus spreads rapidly across the country, overwhelmed insurers are pulling the plug on the products.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Saudi Arabia to Start Building Green Hydrogen Plant in Neom; There'll be demand from U.S., Asia for exports, says Terium; Kingdom aims to be biggest seller of green and blue hydrogen
Vivian Nereim - Bloomberg
Saudi Arabia will start construction of a green hydrogen plant as soon as this month as it pushes ahead with plans to export the fuel in about four years. The kingdom is on track sell carbon-free hydrogen from a $5 billion project in Neom by 2026, according to Peter Terium, the head of energy and water for the new region. Engineers have finished flattening the site in northwestern Saudi Arabia and U.S.-based Air Products & Chemicals Inc. will soon begin building the facility, he said.
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Occidental Told to Put Activist Investor's Climate Proposal Up for a Vote
Gerson Freitas Jr - Bloomberg
Occidental Petroleum Corp. will have to put an activist investor's climate proposal to a shareholder vote in May. The energy company won't be able to exclude a resolution proposed by Amsterdam-based investor group Follow This from proxy documents before its annual shareholder meeting, according to a letter by the U.S. Securities and Exchange Commission seen by Bloomberg. The proposal outlines how to meet climate targets under the Paris Climate Agreement.
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This Timber Company Sold Millions of Dollars of Useless Carbon Offsets; Now Lyme Timber CEO Jim Hourdequin wants to fix a broken system to create a market that actually helps slow climate change.
Ben Elgin - Bloomberg
Jim Hourdequin is one of the planet's biggest sellers of carbon offsets—the widely used instruments that are supposed to act as a balm for the rapidly overheating climate. His company earned $53 million from these environmental transactions over the past two years. But now the 47-year-old timber executive is calling out the entire system, including some of his own projects, as broken and shortchanging the climate. Although critics for years have revealed how carbon markets fail to deliver their intended climate benefits, Hourdequin is likely the first major industry participant to admonish the market from the inside. By speaking out, he says, he hopes he can help repair the flawed system: "We don't think that forest carbon markets can survive and grow if they do not deliver real climate value."
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FTSE 100 companies hit boardroom diversity targets; Most groups fail to hire from ethnic minorities at executive level despite gains, Parker review finds; An ethnically diverse group of businesspeople
Daniel Thomas - FT
Sir John Parker was commissioned by the government in 2015 to encourage greater diversity in boardrooms. He set a target for all FTSE 100 boards to have at least one director from a minority ethnic background by December 2021, and for FTSE 250 boards by the end of 2024.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Barclays Move Leads to Wild Swings in Volatility Product; Unusual trading in $900 million ETN came a day after bank's announcement
Gunjan Banerji - WSJ
A big exchange-traded product tracking Wall Street's "fear gauge" has been swinging wildly this week after Barclays BCS 4.25% PLC said it would stop supporting the asset. The $900 million iPath Series B S&P 500 VIX Short-Term Futures Exchange-Traded Note, known as VXX, soared as much as 45% intraday Tuesday before paring its gains to close down 0.4% to $28.70. It was halted at least five times in a frenetic trading session. On Wednesday, it shed 9.6% to $25.95.
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Charles River® Launches Tailored Portfolio Solutions to Power Portfolio Personalization at Scale, Integrates Axioma Portfolio OptimizerTM
Qontigo
Charles River Development, a State Street Company, today announced the launch of Tailored Portfolio Solutions, an offering that enables both wealth managers and asset managers to provide high-value, fully customized portfolios at scale. The solution integrates the Axioma Portfolio OptimizerTM (APO) from index and analytics provider Qontigo.
/jlne.ws/3KMokjI
Citi appoints new head of markets for Asia Pacific; New head has been promoted to role after serving at the bank since 2007, most recently as head of equities for the region.
Wesley Bray - The Trade
Citi has appointed Julia Raiskin as its new Asia Pacific (APAC) head of markets. She assumes her new role after originally joining Citi in 2007, where she most recently served as head of equities for the APAC region.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Dollar Alternatives: Can Saudi Arabia Use Chinese Yuan for Oil?
Bloomberg
The yuan is getting a boost from reports that Saudi Arabia is in talks with Beijing to price some oil sales in the Chinese currency, a development that analysts believe may be some way off.
While a deal between the world's biggest producer and importer of oil could undermine the dominance of the dollar and euro in such trades, market watchers expect that to be a drawn out process. The main hurdle is the yuan's limited convertibility and that it is still tightly managed by China.
/jlne.ws/3qbdifS
Sri Lanka forced into IMF U-turn after financial crisis sparks protests; Gotabaya Rajapaksa's government is struggling to counter fuel shortages, blackouts and inflation
Benjamin Parkin - FT
Sri Lanka has begun talks with the IMF over a debt relief package after protests over a deepening economic crisis forced Gotabaya Rajapaksa's government into a policy U-turn. The president told the country on Wednesday night that he was "attempting to immediately resolve this crisis and provide relief to the people".
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Africa's Electricity Boom Seen Needing $350 Billion Investment; Almost 20% of total would be for off-grid generation: WoodMac; Traditional utilities could face 'grid defection' by customers
Paul Burkhardt - Bloomberg
An expansion in electricity production across sub-Saharan Africa will require $350 billion of investment if it's to reach all citizens, with off-grid generation accounting for a fifth of the total, according to consultant Wood Mackenzie Ltd.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Ken Griffin, Cubs-owning Ricketts family Team Up for Chelsea FC Bid, Sky Reports
Crain's Chicago Business
Ken Griffin has teamed up with the owners of the Chicago Cubs for a takeover bid of English soccer's Chelsea Football Club.
It's the latest offer for Chelsea to come forward ahead of a Friday deadline. The club is being sold by Roman Abramovich in the wake of Russia's invasion of Ukraine and intense scrutiny of his ties to President Vladimir Putin.
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