Cboe Global Markets Agrees to Acquire Chi-X Asia Pacific, Expanding Global Footprint into Australia and Japan

Mar 25, 2021

First Read

$32,426/$300,000 (10.8%)


Eurex Derivatives Forum: Fixed Income Looks For a Recipe For ESG Success
Suzanne Cosgrove — John Lothian News

Sustainable investments are new by most measures. This is especially true in the fixed-income sector, where ESG products are in their infancy and clients tend to be more conservative investors, according to members of a panel who addressed the issue on Wednesday at the Eurex Derivatives Forum.

Live-streamed from Frankfurt, the discussion had a decidedly European flavor. The EU has imposed deadlines to reach sustainability goals and many firms are struggling to become compliant with ESG principles.

“ESG is on everybody’s mind,” said Lee Bartholomew, head of fixed-income derivatives product research and development at Eurex. “It comes up at every meeting.”

To read the rest of this story, go here.


Hits & Takes
John Lothian & JLN Staff

The Financial Times has a nice little video about the GameStop story. The title is GameStop’s wild ride: how Redditors took on Wall Street. It is worth a look.

The CME is reporting that “increased customer interest and participation in E-mini S&P 500 ESG futures resulted in two records during last week’s roll. Average daily volume reached 7.2K contracts on March 16 and open interest saw a high of 11.8K contracts on March 17.”

Gary DeWaal shared this important message on LinkedIn: “Fully vaccinated now … as everyone should be as soon as possible. This is NOT a political statement any more than wearing a mask is. It’s just common sense and not burdensome. We need to protect ourselves as well as our families, friends and strangers and get our economy and schools humming again. Vaccines + masks do that. Don’t make this an issue because it’s not! Do what’s right because it is right!”

Mark Dowd of Forefront Communications had a great comment on LinkedIn about the Cboe deal. He said: “Today officially marks the end of an era as Cboe announced it will acquire the last two remaining Chi-X businesses, one in Japan and one in Australia. Much credit is due to Tony Mackay, Peter Randall and Hirander Misra for their massive early success in Europe; Tal Cohen, Matt Trudeau, Dan Kessous, Brendan F. Doran, John Fildes and many others for their roles in building the franchise globally; and countless unsung other folks on the pre- and post-Nomura Instinet team (especially John Fay, who’s contributions were never fully recognized) for providing the critical support needed for the business to flourish, especially during the early years. Quite a 16-year run for the brand, which was responsible for bringing a tremendous amount of value to investors globally.”

Did you catch the release from ICE titled “ICE Futures Europe LIBOR Transition Fallback Proposals?”

We had no new donations to the JLN MarketsWiki Education GoFundMe campaign. For some of you who have not given, but would like to, here is an idea: Would you list an amount that you will match donations to the campaign? Whether you would be willing to give $1,000 or $10,000 or more, list a number you would be willing to match and help encourage others to give. One way or another, I ask you to support our efforts to preserve industry history by giving to our GoFundMe campaign.

Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL


Laura Morrison, global head of listings at Cboe Global Markets, hosts a panel of equity market pros today at 10 a.m. CT for “Exchanging Perspectives: Seeing the Markets Through the Eyes of Industry Leaders.” Cathie Wood, Jan van Eck and Kevin O’Leary are slated to be on the panel. Register to join them here.~SC


The Spread: Boca On-Demand

This week on The Spread, FIA hosts a virtual version of Boca, Bill Brodsky and Steven Sears start an options-focused asset management firm, and more.

Watch the video »


Cboe Appoints Bryan Harkins as President of BIDS Trading, Announces Planned Retirement of Tim Mahoney
Cboe Global Markets
Cboe Global Markets, Inc., a market operator and global trading solutions provider, today announced the planned retirement of Tim Mahoney, President of BIDS Trading, from the company. Bryan Harkins, Executive Vice President and Head of Markets at Cboe Global Markets, has been appointed his successor and will assume the role of President of BIDS Trading, effective immediately.

*****This harkens to bigger and better things for BIDS Trading.~JJL


Bank of England Unveils 50-Pound Note Featuring Alan Turing
Lucy Meakin – Bloomberg
U.K.’s highest value banknote completes a shift to polymer; Note features World War II code breaker and computing pioneer
The Bank of England unveiled the design of its new 50-pound ($69) banknote honoring World War II code breaker Alan Turing, completing what it called its “most secure” set of notes yet.

*****There is a secret code on each 50-Pound Note. Can you break it?~JJL


UK bank fraud hits new record; £479m lost to sophisticated scams exploiting people’s pandemic anxieties
Claer Barrett – FT
Online fraudsters have capitalised on the pandemic, using fake texts about Covid-19 vaccines, lockdown fines and missed parcel deliveries to scam UK consumers out of a record £479m last year. There was a 5 per cent annual rise in money lost to “authorised fraud” — where customers unwittingly sanction payments to criminals — according to data released by UK Finance, the banking industry body.

*****Your grandma is not the only one who falls for scams.~JJL


Toilet Paper Is Next Likely Victim of World’s Container Crisis
Fabiana Batista – Bloomberg
CEO of largest pulp exporter Suzano warns of export delays; Container squeeze is spilling over into break-bulk shipping
The world really doesn’t need more toilet paper problems. But unfortunately the biggest producer of wood pulp — the raw material for products including bath tissue — is warning that the global crunch in shipping containers could start creating supply snags.

*****Toilet paper is currently stopped up in the Suez Canal.~JJL


Wednesday’s Top Three
The most-read story on Wednesday was a Bloomberg opinion piece, We Must Start Planning for a Permanent Pandemic. The second most popular story was industry news from The TRADE, TP ICAP completes $700 million Liquidnet acquisition. And No. 3 was from the CME Group, news that BrokerTec Launches First-Ever U.S. Treasury Benchmark Spread Trading Capacity.


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Lead Stories

Cboe Global Markets Agrees to Acquire Chi-X Asia Pacific, Expanding Global Footprint into Australia and Japan
Cboe Global Markets
Planned transaction provides Cboe with a single point of entry into Australia and Japan, two of the world’s largest securities markets; Ownership of Chi-X Asia Pacific helps enable Cboe to expand its global equities business, including bringing industry-leading block platform, BIDS Trading, to the Asia Pacific region; Transaction positions Cboe to further execute on its strategy to build one of the world’s largest global equities and derivatives trading networks, expanding its global market data offering and access to its proprietary products
Cboe Global Markets, Inc. (Cboe: CBOE), a market operator and global trading solutions provider, today announced it has entered into a definitive agreement to acquire Chi-X Asia Pacific Holdings, Ltd. (Chi-X Asia Pacific), an alternative market operator and provider of innovative market solutions, from J.C. Flowers & Co. LLC. This acquisition will provide Cboe with a single point of entry into two key capital markets – Australia and Japan – to help enable it to expand its global equities business into Asia Pacific, bring other products and services to the region, and further expand access to its unique proprietary product suite in the region. The transaction is expected to close in the second or third quarter of 2021, subject to regulatory review and other customary closing conditions.

A Vaccine Passport Is the New Golden Ticket as the World Reopens; Companies and countries that depend on travel or large gatherings are counting on a totally unproven concept.
Christopher Jasper, Angus Whitley, Eleni Chrepa – Bloomberg
In a harbor on the Greek island of Paxos, Panagiotis Mastoras checks over his fleet of pleasure craft and counts down the days to the return of the tourists who fuel the economy of the 8-mile speck in the Ionian Sea. For the rental-boat skipper, the easing of travel curbs imposed as the Covid-19 outbreak swept the world appears tantalizingly close. Greece said it would welcome back visitors starting on May 14, as long as they’ve had a vaccination, recovered from the novel coronavirus, or tested negative before flying out. “It’s the safest way,” says Mastoras, one of 850,000 people working in a holiday sector that accounted for almost a quarter of Greece’s gross domestic product before the pandemic, the highest proportion in Europe. “We’ve reached a point where it can’t go on like this.”

Trust No One Becomes Cyber Mantra After Massive Hacking Attacks
Alyza Sebenius and Kartikay Mehrotra – Bloomberg
Once dismissed as crazy, ‘zero trust’ is finding new advocates; Lawmakers, tech companies among proponents of security measure
Researcher John Kindervag published a paper about a decade ago that argued administrators of sensitive computer networks shouldn’t trust anyone on their networks, regardless of their title. It’s not good enough simply to try to keep bad guys out of your network, he argued. You also have to put strict limits on the people already inside, thus the shorthand for the security model: “zero trust.”

Former Glencore Oil Trader Pleads Guilty to Manipulating Prices; Trader is cooperating in ongoing investigation into the manipulation, prosecutor said
Aruna Viswanatha – WSJ
A former oil trader at mining company Glencore GLNCY 2.18% PLC pleaded guilty Wednesday to conspiring to manipulate fuel prices, in a case that signals a new front in a long-running crackdown by prosecutors on efforts to improperly steer oil trading benchmarks that influence real-world prices.

Cboe CEO Expects to Build Out Crypto Offerings as Demand Rises
Joanna Ossinger – Bloomberg
Tilly says ‘we need to be there’ with digital-asset products; Firm is eager to move along approval for VanEck Bitcoin Trust
Cboe Global Markets Inc. is looking to get further back into the cryptocurrency space after a couple of ill-fated attempts in prior years. The Chicago-based exchange holding company ceased Bitcoin futures a couple of years ago and has made several as-yet-unsuccessful attempts to list a Bitcoin exchange-traded vehicle. But it entered the crypto market-data business in December in a pact with CoinRoutes Inc. And it’s eyeing new efforts as the market matures and demand for products increases, Chief Executive Officer Ed Tilly said in a phone interview.

Fidelity Plans to Launch Bitcoin ETF; The exchange-traded fund still needs to be approved by the Securities and Exchange Commission
Justin Baer – WSJ
Fidelity Investments unveiled plans Wednesday to launch an exchange-traded fund that tracks the price of bitcoin, furthering the money manager’s push to bring cryptocurrencies to mainstream finance. The ETF, called Wise Origin Bitcoin Trust, will aim to match an index that takes spot prices from various bitcoin markets, including popular exchanges, Fidelity said in a securities filing. Fidelity Digital Assets will serve as the fund’s custodian, storing Wise Origin’s holdings.

Tesla-Loving Chinese Day-Traders Flock to a Bullish Broker; Tencent-backed Futu and other Chinese online brokers have benefited as younger investors have poured money into booming markets
Joanne Chiu – WSJ
The international trading boom has sent a Chinese broker on a wild ride. Worth just $1.2 billion a year ago, Nasdaq-listed Futu Holdings Ltd. has surged in value and at its peak in February was worth nearly $26 billion. Despite a pullback since then, the company, which is backed by Tencent Holdings Ltd. TCEHY -5.09% , still had a market capitalization of more than $14 billion as of Wednesday’s close.

Younger crypto investors do it for ‘thrills’, UK financial watchdog says
Huw Jones – Reuters
Thrill-seeking younger people are turning to online apps to invest in high-risk crypto-assets and foreign exchange even though most are unable to absorb big losses, Britain’s Financial Conduct Authority said on Tuesday.

SEC launches inquiry into SPAC IPO frenzy – reports; Letter sent to Wall Street banks
Anna Fedorova – Investment Week
The US Securities and Exchange Commission (SEC) has opened an investigation into the frenzy of special purpose acquisition companies (SPACs) IPOs on Wall Street, amid concerns about the risks involved.

City watchdog implores workers to blow the whistle on bosses; The plea is part of a new campaign to encourage would-be whistleblowers to speak up
Lucy McNulty – Financial News
The UK’s top finance watchdog has urged City workers to report any suspected serious misconduct to them. The Financial Conduct Authority issued the unusual plea on 24 March as part of a new campaign to encourage would-be whistleblowers in the financial services sector to speak up.

‘I just feel broken’: doctors, mental health and the pandemic; Burnout and the burden of life-and-death decisions have driven some exhausted front-line staff to the edge
India Ross – FT
At 5 o’clock in the morning, Boingoc Dinh awoke on a cool hospital floor and realised she wasn’t all right. It was the middle of 2020, the Covid-19 pandemic was raging across the world and Dinh, a second-year medical resident at WellSpan Good Samaritan Hospital in rural Pennsylvania, had cracked.

Online trading platform AvaTrade places bet on £700m London float; Dublin-based AvaTrade has hired bankers to prepare the ground for an IPO later this year, Sky News learns.
Mark Kleinman – Sky News
A surge in pandemic-fuelled activity by homebound traders is propelling AvaTrade towards a London stock market listing that could value it at up to £700m.

Bitcoin Has a Resource-Devourment Problem; It hogs more and more of the world’s electricity and computer chips. This can’t go on.
Mark Gongloff – Bloomberg
Finland is a country with a generous welfare state, a strong military, a very good hockey team and an economy that makes a small group of people very wealthy. The U.S. government has all of that, too (OK, fine, the U.S. hockey team is privately funded, but play along). Bitcoin devours the same amount of energy as both Finland and Uncle Sam, but returns only the getting-a-few-people-wealthy part. No welfare state, no military, no hockey team.

Yellen Puts Climate on First Financial-Stability Meeting Agenda
Christopher Condon and Saleha Mohsin – Bloomberg
FSOC to hold its debut gathering under Biden administration; Hedge funds and mutual funds also to be discussed in private
Treasury Secretary Janet Yellen will preside over her first meeting as head of the Financial Stability Oversight Council on March 31, with climate change on the agenda of the cross-agency body’s initial gathering under the Biden administration.

UBS Considers Workplace Changes in U.S. After Staff Feedback
Sonali Basak – Bloomberg
UBS Group AG’s business in the Americas is weighing some workplace changes following feedback from employees on issues such as diversity, job flexibility and community engagement.


The Covid Resilience Ranking; The Best and Worst Places to Be as Global Vaccinations Take Off
Jinshan Hong, Rachel Chang and Kevin Varley – Bloomberg
A lightning-fast vaccination drive has propelled Israel toward the top of Bloomberg’s Covid Resilience Ranking, transforming everyday life to put the country alongside New Zealand and Taiwan as one of the best places to be in the coronavirus era.

Why Is AstraZeneca Making So Many Unforced Errors? The drugmaker is trying to get vaccines to the world at minimal cost. But its repeated mistakes can’t be excused easily.
Chris Hughes – Bloomberg
Why is AstraZeneca Plc making so many unforced errors in its attempt to distribute billions of doses of Covid vaccines to the world at minimal cost? Once the pandemic is under control, the Anglo-Swedish drugmaker should examine whether there’s a problem with the way it makes decisions.

Merck’s Little Brown Pill Could Transform the Fight Against Covid; The antiviral drug molnupiravir, still in clinical trials, would give doctors an important new treatment and a weapon against coronaviruses and future pandemics
Cynthia Koons, Riley Griffin – Bloomberg
The story of what might become the next major breakthrough in Covid-19 treatment starts on a hotel hallway floor in January 2020, months before you were worried about the virus, weeks before you likely knew it existed. A scientist and a business executive were at a health-care conference in San Francisco, hatching a plan to get a promising drug out of academia and into research trials for regulatory approval.

Hong Kong Suspends Online Bookings of BioNTech Vaccine Shots
John Cheng – Bloomberg
Hong Kong suspended online bookings of the Covid-19 vaccines manufactured by BioNTech SE, soon after the government halted the rollout because of packaging defects on the vials. According to the city’s online vaccine booking system, reservations for the BioNTech/Fosun vaccine have been suspended. Bookings for the Sinovac vaccine were still available.

Biden Boosts Efforts to Get Vaccines to Hard-Hit Parts of U.S.
Josh Wingrove – Bloomberg
Moves are intended to help communities most affected by virus; $10 billion funding comes largely from coronavirus relief bill
The Biden administration will steer nearly $10 billion toward bolstering Covid-19 vaccine access for vulnerable U.S. communities that have suffered the most from the pandemic — including funding aimed at encouraging people to get inoculated.

Finnish Cabinet Seeks Three-Week Lockdown to Fight Virus Spread
Kati Pohjanpalo – Bloomberg
Finns are now being told to stay at home, for the first time this pandemic, as the government seeks to stem the spread of coronavirus mutations and prevent excess strain on health care. Prime Minister Sanna Marin’s government on Thursday proposed a lock-down that would allow people to leave their homes for necessities, such as food and doctor’s appointments, or to exercise outdoors with up to two people not members of their household.

Covid-19 Antibody Maker HyTest Said to Mull $400 Million Sale
Vinicy Chan – Bloomberg
Nordic buyout firm Summa Equity acquired HyTest in 2018; Finnish company expects antibodies to detect virus variants
Nordic private equity firm Summa Equity AB is exploring a sale of Finland’s HyTest Ltd., a manufacturer of antibodies and antigens used in tests for illnesses including Covid-19, people with knowledge of the matter said.

India blocks vaccine exports in blow to dozens of nations; Country’s Serum Institute is the biggest supplier of doses to WHO’s international Covax scheme
Stephanie Findlay, Michael Peel and Donato Paolo Mancini – FT
India, one of the world’s biggest vaccine producers, has imposed a de facto ban on jab exports as it seeks to prioritise local vaccinations amid an accelerating second wave of coronavirus infections.

India’s second Covid wave undermines herd immunity theory; Easing of lockdown restrictions, new variants and reinfections are cited as potential driving factors
Benjamin Parkin, John Burn-Murdoch, Donato Paolo Mancini and Anna Gross – FT
India is experiencing a sharp rise in coronavirus infections, increasing pressure on New Delhi to accelerate its vaccine rollout and puzzling scientists after a retreat of the pandemic had buoyed hopes that parts of the country had reached herd immunity.

AstraZeneca and the lessons of vaccine hesitancy; Trust must be restored in the only jab that is offered at cost
David Pilling – FT
In a first edition of Edward Jenner’s 1798 book Vaccination Against Smallpox, where the English physician described the science behind the vaccine that would eventually eradicate the disease, a sceptical reader had scrawled, “Bah Humbug!!”

Hancock says he can ‘see an end’ to coronavirus crisis; Health secretary cites research suggesting vaccines are saving lives in the UK
Roula Khalaf and George Parker – FT
Matt Hancock has said he can “see an end” to the Covid-19 crisis in the UK, with coronavirus managed “more like the flu” and vaccines speedily evolving to fight new variants.

AstraZeneca Releases Updated Covid-19 Vaccine Data Showing 76% Efficacy; Additional data was in line with earlier disclosure indicating shot was 79% effective
Jenny Strasburg and Joseph Walker – WSJ
AstraZeneca AZN -1.23% PLC released more pivotal-trial data for its Covid-19 vaccine, saying the shot was 76% effective at preventing Covid-19 with symptoms in a fuller analysis of study results than the company had earlier provided.

‘Lying Through Truth’: Misleading Facts Fuel Vaccine Misinformation
Miles Parks – NPR
The odds of dying after getting a Covid-19 vaccine are virtually non-existent. According to recent data from the Centers For Disease Control and Prevention, you’re three times more likely to get struck by lightning. But you might not know that from looking at your social media feed.

U.S. COVID response could have avoided hundreds of thousand of deaths – research
Howard Schneider – Reuters
The United States squandered both money and lives in its response to the coronavirus pandemic, and it could have avoided nearly 400,000 deaths with a more effective health strategy and trimmed federal spending by hundreds of billions of dollars while still supporting those who needed it.

Exchanges, OTC and Clearing

Cboe expands into Australia and Japan with Chi-X acquisition; Alongside the acquisition, Cboe has appointed Bryan Harkins to replace BIDS Trading president Tim Mahoney as he retires after 15 years in the role.
Annabel Smith – The TRADE
Cboe Global Markets has confirmed plans to acquire trading venue operator Chi-X Asia Pacific from JC Flowers, providing it with entry into Australia and Japan markets. The exchange said it expects the deal to close in the second or third quarter this year and terms were not disclosed.

CTP lists on Euronext Amsterdam
Real estate manager and developer raises EUR854.2 million market capitalisation of EUR5.6 billion
Euronext today congratulates CTP, a leading vertically integrated European logistics property owner-developer, on its listing on Euronext Amsterdam (ticker code: CTPNV).

Integrated Wind Solutions lists on Euronext Growth Oslo
The offshore wind service company Integrated Wind Solutions has today been admitted to trading on Euronext Growth (ticker code: IWS). “A fast-growing offshore wind industry is a must if Europe, and the world as such, are to have realistic expectations in reaching the Green Deal ambitions within the next few decades. Our goal is to be a preferred service provider for wind turbine OEMs and owners of the wind farms,” says Lars-Henrik Røren, CEO of Integrated Wind Solutions.

Bringing together a global community: the Derivatives Forum Frankfurt 2021;
The fourth edition of Eurex’s Derivatives Forum took place virtually from 23 to 24 March and was packed with debate, exchange and thought leadership. The Derivatives Forum has quickly grown to become Europe’s leading event covering not just derivatives trading and clearing, but a range of related financial market topics such as repo, collateral management and asset allocation. The event was kicked off with a welcome from CNBC’s Annette Weisbach – who also moderated a range of panels across the event – and an opening address from Eurex CEO Michael Peters. Peters reinforced both the Derivatives Forum’s global scope – the event received over 3,000 registrations from around the world – as well as the importance of Frankfurt as a financial center. Indeed, as Peters said, “it’s fair to conclude that Frankfurt has the strong support of the international finance community as a globally recognized hub for derivatives trading, as well as risk and collateral management”.

Friedrich Vorwerk Group SE now in the Prime Standard of the Frankfurt Stock Exchange
Deutsche Börse Group
Friedrich Vorwerk Group SE (ISIN: DE000A255F11 ) has been listed in the Prime Standard segment of the Frankfurt Stock Exchange since today . At the start of trading, the shares were quoted at EUR 46.88. The issue price was 45.00 euros.

Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange Closed for Good Friday
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange will be closed on Friday, April 2, 2021, for Good Friday.

London Stock Exchange Group introduces new tools for global infrastructure investors
London Stock Exchange Group
FTSE Russell expands its global multi-asset index suite, introduces FTSE Fixed Income Core Infrastructure Index Series; Refinitiv market data adds Infrastructure 360 as part of Refinitiv Workspace, offering comprehensive & fundamental data on global infrastructure projects; Suite of tools for infrastructure-focused global investors is part of newly combined and expanded global footprint for LSEG’s Data & Analytics division.
LSEG (London Stock Exchange Group plc) today announces the introduction of an enhanced suite of index, market data and analytics tools to support global infrastructure investors.

CME Globex Notices: March 22, 2021
CME Group
Critical System Updates
iLink 2 on MSGWDecommission – This Week
Update on Order Routing and Front-End Audit Trail Requirements for iLink 3
GLink Network Infrastructure Upgrade at Aurora Co-Location Facility – Starting This Week
CME FX Link Enhancements – This Week
CME FX Link Enhancements: Drop Copy Impact – This Week
Update – iLink 3 SBE Schema Update – This Week UPDATE

CME STP Notices: March 25, 2021
CME Group
CME STP FIXML API Connectivity Documentation
BrokerTec Production Service Availability
Changes to Italian Repo Collateral Clean Price – April 11
Update on Enhancements for Exercise and Assignment Trades on CME STP – April 12

EBS Market Integration onto CME Globex
CME Group
In Q4 2021, 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.


Greenwood Fintech Raises $40 Million from U.S. Banking Giants
Lananh Nguyen – Bloomberg
BofA, Citi, JPMorgan, Mastercard, Visa among investors; Digital banking platform will cater to Black, Latino customers
Greenwood, a digital banking platform aimed at Black and Latino customers, raised $40 million in funding from some of the biggest U.S. lenders and payments companies. Truist Financial Corp.’s venture capital division led the Series A funding round, Greenwood said Thursday in a statement. Other investors include Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Wells Fargo & Co., PNC Financial Services Group Inc., Mastercard Inc. and Visa Inc.

Slack Reverses Course on Feature That Could Be Used to Harass
Vlad Savov – Bloomberg
Company’s effort to replace email posed harassment danger; Slack taking steps to prevent abuse of invites to connect
Slack Technologies Inc. rolled out a new feature Wednesday designed to build out its email replacement service called Slack Connect, but had to backtrack almost immediately after backlash over its potential for abuse.

Stripe’s $95bn price tag heralds internet shift from ads to commerce; A new online commerce and payments infrastructure is finally starting to evolve
Tim Bradshaw – FT
When Tim Berners-Lee and his colleagues were crafting the world wide web three decades ago, they left a key component incomplete. Alongside the familiar 404 error, encountered when a web page is “not found”, there exists a similar code 402 denoting “payment required”.

The City needs to deliver for tech companies; Investors should be prepared to back more digital insurgents
The Editorial Board – FT
The sight of teal-clad Deliveroo riders whizzing around city streets on L-plated scooters has become one of the most striking features of lockdown life. Speedy deliveries of takeaway food have offered a welcome indulgence when the temptations of home-cooked beans on toast have faded.

VC Firms Have Long Backed AI. Now, They Are Using It; Some firms are using AI algorithms to help with investment decisions
Jared Council – WSJ
Venture capitalists who have long funded artificial intelligence startups are beginning to use the technology to search for a competitive edge in their own investment decisions.

TORA integrates OEMS with BondCliQ for US corporate bond data; The integration with BondCliQ will provide pricing in corporate bonds from more than 40 dealers via the OEMS at TORA.
Annabel Smith – The TRADE
TORA has expanded its order and execution management system (OEMS) with the integration of US corporate bond consolidated quote and trade data from BondCliQ. Through the partnership, users of TORA’s OEMS can access more than 50,000 quotes from over 40 dealers in real-time via BondCliQ’s centralised corporate bond quote data.

Broadridge and AccessFintech partner to transform resolution of settlement fails; FinTech firms Broadridge and AccessFintech align to resolve multi-party settlement fails through new solution.
Jon Watkins – The TRADE
AccessFintech is continuing to grow its network of partners in the securities services industry after teaming up with post-trade FinTech giant Broadridge to deliver a new strategic gateway for settlement workflow.


Tesla’s Bitcoin Adventure Promises an Even Wilder Ride; Adding more digital currency to the automaker’s balance sheet is enough to give an equity analyst nightmares.
Mark Gilbert – Bloomberg
Elon Musk, the Technoking of Tesla Inc., says the electric vehicle maker will now accept payment in Bitcoin for its cars. Adding more of the capricious cryptocurrency to the balance sheet of one of the world’s fastest growing companies by market capitalization could prove explosive.

Fidelity Plans to Launch Bitcoin ETF
Justin Baer – WSJ
Fidelity Investments unveiled plans Wednesday to launch an exchange-traded fund that tracks the price of bitcoin, furthering the money manager’s push to bring cryptocurrencies to mainstream finance. The ETF, called Wise Origin Bitcoin Trust, will aim to match an index that takes spot prices from various bitcoin markets, including popular exchanges, Fidelity said in a securities filing. Fidelity Digital Assets will serve as the fund’s custodian, storing Wise Origin’s holdings. The ETF, which requires the Securities and Exchange Commission’s approval, would mark a major step forward in the firm’s bitcoin ambitions. If it is approved, the ETF could be available for purchase on the large brokerage and wealth-management platforms that oversee trillions of dollars of individual investors’ assets.

Bitcoin Slips in Another Sign That Retail Trader Mania Is Fading
Eric Lam – Bloomberg
Largest cryptocurrency falls to lowest in about two weeks; Drops in GameStop, U.S. call option volume flag less euphoria
Bitcoin fell amid a wider retreat in assets that had earlier ridden a wave of stimulus-infused optimism among retail traders. The largest cryptocurrency dipped 2% to about $52,950, a two-week low, as of 7:02 a.m. in New York. The token is mired in its longest losing streak since December. The wider Bloomberg Galaxy Crypto Index is also struggling.

Bitcoin Miners Are on a Path to Self-Destruction; Producing the cryptocurrency is a massive drain on global power and computer chip supplies. Another way is needed before countries balk.
Noah Smith – Bloomberg
Many of the complaints about Bitcoin over the years have been overhyped. But the cryptocurrency’s increasing use of real physical resources— energy and computer chips — can no longer be ignored. If Bitcoin wants to avoid government crackdowns, it needs to shift to technologies that don’t require constant massive resource consumption just to maintain the currency’s price.

Blast From the Past: Atari’s Comeback on NFT Mania in Peril
Cristin Flanagan – Bloomberg
Penny stock has been on a rollercoaster after 120% surge; Atari came off three-year high, volume has slowed down
The bloom may be off the rose for a 1980s mainstay that more than doubled earlier this month after getting caught up in the meme stock mania. Retail investors recently flocked into Atari SA as the entertainment software company announced plans for a foray into the online-casino market. But the frenzy to own the French penny stock that trades over-the-counter in the U.S. has died down after soaring more than 120% in March. The shares came off a three-year high hit earlier this week, and volume — while still elevated — has also been reduced.

Indian companies will now have to disclose their crypto holdings in financial statements
Yogita Khatri – The Block
Indian companies have been mandated to disclose their crypto holdings in financial statements, according to new rules that are coming into force on April 1. India’s Ministry of Corporate Affairs amended Schedule III of Companies Act, 2013 on Thursday, and it now requires companies to detail their crypto holdings. The details include “profit or loss on transactions involving crypto currency or virtual currency,” “amount of currency held as at the reporting date,” and “deposits or advances from any person for the purpose of trading or investing in crypto currency/ virtual currency.” The rules apply for all Indian firms, including private and publicly-listed companies, Amit Maheshwari, partner at accounting firm AKM Global, told The Block. He added that companies will have to report crypto holdings in both their profit and loss statements and balance sheets.

Crypto Exchange Coinsquare Ordered to Hand Thousands of Customers’ Records to Canadian Tax Agency
Danny Nelson – Coindesk
Canada’s tax authority, the Canada Revenue Agency (CRA) has prevailed in a court battle for access to a trove of high-value customer data held by cryptocurrency exchange Coinsquare. And the CRA seems to be coming for more. Under a federal judge’s March 19 order, Coinsquare must hand over detailed information on its Canadian customers, their crypto trading activity and identifying information to the Canada Revenue Agency (CRA). Coinsquare told CoinDesk that it will disclose information on an estimated 5% to 10% of its 400,000 customers to the CRA, which had originally sought to secure the lot. Court documents indicate only high value accounts will be caught in the sweep.

Bitcoin Options Traders Position for Gains (to $80K?) in Historically Bullish April
Omkar Godbole – Coindesk
Some bitcoin options traders are betting that this year’s price rally, which paused in recent weeks, will resume in April – historically a strong month for the market. Among options listed on the dominant Deribit exchange with an April 30 expiry, the most common open position is the $80,000 call, data shared by the options analytics platform Laevitas shows. Deribit is the world’s largest crypto options exchange by trading volumes and open interest. That’s a sign of high price expectations for April, as noted on Twitter by on-chain analytics firm Glassnode founders Jan Happel and Jann Allemann. Bitcoin is currently changing hands around $53,000, up 83% on the year. But the market has stagnated since reaching an all-time high above $61,000 on March 13.

RBI Is Assessing Digital Rupee’s Impact on Financial Stability, Says Governor Shaktikanta Das
Omkar Godbole – Coindesk
The Reserve Bank of India (RBI) is examining the impact of the digital rupee on the country’s financial stability. “While we are working on introducing the digital version of the fiat currency, RBI is also assessing the financial stability implications of introducing CBDC,” Das said on Thursday during his speech at the Indian Economic Conclave 2021, according to The Indian Express. The governor added that the central bank has conveyed its concerns regarding cryptocurrencies to the Indian government, which is planning to table a bill in the parliament seeking to ban private cryptocurrencies and facilitate the development of the RBI’s digital rupee. “The matter is still under examination, and the government will come out with a decision on it,” Das said.

Tax Rules for Buying and Selling Bitcoin and Other Crypto
Mat Sorensen – Entrepreneur.com
When you buy Bitcoin and sell it for a profit you are subject to capital-gains taxes. This is the case whether you buy Bitcoin and sell it for dollars or whether you exchange it for other cryptocurrency for a profit. This is also the case if you buy Bitcoin, it goes up in value and then you exchange the Bitcoin for goods or services.

Bitcoin could become ‘outlawed the way gold was outlawed’ in 1934, speculates Bridgewater’s Dalio
Mark DeCambre – MarketWatch
Bitcoin is enjoying its moment in the sun now, but the world’s No. 1 digital asset could face major resistance by government’s looking to rein in the decentralized crypto, according to Bridgewater Associates Ray Dalio.

Buy This Column on the Blockchain! Why can’t a journalist join the NFT party, too?
Kevin Roose – NY Times
Normally, I’m not allowed to make sales pitches in my columns. But this time is an exception, because what’s for sale is the column itself. That’s because I’ve decided to enter the freewheeling world of nonfungible tokens, or NFTs, the newest frontier in the cryptocurrency gold rush. This is my first experiment — a column about NFTs that is, itself, being turned into an NFT and put up for auction.


Publicans and Tory MPs criticise suggestion of Covid pub certificates; Opponents say enforcing proof of vaccination or recent negative test would be discriminatory and hard to enforce
Alice Hancock and George Steer – FT
Publicans and Tory MPs have reacted angrily to the prime minister’s suggestion that coronavirus certificates could be required to go to the pub. The outcry comes ahead of a key vote on Thursday on an extension to the government’s emergency Covid-19 legislation that could see it last until September 25 if approved. Backbench Tory MPs are threatening to vote against the bill, citing the curbs to people’s freedoms as “draconian”.

A new target in the US vaccine rollout: reluctant Republicans; Officials are worried about pockets of jab hesitancy among people who voted for Donald Trump
Kiran Stacey – FT
For the past five weeks, nurses at Cobre Valley medical centre in Globe, Arizona, have been vaccinating anyone aged 18 and over, after becoming one of the first places in the US to completely open up vaccine eligibility. And yet, with less than a third of the local population vaccinated, hospital staff have been alarmed to see appointments dropping significantly in recent weeks, from about 250 a day to 175.

Covid jabs are at the sharp end of political risk; ‘Pharma executives, engaged in an effort beneficial to the whole world, did not expect to see such a danger’
Gillian Tett – FT
A decade ago, if analysts wanted to put a price on a pharmaceutical stock, they usually did so by looking at the company’s balance sheet, studying its cash flow, calculating its debt burden and scrutinising its patents and drugs pipeline.

New York Lawmakers Reach Deal to Legalize Marijuana; After years of impasse, New York is poised to become the 15th state in the country to allow the recreational use of the drug
Jimmy Vielkind – WSJ
After years of false starts, New York state lawmakers said Wednesday that they had reached an agreement to legalize the sale of marijuana for recreational use by adults starting next year.

Wall Street Law Firm Emerges as N.Y. Power Center in Biden Era
Christian Berthelsen and Greg Farrell – Bloomberg
Paul Weiss has strong ties to Democrats and new administration; It’s also a top firm for big banks facing government probes
Damian Williams, the man poised to be nominated as the next top federal prosecutor in Manhattan, shares a credential with several other New York power players associated with the Biden administration: he’s been a lawyer at the elite firm Paul, Weiss, Rifkind, Wharton & Garrison.


Former finance broker charged with fraud
On 22 March 2021, Mr Daniel Wilson appeared at the Ringwood Magistrates’ Court on four charges of obtaining a financial advantage by deception, contrary to section 82(1) of the Crimes Act 1958 (Vic). The charges follow an ASIC investigation into Mr Wilson’s conduct between 2013 and 2014, while he was a finance broker at Combined Motor Traders, a Cranbourne used-car dealership.

ASIC releases advice fee consent and lack of independence disclosure legislative instruments
ASIC has made three legislative instruments that deal with advice fee consents and independence disclosure following Royal Assent of the Financial Sector Reform (Hayne Royal Commission Response No.2) Act 2021 (the Act) earlier this month.

SEC Issues Amendments, Seeks Public Comment on Holding Foreign Companies Accountable Act
The Securities and Exchange Commission has adopted interim final amendments to implement congressionally mandated submission and disclosure requirements of the Holding Foreign Companies Accountable Act (HFCA Act).

2020 TRACE Fact Book available
The 2020 TRACE Fact Book and fourth-quarter data tables are now available. The tables include aggregated information for securitized products as well as corporate and agency debt securities, including trades reported, the top 50 issues by trades and by par value, the average daily par value traded, customer buy vs. customer sell ratios and more.

FINRA Announces Updates to the Interpretations of FINRA’s Margin Rule for Day Trading
This Notice announces, effective immediately, clarifications of interpretations of FINRA margin requirements regarding day trading (Rule 4210(f)(8)(B)(ii)).

FINRA New Issue Form Availability
The FINRA New Issue Form will be unavailable from 7 AM ET Saturday, March 27, 2021 until 7 PM ET Sunday, March 28, 2021, while the system undergoes scheduled maintenance.

Effective date for Interpretive Notice regarding Members’ use of third-party service providers
NFA recently adopted an Interpretive Notice entitled NFA Compliance Rules 2-9 and 2-36: Members’ Use of Third-Party Service Providers. The Interpretive Notice requires each Member outsourcing regulatory functions to adopt and implement a supervisory framework over its outsourcing function to mitigate outsourcing-related risks. The Interpretive Notice will become effective on September 30, 2021.

Creating a Better Test for Capital
ISDA Chief Executive Officer Scott O’Malia offers informal comments on important OTC derivatives issues in derivatiViews, reflecting ISDA’s long-held commitment to making the market safer and more efficient.

Investing and Trading

First SPAC in Scandinavia Has Institutional Funds Piling In
Hanna Hoikkala – Bloomberg
Scandinavia’s first special purpose acquisition company was “considerably oversubscribed,” as institutional investors lined up to commit funds to the blank check vehicle. ACQ, a SPAC created by Swedish investment firm Bure Equity AB, started trading on Thursday. The subscription price of 100 kronor a share was quickly topped when the market opened, with ACQ Bure AB jumping as much as 9%.

History Says Bond Traders Are Terrible at Timing Fed Liftoff
Liz McCormick, Demetrios Pogkas, and Craig Torres – Bloomberg
Tendency is to prematurely anticipate hike from zero: JPMorgan; ‘The degree of disconnect now is simply glaring,’ analyst says
A word of warning for all those bond traders banking on a Federal Reserve rate hike as soon as next year: Since 2008, markets have underestimated how patient officials can be in lifting borrowing costs from zero. After the Fed first slashed rates that low during the financial crisis, hedgers and bettors in money-market derivatives established a track record of being consistently too aggressive on a first move higher, according to JPMorgan Chase & Co. In late 2008, traders already saw several hikes in the following couple years, even though it ultimately took officials until 2015 to tighten, the bank’s analysis shows.

The Euro’s Viral Turn Is More Than Pseudo-Science; The currency’s drop below a key technical level reflects deteriorating dynamics in the continent’s fight against the pandemic.
John Authers – Bloomberg
One of the strongest market trends of the last 12 months appears to have broken. The euro is no longer on a consistent upward path compared to the dollar, and this has ramifications for virtually everything else. A weaker dollar makes life easier for emerging markets, and for the U.S. It also makes U.S. inflation that much more likely. Beyond that, it more or less directly implies that Europe is a better investment for now than the U.S. There have been enthusiastic bets on all of these things. So how seriously should we take the change in the trend?

Retail Trader Army Is Signaling Retreat on Latest Stimulus Wave
Justina Lee – Bloomberg
Declines of Reddit favorites signal fading speculative force; Falling popularity of the Robinhood app is among the signs
From bullish options to basketball trading cards, the multibillion-dollar retail frenzy is showing signs of fading. Just as $1,400 stimulus checks arrive all across the U.S., day-trader favorites are losing steam, stirring speculation that the army of individual investors who disrupted markets over the past year have opted to spend the cash on plane tickets and restaurants rather than their trading apps.

GameStop’s wild ride: how Redditors took on Wall Street
FT Video
An army of retail investors gathered on Reddit’s WallStreetBets forum to take on short-selling hedge funds and send shares in video game retailer GameStop, and several other ‘meme stocks’, on a rollercoaster ride. This film explains how the short squeeze unfolded, led by the retail investors on WallStreetBets with ‘diamond hands’, and what it means for hedge funds and short-selling

Environmental, Social and Corporate Governance

How Black Farmers Took On the Racial Wealth Gap; Black farm owners lost nearly all of their land over the last century. A landmark settlement aimed to fix the damage done by racist lending practices.
Elizabeth Rembert and Shelly Banjo – Bloomberg
Tucked into President Biden’s $1.9 trillion American Rescue Plan is a $5 billion relief package for minority farmers — about a quarter of whom are Black. The funds are meant to help a group of people subject to a legacy of discrimination and a cycle of debt that has skewed landownership in the United States to be overwhelmingly White.

A $2 Trillion Rainbow of Ethical Debt Sows Investor Confusion
Rebecca Choong Wilkins, David Caleb Mutua, and Greg Ritchie – Bloomberg
Thematic sustainable bonds set to surge in coming years; Fragmentation of green debt market drawing regulator scrutiny
Green bonds. Blue bonds. Brown bonds. Environmentally-conscious investors may soon be able to buy a different color of asset every day of the week. Record demand for sustainable finance is spurring this rainbow of debt types by governments and companies, to fund increasingly specific ways of mitigating climate change. While green bonds — which pledge their proceeds to finance wind farms or solar parks — are the dominant species, some of these labels have so far remained relatively niche.

ESG Stampede Reduces Financing for Carbon-Intensive Companies
Alastair Marsh – Bloomberg
The flip side of the stampede into sustainable investments in recent years is that companies with the greatest need to decarbonize are increasingly starved of funding.

G-7 Coordination Seen as ‘Missing Piece’ for Sustainable Finance
Alastair Marsh – Bloomberg
The booming sustainable finance industry needs global standards and upcoming gatherings of world leaders provide the ideal forum for designing them, according to the world’s biggest industry body for sustainable investing.

Top central banks identify nine ways to make their policies greener; Report on how policymakers can tackle climate risk highlights asset purchases and lending
Martin Arnold – FT
The world’s biggest central banks have identified nine ways in which they could use monetary policy to tackle the risks of climate change, including greener asset purchases and climate-related lending schemes, according to a new report.

Financing for Texas wind power in disarray after winter storm; Debacle calls into question ‘tax equity’ funding favoured by investors from Warren Buffett to JPMorgan Chase
Gregory Meyer – FT
Renewable energy investors are reassessing their plans in Texas after last month’s winter storm froze some wind power projects and left their complex financing arrangements in a shambles.

A green solution to sovereign debt restructuring; Creditors should allow debtors to discharge liabilities by backing environmental projects
Lee Buchheit – FT
Many countries, developed and developing, entered 2020 with government debt at historically high levels. The Covid-19 pandemic made things worse, much worse. The World Bank estimates that roughly $10tn has been added to sovereign debt stocks since the beginning of 2020, representing 12 percent of world gross domestic product in 2020.

Green Energy Spinoffs Can Help Investors Clean Up; European power producers are looking to unload their dirty assets as they seek to attract environmentally minded investors
Rochelle Toplensky – WSJ
The clamor on Wall Street for all things green has put spinoffs back on the agenda for energy producers. This time round, Europe’s utilities are likely to jettison dirty assets rather than clean ones.

Sustainable agriculture is the next way ESG investors can fight climate change
Debbie Carlson – MarketWatch
The original green sector – agriculture — hasn’t been on the radar for environmental, social and governance investors, given industrial agriculture’s heavy dependence on pesticides, fertilizers and genetically modified seeds. But ESG investors are turning their interest to agriculture as a way to fight climate change. In November, the US SIF, an organization that follows sustainable investing, said sustainable agriculture was an important investing issue for money managers, the first time this issue cracked the top five specific criteria. Of the $17 trillion invested in ESG issues, money managers said they devoted $2.38 trillion to sustainable agriculture while institutional investors devoted $2.18 trillion to the theme.

ESG Stampede Reduces Financing for Carbon-Intensive Companies
Alastair Marsh – Bloomberg
The flip side of the stampede into sustainable investments in recent years is that companies with the greatest need to decarbonize are increasingly starved of funding.


Nationwide to allow all office-based employees to ‘work anywhere’; Chief of UK mortgage lender plans to work remotely 1 or 2 days a week to set example
Nicholas Megaw – FT
Nationwide, the UK’s second-largest mortgage lender, will allow the majority of its 13,000 office-based staff to carry on working from home full-time if they wish after the end of the coronavirus pandemic.

Rio Tinto accused of concealing real reasons for Mongolia mine delay; US hedge fund’s lawsuit claims miner knew Oyu Tolgoi project was in trouble months before telling investors
Neil Hume – FT
Mining group Rio Tinto has been accused by a US hedge fund of concealing the real cause of the delays that have held back its most important project. In documents filed in New York as part of a class-action lawsuit, Pentwater Capital Management claims senior executives at Rio Tinto and its subsidiary Turquoise Hill Resources (TRQ) knew the $6.75bn expansion of the Oyu Tolgoi copper mine in Mongolia was in trouble months before the problems were disclosed to investors.

ETF inflow surge may force BlackRock to sell billions in energy stocks; The iShares clean energy funds are braced for a major index rebalancing after amassing too much money in too few companies
Steve Johnson – FT
Massive investor inflows into two BlackRock exchange traded funds pinned on just 30 clean energy stocks may force the asset manager to sell billions of dollars worth of shares to prevent it building up overly large holdings in the companies.

BNP Paribas Asset Management Expands Sustainable Fixed Income ETF Range
BNP Paribas Asset Management (‘BNPP AM’) announces the expansion of its indexed fund range with the launch of three new ETFs[1] linked to sustainable fixed income indices:


What’s Behind China’s Crackdown on Its Tech Giants
Bloomberg News
China’s biggest companies got that way with at least tacit support from the government, but doubts are growing about where they stand. Since the last-minute suspension of a record stock offering by billionaire Jack Ma’s sprawling Ant Group Co., President Xi Jinping’s government has steadily trotted out policies seemingly designed to rein in the country’s most powerful corporations and their billionaire founders, including Alibaba Group Holding Ltd. (Ant’s major backer) and Tencent Holdings Ltd., operator of the WeChat super-app. Regulators fired their opening salvos late last year — opening an investigation into alleged monopolistic conduct at Alibaba and ordering Ant to overhaul its business — then trained their sights on Tencent. All that’s left investors worried about what’s next and if the unusual leeway enjoyed by entrepreneurs like Ma might be coming to an end.

Taiwan Central Bank Insiders Call for Overhaul of Dollar Policy
Argin Chang, Miaojung Lin, and Samson Ellis – Bloomberg
Current and former bank board members to publish book; Keeping TWD weak has slowed economic development, they say
Three current and former members of Taiwan’s central bank board are calling for an overhaul of its currency policy, saying efforts to tamp down on the local dollar’s appreciation is increasingly having a negative effect on the economy. Board members Li Yi-ting and Chen Shiu-sheng, and ex-member Wu Tsong-min, have co-authored a book with writer Ariel Chen to be published in April.

Ghana’s Eurobond Sale Is Test for African Issuers Amid Debt Woes
Moses Mozart Dzawu – Bloomberg
Country eyes first African zero-coupon bond in $5 billion deal; Kenya, Angola may follow if Ghana’s sale succeeds: Gemcorp
Ghana’s planned Eurobond sale will be a key test of appetite for African issuers after a raft of nations sought debt relief, shaking investor confidence.


How Irish Unity Got a Boost From Brexit, Demographics
Dara Doyle – Bloomberg
In May 1921, the island of Ireland was split in two — giving rise to Northern Ireland as part of the United Kingdom, and to what would become the independent Republic of Ireland. A century later, the clamor for a referendum to reunify Ireland is growing. There’s little prospect of a vote in the next five years, but shifting demographics, coupled with the forces unleashed by Brexit, suggest a ballot at some point beyond then is a possibility — though only if the British government approves.

As Europe threatens to curb vaccine exports to Britain and other countries, the post-Brexit rift widens
Rick Noack, Karla Adam and Quentin Ariès – The Washington Post
The European Commission introduced new limits on coronavirus vaccine exports Wednesday in a move that could widen the rift between the European Union and its former member state Britain. Although the revised rules do not constitute an outright ban, they will make reciprocity, a country’s epidemiological situation and its vaccination rate key criteria for export approval. Expected to be in place for at least six weeks, the curbs could have a particularly strong effect on Britain, which has received more than 10 million doses from plants inside the E.U. — more than any other non-E.U. destination — but has exported no vaccine back to the bloc. Britain now has one of Europe’s lowest daily case numbers per capita, and it has at least partially vaccinated more than 40 percent of its population, compared with just 9 percent in Germany and France.

U.K. Lost Workers to EU During Covid and Brexit, LinkedIn Says
Lucy Meakin – Bloomberg
The networking website LinkedIn said its database shows more of its members left the U.K. for the European Union than arrived over the past year after the coronavirus and Brexit sent shock waves through the labor market. The exodus from Britain accelerated through the early months of 2021, even as net migration from countries outside the EU remained positive. The findings indicate a broad reshaping of the U.K. workforce that could have implications for the potential of an economic recovery.

Johnson Hopes Vaccine Success Can Inoculate Him Against Brexit Critics
Mark Landler and Stephen Castle – The New York Times
Britain’s rapid rollout of coronavirus vaccines has revived the political fortunes of Prime Minister Boris Johnson. Now, Mr. Johnson’s allies hope the stark disparity between Britain’s performance and the European Union’s will do something perhaps even more challenging: vindicate their larger Brexit project. Pro-Brexit politicians and commentators are casting Britain’s vaccine deployment, which ranks among the fastest in the world, as an example of risk-taking and entrepreneurial pluck that comes from not being shackled to the collective decision-making of the 27 member states of the European Union. With vaccination rates that are a fraction of Britain’s, threats of export bans on vaccines produced on the continent and churlish statements about British-made vaccines by leaders like President Emmanuel Macron of France, the European Union has seemingly done all it can to make it look like Britain picked the right time to leave.


Daniel Wolf, 65, Dies; Helped Create a Market for Art Photography; In 1984, he quietly amassed 25,000 photos for the J. Paul Getty Museum, jump-starting collectors’ interest in the medium.
Clay Risen – NY Times
Daniel Wolf pulled off what may have been the greatest legal art caper of all time: Over the course of two years in the early 1980s, he quietly amassed some 25,000 classic and contemporary photographs, buying them from the world’s most renowned collectors on behalf of his client the J. Paul Getty Museum in Los Angeles.

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