09-0015 USAF C-32A departed JBA sw with SAM637 USAF G5 west from JBA
morning
>>63156 pb EU Bars 10 Megabanks From Recovery Bond Sale Over Previous Market Manipulation
8 banks previously banned from bond sale now allowed to take part - EU
Eight banks that were previously excluded from syndicated debt sales backing the European Commission’s up to 800-billion-euro ($950.7 billion) COVID-19 recovery fund will be allowed to take part in future issues, the EU executive said on Friday.
“The eight banks have provided information that allow the Commission to conclude that their further exclusion from participation in syndicated transactions in EU bond issuances is not warranted,” the Commission said in an email. It did not name the banks.
https://www.reuters.com/article/eu-recovery-bonds/8-banks-previously-banned-from-bond-sale-now-allowed-to-take-part-eu-idUSB5N2GD00F
>>63917 pb
AF2 USAF C-32A departed JBA to Atlanta Int'l
Still no 98-0001
HSBC takes $2.3 billion hit with sale of French retail bank
HSBC has agreed to sell its French retail bank to Cerberus-backed My Money Group in a deal which will mean a loss of around $2.3 billion for the British bank but end its long struggle to dispose of the business as it focuses on Asia.
The deal announced on Friday sees HSBC take another significant step in a wider retreat from slow-growing European and North American markets where it has struggled against larger domestic players.
Meanwhile Cerberus continues to snap up banks in Europe, where the U.S. based private equity fund already owns stakes in Deutsche Bank and Commerzbank. The deal will see My Money acquire HSBC’s 244 branches, around 3900 staff and 24 billion euros in assets, creating at a stroke what My Money described as a new challenger bank in France’s crowded retail banking landscape. “Our aim would be for the bank to return to profitability, three years after we have taken control of it,” My Money Chief Executive Eric Shehadeh said in a statement. HSBC shares were down 1.9% at 1339 GMT, after slipping ahead of the announcement of a deal that had been widely reported.
The sale price would be a nominal 1 euro, HSBC said, adding that the business would have a net asset value of $2 billion at the time the deal completes, with the British bank agreeing to make up any shortfall in that valuation if it declines. My Money said it will resurrect the Credit Commercial de France (CCF) brand, which HSBC bought for some 11 billion euros 21 years ago as it attempted to gain a foothold in one of Europe’s biggest markets. It also plans to invest 200 million euros in the HSBC unit’s technology infrastructure.
Under French law, the two parties have to consult employees on the deal, and if HSBC and My Money decide to proceed it could be signed in the third or fourth quarter of this year, with completion due in 2023. Shehadeh said My Money was a “responsible employer” and that any job cuts would not happen until 2024 or 2025. HSBC will retain other parts of its French business including its investment and business banking units.
The deal marks HSBC’s second exit from a major Western market this year after it sold its U.S. retail banking businesses, as Chief Executive Noel Quinn cuts his losses in markets where HSBC has long struggled to be profitable.
https://www.reuters.com/article/hsbc-france-ma/update-3-hsbc-takes-2-3-bln-hit-with-sale-of-french-retail-bank-idUSL5N2O02ZV
>>63953 pb HSBC to announce sale of French retail banking operations on Friday
AF2 USAF C-32A on descent for Atlanta Int'l from JBA depart
Russia opens criminal case against ex-cenbanker Korischenko
Russian prosecutors have opened a criminal case against a former deputy governor of the central bank on suspicion of misappropriation and embezzlement, court files showed on Friday. A Moscow court ordered Konstantin Korischenko, a former senior executive at Investbank, to be held in custody for two months. He could face up to 10 years in jail as well as a fine of up to 1 million roubles ($13,800) if convicted. Reuters could not immediately reach Korischenko or his lawyers for comment. The central bank’s press office declined to comment.
Korischenko worked at the central bank from 2002 to 2008. He later became the head of the MICEX exchange, the predecessor of the Moscow Exchange. He became the head of mid-sized lender Investbank in 2012. The central bank cancelled Investbank’s licence in 2013, citing mounting payment problems and dubious operations, during its wide-scale purge of the banking sector led by then newly-appointed Governor Elvira Nabiullina. The Russian presidential academy of national economy and public administration, where Korischenko is the head of capital markets and financial engineering department, said the criminal case against him was not related to his work at the academy.
TASS and RBC new agencies cited sources as saying Korischenko’s office and home had been searched on Friday.
https://www.reuters.com/article/russia-banks/russia-opens-criminal-case-against-ex-cenbanker-korischenko-idUSL2N2O01FR
09-0015 USAF C-32A on approach to Majors Airport Greenville, TX (L-3 located here)
Prolly for some maintenance and/or upgrades.
Liquidity drying up across markets, fueling big swings -Capstone
Deteriorating liquidity across markets is exacerbating swings in a wide range of assets, according to alternative investment management firm Capstone.
Market liquidity, or the ease with which investors can buy or sell securities without affecting their price, has been in a downward spiral in recent years, Capstone said in a research paper. For instance, liquidity in S&P e-mini futures, one of the most popular trading instruments in the world, is down 95% from its 2008 levels, the firm’s research showed. “Market liquidity has started to behave like sand. The tighter you try to grip sand, the more it slips through your fingers,” Rishabh Bhandari, Capstone senior portfolio manager and the paper’s author, said in an interview.
The New York-based fund manages $9 billion and provides services that aim to protect portfolios from market volatility. The firm points to several events in which scant liquidity exacerbated market swings, including the so-called taper tantrum in 2013, the aftermath of the 2016 Brexit vote and U.S. presidential elections and the market swings in the wake of the COVID-19 pandemic last year. Market depth is particularly poor during turbulent times, such as during the COVID-19-fueled market sell-off in March 2020, when trading liquidity shrank to a record low, the paper showed. Since 1990, there have been 129 days when the Cboe Volatility Index - dubbed “Wall Street’s fear gauge” - logged a 1-day move of more than 5 points, with more than half of them occurring after 2008, a Reuters analysis showed.
The dearth of liquidity extends throughout asset classes, with U.S. Treasury futures, European equity index futures and Japan’s Nikkei 225 futures all affected, according to the paper, to be published on the Capstone website next week. Increased regulations curtailing large broker-dealers’ capacity to take risk, the rise of rules-based investing and automated market-making have all played a part in reducing liquidity, according to Capstone. Given the tight relationship between liquidity and volatility, investors’ need to adapt to the changed trading conditions is more important than ever, Bhandari said.
The firm, which specializes in global derivatives and volatility trading, has seen an uptick in demand for hedges, he noted.
https://www.reuters.com/article/usa-markets-liquidity-capstone/liquidity-drying-up-across-markets-fueling-big-swings-capstone-idUSL2N2O007Khttps://finance.yahoo.com/quote/%5EDJI
See cap for someone wanting out in a big way at about 10:10am EST (black dot)
CONGO(s) Beech Jayhawks moved out of the way of incoming storm
From NAS Pensacola to MacDill AFB
Some Texan II JEDI's heading to MacDill...just in time
JEDI01 on ground at MacDill and JEDI37 the last one out