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☆ Global derivatives industry defends CDS after banking blow-ups
▼ + stars: | 2023-03-30 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

Credit default swaps (CDS) are derivatives that offer insurance against the risk of a bond issuer - such as a bank - not paying their creditors. European Union markets watchdog ESMA said on Thursday that it, together national regulators, had been "looking into the recent market movements, including in the CDS market". Clearing of individual bank or company CDS is also available at LCH’s CDSClear and ICE Clear Credit. Overall, the credit derivatives market is also far smaller than it was before the 2008 crisis. "The credit derivatives market continues to play a critical role, particularly during times of volatility," Malia said.

☆ US FDA approves first OTC opioid overdose reversal drug
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

[1/2] A box of NARCAN nasal spray is photographed at an outpatient treatment center in Indiana, Pennsylvania, U.S. on August 9, 2017. The approval for OTC use of the naloxone-based nasal spray will help align the federal government's stance with states that have provisions to offer the drug without prescription at pharmacies. Drug-related overdose deaths in the United States rose about 15% year-over-year to more than 100,000 in 2021, as per official data. While the approval puts Emergent ahead in the OTC product race, analysts have said it is not likely to derive significant sales from the approval. Benchmark analyst Robert Wasserman said ahead of the approval that Narcan sales peaked in 2020 and have declined since.

☆ Explainer: What are credit default swaps and why are they causing trouble for Europe's banks?
▼ + stars: | 2023-03-28 | by ( Amanda Cooper | ) www.reuters.com time to read: +6 min

LONDON, March 28 (Reuters) - Turbulence in Europe's banks following the implosion of 167-year-old Credit Suisse (CSGN.S) and runs on regional banks in the U.S. has focused attention on the role played by credit default swaps in all the turmoil. The moves followed a surge in the cost of insuring Deutsche Bank's debt against default via credit default swaps (CDS) to a more than four-year high last week. Credit default swaps are derivatives that offer insurance against the risk of a bond issuer - such as a company, a bank or a sovereign government - not paying their creditors. The CDS market is worth around $3.8 trillion, according to the International Swaps and Derivatives Association. The CDS market is small relative to equities, foreign exchange or the global bond markets, where there are more than $120 trillion bonds outstanding.

☆ ECB's Enria says market nervousness is a concern
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, March 28 (Reuters) - Recent volatility in Deutsche Bank (DBKGn.DE) shares was concerning as it showed investors were on edge and could be spooked by moves in the small market for credit default swaps (CDS), European Central Bank supervisor Andrea Enria said on Tuesday. The German bank's shares tumbled last Friday as the cost of insuring its debt against the risk of default jumped to a more than four-year high, intensifying worries about the health of Europe's financial sector. Enria said the CDS market is relatively small and illiquid, but that a selloff there could have broader ramifications for the much larger share market. "What concerned me really was the amount of nervousness, disquiet that I perceived in the market and among investors," Enria told a conference in Frankfurt. Enria argued that central clearing for credit default swaps would improve transparency, reducing the risk of volatility.

☆ How this 26-year-old went from running bitcoin trading desks in Taco Bells to creating the largest crypto exchange in Africa
▼ + stars: | 2023-03-25 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +28 min

Yellow Card CEO Chris Maurice just before meeting with the Securities and Exchange Commission in Accra, Ghana. Chris MauriceFrom there, Yellow Card users can send or receive digital cash in eligible markets. Zoom In Icon Arrows pointing outwards Yellow Card CEO Chris Maurice in Accra, Ghana loading cash onto his Mobile Money account, MoMo. Yellow Card has facilitated $1.75 billion in transactions since launching in 2019 and has about 220 employees – mostly in Africa. A resident checks his phone outside a mobile money kiosk in the Kibera district of Nairobi, Kenya, on Monday, Aug. 1, 2022.

☆ An options strategy from Goldman to profit from Friday's jobs report
▼ + stars: | 2023-03-09 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

The options for some major stocks appear oddly cheap ahead of a highly anticipated jobs report, according to Goldman Sachs. Straddles are derivatives that serve as a bet on volatility, regardless of direction. Shares of the Facebook parent have been on a tear in 2023, rising by more than 50% already. Outside of tech, Caesars Entertainment has already gained 28% year to date, and analysts see another 30% of upside, according to Refinitiv. Shares of Moderna have already moved 3% or more on 11 different trading days in 2023.

☆ Here are Tuesday's biggest analyst calls: Apple, Amazon, Arista, Costco, Joby, Netflix & more
▼ + stars: | 2023-03-07 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Northcoast upgrades Costco to buy from hold Northcoast said it sees more upside for the wholesale retailer. " Goldman Sachs initiates Arista Networks and Juniper as buy Goldman initiated several networking equipment stocks, noting they are attractively valued. Deutsche Bank downgrades Joby to sell from hold Deutsche said it sees too many risks for the aviation company. Morgan Stanley reiterates Walmart as overweight Morgan Stanley said its standing by shares of Walmart as the retail giant continues to sign up new members for its Walmart+. Loop reiterates Netflix as hold Loop said its survey checks show that password sharing charging is increasing revenue for Netflix.

The world's largest and oldest metals market annulled all nickel trades in March last year after chaotic price action and suspended trading for the first time since 1988. "That the FCA has decided to investigate means it considers there are circumstances suggesting that LME may have committed serious misconduct. ACTIVE STEPSThe 146-year-old LME said it had taken active steps to enhance nickel market liquidity and transparency, including 15% daily price limits and over the counter (OTC) position reporting for all physically delivered metals. The FCA and Bank of England began a review last April into the trading halt by the LME, owned by Hong Kong Exchanges and Clearing (0388.HK). In January management consultants Oliver Wyman released an independent review of the nickel trading debacle and the exchange said it would set out an implementation plan for the report's recommendations by the end of March.

☆ Lucira's home test for flu and COVID-19 gets U.S. FDA nod for OTC use
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

Feb 27 (Reuters) - Lucira Health (LHDX.O) said on Monday the U.S. Food and Drug Administration (FDA) had granted emergency use authorization for its combination diagnostic test for COVID-19 and the flu, making it the first to be available over-the-counter. The test — called Lucira COVID-19 & Flu Home Test — is a single-use, at-home rapid test kit that provides results from self-collected nasal swab in about 30 minutes. Shares of the medical test maker rose more than four-fold to 66 cents in premarket trade. Lucira is also seeking a strategic or financial partner to resume the manufacturing and development of additional home diagnostic tests. Reporting by Bhanvi Satija and Sriparna Roy in Bengaluru; Editing by Shailesh Kuber and Uttaresh VenkateshwaranOur Standards: The Thomson Reuters Trust Principles.

☆ Prosecutors say Sam Bankman-Fried helped create a new company with no employees to get round FTX being rejected for a bank account in California
▼ + stars: | 2023-02-24 | by ( Pete Syme | ) www.businessinsider.com time to read: +4 min

Prosecutors say FTX.US was denied opening a California bank account as it wasn't a licensed money services business. The low-profile company, called North Dimension, was founded in August 2020 and was previously revealed in other complaints against Bankman-Fried. Thursday's indictment says it also had no employees or business operations other than its bank account. Now, prosecutors say this was an elaborate scheme to defraud a bank and operate an unlicensed money business. "Under Bankman Fried's supervision, employees of Alameda completed an account application that falsely stated that the purpose of the North Dimension bank account was for 'trading' and 'market making,'" the indictment unsealed on Thursday reads.

☆ G20 watchdog says commodity market concentration poses threat to wider economy
▼ + stars: | 2023-02-20 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The FSB, which coordinates financial rules for G20 economies, said that forced governments to offer liquidity to some cash-strapped market participants. But fallout from the surge in nickel prices echoed concerns over large, concentrated positions and opacity in commodities more generally. The commodities market adapted to stress by switching to opaque over-the-counter (OTC) or off-exchange contracts where margin requirements are less strict, making ties between commodities and banks more complex, the report said. FSB Commodities Graphic 1The FSB said vulnerabilities in commodities are similar to those in non-bank financial intermediaries as economies went into COVID-19 lockdowns, and are now being addressed. FSB Commodities Graphic 2Reporting by Huw Jones; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Feb 15 (Reuters) - Emergent BioSolutions Inc's (EBS.N) over-the-counter version of opioid overdose reversing drug received unanimous support from U.S. Food and Drug Administration's panel of advisers, sending shares of the contract drugmaker up nearly 16% after market. The vote puts the naloxone-based treatment Narcan on track to potentially become the first opioid overdose drug to be sold OTC nationwide. Naloxone rapidly reverses or blocks the effects of an overdose, restoring normal respiration. However, most panelists emphasized that OTC use of the nasal spray was safe and proposed ways to improve its labeling, to avoid using the drug wrong. Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020.

Prime Trust made $650 million in wire transfer deposits into the Binance.US account during the quarter, the bank records show. The Binance global exchange, Binance CEO Zhao and Prime Trust did not respond to detailed questions about the transfers. Among the dealers on Binance.US was Merit Peak, according to company messages, the trading firm managed by CEO Zhao. From January to March 2021, the account records show that Merit Peak received 89 transfers from the Binance.US SEN account totalling $404 million. These transfers often immediately followed a deposit into the Binance.US account by Prime Trust, the crypto custodian firm for Binance.US client funds.

☆ Gold demand surged to an 11-year high in 2022 on 'colossal' central bank buying
▼ + stars: | 2023-02-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Alexander Manzyuk | ReutersGold demand soared to an 11-year high in 2022 on the back of "colossal central bank purchases, aided by vigorous retail investor buying," according to the World Gold Council. Annual gold demand jumped 18% to 4,741 tons (excluding over-the-counter or OTC trading) across the year, the largest annual figure since 2011, fueled by record fourth-quarter demand of 1,337 tons. "Central bank net purchases in Q4 totalled 417t, lifting H2 total buying to 862t. The majority of the central bank buying in 2022 came from emerging markets, with the Central Bank of Turkey the largest buyer at a record 542 tons. This means that the purchasing power of non-U.S. buyers is reduced and harms global gold demand.

☆ The best acne treatment for teens, according to dermatologists
▼ + stars: | 2023-01-27 | by ( Vivian Manning-Schaffel | ) www.nbcnews.com time to read: +10 min

| How to treat teen acne | What makes teen acne worse? To help you find the right products for you, we spoke to dermatologists about teen acne treatments and ingredients to look for. The best treatments for teen acne to shop, according to expertsBelow, we gathered expert-recommended face washes and spot treatments that can help improve teen acne. It’s fragrance-free, non-comedogenic and should remove any excess oil, dirt or makeup from the skin, according to the brand. Making sure to minimize or avoid ways that could make acne worse is the key to reducing breakouts, according to our experts.

☆ Johnson & Johnson deserves more credit for another healthy quarter and strong guidance
▼ + stars: | 2023-01-24 | by ( Jeff Marks | ) www.cnbc.com time to read: +6 min

Johnson & Johnson (JNJ) posted another solid quarter of healthy growth — and another productive year of free-cash-flow generation — despite a slight miss on sales. On an adjusted operational basis, which excludes the impact of acquisitions and divestitures and currency, sales rose 0.8%. But the new year has been tough on pharmaceutical stocks and almost all of health care, including JNJ stock, which is down 6% year to date. Johnson & Johnson forecasts adjusted EPS on an operational basis to grow 2.5% to 4.5%, which at a midpoint of $10.50 compares favorably to the consensus of $10.33. Its addition to the MedTech division is expected to help accelerate sales growth this year.

☆ Police in Thailand arrested an American man in connection with an alleged fraud that left a New Jersey deli worth $100 million
▼ + stars: | 2023-01-19 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Thai police arrested a man over an alleged fraud involving a firm that owned a New Jersey deli. Peter Coker Jr. was detained on January 11 at a hotel in Phuket, the Bangkok Post reported. His father, Peter Coker Sr., and James Patten were arrested in September and have pleaded not guilty. Coker Jr was the subject of arrest warrants issued by Interpol, per the Post, after being accused of stock market manipulation and fraud in September. The Post reported that Coker Jr. admitted he was the man wanted on the Interpol register.

☆ Davos 2023: LME CEO says nickel reforms to be implemented 'relatively quickly'
▼ + stars: | 2023-01-18 | by ( Divya Chowdhury | ) www.reuters.com time to read: +2 min

DAVOS, Switzerland, Jan 18 (Reuters) - The London Metal Exchange (LME) will implement recommendations on accountability and position limits "relatively quickly" from an independent review of last year's nickel crisis to prevent market distortions and improve risk monitoring, its chief executive officer said on Wednesday. "The recommendations around accountability levels and position limits are particularly important, are broadly rules-based, so could be brought about quite quickly," LME CEO Matthew Chamberlain said on the sidelines of the World Economic Forum's annual meeting in Davos, Switzerland. The LME, the world's largest and oldest metals forum, annulled all nickel trades on that day, for which it is facing legal action, and suspended the market for the first time since 1988. Independent consultancy Oliver Wyman was appointed by the LME to carry out a review of the debacle. He said the LME plans to make its platform more attractive to traders by not increasing fees in 2023 "even with inflation".

☆ Analysts expect this under-the-radar global carbon capture stock to soar by up to 65%
▼ + stars: | 2023-01-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Shares of Norway-based Aker Carbon Capture could rise by 65%, according to analysts, as demand increases for emissions reduction technology. Aker Carbon Capture builds carbon capture and storage (CCS) plants in an effort to lower emissions from industrial cement and steelmaking plants. The company's latest innovation, revealed last week, would cut the energy needed to capture carbon and improve the company's profitability in the future, according to analysts at Berenberg. Berenberg analysts said Aker's stock could also move following an expected announcement from the U.K. to build carbon capture plants. Aker Carbon Capture's ADRs are also traded on the OTC markets in the U.S.

The four each held a sizeable short position of between 13,000 and 24,000 lots, equivalent to 78,000 to 144,000 tonnes. LME warehouses held just 80,088 tonnes of nickel stocks when Russia invaded Ukraine on Feb. 24. The mix of producer hedging and speculative overlay in the short position landscape is impossible to know with any precision. It's worth remembering that Tsingshan is itself a huge nickel producer, albeit not in a form that can be delivered against an LME short position. Excerpt from Oliver Wyman reportLATE ARRIVALThe shorts were not helped by the rapid build-up of a long position on March 7 which the report links to "one financial client with no material existing nickel position".

LONDON, Jan 10 (Reuters) - The London Metal Exchange (LME) said on Tuesday it will set out by the end of the first quarter how it will deliver on the recommendations of an independent report into the nickel crisis last year. Months after turbulence highlighted shortcomings in LME oversight, the nickel contract remains broken. It appointed management consultants Oliver Wyman to carry out a review of the nickel trading debacle last June. Part of the problem is that only about 21% of global production or 650,000 tonnes can be delivered against the LME nickel contract. "The LME Nickel Committee will continue to explore whether any changes to the LME Nickel contract ... may be beneficial to the market," the LME said.

Companies could also move their gas trading off energy exchanges, where the EU price cap will apply, and instead conduct private transactions. The EU cap will not initially cover these "over-the-counter" (OTC) trades, although the bloc will review next year if they should be included. The EU price cap applies to EU hubs, but not those outside the bloc, such as Britain's National Balancing Point (NBP) trading hub. Front-month TTF prices met the price level required to trigger the EU cap on about 40 days this year. EU gas demand dropped by 20% in August-November this year, compared with the five-year average for the same period, Eurostat said on Tuesday.

☆ Europe's gas market faces risks from EU price cap, Equinor says
▼ + stars: | 2022-12-12 | by ( Nora Buli | ) www.reuters.com time to read: +3 min

SummarySummary Companies Gas market liquidity at risk from price cap plansPrice cap will not hamper Equinor deliveries to EuropeBilateral delivery contracts volume has doubledOSLO, Dec 12 (Reuters) - A European Commission plan for a gas price cap risks reducing liquidity in Europe's gas market, posing a threat to how it functions, head of trading at Norwegian oil company Equinor told Reuters, but its own gas deliveries will not be affected. For Equinor, the biggest concern is what happens to the liquidity in the gas market, Helge Haugane, Equinor's head of gas and power trading, said in an interview. "I think the price cap is the one that we need to pay attention to," Haugane said. These contracts are typically indexed to various gas price indices and cover delivery terms of up to 10 years, he added. Equinor is also open to discuss longer term fixed price contracts, but so far there has been limited interest from buyers, he added.

☆ U.S. FDA grants priority review for Emergent's OTC opioid drug
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

Companies Emergent BioSolutions Inc FollowDec 6 (Reuters) - Contract drugmaker Emergent Biosolutions (EBS.N) on Tuesday said its over-the-counter nasal spray as a treatment for suspected opioid overdose would be reviewed on a priority basis by the U.S. health regulator. Emergent is seeking the U.S. Food and Drug Administration's approval for a prescription-free sale of its nasal spray, Narcan, which is already cleared for the treatment of opioid overdose in the country. If approved following the agency's priority review by March 29, the spray could become the first naloxone-based drug to be sold over the counter. The worsening opioid crisis has prompted U.S. President Joe Biden's administration to develop newer strategies, including the use of naloxone. Reporting by Bhanvi Satija and Khushi Mandowara in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA to review Emergent's OTC opioid overdose drug on priority
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +2 min

Dec 6 (Reuters) - Contract drugmaker Emergent Biosolutions (EBS.N) said on Tuesday its over-the-counter nasal spray as a treatment for suspected opioid overdose would be reviewed on a priority basis by the U.S. health regulator. Emergent is seeking the U.S. Food and Drug Administration's approval for a prescription-free sale of its nasal spray, Narcan, which is already cleared for the treatment of opioid overdose in the country. The agency will make its decision by March 29 and its priority review status puts Narcan on track to become the first naloxone-based drug to be sold over the counter, Benchmark analyst Robert Wasserman said. If approved, Narcan could face competition from generic versions of the drug, pressuring margins for Emergent, Cowen analyst Boris Peaker said. Rival Opiant Pharmaceuticals' (OPNT.O) drug nalmafene is also under the FDA's review and could pose additional risk to Narcan sales, as it provides better protection against an opioid overdose, Peaker added.

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