price discovery – Piazza Carlo Giuliani http://piazzacarlogiuliani.org/ Sun, 20 Mar 2022 22:01:04 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://piazzacarlogiuliani.org/wp-content/uploads/2021/03/cropped-icon-1-32x32.png price discovery – Piazza Carlo Giuliani http://piazzacarlogiuliani.org/ 32 32 Feature: Forex Crackdown: A Case of Wind Chasing https://piazzacarlogiuliani.org/feature-forex-crackdown-a-case-of-wind-chasing/ Sun, 20 Mar 2022 22:01:04 +0000 https://piazzacarlogiuliani.org/feature-forex-crackdown-a-case-of-wind-chasing/

BY TATIRA ZWINOIRA

The director general of the Financial Intelligence Unit (FIU), Oliver Chiperesa, revealed that 206 companies have been hit with administrative sanctions for manipulating the exchange rate.

Chiperesa made the revelation in an article published last Sunday in the public weekly, The Sunday Mail.

The administrative penalties result from companies preferring to use the parallel exchange rate of US$1 for $250 rather than the central banks’ auction rate of US$1 for $127.48.

Indeed, for most businesses, the forex auction rate is not an appropriate price discovery mechanism for the local currency due to the controls put in place by the Reserve Bank of Zimbabwe (RBZ).

Therefore, many businesses turn to the parallel exchange rate to preserve the value of their goods and services as they believe it reflects the true value of the Zimbabwean dollar since the RBZ does not control it.

“Obviously, when we consider following the law as a business.

“We encourage our members to operate within the bounds of the law.

“But getting to the specific issue of product pricing, obviously because we know that some of our members are getting money, i.e. US dollars, from the auction and they should fix the price at the official exchange rate”.

In an interview, Confederation of Zimbabwe Industries (CZI) President Kurai Matsheza said, “But some of our members actually have to go to the parallel market to find their funds. So we understand that there is some mixing (between official and parallel exchange rates) that has to happen because when they get that money the cost is higher than at auction.

Statutory Instrument 127 of 2021 gave the central bank the power to impose fines on individuals or companies that manipulate exchange rates through fines, civil penalties, and even jail time.

However, some companies use Section 3, Subsection 1, to justify using the parallel market exchange rate.

This part reads as follows: “A natural or legal person is guilty of a civil offense if he uses, without an exchange control authority, foreign currency obtained directly or indirectly from an auction of foreign currency or an authorized dealer for a purpose other than that specified in the application for participation in the auction or in the request for foreign currency.

This means that only those accessing foreign currency from the RBZ auction are eligible for a fine or sanction if found to be using parallel exchange rates instead of the official rate.

Thus, a majority of companies continue to abuse the exchange rate because most companies, which are not exporters, do not source foreign currencies from forex auctions.

Additionally, research by the Food Security Branch of the United States Agency for International Development has shown that the US dollar has now become the preferred trading currency and most products and services are denominated in dollars. Americans.

This allows businesses to avoid tying their prices to the parallel exchange rate since the US dollar is an acceptable legal currency.

“Official and parallel market currency exchange rates jumped 10% in February compared to January,” reads its February-September food security outlook for 2022.

“In early February, the US dollar was trading as high as $240 on the parallel market, more than double the official exchange rate.

“Parallel market exchange rates are the main drivers of Zimdollar price increases in the formal and informal sectors.”

Economist Prosper Chitambara said arresting businesses, while justified, was not the right move to deal with disparities in official and parallel exchange rates.

“I think the idea of ​​shutting down companies is not the right move given that most companies source some of their currency needs and in some cases more of it from the black market. “, did he declare.

“So I think it will weaken business confidence and it could actually have negative outcomes that won’t be good for the economy.”

Without easy access to foreign currency auctions and delays in awarding the greenback to winning bidders, the parallel foreign exchange market will remain a reliable source of US dollars.

The chief executive of the Zimbabwe National Chamber of Commerce, Chris Mugaga, said that given the number of people using the parallel exchange rate, it would be impossible to stop or fine everyone.

“There must be a market exchange rate that reflects market forces.

As long as market exchange rates (official and parallel) get closer and price discovery improves, it is obvious that the black market will die a natural death,” he said.

The reintroduction of the local currency in June 2019 without significant market confidence, foreign currency or commodity support accelerated the gap between official and parallel exchange rates.

In this regard, businesses today often prefer the parallel exchange rate as it guarantees access to foreign currencies, offers a premium and preserves the value of their goods or services.

  • This article first appeared in the Weekly Digest, an AMH digital publication.

]]> NSE partners with IBJA to set up bullion spot exchange https://piazzacarlogiuliani.org/nse-partners-with-ibja-to-set-up-bullion-spot-exchange/ Sat, 12 Mar 2022 14:02:48 +0000 https://piazzacarlogiuliani.org/nse-partners-with-ibja-to-set-up-bullion-spot-exchange/

The National Stock Exchange of India Ltd. (NSE) has partnered with the India Bullion and Jewelers Association Ltd. (IBJA) to launch a national spot bullion exchange in accordance with SEBI guidelines.

This is the first time that a national bullion exchange has been set up under the SEBI umbrella.

In addition to providing a platform for industry players to transact in the spot market, the joint initiative would also offer investors and consumers the opportunity to participate directly in the exchange.

The proposed business framework would cater to the B2B segments of the industry and also play a role in integrating value chain participants across the bullion ecosystem.

Shareholders will include NSE, IBJA and industry participants (including refiners, bullion dealers, jewelers, banks and overseas suppliers).

IBJA and NSE said they were already in advanced discussions with industry participants about closing the shareholding structure.

“”This exchange will bring efficiency and transparency in bullion price discovery and at the same time provide investors with confidence in the quality of the metal delivered through the exchange platform,” said Vikram Limaye, Managing Director and CEO of NSE..

“We are also happy to work with IBJA in this initiative and we are confident that with their expertise and large membership base, we will be able to contribute to the overall development of the bullion spot market and witness participation important player in the market,” he said.

Prithviraj Kothari, IBJA National Chairman, said, “This exchange is conceptualized with industry requirements in mind and will integrate the transactions of bullion dealers, jewelers, retailers and consumers into a single platform. .”

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Amazon announces stock split offering green in a sea of ​​red https://piazzacarlogiuliani.org/amazon-announces-stock-split-offering-green-in-a-sea-of-%e2%80%8b%e2%80%8bred/ Thu, 10 Mar 2022 14:36:48 +0000 https://piazzacarlogiuliani.org/amazon-announces-stock-split-offering-green-in-a-sea-of-%e2%80%8b%e2%80%8bred/

Key points to remember:

  • Consumer Price Index (CPI) report hits projections
  • Stocks rebound as Russian official signals potential progress ahead of peace talks
  • The strength of the sector could change depending on the prospects for peace

Stock index futures were pointing to a lower open as Wednesday’s rally appears to lack the legs to continue into Thursday. Commodities are rebounding from yesterday’s strong sell-off, and that seems to be weighing on investors. However, today’s Consumer Price Index (CPI) report will capture much of the attention of investors.

The CPI report measured a 0.8% increase month-on-month and a 7.9% increase year-on-year, meaning inflation rose as foreseen. However, these are still very high figures not seen since the early 1980s. Core inflation which excludes food and energy rose by 6.4% year-on-year, which was higher than expected by 5.9%. Stock index futures rallied on the report, but quickly gave back gains. All in all, there’s not much here that’s likely to push the Fed off the trajectory Chairman Jerome Powell outlined to Congress last week.

Investors are likely feeling the jolt of market swings, especially with 2% ranges. While there really isn’t anything that signals an end in sight, we can hope that the ranges will at least tighten.

US markets do not appear to be benefiting from a good trading day in Asia. The Japanese Nikkei 225 rose nearly 4% on lower oil prices. The Hang Seng Index in Hong Kong rose 1.27%, while the Shanghai Composite Index traded 1.22% higher. However, oil futures are trading higher again this morning, rising 5.25% before the opening bell.

As the Fed moves slowly to raise rates, some companies are looking to raise capital while interest rates are still low. AT&T (T) and Discovery (DISCA) raised $30 billion by selling 40-year corporate bonds for their joint venture. The long maturity allowed the group to offer a yield above 3%, which seemed to attract a lot of attention.

After the market closed on Wednesday, Amazon (AMZN) rebounded more than 8% on news that the company had approved a 20-to-1 stock split in February. Stock splits allow small investors to buy stocks without jeopardizing the diversification of a portfolio. AMZN also announced its intention to buy back $10 billion of its shares.

Market Minutes Review

Stocks rebounded on Wednesday with the S&P 500 (SPX) up 2.57% and testing the 4,300 level. We’ve watched this key level as support for the past nine months, but now it’s acting as resistance. . This level will be key for some traders. If the bulls are able to overcome the resistance, many traders can expect the rally to continue. However, if the resistance holds, the bears could push the benchmark to lower levels.

The rebound was prompted by the spokesperson for the Russian Foreign Ministry who said that Moscow did not want to overthrow the government in Kiev. I hope this is a good sign for tomorrow’s talks between Russia and Ukraine. However, Ukrainian President Zelensky said Ukraine would not give “a single inch” to Russia. Yesterday, President Zelensky said that Ukraine would no longer seek membership in NATO (North Atlantic Treaty Organization), which has been the main point of contention for Russia.

The news led to a sell-off in commodities, which have seen a tear in the past seven trading days. Crude oil futures fell 11.33% on Wednesday, closing below $110 a barrel. Similarly, RBOB gasoline futures fell more than 10% and fuel oil futures fell 20% on the day.

Mains strength switch

If the peace talks succeed, there could be a change in the strength of the sector. Depending on how oil prices react, energy will likely pull back a bit as crude oil goes through a price discovery phase where investors try to focus on supply and demand instead of speculating on what might come next. with Russia and Ukraine. However, even before Russia invaded Ukraine, oil prices were still rising and analysts were forecasting prices ranging from $65 a barrel to $150 in 2022. This means energy stocks could pull back in the short term. term but increase in the long term. If so, energy could still be a strong sector.

Wednesday’s sector performance could be a bit of a microcosm of what’s to come in the near future if peace prevails. The energy sector was the worst performer, with the Energy Select Sector Index falling 3.11%. Financials and technology were the strongest, followed by materials and consumer discretionary. The Financial Select sector index rose 3.93% as the 10-year Treasury yield (TNX) jumped more than 4% on the day and appears to be heading back towards a 2% yield.

If the threat of war lessens, the Federal Reserve is freer to be more aggressive in raising interest rates to fight inflation. Rising rates tend to benefit financials as the gap between savings and credit widens. In fact, the PHLX KBW Bank Index (BKX) rose 4.19% in reaction to higher yields.

If the resistance of the S&P 500 (SPX) holds, it is difficult to say how the sectors will react. Wednesday’s rally could just be a relief rally as the war between Russia and Ukraine is far from over. Therefore, there could still be a lot of anxiety that could prevent stocks from following today. However, war anxiety will make it difficult for the Fed to be aggressive on inflation, so inflationary sectors like energy, materials and financials could still benefit.

Measuring fear: Speaking of anxiety, the Cboe Market Volatility Index (VIX), aka Fear Gauge, fell 7.63% and is now trading just above 32. There are different levels on the VIX that can help investors gauge the degree of fear and complacency. It is important to remember that these levels are not exact due to the enormous volatility of the index. These levels have also evolved over time.

Measuring fear: Investor complacency tends to be highest when the VIX is trading below 15. This tends to happen during mature bull markets. Much of 2021 found the VIX at or below 15. However, in 2018 the VIX was as low as 10. When the VIX is around 20, investor anxiety tends to be heightened. This level often coincides with normal market pullbacks. At 30, anxiety turns to fear. In the early 2000s, this level tended to signal that fear was close to a capitulation point. When the VIX hits 40, investors typically hit a peak of fear. The VIX was around 40 years old when the dotcom bubble burst.

However, there have been times when the VIX has increased much more. When COVID-19 started arriving in the United States and breaking out, the VIX was hitting 90. Similar levels were reached during the 2008 credit crisis. The biggest spike on record was Black Monday in 1987, where the VIX exceeded 170.

TD Ameritrade® Commentary for educational purposes only. SIPC member.

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Features of Electronic Gold Receipt Gold Trading on Gold Exchanges -Narinder Wadhwa https://piazzacarlogiuliani.org/features-of-electronic-gold-receipt-gold-trading-on-gold-exchanges-narinder-wadhwa/ Thu, 03 Mar 2022 18:58:28 +0000 https://piazzacarlogiuliani.org/features-of-electronic-gold-receipt-gold-trading-on-gold-exchanges-narinder-wadhwa/

In the modern history of investing, gold has retained its importance with the emergence of financial derivatives based on gold as the underlying asset. Traditionally, gold has always been considered a safe investment because not only has it traditionally been seen as a store of value regardless of economic cycles, but also because of the perceived intrinsic value associated with the yellow metal. The financialization of gold took root with the emergence of the Gold ETF which allowed an investor to gain exposure to this gold in portfolios. ETFs follow the price of real gold; you can’t take delivery of the metal when you need it.

A proper mechanism was needed for transparent discovery of the gold spot price. The Spot Gold Exchange and trading ecosystem through EGR, which have been notified as securities, will reduce market inefficiencies and help integrate spot gold trading with derivatives markets and pave the way for a flat – transparent shape for gold.

SEBI at its board meeting in September 2021 approved a gold exchange proposal, in which the yellow metal will be traded in the form of EGR and will help to have a transparent mechanism for discovery of national spot prices. India currently only trades gold derivatives and gold ETFs, unlike several other countries that have spot exchanges for physical gold trading. The holder of the EGR can continue to hold the EGR for as long as planned since the EGR will have perpetual validity.

An EGR holder, at their discretion, may also remove the underlying gold from the vaults upon delivery of such receipts. To reduce the costs associated with removing gold from vaults, EGRs have been made “fungible” and “interoperability between vault managers” will be allowed. EGR brings the interoperability of the physical and electronic form of gold comfortable for the investor

The SEBI unveiled on February 14, 2022 the trading functionalities relating to electronic receipts of gold (EGR) on the exchange platforms. With this notification, SEBI had completed the process of implementing the framework for operationalizing Gold Exchange in India after issuing a circular on January 10, 2022 for Gold Exchange – which is the trading ecosystem of EGR and physical delivery of gold, would be a national platform to buy and sell EGR issued against physical gold.

Trading Features

SEBI has issued guidelines on trading hours, trading fees by exchanges, pre-opening session call bidding, bulk and block trading, price ranges, unique client code , the Investor Protection Fund and the Investor Servicing Fund.

  • Trading hours: According to the guidelines, trading on the EGR segment will be permitted Monday through Friday and exchanges may set their trading hours within the timeframe of 9:00 a.m. to 11:30 p.m./11:55 p.m. (in accordance with daylight saving time from the United States in the spring/fall). Season).
  • commercial holiday: The list of holidays for EGR should be consistent with the list of holidays for derivatives markets to provide effective hedging support.
  • During public holidays, stock exchanges may authorize trading in the evening session, ie after 5:00 p.m., in the event that the corresponding international reference markets are open.

Our view on the trade calendar and holidays – This is well thought out with a view to integration between spot and derivatives markets as well as it takes into account trading on other international exchanges.

  • ·Call the pre-opening auction: The pre-opening session will last 15 minutes from 8:45 a.m. to 9:00 a.m., of which 8 minutes will be allocated for order entry, modification and cancellation, 4 minutes for order matching and confirmation of the trade and the remaining 3 minutes will be the buffer period to facilitate the transition from the pre-open session to the normal market. The session will close randomly during the last minute of order entry – anytime between the 7th and 8th minute of order entry. Such random closing will be driven by the system.
  • Reference price – Only for the first day of trading of EGR, the exchanges will discover and disclose a reference price for EGR during the pre-opening session. This reference price would be discovered using the “Spot Price Inquiry Mechanism” as set forth in SEBI Circular no. SEBI/HO/CDMRD/DMP/CIR/P/2016/78 dated September 2, 2016. This one-time survey would be conducted one business day prior to the launch of EGRs on an exchange.

Narinder Wadhwa, President, Commodity Participants Association of India (CPAI)Our Take on Call option in pre-opening: It was kept simple and similar to the successful pre-opening mechanism in the equity segment. Similarly, there is a well-established spot price inquiry mechanism that SEBI notified in 2016 after taking over commodity derivatives regulation in 2015, which works well for international benchmark commodities. The equilibrium price, the pending order, the risk management is similar to the mechanism of the stock segment.

  • Block the deal– A block trade window between 3:05 p.m. and 3:20 p.m. and the reference price for block trades will be the volume-weighted average market price (VWAP) of trades executed on the EGR segment between 2:45 p.m. and 3:00 p.m. and the order minimum size of Rs 10 crore.
  • Wholesale – EGR bought/sold representing 5% of the market-wide limit will constitute a block transaction and the market-wide limit means the sum of the underlying gold, on which EGR was issued and outstanding, on all contracts launched by stock exchanges.

Our take on BLOCK and BULK Deal: Unlike the equity segment which has 2 deal block windows – morning 8:45-9:00 a.m. and afternoon window 2:05-2:20 p.m. and a minimum order size of 5 crore , SEBI has taken into account that the EGR is a new safety class and therefore only one window is allowed. We hope SEBI will revise this and maybe even allow 3 windows once liquidity picks up. However, the minimum order size is expected to be Rs 5 crore.

In the equity segment, a block trade is a trade where the total quantity of shares bought or sold is greater than 0.5% of the number of shares of a listed company. SEBI correctly considered the market-wide limit to be the sum of underlying gold, on which EGR was issued and outstanding, across all contracts issued by exchanges.

  • Price range – The initial limit price of the price range will be set at 10% of the previous closing price. If the market moves in one direction or the other, the dynamic price ranges are relaxed by the exchanges in increments of 5%.

Our view on BLOCK and BULK Deal: Similar to scripts that have derivatives, SEBI has designed a suitable framework for EGR.

  • Unique Customer Code (UCC) – For transactions in the EGR segment, it will be mandatory for members to have a unique client code (UCC) for all their clients transacting on the exchange. The exchanges will not allow trades to be executed without the uploading of UCC details by members of the exchanges. – E-PAN, members should verify the authenticity of e-PAN with the details on the IT department website and keep the electronic copy of PAN for their records.

Our take on UCC: This is natural because EGR is notified as a safety.

The financialization of gold is the need of the hour, including the priority of developing bullion exchanges that can focus on price discovery and provide an entire ecosystem of gold financial products and physical deliveries. EGR can realize the financialization potential of gold. SEBI established the framework to operationalize the Bullion Exchange. SEBI completed the process by releasing EGR’s thoughtful business features.

Warning: The views expressed in the above article are those of the authors and do not necessarily represent or reflect the views of this publishing house. Unless otherwise indicated, the author writes in a personal capacity. They are not intended and should not be taken to represent the official ideas, attitudes or policies of any agency or institution.


]]> Fonterra to sell stakes in dairy auction platform to NZX, EEX https://piazzacarlogiuliani.org/fonterra-to-sell-stakes-in-dairy-auction-platform-to-nzx-eex/ Wed, 16 Feb 2022 20:12:00 +0000 https://piazzacarlogiuliani.org/fonterra-to-sell-stakes-in-dairy-auction-platform-to-nzx-eex/

By Stephen Wright

WELLINGTON, New Zealand – Fonterra Cooperative Group Ltd. announced it would sell stakes in its dairy auction system to the European Energy Exchange and New Zealand stock market operator as part of efforts to increase volumes and improve price discovery.

Each owner will hold a one-third stake in Global Dairy Trade, which was established by New Zealand-based Fonterra in 2008.

About $2-3 billion worth of commodities such as whole milk powder, butter, and cheese are traded annually on GDT by buyers and sellers from about 70 countries.

“Dairy products are one of the most volatile products,” Fonterra said in a statement Thursday. “This partnership is another step to help manage that risk for everyone, from farmer to customer,” he said.

Financial terms were not disclosed. NZX Ltd., the New Zealand stock market operator, said it would raise around NZ$44 million ($29.4 million) by issuing new shares to fund its investment in the dairy trading system and for other business plans.

Subject to regulatory clearances, the deal could close by mid-2022.

Write to Stephen Wright at stephen.wright@wsj.com

]]> Stocks land in your demat a/c… Where are the crypto assets parked? https://piazzacarlogiuliani.org/stocks-land-in-your-demat-a-c-where-are-the-crypto-assets-parked/ Mon, 14 Feb 2022 22:30:00 +0000 https://piazzacarlogiuliani.org/stocks-land-in-your-demat-a-c-where-are-the-crypto-assets-parked/ Cryptocurrencies, like stocks, can be purchased instantly using an app. But there are major differences between the two assets in the investment process.
When you click to buy shares, the brokerage firm, where you opened a demat account, places an order on your behalf on the BSE or NSE. The exchanges then find a match and pass the transaction details to the custodians – CDSL or NSDL. These custodians process the actual transfer of shares to your demat account within two business days.
Once you tap to buy crypto, the exchange, where you have an account, will find a match for you in the market, take delivery of the asset from the seller, and then store it on your behalf. To invest in virtual currencies, you need to open an account with a crypto exchange, provide KYC details and upload rupees to the platform’s bank account to trade on the exchange using that balance. Cashing out is also an instant process.
Unlike exchanges, crypto exchanges act as an exchange, custodian, and broker. Another key difference is that crypto exchanges are unregulated entities.
No consistency between exchanges
Many crypto exchanges have sprung up in India to meet the demand for these risky assets in the pandemic-induced low interest rate environment. However, these exchanges do not have a uniform method for sourcing crypto or managing liquidity risk.
Bhagaban Behera, CEO and co-founder of social crypto exchange Defy, said that for every order, there is an attempt to find a buyer/seller within the same platform. Otherwise, exchanges source crypto from major exchanges or buy from institutions.
Behera said they keep the crypto purchased by the user in an insured wallet, but some exchanges give custody of the assets to the buyer. Mridul Gupta, COO of crypto exchange CoinDCX, said investors’ assets are stored on the exchange’s wallet. And user funds can only be moved from these wallets after permission.
Who keeps the “private keys”?
“Not your keys, not your crypto” is a popular saying among crypto backers referring to token custody. Typically, possession of a “private key” (a string of alphanumeric characters) grants a person ownership of a cryptographic asset. However, in India, most exchanges are ‘centralised’, meaning they hold these ‘keys’ on behalf of the investor. While this may go against the crypto concept of cutting out the middleman, industry players said it was done for convenience, as “custody wallets” allow for faster transactions. . Also, not all investors want to take on the responsibility of keeping the “keys” safe, because “misplacing” them would mean losing access to their assets.
Regulated entities have obligations regarding the management of financial assets. But since there is no governance framework in India over how crypto exchanges operate, their operations are determined by their business models, said a legal researcher, who did not wish to be named. Lack of regulation means there is no uniformity in terms of trade settlement, liquidity management and customer security measures.
Sathvik Vishwanath, co-founder and CEO of crypto exchange Unocoin, said his clients can either take custody of their assets or keep them with the platform.
“Many crypto exchanges offer wallet services but may not transfer full control of the underlying private keys to users. Exchanges often retain this control so they can create a convenient interface and execute transactions on behalf of users,” said Shilpa Mankar Ahluwalia, Partner and Head (fintech) at Shardul Amarchand Mangaldas.
Hacking, data protection issues
Savvy investors said they preferred to retain custody of their assets due to data protection concerns and because centralized exchanges are susceptible to theft and hacking.
“Centralized exchanges are easy to use for non-techies. But overreliance on it can rob people of the fundamentals of crypto. Crypto allows the user to be their own bank. But whether the end user is willing to take on this responsibility is up to them,” said a Reddit CryptoIndia forum moderator, who recently hosted a Q&A with Unocoin’s Vishwanath.
Ahluwalia of Shardul Amarchand Mangaldas said the new regulations may mandate that all crypto transactions must only be conducted through licensed exchanges that comply with KYC and other requirements.
Gaurav Mehta, founder of Catax, a crypto tax and audit platform, said: “After regulation, exchanges will have to prioritize price discovery, risk management and compliance over injecting artificial liquidity or offering their own coin.” ]]>
Bitwise Bitcoin ETF is not dead yet https://piazzacarlogiuliani.org/bitwise-bitcoin-etf-is-not-dead-yet/ Tue, 08 Feb 2022 23:26:05 +0000 https://piazzacarlogiuliani.org/bitwise-bitcoin-etf-is-not-dead-yet/

Bitcoin exchange-traded funds filed with the Securities and Exchange Commission are mostly dead in the water, but there may be hope for one.

Rather than outright rejecting the Bitwise Bitcoin ETP Trust, the SEC designed a longer review period, announced last week, asking for more details on how the manipulation could be prevented.

The investment firm, in a statement to FOX Business, said it would continue to press for approval.

“Bitwise remains committed to continuing to engage with the SEC on the path to launching a Bitcoin ETF. We appreciate the directed questions articulated by the SEC as we continue the dialogue on this important topic. We will also continue to work to provide the SEC with data-driven answers to their questions to help remove barriers to US public access to this important product,” said Katherine Dowling, Bitwise General Counsel and Chief Compliance Officer.

This week, the price of Bitcoin stabilized around the $43,000 level, bouncing back.

LIVE: CRYPTOCURRENCY PRICE DATA

FOX Business extracted a sample of questions the SEC is asking from the rules filing, including:

– What are the views of commentators as to whether the Trust and the Proposed Shares would be susceptible to manipulation?

– The Exchange says that “sponsor analysis shows that trading in the Trust is unlikely to become the predominant price influence in the CME [bitcoin futures] Market, even assuming aggressive first-year flow estimates of $4.7 billion and average daily trading volume of $143 million. » Do the commentators agree or disagree?

– Do commentators agree with the Exchange that “a bitcoin ETP is unlikely to experience the highest first-year flows in history” and that 2020 inflows to the Grayscale Bitcoin Trust (GBTC) of $4.7 billion be an “aggressive” estimate of year one flows to a new bitcoin ETP?

FOX Business’s inquiries with the SEC were not returned.

The commission has not been kind to Bitcoin ETF hopes, rejecting the majority of applications so far, citing concerns that investors are not sufficiently protected.

FIDELITY BITCOIN ETF SEC RULES

Earlier this year, the commission said mutual fund giant Fidelity’s application failed to satisfy regulators because it failed to show it could protect investors from fraud, as stated in the ruling. of the SEC.

“While we are disappointed with the outcome of the SEC’s deliberations that culminated in today’s disapproval order, we reaffirm our belief that the market is ready for a physical product traded in bitcoin and we look forward to continuing a constructive dialogue with the SEC,” the company said. “Fidelity’s extensive research into bitcoin trading in global spot and futures markets shows the maturation of these markets and the price discovery leadership of CME Bitcoin’s regulated futures market, which meets the standards of the SEC regarding listing approvals as applied to many existing cash-backed exchange products currently available for trading, including gold, silver, platinum, palladium and copper.”

In November, the commission rejected VanEck’s Bitcoin ETF for similar reasons.

GET FOX BUSINESS ON THE ROAD BY CLICKING HERE

Teleprinter Security Last Change Change %
BITO PROSHARES TRUST BITCOIN STRATEGY ETF 27.92 +0.09 +0.32%
GCC WISDOMTREE TRUST IMPROVED COMMODITY STRATEGY 22.44 -0.08 -0.36%
BITQ TRADE CONCEPTS ON EXCHANGE TRUST BITWISE E CRYPTO INNOVATORS 5:34 p.m. +0.21 +1.23%

The SEC has given the green light to ETFs that offer exposure to Bitcoin but are not pure players, including ProShares Bitcoin Strategy ETF, WisdomTree’s Enhanced Commodity Strategy Fund, and Bitwise Crypto Industry Innovators ETF.

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Who is Allison Gollus? https://piazzacarlogiuliani.org/who-is-allison-gollus/ Wed, 02 Feb 2022 17:25:00 +0000 https://piazzacarlogiuliani.org/who-is-allison-gollus/

CNN Executive Vice President Allison Gollust has worked with public figures during her career and worked her way up with the news platform.

She has made a name for herself within the company, working with the marketing team and performing other roles.

2

Allison Gollust is CNN’s Senior Vice President.

Who is Allison Gollus?

Allison Gollus was chosen by former New York Governor Andrew Cuomo in 2012 as communications director.

She was previously executive vice president of corporate communications at NBC Universal alongside Jeff Zucker who was the chief enforcer at the time.

Gollus spent most of his career at NBC and formed relationships with his colleagues.

She got a job with the company in 1996 and only a year later was promoted to senior publicist for Today in NBC’s Corporate Communications group.

Did Allison Gollus work for Andrew Cuomo?

When Gollus left NBC, it was to work with former Governor Andrew Cuomo.

In a statement in October 2012, Cuomo described Gollus as “a consummate professional who has a wealth of communications and management experience.

“Her extraordinary work ethic, intelligence and dedication will be essential in this position, and I look forward to working with her.”

How long has Allison Gollus worked for CNN?

Gollus’ position at Cuomo lasted a year before she was hired by former CNN president and former NBC colleague Jeff Zucker.

Gollust was named CNN’s senior vice president in March 2013, and Zucker said at the time, according to CNN, “As we place even greater emphasis over the coming year on reinventing our content and , along with our brand, this is a key step in ensuring our success.”

His comments were released through a press release and he added, “Allison fully understands how every aspect of communications works together to tell a story, whether it’s on the PR side or the strategic marketing side. Combining these two areas under one proven leader just makes sense. »

She still retains her position and in a statement issued on February 2, 2022, Gollus said, “…I am incredibly proud of my time at CNN and look forward to continuing the great work we do every day.”

Allison Gollust and ex-husband Billy Hunt

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Allison Gollust and ex-husband Billy HuntCredit: Getty

Is Allison Gollus married?

Although very little is known about Allison Gollus’ private life, she was reportedly married to Billy Hunt, president of Tradeweb.

Tradeweb is an international financial services company and their website states that they have “a rich history of fintech innovation in the fixed income and derivatives markets, and a growing equity business, our clients consistently benefit from better price discovery, order execution and trade workflows.”

Despite the couple’s success, they are divorced, but the official date remains unknown.

Gollust and Hunt share two children together, Olivia and Ava.

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Shares of Indigo and SpiceJet fall amid soaring global crude oil prices https://piazzacarlogiuliani.org/shares-of-indigo-and-spicejet-fall-amid-soaring-global-crude-oil-prices/ Thu, 27 Jan 2022 18:37:19 +0000 https://piazzacarlogiuliani.org/shares-of-indigo-and-spicejet-fall-amid-soaring-global-crude-oil-prices/

New Delhi, January 28 (SocialNews.XYZ) Shares of Interglobe Aviation – Indigo’s parent company – and SpiceJet fell significantly on Thursday, mainly due to rising global crude oil prices.

Aviation Turbine Fuel (ATF) prices are generally derived from the benchmark crude oil for price discovery.


According to reports, earlier in the month, the price of ATF increased by Rs 2,039.63 per kilolitre, or 2.75%, to Rs 76,062.04 per kilolitre in Delhi.

Global crude oil prices are currently at about a seven-year high. As of Thursday, crude oil futures on the New York Mercantile Exchange were trading at around $89 a barrel, the data showed.

In addition, new restrictions imposed to combat the rise in the number of Covid cases in various parts of the country have also undermined the outlook for the aviation sector.

Shares of Indigo settled down 5.5% from the previous close at Rs 1,859. Since the start of 2022, it has fallen 8% cumulatively.

Similarly, SpiceJet shares hit a 52-week low during the session and stabilized by 0.6% at Rs 60.50.

Since the start of the calendar year, Spicejet’s share price is down nearly 11%.

Source: IANS

Shares of Indigo and SpiceJet fall amid soaring global crude oil prices

About Gopi

Gopi Adusumilli is a programmer. He is editor of SocialNews.XYZ and president of AGK Fire Inc.

He enjoys designing websites, developing mobile apps and publishing news articles from various authenticated news sources.

As for writing, he enjoys writing about current world politics and Indian movies. His future plans include developing SocialNews.XYZ into a news website that has no bias or judgment towards any.

He can be reached at gopi@socialnews.xyz

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New ways to buy and sell farmland https://piazzacarlogiuliani.org/new-ways-to-buy-and-sell-farmland/ Tue, 25 Jan 2022 18:45:37 +0000 https://piazzacarlogiuliani.org/new-ways-to-buy-and-sell-farmland/

Farmers today don’t buy land with a handshake over the fence, like grandpa and grandma or even dad and mom might have done. Sales methods such as sealed bids and online auctions are becoming more common, and the key is to find the one that best suits the size, type and circumstances of the farm operation.

“There are more small parcels of land being sold by sealed tender,” says Sheldon Froese, a Manitoba realtor with Royal LePage Riverbend Realty Farm Division. “Generally it wouldn’t be on big farms, it would be on something without buildings.”

This has caused controversy in some communities, adds Froese.

“People might think they don’t have a fair chance to buy the neighbor’s land because it’s a sealed tender,” Froese says. “A lot of times we get involved to try to make the process a little more transparent, so people understand they have the right to make an offer. But at the end of the day, the seller has the choice to do what he wants.

Some buyers still prefer to go the traditional real estate route, although this process is significantly more complicated than before. The first question real estate agents typically ask their clients is whether they’ve spoken to their accountant and other professionals, Froese says.

“When I started doing this over 20 years ago, we went to see farmers when they were about to sell. We would list the farm, find a buyer and sell it. Now there’s a lot more involved,” says Froese. “There are tax laws people need to know, and if the reason for selling is retirement, they want to make sure they’re doing it right so they have enough money for retirement. For the buyer, he wants to make sure there are no hidden surprises, especially if he is buying a company rather than just assets.

A different approach to selling farmland

Saskatchewan real estate agents Tyler Badinski and his brother Vince are taking a different approach to selling farmland, and they report clients and professionals they deal with say it fills a void that’s going to be increasingly important. given the huge transfer of wealth about to take place over the next decade in agriculture.

“Today there are a lot of farmers over 55, with no succession plan in place, and that can make it difficult to sell, especially to family, because values ​​have inflated so much,” Badinski says. “Growing up on the farm, we had a succession plan, but no one knew what it was because we didn’t really talk about it. So, I’m passionate about helping our customers make sure they’re actually ready for it. What sets us apart is that we sit down with the lawyers, accountants, financial planners, agricultural advisers and say, “Is this client ready? Did they have the necessary discussions? Are they prepared for taxes? »

Tyler Badinsky.

Photo:
Provided

If necessary, Badinski says he will advise a client to wait to sell if they are not ready.

“We actually talked one client off of listing his farm because he wasn’t financially prepared,” he says. “The tax implications were in the hundreds of thousands for him to sell at the time rather than wait a year or two later. We never advise outside of our scope of our license but growing up on the farm gives us a lot of understanding and empathy for what they are going through so I am able to communicate with customers about their situation and point them in the right direction. guidance as needed. »

Badinski, who founded Serca Realty five years ago, believes the role of agricultural real estate brokers is changing and a big part of that process is making sure sellers know the value of their lands.

“Another reason I got into this is to make sure sellers were made aware of the value of their land and that they weren’t leaving money on the table,” he says. “You always have to have a fair deal for everyone, but a fair deal shouldn’t be a buyer buying for $500 an acre less than he knows it’s worth just because the seller doesn’t. not.”

He also sees real estate being viewed as less of a one-deal deal going forward.

“If a Ma and Pa operation with 10 neighborhoods and no children to care for sold those 10 neighborhoods, it was still considered a one-time transaction, and that’s it,” says Badinski. “We take the approach that we sit down with our clients’ other professionals to make sure they are ready before, during and after the sale.”

The virtual world of agricultural real estate sales

Although farmers have long been accustomed to buying equipment at auction, and these auctions are increasingly taking place online, are they so eager to buy farmland in this way?

The answer is yes, according to Jordan Clarke, director of sales at Ritchie Bros. Auctioneers, which has been selling traditional and online auctions for 60 years in Western Canada.

Jordan Clarke.

Photo:
Provided

“Farmers are certainly becoming more comfortable with online real estate auctions, and around Edmonton and northern Alberta it’s almost the preferred method,” Clarke says. “We have had very successful sales across Western Canada for farmland.”

To some extent, the COVID-19 pandemic has caused many companies to change their business model to online bidding, but online real estate auctions have been gaining momentum for several years as they offer a lot of convenience, flexibility and various options depending on the seller’s situation.

Selling real estate at online auctions is really no different than selling farm equipment. The ultimate goal is to create competition and get the best result for the seller, which practically opens up a much larger and potentially larger audience.

“The more people involved in the auction process, the more demand there is,” Clarke says. “Generally they bid against each other and push the price up. And that’s a very good scenario for a seller, because that’s what he wants, he wants competition and he wants to sell at the best price.

Online auctions may not be for everyone, but for some, especially retired farmers, the certainty of a sale can be a motivating factor to use this method instead of going through a real estate company or tender.

“With a farmer retiring, his farmland can represent up to 80% of his total wealth in some cases,” Clarke says. “Their retirement is integrated with their land, their improvements, their yard and their equipment. When they reach the point where they want to sell and move on to the next stage of their life, with an unreserved auction, there is certainty of a sale on auction day.

The internet has definitely opened up many more options in terms of selling agricultural real estate than ever before. Clarke says Ritchie Bros. may also offer a direct commission on the proceeds of the sale, or a guaranteed net price which is set before the auction and ensures that the seller gets a guaranteed amount regardless of what happens in the auction.

“Through our online marketplace, Marketplace-E, clients can also test the market with a reserve, so they can accept offers and see what their property is worth,” says Clarke. “We have an option that will cover any seller’s risk tolerance.”

There are also benefits for buyers.

“There are a lot more variables when it comes to selling or buying real estate, so buyers sometimes need more time to think things through,” Clarke says. “With an online or timed auction, they can pass that time, as opposed to a traditional live auction where the auctioneer sings for a minute, and they have 10 seconds to raise their bid before someone ‘one else does.’

Five years ago, most auction companies held live auctions, and it took a lot of capital to get into the auction business. Since COVID-19, with such a massive shift to online services, these barriers to entry have largely been removed, so many new businesses are offering auction services. Sellers therefore need to do their homework and ensure that the people they are dealing with are qualified and compliant with the rules and regulations not only for real estate sales but also for the auction.

“We sell from British Columbia to Manitoba and the rules and legislation are different for each province, so we have worked hard to ensure that we are 100% compliant with the requirements and rules of these jurisdictions to give confidence to our customers,” Clarke said.

Release the pressure

Whether they’re selling a few quarters or the whole farm, it can be a stressful process for farmers who have to make a tough decision about who to sell the land to, and that’s where an online auction can help. to relieve some of the pressure.

“The majority of our customers live in a rural setting, where they have friends, family and neighbors that they have worked and lived with for many years, and no matter who they end up selling to, there will be challenges. people who might be upset. didn’t get a chance to make an offer,” Clarke said.

“When a farmer puts land up for public auction, the pressure is no longer put on the farmer because everyone has an equal chance of clicking that auction button, and ultimately whoever has the highest bid receives this real estate.

Clarke also advises farmers not to sell themselves short. “Sometimes farmers don’t fully realize the competitive scope of the market,” he says.

“They may want to sell to a neighbor they like, and that’s fine, but there could be other people who would have paid more money. It’s a high-demand market right now, and there are farmers looking to expand, so they’re aggressive and ready to spend more money. Just because a certain amount of dollars per acre has already bought land in an area doesn’t mean it will tomorrow or the day after. Through the auction process, we can provide a clear guarantee that the low end is covered and there is price discovery on the high end with no cap on value. It really is the best of both worlds.

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