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Standard Chartered (OTC:SCBFF) Stock, Chaîne d'Options

Standard Chartered Bank was established in 1853 by Royal Charter in the United Kingdom, with holding company Standard Chartered PLC incorporated in 1969. The bank is domiciled in the United Kingdom and provides banking services across 60 countries, primarily in Asia, Africa, the Middle East, and the UK. The bulk of the business is in corporate and transaction banking, financial markets, and corporate finance. The bank has strong retail franchises focusing on the affluent segment in Hong Kong, Singapore, and certain countries in Africa. The bank has also launched a ventures division to focus on financial technology, including digital banks in Hong Kong and Singapore, online payment, and digital assets.

Institutional digital asset prime broker FalconX has formed a strategic partnership with Standard Chartered (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SCBFF#OTC">SCBFF</a>), strengthening connections between traditional banking and the rapidly expanding cryptocurrency market as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) trades near record highs.
What Happened: The collaboration, announced Wednesday, initially provides FalconX with access to Standard Chartered&#8217;s comprehensive banking services and extensive currency pairs, enhancing cross-border settlement capabilities for institutional clients.
&#8220;We are pleased to partner with Standard Chartered, one of the most forward-thinking global banks in digital asset adoption,&#8221; said Matt Long, General Manager for APAC &amp; Middle East at FalconX. &#8220;This relationship strengthens our ability to deliver robust banking and FX solutions to clients who rely on us to operate in crypto markets.&#8221;
See Also: <a href="https://www.benzinga.com/markets/bonds/25/05/45396490/peter-schiff-says-trade-truce-aside-the-world-is-losing-confidence-in-dollar-and-in-us-ability-to-put-fiscal-house-in-order">Peter Schiff Says Trade Truce Aside, The World Is &#8216;Losing Confidence&#8217; In Dollar And In US Ability To Put &#8216;Fiscal House In Order&#8217;</a>
Why It Matters: The partnership comes as Bitcoin continues its upward trajectory, trading above $103,000 after reaching <a href="https://www.benzinga.com/25/05/45396450/bitcoin-ethereum-dogecoin-pop-on-softer-inflation-analyst-says-cocktail-for-bitcoins-ballistic-rise-was-in-the-works">new all-time highs in recent weeks</a>. 
Standard Chartered&#8217;s Head of Digital Assets Research, Geoffrey Kendrick, recently revised his Bitcoin price forecast, suggesting his earlier $120,000 <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45281333/bitcoin-120000-price-target-may-be-too-low-says-standard-chartered-i-apologize">second quarter target may prove too conservative</a>.
&#8220;The dominant story for Bitcoin has changed again,&#8221; Kendrick noted in a client note earlier this month. &#8220;It is now all about flows.&#8221;
Luke Boland, Head of Fintech for ASEAN, South Asia &amp; GCNA at Standard Chartered, emphasized the bank&#8217;s commitment to the digital asset space: &#8220;As institutional demand for digital assets continues to grow, we&#8217;re proud to provide the banking infrastructure that enables firms like FalconX to deliver world-class trading and financing solutions.&#8221;
Price Action: Bitcoin is trading at $103,652. The cryptocurrency has gained 0.94% in the past 24 hours and is up 11.13%, year to date.
Photo Courtesy: MOZCO Mateusz Szymanski On Shutterstock.com
Read Next: 
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<li><a href="https://www.benzinga.com/25/05/45396450/bitcoin-ethereum-dogecoin-pop-on-softer-inflation-analyst-says-cocktail-for-bitcoins-ballistic-rise-was-in-the-works">Bitcoin, Ethereum, Dogecoin Pop As Inflation Numbers Softer Despite Trump Tariffs: Analyst Says Cocktail For BTC&#8217;s &#8216;Ballistic&#8217; Rise In The Works</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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$BTC

SCBFF

Standard Chartered Partners With FalconX To Fuel Institutional Crypto Access As Bitcoin Soars Past $103K

A growing number of cryptocurrency companies are preparing to enter the U.S. banking system, propelled by a policy shift under President Donald Trump aimed at <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42644568/institutional-crypto-adoption-for-real-this-time-says-messari">integrating digital assets into mainstream finance</a>.
What Happened: Firms like Circle (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) and BitGo are planning to apply for bank charters, The Wall Street Journal <a href="https://www.wsj.com/finance/currencies/crypto-knocks-on-the-door-of-a-banking-world-that-shut-it-out-082b3968">reported</a>, quoting sources.
Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) and Paxos are also exploring regulatory approvals to operate with similar authority. 
These developments follow the Trump administration's commitment to establishing the U.S. as a global leader in digital assets, including through new legislation targeting stablecoin oversight.
Recent bills moving through Congress propose a <a href="https://www.benzinga.com/content/44516699/u-s-congress-advances-stablecoin-regulation-with-the-introduction-of-the-stable-act">regulatory framework for stablecoins</a>, mandating that issuers secure banking licenses or charters.
These digital tokens, typically pegged to fiat currencies, are used as a bridge between volatile cryptocurrencies and traditional money.
Some crypto firms are aiming for national trust bank or industrial bank charters that are essentially licenses that would allow them to hold customer deposits or issue loans. 
Others are seeking limited permissions specifically for issuing stablecoins.
BitGo, a crypto custody firm and reserve manager for the Trump family's stablecoin project USD1, is nearing the submission of its bank charter application, according to individuals familiar with its plans.
Anchorage Digital, currently the only federally chartered crypto bank in the U.S., has invested tens of millions of dollars to meet regulatory standards. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44867243/binance-advising-nations-on-strategic-bitcoin-reserves-crypto-regulation-report">Binance Advising Nations On Strategic Bitcoin Reserves, Crypto Regulation: Report</a>
CEO Nathan McCauley acknowledged the operational challenges, saying, "It has not been easy," but emphasized the importance of intertwining full regulatory compliance with the crypto sector.
Anchorage recently became a custodian for BlackRock's iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) and partnered with Cantor Fitzgerald and Copper on a $2 billion bitcoin-backed lending initiative. 
Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>), the world's largest stablecoin by market cap at $145 billion, is a major Cantor client.
This integration marks a reversal from two years ago when the collapses of crypto firms and banks like Silvergate and Signature led to a regulatory clampdown, forcing traditional financial institutions to distance themselves from the crypto sector.
Why It Matters: Trump's return to office has changed the tone.
Regulations that once required banks to seek explicit approval before offering crypto services have been softened, and new federal guidance on bank-crypto relationships is expected later this year.
Legacy financial institutions are adjusting course. 
Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) CEO Brian Moynihan said in February the bank is prepared to issue a stablecoin once legal clarity is established. 
U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>) has also resumed crypto custody services via a partnership with NYDIG.
International banks are taking note. 
A consortium including Deutsche Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DB#NYSE">DB</a>) and Standard Chartered (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SCBFF#OTC">SCBFF</a>) is exploring expansion into the U.S. crypto market. Deutsche Bank declined to comment, and Standard Chartered did not respond.
However, caution persists in some corners. 
KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) CEO Chris Gorman noted potential competitive threats from crypto and cited regulatory concerns, particularly around transparency and anti-money laundering enforcement. "It's hard to trace," he said.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44861571/donald-trump-blasts-too-late-and-wrong-fed-chair-powell-but-polymarket-traders-doubt-his-termination-will-come-fast-enough">Donald Trump Blasts &#8216;Too Late And Wrong&#8217; Fed Chair Powell, But Polymarket Traders Doubt His &#8216;Termination&#8217; Will Come &#8216;Fast Enough&#8217;</a></li>
</ul>
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$USDC

$USDT

COIN

IBIT

Deutsche Bank, Standard Chartered Reportedly Looking Into Expanding To US Crypto Market

HSBC Holdings plc&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>) incoming chief executive officer, Georges Elhedery, is considering a significant organizational transformation intended to streamline the company&#39;s operations, according to a Bloomberg report. After taking over as the new CEO on Sept. 2, Elhedery will mull plans that could include cutting layers of middle management and reducing the number of country heads across HSBC&#39;s global footprint.
These anticipated job cuts align with HSBC&#39;s ongoing focus on improving efficiency and cost control amid evolving economic challenges.
This approach is similar to the approach followed by other banks, including Barclays PLC (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bcs#NYSE">BCS</a>) and Standard Chartered PLC (OTC: <a class="ticker" href="https://www.benzinga.com/stock/scbff#OTC">SCBFF</a>), which have trimmed middle management as part of larger cost-cutting programs.
In May 2024, BCS commenced job cuts across investment banking (IB) and research division, per people familiar with the matter. This move aligns with BCS&#39; &pound;2 billion cost-cutting program to boost profitability. In June 2023, SCBFF started laying off employees in Singapore, Hong Kong and London to reduce costs by more than $1 billion between 2022 and 2024.
As the Federal Reserve begins to cut interest rates starting next month, banks might face a reduction in profit margins. Thus, to optimize profit, HSBC is taking cost-reduction measures like these. According to some sources, the bank has slowed down its hiring process and is not rushing to replace staff who have left or resigned in recent months.
<h2>HSBC&#39;s Streamlining Efforts</h2>
HSBC has been actively restructuring its operations to further improve operating efficiency.&nbsp; HSBC&#39;s restructuring efforts have already resulted in the bank exiting non-core regions, such as France and Canada, as well as reducing its presence in South Africa. These actions are consistent with the bank&#39;s shift toward its core growth regions in Asia, where it sees a higher potential for long-term returns.
In 2020, the company announced its transformation plan to reshape underperforming businesses, simplify complex organizations and reduce costs. The company realized gross savings of $5.6 billion, with a cost to achieve a spend of $6.5 billion by 2022-end. It expects to achieve additional cost savings this year, driven by the actions undertaken in 2023. The same year, under the leadership of current CEO Noel Paul Quinn, HSBC initiated a significant restructuring plan that included cutting down 35,000 jobs to adapt to the challenging economic conditions brought on by the COVID-19 pandemic.
In April 2024, HSBC laid off about a dozen bankers from its investment banking division in Asia as part of its broader effort to optimize operations and focus resources on more profitable areas.
Elhedery&#39;s plans to further reduce middle management layers might indicate a continuation of the previous strategy, which aligns the bank&#39;s operational structure with its global focus.
<h2>Our View on HSBC&#39;s Plans to Trim Middle Management</h2>
The idea of cutting back on middle management is indicative of a broader trend in the banking sector amid economic pressure. By reducing middle management, HSBC can reduce costs, expedite decision-making and offer lower-level staff more authority.
While cutting middle management can lead to immediate cost savings, it often opens room for significant challenges. Removing the middle management layer without proper restructuring could lead to creating leadership gaps and reducing employee engagement.
Considering this, HSBC must strike a cautious balance between reducing costs and preserving the leadership and operational strength required for long-term growth.
In the past six months, shares of HSBC on the NYSE have gained 12.8%, underperforming the industry&#39;s growth of 13.7%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/ad/75974.jpg?v=1940289512" />
Image Source: Zacks Investment Research
At present, HSBC carries a Zacks Rank #3 (Hold).
<a href="https://www.zacks.com/stock/news/2329113/hsbc-s-next-ceo-plans-to-trim-middle-management-to-save-costs?cid=CS-BENZ-FT-analyst_blog|company_news_finance_sector-2329113">To read this article on Zacks.com click here.</a>

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HSBC

HSBC's Next CEO Plans to Trim Middle Management to Save Costs

In a bid to boost shareholder returns, Standard Chartered Plc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SCBFF#OTC">SCBFF</a>) has declared a $1 billion buyback after reporting fourth-quarter profits that surpassed analyst projections.
What Happened: The London-based bank, which focuses on emerging markets, has unveiled a new program, &#8220;Fit for Growth,&#8221; that is expected to save approximately $1.5 billion in expenses over the next three years. However, it will also add a similar amount to costs for permanent organizational changes, as per a <a href="https://www.bloomberg.com/news/articles/2024-02-23/standard-chartered-announced-1-billion-buyback-as-profit-beats?srnd=premium-asia">Bloomberg</a> report.
The bank&#8217;s CEO, Bill Winters, who has been with the group for nearly nine years, is striving to enhance returns for investors and revitalize the stock, which has dipped by over 20% in the past year.
The bank reported a 63% increase in fourth-quarter adjusted pretax profit to $1.06 billion, surpassing the estimated $989.6 million. It also announced a final dividend of 21 cents a share, marking a 50% increase in the full-year payout. The bank has set new targets, aiming for a 12% return on tangible equity in 2026 and a 5% to 7% rise in operating income from 2024 to 2026.
"I am acutely aware of the underperformance of our share price in recent months, which I believe does not reflect the progress we are making," Chairman Jose Vinals said in the statement. "Both the Board and the Management Team are absolutely focused on delivering sustained, long-term value for our shareholders."
See Also: <a href="https://www.benzinga.com/partner/earnings/24/02/37178396/cboe-global-markets-posts-record-revenues-and-earnings-in-2023?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cboe Global Markets Posts Record Revenues And Earnings In 2023</a>
Despite its exposure to some of the world&#8217;s fastest-growing markets in Asia, Africa, and the Middle East, Standard Chartered&#8217;s shares have underperformed in recent months, currently standing 40% below the level when Winters took over in June 2015.
The bank&#8217;s decision to initiate a buyback and implement a cost-saving program comes in the wake of its poor stock performance. The move is part of a broader strategy to improve shareholder returns and revitalize the bank&#8217;s stock, which has been struggling despite its strong presence in high-growth markets.
Standard Chartered&#8217;s recent financial performance has been impacted by its investments in China, a market that has been facing challenges due to weak confidence and an ongoing crisis in its real estate sector. The bank&#8217;s move to restructure its institutional banking arm, which includes its investment bankers and traders, could potentially lead to job cuts and is one of several options being considered.
Standard Chartered experienced a significant drop in its stock value after revealing its third-quarter earnings. Investors reacted strongly to reports of new charges against Chinese real estate and a $700 million impairment on its investment in China Bohai Bank. On Oct. 26, the stock plummeted by over 12%, marking its largest decline since August 2012.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/02/37278305/jim-cramer-reflects-on-nvidias-success-after-shares-hit-record-high-on-thursday-do-opposite-of-e?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Reflects On Nvidia&#8217;s Success After Shares Hit Record High On Thursday: &#8216;Do Opposite Of Everything That Captures Conventional Wisdom&#8217;</a>
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Buybacks

Standard Chartered Announces $1B Buyback As Profit Beats Estimates

Saudi Arabia has issued $12 billion in debt, marking its most significant foreign borrowing since 2017, at a time when emerging-market nations are increasingly investing in bonds.
What Happened: The desert kingdom&#8217;s borrowing contributes to the nearly $25 billion of bonds that developing countries have issued since the start of the year,  <a href="https://www.bloomberg.com/news/articles/2024-01-09/saudi-arabia-borrows-12-billion-as-em-nations-load-up-on-bonds">Bloomberg</a> reported on Monday. The largest of these was a $7.5 billion offering from Mexico.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/01/36526177/should-trump-be-on-primary-ballots-majority-of-americans-agree-as-gop-voters-now-feel-less-strongly?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Should Trump Be On Primary Ballots? Majority Of Americans Agree As GOP Voters Now Feel Less Strongly Abou</a>
This borrowing by Saudi Arabia accounts for&nbsp;more than half the fiscal&nbsp;deficit projected by the government for this year. This move comes as many borrowers look to benefit from lower financing costs following a significant&nbsp;drop in US Treasury yields&nbsp;since October.
The oil-rich nation sold six, ten, and thirty-year&nbsp;notes with respective yields of&nbsp;4.89%, 5.13%, and 5.91%. The main banks handling the Saudi sale were&nbsp;Citigroup Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>),&nbsp;JPMorgan Chase &amp; Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>),&nbsp;HSBC Holdings Plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSBC#NYSE">HSBC</a>), and&nbsp;Standard Chartered Plc&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SCBFF#OTC">SCBFF</a>).
However, the latest borrowing is estimated to cover only about a quarter of Saudi Arabia&#8217;s total funding requirements, according to&nbsp;Khatija Haque, chief economist at&nbsp;Emirates NBD Bank PJSC. Despite this, Haque emphasized that the nation's debt stock remains &#8220;very low&#8221;, leaving &#8220;plenty&nbsp;of scope for the government&nbsp;to raise capital.&#8221;
Meanwhile, in a move that has sent shockwaves through the oil market, <a href="https://www.benzinga.com/markets/asia/24/01/36548992/investors-rush-to-short-oil-amid-saudi-arabias-brent-crude-price-reduction">Saudi Arabia has drastically reduced oil prices</a>, leading to a significant increase in short positions in both Brent crude and West Texas Intermediate crude.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/01/36525929/donald-trump-jr-slammed-over-social-media-post-mocking-jan-6-capitol-riots-you-know-damn-well-what-w?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Jr. Slammed Over Social Media Post Mocking Jan. 6 Capitol Riots: &#8216;You Know Damn Well What We</a>
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Bonds

Economics

Saudi Arabia Secures $12B In Largest Foreign Debt Borrowing Since 2017

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has surged past the $47,000 mark, a peak not seen since April 2022, fueled by expectations that U.S. regulators are on the brink of approving exchange-traded funds (ETFs) that <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36538054/sec-chair-gary-gensler-throws-shade-before-bitcoin-etf-sun-crypto-community-roasts-him">directly invest in the cryptocurrency.</a>
Bitcoin made a high of $47,281 on Monday.
<h3>ETF Applications Signal A New Era</h3>
Leading financial institutions like BlackRock Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>), Ark, Fidelity, Invesco, Galaxy Digital&nbsp;and WisdomTree have recently updated their S-1 applications with the SEC.
This move is interpreted by market analysts as a decisive effort to launch these investment products, more than 10&nbsp;years since the first application was submitted.
<h3>Regulatory Decisions Awaited</h3>
The SEC faces a deadline of Jan.&nbsp;10 to decide on these applications.
There is widespread speculation within the crypto community that the regulator might announce a series of decisions on this date, potentially marking a significant milestone in the history of cryptocurrency investment.
<h3>Standard Chartered&#39;s Bold Predictions</h3>
In a remarkable forecast, Standard Chartered PLC&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/scbff#OTC">SCBFF</a>), one of the world&#39;s largest international banks, has projected that Bitcoin could attract up to $100 billion in spot ETF inflows.&nbsp;
The bank anticipates these inflows to occur in 2024, following the approval of the investment product.
They estimate&nbsp;the inflows could range between $50 and $100 billion, potentially having a substantial impact on Bitcoin&#39;s price over the next year.
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36534353/inside-the-mysterious-1-2m-bitcoin-genesis-wallet-transfer-whos-trying-to-flush-satoshi-ou">Inside The Mysterious $1.2M Bitcoin, Genesis Wallet Transfer: Who&#39;s Trying to &#39;Flush Satoshi Out?&#39;</a>
<h3>A Potential Price Surge To $200,000</h3>
Standard Chartered also envisages a scenario where Bitcoin could reach a staggering $200,000 by the end of 2025. This prediction hinges on the approval of the spot Bitcoin ETF and represents a significant leap from Bitcoin&#39;s previous all-time high of $68,789.
Such a price increase would be a monumental event in the cryptocurrency&#39;s history.
<h3>Conclusion: A Turning Point For Bitcoin</h3>
The anticipation surrounding the approval of Bitcoin ETFs and the <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36513097/bitcoin-etf-sec-decision-that-could-make-or-break-your-portfolio-heres-what-experts-predic">bullish predictions from major financial institutions</a> like Standard Chartered highlight a potential turning point for Bitcoin.
As the cryptocurrency world awaits regulatory decisions, the possibility of a new era of mainstream i<a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36514021/beyond-bitcoin-how-spot-etfs-could-reshape-the-global-financial-landscape">nvestment in Bitcoin looms on the horizon.</a>
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36531484/bitcoin-adoption-spreads-japanese-marketplace-honduran-economic-zone-integrate">Bitcoin Adoption Spreads: Japanese Marketplace, Honduran Economic Zone Integrate</a>
Photo: Shutterstock

Bitcoin Blasts Back: ETF Approval Dreams Fuel Surge To $47K

Zodia Custody, a cryptocurrency security subsidiary of the British bank Standard Chartered Bank PLC&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/scbff#OTC">SCBFF</a>), announced its <a href="https://www.benzinga.com/markets/cryptocurrency/23/02/30977398/hong-kongs-securities-watchdog-proposes-allowing-retail-investors-to-trade-big-cap-cryptoc">expansion into Hong Kong.</a>
This move signifies the company&#39;s continued efforts to establish a foothold in the Asia-Pacific market.
The forthcoming Benzinga&#39;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> conference on Nov. 14, which highlights the evolving digital landscape, may shed further light on such strategic expansions and their implications for the crypto industry.
Established in 2020, Zodia&nbsp;specializes in offering secure crypto storage solutions for financial institutions, CNBC <a href="https://www.cnbc.com/2023/10/30/standard-chartered-owned-crypto-firm-zodia-launches-in-hong-kong.html">reported</a>.&nbsp;
Zodia&nbsp;CEO&nbsp;Julian Sawyer&nbsp;emphasized Hong Kong&#39;s unique crypto landscape, stating, &ldquo;The Hong Kong government and the regulators see digital assets as the future and also want Hong Kong to be a hub.&rdquo;
He further noted the city&#39;s crypto demand was predominantly institutional, which aligned well&nbsp;with Zodia&#39;s target clientele.
Zodia had&nbsp;recently&nbsp;been proactive in its Asian outreach, having launched services in countries such as&nbsp;Japan, Singapore&nbsp;and Australia.
The company&#39;s backers include financial heavyweights like Standard Chartered, Northern Trust&nbsp;and Japan&rsquo;s SBI Holdings.
According to Sawyer, Hong Kong represented&nbsp;the final destination in Zodia&#39;s current Asia-Pacific strategy. He commented on the region&#39;s potential, noting, &ldquo;What we&rsquo;re seeing is there are absolutely clients in all of those four markets who want to do things.&rdquo;
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35465483/original-bitcoin-innovator-craig-wright-scores-victory-in-billion-dollar-court-case">Original Bitcoin Innovator Craig Wright Scores Victory In Billion-Dollar Court Case</a>
In the broader context, Hong Kong&#39;s affinity for digital assets has grown, even as neighboring China clamped down on crypto activities, including bitcoin trading and mining, in 2021.
The Hong Kong Securities and Futures Commission (SFC) has already rolled out a digital assets regulatory framework this year, providing a legitimate pathway for companies to offer regulated services.
Notably, only OSL Digital and Hash Blockchain have secured licenses from the SFC to date.
Zodia&#39;s venture into Hong Kong will be systematic. Initially, the firm aims to cater to Hong Kong clients with a select range of crypto assets.
Concurrently, discussions are underway with the SFC and the Hong Kong Monetary Authority to secure regulatory clearance for <a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34979416/bitfinex-zodia-custody-hope-to-set-new-standards-for-institutional-crypto-trading">Zodia in the city&#39;s financial precinct.</a>
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35464459/bitcoin-ethereum-are-the-glory-days-over-crypto-analyst-warns-of-diminishing-returns">Bitcoin, Ethereum: Are The Glory Days Over? Crypto Analyst Warns Of Diminishing Returns</a>
Industry titans&nbsp;BlackRock,&nbsp;DTCC,&nbsp;OCC,&nbsp;State Street,&nbsp;Soci&eacute;t&eacute; G&eacute;n&eacute;rale,&nbsp;Hedera,&nbsp;Citi,&nbsp;BMO,&nbsp;Northern Trust,&nbsp;Citibank,&nbsp;Amazon,&nbsp;S&amp;P Global,&nbsp;Google,&nbsp;Invesco, and&nbsp;Moody&rsquo;s&nbsp;will join Benzinga on&nbsp;Nov.&nbsp;13 for&nbsp;<a href="https://www.benzinga.com/go/Fintech-article-link" rel="noopener noreferrer" target="_blank">Fintech Deal Day</a>&nbsp;and Nov.&nbsp;14 for&nbsp;<a href="https://www.benzinga.com/go/crypto-conference-article-link" rel="noopener noreferrer" target="_blank">Future of Digital Assets</a>. Secure a spot here to join them!
Photo: Shutterstock

Global

Zodia: Hong Kong's Gateway To The Crypto Universe?

Deutsche Bank (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/db#NYSE">DB</a>) and Standard Chartered&rsquo;s (OTCMKTS: SCBFF) SC Ventures have undertaken a testing system enabling blockchain-based transactions, stablecoins, and CBDCs to interact with one another just like the SWIFT messaging layer in <a href="https://www.benzinga.com/topic/blockchain">legacy banking infrastructure</a>.
Find out details about blockchain-based transactions and the companies adopting it at Benzinga&#39;s exclusive event: <a href="http://www.benzinga.com/go/crypto-conference-article-link">Future of Digital Assets</a>. Tickets are flying: <a href="http://www.benzinga.com/go/crypto-conference-article-link">Get yours</a>!&nbsp;&nbsp;
The test system, according <a href="https://www.coindesk.com/business/2023/10/26/deutsche-bank-and-standard-chartered-ventures-test-swift-killer-for-stablecoins-and-cbdcs/?_gl=1*1sy3tc5*_up*MQ..*_ga*MTk2NDQyNzE2OS4xNjk4MzE4NjIw*_ga_VM3STRYVN8*MTY5ODMxODYxOS4xLjAuMTY5ODMxODYxOS4wLjAuMA..">to</a> Coindesk, was created by tech consultancy GFT Group and Red Date Technology, co-founder of the Chinese Blockchain-Based Service Network.
Test cases include transferring and swapping USDC stablecoins&nbsp;on the Universal Digital Payments Network (UDPN), financial institutions, and consultancies. UDPN is a permissioned blockchain system consisting of validator nodes run by an alliance of banks.
Read Also: <a href="https://www.benzinga.com/markets/equities/23/10/35410349/why-german-multinational-company-deutsche-banks-shares-are-surging-today">Why German Multinational Company Deutsche Bank&#39;s Shares Are Surging Today</a>
UDPN consists of almost 25 organizations including banks from the U.S., Australia, Latin America, and Europe &mdash; running around 10 proof-of-concept tests in parallel, UDPN Lead at GFT Group Steffen Schacher commented.
UDPN acts as an interoperability bridge between all blockchain networks. It also applies battle-tested decentralized digital identity standards (DIDs) to participants, creating a bank-friendly and regulated environment.
For a cross-border currency transfer, the sending institution takes the tokenized value and transfers it into a UDPN-managed smart contract, leading to the release of the intended target currency from that smart contract, SC Ventures&nbsp;CTO Thorsten Neumann explained.
Benzinga&rsquo;s <a href="http://www.benzinga.com/events/digital-assets/?UTM_source=article">Future of Digital Assets</a>&nbsp;conference is scheduled in New York on Nov. 14. Attend and learn about stablecoins and CBDCs. The gathering is seen as pivotal for the digital assets community.&nbsp;The event will spotlight the latest trends, innovations,&nbsp;and challenges in the digital asset realm.
Read Next: <a href="http://www.benzinga.com/markets/cryptocurrency/23/10/35380053/new-digital-payment-network-promises-to-make-cross-border-transactions-faster-cheaper">New Digital Payment Network Promises To Make Cross-Border Transactions Faster, Cheaper</a>
Image: Shutterstock

Fintech news covering the emerging Financial Technology services sector

Fintech

Deutsche Bank, SC Ventures Trial SWIFT Messaging Layer For Stablecoins And CBDCs

Standard Chartered Bank&#39;s (OTC: <a class="ticker" href="https://www.benzinga.com/stock/scbff#OTC">SCBFF</a>)&nbsp;SC Ventures and Deutsche Bank&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/db#NYSE">DB</a>) have successfully conducted a Universal Digital Payments Network (UDPN) proof-of-concept, facilitating real-time transactions between USD Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) and EURS stablecoins.
In this initiative, SC Ventures utilized the UDPN development tools to initiate digital transfers to Deutsche Bank&#39;s wallets, which were tracked on EtherScan, Financial Express <a href="https://www.financialexpress.com/business/banking-finance-deutsche-bank-sc-ventures-complete-first-digital-currency-transfer-and-swap-on-the-universal-digital-payments-network-3284092/">reported</a>.
Similarly, Deutsche Bank reciprocated by transferring funds to SC Ventures.
Their combined effort is the first of 12 proof-of-concepts designed to demonstrate UDPN&#39;s potential in resolving cross-border payment challenges.
This endeavor also provided insights into the Central Bank Digital Currency (CBDC), digital assets, and various other sectors.
Such insights are set to play a crucial role at forums like the Benzinga&#39;s <a href="https://www.benzinga.com/go/crypto-conference-article-link">Future of Digital Assets</a> conference on Nov. 14, where the future of digital currencies will be a central topic of discussion.
Introduced earlier this year, the UDPN is a distributed ledger technology system that ensures smooth interactions between regulated stablecoins, CBDCs, and business IT systems.
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35377470/crypto-pros-get-spooky-follow-stars-and-tarot-cards-to-guide-investment-decisions">Crypto Pros Get Spooky, Follow Stars And Tarot Cards To Guide Investment Decisions</a>
The network&#39;s inception saw contributions from global IT engineering provider GFT, decentralized cloud firm Red Date Technology, and top-tier financial service providers.
The overarching aim of the UDPN Alliance is to transition from traditional, cumbersome payment infrastructures to streamlined, cost-effective digital payment solutions.
Following its prototype&#39;s success, the UDPN sandbox was unveiled in July 2022, providing a platform to explore diverse use cases in a regulated setting.
Thorsten Neumann, CTO of SC Ventures, said, &quot;Tokenized currency is bound to reshape the financial landscape. The industry&#39;s convergence through the UDPN platform paves the way for innovative digital currency use cases.&quot;
Similarly, Rafael Otero from Deutsche&rsquo;s Corporate Bank division noted, &quot;UDPN offers Deutsche Bank an avenue to delve into the decentralized global economy&#39;s possibilities, marking a pivotal shift in financial transaction dynamics.&quot;
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35376466/crypto-congressman-tom-emmer-eyes-speakers-gavel">Crypto Congressman Tom Emmer Eyes Speaker&#39;s Gavel</a>
Join Benzinga&#39;s&nbsp;<a href="https://www.benzinga.com/go/Fintech-article-link" rel="noopener noreferrer" target="_blank">Fintech Deal Day&nbsp;</a>&amp; Awards on Nov. 13 and&nbsp;<a href="https://www.benzinga.com/go/crypto-conference-article-link" rel="noopener noreferrer" target="_blank">Future of Digital Assets</a>&nbsp;on Nov. 14 in New York City to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space.&nbsp;<a href="https://www.benzinga.com/go/crypto-conference-article-link" rel="noopener noreferrer" target="_blank">Secure early bird discounted tickets now</a>!

New Digital Payment Network Promises To Make Cross-Border Transactions Faster, Cheaper

Hong Kong property developer Hysan Development Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hysny#OTC">HYSNY</a>) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1009/2023100900201.pdf" style="color:#0563c1">issued</a> a prospectus for up to $4 billion of medium-term bonds Monday, more than 10 times its average medium-term debt tranche.
The new debt dwarfs the company&rsquo;s previous borrowing amounts. Prior to the multi-billion-dollar debt issue, the company&rsquo;s current average debt tranche for its 5-year or sooner debt was around HK$300 million ($38.5 million) with by far its largest a $400 million 2027 2.85% note maturing in 2027. &nbsp;
The bonds are being issued in the form of zero-coupon notes that are heavily discounted to institutional purchasers, and are priced at a floating rate of forward interest. That means that purchasers of the notes are bullish about Federal Reserve easing now, since if interest rates fall then the bonds will go up in value as the discounted price becomes comparably more attractive to lenders.
The company plans to list the bonds on the Hong Kong exchanges at some point within the next 12 months.
Hysan said that it was issuing the medium-term debt for general corporate purposes. The bonds are unsecured and reliant on a guarantee by Hysan to repay. The notes were <a href="https://www.fitchratings.com/research/corporate-finance/fitch-revises-hysan-outlook-to-negative-affirms-rating-at-a-04-01-2023#:~:text=Liquidity%20and%20Debt%20Structure&amp;text=5%20billion%20in%20short%2Dterm,liquidity%20sources%20and%20financial%20flexibility." style="color:#0563c1">rated</a> A- by Fitch Ratings earlier in the year. According to Fitch, the developer had HK$6.7 billion in cash and HK$4.6 billion in undrawn credit at the start of this year, which was enough to meet its short-term debt repayments. &nbsp;
Fitch said that while it thinks Hysan is more liquid than most developers in Hong Kong right now, it forecasts the company&rsquo;s average borrowing cost will spike to 3.3% in 2023 vs 2.2% last year. The ratings agency also noted that Hysan&rsquo;s leverage had increased to 24.6% by the start of 2023 from 17.9% the year before.
&ldquo;We think Hysan&#39;s liquidity position is solid and it has the resources and ability to reduce debt and improve interest cover via asset monetisation. However, there is uncertainty over the execution of its plans,&rdquo; the ratings agency wrote.
In the note offering, the company indicated that its current repayments were set to peak in 2025 by three times from their current level and again in 2027 by nearly 8 times as its bank debt and other bonds become repayable.
In interim 2023 financials Hysan released in August, the company reported that its revenue and profit were down 9.3% and 12.2% respectively, in 2023. It also said that office rentals were at 89% capacity, quite a bit lower than Fitch&#39;s expectations of 94%.&nbsp;
Bank of America Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>) and UBS Group AG (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ubs#NYSE">UBS</a>) are handling the debt issuance while Bank of China Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bachf#OTC">BACHF</a>), Credit Agricole SA (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crarf#OTC">CRARF</a>), JP Morgan Chase &amp; Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>), Mitsubishi UFJ Financial Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mufg#NYSE">MUFG</a>) BNP Paribas (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bnpqf#OTC">BNPQF</a>), Citigroup Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>), DBS Bank Limited, HSBC plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>), Mizuho Financial Group Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mfg#NYSE">MFG</a>) and Standard Chartered plc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/scbff#OTC">SCBFF</a>) are acting as dealers of the notes alongside the lead issuers.
Shares of Hysan Development were off 1.4% in Hong Kong morning trading.
The financing <a href="https://www.benzinga.com/markets/penny-stocks/23/10/35128718/is-there-a-real-estate-bubble-in-hong-kong-thats-about-to-burst">comes at a hairy time for real estate developers and borrowers in Hong Kong</a>, increasing numbers of whom have defaulted on prior years US dollar debt issuances. At the end of last month, China Evergrande Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/egrnf#OTC">EGRNF</a>) defaulted on its US dollar bonds and some investors fear that Country Garden Holdings Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ctryy#OTC">CTRYY</a>) may follow suit.
There have been some bright spots lately though. Last week, Sunac China Holdings Limited (NYSE: SNCNF) <a href="https://www.benzinga.com/markets/penny-stocks/23/10/35113705/hong-kong-stocks-gain-some-steam-back-after-citigroup-declares-chinas-cyclical-bottom-is-her" style="color:#0563c1">became the first property developer to successfully restructure its offshore debt</a> when a Hong Kong court granted it permission to reissue $10.2 billion in new debt.

Asia

Penny Stocks

Small Cap

Real Estate

BACHF

BNPQF

CRARF

CTRYY

EGRNF

HYSNY

MUFG

Property Giant Hysan's Borrowing Surges With Fresh $4 Billion Bond Issuance

To meet the corporate clients&#39; growing demand of digitizing banking relationships, and provide more specific cash position and cash flow forecasts, Singapore-based fintech Starfish Digital and Standard Chartered (OTCMKTS: SCBFF) partnered to provide multibank connectivity.
What Happened: Standard Chartered and Starfish Digital are launching a multibank connectivity service.
The partnership is expected to enhance cash management processes and enable Standard Chartered to bolster its working capital management.
Application programming interfaces (APIs) and Open Banking are the benefits that corporates can soak in, the companies explained.
Find out more about the Fintech Industry! How is Fintech shaping the financial services industry? Meet and engage with transformative&nbsp;<a href="https://www.benzinga.com/go/Fintech-article-link" target="_blank">Fintech business</a>&nbsp;leaders and investors at Benzinga&#39;s exclusive event&nbsp;&mdash; <a href="https://www.benzinga.com/go/Fintech-article-link" target="_blank">Fintech Deal Day</a>. Tickets are going fast&nbsp;&mdash; <a href="https://www.benzinga.com/go/Fintech-article-link" target="_blank">get yours!</a>
Read More: <a href="https://www.benzinga.com/fintech/23/09/34924644/benzinga-fintech-deal-day-awards-2023-the-event-that-will-define-the-future-of-fintech">Benzinga Fintech Deal Day &amp; Awards 2023: The Event That Will Define The Future Of Fintech!</a>
&ldquo;Our partnership with Starfish Digital allows us to directly respond to this need, by offering a plug-and-play solution that provides real-time treasury experience. This further complements our growing suite of business-critical APIs available via aXess, our open-banking platform,&rdquo; Janet Thomas, Standard Chartered&#39;s Global Head of Strategic Platform Partnerships, said.
Why It Matters: There&#39;s growing demand for digital corporate banking capabilities that lower costs, drive capital and process efficiencies, mitigate risks, and deliver actionable business insights in real time.
Starfish Connect, a Software-as-a-Service platform, acts as a link between any corporate finance, ERP, and treasury management system to any corporate banking service.
This will thereby expand Standard&#39;s API offerings to provide clients with important information for adjusting their account balances, transactions, and payments and hence achieve improved control and visibility of their businesses.
In July, Standard Chartered <a href="https://www.benzinga.com/markets/equities/23/07/33465823/standard-chartered-inks-pact-with-chinas-ant-group-for-green-finance-and-global-fund-management">signed a pact with Ant Group</a> to strengthen partnerships to drive green and inclusive finance, global fund management, and sustainable development.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34807604/sc-ventures-audax-financial-technology-tastes-success-prior-to-official-launch">SC Ventures&#39; Audax Financial Technology Tastes Success Prior To Official Launch</a>
Image: Wikipedia Commons

SCBFY

Standard Chartered Aims To Boost Cash Management Services Via Starfish Partnership

Singapore-based startup&nbsp;Silent Eight&nbsp;is harnessing <a href="https://www.benzinga.com/markets/penny-stocks/23/09/34828759/ai-to-revolutionize-clinical-trials-and-diagnostics">the power of artificial intelligence (AI)</a> to assist financial institutions in their battle against money laundering and other financial crimes.
And with significant banks like&nbsp;Standard Chartered PLC&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/scbff#OTC">SCBFF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/scbfy#OTC">SCBFY</a>) and&nbsp;HSBC Holdings, Plc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>) adopting Silent Eight&#39;s software, the company is poised for substantial growth,&nbsp;according to a&nbsp;<a class="editor-rtfLink" href="https://www.cnbc.com/2023/09/22/hsbc-backed-startup-is-using-ai-to-help-banks-fight-financial-crime.html" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">note&nbsp;</a>by CNBC.
Addressing Financial Crimes with AI
Financial institutions are constantly at risk of incurring hefty fines and suffering reputational damage if they don&#39;t adequately address crimes like money laundering and terrorist financing.&nbsp;Traditional methods of investigating and preventing such activities are resource-intensive.&nbsp;
Silent Eight&#39;s solution reportedly&nbsp;employs AI to streamline this process, aiming to reduce the resources required and ensuring banks remain compliant with regulatory standards.
Unlike the popular ChatGPT chatbot that uses a large language model, Silent Eight&#39;s software is built on generative AI.&nbsp;
It&#39;s trained on multiple smaller, task-specific models. One such model, for instance, examines name translations across languages, potentially identifying individuals attempting to open accounts under various name spellings globally.
Silent Eight &quot;IPO Ready&quot; by 2025?
With Silent Eight&#39;s revenue set to see threefold growth this year, CEO&nbsp;Martin Markiewicz&nbsp;said he is optimistic about the company&#39;s trajectory.&nbsp;
He told CNBC that he anticipates the company&#39;s revenue to surge over three-and-a-half times in 2023 compared to the previous year.&nbsp;
With an increasing number of financial institutions partnering with Silent Eight, the firm is reportedly set to achieve profitability for the first time this year.
Following a successful $40 million funding round last year, which saw participation from HSBC Ventures and Standard Chartered&#39;s investment arm, Markiewicz revealed plans to make the firm &quot;<a href="https://www.benzinga.com/news/ipos">IPO</a> ready&quot; by 2025, eyeing a potential listing on the U.S. Nasdaq, according to CNBC.
With the rise of AI in the financial <a href="https://www.benzinga.com/money/best-sectors-to-invest-in-right-now/">sector</a>, companies like Silent Eight are playing a pivotal role in transforming how banks and other institutions address challenges, ensuring compliance while optimizing operations.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/23/09/34369308/financial-crime-weekly-rashawn-russell-from-investment-banker-to-crypto-fraudster" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Financial Crime Weekly: Rashawn Russell, From Investment Banker To Crypto Fraudster?</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

General

HSBC-backed Startup Silent Eight Eyes IPO, With Tremendous Potential Ahead

Standard Chartered PLC&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/scbff#OTC">SCBFF</a>) inked a pact with China-based&nbsp;Ant Group&nbsp;to deepen their&nbsp;<a class="editor-rtfLink" href="https://www.sc.com/en/media/press-release/standard-chartered-plc-and-ant-group-strengthen-their-partnership-to-promote-global-sustainable-development/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">partnership&nbsp;</a>in driving green and inclusive finance, global fund management, and sustainable development.
The companies will address environmental issues of climate change and ocean protection. An initial MoU was signed in 2017.
Under the expanded cooperation framework, Standard Chartered will support Ant Group in building a global liquidity and foreign exchange management structure and strengthen its collaboration in ESG, digital innovation, and inclusive finance.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/06/32868937/hong-kong-regulator-orders-hsbc-standard-chartered-to-tap-crypto-clients" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Hong Kong Regulator Orders HSBC, Standard Chartered To Tap Crypto Clients</a>
Dr. Jos&eacute; Vi&ntilde;als, Group Chairman, Standard Chartered PLC, said, &quot;... we look forward to leveraging our shared vision to further our global cooperation in ESG, inclusive finance for SMEs and digital innovation.&quot;
Price Action:&nbsp;SCBFF shares closed higher by 7.22% to $9.51 on Friday.

Standard Chartered Inks Pact With China's Ant Group For Green Finance And Global Fund Management

Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/32869312/walmart-finance-chief-expects-indias-flipkart-phonepe-to-be-worth-100b-businesses" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Walmart Finance Chief Expects India&#39;s Flipkart, PhonePe To Be Worth $100B Businesses</a>
<ul>
<li>At a Wednesday investor conference,&nbsp;Walmart Inc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/wmt#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">WMT</a>) CFO John David Rainey voiced expectations for India&#39;s&nbsp;Flipkart&nbsp;marketplace and&nbsp;PhonePe&nbsp;payments business to reach $100 billion in value.</li>
<li>The retailer flagged the two businesses as key drivers in doubling the gross merchandise volume it sells in foreign markets to $200 billion in five years.</li>
<li>Walmart said its Flipkart business generated double-digit sales growth, backed by new shoppers in some cities and a 50% jump in ad sales. Flipkart was worth over $40 billion in 2022.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/06/32869342/fentanyl-fuels-ongoing-us-drug-overdose-crisis-over-109-000-deaths-lost-in-12-months" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Fentanyl Fuels Ongoing US Drug Overdose Crisis: Over 109,000 Deaths Lost in 12 Months</a>
<ul>
<li>Over 109,000 Americans lost their lives to drug overdoses in the 12 months ending in January 2023, representing a slight increase of 0.7% compared to the previous year.&nbsp;</li>
<li>Fentanyl, a highly potent opioid, has played a significant role in the opioid crisis and the surge in drug overdoses in the U.S. It is 50 times stronger than heroin and is increasingly mixed in with other illegal drugs.</li>
<li>In May, the administration imposed sanctions on 17 individuals and entities in China and Mexico accused of facilitating the production of counterfeit fentanyl-laced pills.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/32870328/vodafone-ck-hutchisons-uk-merger-under-cma-scrutiny-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Vodafone-CK Hutchison&#39;s UK Merger Under CMA Scrutiny</a>
<ul>
<li>The merger of&nbsp;Vodafone Group PLC&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/vod#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">VOD</a>) and&nbsp;CK Hutchison Holdings Ltd&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ckhuy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">CKHUY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ckhuf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">CKHUF</a>) U.K. telecommunication businesses has reportedly come under the scrutiny of U.K.&#39;s&nbsp;Competition and Markets Authority&nbsp;(CMA).</li>
<li>After months of speculation, the companies officially disclosed the merger of their U.K. businesses yesterday.&nbsp;&nbsp;</li>
<li>Post-merger of Vodafone U.K. and Three U.K., Vodafone will own 51% of the combined business, and CKHGT will have the remaining 49%.</li>
<li>The companies will need approval under the National Security and Investment Act, which allows the British government to intervene in deals, posing a risk.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/32871170/goldman-sachs-eyes-further-job-cuts-amid-billion-dollar-cost-reduction-strategy" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Goldman Sachs Eyes Further Job Cuts Amid Billion-Dollar Cost Reduction Strategy</a>
<ul>
<li>Goldman Sachs Group Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gs#NASDAQ">GS</a>) is contemplating more job cuts as a part of the firm&#39;s ongoing push to reduce costs by $1 billion.</li>
<li>Previously, employees at Goldman Sachs were allowed to book a business trip to see just one client, expensing on &quot;pricey meals.&quot; However, senior managers are now asked to reduce expenditures and see multiple clients in one travel as a part of the bank&#39;s belt-tightening agenda.</li>
<li>The company will terminate more employees forward if revenues don&#39;t grow alongside the aggressive cost-cutting measures.</li>
</ul>
&nbsp;
Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/06/32869700/us-chip-equipment-supplier-applied-materials-charges-beijing-government-backed-rival-of-data-embezzl" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">US Chip Equipment Supplier Applied Materials Charges Beijing Government Backed Rival Of Data Embezzlement</a>
<ul>
<li>Applied Materials, Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amat#NASDAQ">AMAT</a>) prosecuted&nbsp;Mattson, owned by&nbsp;Beijing E-Town Dragon Semiconductor Industry Investment Center, for hiring away 17 of its most senior engineers over just over a year.</li>
<li>The chipmaking equipment supplier slammed the Chinese-owned rival for allegedly trying to steal some of its most valuable secrets, including covert transfers of semiconductor equipment designs.</li>
<li>The lawsuit flagged the documents as highly sensitive and containing Applied&#39;s trade secrets that could give Mattson years of competitive advantage in its technology trajectory.</li>
</ul>
&nbsp;
Barron&#39;s
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/32870034/watch-out-tesla-rival-xpeng-launches-self-driving-tech-in-china#" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Watch Out! Tesla - Rival XPeng Launches Self-Driving Tech in China</a>
<ul>
<li>Chinese electric vehicle maker&nbsp;XPeng Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpev#NYSE">XPEV</a>) launched its assisted-driving technology in Beijing and three other cities.</li>
<li>The EV maker became the first company to roll out an advanced driver-assistance system (ADAS) in Beijing after winning approval for use on significant ring roads and expressways in the capital city.</li>
<li>XPeng said its City NGP (Navigation Guided Pilot) system, which is similar to&nbsp;Tesla Inc&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) FSD (Full Self-Driving) feature, is also available in Shanghai, Shenzhen, and Guangzhou. The company plans to expand the feature into &quot;dozens of cities&quot; in 2023.</li>
</ul>
&nbsp;
Pandaily
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/32868727/nvidias-win-in-china-major-cloud-players-bytedance-and-alibaba-want-nvidias-chips-courtesy-chatgpt-w" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Nvidia&#39;s Win in China: Major Cloud Players ByteDance and Alibaba Want Nvidia&#39;s Chips Courtesy ChatGPT Wave</a>
<ul>
<li>Nvidia Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) bagged significant orders from major Chinese internet companies with cloud computing businesses following the 2023 Spring Festival.</li>
<li>The chipmaker won orders&nbsp;over $1 billion in GPUs&nbsp;ByteDance Ltd&nbsp;in 2023.</li>
<li>ByteDance has received 100,000 A100 and H800 accelerator cards, including delivered and pending orders thus far. Notably, the H800 only began production in March 2023.</li>
</ul>
&nbsp;
Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/32870164/siemens-plans-2b-investment-to-ramp-up-global-production-in-new-high-tech-factories" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Siemens Plans &euro;2B Investment To Ramp Up Global Production In New High-Tech Factories</a>
<ul>
<li>Siemens AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/siegy#OTC">SIEGY</a>) plans to invest &euro;2 billion for new manufacturing capacity, innovation labs, education centers, and more in its sites worldwide.</li>
<li>Following investments in Germany and the U.S., the German tech behemoth will expand its production network and R&amp;D capacities in Asia.</li>
<li>Siemens announced a high-tech factory in Singapore to serve the booming Southeast Asia markets. Investment in the factory will be around &euro;200 million, creating about 400 jobs.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/32870454/fashion-retailer-h-m-reports-6-top-line-growth-in-q2" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Fashion Retailer H&amp;M Reports 6% Top-Line Growth In Q2</a>
<ul>
<li>Swedish clothing giant&nbsp;Hennes &amp; Mauritz AB&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/hnnmy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">HNNMY</a>) group reported a 6% year-on-year growth in second-quarter FY23 sales to SEK57.6 billion.H&amp;M said sales measured in local currencies for its March-May quarter were flattish.</li>
<li>Sales in the second quarter were affected by unfavorable weather conditions compared to the corresponding period last year on several of the H&amp;M group&#39;s large markets.</li>
<li>The company said June has got off to a good start.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/06/32871137/from-doggystyle-to-doggie-treats-snoop-dogg-sniffs-out-a-new-partnership-with-petco" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">From &#39;Doggystyle&#39; to Doggie Treats: Snoop Dogg Sniffs Out a New Partnership with Petco</a>
<ul>
<li>Rapper&nbsp;Snoop Dogg&nbsp;has partnered with&nbsp;Petco Health and Wellness Company Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/woof#NASDAQ">WOOF</a>) ad campaign in which he plays the human version of a Doberman pinscher.</li>
<li>The collaboration features Petco Picks by Snoop, which include toys, treats, and grooming supplies.</li>
<li>In 2022, American pet owners spent about $136.8 billion, a 13.2% increase from the previous year, according to an American Pet Products Association survey.</li>
</ul>
&nbsp;
Financial Times
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/06/32868937/hong-kong-regulator-orders-hsbc-standard-chartered-to-tap-crypto-clients" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Hong Kong Regulator Orders HSBC, Standard Chartered To Tap Crypto Clients</a>
<ul>
<li>Lenders, including&nbsp;HSBC Holdings Plc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>) and&nbsp;Standard Chartered PLC&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/scbfy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SCBFY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/scbff#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SCBFF</a>), faced pressure from Hong Kong&#39;s banking regulator to take on crypto exchanges as clients despite a series of collapses, including the&nbsp;FTX.</li>
<li>The Hong Kong Monetary Authority urged the banks not to burden potential customers with due diligence, especially those setting up an office in Hong Kong.</li>
<li>Banks are reluctant to take on crypto exchanges over fears of prosecution due to money laundering or other illegal activity.</li>
</ul>
Photo by Mizter_X94 via Pixabay

AMAT

CKHUF

CKHUY

HNNMY

NVDA

SIEGY

TSLA

WOOF

XPEV

Major China Cloud Players Want Nvidia's Chips, Tesla Rival XPeng Launches Self-Driving Tech in China, Fentanyl Fuels Ongoing US Drug Overdose Crisis: Top Stories Today

Lenders, including&nbsp;HSBC Holdings, Plc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>) and&nbsp;Standard Chartered PLC&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/scbfy#OTC">SCBFY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/scbff#OTC">SCBFF</a>), faced pressure from Hong Kong&#39;s banking regulator to take on crypto exchanges as clients despite a&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/22/12/30173424/sec-intensifies-check-on-auditors-report-on-crypto-after-ftx-collapse" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">series of collapses</a>, including the&nbsp;FTX.
The Hong Kong Monetary Authority urged the banks not to burden potential customers with due diligence, especially those setting up an office in Hong Kong, Financial Times&nbsp;<a class="editor-rtfLink" href="https://www.ft.com/content/da31d2d6-e547-43b0-821d-a235097ef9c9" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">cites</a>&nbsp;an April 27 letter.
Banks are reluctant to take on crypto exchanges over fears of prosecution due to money laundering or&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/23/03/31113865/visa-mastercard-halt-crypto-initiatives-pending-industry-and-regulatory-recovery" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">other illegal activity</a>.
In June, the U.S. SEC charged two leading crypto exchanges,&nbsp;Binance&nbsp;and&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/money/coinbase-alternative/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Coinbase</a>&nbsp;Global, Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/coin#NASDAQ">COIN</a>) for violating U.S. securities laws.
Quite interestingly, pro-Beijing lawmaker Johnny Ng, a member of China&#39;s top political advisory body, invited Coinbase and other crypto exchanges to set up in the city following the SEC lawsuit.
Hong Kong was home to Sam Bankman-Fried&#39;s FTX exchange before it migrated to the Bahamas, and the stablecoin Tether and digital assets exchange Crypto.com came into existence.
Hong Kong launched a new licensing regime for crypto platforms in June to attract more crypto groups to the city.
HSBC, Standard Chartered, and Bank of China have a unique role in Hong Kong as issuers of the city&#39;s currency and hold the chair and two vice-chair posts at the Hong Kong Association of Banks lobby group.
Price Action:&nbsp;HSBC shares traded higher by 0.18% at $38.72 premarket on the last check Thursday.

Government

Regulations

Media

Hong Kong Regulator Orders HSBC, Standard Chartered To Tap Crypto Clients

Zodia Custody, a leading firm in <a href="https://www.benzinga.com/markets/cryptocurrency/23/05/32482250/hong-kong-based-hashkeys-billion-dollar-dream-the-next-big-bang-in-crypto">cryptocurrency asset management</a>, announced plans to extend staking services to its institutional clientele, courtesy of a partnership with infrastructure solutions provider Blockdaemon.
This move is designed to tap into the burgeoning institutional fascination with staking, which is&nbsp;the act of pledging digital assets to support the operations of a blockchain network&nbsp;with rewards as a return incentive, Coindesk <a href="https://www.coindesk.com/business/2023/06/06/zodia-custody-to-offer-staking-to-institutional-clients-through-blockdaemon/?utm_medium=social&amp;utm_source=onecryptofeed&amp;utm_campaign=headlines">reported</a>.
Staking has come into prominence since Ethereum&#39;s blockchain transitioned into a proof-of-stake model in September.
The Shapella upgrade, implemented on April&nbsp;12, led to a massive increase in the amount of staked Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) by 4.4 million, amounting to 22.58 million (worth $42 billion) by May 23.
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/06/32721987/sec-lawsuit-against-binance-sends-bitcoin-ethererum-and-bnb-on-a-roller-coaster-ride-which">SEC Lawsuit Against Binance Sends Bitcoin, Ethereum And BNB On A Roller Coaster Ride: Which One Will Prevail?</a>
Zodia Custody is&nbsp;a subsidiary of the multinational British banking giant, Standard Chartered PLC (OTC: <a class="ticker" href="https://www.benzinga.com/stock/scbff#OTC">SCBFF</a>)&nbsp;and is backed by entities such as&nbsp;Northern Trust and SBI Holdings.
Earlier in April, Blockdaemon introduced a wallet service to facilitate financial institutions and crypto custodians in overseeing their assets without <a href="https://www.benzinga.com/markets/cryptocurrency/23/06/32713710/a-bullish-job-market-in-the-us-may-inspire-more-crypto-adoption-nft-expert-says">necessitating third-party storage.</a>
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/06/32722252/feeling-unprotected-in-crypto-evertas-steps-up-with-massive-420m-insurance">Feeling Unprotected In Crypto? Evertas Steps Up With Massive $420M Insurance</a>
Photo: Shutterstock

$ETH

Zodia Custody And Blockdaemon Unleash Staking For Big Players

It&rsquo;s been three weeks since nickel was suspended on the London Metal Exchange after a 250% price spike, and while trading has resumed, the market remains all but paralyzed,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2022-03-29/from-vw-to-jpmorgan-the-unlikely-cast-behind-nickel-s-big-squeeze?sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reported Bloomberg</a>.
Accusations have started to make rounds as the crisis worn-out. Investors are preparing lawsuits; the LME and its regulator, the Financial Conduct Authority, are likely to run investigations.
Related:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/03/26215875/new-week-new-limit-down-on-lme-benchmark-nickel-price-down-15-cnbc" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">New Week New Limit Down On LME, Benchmark Nickel Price Down 15%: CNBC</a>
When nickel rose rapidly after Russia invaded Ukraine, Tsingshan, the world&rsquo;s biggest nickel and stainless steel company, had built a giant short position in LME nickel in a bet that increasing supply from his company would drive down prices, struggled to pay its margin calls, setting the stage for a short squeeze.
At the center of the crisis is entrepreneur Xiang Guangda, owner of Tsingshan Holding Group Co. Xiang&rsquo;s position was unusually large, equivalent at its peak to roughly one in eight of all the contracts outstanding in the LME nickel contract.
Bloomberg notes Xiang held about 30,000 tons of his short position directly on the LME, less than a fifth of its total size of over 150,000 tons. The vast majority was held in bilateral derivative deals, known as &ldquo;over-the-counter&rdquo; positions, with banks led by&nbsp;JPMorgan Chase &amp; Co.&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/jpm#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">JPM</a>), including&nbsp;BNP Paribas SA&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bnpqy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BNPQY</a>),&nbsp;Standard Chartered Plc&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/scbff#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SCBFF</a>), and&nbsp;United Overseas Bank Ltd&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/uovey#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">UOVEY</a>).
JPMorgan&rsquo;s leading role means that the U.S. lender arguably had better insight into Tsingshan&rsquo;s market-roiling position than the LME did: about 50,000 tons of the short position was held via OTC bets with JPMorgan, Bloomberg has reported.
Related:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/03/26119137/jpmorgan-in-talks-with-tsingshan-to-contain-nickel-crisis-wsj" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">JPMorgan In Talks With Tsingshan To Contain Nickel Crisis: WSJ</a>
Bloomberg reported that several other Chinese firms amassed short positions as Xiang&rsquo;s allies.&nbsp;Volkswagen AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>) has one of the largest long positions in the market, at the equivalent of over 100,000 tons, a person familiar with the matter stated.&nbsp;
Trader and miner&nbsp;Glencore Plc&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/glncy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GLNCY</a>) is another sizeable long-position holder and has at times controlled more than half of the available inventories in LME warehouses.&nbsp;
A person familiar with the matter stated that Glencore&rsquo;s overall position in LME nickel is short &mdash; it uses the exchange to protect against price risk on the metal it ships worldwide. But it bought LME stocks to deliver the nickel from the exchange warehouses to its customers after a surge in freight costs made shipping metal from Asia to Europe and the U.S. much more expensive.
Investors have heavily criticized the 145-year-old home of global metals trading,&nbsp;The London Metal Exchange, for its response to the crisis. Since reopening two weeks ago, the nickel market has yet to reach an equilibrium.&nbsp;
&ldquo;Given our role in supervising the LME, we have been, and will continue to be, taking a very close interest in how it is managing and responding to the issues,&rdquo; the FCA said in a statement Tuesday.
Regulators have publicly admitted they&rsquo;re in the dark about commodity markets.
When the Bank of England&rsquo;s Financial Policy Committee met earlier in March, it was important to assess the potential contagion between commodity market volatility and the financial system more broadly. But, according to a published summary of the discussion, &ldquo;the assessment of risks was made more difficult by the relative opacity of commodity derivatives markets.&rdquo;

Commodities

BNPQY

GLNCY

iPath Dow Jones UBS Nickel Subindex Total Return ETN

JJNC

JJNTF

UOVEY

VWAGY

Who Is the Unlikely Cast Behind Nickel's Big Squeeze?: Bloomberg

CNBC
<ul>
<li><a class="editor-rtfLink" href="https://www.benzinga.com/government/22/03/26118826/china-restricts-activities-in-shenzhen-shanghai-following-covid-19-resurgence" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">China Restricts Activities In Shenzhen, Shanghai Following Covid-19 Resurgence</a>
<ul>
<li class="ql-indent-1">China&#39;s tech hub city Shenzhen ordered businesses concerned with non-essential public services to suspend production or have employees work from home for a week starting March 14 following another COVID-19 outbreak, CNBC reports.</li>
<li class="ql-indent-1">Shenzhen reported over 600 positive cases since late February. Mainland China reported 1,437 new confirmed cases as of March 13.</li>
</ul>
</li>
</ul>
Reuters
<ul>
<li><a class="editor-rtfLink" href="https://www.benzinga.com/government/22/03/26119324/inflation-fed-rate-hike-war-pandemic-to-steer-us-central-bank-policymakers-meeting-reuters" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Inflation, Fed Rate Hike, War, Pandemic To Steer US Central Bank Policymakers Meeting</a>
<ul>
<li class="ql-indent-1">Amid the rising inflation worries, investors may see the first rate hike from the Federal Reserve in the post-pandemic era, reports Reuters.</li>
<li class="ql-indent-1">The Fed has made its intentions clear to raise its benchmark overnight interest rate by a quarter of a percentage point at the end of its two-day policy meeting on Wednesday. </li>
<li class="ql-indent-1">The Federal Open Market Committee (FOMC) will also share its inflation and economic growth projection for 2023 and 2024 to tame inflation that has surpassed expectations, running at three times the Fed&#39;s 2% target.</li>
</ul>
</li>
</ul>

<ul>
<li><a class="editor-rtfLink" href="https://www.benzinga.com/m-a/22/03/26119322/telecom-italia-explores-kkrs-11b-takeover-offer-possible-tie-up-with-open-fiber-reuters" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Telecom Italia Explores KKR&#39;s $11B Takeover Offer, Possible Tie-Up With Open Fiber</a>
<ul>
<li class="ql-indent-1">Telecom Italia SpA (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/tiaiy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TIAIY</a>) (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/tiiay#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TIIAY</a>) looked to discuss KKR &amp; Co Inc&#39;s (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/kkr#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">KKR</a>) &euro;10.8 billion ($11.8 billion) four-month-old takeover offer, Reuters reports.</li>
<li class="ql-indent-1">KKR&#39;s bid of &euro;0.505 per share is a 75% premium to TIM&#39;s March 11 closing, against a 46% premium four months back, which CEO Pietro Labriola deemed as too low last time.</li>
</ul>
</li>
</ul>

WSJ
<ul>
<li><a class="editor-rtfLink" href="https://www.benzinga.com/government/22/03/26118895/us-to-explore-alternatives-to-iran-nuclear-deal-without-russia-wsj" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">US To Explore Alternatives To Iran Nuclear Deal Without Russia</a>
<ul>
<li class="ql-indent-1">The U.S. won&#39;t negotiate exemptions to Ukraine-related sanctions on Russia to save the 2015 Iran nuclear deal, the Wall Street Journal reported.</li>
<li class="ql-indent-1">The U.S. could try to strike a separate accord excluding Moscow, the report cited a senior official.</li>
</ul>
</li>
</ul>

<ul>
<li><a class="editor-rtfLink" href="https://www.benzinga.com/government/22/03/26119055/lawmakers-seek-to-enact-rent-control-measures-in-us-wsj" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Lawmakers Seek To Enact Rent Control Measures In US</a>
<ul>
<li class="ql-indent-1">Amid rising rental prices, U.S. lawmakers are looking to enact rent control, reviving measures shunned mainly in recent years, to curb the surge in home rental prices, reports Wall Street Journal.</li>
<li class="ql-indent-1">According to real-estate broker Redfin Corp, the prices have hit record levels across the U.S and are up about 18% on average over the past two years. The proposals would generally allow landlords to boost monthly rents by 2% to 10%.</li>
</ul>
</li>
</ul>

<ul>
<li><a class="editor-rtfLink" href="https://www.benzinga.com/news/22/03/26119137/jpmorgan-in-talks-with-tsingshan-to-contain-nickel-crisis-wsj" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">JPMorgan In Talks With Tsingshan To Contain Nickel Crisis</a>
<ul>
<li class="ql-indent-1">The Big Banks worked over the weekend to resolve the nickel market crises that left them on the hook for billions of dollars owed by a Chinese metals giant, reported WSJ. </li>
<li class="ql-indent-1">JPMorgan Chase &amp; Co (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/jpm#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">JPM</a>), Standard Chartered PLC (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/scbff#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SCBFF</a>), and BNP Paribas SA (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/bnpqy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BNPQY</a>) were among the banks and brokers seeking to reach an agreement with Tsingshan Holding Group, stated people familiar with the discussions.</li>
</ul>
</li>
</ul>

Bloomberg
<ul>
<li><a class="editor-rtfLink" href="https://www.benzinga.com/m-a/22/03/26119462/rio-tinto-offers-to-buy-turquoise-hill-resources-for-2-7b-bloomberg" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Rio Tinto Offers To Buy Turquoise Hill Resources For $2.7B</a>
<ul>
<li class="ql-indent-1">Rio Tinto plc (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/rio#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RIO</a>) proposed to buy out Turquoise Hill Resources Ltd (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/trq#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TRQ</a>) for $2.7 billion, aiming to gain more control of a giant copper mine it&#39;s developing in Mongolia, reported Bloomberg.</li>
<li class="ql-indent-1">Rio wants to expand its exposure to so-called future-facing commodities. This transaction could ease many problems at the flagship Oyu Tolgoi growth project. Rio has faced spiraling costs and long-running disputes with the Mongolian government and Turquoise Hill.</li>
</ul>
</li>
</ul>

Financial Times
<ul>
<li><a class="editor-rtfLink" href="https://www.benzinga.com/government/22/03/26119946/us-warns-china-against-helping-russia-in-ukraine-war" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">US Warns China Against Helping Russia In Ukraine War</a>
<ul>
<li class="ql-indent-1">Russia sought China&#39;s military ​equipment to ​support its invasion of Ukraine, Financial Times reports<a class="editor-rtfLink" href="https://www.ft.com/content/30850470-8c8c-4b53-aa39-01497064a7b7" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank"> </a>citing U.S. officials. </li>
<li class="ql-indent-1">The U.S. looks to caution its allies against China&#39;s possible assistance to Russia. </li>
<li class="ql-indent-1">Russia could also have fallen short of weaponry as the war extended into its third week.</li>
<li class="ql-indent-1">Before leaving to talk to China&#39;s top foreign policy official, the U.S. national security adviser warned China against bailing out Russia.</li>
</ul>
</li>
</ul>
Benzinga
<ul>
<li><a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/22/03/26116200/breaking-elon-musk-bearish-on-us-dollar-right-now-says-he-still-owns-dogecoin-and-these-2-" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BREAKING: Elon Musk Bearish On US Dollar Right Now, Says He Still Owns Dogecoin And These 2 Cryptocurrencies And Not Selling</a>
<ul>
<li class="ql-indent-1">Tesla Inc (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/tsla#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TSLA</a>) CEO Elon Musk appears to be laughing at the expense of the greenback while &#39;hodling&#39; his Dogecoin DOGE, Bitcoin BTC, and Ethereum ETH.</li>
<li class="ql-indent-1">What Happened: In a series of tweets on Sunday, the entrepreneur clarified his stance on fiat, as well as cryptocurrencies.</li>
</ul>
</li>
</ul>

<ul>
<li><a class="editor-rtfLink" href="https://www.benzinga.com/markets/asia/22/03/26116263/alibaba-and-tesla-rivals-nio-xpeng-plunge-in-hong-kong-today-amid-worries-over-new-covid-19-restrict" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Alibaba And Tesla Rivals Nio, Xpeng Plunge In Hong Kong Today Amid Worries Over New COVID-19 Restrictions In China</a>
<ul>
<li class="ql-indent-1">Shares of U.S.-listed Chinese tech companies tumbled in Hong Kong on Monday and dragged the benchmark Hang Seng Index sharply lower for a second straight day amid worries about a growing COVID-19 outbreak in China.</li>
<li class="ql-indent-1">The Hang Seng Index opened sharply lower and was down 3.8% at the time of writing.</li>
</ul>
</li>
</ul>

TIAIY

TIIAY

Morning Brief: Top Stories Dominating Financial Media on Monday, March 14

The Big Banks worked over the weekend to resolve the nickel market crises that left them on the hook for billions of dollars owed by a Chinese metals giant,&nbsp;<a class="editor-rtfLink" href="https://www.wsj.com/articles/jpmorgan-leads-talks-to-contain-nickel-crisis-damage-11647203014?mod=hp_lead_pos6" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reported WSJ</a>.&nbsp;JPMorgan Chase &amp; Co&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>),&nbsp;Standard Chartered PLC&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/scbff#OTC">SCBFF</a>), and&nbsp;BNP Paribas SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/bnpqy#OTC">BNPQY</a>) were among the banks and brokers seeking to reach an agreement with Tsingshan Holding Group, stated people familiar with the discussions.&nbsp;
What Happened:&nbsp;The meltdown bled into the financial system, leaving Tsingshan&#39;s banks and brokers with several billion dollars in the unpaid margin, the upfront cash brokers require to make trades, stated people familiar with the discussions.
Related:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/commodities/22/03/26035977/russia-impact-london-metal-exchange-suspends-nickel-trading-after-250-price-spike" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Russia Impact - London Metal Exchange Suspends Nickel Trading After 250% Price Spike</a>
Why It&#39;s Important:&nbsp;The talks between Tsingshan&#39;s creditors, led by JPMorgan, focused on extending the company&#39;s credit lines so that it can pay them the margin it owes, states people familiar with the discussions. One plan under discussion was to secure this lending against Tsingshan&#39;s steel and nickel assets in China and Indonesia.
Despite Tsingshan&#39;s troubles, with nickel prices close to records, extending such credit could be highly profitable given the company&#39;s vast production capabilities, stated people familiar with the situation.
Tsingshan, a stainless-steel producer, solved China&#39;s nickel shortfall by pioneering rotary-kiln electric furnaces to produce a low-cost material known as nickel-pig iron.&nbsp;
Early in 2021, Tsingshan began to accumulate a short position. It made statements on its website and panels suggesting the market was flush and prices should fall.&nbsp;
Tsingshan&#39;s position was equivalent to selling about 190,000 metric tons on the LME, traders, bankers, and analysts estimate. That would be worth $9.1 billion at last Monday&#39;s closing prices.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/asia/22/03/26055091/nickel-markets-hit-pause-as-china-also-suspends-trading-after-manic-surge-in-prices" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Nickel Markets Hit Pause As China Also Suspends Trading After Manic Surge In Prices</a>

JPMorgan In Talks With Tsingshan To Contain Nickel Crisis: WSJ

A new report from Standard Chartered (Pink: <a class="ticker" href="https://www.benzinga.com/stock/scbff#Pink">SCBFF</a>) makes a case for Ethereum&rsquo;s (CRYPTO: ETH) market cap catching up with that of&nbsp;Bitcoin (CRYPTO: BTC).
The Fine Print: &ldquo;Structurally, we &lsquo;value&rsquo; Ethereum at USD 26,000-35,000,&rdquo; said the British banking giant in its latest <a href="https://www.tbstat.com/wp/uploads/2021/09/Ethereum-investor-guide.pdf">research report</a> on crypto assets.
In order for ETH to get there, Bitcoin would need to trade at the top of Standard Chartered&rsquo;s estimated &ldquo;valuation range&rdquo; of around $175,000, the bank said.&nbsp;
&ldquo;We see the Ethereum-Bitcoin cross doubling to 0.161, a level at which ETH&rsquo;s market cap would catch up to BTC&rsquo;s,&rdquo; the Standard Chartered report said.&nbsp;
The logic underpinning the bank&rsquo;s valuation estimates for Ethereum comes from likening the second-largest cryptocurrency to &ldquo;a financial market in which non-linear financial transactions such as lending, insurance, and exchanges can operate.&rdquo;
This is opposed to the logic applied to Bitcoin, which Standard Chartered considers to be most akin to a currency.
Based on the financial market vs. currency analogy, the bank arrived at $35,000 as a potential value for ETH &mdash;&nbsp;a figure that is around 10 times its current value.
Using another approach, Standard Chartered found that an optimal allocation to crypto was around 2% of global portfolios.
&ldquo;Given the broader value case for ETH compared to BTC, we believe that ETH&rsquo;s total market cap will catch up to BTC&rsquo;s over time.&rdquo;
The bank also pointed to Ethereum&rsquo;s ongoing transition to ETH 2.0 as a factor that would work in its favor by increasing scalability, reducing environmental concerns&nbsp;and decreasing its net supply.
&ldquo;Given these factors, we think ETH is a better buy over the medium term than BTC,&rdquo; said Standard Chartered.
Price Action: At press time, Bitcoin was trading at $51,000 after gaining just 0.03% over the past 24-hours. Ethereum was down by 2.87% over the same period and changed hands&nbsp;at a price of $3,700 at the time of writing.

Standard Chartered Predicts Ethereum Will Hit $35K, Catch Up With Bitcoin's Market Cap: Report

STANDARD CHARTERED PLC by Standard Chartered PLC

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