If Russian Currency Reserves Aren’t Really Money, the World Is in for a Shock [WSJ]
The risk to King Dollar’s status is still limited due to most nations’ alignment with the West and Beijing’s capital controls. But financial and economic linkages between China and sanctioned countries that are only allowed to accumulate reserves—and, crucially, spend them—there will necessarily strengthen. Even nations that aren’t sanctioned may want to diversify their geopolitical risk. It seems set to further the deglobalization trend and entrench two separate spheres of technological, monetary and military power.
London-listed Russian stocks are collapsing, with trading now suspended [CNBC]
Russia’s London-listed stocks had lost almost all of their value by the time the suspension was announced on Thursday. Sberbank was down 99.72% year-to-date to trade for around a single penny on Wednesday, while Gazprom was down 93.71%, Lukoil 99.2%, Polyus 95.58%, Rosneft 92.52% and EN+ 20.51%.... Domestic markets in Russia have also been hammered, and the country’s stock market remained largely closed for a fourth consecutive day on Thursday after the central bank suspended stock and derivatives trading in a bid to stem the selling.
Finra Halts Over-the-Counter Trades in Some Russian Companies [WSJ]
Finra halted trading in American depositary receipts of Sberbank Russia and energy companies Gazprom Neft PJSC and PJSC Lukoil, according to the regulator’s website…. Finra says on its site that it may halt trading if "an extraordinary event has occurred or is ongoing that has had a material effect on the market for the OTC stock or may cause major disruption to the marketplace or significant uncertainty in the settlement and clearance process.”
Billionaire hedge fund founder Ken Griffin softens his anti-crypto stance: ‘I haven’t been right on this call’ [CNBC]
“I still have my skepticism, but there are hundreds and millions of people in this world today who disagree with that,” he said. “To the extent that we’re trying to help institutions and investors solve their portfolio allocation problems, we have to give serious consideration to being a market maker in crypto.”
He added that it is “fair to assume” that Citadel will begin to engage with cryptocurrencies “over the months to come.”
Goldman Cuts Ties With Block-Trading Hedge Fund Islet [Bloomberg]
The reason for the decision -- and whether it relates to the investigation -- couldn’t immediately be determined…. It’s not clear how much business Goldman does with Islet. The hedge fund listed its prime brokers as Morgan Stanley, JPMorgan Chase & Co. and Bank of America Corp.’s Merrill Lynch unit in a July regulatory filing with the SEC. It also couldn’t be determined whether Goldman has recently cut off business with any other hedge funds.
Tiger Global’s Loss This Year Widens to 23% After February Swoon [Bloomberg]
Chase Coleman’s Tiger Global Management posted a 10% decline for its flagship hedge fund last month, a significantly steeper drop than the broader market…. The smaller Tiger Global Long Opportunities Fund, which primarily makes bullish wagers on equities, declined 11% in February….