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JPM Mar 2021 90.000 put

OPR - OPR Delayed price. Currency in USD
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1.53000.0000 (0.00%)
As of 3:47PM EST. Market open.
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Previous close1.5300
Expiry date2021-03-19
Day's range1.4000 - 1.6200
Contract rangeN/A
Open interestN/A
  • Grab Picks Morgan Stanley, JPMorgan for U.S. IPO

    Grab Picks Morgan Stanley, JPMorgan for U.S. IPO

    (Bloomberg) -- Southeast Asian ride-hailing giant Grab Holdings Inc. has picked banks for a potential U.S. initial public offering, that could raise at least $2 billion, according to people familiar with the matter.Morgan Stanley and JPMorgan Chase & Co. have been selected to work on a listing that could happen as soon as the second half of this year, the people said. More banks could be added and details of the offering could change as deliberations continue, said the people, who asked not to be identified as the information is private.Grab’s IPO considerations come after talks to combine with Indonesian rival Gojek stalled. The latter startup is now in advanced discussions to merge with local e-commerce pioneer PT Tokopedia instead, creating a powerful regional player in online services that may then seek to go public, Bloomberg News reported this month. A Gojek-Tokopedia tie-up could create a Southeast Asian powerhouse with a valuation of about $18 billion and businesses encompassing ride-hailing and payments to online shopping and grocery delivery.Read more: Gojek Is Said in Talks With Tokopedia for $18 Billion MergerThat could threaten Grab’s own effort to expand across the region, particularly in the largest market of Indonesia. The Singapore-based company backed by SoftBank Group Corp.. grew net revenue 70% in 2020 after bouncing back from a Covid-19 trough. The startup, which was last valued at more than $14 billion, is now angling to delve deeper into online finance and food delivery.Representatives for Grab, Morgan Stanley and JPMorgan declined to comment.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Saudi Arabia Removes Central Banker, Lays Out Wealth Fund Goals

    Saudi Arabia Removes Central Banker, Lays Out Wealth Fund Goals

    (Bloomberg) -- Saudi Arabia replaced its central bank governor and said that it would more than double the size of its sovereign wealth fund by 2025 in a series of late-night announcements ahead of the crown prince’s flagship investment conference.Ahmed Alkholifey was removed from his position heading the monetary authority. He is being replaced by Fahad Al-Mubarak, who was central bank governor from 2011 to 2016. The reason for the change wasn’t provided.Al-Mubarak had most recently been a minister of state and served as the kingdom’s sherpa during its presidency last year of meetings of the Group of 20 industrialized economies. He was also previously chairman of Morgan Stanley’s Saudi Arabia unit. Alkholifey was simultaneously appointed an adviser to the royal court.The central bank and the sovereign fund are set to play an increasingly important role in powering the domestic recovery as the government looks to boost an economy hit by the twin shocks of the coronavirus pandemic and low oil prices. The central bank’s mandate was recently expanded to include supporting economic growth, while the crown prince has said the wealth fund would invest $40 billion a year domestically.What Bloomberg Economics Says...“As the governor of a central bank with a pegged currency, the role isn’t the classic one of setting interest rates. The importance of the post is in being the custodian of the country’s foreign exchange reserves.”\-- Ziad Daoud, chief emerging-markets economistSaudi Arabia pegs its currency to the dollar and tends to move in lockstep with the U.S. Federal Reserve. The change in leadership is unlikely to affect the central bank’s policy, with most levers of decision making in the kingdom controlled by Crown Prince Mohammed Bin Salman.Saudi Arabia’s central bank has already been one of the key vehicles for providing stimulus to the economy as the coronavirus pandemic and low oil prices hobble the private sector. The monetary authority has extended over 100 billion riyals ($27 billion) to local banks in liquidity injections and to cover the costs of loan deferrals for small businesses hit by the pandemic.Lead RoleThe central bank also controls the kingdom’s reserves, which are among the largest in the world at 1.7 trillion riyals. But its historic role as manager of the country’s savings is being eclipsed by the Public Investment Fund, Saudi Arabia’s $400 billion sovereign wealth fund chaired by the crown prince.The PIF, as the fund is known, received a $40 billion transfer from the central bank in March for new investments as it looked to capitalize on a slump in global markets caused by the onset of the coronavirus pandemic. It later disclosed it had spent about $10 billion buying stakes in blue-chip Western firms, which it sold a few months later as markets recovered.In a separate announcement on Sunday, Prince Mohammed said that the sovereign wealth fund aims to manage 4 trillion riyals by 2025, making it one of the biggest government controlled investors in the world.If the PIF reaches that goal, it would eclipse the current size of China Investment Corp. and be a similar to Norway’s giant sovereign fund.Since unveiling plans in 2016 to transform the fund into one of the cornerstones of a program to reshape the Saudi economy, it’s already more than tripled in size.Under the leadership of Yasir Al-Rumayyan, a close adviser to the crown prince, the fund has shifted investment priorities from holdings in state-owned companies to building up stakes in Uber Technologies Inc. and Jio Platforms Ltd., the digital services business controlled by Indian billionaire Mukesh Ambani.The PIF rejigged some of its top leadership positions last month as it prepared to play a greater role in the local economy.Investment ShowcaseThe wealth fund will host its annual investor conference within days, with the global pandemic making most of the proceedings virtual. Since its launch in 2017, the Future Investment Initiative has played host to hundreds of corporate titans including JPMorgan Chase and Co.’s Jamie Dimon and Softbank’s Masayoshi Son. The event has helped establish the fund’s reputation as a major source of international investment.Over the next five years, the PIF’s strategy looks set to shift homeward. Prince Mohammed reiterated a pledge that the fund would pump 150 billion riyals or more into the local economy each year, and added that it would create 1.8 million jobs directly and indirectly by 2025 -- a nod to the anxiety surrounding the 15% unemployment rate among Saudi citizens.(An earlier version of this story corrected currency conversion in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Seven Banks Escape With Minor Fines in Mexico Antitrust Case

    Seven Banks Escape With Minor Fines in Mexico Antitrust Case

    (Bloomberg) -- Mexico’s antitrust watchdog has fined seven banks a total of $1.5 million, only 4% of potential penalties, after finding evidence of price-rigging in the peso bond market early last decade, according to documents seen by Bloomberg News.Deutsche Bank AG, Barclays Plc, Bank of America Corp., Citigroup Inc.’s local unit Citibanamex, Banco Bilbao Vizcaya Argentaria SA, Banco Santander Mexico SA and JPMorgan Chase & Co. were fined a combined 29.4 million pesos out of a potential 680 million, the document showed. Deutsche Bank and Barclays got the two biggest fines at 8.7 million pesos and 6.35 million pesos, respectively.The ruling, to be published as early as Monday, follows a four-year investigation by antitrust commission Cofece that was aided by a whistle-blower who came forward in May 2015, the documents showed. Investigators said they found evidence in electronic chats from 2010 to 2013 of cartel behavior in the secondary market.Eleven traders were fined a total of 5.7 million pesos out of a possible 108.5 million pesos.A spokesperson for Cofece didn’t respond to a request for comment. The agency is barred from speaking publicly about its rulings until all the parties involved have been notified.JPMorgan, Bank of America, Citigroup and Deutsche declined to comment. A Santander Mexico spokesperson said it would comment when the decision was made public. The other banks didn’t immediately respond to a request for comment.The fines are tiny compared to the billions of dollars Barclays and Deutsche paid back in 2015 to settle charges with U.S., U.K. and European regulators. While Cofece can fine companies as much as 10% of their revenues when they engage in cartel-like behavior, banks and traders were fined under a less-harsh statute that set maximums at 200,000 times the country’s daily minimum wage.The commission ruled Jan. 14 and began notifying banks last week.In late 2019, the commission’s investigative unit said it found evidence of collusion after a three-year probe that examined 10 years of trader chats and bank records. Cofece looked into potential collusion by banks in central-bank auctions and when selling to funds and clients, the documents showed. But charges were limited to the secondary market.New RulesIn the wake of the price-fixing probes that followed the 2008-09 global financial crisis, banks implemented tighter restrictions on chat rooms that make collusion harder.Cofece is under political pressure after Mexican President Andres Manuel Lopez Obrador said this month that lawmakers should fold the functions of the country’s autonomous regulators into federal ministries.Barclays and JPMorgan agreed last year to pay a combined $20.7 million to settle charges in New York that stemmed from information gathered in the Cofece probe. The U.S. judge later threw out charges against the rest of the banks, arguing he didn’t have jurisdiction over alleged manipulation in Mexico.Mexico’s securities and banking regulator did its own investigation and fined six global banks and traders in late 2018 a total of a little over $1 million for manipulating bond-trading volumes.(Updates with details from documents in third and seventh paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.