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On January 16, CICC Research Report stated that this "structural interest rate cut" is mainly structural, and does not mean that there will be a traditional "interest rate cut" immediately afterward. At the press conference, the central bank usually announces a total reduction in reserve requirements and interest rates and an adjustment of structural monetary policy at the same time, such as in May last year [2]. At this press conference, the central bank mainly announced the interest rate cut of structural monetary policy tools, and did not announce the traditional reduction in reserve requirements and interest rates. At the same time, the central bank pointed out at the press conference that "Chinas price level has recently shown positive changes, and the coordination effect of Chinas macro policies is also constantly strengthening." Based on this information, we tend to believe that this policy adjustment is mainly structural, while the overall tone remains generally loose. After the information was released, treasury bond futures rose slightly and then fell back. Our calculated policy interest rate expectation index shows that the current interest rate cut expectation is generally stable, and the expectation for interest rate cuts throughout 2026 is about 10bp.Mitsubishi UFJ: Mitsubishi UFJ Americas Securities has been designated a primary dealer by the Federal Reserve Bank of New York.According to Futures News on January 16, the holdings of the worlds largest gold ETF, SPDR Gold Trust, increased by 0.57 tons from the previous day, and the current holdings are 1074.8 tons.According to Futures News on January 16, the holdings of the worlds largest silver ETF, iShares Silver Trust, decreased by 180.44 tons from the previous day, with the current holdings at 16,061.78 tons.Petrobras, Brazils state-owned oil company, projected total oil and gas production of 2.99 million barrels of oil equivalent per day by 2025, also exceeding its target.

Crypto broker Genesis owes Gemini’s customers $900 million

Skylar Shaw

Dec 05, 2022 15:25

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The Winklevoss brothers' cryptocurrency exchange Gemini clients are owed $900 million by cryptocurrency broker Genesis and its parent business Digital Currency Group (DCG), the Financial Times reported on Saturday.


According to the publication, which cited persons with knowledge of the situation, cryptocurrency exchange Gemini is attempting to recoup the assets after Genesis was caught off guard by Sam Bankman-FTX Fried's crypto group's bankruptcy last month.


Barry Silbert, the chief executive of venture capital firm Digital Currency Group, informed shareholders last month that Genesis Trading and cryptocurrency asset manager Grayscale owe $575 million to Genesis' crypto lending division.


In order to recover the monies from Genesis and its parent DCG, Gemini, which manages a crypto loan product in collaboration with Genesis, has now established a creditors' committee, according to the newspaper.


Separately, Coindesk reported on Sunday that creditor parties negotiating with Genesis presently account for loans totaling $1.8 billion, and that number is certain to rise.


The law firm Proskauer Rose is representing a second group of Genesis creditors, with loans totaling $900 million, according to CoinDesk, which cited a source.


Reuters contacted Genesis and Gemini for comment, but neither company responded right away.


According to three people familiar with the situation, the New York Times reported last month that Genesis had recruited investment firm Moelis & Company to investigate possibilities, including a potential bankruptcy.


The sudden demise of the cryptocurrency exchange FTX was cited as the reason Genesis Global Capital last month froze customer redemptions in its lending operation.


In the highest-profile crypto meltdown to date, cryptocurrency trading site FTX filed for bankruptcy protection in the US on November 11 after users withdrew billions from the platform in just three days and rival exchange Binance abandoned a rescue plan.


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