It was a difficult day for the country yesterday. Leaders on Wall Street and across corporate America have been speaking out against the violence at the US Capitol. Among them was JPMorgan Chase CEO Jamie Dimon, who said in a statement that "now is the time to come together to strengthen our exceptional union." Read the latest live Insider coverage.
NYSE announced Wednesday morning that it will be delisting three major Chinese telecom companies.
No, you're not reading an old newsletter.
Let's quickly recap:
November 12: President Donald Trump issued an executive order banning US investors from trading in securities tied to a "Communist Chinese military company" beginning on January 11.
December 31: NYSE announced three major Chinese telecom companies - China Telecom, China Mobile, and China Unicom Hong Kong - will be delisted beginning January 11. The news, which came after trading hours, sent market participants into a frenzy.
January 4: NYSE announced that "in light of further consultation with relevant authorities in connection with the Office of Foreign Assets Control FAQ 857," it has determined that it will no longer delist the stocks.
January 5: Government officials were reportedly up in arms about NYSE's reversal, with Treasury Secretary Steve Mnuchin directly calling NYSE president Stacey Cunningham about the decision, according to Bloomberg.
January 6: NYSE announced that it's sticking to its original plan, delisting the three Chinese companies. That same day, OFAC specifically named the three NYSE-listed companies in an updated FAQ about the updated executive order.
*Catches breath and takes big gulp of water*
Far be it for me - someone who waffles on what to order from Seamless every night - to criticize being undecided on something. But I'm also not a critical piece of the financial markets. NYSE is, which is why this has left so many in the industry scratching their head.
The obvious question is what occured between December 31 and January 4 that led NYSE to change its decision. No additional guidance was published by OFAC regarding what type of companies do and don't fall under the executive order's jurisdiction.
The first sentence of the January 4th NYSE notice announcing its initial reversal is telling. The switch was made after "further consultation with relevant regulatory authorities."
Could it be possible NYSE got conflicting advice from the Treasury regarding to how to manage the executive order? The government has a lot on its plate right now, as is evident with everything that occured Wednesday.
Regardless the reason, this likely isn't the end of the story. On Wednesday, The Wall Street Journal reported Alibaba and Tencent could be added to the list.
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