Jio Platforms lists in India today, but pre-IPO perpetual futures on global crypto exchanges are already trying to price the debut.
JIO-USDC perps on Bitget and Hyperliquid are trading at only about a 3.4% premium to the IPO’s upper price band, a sharp contrast with India’s grey market, which has been signalling a listing gain of more than 20%.
Liquidity remains relatively thin, with roughly $2 million in combined 24-hour trading volume across the two venues and about $5 million in open interest.
So this is hardly a busy market yet. But Jio’s listing today offers an interesting test of how effective crypto’s pre-IPO perps are at price discovery and whether they ultimately prove more or less informative than India’s traditional grey market.
Sidhartha Shukla (@s1dc01n.bsky.social) retweeted
Celebrations have erupted in the streets of Serbia's capital Belgrade, after long-standing leader Aleksandar Vučić admitted defeat to a student-led protest movement in snap parliamentary elections. Read more: bbc.in/4BwV5ga
Sidhartha Shukla (@s1dc01n.bsky.social) retweeted
We are preparing representations to @GoI_MeitY, @IndianCERT and @ccaindiapki on the compromise of the private keys of eight eMudhra (emSign) intermediate certification authority certificates. Given the scale of the issue, Cabinet Minister @AshwiniVaishnaw must issue a public statement and outline the steps being taken to address it.
Sidhartha Shukla (@s1dc01n.bsky.social) retweeted
皆様に、今夜に対応して頂きたい大至急のお願いです。
多くのウェブサイトで使用されているPHPに関し、PHPのセキュリティチームが、重大な２件の脆弱性に関する注意喚起を行っています。
公開しているウェブサイトでPHPを使用しているか確認し、今夜、10月21日午後11時（日本時間）に公開される修正パッチについて、可及的速やかに適用できるよう準備をお願いします。
修正パッチを速やかに適用することが困難な場合は、例えばウェブサイト等を一時的に停止させることも、リスクを低減させるための有効策の一つと考えられます。
国家サイバー統括室のXアカウントでも関係する情報を発信していますので、そちらも参考にして下さい。
国家サイバー統括室(注意・警戒情報)（@cyber_forecast） / X
Jio Platforms record-breaking upcoming initial public offering is already trading on crypto rails, giving investors a round-the-clock venue to bet on the company’s valuation even before its shares hit local Indian exchanges.
bloomberg.com/news/articles/…
Hope I die before I get to 7% 10-year yields
Like The Who’s now-embarrassing challenge to old age, John Authers writes that the tipping point for 10-year yields can change bloomberg.com/opinion/newsle…
Sidhartha Shukla (@s1dc01n.bsky.social) retweeted
UPI MDR on Select Merchant Transactions Shall be Implemented Post Diwali
Press Release Link: npci.org.in/uploads/UPI_MDR_…
As cryptocurrency platforms push into stock trading, a brokerage technology startup is preparing to enter a Wall Street business long dominated by major banks: financing trades for hedge funds and other large investment firms.
bloomberg.com/news/articles/…
Sidhartha Shukla (@s1dc01n.bsky.social) retweeted
After thoughtful consideration we have decided to disable UPI going forward from 10th Oct.
UPI MDR ate 94% of our margins.
We earn ₹50 on a ₹10,000 order. From Oct 15, UPI takes ₹47.20 of it.
Pneucons earns 0.5% commission on the order value before tax.
The math:
Customer pays: ₹10,000 + 18% GST = ₹11,800
We earn: 0.5% of ₹10,000 = ₹50
UPI MDR: 0.4% of ₹11,800 = ₹47.20
Left: ₹2.80
That's 94% of our margin gone on every UPI order above ₹2,000.
It's worse because MDR is charged on the GST too: we earn on ₹10,000 but pay MDR on ₹11,800. That costs us an extra ₹7.20.
The ₹8.50 GST on MDR is claimable, but it's paid upfront. That's working capital stuck on every order.
@kushgrwl bhai was confident fintech will bear the cost for the data they get while i was of an opinion they will also add their own mark up on top of it. Turns out we both are wrong.
Sidhartha Shukla (@s1dc01n.bsky.social) retweeted
Nestle's low-fat dairy whitener sample found 'unsafe' in India, says regulator reuters.com/world/india/nest…
Traders are piling into leveraged bets on PB Fintech (PolicyBazaar) via MTF as the stock continues its fall.
Deep-value bet or catching a falling knife?
Another day, another hack.
Crypto exchange Bitget said it detected unauthorized transfers from some of its hot- and warm-wallet infrastructure and activated emergency response protocols bloomberg.com/news/articles/…
The day is yet to end, but PB Fintech (PolicyBazaar) is down 26%, on track for its biggest single-day fall on record.
Sidhartha Shukla (@s1dc01n.bsky.social) retweeted
Spot btc ETF flows now positive for the year…
Have taken in $4.6bil since Treasury said it would increase buybacks of long-dated bonds.
Price of btc ↑ 35% over this time.
@ChrisWeston_PS: Avg holder “now comfortably back in unrealized profit” w/ avg cost of btc held in ETFs around $82,000.
via @sidcoins
Sidhartha Shukla (@s1dc01n.bsky.social) retweeted
FIXING A HOLE: Bitcoin ETFs' YTD flows are now positive after a $4.6b tsunami of cash came in over the past month ever since Bessent said it would increase bond buying which reminded everyone that the train has no brake pedal, only gas. Chart, story via @sidcoins
Sidhartha Shukla (@s1dc01n.bsky.social) retweeted
The Election Commission of India is under fire like never before.
The SIR has struck 13 crore names off draft rolls, putting the EC at the centre of intense public debate over its role in deciding who gets to vote — and who doesn’t.
HOWEVER, what nobody knew: through that same period, some of the sharpest questions were being asked from inside.
Out today, after months of work. Our #ExpressInvestigation 🧵
(1/10)
Sidhartha Shukla (@s1dc01n.bsky.social) retweeted
The national rollout of the SIR has been under the supervision of all three Election Commissioners. But two of them, Sukhbir Singh Sandhu and Vivek Joshi, have formally objected, on record, at least 14 times over the last 10 months — four times on a single day — to decisions taken and orders issued, they say, without their knowledge.
Read the #ExpressInvestigation here:
shorturl.at/zyY1A
Sidhartha Shukla (@s1dc01n.bsky.social) retweeted
India’s food regulator said it has initiated legal action against Nestle India for breaching infant nutrition marketing rules and for substandard manufacturing bloomberg.com/news/articles/…
