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French Government Collapse Challenges Macron&#39;s Grip on Power

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Hurricane Helene left over 130 dead and 800,000 without power. Utilities provider Duke Energy Corp reports 2 million customers affected but restores power to 1.35 million. Insurers don&#39;t expect major losses, estimated economic damage of $20-34 billion. REITs report limited damage.

Hurricane Helene Devastation: The Latest On Damage, Companies Affected

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AXA SA (OTC: AXAHY)(OTC: AXAHF) is reportedly considering offloading its property reinsurance business, XL Re unit, to curtail risks related to natural disasters.

AXA Plans To Offload Its Property Reinsurance Unit To Reduce Losses: Report

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The <a href="https://europeancapitalinsights.substack.com/p/french-government-collapse-challenges?r=3nmatg">French government collapsed</a> for the first time since 1962 after factions within parliament could not agree on efforts to reduce the country's debt crisis. 
Prime Minister Michel Barnier was ousted in a no-confidence vote on December 4. Backed by 331 members of the National Assembly, the ousting <a href="https://europeancapitalinsights.substack.com/p/french-budget-sparks-anger-from-left?r=3nmatg">came just three months</a> after President Emmanuel Macron appointed him following <a href="https://europeancapitalinsights.substack.com/p/french-election-casts-shadow-over">snap elections</a> and the resignation of former Prime Minister Gabriel Attal in June and July.&nbsp;
The government's collapse followed months of contentious debate over Barnier's budget proposals to curb France's mounting debt through tax hikes and spending cuts. However, the bill faced staunch opposition from left-wing alliances and the populist far-right National Rally leader, Marine Le Pen.
Amid mounting pressure to name a new prime minister, Macron held talks with political parties willing to compromise on forming a government on Tuesday, resulting in Macron claiming to find a new <a href="https://www.reuters.com/world/europe/french-socialists-repeat-call-left-wing-pm-macron-seeks-coalition-talks-2024-12-10/">Prime Minister by Thursday.</a>&nbsp; He has also announced his plan to serve the remainder of his term until 2027.&nbsp;
<h2 class="wp-block-heading">Macron's Rule Threatened by French Government Collapse</h2>
The instability has raised doubts about Macron's grip on power. Members of the far-left France Unbowed party (LFI), led by Jean-Luc Mélenchon, have demanded Macron's resignation. <a href="https://www.lemonde.fr/en/france/article/2024/12/04/french-government-toppled-in-historic-no-confidence-vote_6735189_7.html">LFI MP Eric Coquerel called Barnier's</a> censure the "death knell of Emmanual Macron's mandate."&nbsp;
Le Pen said that she wasn't pushing for Macron's resignation. "The pressure on the president will get greater and greater," she <a href="https://www.reuters.com/world/europe/french-lawmakers-set-vote-ousting-prime-minister-barnier-2024-12-04/">said</a>. "Only he will make that decision."&nbsp;
"The leaders of the two main parties on the far right and on the far left didn't have any interest in playing this game," <a href="https://www.atlanticcouncil.org/expert/gerard-araud/">Gérard Araud</a>, a distinguished fellow at the Atlantic Council's Europe Center and a former French ambassador to the US, said. "Both wanted to go to a crisis in the hope of obliging Macron to resign."&nbsp;
Macron dismissed demands for his resignation as <a href="https://www.politico.eu/article/emmanuel-macron-michel-barnier-pm-national-rally-marine-le-pen-france-nfp-parliament/">"political fiction."</a> He aims to avoid calling fresh legislative elections before the end of <a href="https://abcnews.go.com/International/wireStory/frances-macron-address-nation-day-after-confidence-vote-116477692">his term in 2027</a>, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-12-10/macron-aims-to-avoid-new-french-parliament-election-before-2027?srnd=homepage-americas">reported</a>, citing an official close to Macron.&nbsp;
<h2 class="wp-block-heading">French Government Collapses Sparks Fiscal Stability Fears</h2>
The government&#8217;s collapse, however, has raised concerns about France's fiscal stability as the country grapples with a deficit projected to hit 6.2% of GDP this year, more than double the 3% deficit ratio limit required by the European Union.&nbsp;
French GDP growth is projected to slow from <a href="https://economy-finance.ec.europa.eu/economic-surveillance-eu-economies/france/economic-forecast-france_en">1.1% in 2024 to 0.8% in 2025</a>, weighed down by fiscal adjustments but offset by easing monetary policy.
Public debt is expected to reach 112.7% of GDP in 2024, driven by high primary deficits and rising interest payments, according to European Commission <a href="https://economy-finance.ec.europa.eu/economic-surveillance-eu-economies/france/economic-forecast-france_en">projections</a>. The government's plan to reduce this ratio by 5.1% next year is considered unachievable.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdWUxjnnRpNYQljxpcrau9GeC2lpvU1DUrnvdISxcKmkMQO-YoqeKNKcZ1Cck4qFUdsMSj4QwTNc5CV1TmceyEzlL5L3jhtb-kMIZlyBpreHWhJnG6C39hVx4isXrCiRUonk2inXw?key=yuHb6_wEijzVFrp1YscNlHbo" alt="" /></figure>
Economic forecast for France, Indicators 2024-2026, Source: <a href="https://economy-finance.ec.europa.eu/economic-surveillance-eu-economies/france/economic-forecast-france_en">European Commission</a>&nbsp;&nbsp;
"All this plunges France into an exceptional crisis as the country faces stark challenges, with a public debt that has increased by more than half in seven years," <a href="https://www.atlanticcouncil.org/expert/rama-yade/">Rama Yade</a>, a senior fellow with the Atlantic Council's&nbsp; Europe Center, said.&nbsp;
France has witnessed "an increase in factory closures, and a foreign trade deficit of around one hundred billion euros in 2023—a sign of an accelerated deindustrialisation of the French economy," Yade added.&nbsp;
<h2 class="wp-block-heading">French Government Collapse Sparks Market Volatility</h2>
Concerns over France's political and financial stability weighed heavily on French markets in the days leading up to the no-confidence vote. The French stock market suffered losses on November 27, with the CAC 40 index sliding 1.3% and hitting its lowest since August.&nbsp;
Shares of BNP Paribas SA <a href="https://www.benzinga.com/quote/BNPQF">(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BNPQF#OTC">BNPQF</a>)</a>&nbsp; fell as much as 3% to a six-month low and down more than 11% year to date. Meanwhile, on the same day, the insurance company AXA<a href="https://www.benzinga.com/quote/AXAHY"> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AXAHY#OTC">AXAHY</a>)</a>'s shares slid 4.3%, and Credit Agricole <a href="https://www.benzinga.com/quote/CRARF">(OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRARF#OTC">CRARF</a>)</a> fell 1.3%.
In bond markets, concerns over France's political and financial stability have pushed the spread between French and German 10-year government bond yields, a key risk indicator, to 86 basis points, the widest spread since the eurozone sovereign debt crisis of the early 2010s. The rising spread underscores investor caution over France's fiscal trajectory.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe_uf1Kjg21u_sxYTmQM7wX7PawQQm1WvKD0I5ZjVlGWnRT5Doqzwe9l8Rk7UHsdSXu0Wp9evwL8Ob3QvXyAQ48NX5NMqE6d2qwXfugxGJq4bBYoutCYWxgyUgcj9WeLkZQVFfq_w?key=yuHb6_wEijzVFrp1YscNlHbo" alt="" /></figure>
Spread France 10Y vs. Germany 10Y, Source: <a href="https://www.marketwatch.com/story/french-bond-yields-rise-as-traders-await-no-confidence-vote-on-government-a6efb5b0">Market Watch</a>&nbsp;
The collapse of Barnier's government "after just three months highlights the extent to which France's highly fragmented political landscape can paralyze budget policy implementation," Fitch Ratings <a href="https://www.fitchratings.com/research/sovereigns/french-government-collapse-deepens-political-budgetary-uncertainty-06-12-2024">said</a>. "Continued deadlock in the National Assembly and prolonged policy uncertainty could also weigh on consumer and business sentiment."
France will release its business confidence data on December 19. It is forecast to fall to 89 from 97, according to <a href="https://tradingeconomics.com/france/calendar">data</a> on Trading Economics.&nbsp;
<h2 class="wp-block-heading">French Markets Rebound, Showing Modest Response&nbsp;</h2>
Despite Michel Barnier&#8217;s government&#8217;s fall, French markets rebounded, with CAC closing at 7,480 on December 9.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfnN1sCu89deNvAJUchYArWeJb4NNttLToyl2lo7dLQhX6ul4qrRDnkWT22vXqBkx3uxhOyFeOvfDom-z73ty-LdpXzhcxGbb7PjlXc5dFchOpwQtQlxNbLJlWbbfGv4mRPctf0XQ?key=yuHb6_wEijzVFrp1YscNlHbo" alt="" /></figure>
CAC 40 Index, June 2024 &#8211; December 2024, Source: <a href="https://www.marketwatch.com/investing/index/px1?countrycode=fr">Market Watch</a>&nbsp;
Since the vote of no confidence, BNP Paribas gained 6.9%, Credit Agricole rose 5.52%, and Societe Generale climbed as much as 10.4%.
Analysts suggest the modest market reaction indicates that investors had largely priced in the vote's outcome earlier in the week. Still, the ongoing political uncertainty has elevated borrowing costs, with French borrowing costs rising above Greece&#8217;s for the first time.
<h2 class="wp-block-heading">French Government Collapse Impacts Eurozone</h2>
France's instability adds to mounting pressures across the eurozone, including Germany's struggling auto sector and heightened trade tensions with the United States, adding to the eurozone's uncertain <a href="https://economy-finance.ec.europa.eu/economic-forecast-and-surveys/economic-forecasts/autumn-2024-economic-forecast-gradual-rebound-adverse-environment_en#:~:text=Growth%20in%20the%20EU%20is,of%20continued%20expansion%20of%20demand">economic outlook</a>.
The euro has weakened amid the uncertainty, with EUR/USD slipping to a one-year low, trading around 1.05 on December 10. Following the U.S. election, the EUR/USD slid to a one-year low on November 22 at 1.0412.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcbGfRgr6BEWE8cWM1c_YEnEXAhajccEYADB7MrZDoXzHwWuE29kKubcqCAquKnM1D9xp0Rw1YbeCNno6ewGcDjeag_7bqS6IzuiDExER3553hPi670MDC_yWsHX6uYy8hT-ysKuQ?key=yuHb6_wEijzVFrp1YscNlHbo" alt="" /></figure>
EUR vs. USD, 5 December 2024, Source: <a href="https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/eurofxref-graph-usd.en.html">European Central Bank</a>&nbsp;
Monex Europe senior exchange market analyst Nick Rees <a href="https://www.reuters.com/world/europe/french-lawmakers-set-vote-ousting-prime-minister-barnier-2024-12-04/">said</a> he was "amazed the euro hasn't moved much."&nbsp;
"There are two major powers in Europe, France and Germany, both of which right now are emasculated," Rees said.
Disclaimer:
Any opinions expressed in this article are not to be considered investment advice and are solely those of the authors. European Capital Insights is not responsible for any financial decisions made based on the contents of this article. Readers may use this article for information and educational purposes only.
This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content&nbsp;or&nbsp;accuracy.

French Government Collapse Challenges Macron's Grip on Power

Hurricane Helene&#8217;s devastation claimed the lives of more than 130 people and left nearly 800,000 without power, according to the latest figures. The storm, which <a href="https://www.benzinga.com/news/24/09/41073069/hurricane-helene-update-28-dead-power-outages-insurance-damages-and-more">made landfall on September 26</a>, tore through the Florida Panhandle, Georgia and North and South Carolina.
New Developments: Bloomberg <a href="https://www.bloomberg.com/en/news/thp/2024-10-01/biden-plans-survey-of-devastation-in-north-carolina-as-helene-s-death-toll-tops-130">reported</a> that the Hurricane Helene death toll reached 139 on Tuesday.
Duke Energy Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>), the largest utility provider in North Carolina and South Carolina, reported over two million customers experienced an electricity outage. On Monday, the Charlotte-based provider announced it had restored power to 1,350,000 customers without power.
About 443,000 customers in South Carolina remained without power; a slightly smaller 346,000 customers in North Carolina are still experiencing outages. Duke Energy expects to restore most remaining outages by Friday night, though it noted that it will be more difficult in inaccessible areas.
Even though the process of estimating the storm's insurance losses is ongoing, insurers likely will face comparatively less exposure to Hurricane Helene than initially thought. <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-09-30-2024/card/insurers-likely-won-t-feel-the-full-force-of-hurricane-helene-QKMNmp4CoGGEQXUuJq18?mod=Searchresults_pos12&amp;page=1">According</a> to the Wall Street Journal, citing industry sources, reinsurers will not face catastrophic losses.
The total economic loss — including the uninsured damage incurred — is projected to be much graver. Moody's Analytics estimated the economic damage from the hurricane to be between $20 billion to $34 billion.
American International Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIG#NYSE">AIG</a>), Axa SA ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AXAHY#OTC">AXAHY</a>), Berkshire Hathaway Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>)(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) and Allstate Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>) are among the largest flood insurers in North Carolina, <a href="https://www.wral.com/story/homeowners-insurance-doesn-t-cover-floods-how-to-protect-your-home-in-north-carolina/21370970/">according</a> to WRAL News.
REITs Report Limited Damage: Several REITs with properties in Florida, Georgia and the Carolinas reported little to no damage following the storm.
In a Tuesday press release, Sun Communities, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUI#NYSE">SUI</a>) reported no material building or structure damage due to the hurricane. The company operates communities in several affected states. NexPoint Residential Trust, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NXRT#NYSE">NXRT</a>) and Pebblebrook Hotel Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEB#NYSE">PEB</a>) issued similar statements.
Also Read:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41105907/hurricane-helene-shutters-baxter-internationals-key-manufacturing-hub-in-north-caro">Hurricane Helene Shutters Baxter International&#8217;s Key Manufacturing Hub In North Carolina</a></li>
</ul>
Photo: Courtesy Florida Fish &amp; Wildlife via <a href="https://www.flickr.com/photos/myfwcmedia/">Flickr</a> Creative Commons

AXA SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/axahy#OTC">AXAHY</a>)(OTC: <a class="ticker" href="https://www.benzinga.com/stock/axahf#OTC">AXAHF</a>) is reportedly considering offloading its property reinsurance business, XL Re unit, to curtail risks related to natural disasters.
The company is discussing options for its $2 billion reinsurance arm, to either sell it or list it on the stock market, as per&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/finance/axa-weighs-offloading-2-bln-reinsurance-arm-cut-disaster-risk-sources-2023-07-11/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Reuters</a>.
In 2022, AXA&#39;s Property &amp; Casualty Reinsurance revenues declined to $3.2 billion vs&nbsp;<a class="editor-rtfLink" href="https://www-axa-com.cdn.axa-contento-118412.eu/www-axa-com/83f21a68-30a9-47ef-938b-a8b2519c4ae8_axa_urd2022_accessibleb_va.pdf" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">$4.6 billion in 2021</a>.&nbsp;
The company has been aiming to reduce exposure of the business to be in the profitable lane.
As per the report, some reinsurers stopped this line of business last year after the third costliest storm in history hit the U.S., and others raised prices significantly.
Price Action: AXAHY shares closed higher by 2.36% at $28.64 on Tuesday.

The World Economic Forum (WEF) recently held its annual meeting in Davos, Switzerland where leaders in finance and government convened to discuss policy, pandemic fragmentation and multipolarity.
Benzinga attended the event and interviewed Jeff Schumacher, the founder and CEO at NAX, the New Asset Exchange.
Prior to NAX, Schumacher was at McKinsey &amp; Company where he became one of the fastest-elected partners in the firm and helped launch McKinsey Solutions. This effort led to Schumacher&rsquo;s work in private equity and venture capital where he helped create Digital Ventures, which BCG acquired and turned into one of the largest corporate incubators. Today, NAX employs over 100 workers near global centers of finance.
Please note that the below text was lightly edited for clarity and concision.
<h3>BZ: What does NAX do?</h3>
Schumacher: NAX creates products from corporate datasets. Through our joint ventures with the likes of MIAX and Deutsche Boerse (OTC: <a class="ticker" href="https://www.benzinga.com/stock/dboey#OTC">DBOEY</a>), we place these products in different markets.
<h3>Who does NAX provide these solutions for primarily?</h3>
We&rsquo;re working with the likes of Axa SA (OTC: <a class="ticker" href="https://www.benzinga.com/stock/axahy#OTC">AXAHY</a>), one of our largest partners and an investor in the business. Axa is one of the largest insurers of arts in the world. We take their data set and lift part of it to create a lending platform. If you think about it, you can go down to a car dealership and buy a car with a loan on the spot. You can&rsquo;t go to the art gallery and get an art loan the same way. We&rsquo;re doing what car lending did to the auto industry for art.
<h3>How much would a typical loan be worth?</h3>
Depends. Potentially $50,000 to $500,000. It&rsquo;s definitely not the stuff you&rsquo;re buying at Costco Wholesale Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cost#NASDAQ">COST</a>). Another important factor is that you can leave the art on the wall, and you don&rsquo;t have to warehouse it. We&rsquo;re taking the data sets and working with our partners to create an art-backed security that looks and trades like a <a href="https://www.benzinga.com/money/mortgage-lenders-no-tax-returns/">mortgage</a>-backed security.
<h3>What&rsquo;s the difference between a mortgage- and art-backed security in terms of yield?</h3>
You&rsquo;re going to have a shorter and higher yield in an art-backed security. It helps you lift the balance sheet pressure you otherwise would have when giving the art loans.
<h3>You just launched a massive arbitrage platform, right?</h3>
Yes. It gets a bounty for the insurance, a fee for the loan, and a piece of the trade. However, it doesn&rsquo;t carry any assets. This platform will be a big channel partner for Axa&rsquo;s core business.
<h3>What makes NAX so unique?</h3>
We can commercialize ESG and allow you to make money from it. This art platform I just described to you is democratizing art. It&#39;s increasing participation in art. We have other products that we&#39;re building around the environment and climate where you can actually get returns versus just paying a tax, as you do with carbon credits.
<h3>What kind of impact can you make by commercializing ESG?</h3>
We&rsquo;re working on things around carbon removal functions on the planet. For instance, we have this concept around funding methane capture. So, you buy the methane credit and that money goes to fund the leaks in pipes and pumps around the world. Through that, you can pull out about 10% of the world&rsquo;s global carbon. There&rsquo;s another one where we can limit deforestation, as well as recapturing batteries out of cars to use that as power generation. We can also create derivatives of those products and ways for companies to make money from them.
<h3>Can you talk about some of the mechanics going on behind the scenes?</h3>
We first engaged in the development side of our business. Then we built the software side of our business. Now, we&#39;re building the exchange side of the business, and we have made a consumer finance platform. We also have an aftermarket warranty platform we&#39;re putting on the market this year. We put the art product on the market this year. We&#39;re putting in a supply chain product. We&#39;ll have about 10 products out this year, and we&#39;ll probably have three or four exchange products by end of the year.
<h3>Talk a little bit about your roadmap.</h3>
We spent a long time in our first year identifying the corporate members and exchange partners. In our second and third years, we developed a proprietary method to work with them, and we developed the software. In our fourth year, we&#39;ve got the exchange partnerships, we&#39;ve got the software, we&#39;ve got the development method. Now we&#39;re commercializing and, around late 2024, we&#39;ll probably merge or go public.
<h3>What gives NAX its principle?</h3>
What gives NAX principle is its capability of commercializing ESG. And, if you look at the planet and what you&#39;re hearing here at Davos today, this is a big deal. We create proprietary products. Exchanges really like that. That&#39;s where they make all their money. You don&#39;t make money on commoditized products. You make money on proprietary products. So, once you have that software development capability, and the ability to produce those products, you become very interesting to a lot of exchanges. And that&#39;s why if you listen to me list all the cities we&rsquo;re in, it&#39;s by no accident that many of the big exchanges are there. We work with a lot of them.
<h3>How are you able to break into these new assets and markets with such ease?</h3>
If you look at our leadership team, most of them have worked together for 20 years. We have a very unique capability of working in corporate environments. If you look at how NAX works, it goes to its corporate member, sets up a platform there and that incubator goes and looks at their corporate data sets and creates new products. Over a five-year time, there should be a portfolio of 10 to 15 products coming from that.
<h3>What are some of the results you&rsquo;re seeing?</h3>
Look at one of our partners who are in manufacturing. I think we have five products under development and two products that are launched. Those two products, with them as a customer, were valued at $400 and $600 million. That&#39;s a 409A valuation.
<h3>Where do you think you need to be directed to make good on some of these things that we&rsquo;re talking about here at Davos?</h3>
The goal for NAX is to help our corporate members commercialize ESG. If we&#39;re successful in doing that, and some of these platforms can remove significant amounts of carbon, we&#39;ll be on the main stage talking about these products at the WEF. If I&#39;m really right, we won the Nobel Prize. Without NAX, the planet may have no hope of hitting the 1.5 degrees Celsius reduction required by 2030. We&#39;re going to get into a biotic negative feedback loop or the point of no return, and it&#39;s just going to accelerate.
<h3>If we remove Europe, are we only doing little to impact climate change?</h3>
Europe&#39;s only responsible for 10%. You have to go find the other 90%. If you look at deforestation, can we fund markets to stop it? We lose 80,000 acres a day in deforestation. If you stopped it, and you can fund these markets to actually pay people not to develop the land, you remove 15% of the global carbon, or seven times what the United States emits. We&#39;re looking at tectonic moves. We&#39;re looking at how to create a market that people can make money from today, and then you&#39;ll change behavior.
<h3>So the private <a href="https://www.benzinga.com/money/best-sectors-to-invest-in-right-now/">sector</a> has the answer?</h3>
If you can find ways to make money, you&#39;ll move the market. California, for example, mandated 10% of electric cars forever many times over. They kept pushing the dates. Then Tesla comes along with a car people actually want, and, now, it outsells BMW (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bmwyy#OTC">BMWYY</a>), Porsche Automobile Holdings SE (OTC: <a class="ticker" href="https://www.benzinga.com/stock/poahy#OTC">POAHY</a>), and Mercedes Benz Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mbgyy#OTC">MBGYY</a>) combined in California. The point is to build something that has equitable value.
<h3>What has to happen to get in the way of some of the goals you have?</h3>
The ability to acquire talent is one of the hardest things. You actually have to find talent that has an investor&#39;s mindset, an operator&#39;s mindset, and an entrepreneur&rsquo;s mindset. Then, you got to know something about the industry, or you can&#39;t feel your way through the dark. If we&#39;re in health care, you better know what you&#39;re doing because you got a whole bunch of regulations. If you&#39;re in financial services, you better know what you&#39;re doing there.
<h3>Why are you so passionate about this?</h3>
Adjacent growth. Nobody does what we do. Imagine if the Nasdaq Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ndaq#NASDAQ">NDAQ</a>) owned a piece of every company that is traded on its exchange. That&rsquo;s us. We own a piece of every product we create. That incentivizes us to push it to others. We&#39;re not chasing a market, we&#39;re making one.
<h3>At what point does it become attractive for a competitor to enter?</h3>
Now. Because we&#39;ve been so stealthy, it&#39;s very hard to figure out what we&#39;re doing. It will be very easy now because we&#39;re getting to be very open about what we&#39;re doing, but we spent four and a half years. Have fun trying to catch up.
<h3>Any concerns regarding regulation?</h3>
The regulation we&#39;re not worried about because we operate within the environment. To note, if the market wants it, the regulation will adjust. Think of Uber Technologies Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uber#NYSE">UBER</a>). They created something that went against the regulation, but the regulation was adjusted because the consumer wanted it. We&#39;re not worried about regulation because the products we do come out at scale, and people can see they work. We&#39;re launching the aftermarket platform, and it starts day one with 10 million customers. Imagine you&#39;re an entrepreneur and you launch a product, and you get 10 million customers on day one. You just win. You&#39;re at scale.
<h3>What makes a product less likely to fail?</h3>
Our products fail for three reasons. First is product market fit. Next is talent. Put the wrong team in, and you&#39;re going to drive it right off the cliff. Another big reason is capital. That&#39;s why most of our things failed. We did not have sufficient capital for growth. You&#39;re spending for marketing or whatever else, and you just starve the thing and it dies. A big thing, when we started NAX, was to start with an asset. So, we don&rsquo;t start without a corporate asset or data set that comes out at scale. This gives us unfair advantages in the marketplace because you have an opportunity to make the market. I don&rsquo;t have to acquire 10 million customers. I got them on day one and my customer acquisition cost or CAC is zero.
<h3>What&rsquo;s one easy way to pitch NAX to a potential customer?</h3>
Traditional exchanges give you liquidity either by issuing shares, which are dilutive to your ownership or issuing bonds, which are debt. We don&#39;t create dilution or debt. We just create adjacent growth. We&#39;re like an exchange that gives liquidity without creating dilution or debt.
<h3>Thoughts on the crypto market, broadly speaking?</h3>
Currencies are based on monetary policy. Monetary policies are based on governments. Governments are backed by militaries. Unless you&rsquo;re going to build that infrastructure, you are going to have a tough time competing. Though I&rsquo;m starting to see many people pivot away, there are going to be a few Web 3.0 companies that come out of this.
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Davos 2023: NAX Is Boosting Carbon Removal Functions, Shaking Up The Art Industry

Reflecting the expected conditions of a bear market, many of the world&rsquo;s indices saw a decrease in price throughout June.
The SPDR S&amp;P 500 ETF Trust (NYSEARCA: SPY), for example, declined 8.26% in June, a very similar decline to the one seen in April. The SPY&rsquo;s maximum decline since its peak in January is 24%, falling within the standard definition of a bear market.&nbsp;
The Fidelity NASDAQ Composite Index ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/oneq#NASDAQ">ONEQ</a>) and the SPDR Dow Jones Industrial Average ETF (NYSEARCA: DIA) displayed similar weakness, showing declines of 8.7% and 6.78%, respectively, in June.
Despite the decline in market indices and exchange-traded funds (ETFs), OTC Markets Group Inc.&rsquo;s (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/otcm#OTCQX">OTCM</a>) regulated markets experienced a slight increase in total monthly dollar volume, recording $45.2 billion in June compared to $44.5 billion in May. Additionally, the operator saw former cryptocurrency and mortgage financiers return to the helm of the Most Actively Traded Securities list on two of its regulated markets.&nbsp;
Both the OTCQX Best Market and the OTCQB Venture Market maintained a significant international presence, with over half of the top most-traded securities across both markets composed of international operators.
<h3>Crypto Reclaims The Helm Of The OTCQX Best Market Most-Active Securities&nbsp;</h3>
The OTCQX Best Market recorded $9 billion in trading volume in June, a decrease from May&rsquo;s $11 billion.&nbsp;
Despite the decrease in volume, former leaders have begun to reclaim their place among the Most Active Securities list. Grayscale Bitcoin Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gbtc#OTCQX">GBTC</a>), for example, has reclaimed its spot as the most-traded security on the OTCQX Best Market, followed by May&rsquo;s leader Roche Holding AG (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/rhhby#OTCQX">RHHBY</a>) and Grayscale Ethereum Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ethe#OTCQX">ETHE</a>).&nbsp;
Additionally, the OTCQX&rsquo;s top 10 most-active securities experienced a slight reshuffle in June, welcoming&nbsp;
Experian PLC (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/expgy#OTCQX">EXPGY</a>) and Tesco PLC (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/tscdy#OTCQX">TSCDY</a>) in place of AXA SA (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/axahy#OTCQX">AXAHY</a>) and Sprott Physical Uranium Trust Fund (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/sruuf#OTCQX">SRUUF</a>).
International operators, once again, maintained a strong presence on OTCQX, comprising 23 of the top 30 securities, down from 24 in May. France&rsquo;s BNP Paribas SA (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/bnpqy#OTCQX">BNPQY</a>) and Germany&rsquo;s Infineon Technologies AG (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ifnny#OTCQX">IFNNY</a>) and adidas AG (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTCQX">ADDYY</a>) were again on the OTCQX top 10 most-active securities, while Mexico&rsquo;s Wal-Mart De Mexico S.A.B. de C.V. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/wmmvy#OTCQX">WMMVY</a>) and Australia&rsquo;s Fortescue Metals Group Ltd. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/fsugy#OTCQX">FSUGY</a>) made it among June&rsquo;s top 30 most-active securities.
Other notable movers:
&nbsp;
<ul>
<li>Danone (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/danoy#OTCQX">DANOY</a>) claimed fourth place on the OTCQX&rsquo;s list of most-traded securities, experiencing a 160% change in trading volume from last month.</li>
</ul>
&nbsp;
<h3>The OTCQB Venture Market Welcomes Back Mortgage Financiers</h3>
The OTCQB Venture Market recorded $603 million in trading volume in June, a decline from May&rsquo;s $896 million figure.
June introduced two new entities to the OTCQB&rsquo;s Top 10 Most-Traded Securities list. Biotech operator CytoDyn Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/cydy#OTCQB">CYDY</a>) and aerospace and defense company Applied Energetics Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/aerg#OTCQB">AERG</a>) represent the new faces on the list.
Similar to May, the OTCQB Venture Market witnessed a number of novelties in June. In addition to two new companies, all three of the top most-traded securities in the market changed. Mortgage financiers Fannie Mae (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/fnma#OTCQB">FNMA</a>) and Freddie Mac (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/fmcc#OTCQB">FMCC</a>) reclaimed their positions as the first- and third-most traded securities and Lake Resources (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/llkkf#OTCQB">LLKKF</a>) claimed its spot as the second most-traded security.
All three former &ldquo;Most Active Top 3s&rdquo; &ndash; Northwest Biotherapeutics Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/nwbo#OTCQB">NWBO</a>), Sysorex Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/sysx#OTCQB">SYSX</a>) and Netlist Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/nlst#OTCQB">NLST</a>) &ndash; remain on the OTCQB&rsquo;s Venture Market Top 10 Most Active Securities list, potentially hinting at sustained investor interest.
Twelve international securities landed a spot among the top 30 most-traded securities. Of these 12 securities, eight are Canadian, two are Australian, one is English, and one is from Hong Kong.&nbsp;
Other notable movers:&nbsp;
<ul>
<li>Wiki Soft Corp. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/wsft#OTCQB">WSFT</a>) climbed to 12th place in the most-active group and recorded a $6.6 million rise in trading volume compared to last month.&nbsp;</li>
</ul>
&nbsp;
<ul>
<li>Sharing Economy International Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/seii#OTCQB">SEII</a>) experienced a $3.7 million increase in trading volume compared to May, climbing to 19th place on the OTCQB&rsquo;s Top 30.&nbsp;</li>
</ul>
&nbsp;
The OTCQX And OTCQB Top 10
Below are the top 10 most actively traded securities on the OTCQX Best Market and OTCQB Venture Market in June.&nbsp;
OTCQX Top 10:&nbsp;
<table>
<tbody>
<tr>
<td>
Company Name
</td>
<td>
Symbol
</td>
<td>
June Dollar Volume
</td>
</tr>
<tr>
<td>
Grayscale Bitcoin Trust (BTC)
</td>
<td>
<a href="http://www.otcmarkets.com/stock/GBTC/quote">GBTC</a>
</td>
<td>
$2,598,254,251
</td>
</tr>
<tr>
<td>
Roche Holding Ltd.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/RHHBY/quote">RHHBY</a>
</td>
<td>
$1,382,600,575
</td>
</tr>
<tr>
<td>
Grayscale Ethereum Trust (ETH)
</td>
<td>
<a href="http://www.otcmarkets.com/stock/ETHE/quote">ETHE</a>
</td>
<td>
$976,746,377
</td>
</tr>
<tr>
<td>
Danone
</td>
<td>
<a href="https://www.otcmarkets.com/stock/DANOY/quote">DANOY</a>
</td>
<td>
$313,801,324
</td>
</tr>
<tr>
<td>
BNP Paribas
</td>
<td>
<a href="http://www.otcmarkets.com/stock/BNPQY/quote">BNPQY</a>
</td>
<td>
$298,306,543
</td>
</tr>
<tr>
<td>
adidas AG
</td>
<td>
<a href="http://www.otcmarkets.com/stock/ADDYY/quote">ADDYY</a>
</td>
<td>
$287,277,517
</td>
</tr>
<tr>
<td>
Infineon Technologies AG&nbsp;
</td>
<td>
<a href="http://www.otcmarkets.com/stock/IFNNY/quote">IFNNY</a>
</td>
<td>
$165,504,013
</td>
</tr>
<tr>
<td>
Experian plc
</td>
<td>
<a href="http://www.otcmarkets.com/stock/EXPGY/quote">EXPGY</a>
</td>
<td>
$164,324,697
</td>
</tr>
<tr>
<td>
Anglo American plc
</td>
<td>
<a href="https://www.otcmarkets.com/stock/NGLOY/quote">NGLOY</a>
</td>
<td>
$141,723,690
</td>
</tr>
<tr>
<td>
Tesco PLC
</td>
<td>
<a href="http://www.otcmarkets.com/stock/TSCDY/quote">TSCDY</a>
</td>
<td>
$135,566,090
</td>
</tr>
</tbody>
</table>
OTCQB Top 10:&nbsp;
<table>
<tbody>
<tr>
<td>
Company Name
</td>
<td>
Symbol
</td>
<td>
June Dollar Volume
</td>
</tr>
<tr>
<td>
Fannie Mae&nbsp;
</td>
<td>
<a href="http://www.otcmarkets.com/stock/FNMA/quote">FNMA</a>
</td>
<td>
$45,002,762
</td>
</tr>
<tr>
<td>
Lake Resources N.L.&nbsp;
</td>
<td>
<a href="http://www.otcmarkets.com/stock/LLKKF/quote">LLKKF</a>
</td>
<td>
$40,313,559
</td>
</tr>
<tr>
<td>
Freddie Mac&nbsp;
</td>
<td>
<a href="https://www.otcmarkets.com/stock/FMCC/quote">FMCC</a>
</td>
<td>
$27,312,021
</td>
</tr>
<tr>
<td>
Netlist Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/NLST/quote">NLST</a>
</td>
<td>
$26,970,708
</td>
</tr>
<tr>
<td>
American Battery Technology Co.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/ABML/quote">ABML</a>
</td>
<td>
$25,756,627
</td>
</tr>
<tr>
<td>
Northwest Biotherapeutics Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/NWBO/quote">NWBO</a>
</td>
<td>
$24,033,013
</td>
</tr>
<tr>
<td>
Sysorex Inc.
</td>
<td>
<a href="https://www.otcmarkets.com/stock/SYSX/quote">SYSX</a>
</td>
<td>
$18,453,146
</td>
</tr>
<tr>
<td>
CytoDyn Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/CYDY/quote">CYDY</a>
</td>
<td>
$12,583,808
</td>
</tr>
<tr>
<td>
American Lithium Corp.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/LIACF/quote">LIACF</a>
</td>
<td>
$10,964,858
</td>
</tr>
<tr>
<td>
Applied Energetics Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/AERG/quote">AERG</a>
</td>
<td>
$8,948,024
</td>
</tr>
</tbody>
</table>
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Mortgage Financiers & Crypto Securities Reclaim Their Spots As Most Actively Traded Securities On OTC Markets In June

Reflecting the world&rsquo;s uncertainty about the U.S. economy, the market&rsquo;s major indices saw incredible volatility in May.&nbsp;
Exchange-traded funds (ETFs) that track major indices tell this story with relative clarity. The SPDR S&amp;P 500 ETF Trust (NYSEARCA: SPY), for example, reached a high of $429.66 and hit a low of $380.54 in May before closing at $412.93. The Fidelity Nasdaq Composite Index ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/oneq#NASDAQ">ONEQ</a>) and the SPDR Dow Jones Industrial Average ETF (NYSEARCA: DIA) displayed similar erratic behavior.&nbsp;
Despite the volatility of the market, OTC Markets Group Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/otcm#OTCQX">OTCM</a>)&rsquo;s regulated markets&nbsp; experienced a steady increase in total monthly dollar volume, recording $44.5 billion in May compared to $40.6 billion in April. Additionally, the operator saw a former OTCQB Venture Market security springboard onto the OTCQX Best Market&rsquo;s List of 10 Most Active Securities in the same month it <a href="https://financialpost.com/globe-newswire/otc-markets-group-welcomes-sprott-physical-uranium-trust-to-otcqx">upgraded</a> from the OTCQB. .&nbsp;
Both the OTCQX Best Market and the OTCQB Venture Market maintained significant international presence, recording a total of 39 international operators among the top most-traded securities in each market.&nbsp;
<h3>The OTCQX Best Market Most-Active Securities Welcomes New Faces</h3>
The OTCQX Best Market recorded $11 billion in trading volume in May, an increase from April&rsquo;s $10.5 billion figure.&nbsp;
Retaining their spots as first-, second- and third-most traded securities on the OTCQX Best Market are&nbsp; Roche Holding AG (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/rhhby#OTCQX">RHHBY</a>), Grayscale Bitcoin Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gbtc#OTCQX">GBTC</a>) and Grayscale Ethereum Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ethe#OTCQX">ETHE</a>).&nbsp;
The OTCQX&rsquo;s top 10 most-active securities experienced a slight reshuffle in May, welcoming AXA (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/axahy#OTCQX">AXAHY</a>), Danone (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/danoy#OTCQX">DANOY</a>) and OTCQB graduate Sprott Physical Uranium Trust Fund (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/sruuf#OTCQX">SRUUF</a>). Having been the most-traded security on the OTCQB Venture Market last month, Sprott was the ninth most-traded security on the OTCQX just one month later.
International operators, once again, maintain a strong presence on OTCQX composing 24 of the top 30 securities, up from 21 in April. France&rsquo;s BNP Paribas S.A. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/bnpqy#OTCQX">BNPQY</a>) and Germany&rsquo;s Infineon Technologies AG (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ifnny#OTCQX">IFNNY</a>) and adidas AG (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTCQX">ADDYY</a>) were again on the OTCQX top 10 most-active securities, while Norway&rsquo;s Norsk Hydro ASA (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/nhydy#OTCQX">NHYDY</a>) and Ireland&rsquo;s Experian plc (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/expgy#OTCQX">EXPGY</a>) made it among May&rsquo;s top 30 most-active securities.
Other notable movers:
&nbsp;
<ul>
<li>Royal DSM NV (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/rdsmy#OTCQX">RDSMY</a>) claimed 15th place on the OTCQX&rsquo;s list of most-traded securities, experiencing a 160% change in trading volume from last month.</li>
</ul>
<ul>
<li>Repsol S.A. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/repyy#OTCQX">REPYY</a>) claimed 25th place on the OTCQX&rsquo;s list of most-traded securities, experiencing a 111% change in trading volume from last month.&nbsp;</li>
</ul>
&nbsp;
<h3>The OTCQB Venture Market Welcomes A New Leading Company As Sprott Graduates To The OTCQX</h3>
The OTCQB Venture Market recorded $896 million in trading volume in May, a decline from April&rsquo;s $1.1 billion figure.&nbsp;
May introduced three new entities to the OTCQB&rsquo;s Top 10 Most-Traded Securities list. Government services operator Sysorex Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/sysx#OTCQB">SYSX</a>), Federal Home Loan Mortgage Corp. (Freddie Mac) (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/fmcc#OTCQB">FMCC</a>) and portfolio management company Phoenix Rising Co. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/prcx#OTCQB">PRCX</a>) represent the new faces on the block.
Newness seemed almost a theme in the OTCQB Venture Market in May. In addition to three new faces, all three of the top most-traded securities in the market changed with Northwest Biotherapeutics Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/nwbo#OTCQB">NWBO</a>), Sysorex Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/sysx#OTCQB">SYSX</a>) and Netlist Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/nlst#OTCQB">NLST</a>) taking positions as first, second and third most traded, respectively.
Fifteen international securities landed a spot among the top 30 most-traded securities. Of these 15 securities, nine are Canadian, three are Australian, one is English, one is South African and one is Swiss.&nbsp;
Other notable movers:&nbsp;
<ul>
<li>Crimson Wine Group Ltd. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/cwgl#OTCQB">CWGL</a>) climbed to 24th place in the most-active group and recorded a $2.3 million rise in trading volume compared to last month.&nbsp;</li>
<li>Valour Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/deftf#OTCQB">DEFTF</a>) &mdash; formerly DeFi Technologies &mdash; experienced a $1.8 million increase in trading volume compared to March, climbing to 28th place on the OTCQB&rsquo;s Top 30.&nbsp;</li>
</ul>
&nbsp;
The OTCQX And OTCQB Top 10
Below are the top 10 most actively traded securities on the OTCQX Best Market and OTCQB Venture Market in May.&nbsp; 
&nbsp;
OTCQX Top 10:&nbsp;
<table>
<tbody>
<tr>
<td>
Company Name
</td>
<td>
Symbol
</td>
<td>
May Dollar Volume
</td>
</tr>
<tr>
<td>
Roche Holding Ltd.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/RHHBY/quote">RHHBY</a>
</td>
<td>
$3,108,072,993
</td>
</tr>
<tr>
<td>
Grayscale Bitcoin Trust (BTC)
</td>
<td>
<a href="http://www.otcmarkets.com/stock/GBTC/quote">GBTC</a>
</td>
<td>
$2,355,521,125
</td>
</tr>
<tr>
<td>
Grayscale Ethereum Trust (ETH)
</td>
<td>
<a href="http://www.otcmarkets.com/stock/ETHE/quote">ETHE</a>
</td>
<td>
$1,268,944,348
</td>
</tr>
<tr>
<td>
adidas AG
</td>
<td>
<a href="http://www.otcmarkets.com/stock/ADDYY/quote">ADDYY</a>
</td>
<td>
$263,956,485
</td>
</tr>
<tr>
<td>
Infineon Technologies AG
</td>
<td>
<a href="http://www.otcmarkets.com/stock/IFNNY/quote">IFNNY</a>
</td>
<td>
$263,007,230
</td>
</tr>
<tr>
<td>
BNP Paribas
</td>
<td>
<a href="http://www.otcmarkets.com/stock/BNPQY/quote">BNPQY</a>
</td>
<td>
$249,566,004
</td>
</tr>
<tr>
<td>
AXA
</td>
<td>
<a href="https://www.otcmarkets.com/stock/AXAHY/quote">AXAHY</a>
</td>
<td>
$149,918,793
</td>
</tr>
<tr>
<td>
Anglo American PLC
</td>
<td>
<a href="https://www.otcmarkets.com/stock/NGLOY/quote">NGLOY</a>
</td>
<td>
$146,459,165
</td>
</tr>
<tr>
<td>
Sprott Physical Uranium Trust
</td>
<td>
<a href="https://www.otcmarkets.com/stock/SRUUF/quote">SRUFF</a>
</td>
<td>
$131,536,526
</td>
</tr>
<tr>
<td>
Danone
</td>
<td>
<a href="https://www.otcmarkets.com/stock/DANOY/quote">DANOY</a>
</td>
<td>
$120,553,811
</td>
</tr>
</tbody>
</table>
&nbsp;
OTCQB Top 10:&nbsp;
<table>
<tbody>
<tr>
<td>
Company Name
</td>
<td>
Symbol
</td>
<td>
May Dollar Volume
</td>
</tr>
<tr>
<td>
Northwest Biotherapeutics Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/NWBO/quote">NWBO</a>
</td>
<td>
$210,569,559
</td>
</tr>
<tr>
<td>
Sysorex Inc.
</td>
<td>
<a href="https://www.otcmarkets.com/stock/SYSX/quote">SYSX</a>
</td>
<td>
$73,359,234
</td>
</tr>
<tr>
<td>
Netlist Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/NLST/quote">NLST</a>
</td>
<td>
$69,472,655
</td>
</tr>
<tr>
<td>
American Battery Technology Co.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/ABML/quote">ABML</a>
</td>
<td>
$25,739,135
</td>
</tr>
<tr>
<td>
Fannie Mae
</td>
<td>
<a href="http://www.otcmarkets.com/stock/FNMA/quote">FNMA</a>
</td>
<td>
$21,734,158
</td>
</tr>
<tr>
<td>
Lake Resources N.L.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/LLKKF/quote">LLKKF</a>
</td>
<td>
$19,288,365
</td>
</tr>
<tr>
<td>
American Lithium Corp.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/LIACF/quote">LIACF</a>
</td>
<td>
$15,729,513
</td>
</tr>
<tr>
<td>
HUMBL Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/HMBL/quote">HMBL</a>
</td>
<td>
$12,860,334
</td>
</tr>
<tr>
<td>
Freddie Mac
</td>
<td>
<a href="https://www.otcmarkets.com/stock/FMCC/quote">FMCC</a>
</td>
<td>
$11,018,144
</td>
</tr>
<tr>
<td>
Phoenix Rising Cos.
</td>
<td>
<a href="https://www.otcmarkets.com/stock/PRCX/quote">PRCX</a>
</td>
<td>
$10,909,584
</td>
</tr>
</tbody>
</table>
&nbsp;
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.
Photo by Kyle Glen on <a href="https://unsplash.com/photos/nXt5HtLmlgE">Unsplash</a>

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The OTC Markets' Most-Active Securities Embrace International Operators As Volatility Envelops Markets In May

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Good day! Here are the top things to focus on, today.
<ul>
<li>Bridges to Canada <a href="https://r.g-omedia.com/CL0/https:%2F%2Fjalopnik.com%2Fambassador-bridge-closure-by-freedom-convoy-protesters-1848514707%3Futm_source=jalopnik_newsletter%26utm_medium=email%26utm_campaign=2022-02-10/2/0100017ee5b9ab26-875ba20a-e5eb-4790-8222-d129914b40a9-000000/2UpqXeOveGUjC6vdEvoOfQUnUz_iDVUvqZdD2psalmw=236">clog</a>, slowing auto manufacturing.</li>
<li>Fed&rsquo;s Bullard <a href="https://www.bloomberg.com/news/articles/2022-02-09/stocks-set-to-extend-rally-treasury-curve-flatter-markets-wrap?srnd=premium&amp;sref=TBDibEcD">backs</a> raising rate full percentage-point.</li>
<li>S&amp;P: VC fundings to U.S. fintechs <a href="https://www.pymnts.com/news/investment-tracker/2022/report-vc-funding-to-u-s-fintechs-doubled-in-2021/">doubled</a> last year.</li>
<li>SEC proposal to accelerate settlements is <a href="https://www.marketsmedia.com/sec-proposal-to-accelerate-settlement-welcomed/">welcomed</a>.</li>
</ul>
Top Things To Know In Fintech:
<ul>
<li>PointData <a href="https://finledger.com/2022/02/09/pointdata-seeks-11m-fundraise-to-accelerate-expansion/?utm_campaign=Newsletter%20-%20Finledger%20Daily&amp;utm_medium=email&amp;_hsmi=203557047&amp;_hsenc=p2ANqtz-88Of8tfqR6FB4UsFUVbtyfU9UoO_OkTJZtKIy9FTg165C6CztAqjixdaHkPGLrLIzPE1XcR-pXADOp6QVphNm8Bc2MvQ&amp;utm_content=203557047&amp;utm_source=hs_email">eyeing</a> $11M fundraising.</li>
<li>Coinbase has <a href="https://link.bankingdive.com/click/26665715.7236/aHR0cHM6Ly93d3cucmV1dGVycy5jb20vdGVjaG5vbG9neS9jb2luYmFzZS1yZW1vdmVzLWNyeXB0b2N1cnJlbmN5LWxpbmtzLWFmdGVyLXJ1Zy1wdWxsLXdhcm5pbmdzLTIwMjItMDItMTAv/5d9661179c625f26832f707aB3cfa3b91">removed</a> crypto links. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/coin#NASDAQ">COIN</a>)</li>
<li>OpenExchange <a href="https://www.openexc.com/news/openexchange-adds-key-executives-to-accelerate-growth/">added</a> new leaders.</li>
<li>MEMX plans to <a href="https://www.marketsmedia.com/memx-to-charge-for-market-data/">charge</a> market data.</li>
<li>Binance <a href="https://link.bankingdive.com/click/26665715.7236/aHR0cHM6Ly93d3cuY25iYy5jb20vMjAyMi8wMi8xMC9mb3JiZXMtc3BhYy1iaW5hbmNlLWxlZC1ieS10aGUtd29ybGRzLXJpY2hlc3QtY3J5cHRvLWJpbGxpb25haXJlLWlzLXRha2luZy1hLTIwMC1taWxsaW9uLXN0YWtlLWluLWZvcmJlcy0uaHRtbA/5d9661179c625f26832f707aB76ec2f59">takes</a> $200M Forbes stake.</li>
<li>Okcoin first to <a href="https://www.wfmz.com/news/pr_newswire/pr_newswire_technology/okcoin-becomes-first-u-s-exchange-to-integrate-stellar-usdc/article_dad5e5d9-9219-5abc-a12a-64064cdb8e28.html#:~:text=SAN%20FRANCISCO%2C%20Feb.%2010%2C,available%20on%20the%20Okcoin%20platform.">launch</a> Stellar USDC.</li>
<li>Digital euro legislation gets <a href="https://www.theblockcrypto.com/linked/133817/digital-euro-legislation-planned-for-next-year-eu-official-says">planned</a>.</li>
<li>AXA and BoA <a href="https://www.finextra.com/pressarticle/91428/axa-bofa-join-ocean-finance-initiative">join</a> finance initiative. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/axahy#OTC">AXAHY</a>) (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>)</li>
<li>Klarna <a href="https://www.bloomberg.com/news/articles/2022-02-09/europe-fintech-giant-klarna-is-said-to-mull-raising-fresh-funds">considers</a> raising fresh funds.</li>
<li>Commerce Bank <a href="https://www.bizjournals.com/kansascity/inno/stories/news/2022/02/10/commerce-bank-healthcare-payments-paytient-fintech.html">teamed</a> w/Paytient. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cbsh#NASDAQ">CBSH</a>)</li>
<li>Cboe&rsquo;s &lsquo;Nanos&rsquo; offer to <a href="https://www.cboe.com/tradable_products/sp_500/nanos_index_options?utm_campaign=nanos&amp;utm_medium=email&amp;utm_source=pardot&amp;utm_content=NA&amp;utm_term=watch-now">launch</a> soon. (BATS: <a class="ticker" href="https://www.benzinga.com/stock/cboe#BATS">CBOE</a>)</li>
<li>SETL, Digital Asset <a href="https://www.marketsmedia.com/setl-and-digital-asset-create-regulated-network-for-tokens/">create</a> network.</li>
<li>Crypto.com <a href="https://financefeeds.us11.list-manage.com/track/click?u=a4667cefaa18cf1229203c36e&amp;id=707eb6344f&amp;e=333ad69d28">struck</a> new sponsorship.</li>
<li>Robinhood <a href="https://decrypt.co/92616/robinhood-plans-be-crypto-first-global-expansion-push">eyeing</a> crypto first push. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hood#NASDAQ">HOOD</a>)</li>
<li>BNP <a href="https://www.businesswire.com/news/home/20220210005123/en/%E2%80%98Bridge-by-BNP-Paribas%E2%80%99-to-Provide-Digital-Capital-Introduction-Services-for-Institutional-Investors">launches</a> introduction platform. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bnpqy#OTC">BNPQY</a>)</li>
<li>WisdomTree to <a href="https://www.marketsmedia.com/wisdomtree-to-launch-digital-wallet-and-tokens/">add</a> wallets, tokens. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wetf#NASDAQ">WETF</a>)</li>
<li>Wealthbox, Trust &amp; Will <a href="https://newsdirect.com/news/trust-and-will-and-wealthbox-partner-to-offer-digital-estate-planning-tools-to-financial-advisors-321361404">teaming</a> up.</li>
<li>Occupier <a href="https://info.finledger.com/e3t/Btc/I4+113/cxFpX04/VX9SbH2LPmdWW3dXN3n6dvZmwW8fXtNV4FnbMZMkNlk75nCTJV3Zsc37CgC-PN3rKlgjLXChYW9bF92s1fLwfQW7QwbcF4DCvSvW3lDcr124Tph7W1xFL9c7432HpW2Jt4fb3yg98XW4J65k76Q_q4_W8Nh16S18QYfnW1mG5Z-4xkryCW8h3n_c4JmhVZW2sWl8x20W1T6W5zwxCh2rs4RZW2yMfQK7DvJRRW4Ql21S7BHbD-W8FHkMz5yjNbXW83Gw8J4jWqtpW2Rb4Mn5JwFXLVdqNgL2yGNv1W6v1ll58NBp0QN8HMk4hsDdd8W2dQrQ560HpfZW566-G-6BHhP_W7gnm6T8cF4DlVZDspF3ZYq9cW6TrRSf4xHPKbW6vyfCR4NzDqKW7DP13l8hVM9cN4wdLCgXDtMPW6mqd5x6BbzXfW7S84K48mhRJnMVftCgGXw74W5pZlcK6Y4dQy3nCc1">snags</a> $10.5 in a Series A.</li>
</ul>
Spotlight: Single stock halts, also knowns as &ldquo;Limit up/Limit down&rdquo; (LULD), are one of the important market guardrails designed to stop feedback loops in today&rsquo;s electronically traded markets generating erroneous prices or unnecessary volatility in stocks.
Source: <a href="https://www.nasdaq.com/articles/all-about-lulds">Nasdaq</a> 
Interesting Reads:
<ul>
<li>Don&rsquo;t <a href="https://newsletter.fintechtakes.com/p/metaverse-branches?token=eyJ1c2VyX2lkIjo0MjE3Mzc2LCJwb3N0X2lkIjo0ODQ4Njc3NywiXyI6Im1nL28zIiwiaWF0IjoxNjQ0NTM2NzI1LCJleHAiOjE2NDQ1NDAzMjUsImlzcyI6InB1Yi0xMjY5NiIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.5JWGJJfM89I2F3TeYfTvXQCjgW5_BvXm-7HJe_dmqX8">build</a> branches in metaverses.</li>
<li>El Salvador is <a href="https://www.theblockcrypto.com/post/133816/fitch-downgrades-el-salvador-rating-on-debt-concerns">downgraded</a> by Fitch.</li>
<li>YouTube <a href="https://www.theblockcrypto.com/linked/133824/youtube-sees-incredible-potential-in-web3-and-nfts">on</a> Web3, NFT opportunity. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>)</li>
<li>Vine, Loot creator has <a href="https://www.theblockcrypto.com/linked/133849/creator-of-vine-and-loot-raises-12-million-for-nft-powered-sci-fi-project">raised</a> $12M.</li>
<li>Nearly $8B to be <a href="https://huddleup.substack.com/p/nearly-8-billion-will-be-bet-on-the?token=eyJ1c2VyX2lkIjo0MjE3Mzc2LCJwb3N0X2lkIjo0Nzg1MDQxMiwiXyI6Im1nL28zIiwiaWF0IjoxNjQ0NTM3NzAxLCJleHAiOjE2NDQ1NDEzMDEsImlzcyI6InB1Yi0xNzkyMiIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.XMGfnmn-POpJu4Aiu2iaJ1Crva1VKkM0vYlGLTkL8Yw">bet</a> on Super Bowl.</li>
<li>OnlyFans <a href="https://www.theblockcrypto.com/linked/133856/onlyfans-launches-verified-nft-profile-pictures">launches</a> NFT verification.</li>
<li>Russia <a href="https://bitcoinmagazine.us20.list-manage.com/track/click?u=1c17effa0923c7e916d862f99&amp;id=fafc2ee1cf&amp;e=dfe7420b80">looking</a> to crypto regulations.</li>
</ul>
Thought-Provoking Statement: Positive feedback for your startup is great and everything but negative feedback that points you in a better direction is 100x more useful. 
Source: <a href="https://twitter.com/agazdecki/status/1491927233199435776?s=20&amp;t=pvImMWcqXkMtvSrEt5UicA">Andrew Gazdecki</a>

Fintech news covering the emerging Financial Technology services sector

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Top News In Fintech And Beyond For February 11, 2022

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One Big Thing In Fintech: Understanding the fundamentals of a publicly-listed company can help with making more informed investment decisions.
Still, many fail in conducting any due diligence before they hit the trigger to buy or sell.
That&rsquo;s according to Martin Migge, the CEO and co-founder at Valuu.io, a stock research and portfolio management fintech helping investors determine the fair value of publicly-listed companies, with ease.
In light of the firm&rsquo;s recent growth, Benzinga spoke with Migge.
Source: <a href="https://www.benzinga.com/fintech/21/12/24538728/meet-valuu-io-the-fintech-helping-investors-fairly-value-publicly-listed-companies?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">Benzinga</a>
<img src="https://cdn2.hubspot.net/hub/2786381/hubfs/giphy-Dec-12-2021-08-43-23-40-PM.gif?upscale=true&amp;width=800&amp;upscale=true&amp;name=giphy-Dec-12-2021-08-43-23-40-PM.gif" />
Other Key Fintech Developments:
<ul>
<li>GS CEO on fintech <a href="https://bankautomationnews.com/allposts/business-banking/goldman-sachs-ceo-david-solomon-talks-fintech-valuation/?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">valuations</a>. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>)</li>
<li>Mambu <a href="https://bussmannadvisory.us14.list-manage.com/track/click?u=43d5b5cd5dfe1bc2721af4ac7&amp;id=285be03b55&amp;e=c9e55815c9&amp;utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">added</a> $266M in raise.</li>
<li>Palantir <a href="https://seekingalpha.com/article/4474525-palantir-stock-foundry-for-crypto-fintech-opportunity?utm_campaign=Newsletter%20-%20Finledger%20Daily&amp;utm_medium=email&amp;_hsmi=193732837&amp;utm_content=193732837&amp;utm_source=hs_email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">eyes</a> the fintech space.</li>
<li>Voyager, CoinLedger <a href="https://www.prnewswire.com/news-releases/voyager-digital-partners-with-coinledger-to-streamline-and-simplify-crypto-tax-reporting-301438758.html?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">team</a> up. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vygvf#OTC">VYGVF</a>)</li>
<li>Coinbase <a href="https://techcrunch.com/2021/12/10/coinbase-ventures-backs-cross-chain-infra-router-protocol/?utm_campaign=Newsletter%20-%20Finledger%20Daily&amp;utm_medium=email&amp;_hsmi=193732837&amp;utm_content=193732837&amp;utm_source=hs_email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">funds</a> new ventures. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/coin#NASDAQ">COIN</a>)</li>
<li>ICE <a href="https://www.marketsmedia.com/ice-expands-climate-change-and-alternative-data/?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">expands</a> alternative data. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ice#NYSE">ICE</a>)</li>
<li>Better.com CEO <a href="https://www.finextra.com/newsarticle/39388/bettercom-ceo-takes-time-off-in-wake-of-mass-zoom-firing?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">takes</a> time off.&nbsp;</li>
<li><a href="https://email.mg2.substack.com/c/eJxNkctymzAUQL_G7MzowXOhReomLZ44Gbd1Bq8YIS62DEiMJErh66PYm87o6nGkq9cR3MFFm4WN2rrgq6rcMgJTMNsenAMTTBZMJRsWEZzSNAl8r8FZnAXSVq0BGLjsmTMTBONU91JwJ7W6J9A4zoMry3hNURulURIDzxuKU4wgQSLKU960afY4lk-NBCWAadUv1chlE_Ts6txoN_RpQ158mec5VOCk8tcC60KhPRx9eDhr09mtVNtWKu632dAXpztQG_odlj0W5GMpSd8VN40Ot2d6WAV53e3Hc3mU77dncli7f29_uuiwnmwx9KtYiqRQ3_BZIuQZfv9d2EK9-fGd_xX06MTwcT3TX2NNItkewxOCdoZTK3_qUrc7g4yOzEpO8W5ntuueFj9KSF9JqZ7OgWQEEYwJRjjzEYUkFBTxiIi8TjzLMA9vcM1gXfEmQsOFhHaqreOi868eAsMMKO60n6tBrVJd-J17A5Vvh0lJt1R-Sd1D85DjHorvuqoLKDBefVNxx3BCcxznGU1Iih4yvuzFJCcpjQN_cKN9lmL__f0nw1S_Rg?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">Analysis</a>: Networks in finance.</li>
<li>Slingshot <a href="https://www.theblockcrypto.com/post/127009/defi-trading-platform-slingshot-raises-15-million-in-series-a-led-by-ribbit-capital?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">adds</a> $15M Series A.</li>
<li>FTX <a href="https://www.theblockcrypto.com/linked/127024/ftx-us-gains-membership-to-international-derivatives-agreements-body-isda?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">gained</a> ISDA membership.</li>
<li>Earnt <a href="https://techcrunch.com/2021/12/10/earnr-is-a-new-finance-and-tax-app-aimed-at-uk-side-hustle-businesses/?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">secures</a> funds to launch.</li>
<li>AXA IM <a href="https://www.marketsmedia.com/axa-im-completes-first-market-transaction-on-blockchain/?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">completes</a> DLT trade. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/axahy#OTC">AXAHY</a>)</li>
<li>Lydia <a href="https://techcrunch.com/2021/12/07/lydia-grabs-another-100-million-for-its-european-financial-super-app/?utm_source=sg&amp;utm_medium=email&amp;utm_campaign=article_email&amp;utm_content=article-6790&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">secures</a> $100M for app.</li>
<li>AscendEX is <a href="https://www.theblockcrypto.com/post/127231/crypto-exchange-ascendex-hacked-for-78-million-in-latest-swindle?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">hacked</a> for $78M.</li>
<li>RQD will <a href="https://www.marketsmedia.com/rqd-aims-to-revolutionize-clearing-with-cloud/?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">revolutionize</a> clearing.</li>
<li>Scotiabank, BestEx <a href="https://www.marketsmedia.com/scotiabank-bestex-research-to-build-algo-platform-for-canadian-equities/?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">build</a> tech.</li>
<li>FXall <a href="https://www.marketsmedia.com/fxall-connects-to-lch-forexclear/?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">connected</a> to ForexClear.</li>
<li>Even, America Saves <a href="https://www.prnewswire.com/news-releases/america-saves-and-even-partner-on-groundbreaking-savings-research-initiative-301440846.html?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">partner</a>.</li>
<li>Central banks eye RTP <a href="https://www.pymnts.com/news/payment-methods/2021/more-central-banks-will-build-new-clearing-houses-for-real-time-payments/?utm_campaign=Newsletter%20-%20Finledger%20Daily&amp;utm_medium=email&amp;_hsmi=193732837&amp;utm_content=193732837&amp;utm_source=hs_email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">growth</a>.</li>
<li>WhatsApp <a href="https://www.theverge.com/2021/12/9/22825766/whatsapp-novi-digital-payments-us-pilot-paxos-stablecoin?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">intros</a> a crypto pilot.</li>
<li>Monzo has <a href="https://bussmannadvisory.us14.list-manage.com/track/click?u=43d5b5cd5dfe1bc2721af4ac7&amp;id=57fda7842b&amp;e=c9e55815c9&amp;utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">hit</a> $4.5B valuation.</li>
<li>Passbase <a href="https://thepaypers.com/digital-identity-security-online-fraud/passbase-raises-usd-135-mln-in-series-a--1253347?utm_campaign=Newsletter%20-%20Finledger%20Daily&amp;utm_medium=email&amp;_hsmi=193732837&amp;utm_content=193732837&amp;utm_source=hs_email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">adds</a> $13.5M round.</li>
<li>Credible <a href="https://finledger.com/2021/12/10/online-insurance-marketplace-young-alfred-acquired-by-credible/?utm_campaign=Newsletter%20-%20Finledger%20Daily&amp;utm_medium=email&amp;_hsmi=193732837&amp;utm_content=193732837&amp;utm_source=hs_email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">bought</a> Young Alfred.</li>
<li><a href="https://frontmonth.substack.com/p/coinbase-wants-to-get-cloudy?token=eyJ1c2VyX2lkIjo0MjE3Mzc2LCJwb3N0X2lkIjo0NTEzNjEyNCwiXyI6IkF6L0tRIiwiaWF0IjoxNjM5MzQwMDIxLCJleHAiOjE2MzkzNDM2MjEsImlzcyI6InB1Yi0xMDUzMjEiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.UFbPR6o1gPth6YjttPba3ZYvmvBSXRE7qitImjfiaWM&amp;utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">Meet</a> the AWS of crypto space.</li>
<li>Tipalti <a href="https://www.bloomberg.com/news/articles/2021-12-08/fintech-firm-tipalti-raises-funds-at-8-3-billion-valuation?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">taps</a> funds at $8B value.</li>
</ul>
Watch Out For This: This past summer, Mind Medicine (MindMed) Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mnmd#NASDAQ">MNMD</a>), a medicine biotech in the psychedelics sector, announced the departure of co-founder and CEO J.R. Rahn.
In learning more about the changes that have taken place since, Benzinga spoke with Robert Barrow, the firm&rsquo;s chief development officer, who took the role of CEO after Rahn.
Source: <a href="https://www.benzinga.com/markets/penny-stocks/21/12/24492509/exclusive-mindmed-ceo-rob-barrow-on-growth-aspirations-development-pipeline?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">Benzinga</a>
<img src="https://cdn2.hubspot.net/hub/2786381/hubfs/giphy%20(1)-Dec-12-2021-08-43-46-80-PM.gif?upscale=true&amp;width=800&amp;upscale=true&amp;name=giphy%20(1)-Dec-12-2021-08-43-46-80-PM.gif" />
Interesting Reads:
<ul>
<li>A big <a href="https://www.bloomberg.com/news/articles/2021-12-10/nike-designers-start-the-solace-online-cremation-service?srnd=premium&amp;sref=TBDibEcD&amp;utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">opportunity</a>: cremations.</li>
<li>2022 top banking <a href="https://money.usnews.com/banking/articles/predictions-for-banking-in-the-year?utm_campaign=Newsletter%20-%20Finledger%20Daily&amp;utm_medium=email&amp;_hsmi=193732837&amp;utm_content=193732837&amp;utm_source=hs_email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">predictions</a>.</li>
<li>The future looking more <a href="https://www.personalcapital.com/blog/personal-finance/what-does-it-mean-to-be-frugal/?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">frugal</a>?</li>
<li>Crypto execs <a href="https://link.bankingdive.com/click/26006611.22243/aHR0cHM6Ly93d3cuYmFua2luZ2RpdmUuY29tL25ld3MvY3J5cHRvLWV4ZWNzLXB1c2gtZm9yLXRhaWxvcmVkLXJlZ3VsYXRpb24tYnV0LW5vdC1hLXJ1c2gtdG8tanVkZ21lbnQvNjExMTgzLw/5d9661179c625f26832f707aB088d2246?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">seek</a> regulation.</li>
<li><a href="https://www.bloomberg.com/news/articles/2021-12-10/job-hunting-now-resembles-internet-dating-as-hiring-moves-online?srnd=premium&amp;utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">Merger</a> of Tinder, online hiring.</li>
<li>BOA looking to <a href="https://link.bankingdive.com/click/26006611.22243/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjEtMTItMDkvYm9mYS1wbGFucy10by1oaXJlLXVwLXRvLTUtMDAwLWFzLXR1cm5vdmVyLWxlYXZlcy1oZWFkY291bnQtZmxhdD9zcmVmPUhodWUxc2NP/5d9661179c625f26832f707aBc345a55e?utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">hire</a> about 5K. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>)</li>
<li>Tokens <a href="https://www.bloomberg.com/news/articles/2021-12-10/web3-is-crypto-s-attempt-to-reinvent-the-internet-here-s-what-you-should-know?srnd=premium&amp;utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">shaking</a> up computing.</li>
</ul>
Market Moving Headline: The Treasuries yield curve -- or the spread between short-term and long-term interest rates -- looks set to be the flattest at the beginning of a Fed tightening cycle in a generation if the central bank begins raising its benchmark overnight rate in mid-2022 as now forecast. The two-year, 10-year spread is about 83 basis points, with futures indicating 55 basis points in June.
Source: <a href="https://www.bloomberg.com/news/articles/2021-12-11/fed-hikes-seen-starting-with-yield-curve-flattest-in-generation?srnd=premium&amp;sref=TBDibEcD&amp;utm_campaign=Fintech%20-%20BZ%20Fintech%20Daily%20Beat&amp;utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz--aNfR5XxbsqH7_uyGjsYIdhEMflX6lG0nN7FSwXmwHSdrlCOQtDZvR1t3YJFcoDzOrFt2g">Bloomberg</a>
<img src="https://cdn2.hubspot.net/hub/2786381/hubfs/giphy%20(2)-Dec-12-2021-08-43-47-95-PM.gif?upscale=true&amp;width=800&amp;upscale=true&amp;name=giphy%20(2)-Dec-12-2021-08-43-47-95-PM.gif" />

MNMD

VYGVF

Fintech Focus For December 13, 2021

Morgan Stanley downgrades AXA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AXAHY#OTC">AXAHY</a>) from Overweight to Equal-Weight.

Downgrades

Analyst Ratings

Morgan Stanley Downgrades AXA to Equal-Weight

The following post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga.
The universe of public companies open to U.S. investors is a lot larger than most people realize.&nbsp;
There are nearly 18,000 securities available in the U.S. Over 11,000 of these trade on OTC Markets, while the rest trade on national exchanges like NYSE and Nasdaq.&nbsp;
For many retail investors, the experience of using their brokerage to trade an exchange-listed security may not be all that different than trading a security on OTC Markets but there are some key differences in how the markets function.&nbsp;
<h3>The Structure Of OTC Markets</h3>
OTC Markets is divided into three main markets&mdash; OTCQX, OTCQB, and Pink&mdash;with each tier having different standards. The goal, according to OTC Markets Group, is to create more efficient markets by organizing securities &ldquo;based on the quality and quantity of information companies disclose.&rdquo;
OTCQX, the highest tier, is home to the largest companies like Meritage Hospitality Group, Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/mhgu#OTCQX">MHGU</a>). Many of these companies also have a primary market in another country (such as Roche Holdings (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/rhhby#OTCQX">RHHBY</a>) and Adidas (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTCQX">ADDYY</a>)). It&rsquo;s also where a lot of community banks trade, like Coastal Carolina Bancshares Inc (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ccnb#OTCQX">CCNB</a>) and Lyons Bancorp, Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/lybc#OTCQX">LYBC</a>).&nbsp;
OTCQB, the middle tier, is where smaller, emerging companies trade, such as Nextech AR Solutions (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/nexcf#OTCQB">NEXCF</a>).&nbsp;
The Pink Market is an &ldquo;Open Market,&rdquo; where any company, from large-caps like Nestle (Pink: <a class="ticker" href="https://www.benzinga.com/stock/nsrgy#Pink">NSRGY</a>). to a reorganizing JC Penney (Pink: <a class="ticker" href="https://www.benzinga.com/stock/jcpnq#Pink">JCPNQ</a>), can trade.&nbsp;
<h3>Who Participates In The OTC Markets?</h3>
Securities on OTC Markets can be bought and sold by any investor, from large institutions to individual retail investors through a registered broker-dealer. Investors and broker-dealers are amongst a few key groups that are a part of the market.
COMPANIES
There are over 11,000 securities traded on the various tiers of OTC Markets.&nbsp;
Many of these securities are ADRs for major international institutions like BNP Paribas (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/bnpqf#OTCQX">BNPQF</a>) and AXA (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/axahy#OTCQX">AXAHY</a>). These companies are primarily traded in their home countries, but have ADRs that trade on OTC Markets to give U.S. investors better access and diversify their shareholder base.&nbsp;
Many companies with securities on OTC Markets fall into a number of common industries. This includes community banks like&nbsp;Bank of San Francisco (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/bsfo#OTCQX">BSFO</a>), and metals and mining companies like Standard Lithium (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/stlhf#OTCQX">STLHF</a>) and Impala Platinum (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/impuy#OTCQX">IMPUY</a>).&nbsp;
OTC Markets also serves as a home for many innovative industries that fall outside the established guidelines of a national exchange. This includes the cannabis industry which is well-represented. Because U.S. cannabis operators are unable to list on an exchange while cannabis is classified as a Schedule I drug, many have their securities traded on OTC Markets. Other innovative industries like crypto can be found as well. Grayscale&rsquo;s portfolio of products, including the Grayscale Bitcoin Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gbtc#OTCQX">GBTC</a>) and Grayscale Ethereum Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ethe#OTCQX">ETHE</a>) trade on the OTCQX Market.&nbsp;
BROKER-DEALERS
Unlike exchanges, which match buyers and sellers through a number of centralized locations, OTC Markets consists of a network of over 90 broker-dealers who trade directly with one another. These are the same broker-dealers that also trade exchange listed securities.
Investors can place orders through these broker-dealers, who can either fill the order themselves or connect with other broker-dealers through an alternative trading system such as OTC Link. This system allows broker-dealers to communicate, negotiate trades on behalf of clients, and post quotes to the public. Orders can also be placed through OTC Link ECN, which combines the Broker-Dealer network model with the anonymity of traditional markets.&nbsp;
The aggregate bids and asks posted by different broker-dealers for a given security are then consolidated to define the market for that security.&nbsp;
REGULATORS
In addition to the qualifying standards placed by OTC Markets for the OTCQX and OTCQB markets, there is also federal regulation of OTC Market participants.&nbsp;
All broker-dealers are regulated by FINRA. These regulations include rules that, among other things, require a broker-dealer to get the best possible price for a customer when executing an order and prohibit them from front-running customer orders.&nbsp;
Some securities that trade on OTC Markets are also &ldquo;SEC reporting&rdquo; meaning they are registered with and regulated by the SEC. Both organizations also regulate the OTC Link trading system.&nbsp;
When trading a security on OTC Markets, it&rsquo;s important to understand how the market&rsquo;s different players interact with each other. Each participant contributes to the liquidity and efficiency of the market and can affect how, when, or if your buy or sell order gets executed.&nbsp;
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The preceding post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

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How Is OTC Markets Different From Exchanges?

The following post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga.
The COVID-19 pandemic has led to dramatic changes in market behavior, as traders and investors try to grapple with the short-term and long-term implications of a pandemic.
Dollar trading volume on the two top tiers of OTC Markets&mdash;the OTCQX Best and OTCQB Venture Markets&mdash;rose 15% and 14% respectively in March, the largest month-over-month increases since the end of 2018.
<h3>The Most Active Securities</h3>
The wide-reaching effects of the spread of COVID-19 coupled with a temporary oil price war between Russia and Saudi America created a whirlwind effect in which individual securities across the entire market universe experienced massive month-over-month volume increases.
On the OTCQX Market, Roche Holding Ltd (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/rhhby#OTCQX">RHHBY</a>) was the most actively traded name by a factor of four, with over $4 million worth of shares trading hands. The company is currently involved in the race to develop a treatment for the novel coronavirus and has <a href="https://www.businessinsider.com/roche-actemra-coronavirus-trial-begins-enrolling-covid19-patients-2020-4">begun enrolling patients in a trial</a> for its arthritis drug Actemra as a treatment. The Swiss pharmaceutical giant has also started shipping <a href="https://www.fiercebiotech.com/medtech/roche-begins-shipping-400-000-coronavirus-test-kits-per-week-u-s">400,000 coronavirus test kits</a> per week to the U.S.
Not to be outdone, Dutch grocery conglomerate Koninklijke Ahold Delhaize N.V. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/adrny#OTCQX">ADRNY</a>) (owners of Giant, Stop &amp; Shop, Food Lion, and delivery service Peapod) saw a 423% dollar volume increase in March as American shoppers flocked to stores to stock up on goods. Other food names like French company Danone (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/danoy#OTCQX">DANOY</a>) and Brazilian meat producer JBS S.A. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/jbsay#OTCQX">JBSAY</a>) also saw large monthly increases. JBS, the world&rsquo;s largest meat producer, has been more directly affected by the outbreak than some of its peers. The company <a href="https://www.bloomberg.com/news/articles/2020-04-13/jbs-colorado-beef-plant-will-close-for-a-time-governor-says">recently announced</a> it was shutting down its Colorado operations through April 24 in an effort to contain the spread of the virus among employees.
Overall, 12 of the 15 most actively traded securities on the OTCQX Market in March experienced dramatic volume increases. The only exceptions were the Grayscale Bitcoin Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gbtc#OTCQX">GBTC</a>) (volume down 23%), AXA (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/axa#OTCQX">AXA</a>) (up 3%) and Imperial Brands (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/imbby#OTCQX">IMBBY</a>) (up 3%).
On the OTCQB Best Market&mdash;a market occupied by more early-stage companies&mdash;increased interest in the pharmaceutical and biotech industries resulted in volume spikes in a number of names not normally among the most active securities.
Todos Medical Ltd. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/tomdf#OTCQB">TOMDF</a>), an Israeli cancer diagnostic company working to bring rapid testing COVID-19 kits to the U.S., experienced a large increase in dollar volume in March. A 97% volume increase in CytoDyn Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/cydy#OTCQB">CYDY</a>) was the result of the company gaining media attention for the use of leronlimab, its HIV and cancer drug, to treat severely ill COVID-19 patients.
Other small-cap names in the sector like Kraig Biocraft Laboratories, Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/kblb#OTCQB">KBLB</a>), Innovation Pharmaceuticals Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/ipix#OTCQB">IPIX</a>), and Medicenna Therapeutics Corp. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/mdnaf#OTCQB">MDNAF</a>) also experienced large volume increases.
Galaxy Next Generation, Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/gaxy#OTCQB">GAXY</a>), a manufacturer of interactive learning solutions, experienced a volume increase as the nationwide closure of schools forced the U.S. education system into remote learning.
These were the top 15 most actively traded securities on the OTCQX and OTCQB markets in March.
OTCQX
<table border="1" cellpadding="1" cellspacing="1" style="width:600px">
<thead>
<tr>
<th scope="col">Company Name</th>
<th scope="col">Country</th>
<th scope="col">March Dollar Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>Roche Holding Ltd (OTCQX:&nbsp;RHHBY)</td>
<td>Switzerland</td>
<td>$4,292,701,839</td>
</tr>
<tr>
<td>Grayscale Bitcoin Trust (BTC) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gbtc#OTCQX">GBTC</a>)</td>
<td>U.S.</td>
<td>$966,520,599</td>
</tr>
<tr>
<td>Danone (OTCQX:&nbsp;DANOY)</td>
<td>France</td>
<td>$636,426,557</td>
</tr>
<tr>
<td>adidas AG (OTCQX:&nbsp;ADDYY)</td>
<td>Germany</td>
<td>$509,380,007</td>
</tr>
<tr>
<td>BNP Paribas (OTCQX:&nbsp;BNPQY)</td>
<td>France</td>
<td>$293,821,287</td>
</tr>
<tr>
<td>BASF SE (OTCQX:&nbsp;BASFY)</td>
<td>Germany</td>
<td>$269,913,731</td>
</tr>
<tr>
<td>Koninklijke Ahold Delhaize N.V. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/adrny#OTCQX">ADRNY</a>)</td>
<td>The Netherlands</td>
<td>$254,445,878</td>
</tr>
<tr>
<td>Infineon Technologies AG (OTCQX:&nbsp;IFNNY)</td>
<td>Germany</td>
<td>$198,546,695</td>
</tr>
<tr>
<td>AXA (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/axahy#OTCQX">AXAHY</a>)</td>
<td>France</td>
<td>$195,093,983</td>
</tr>
<tr>
<td>Imperial Brands PLC (OTCQX:&nbsp;IMBBY)</td>
<td>United Kingdom</td>
<td>$194,119,464</td>
</tr>
<tr>
<td>Anglo American plc (OTCQX:&nbsp;NGLOY)</td>
<td>United Kingdom</td>
<td>$150,792,518</td>
</tr>
<tr>
<td>Experian plc (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/expgy#OTCQX">EXPGY</a>)</td>
<td>Ireland</td>
<td>$141,639,182</td>
</tr>
<tr>
<td>Deutsche Telekom AG (OTCQX:&nbsp;DTEGY)</td>
<td>Germany</td>
<td>$136,320,317</td>
</tr>
<tr>
<td>Zurich Insurance Group Ltd (OTCQX:&nbsp;ZURVY)</td>
<td>Switzerland</td>
<td>$130,813,531</td>
</tr>
<tr>
<td>Heineken N.V.&nbsp; (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/heiny#OTCQX">HEINY</a>)</td>
<td>The Netherlands</td>
<td>$125,517,841</td>
</tr>
</tbody>
</table>
OTCQB
<table border="1" cellpadding="1" cellspacing="1" style="width:500px">
<thead>
<tr>
<th scope="col">Company</th>
<th scope="col">Country</th>
<th scope="col">March Dollar Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>Fannie Mae (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/fnma#OTCQB">FNMA</a>)</td>
<td>U.S.</td>
<td>$375,064,234</td>
</tr>
<tr>
<td>CytoDyn Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/cydy#OTCQB">CYDY</a>)</td>
<td>U.S.</td>
<td>$210,731,090</td>
</tr>
<tr>
<td>Freddie Mac (OTCQB:&nbsp;FMCC)</td>
<td>U.S.</td>
<td>$167,663,667</td>
</tr>
<tr>
<td>TOMI Environmental Solutions, Inc. (OTCQB:&nbsp;TOMZ)</td>
<td>U.S.</td>
<td>$42,400,173</td>
</tr>
<tr>
<td>Semler Scientific, Inc. (OTCQB:&nbsp;SMLR)</td>
<td>U.S.</td>
<td>$20,569,599</td>
</tr>
<tr>
<td>Farmers &amp; Merchants Bank of Long Beach (CA) (OTCQB:&nbsp;FMBL)</td>
<td>U.S.</td>
<td>$15,383,379</td>
</tr>
<tr>
<td>Kraig Biocraft Laboratories, Inc. (OTCQB:&nbsp;KBLB)</td>
<td>U.S.</td>
<td>$15,200,675</td>
</tr>
<tr>
<td>Innovation Pharmaceuticals Inc. (OTCQB:&nbsp;IPIX)</td>
<td>U.S.</td>
<td>$11,206,896</td>
</tr>
<tr>
<td>CV Sciences, Inc. (OTCQB:&nbsp;CVSI)</td>
<td>U.S.</td>
<td>$10,363,956</td>
</tr>
<tr>
<td>Generex Biotechnology Corp. (OTCQB:&nbsp;GNBT)</td>
<td>U.S.</td>
<td>$10,167,977</td>
</tr>
<tr>
<td>Todos Medical Ltd. (OTCQB:&nbsp;TOMDF)</td>
<td>Israel</td>
<td>$7,669,258</td>
</tr>
<tr>
<td>Galaxy Next Generation, Inc. (OTCQB:&nbsp;GAXY)</td>
<td>U.S.</td>
<td>$6,523,224</td>
</tr>
<tr>
<td>Medicenna Therapeutics Corp. (OTCQB:&nbsp;MDNAF)</td>
<td>Canada</td>
<td>$6,211,464</td>
</tr>
<tr>
<td>Q BioMed Inc. (OTCQB:&nbsp;QBIO)</td>
<td>U.S.</td>
<td>$6,168,729</td>
</tr>
<tr>
<td>Northwest Biotherapeutics, Inc. (OTCQB:&nbsp;NWBO)</td>
<td>U.S.</td>
<td>$6,035,470</td>
</tr>
</tbody>
</table>
The preceding post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

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The Spread of COVID-19 Has Caused Massive Volume Spikes In Securities On OTC Markets

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