| May 22, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2025 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
The Minneapolis Hard Red Spring Wheat (HRSW) futures and options contract on the MIAX Futures Exchange (formerly MGEX) set another record in April, marking the fourth consecutive month of year-to-date volume and average daily volume (ADV) growth.
The Minneapolis Hard Red Spring Wheat (HRSW) futures contract is globally recognized as the benchmark for high-protein spring wheat and is the dominant North American contract for this wheat class. Compared to other wheat futures, such as the Soft Red Winter Wheat (SRW) contract originally traded at the Chicago Board of Trade (CBOT) and the Hard Red Winter Wheat (HRW) contract formerly at the Kansas City Board of Trade (KCBT), the Minneapolis contract is unique due to its strict quality specifications. Notably, it requires higher protein content and lower vomitoxin limits, making it especially relevant for bread and specialty flour markets. The CBOT and KCBT contracts are now part of CME Group following mergers that integrated these historic exchanges under the CME Group umbrella. While the CBOT SRW contract is the world's most liquid wheat contract, trading over 15 million tons daily, the Minneapolis HRSW contract averages around 9,700 contracts daily with open interest often exceeding 70,000, reflecting robust but more specialized liquidity.
The HRSW contract serves as a critical hedging tool for millers, exporters, and producers, offering a predictable cash-futures basis at both country elevators and export terminals, and is used as a reference by the USDA for spot pricing and loan rates. In 2025, CME Group launched a competing Hard Red Spring Wheat contract, but the MIAX contract remains the principal benchmark due to its established use in cash markets and government reporting. Globally, while European exchanges such as Euronext offer milling wheat futures, the Minneapolis HRSW contract is distinct for its focus on North American spring wheat, providing traders with unique spreading opportunities against other U.S. wheat classes and supporting the needs of the global high-protein wheat market.
NYSE president Lynn Martin has been named to Fortune's Most Powerful Women list for the third consecutive year, highlighting her leadership at the world's largest stock exchange. This year's list, which recognizes 100 influential businesswomen globally, features more than 30% of honorees from NYSE-listed companies, underscoring the exchange's role as a hub for top female executives. Martin, who has led NYSE Group since 2022, is celebrated for driving transformation and innovation in capital markets, and her continued recognition reflects both her impact and the prominence of NYSE's corporate community.
Robert Colby, ASECA was honored by the Association of SEC Alumni with the 2025 William O. Douglas Award, the SEC Historical Society shared on LinkedIn. Colby was the deputy director of the SEC's Division of Trading and Markets and worked at the commission for 27 years. Today, he is the executive vice president of FINRA and its chief legal officer. He also serves on the board of advisors of the SEC Historical Society
Today's Financial Times Special Report, Europe's Climate Leaders, provides an in-depth look at the current state and future direction of ESG investing and climate action in Europe. The report opens with the Europe's Climate Leaders 2025: interactive listing, an annual ranking of 600 companies making significant progress in reducing carbon emissions intensity. It then explores regulatory developments in EU considers looser criteria to help countries meet climate goals, detailing how Brussels is weighing more flexible climate reporting and the use of carbon credits to help member states meet targets amid mounting political and economic pressures. The commentary Wait-and-see is not an option to ensure future climate resilience warns that businesses cannot afford strategic inaction in the face of political volatility, as this could undermine both climate progress and long-term competitiveness. In Financial sector changes tack on climate goals as tide turns, the report examines how banks and financial institutions are navigating a backlash against sustainable investing even as EU policy continues to push for clean energy. The interview Al Gore: Fossil fuel polluters are 'panicking' about losing business features the former US vice-president's perspective on fossil fuel industry lobbying and the accelerating shift in public attitudes toward renewables. Finally, Northvolt failure raises stakes for Europe's battery industry analyzes the challenges faced by the Swedish battery start-up and the broader implications for Europe's efforts to scale up green technologies.
The Wall Street Journal has a quaint notion of transparency it demonstrated today in an editorial suggesting that President Trump should disclose the crypto dinner guest list, as the public should know who the attendees were at his $TRUMP coin gala. However, today NBC News is reporting that the White House has "removed official transcripts of President Donald Trump's public remarks from its government website, replacing them with selected videos of his public appearances." The only transcript left is from Trump's January 20 inauguration. Transparency, what a quaint idea.
Yesterday, we mentioned that Sean Barry of ADMIS was a finalist in the Large Corporate category of the 2025 Chicago CIO ORBIE Awards, where Tim Walter of Don won. I owe Sean an apology for giving him an "e" in his last name rather than an "a," which caused the MarketsWiki link to not work correctly.
Here are the headlines from in front of FOW's paywall from some recent stories: CME cites 'strong start' in first month of FX Spot+ trading, JPX's Osaka Exchange to list Shanghai rubber futures on May 26, ANALYSIS: Non-bank market-makers in spotlight as revenue grows, UK crypto regulator faces challenge with US dollar stablecoins - Katten, ANALYSIS: UK sides with Europe over US on crypto regulation - Katten and Two thirds of European firms ready for active account rules - report.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality, and justice.~JJL
*****
Our most-read stories from our previous edition of JLN Options were:
- Option market points to investor complacency from MarketWatch.
- World's Biggest Listing Gets Bigger After CATL Exercises Option from Bloomberg.
- Kraken Rolls Out Regulated Crypto Derivatives in Europe from Yahoo Finance. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
A Tech Leap for Private Funds: How BNP Paribas' Securities Services and Confluence Automate the Complexities of Global Reporting
JohnLothianNews.com
When it comes to private capital fund reporting, spreadsheets may soon be as outdated as fax machines. For Laurent Durdilly, head of private capital solutions at BNP Paribas' Securities Services business, and Todd Moyer, president and chief operating officer at Confluence, the time for automation has firmly arrived.
Watch the video »
++++
From Pro Golf to Pockets of Liquidity: Megan Morgan's Unlikely Drive at Belvedere Trading JohnLothianNews.com Megan Morgan's journey from professional golf to the heart of Chicago's trading pits is as unconventional as it is instructive. "Once I started doing that for a job, I realized I didn't like golf that much," Morgan laughs, recalling her pivot after shadowing her sister in New York. "About 20 seconds on the floor of the New York Stock Exchange, and I realized I wanted to be in trading." Returning to Chicago, she landed her first job clerking S&P options-a move that set the stage for a career defined by adaptability. Watch the Megan Morgan Video » Erika Olson - Author Watch the Erika Olson Video » Erika Olson - Author Watch the Erika Olson Video »
++++
Derivatives market confident of meeting EMIR 3.0 implementation deadline despite many firms still to onboard with an EU clearinghouse
Acuiti
Hedge funds, asset managers, banks and proprietary trading firms subject to the EMIR 3.0 regulation are confident that they will meet the deadline despite many still to onboard with an EU-based clearinghouse, a study by Acuiti has found. The whitepaper, EMIR 3.0: Intentions and Preparations Ahead of Implementation, which was produced in partnership with Sernova Financial, explores the readiness of proprietary trading firms, asset managers, hedge funds, and sell-side firms to comply with the new framework, which will be implemented on June 24, 2025.
(NO LINK)
***** The latest from Acuiti, which might be one of the wonders of the new digital world.~JJL
++++
Crypto Crime Is the Future. Bank Heists Are History.; A rise in physical attacks on digital-asset holders says a lot about the trade-offs of a cashless society.
Lionel Laurent - Bloomberg Opinion
With Bitcoin reaching a new record, it shows more investors are getting swept up in the dream of "being their own bank" via tokens that can be transferred instantly and anonymously outside the traditional financial system. Yet at the same time, there seems to be too little awareness of the cost of being your own bank security guard in a cashless world.
/jlne.ws/439q9mV
****** What is the cost of having a personal security detail for you and your family versus having your money in a bank where all the depositors share the cost of security? There are more unsettling stories of people being kidnapped and robbed of their crypto every day. But then, maybe because Bitcoin made an all-time high, it is just shark week in the media.~JJL
++++
Biden's Diagnosis Reignites Debate Over When Men Should Test for Prostate Cancer; Guidelines have gone back and forth over years on whether men should be screened at all
Brianna Abbott - The Wall Street Journal
Former President Joe Biden's diagnosis of an aggressive, stage-4 prostate cancer has reignited a long-simmering medical debate: When should men get screened for prostate cancer? For decades, doctors have wrestled with how often to screen men for the disease and when to start and stop. Some medical groups disagree in their recommendations, and guidelines have gone back and forth on whether men should be screened at all.
/jlne.ws/4kuJzZ4
***** It was not my primary care physician checking me every year at my annual physical, which I would get to go to Boy Scout camp and because it is a good idea, that found my prostate cancer. It was not the rubber glove and lubricant test that worked. It was my decision to deal with BPH. Globally, approximately 45% of men over the age of 45 develop BPH, and the prevalence rises to about 80% in men over 70 years old. My urologist said I needed to take a prostate biopsy test, where they simply took 12 samples. It was this test that showed I had advanced prostate cancer. Had I not been proactive, my case could have been worse.~JJL
++++
Wednesday's Top Three
Our top story Wednesday was Congratulations to the 2025 ChicagoCIO ORBIE Awards winners! from Chicago CIO ORBIE Awards. Second was New York's Wealthiest All Want to Live Downtown Now, from The Wall Street Journal. And third was Daily FMX Futures Exchange Prices, Volume, and Open Interest from FMX Futures Exchange.
++++
|
| | | | |
| Lead Stories | ASX launches Colo OnDemand to support customers connecting to Australia's financial markets
ASX via MarketsMedia
ASX today announces the launch of ASX Colo OnDemand, a new infrastructure service that gives customers access to scalable and secure infrastructure that connects them to the Australian Liquidity Centre (ALC), a data centre that operates at the heart of Australia's financial markets. In partnership with technology provider Beeks Financial Cloud Group, ASX Colo OnDemand offers a fully managed 'Infrastructure as a Service' solution. This new offering, built on Exchange Cloud, gives customers access to on-demand private cloud computing and secure high-performance trading infrastructure colocated within the ALC.
/jlne.ws/44OJlrf
TP ICAP Hit by Multimillion-Euro Ruling Over Role in Dividend Tax Scandal
Karin Matussek - Bloomberg
TP ICAP Group Plc was hit by a German court ruling ordering it to pick up a potentially multimillion-euro tax bill because the broker allowed its managers to commit crimes with Cum-Ex trading. A Hamburg court issued the judgment in a case brought by M.M. Warburg & Co, which sued TP ICAP and others over losses of EUR291 million ($329 million) - the amount the German lender had to repay to authorities in the affair. While TP ICAP won dismissal of a part of the suit, it lost a portion where the judges ruled that it needs to reimburse Warburg for some of those losses. How much is still to be determined. Warburg claims it's EUR82 million.
/jlne.ws/4kv5Tlh
Treasury Sounds Death Knell for Penny Production; One-cent coins are expected to stop entering circulation early next year. Businesses will need to round prices up or down.
Oyin Adedoyin - The Wall Street Journal
The U.S. government is phasing out the penny, whose use has spanned more than two centuries. The Treasury Department will stop putting new pennies into circulation by early next year. Afterward, there won't be enough pennies to use in everyday cash transactions, and businesses will need to start rounding up or down to the nearest 5 cents, the Treasury said in a statement. The move is the culmination of a long bipartisan effort to do away with the lowest-denomination unit of American currency, which is more likely to end up lost or buried under couch cushions than to be used for transactions.
/jlne.ws/4kBGyXf
Dimon Warns of US Stagflation Risk, Says Fed Right to Hold
Ambereen Choudhury and Haslinda Amin - Bloomberg
JPMorgan Chase & Co. chief Jamie Dimon can't rule out the US economy will fall into stagflation as the country faces huge risks from geopolitics, deficits and price pressures. "I don't agree that we're in a sweet spot," the chief executive officer said in a Bloomberg Television interview from the lender's Global China Summit in Shanghai. He added that the US Federal Reserve is doing the right thing to wait and see before they decide on monetary policy.
/jlne.ws/4jgm19y
Fortune Reveals the 2025 100 Most Powerful Women in Business List; Mary Barra, CEO of General Motors, tops the 28th annual MPW list, followed by Accenture CEO Julie Sweet and Citigroup CEO Jane Fraser
Fortune
Today, Fortune announced the 2025 edition of the Most Powerful Women in Business list, featuring 100 leading businesswomen from finance, tech, health care, telecom, retail, energy, and other industries.
/jlne.ws/43zBdJ8
Crypto.com Buys Allnew Investments to Secure MiFID License to Offer Derivatives in Europe
Camomile Shumba - CoinDesk
Crypto exchange Crypto.com said it bought AN Allnew Investments to gain a license allowing it to offer derivatives across the European Economic Area (EEA). The Markets in Financial Instruments Directive (MiFID) license was issued to Allnew by the Cyprus Securities and Exchange Commission (CySEC), the exchange said in a website posting. It grants the exchange the right to offer a range of financial products in the 27 nations of the European Union alongside Iceland, Liechtenstein and Norway.
/jlne.ws/4k9VxaZ
Vivek Ramaswamy's barmy bitcoin army; Strive Asset Management + some Discord servers = "Berkshire Hathaway of Bitcoin"?
George Steer - Financial Times
Most penny stocks close to falling foul of Nasdaq's minimum bid price requirements have no choice but to execute increasingly brazen reverse splits, financially engineering their way around the exchange's erratically-enforced rules. Others need never go to the trouble. Asset Entities is one such listed company, and its co-founder's ascent from humble TikToker to business partner with ur-DOGE-job-cuts victim Vivek Ramaswamy's Strive Asset Management says something, though it's not entirely clear what, about our times.
/jlne.ws/43GJewQ
Are you ready to dip your toe into private markets? More investors will own private assets in one form or another in the next few years - but not all strategies are created equal
David Stevenson - Financial Times
It feels like private assets are at a tipping point. Unprecedented amounts of capital are being raised by large private asset fund managers, and they are now setting their sights on your pension and savings as a fresh source of capital. In the US, the industry is urging the Trump administration to allow retail investors access to funds that were once only available to institutions. So are private assets about to go mainstream for private investors? If so, we ought to keep our wits about us, since the risks are not insignificant.
/jlne.ws/43hQw8Q
Disclose the Trump Crypto Dinner Guests; The public should know the attendees at his $TRUMP coin gala.
The Editorial Board - The Wall Street Journal
President Trump likes to blur lines between personal business and public office, but he'd help himself by calling off his Thursday gala with the top 220 holders of his meme-coin. If he won't do that, he could at least disclose his crypto contest's winners so Americans know who may be trying to buy access to the President.Days before his inauguration, Mr. Trump launched a $TRUMP coin whose purported purpose was to "celebrate everything we stand for: WINNING!" Sure. It happened that the coin could also enrich the Trump family. The fine print disclosed that the Trump Organization and affiliates held 80% of the coin tokens and therefore stood to benefit from any price appreciation.
/jlne.ws/44OQSGx
Wealthy foreigners able to register for Trump's $5 million 'gold card' visa within a week, said Lutnick
Samantha Delouya - CNN
Foreign nationals with $5 million to spare will soon be able to register for a new "gold card" visa that would give them the right to live and work permanently in the United States, Commerce Secretary Howard Lutnick said on Wednesday. "I expect there will be a website up called 'Trump card dot gov' in about a week," Lutnick said at Axios' "Building the Future" event in Washington, DC, on Wednesday. "The details of that will come soon after, but people can start to register."
/jlne.ws/438dL6D
CAPIS Acquires TD Securities's Plan Sponsor Services Business
Anna Lyudvig - Traders Magazine
Capital Institutional Services (CAPIS), an institutional brokerage firm based in Dallas, has strategically strengthened its position within the commission recapture and commission management market by acquiring the Plan Sponsor Services business from TD Securities. The deal, which became effective on April 1, 2025, represents a pivotal move in CAPIS' expansion plans, furthering its capabilities in serving institutional clients such as pension funds, endowments, foundations, and mutual funds.
/jlne.ws/4dwRaEv
Institutions Seek Best Fit in Evaluating Active vs Passive
Traders Magazine
Most institutional asset owners currently are using passive investments or have leveraged passive investments in the past. However, they remain split on whether active or passive management offers the best risk/return profile for public market exposure, according to the latest Cerulli Edge-U.S. Institutional Edition. Cerulli's research shows more than half of institutional asset owners (57%) say they will use investment strategies that can offer the best risk/return profile regardless of whether it is an active or passive approach. Meanwhile, 30% of asset owners prefer active strategies, while another 29% prefer passive strategies.
/jlne.ws/44QDwJU
Evolve or Die: Why Hybrid Trading Infrastructure is the Only Way Forward
Medan Gabbay, Co-CEO, Quod Financial via Traders Magazine
There is a quiet but inevitable divide forming among financial markets' participants. On one side are those firms that are clinging onto their familiar, manual workflows. Old screens and legacy systems that haven't changed meaningfully in decades. These firms often reassure themselves with phrases like "but, it still works" or "well, we're just not ready for AI yet." For many, that comfort is enough. Perhaps these folks are nearing retirement. Perhaps they believe they can manage just a few more laps around the trading racetrack, before someone else must deal with the inevitable changes facing all of us in this industry.
/jlne.ws/44PUGHB
Why US banks are not taking their eye off reputational risk; The concept may be removed from supervisory exams, but the 2023 crisis showed the risk is real
Janice Kirkel - Risk.net
In March 2025, when the Federal Deposit Insurance Corporation (FDIC) became the second US prudential agency to announce plans to withdraw reputational risk as an element of bank supervisory examinations, White House cryptocurrency czar David Sacks celebrated on social media. "Big win for crypto," Sacks posted on X. "This vague and subjective criteria was used to justify the de-banking of lawful crypto businesses." The Office of the Comptroller of the Currency (OCC) had already begun removing
/jlne.ws/3H0UWtB
|
| | | |
|
| Trade War and Tariffs | | A roundup of today's trade war and tariff news and the global economic ripple effects shaping markets, industries, and investment strategies. | US Stocks 'Astronomically Complacent' About Trade War, CLSA Says
Hideyuki Sano - Bloomberg
US stock investors appear "astronomically complacent" about the amount of damage the trade war will inflict on corporate earnings, according to CLSA's chief equity strategist. For Alexander Redman, economic data show significant cause for concern about stock prices. US firms' capital-expenditure intentions have gone negative for only the fourth time this century; the University of Michigan consumer sentiment index is at a multi-decade low; and two-thirds of US households now believe the unemployment will be worse in 12 months' time.
/jlne.ws/3FpGWsE
|
| | | |
|
| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Finland 'preparing for the worst' as Russia expands military presence near border
Miranda Bryant - The Guardian
Finland has said it expects Russia to further build up troops along their shared border when the war in Ukraine ends, after reports that Moscow had strengthened its military bases near the Nato frontier. Maj Gen Sami Nurmi, the head of strategy of the Finnish defence forces, said the military is following Moscow's manoeuvring "very closely" and that it was their job, as part of the Nato alliance, to "prepare for the worst".
/jlne.ws/45lwXPH
Trump Tells European Leaders in Private That Putin Isn't Ready to End War, European Officials Say; White House disputes the account, saying Trump believes Russia is winning in Ukraine but still wants peace
Bojan Pancevski and Laurence Norman - The Wall Street Journal
On a call Monday, President Trump told European leaders that Russian President Vladimir Putin isn't ready to end the Ukraine war because he thinks he is winning, according to senior European officials familiar with the conversation. European leaders had long believed this-but it was the first time they were hearing it from Trump, these officials said. It also ran counter to what Trump has often said publicly, that he believes Putin genuinely wants peace. In a statement after an earlier version of this article was published, Karoline Leavitt, the White House press secretary, disputed the accounts, saying Trump "did say he believes Putin is winning the war BUT he NEVER said 'Putin isn't ready to end war.'"
/jlne.ws/43suPmC
Middle East Conflict
France and Saudi Arabia Aim to Disarm Hamas in New Peace Push
Sam Dagher, Samy Adghirni, and Fiona MacDonald - Bloomberg
France and Saudi Arabia are working on a proposal to disarm the Iran-backed militant group Hamas and pave the way for its demobilization, according to people familiar with the discussions. Saudi officials have been in contact with Hamas as part of its push, according to people briefed on the matter. It's unclear if French officials have also been talking to Hamas, which is designated a terrorist organization by the European Union and US.
/jlne.ws/4mKgevZ
Two Israeli Embassy Staffers Killed in Washington Shooting
Myles Miller, John Harney, and Dan Williams - Bloomberg
Two members of the Israeli embassy's staff were killed outside the Capital Jewish Museum in Washington on Wednesday night by a gunman who chanted "Free, Free Palestine," officials said, condemning the attack as an antisemitic hate crime. A single suspect is in custody, Metropolitan Police Chief Pamela Smith told reporters, identifying the suspect as Elias Rodriguez, 30, of Chicago, Illinois. Israel said it's boosting security around embassies and diplomatic staff, which had already been on high alert given international outcry at the 19-month-old war in Gaza.
/jlne.ws/4mn51Rz
Barbarism Against Israelis Is Bigger Than Hamas; The killing of embassy staffers in Washington underscores the threat.
Marc Champion - Bloomberg Opinion
Israeli Prime Minister Benjamin Netanyahu responded with fury this week to international criticism of his decision to send troops back into Gaza and occupy it, insisting that the Jewish state was defending itself the way any nation must in "a war of civilization over barbarism." Wednesday's murder of two young Israeli embassy staffers in Washington indeed offered a timely reminder of the threat that Jews and Israelis face wherever they are.
/jlne.ws/4k1i5uk
Iran Gives 'Serious Warning' After Israeli Nuclear Strike Report
Patrick Sykes - Bloomberg
Iran warned it would take action against Israel and hold the US "legally responsible" if the Jewish state acts on reported plans to attack the Islamic Republic's nuclear facilities. In a letter addressed to the Secretary-General of the United Nations and the Director-General of the UN's nuclear watchdog, Iranian Foreign Minister Abbas Araghchi urged them to take "effective measures" against "Israeli threats."
/jlne.ws/43oiZKm
Israeli troops fire 'warning shots' at 25 diplomats visiting occupied West Bank; Shots force delegation representing 31 countries, including Italy, Canada, Egypt and UK, to run for cover
Jason Burke and Emma Graham-Harrison in Jerusalem - The Guardian
Israeli troops fired "warning shots" towards a group of 25 diplomats visiting Jenin in the Israel-occupied West Bank on Wednesday, prompting a wave of outrage and calls for an investigation from world leaders and ministers.
/jlne.ws/45kkjjU
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ASX launches Colo OnDemand to support customers connecting to Australia's financial markets
ASX
ASX today announces the launch of ASX Colo OnDemand, a new infrastructure service that gives customers access to scalable and secure infrastructure that connects them to the Australian Liquidity Centre (ALC), a data centre that operates at the heart of Australia's financial markets.
/jlne.ws/3H7q8Ht
Beeks Financial Cloud secures multi-year deal with Australian Exchange
Investing.com
Beeks Financial Cloud Group plc (AIM:BKS), a provider of cloud computing services for financial markets, has secured a multi-year contract with the Australian Securities Exchange (ASX), as announced today. The deal involves Beeks delivering its Exchange Cloud solution to power ASX's new Colocation on Demand service, which aims to provide customers with scalable and secure cloud computing resources within the Australian Liquidity Centre (ALC).
/jlne.ws/4msBztm
FX Spot+ Trades $1.4 Billion in a Single Day With Over 40 Clients Active in First Month
CME Group
CME Group, the world's leading derivatives marketplace, today announced that FX Spot+ reached a single-day volume of over $1.4 billion traded in spot and FX futures via implied matching technology on May 12, 2025. In the first month of trading, more than 40 clients have actively traded on the new marketplace, including 20 banks that had previously not interacted with the FX futures market.
/jlne.ws/4jiBxS1
Deutsche Borse Group offers integrated connectivity for the buy side with strategic partnership between SimCorp and Clearstream
Deutsche Boerse Group
SimCorp, a global leader in financial technology, and Clearstream, the innovative and trusted post-trade business for the global markets, have launched a strategic partnership to incorporate Clearstream's post-trade offering in SimCorp's integrated, front-to-back investment platform SimCorp One. Both SimCorp and Clearstream are members of Deutsche Börse Group. SimCorp's clients are now able to enjoy integrated access to Clearstream's fund data solutions via its Kneip platform to disseminate data, documents and regulatory reporting for their funds. It gives SimCorp clients the opportunity to outsource these tasks, which will enable them to achieve material cost savings and drive efficiency and scale.
/jlne.ws/4kePZfu
CNMV and BME Present Simpler, More Flexible Method For Stock Market Flotations
BME-X
The Comision Nacional del Mercado de Valores (CNMV) and BME today present a new procedure for IPOs that will make the current system more flexible, thereby facilitating companies' access to the market. The new procedure, called BME Easy Access, will allow shares to be directly admitted to the regulated markets without the requirement to obtain a minimum distribution, or free float, prior to admission. In this way, the IPO process would be separated from the macroeconomic and liquidity circumstances of the markets, which favours companies' planning and avoids the risk that circumstances beyond the company's control may frustrate the IPO.
/jlne.ws/4mrvQnA
CCP Global Welcomes Kuwait Clearing Company (KCC as an Observer Member
CCP
At its May 2025 meeting, the CCP Global Executive Committee approved Kuwait Clearing Company (KCC) as an Observer Member of CCP Global. Kuwait Clearing Company (KCC), also known as Maqasa, is the central clearing, settlement, and depository entity for the Kuwaiti securities market. KCC provides clearing and settlement services to all securities traded at Boursa Kuwait.
/jlne.ws/3SiGpMe
Performance Bond Requirements: Agriculture - Effective May 22, 2025
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on 5/22/2025.
/jlne.ws/4jempVM
Performance Bond Requirements: Agriculture, Interest Rate, and Metal Margins - Effective May 22, 2025
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on May 22, 2025.
/jlne.ws/43rM4o6
2025 could be Europe's year. Surprised? Here's why
Eurex
Europe finds itself at a geopolitical crossroads in 2025. Economically, the continent is facing structural challenges, demographic change, a relative lag in innovation in key technologies such as artificial intelligence and semiconductors, as well as its high dependence on energy and raw material imports. The energy crisis has exposed this latter vulnerability. Politically, the old continent is in an even more complex situation, with its internal coherence under pressure and its closest traditional partner, the USA, becoming less reliable. And yet, investing in Europe remains attractive despite all these challenges. Here's why:
/jlne.ws/3Flzn6o
The final countdown: Practical considerations for STIR activity ahead of EMIR 3.0 AAR
Eurex
With the June 24 deadline for implementing EMIR's 3.0 active account regime fast approaching, market participants are making significant progress toward compliance with the key parameters set out in the legislation and ESMA's draft RTS guidance. However, as the industry prepares for implementation, some technical details of the new rules are yet to be clarified. To address some of these questions, particularly regarding STIR activity, we met with Andreas Stillert, VP Global Product Lead STIR at Eurex
/jlne.ws/3YXWsmi
Euronext launches an offering of bonds due 2032 convertible into new shares and/or exchangeable for existing shares ("OCEANEs") for a nominal amount of EUR425 million
Euronext
Euronext (ISIN Code: NL0006294274) (the "Company"), the leading European capital market infrastructure, announces today the launch of an offering of senior unsecured bonds due 2032 convertible into new shares and/or exchangeable for existing shares of the Company ("OCEANEs") (the "Bonds"), by way of a placement to qualified investors only (within the meaning of Article 2(e) of the Prospectus Regulation (as defined below)), for a nominal amount of EUR425 million (the "Offering"). On 17 April 2025, the Company entered into a bridge loan facility with, among others, affiliates of the joint bookrunners appointed in the context of the Offering, to finance the acquisition of Admincontrol. The net proceeds from the Offering will be used by the Company for the repayment of a portion of such bridge financing and general corporate purposes.
/jlne.ws/4mKllfF
Euroclear Bank Joins LCH RepoClear SA As Member
Mondovisione
LSEG today announces that Euroclear Bank's Treasury division has joined LCH RepoClear SA as a member. Euroclear Bank's Treasury division is now able to benefit from access to a vast liquidity pool, and the netting and risk management efficiencies available through the service, expanding its long-standing partnership with RepoClear. In joining RepoClear SA, Euroclear Bank will be active both in the specials and EURGCPlus segments of the service as a key cash provider.
/jlne.ws/3Sdtviv
Moscow Exchange announces results for the first quarter of 2025
MOEX
Moscow Exchange (MOEX) today announces its financial results based on summary financial statements prepared in accordance with International Financial Reporting Standards (IFRS) for Q1 2025
/jlne.ws/3H8n3qE
Philippine Stock Exchange Adopts Nasdaq Eqlipse Trading to Enhance Market Infrastructure
Nasdaq
Nasdaq (Nasdaq: NDAQ) and The Philippine Stock Exchange, Inc. (PSE) today announced a significant expansion of their technology partnership, which will see PSE upgrade its trading infrastructure to Nasdaq's most advanced platform, Nasdaq Eqlipse Trading. Nasdaq Eqlipse represents Nasdaq's investments to modernize, standardize, and strengthen its platform capabilities, application architecture, APIs, and product integration. The modular trading platform allows market operators to incorporate complementary functionality, including pre-trade risk, advanced options pricing, and index calculations, with a flexible deployment model to help reduce operational heavy lifting and provide optionality around cloud adoption.
/jlne.ws/3YVxdB0
Nodal Exchange named Commodity Exchange of the Year by Energy Risk
Nodal Exchange
Nodal Exchange has been named 2025 Commodity Exchange of the Year for the third year in a row by Energy Risk magazine. The Energy Risk Awards recognize excellence in financial risk management across the global commodities markets. Energy Risk presented the Commodity Exchange of the Year award at a ceremony in Houston yesterday.
/jlne.ws/43IFvyM
Tradeweb to Participate in Piper Sandler Global Exchange & Trading Conference
Tradeweb
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced it will participate in the Piper Sandler Global Exchange & Trading Conference on Thursday, June 5, 2025. Tradeweb CEO Billy Hult will participate in a fireside chat at 11:30am EDT. A live webcast of the session will be available via https://investors.tradeweb.com/events-and-presentations. A replay will be accessible at the same site for approximately 180 days following the conclusion of the event. Tradeweb is also scheduled to participate in the Deutsche Bank Global Financial Services Conference on Thursday, May 29, 2025.
/jlne.ws/4jl2btH
EEX Celebrates Fifth Anniversary Of Japan Power Futures Market
Mondovisione
The European Energy Exchange (EEX) marks the fifth anniversary of the launch of its power trading platform on the Japanese power derivatives market. Since its inception in May 2020, the total volume traded on this market totalled 160 TWh, making it the fastest growing EEX power derivatives market and placing amongst the top ten EEX power markets in Q1 2025. In addition to the originally available trade registration services, EEX also launched central order book trading for Japanese power derivatives in April 2025.
/jlne.ws/4dsqO6x
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Symphony introduces Cloud9 mobile app; The messaging and collaboration platform is extending the "turret-like" technology and connectivity of Cloud9 to smartphones.
Nyela Graham - Waters Technology
In the four years since it purchased Cloud9, Symphony has built out new capabilities on the Cloud9 platform centered around ease of access and consolidation. It's leaned on AI-powered tools to introduce noise suppression and transcription capabilities, and others. It's now extending Cloud9's trader voice capabilities to smartphones, allowing traders to bring the office with them and enabling connectivity outside of the traditional "turret-like" technology that sits at their desks.
/jlne.ws/4mqjPyZ
Trading Technologies named Best Execution Management System (EMS) Provider in 2025 WatersTechnology Asia Awards
Trading Technologies
Trading Technologies International, Inc. (TT), a global capital markets technology platform services provider, today won the award for Best Execution Management System (EMS) Provider in the 2025 WatersTechnology Asia Awards in Hong Kong. Alun Green, TT's EVP Managing Director, Futures & Options, said: "It's a tremendous honor to win this award as we continue on our ambitious journey to provide an increasing range of services and functionality to institutions across the globe. Even as we expand into new asset classes, we are actively engaged in further activities to offer new trading opportunities and the greatest access to listed derivatives exchanges for our clients across the globe - including our broad client base in Asia."
/jlne.ws/3H8f7WA
Google's Sergey Brin Gives Shares Worth $700 Million as a Gift
Biz Carson and Julia Love - Bloomberg
Google co-founder Sergey Brin, tapping a personal fortune that exceeds $140 billion, gave nearly $700 million in Alphabet Inc. shares away as a gift. The contribution was disclosed Wednesday in a regulatory filing, which didn't specify who received the roughly 4.1 million shares. The sum, evenly split between newly converted Class A and Class C stock, could be directed to charity or given to financial vehicles or trusts.
/jlne.ws/4jbSJZp
New Report: Implications of T+1 Settlement on North American Markets
Vermiculus
This article, created in partnership between Vermiculus and GreySpark Partners, explores how the shift to T+1 settlement is transforming exchanges, clearing houses, and CSDs infrastructure across North America.
Drawing on insights from Bloomberg, DTCC, Thomas Murray, the US Securities and Exchange Commission, and others, it highlights:
The evolution of post-trade workflows and risk management
The role of automation in meeting faster settlement timelines
Why modern, adaptable systems are more important than ever
/jlne.ws/3Zvn2TT
Vermiculus Collaborates with Capital Market Research Firm GreySpark Partners to deliver Key Insights on T+1 Settlement Transition; Joint article series highlights operational, technological, and infrastructure implications for exchanges, clearing houses, and CSDs-one year after T+1 implementation-and explores what lies ahead as global markets consider similar reforms.
VermiculusFT
Vermiculus, a global leading market infrastructure provider, today announced a strategic collaboration with the prominent capital markets research firm, GreySpark Partners, to release a comprehensive analysis of the T+1 settlement transition, which took effect in the U.S., Canada, and Mexico on May 28, 2024. This joint analysis examines how the transition has reshaped key aspects of market infrastructure, including risk exposure, operational workflows, and the role of automation in post-trade processes.
/jlne.ws/4k7Msj1
Telegram jumps to $540mn profit despite founder facing legal peril; Messaging app's finances are booming even as chief Pavel Durov fights French case over alleged content failings
Hannah Murphy and Robert Smith - Financial Times
Telegram leapt to a $540mn profit last year, as the messaging app achieved rapid growth despite the ongoing threat to its leadership from French legal proceedings against its founder Pavel Durov. The Dubai-based group told investors that revenues reached $1.4bn in 2024, up from $343mn a year earlier, according to a company presentation seen by the Financial Times. The company also went from a $173mn loss in 2023 to its first annual profit.
/jlne.ws/43olmNg
AI Is Helping Executives Tackle the Dreaded Post-Vacation Inbox; The process of digging out after time away is getting its first real upgrade in years.
Jo Constantz - Bloomberg
/jlne.ws/44K6vz3
What Sam Altman Told OpenAI About the Secret Device He's Making With Jony Ive; Idea is a 'chance to do the biggest thing we've ever done as a company here,' Altman told OpenAI employees Wednesday
Berber Jin - The Wall Street Journal
/jlne.ws/3SdCIaz
The AI Middleman Expanding in the Consumer-Bond Bonanza; Pagaya is helping lenders like Klarna expand by financing riskier loans
Matt Wirz - The Wall Street Journal
/jlne.ws/3H47UGM
Tokenization is Full Steam Ahead ... with Tracks Still Needing to be Built
Jason Barraza - CoinDesk
/jlne.ws/4mxMH8A
Exchange Cloud Win; Australian Securities Exchange launches Colo OnDemand to support customers connecting to its financial markets
London Stock Exchange
/jlne.ws/4k9TTGl
ION Commodities named CTRM Software House of the Year at Energy Risk Awards 2025
ION
/jlne.ws/4kQC9zR
|
| | | |
|
| Cybersecurity | | Top stories for cybersecurity | Coinbase says its data breach affects at least 69,000 customers
Zack Whittaker - TechCrunch
Coinbase said at least 69,461 customers had personal and financial information stolen during a months-long data breach that it disclosed last week. The crypto giant confirmed the number of affected customers in a filing with Maine's attorney general on Wednesday, as required by the state's data breach notification law.
/jlne.ws/4k6PxQ9
Microsoft, DOJ take down Lumma Stealer malware sites
Mike Heuer - UPI
Microsoft, the Department of Justice and others have thwarted the use of the Lumma Stealer malware that globally has infected nearly 400,000 computers. The tech giant's Digital Crimes Unit seized and helped take down, suspend and block about 2,300 "malicious domains" that were the backbone of Lumma's infrastructure, said Steven Masada, assistant general counsel for Microsoft's DCU.
/jlne.ws/4mtu1qp
M&S undone by old-fashioned con: how retailer's cyber hell unfolded;l Hackers gained access via third-party supplier to perpetrate attack that put M&S 'on its backside'
Laura Onita and Lee Harris - Financial Times
Marks and Spencer was on a roll in the run-up to the Easter holidays. The FTSE 100 retailer had just closed out its financial year with sales and profits well up, building on the strong momentum generated over the past few years. "But in business life, just as you think you're on to a good streak, events have a way of putting you on your backside," chair Archie Norman ruefully told the City on Wednesday.
/jlne.ws/4dzCPqU
|
| | | |
|
| Cryptocurrencies | | Top stories for cryptocurrencies | Asset-Backed Crypto Token Wasn't; Also retail private rooms and pope house eminent domain.
Matt Levine - Bloomberg
Unicoin
The oldest trick in the book is: I have some magic beans. You have some beautiful beachfront property in Poyais. I would like to sell my beans to rubes, and you would like to sell plots of your Poyais land to rubes. We go out and look for rubes, but we can't find the right rubes. All the rubes we find are too sophisticated. They ask questions like "well what is the market value of these beans" and "well who else is buying property in Poyais," and we do not have satisfactory answers.
/jlne.ws/3ZsfmBO
Teens allegedly kidnap Las Vegas man to steal $4M in cryptocurrency - before stranding him in Mojave Desert
Monique Danao - Moneywise
Three Florida teenagers face serious charges after allegedly kidnapping a Las Vegas man at gunpoint and stealing $4 million in cryptocurrency and digital assets, according to KTSM 9 News. Belal Ashraf and Austin Fletcher, both 16, along with a third unidentified teen, are accused of orchestrating the scheme after the man hosted a crypto-related event in downtown Las Vegas last November.
/jlne.ws/3H0HFBh
Crypto Crime Shocker: $263M Stolen While Thieves Splurged On $500K Club Nights And Exotic Cars
Nick Thomas - Benzinga
A sophisticated criminal enterprise that began as mere friendships on gaming platforms has evolved into one of the most elaborate cryptocurrency theft operations ever uncovered, according to a recent federal indictment. The 12-person operation allegedly stole over $263 million in digital assets through a combination of high-tech hacking and old-fashioned breaking and entering. What started no later than October 2023 as online gaming connections transformed into a criminal conspiracy that authorities say continued through March. The operation featured a surprisingly organized structure with specialized roles: database hackers acquired sensitive information, social engineers made deceptive phone calls, and dedicated teams handled everything from money laundering to physical burglaries targeting crypto hardware wallets.
/jlne.ws/4ktE3WF
Coinbase hack reveals crypto vulnerability to old-school crime: Bribery
David Hollerith - Yahoo
Coinbase Global (COIN) often touts how it is "building the financial system of the future," but last week the cryptocurrency exchange made a disclosure that highlighted how vulnerable it was to a very old-fashioned form of crime: bribery. Cyberattackers accessed names, addresses, government-ID imagery, transaction history, and account balances of customers comprising less than 1% of its monthly transacting users, Coinbase said, and demanded a ransom payment of $20 million.
/jlne.ws/44K5yXv
Stablecoins Are About to Hit 'Critical Mass' While 2027 Seen as Pivotal Year
Helene Braun - CoinDesk
The race to define the future of money is speeding up-and according to industry leaders, stablecoins are right at the center. "It's clear that the most important item on our roadmap is understanding how quickly we can move, and it's obvious that the next three years are the fastest we will ever see in the development of digital assets," said Sergio Mello, head of stablecoins at Anchorage Digital during Paxos' Global Dollar Network event in New York City.
/jlne.ws/44ODPoE
|
| | | |
|
| Politics | | An overview of politics as it relates to the financial markets | House passes Trump's 'big, beautiful bill' in marathon overnight session
Mychael Schnell and Emily Brooks - The Hill
House Republicans on Thursday morning passed a sweeping bill full of President Trump's legislative priorities, marking a major win for Speaker Mike Johnson (R-La.) but kicking off what is expected to be a bitter battle with the Senate over achieving key parts of the White House's policy agenda. The chamber cleared the sprawling package in a 215-214 early-morning vote after days of marathon meetings, intense negotiations that spanned both ends of Pennsylvania Avenue, and a series of last-minute changes to the bill that were crucial in coalescing Republicans around the measure.
/jlne.ws/3FlxxT5
The Trump Family's Money-Making Machine; Since he kicked off his campaign, Trump's empire has landed billions of dollars of deals at home and abroad.
Max Abelson and Annie Massa - Bloomberg
The way Donald Trump sees it, he's the greatest businessman to campaign for the White House. "I'm the most successful person ever to run," he told an Iowa reporter in 2015. "I have a Gucci store that's worth more than Romney." That might have been an exaggeration, but this isn't: A decade later, no modern American president has positioned his family to make so much money while in the White House. Already, since the early days of his reelection campaign, he's more than doubled his net worth to about $5.4 billion.
/jlne.ws/3Hk6Led
Trump 'giving very serious consideration' to loosening US grip on Fannie and Freddie
David Hollerith - Yahoo Finance
President Trump just signaled he may loosen the federal government's grip on mortgage giants Freddie Mac (FMCC) and Fannie Mae (FNMA), which would end one of the oldest fights on Wall Street. "I'm giving very serious consideration to bringing Fannie Mae and Freddie Mac public," Trump wrote in a Truth Social post Wednesday evening.
/jlne.ws/4jeWOfo
Rubio Says Venezuela Oil License to End, in Setback for Chevron
Yongchang Chin and Crayton Harrison - Bloomberg
US Secretary of State Marco Rubio said in a post on X that a Venezuela oil-export license will expire next Tuesday, defying earlier expectations that it would be extended. The tighter time frame would put pressure on Chevron Corp.'s operations in the sanctioned nation. The US oil giant has been a major contributor to Venezuela's economy in recent years, supplying about 20% of its output and contributing to the flow of dollars into the South American country.
/jlne.ws/4jk6x4m
A dozen US states decry Trump's "blank check" tariffs in lawsuit
Dietrich Knauth - Reuters
Twelve U.S. states asked a federal court on Wednesday to halt President Donald Trump's "Liberation Day" tariffs, arguing that he overstepped his authority by declaring a national emergency to impose across-the-board taxes on imports from nations that sell more to the U.S. than they buy. A three-judge panel of the Manhattan-based Court of International Trade heard arguments in a lawsuit brought by the Democratic attorneys general of New York, Illinois, Oregon, and nine other states. They did not immediately rule on whether the tariffs are legal. A decision is expected in the coming weeks.
/jlne.ws/3H3nra1
Second Oval Office ambush by Trump could make foreign leaders think twice
Matt Spetalnick, David Brunnstrom and Daphne Psaledakis - Reuters
U.S. President Donald Trump turned down the lights in the Oval Office on Wednesday and made South African President Cyril Ramaphosa the target of his latest geopolitical ambush of a foreign leader in front of television cameras. In an extraordinary scene clearly orchestrated by the White House for maximum effect and reminiscent of Ukrainian President Volodymyr Zelenskiy's visit in February, Trump confronted Ramaphosa with false claims of genocide against South African whites, including allegations of mass killings and land seizures.
/jlne.ws/3H7wYgf
Rewriting America: The Constitution under siege; Inside the stealth movement to call a national convention that could upend the Bill of Rights, expand presidential power, and turn Project 2025 into law.
Tom Hodson - Ohio Capital Journal
/jlne.ws/4kBFJxD
Kremlin suggests 'Golden Dome' could lead to resumption of Russia-U.S. arms control contacts
Reuters
/jlne.ws/4k1icWR
|
| | | |
|
| Regulation & Enforcement | | Stories about regulation and the law. | MFA urges CFTC to proceed cautiously on 24/7 derivatives trading
MFA
MFA urged the CFTC to address operational and regulatory issues before allowing 24/7 derivatives trading in regulated markets in a comment letter submitted today. The letter highlights several critical risks that could arise from around-the-clock trading without a clear regulatory framework and the market infrastructure to support it. MFA Chief Legal Officer Jennifer Han issued the following statement in conjunction with the letter: "The CFTC must ensure the necessary infrastructure and regulatory framework are in place before allowing 24/7 trading in regulated derivatives markets to become commonplace. Continuous trading without proper preparation could strain clearing and margin practices, disrupt collateral management, and increase risks, particularly during low-liquidity periods. Thoughtful, phased-in reforms are essential to support innovation while maintaining market stability and investor confidence. We look forward to working with the CFTC to assess these challenges and ensure any transition to expanded trading hours is implemented safely." - MFA Chief Legal Officer Jennifer Han
/jlne.ws/4k5s8hY
BOE Wants Banks to Hold More Capital Against Weak Foreign Debt
Laura Noonan and Greg Ritchie - Bloomberg
The Bank of England has proposed raising capital charges for banks' holdings of lower-rated overseas debt, as it pushes to close a regulatory loophole that allows UK lenders to underestimate potential losses from securities backed by weaker sovereigns. The BOE's regulatory arm outlined its measures Thursday in a consultation, highlighting how current rules impose no capital charges on such foreign debt, making it cheaper relative to borrowings by UK households and businesses, where those fees apply.
/jlne.ws/44PH1jN
CFTC Staff Issues Interpretation Regarding Certain Cross-Border Definitions
CFTC
The Commodity Futures Trading Commission's Market Participants Division and Division of Market Oversight today issued an interpretative letter confirming the application of certain cross-border definitions to a proprietary trading firm organized in a foreign jurisdiction.
/jlne.ws/3ZrJbT6
Statement of Commissioner Kristin N. Johnson on Her Departure from the CFTC
CFTC
It has been an honor and privilege to serve as a Commissioner at the Commodity Futures Trading Commission (CFTC). Having completed my full term, I have notified the President of my intent to step down as a CFTC Commissioner later this year. Although this is a difficult decision, I am proud of the work that I have accomplished and am deeply grateful for the chance to develop meaningful relationships with staff and current and former Commissioners during my tenure at the CFTC.
/jlne.ws/3YUU9QS
Statement of Commissioner Christy Goldsmith Romero: A Commissioner's Evaluation of Cases & Cooperation Credit
CFTC
Throughout my career in federal law enforcement, I have been a proponent of the government providing incentives for self-reporting and cooperation. There is public interest in a company finding its own violation of the law as fast as possible, stopping it, reporting it, and fixing it so that it never happens again. The government also has an interest in conserving investigative and litigation resources while bringing accountability, and a company's full cooperation assists in that interest.
/jlne.ws/3HjCH2l
Consumer lease industry on notice for potential compliance failures following reforms
ASIC
ASIC's review of consumer leases has found evidence of customer harm, with some providers at risk of breaching consumer protection laws. This is despite providers leaving the market following recent reforms. We reviewed the consumer lease industry to evaluate their implementation of the reforms. We found a significant decline in the number and value of consumer leases, with many providers leaving the sector. Despite these changes in the market, almost 25% of consumer leases are in arrears, indicating the financial vulnerability of many Australians reliant on these arrangements.
/jlne.ws/4dt7p5f
ASIC sues online consumer goods supplier Snaffle alleging inflated prices and overcharging on credit contracts
ASIC
ASIC is suing Snaffle (operated by Walker Stores Pty Ltd) alleging it inflated the cost of household goods and electronics such as washing machines, fridges and mobile phones, and applied unlawful interest charges under its credit contracts. ASIC alleges Snaffle's pricing structure circumvented a cap on the costs that can be imposed under credit contracts (the Annual Cost Rate), which is designed to protect consumers, allegedly resulting in customers paying hundreds of dollars more in interest payments than they should have.
/jlne.ws/4kyOc4E
FMA Issues A Warning On Managed Investment Scheme
Financial Markets Authority - New Zealand
The Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko - has issued a public warning about a managed investment scheme operated by Jesse Joseph Vaughan and former NZ company Crypto Partners Limited (CPL). FMA Executive Director of Response and Enforcement Louise Unger said, "We understand that Mr Vaughan, the sole director and shareholder of formerly registered company CPL, has offered investments in a managed investment scheme (MIS) operated by CPL. He did so without holding a MIS manager licence, and without providing the required disclosure, which are both contraventions of the Financial Markets Conduct Act 2013."
/jlne.ws/43Ao96i
Review of expiring class exemption notices, and designations
Financial Markets Authority - New Zealand
We are seeking feedback on our review of 14 class exemption notices that support the regime under the Financial Markets Conduct Act 2013. These notices will expire between December 2025 and November 2026. At the same time, we are reviewing our three class designation notices.
/jlne.ws/4l0df1g
FCA streamlines complaints data reporting requirements for firms
FCA UK
Ten thousand firms will find it simpler to submit data on the complaints they receive under our new proposals to improve the complaints reporting process. Our plans to consolidate 5 current returns into 1 will also improve the quality of the data we receive, helping us identify potential harm to consumers faster. We'll also standardise the number of times we ask regulated firms to send us their data returns so that the timing of our requests is more predictable. This will help firms to plan more effectively, as well as helping us process information more consistently, so that we can use our resources more efficiently and act quickly to prevent consumer harm.
/jlne.ws/3H6H9Sg
Response in Light of the Impact of U.S. Tariff Measures (Statement by KATO Katsunobu, Minister of Finance and Minister of State for Financial Services)
FSA
In light of the impact of U.S. Tariff Measures, MOF and FSA request and respond as follows. We appreciate your continued cooperation.
/jlne.ws/3ZpppHN
IOSCO Calls on Online Platforms to Help Combat Investment Scams
Manesh Samtani - Regulation Asia
IOSCO calls on internet search engines, social networks, and app providers to enhance efforts to combat online investment scams.
/jlne.ws/3SdrO4D
12th Asian Monetary Policy Forum to Discuss Challenges for Monetary Policy and Financial Stability Amid Geo-Economic Shifts
MSA
The 12th Asian Monetary Policy Forum (AMPF) will take place in Singapore today and tomorrow. This year's Forum, organised by the Asian Bureau of Finance and Economic Research (ABFER), the National University of Singapore (NUS) Business School, and the Monetary Authority of Singapore (MAS), will bring together leading academics and policymakers to examine key economic and financial issues in Asia.
/jlne.ws/4kv9f7R
SFC welcomes IOSCO's statement on combatting online scams
SFC
The Securities and Futures Commission (SFC) welcomes the International Organization of Securities Commissions' (IOSCO) call upon online platform providers to collaborate with regulators to combat online scams, as a growing number of retail investors have become targets of highly sophisticated online scams (Note 1). In particular, impersonation scams, which have recently been on the rise in Hong Kong and globally, are also a major focus of the SFC's efforts in protecting and educating investors.
/jlne.ws/4duKkiK
|
| | | |
|
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Long-Term Bond Yields Soar Globally on Fiscal Policy Fears
Alice Gledhill and Mia Glass - Bloomberg
From the US to Japan, long-term borrowing costs for the world's biggest economies are surging as investors question the ability of governments to cover massive budget deficits. Thirty-year bond yields this week traded above 5% in the US, not far from their highest since 2007, while those in Japan reached the most since records began in 1999, with auctions in both countries running into tepid demand. Long-dated bonds in the UK, Germany and Australia have also come under selling pressure.
/jlne.ws/3ZuQ31Y
The House Passed Trump's Megabill. Bond Investors Are Worried.; Republicans brought the president's tax cuts one step closer to reality, but Wall Street remains on edge about the fiscal costs.
Andrew Ross Sorkin, Edmund Lee, Bernhard Warner, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Danielle Kaye - The New York Times
House Republicans overcame bitter differences to deliver President Trump a major victory on Thursday. Minutes ago, they narrowly passed a spending bill that packs in huge tax cuts and guts many of Joe Biden's signature policies on student-debt relief and climate transition efforts.
/jlne.ws/4mtx2qD
Traders Venture Into FX Market That Merges Spot and Futures
Greg Ritchie - Bloomberg
Currency traders are starting to use "implied prices" that connect buyers and sellers from the cash and futures markets, in a new effort to ease fragmentation in the industry. CME Group Inc. said more than forty institutions are active on its FX Spot+ platform, which enables the creation of spot prices from FX futures liquidity and vice versa. The marketplace was launched last month and trading volumes reached $1.4 billion in the busiest day so far.
/jlne.ws/439ffNV
Bond Investors Are Voting Against Trump's Big Tax Bill; The yield on the 30-year Treasury touched the highest in two years
Michael Mackenzie, Liz Capo McCormick, and Phil Serafino - Bloomberg
Vigilantes are stirring
The warnings from the world's biggest bond market on the US fiscal mess are getting louder. On Wednesday, investors drove yields on benchmark 30-year Treasuries to as high as 5.1%, leaving them just shy of a two-decade high and sparking declines in stocks and the dollar, as administration officials met with Republican lawmakers to hammer out a deal to enact tax cuts. The yield stabilized today at 5.09%.
/jlne.ws/4kpQbIV
Wall Street Bets on Pair Trade That Favors Consumer Over Housing
Natalia Kniazhevich - Bloomberg
As investors in US stocks shift their attention from easing trade tensions to the threat of rising bond yields, two big Wall Street trading desks recommend taking advantage of both. At UBS Group AG and Goldman Sachs Group Inc., the trade is twofold: Buy consumer stocks, which will continue to outperform as the Trump administration ratchets down its tough talk on tariffs and presses retailers not to raise prices. And simultaneously, bet against interest-rate sensitive corners of the market, such as housing, as concerns over debt and the US federal deficit push Treasury yields higher.
/jlne.ws/44Q0np8
Market Manipulators Are Ready to Pounce. How to Profit.
Steven M. Sears - Barron's
Though the stock market seems poised to end 2025 at a higher level, stock weakness in the near term seems likely-and not because Moody's downgraded America's credit rating. As earnings season ends, investor attention should shift to an unusual array of market-moving issues, ranging from tariff negotiations, economic reports, interest-rate cuts, and even the resilience of corporate profit margins, which, after all, underpin stock valuations.
/jlne.ws/43b1ZIL
Rio Tinto announces surprise exit of chief Jakob Stausholm; Executive to leave top job at mining group that has faced activist pressure
Leslie Hook and Nic Fildes - Financial Times
/jlne.ws/4k6STCJ
Everyday investors keep making Wall Street pros look dumb with this one simple move; 'It was a no brainer' for retail traders, but professional market participants have missed the trade
Joseph Adinolfi and Gordon Gottsegen - MarketWatch
/jlne.ws/43peW0j
|
| | | |
|
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Senate Clears Way to Overturn California Air Pollution Standards
Carl Hulse - The New York Times
Republicans used a procedural tactic to counter Democratic accusations they were gutting the filibuster and lay the groundwork to block a California plan to phase out gas-powered vehicles.
/jlne.ws/4mHacw2
Fury as Republicans go 'nuclear' in fight over California car emissions; Newsom issues rallying cry as GOP-controlled Senate moves ahead with plan to revoke key environmental rule
Nick Visser - The Guardian
California has long been one of the nation's pre-eminent eco-warriors, enacting landmark environmental standards for cars and trucks that go much further than those mandated by the federal government. Vehicles across the country are cleaner, more efficient and electric in greater numbers because of it. But that could all change if Donald Trump and his Republican allies manage to revoke the state's ability to set its own, stricter emissions standards amid a White House crusade to combat climate-friendly policies.
/jlne.ws/43tgdDI
Don't Mention Climate: Now, Clean Energy Is All About the Money
Brad Plumer and Lisa Friedman - The New York Times
The Inflation Reduction Act was once hailed as the biggest climate law in U.S. history. But as supporters try to save it, they've stopped talking about the environment altogether.
/jlne.ws/3ZsoUNe
The Biggest US Oil Field Is at Risk of Poisonous Water Leaks, Texas Warns; Wastewater disposal in the Permian Basin is boosting pressure underground, threatening to hinder oil production
Kevin Crowley and David Wethe - Bloomberg
Texas regulators are warning that wastewater from fracking in the biggest US oil basin is causing a "widespread" increase in underground pressure - a development that risks hindering crude output and harming the environment. Shale oil wells in the Permian Basin generate millions of gallons of chemical-laced water, which drillers then pump back into the earth. Landowners and activists have said for years that this process causes toxic leaks. Now the state's powerful oil and gas regulator, the Railroad Commission of Texas, is acknowledging the scale of the problem and imposing restrictions that could increase crude production costs.
/jlne.ws/3SKNHsa
Union Investment cuts TotalEnergies stake over East African project allegations
Virginia Furness, America Hernandez and Simon Jessop - Reuters
Germany's Union Investment has dropped French oil major TotalEnergies (TTEF.PA) from its sustainability funds and called for an independent human rights audit following fresh allegations of abuses at a $15 billion project in East Africa. The move by Union, a top-20 investor according to LSEG data, comes ahead of TotalEnergies' annual shareholder meeting on Friday and could potentially undermine its standing among investors focused on environmental, social and governance issues.
/jlne.ws/3H0RYoX
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Bundesbank Backs Delay to Trading Rules for European Lenders
Nicholas Comfort - Bloomberg
Germany's Bundesbank said Europe should delay new global capital requirements for banks' trading businesses and could eventually consider permanent changes to them. "It's certainly sensible to wait until it's clear what the US will do," Bundesbank executive board member Michael Theurer said in a speech on Thursday in Frankfurt. That would provide time to "conduct a fact check" in the interest of preserving "the level playing field" between banks on either side of the Atlantic, he said.
/jlne.ws/45j5hek
Ex-JPMorgan Analyst Builds a 51%-a-Year Quant Powerhouse in Taiwan; UC Capital is pulling back the curtain on its secretive operations after a rare-baseball purchase put it in the spotlight.
Betty Hou - Bloomberg
In less than five years, Andre Liu has quietly built a quant powerhouse in Taiwan, drawing awe from other market participants and curiosity about his firm's inner workings. UC Capital, Liu's proprietary trading firm, shot to sudden prominence last October when it revealed itself as the buyer of the baseball that marked Shohei Ohtani's historic feat of 50 home runs and 50 stolen bases in one season. The $4.39 million purchase, and the secretive company's coming out of the shadows, were both carefully calculated moves.
/jlne.ws/3SbyfoO
TD Plans to Cut About 2% of Workforce Amid Restructuring Program
Christine Dobby - Bloomberg
Toronto-Dominion Bank said it will cut about 2% of its workforce as part of a restructuring program begun in the second quarter following its historic anti-money laundering settlement. The bank, with about 95,000 employees, said the restructuring will cost up to C$700 million ($505 million) in pre-tax charges over the next several quarters, according to a statement Thursday. It expects the effort will generate about C$100 million in pre-tax savings this fiscal year and annual savings of up to C$650 million going forward.
/jlne.ws/4jeQKUa
Deutsche Bank Cut Exposure to Clients at Risk From Tariffs
Arno Schuetze - Bloomberg
Deutsche Bank AG has reduced its exposure to companies that are sensitive to the new US tariffs, after the German lender conducted a series of internal stress tests. "We have selectively reduced risk and customer limits in tariffs-sensitive sectors and downgraded individual customer ratings," Chief Financial Officer James von Moltke told investors at the bank's annual shareholder meeting.
/jlne.ws/3SPkLza
BNP Paribas Asset Management Strengthens Emerging Market Capabilities And Provides Outlook
Mondovisione
BNP Paribas Asset Management ('BNPP AM') today reaffirms its long-standing commitment to Emerging Market capabilities. The Emerging Markets Fixed Income (EMFI) team has over the last year optimised its structure, where we have added resources to our portfolio management and research capabilities. This is reflected by the appointment of Alan Wilson as Hard Currency Portfolio Manager as well as Abhishek Gon as Sovereign Research Analyst.
/jlne.ws/4mrWsoH
BNP Paribas Asset Management Launches Natively Tokenised Money Market Fund Shares On Allfunds Blockchain
Mondovisione
BNP Paribas Asset Management ('BNPP AM') today announced the launch of natively tokenised Money Market fund shares, testing cross-border transactions based on Distributed Ledger Technology ("DLT"), in collaboration with Allfunds Blockchain as tech provider and BNP Paribas' Securities Services business as transfer agent and dealing services provider. This innovative initiative follows the 2024 Eurosystem wholesale CBDC1 experimentations and marks another significant step in the development of digital assets for BNPP AM clients.
/jlne.ws/3SgNXis
|
| | | |
|
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Citi launches AI tools for Hong Kong employees
Reuters
Citigroup has launched Citi AI, a suite of artificial intelligence (AI) tools for its employees in Hong Kong, the bank said on Thursday. The tools support internal operations including information retrieval from Citi's policy library, document summarisation and creation of electronic communications drafts among others, it said in a statement.
/jlne.ws/4jgm3hG
It's Never Been Harder to Make It in Venture Capital
Kate Clark and Katie Roof - Bloomberg
There's a crisis brewing for the next generation of venture capitalists. While Silicon Valley heavyweights like Sequoia Capital and Andreessen Horowitz are still able to bring in big checks, up-and-coming VCs are finding fundraising increasingly difficult. Hundreds of small firms - which make up the majority of the VC industry - are struggling to raise money in the current market. Traditional investors in venture funds, like family offices and wealthy individuals, have pulled back thanks to high interest rates and economic uncertainty. Meanwhile, universities and their endowments have come under increasing financial pressure from House Republicans and the Trump administration.
/jlne.ws/4k8Rf3C
Return to office boosts demand for older London buildings, says British Land; One of UK's biggest landlords points to lack of construction since pandemic and high rents for shift
Joshua Oliver - Financial Times
Demand for high-end London offices is starting to "trickle down" to older buildings because of sky-high rents, fewer people working from home and a shortage of new properties, according to one of the capital's biggest landlords. British Land, which co-owns Broadgate in the City of London, said it had seen a significant uptick in demand for "good second-hand space in core locations" and a sharp fall in the amount of available space.
/jlne.ws/4k9ZMmS
|
| | | |
|
| Wellness Exchange | | An Exchange of Health and Wellness Information | The FDA's New Covid Vaccine Policy Is Clear as Mud; Healthy agency leaders' promises of transparency and choice fall short in first big test.
Lisa Jarvis - Bloomberg Opinion
When news broke that the Food and Drug Administration was rolling out a new plan for Covid vaccine approvals, my phone instantly started buzzing. Friends, family members and colleagues all had the same question: Does this mean I can't get a fall booster? I wish I had a straightforward answer for them. Despite an explanation of the new strategy published Tuesday from FDA Commissioner Marty Makary and Vinay Prasad, who oversees vaccines at the agency, public health experts were left guessing about basic details such as how it will affect access to Covid shots. Do healthy people have a choice or not? What is the status of shots for kids? For an agency that has vowed to build the public's trust by offering transparency and an open dialogue, it was a frustrating start.
/jlne.ws/43H7ZJl
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Chinese Firms Go on Fundraising Spree Amid Rush of Easy Money
Lorretta Chen, Dave Sebastian, and Julia Fioretti - Bloomberg
Chinese companies are seizing on a window of opportunity to raise capital as global investors pour money into Asian assets in search of alternatives to the US. The surge in inflows created by the waning of US exceptionalism and the Beijing-Washington trade truce has fueled one of the most active fundraising booms the region has seen in years. By far the biggest deal has been the share offering by Chinese electric-vehicle battery maker Contemporary Amperex Technology Co. Ltd., but that's just part of a wider groundswell.
/jlne.ws/4k8kS56
Buffett's Successor Abel Met With Japan's Trading Houses
Natsuko Katsuki - Bloomberg
Berkshire Hathaway's next chief executive Greg Abel met with Japan's biggest trading houses this week in Tokyo, adding to signs the company is committed to holding their shares. Abel met with executives at Mitsubishi Corp., Marubeni Corp., Mitsui & Co., Itochu Corp. and Sumitomo Corp., the companies said in response to queries from Bloomberg. The Nikkei newspaper reported the meeting earlier.
/jlne.ws/4dt4YQ9
Zambia's Record Corn Crop Signals Inflation Is Set to Cool
Taonga Mitimingi - Bloomberg
Zambia's corn harvest will more than double from a 16-year-low last year to a record high, the government said, which could help quell rampant consumer price growth and increase the chance of rate cuts. Farmers produced an estimated 3.66 million tons of the staple crop, from 1.5 million tons a year earlier, Acting Statistician-General Sheila Mudenda told reporters Thursday in Lusaka, the capital. The harvest follows improved rains as the southern African nation recovers from the effects of last year's El Niño-induced drought, the worst in more than a century. Food prices soared, leading to costly imports.
/jlne.ws/4dxgYAf
|
| | | |
|
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2025 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
