| April 08, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
President Donald Trump's sweeping new tariffs, imposed under the International Emergency Economic Powers Act (IEEPA), have triggered legal and constitutional controversy. Matt Levine of Bloomberg Opinion highlights that while the U.S. Constitution clearly grants Congress - particularly the House of Representatives - the sole authority to impose taxes and tariffs, Trump has bypassed this by invoking a national emergency. His justification frames persistent global trade deficits and foreign policies like VATs as an "unusual and extraordinary threat" - a broad and questionable interpretation of IEEPA's emergency powers, which historically were not intended for tariff-setting.
Legal challenges are already underway. The New Civil Liberties Alliance, backed by conservative funding, sued Trump, representing a small business harmed by the China tariffs initiated earlier this year. Their argument: IEEPA never authorized tariffs, and using them as a tool for domestic economic policy usurps Congress's constitutional powers. With courts showing renewed interest in limiting executive authority under nondelegation principles, this lawsuit could mark the start of significant judicial scrutiny of Trump's tariff strategy.
The Trump administration is really having a hard time understanding how to deal with China. Rule number one, don't threaten China. Don't threaten China or any Chinese person where there is the possibility of "losing face." Secondly, don't insult them, as Vice President J.D. Vance did when he called them "peasants" in a speech where he said that the U.S. takes on huge amounts of debt to buy things from other countries. "To make it a little more crystal clear, we borrow money from Chinese peasants to buy the things those Chinese peasants manufacture," Vance told news show "Fox & Friends," CNN reported. Now, Vance is a self-described hillbilly, but that does not give him the right to denigrate the people of another nation. To say the least, it is counterproductive to good relations. Perhaps J.D. needs to read further down in this newsletter where I suggest to treat people with respect, equality and justice.
Attorney James Murphy has filed a Freedom of Information Act (FOIA) lawsuit against the Department of Homeland Security (DHS) in an effort to unmask the identity of Bitcoin creator Satoshi Nakamoto, according to the journalist Eleanor Terrett. Murphy's lawsuit cites an alleged claim by a DHS special agent that Satoshi was not a single person but a group of four individuals interviewed in California, The Street reported. This marks another attempt to uncover Satoshi's identity; the journalist Dave Troy previously filed a FOIA request with the FBI, which responded in August 2024 by neither confirming nor denying the existence of any records on Satoshi.
Ripple announced it will acquire the multi-asset prime broker Hidden Road for $1.25 billion, marking one of the crypto firm's largest deals, Reuters reported. The acquisition, expected to close in the coming months, will position Ripple as the only crypto company to own and operate a global multi-asset prime broker. Hidden Road, which clears $3 trillion annually for over 300 institutional clients, plans to expand significantly with Ripple's backing. The deal also boosts the utility of Ripple's stablecoin, RLUSD, which Hidden Road uses as collateral. Ripple CEO Brad Garlinghouse cited a more favorable U.S. crypto market under President Donald Trump as a catalyst for the move.
In opening remarks at the GAIM Ops AI Summit, CFTC Commissioner Kristin N. Johnson emphasized the dual role of AI in financial markets, both as a tool to enhance cybersecurity and fraud prevention and as a potential risk amplifier. She warned that AI technologies can facilitate sophisticated cyber intrusions, fraud, and synthetic identity schemes, while vulnerabilities in AI systems themselves, such as data poisoning and model evasion, pose serious concerns. Johnson highlighted the need for coordinated efforts across regulators and financial institutions to manage third-party risks, ensure data privacy, and develop robust cyber resilience strategies. She also noted the CFTC's active steps to understand AI's implications through public engagement and inter-agency collaboration.
Johnson underscored that while AI brings efficiency, personalization, and regulatory advantages to financial services, it also accelerates threats like deepfake fraud and targeted cyberattacks. She advocated for inter-agency task forces, a common AI lexicon, and clear regulatory frameworks to address the evolving landscape. Stressing the importance of responsible AI integration, Johnson called for enhanced oversight, collaboration, and innovation to safeguard the integrity and stability of global financial markets.
MEMX reported strong growth in March, setting new records across its equities and options markets. Retail participation in MEMX equities reached an average daily volume of 98.8 million shares, representing a 113% year-over-year increase. In options, average daily contract volume surged to 1.9 million contracts, a 161% rise compared to the same month last year. MEMX Options also achieved record-breaking milestones, with total market share climbing to 3.7% and regular electronic market share hitting 6.5%.
MIAX Futures Exchange reported that Minneapolis Hard Red Spring Wheat (HRSW) futures and options reached their highest quarterly average daily volume (ADV) in exchange history during the first quarter of 2025. Year-to-date ADV through March 2025 was 18,002 contracts, an increase of 52.26% compared to the full-year 2024 ADV.
Over on the options side, the MIAX Exchange Group reported total multi-listed options volume of 173.6 million contracts in March 2025, up 26.8% year-over-year, bringing year-to-date volume to a record 514.9 million contracts. March market share was 15.6%, down 2.2% YoY. MIAX Sapphire hit a record monthly volume of 23.4 million contracts with a 2.1% market share, while MIAX Options posted a record 76.4 million contracts, up 38.6% YoY, reaching a 6.8% market share. MIAX Pearl Options recorded a monthly volume of 31.4 million contracts in March.
Separately, Bloomberg made changes to the Bloomberg US Large Cap Equity Index (B500) effective prior to the open of trading on March 13, 2025, as part of its semi-annual reconstitution. These changes will impact the upcoming MIAX Bloomberg B500 Index futures and options, which are designed to provide exposure to the 500 largest publicly traded U.S. corporations.
Here are the headlines from in front of FOW's paywall from some recent stories: TARIFFS: Dead cat bounce or start of 'tariff fatigue' - market reaction, AI could tackle associated cyber threats and fraud - CFTC commissioner, Euronext volumes up 9% in March on broad-based gains, ANALYSIS: Trump tariff-fueled turmoil poses opportunity for Europe - panel, ANALYSIS: Investors diversifying crypto exposure beyond Bitcoin - webinar and US exchanges to launch leveraged Ether ETF options - FOW Data.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- Wall Street's 'fear gauge' soars to a rare 'crisis' level. What that means for stocks. from The Wall Street Journal.
- Cboe Global Markets Reports Trading Volume for March 2025 from Cboe.
- Wall Street Is Collateral Damage in Trump's Trade War from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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 MCX CEO: In India's Commodity Markets, Gold Comes in All Sizes-Even "Mini" and "Petal" JohnLothianNews.com MCX, India's leading commodity exchange, is bringing trading to the masses with innovative contract sizes and mobile apps while eyeing electricity futures and welcoming foreign investors. From Gold Dust to Power Plants: India's Commodity Exchange Evolution In a country where gold holds cultural significance beyond its market value, India's Multi Commodity Exchange (MCX) has found a novel way to democratize precious metal trading: make contracts so small that almost anyone can participate. Watch the Praveena Rai Video »
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Shaking Faith in US Safe Havens Is a Dangerous Gamble; The performance of Treasuries and the dollar is raising questions about whether Trump's tariff policies will erode America's exorbitant privilege.
Jonathan Levin - The Wall Street Journal
It is a strange time for America's "exorbitant privilege," the idea that the dollar and Treasury securities occupy a unique position of trust among investors. With the world's deepest and most liquid financial markets, the US has long been a haven in times of uncertainty. Our currency and bonds are almost always quick to appreciate when wars break out; financial crises hit; and, in 2020, when the Covid-19 pandemic spread across the globe.
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***** Messing with the full faith and guarantee of the U.S. Treasuries is the worst investment and political move a president could make.~JJL
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Too many people stay in their lane, JPMorgan CEO Jamie Dimon says: 'That is a bureaucratic, stupid direction'
Orianna Rosa Royle - Fortune
Staying in your lane is a surefire way to avoid getting into trouble. With workplace incivility and layoffs on the rise, it may be more tempting than ever to keep your head down. But according to Jamie Dimon, it "is a bureaucratic, stupid direction"-and it's a mindset that won't get workers or their employers ahead in the current climate. "Absolutely do not stay in your lane," the CEO of JPMorgan Chase wrote in his annual shareholder letter published Monday. "Our biggest mistakes happen when people think something is kind of a problem, but they are afraid to raise it in the right room where it might be provocative."
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***** How many times have we heard this advice "to stay in your lane" by narrow minded people? This is not how organizations get better or innovation happens. ~JJL
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In Chicago, a Former Steel Mill Looks to Make a Quantum Leap; Developers building a $9 billion quantum computing campus on the South Side promise a surge of high-tech investment. But some neighbors fear displacement and pollution.
Zach Mortice - Bloomberg
Life after steel on the South Side of Chicago can be surprisingly beautiful. On a peninsula in Lake Michigan carved out by shipping inlets sits Steelworkers Park, a serene space on the southeast edge of the city that once held the roaring furnaces of US Steel's South Works. Shoreline trails take visitors past giant industrial artifacts dropped in the landscape like Claes Oldenburg sculptures; a 26-ton blast furnace bell and an iron ingot mold the size of a go-kart. At its peak in 1944, the mill employed 20,000 people. The complex closed in 1992, and today, only eroding remnants of its 2,000-foot-long ore walls mark its footprint, monuments to a shuttered industry, and perhaps to a past version of Chicago.
/jlne.ws/43Ma1IQ
***** Not everyone will be happy, but it is time to use this tremendous space on Chicago's lakefront.~JJL
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Monday's Top Three
Our top story Monday was Trump's Tariff Bomb: The Pointlessness of the Ongoing Debate by The Streetwise Professor. Second was the 2025 03 27 AI Roundtable Opening Remarks from the SEC, a YouTube video. Third was the SEC's 2025 03 27 AI Roundtable Panel 01, another YouTube video.
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| Lead Stories | Cboe to launch FTSE Bitcoin Index Futures; The launch marks the first product to be integrated under the network's latest collaboration with FTSE Russell.
Natasha Cocksedge - The Trade
Cboe Global Markets has unveiled plans for its new Cboe FTSE Bitcoin Index Futures (XBTF), with trading scheduled on the Cboe Futures Exchange for 28 April. Cboe said the product aligned with its vision to drive expansion in the digital assets markets. The launch marks a step forward in the exchange operator's collaboration with FTSE Russell. "This launch comes at a pivotal time as demand for crypto exposure continues to grow and market participants are increasingly seeking more capital-efficient and versatile ways to gain and manage that exposure," said global head of derivatives at Cboe, Catherine Clay.
/jlne.ws/3GbBsSh
Tariffs Are For Emergencies; Nondelegation, denominators, leveraged long-short ETFs, full retail-price real estate and johns.
Matt Levine - Bloomberg
Nondelegation
The stock market continued to crash this morning because of President Donald Trump's "Liberation Day" tariffs announced last week. Despite widespread criticism of the tariffs, Trump is unmoved. He gets to decide, and he has decided that the tariffs are good. But does he get to decide? In some ways the simplest solution to the tariff problem is the one that I wrote about last Thursday. The US Constitution says that "the Congress shall have Power to lay and collect Taxes, Duties, Imposts and Excises." The power of taxation is the most fundamentally legislative function, so much so that the Constitution also says that "all Bills for raising Revenue shall originate in the House of Representatives." This was at the very center of constitutional design, and in fact of the founding of America. As a history of the House puts it:
/jlne.ws/4iZRHQY
Crypto firm Ripple to buy prime broker Hidden Road for $1.25 billion
Reuters
Ripple said on Tuesday it will buy multi-asset prime broker Hidden Road in a $1.25 billion deal, making it one of the largest acquisitions by the crypto company. This is the second billion-dollar-plus deal involving a crypto company this year, as digital assets such as bitcoin gain more prominence under U.S. President Donald Trump, who has promised to be the "crypto president".
/jlne.ws/43L1s0S
Investors Report Glitches at Fidelity, Robinhood and Other Brokers
Alexander Osipovich - The Wall Street Journal
Some investors looking to survey the damage to their stock portfolios this morning encountered frustrating technical glitches at brokerages including Fidelity Investments and Robinhood Markets. Downdetector, a crowdsourced website where users report outages to popular websites, showed a spike in reports at Fidelity, Robinhood and Interactive Brokers around 9:30 a.m. ET, when U.S. stock markets opened with a sharp drop caused by fallout from President Donald Trump's tariff announcement last week. On Reddit, some users reported getting error messages when they logged in to Fidelity and tried to look at account positions. Several users on a Reddit forum devoted to Interactive Brokers complained that they were unable to log in at all, or that the platform was being slow. On X, some users tweeted about problems viewing options prices at Robinhood.
/jlne.ws/3FYhjz3
Wall Street Starts to Speak Out Against Trump's Tariffs; Jamie Dimon, Stan Druckenmiller, Bill Ackman and Larry Fink publicly raising concerns about the president's global levies
Gregory Zuckerman, AnnaMaria Andriotis and Gina Heeb - The Wall Street Journal
In public and private, the big names of high finance are trying to get a message across to President Trump: stop the madness. For weeks, as the contours of Trump's sweeping tariff plans came in and out of focus, Wall Street's leaders kept any concerns they had to themselves. Now, after a three-day market meltdown that has erased trillions of dollars in value from U.S. stocks, some are speaking out, including those who have been vocal supporters of Trump.
/jlne.ws/3RFgmOJ
Trump won't get 'Plaza Accord'-type dollar deal, says ex-Japan FX diplomat
Leika Kihara - Reuters
Any U.S. attempt to pull off a 1985 Plaza Accord-type coordinated depreciation of the dollar likely won't work as it would require the consent of China and Europe, Japan's former top currency diplomat Naoyuki Shinohara said on Tuesday. Some analysts believe the Trump administration may push through a "Mar-a-Lago Accord" - a grand bargain to weaken the overvalued dollar - to reduce the huge U.S. trade deficit.
/jlne.ws/43JMzvK
Trump's Tariffs and China Collide to Shock the $115 Trillion Global Economy; Investors the world over are trying to reprice risk in an age of uncertainty inflamed by dueling US and Chinese visions for the future.
Shawn Donnan, Maeva Cousin of Bloomberg Economics, Enda Curran and James Mayger - Bloomberg
A rousing White House social media clip casts Donald Trump as national savior, heroically installing his "Liberation Day" tariffs to overcome the "foreign scavengers" who've torn apart the American dream. Cheered on by devotees in hard hats and blue-collar uniforms, all to a soundtrack befitting the latest action movie, the message is blunt: America is blowing up the rules.
/jlne.ws/4jgXykO
Confusion Over Howard Lutnick's Strategy Mounts
Josh Dawsey - The Wall Street Journal
Commerce Secretary Howard Lutnick has tried to sell President Trump's trade agenda to American companies for months. Business leaders say they are often confused about what he wants. The former Cantor Fitzgerald chief executive has come to frustrate executives and senior White House officials, who have come away from interactions with Lutnick exasperated, according to roughly a dozen people who have interacted with him. Dig deeper:
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Opinion | Did a social media post send Wall Street into chaos?; A tweet quoting an interview where a White House official didn't say what someone thought he said apparently turned Wall Street upside down
Tom Jones - Poynter
Monday was wild. Actually, "wild" doesn't seem to cover it fully. What's wilder than wild? Whatever that word is, that's what Monday was. It started off with, uh, wild swings in the stock market. From way down to suddenly way up to back down again. And, apparently, social media drove the fluctuations. Specifically, it was one tweet from a dubious account with an official-sounding name. Walter Bloomberg (sounds like a real media financial guy, right?) tweeted this out to his nearly 850,000 followers: "HASSETT: TRUMP IS CONSIDERING A 90-DAY PAUSE IN TARIFFS FOR ALL COUNTRIES EXCEPT CHINA."
/jlne.ws/42h6kIE
Trump Family's Cash Registers Ring as Financial Meltdown Plays Out; The party was on at a Saudi-backed LIV Golf tournament at the president's Doral resort in Florida and a fund-raiser at Mar-a-Lago, even as markets tumbled
Eric Lipton, Theodore Schleifer, and Zolan Kanno-Youngs - The New York Times
The financial market meltdown was underway when President Trump boarded Air Force One on his way to Florida on Thursday for a doubleheader of sorts: a Saudi-backed golf tournament at his family's Miami resort and a weekend of fund-raisers attracting hundreds of donors to his Palm Beach club. It was a fresh reminder that in his second term, Mr. Trump has continued to find ways to drive business to his family-owned real-estate ventures, a practice he has sustained even when his work in Washington has caused worldwide financial turmoil.
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Reeves Says UK Markets Working Effectively After Tariff Blow
Joe Mayes - Bloomberg
Chancellor of the Exchequer Rachel Reeves said financial markets are working as intended in response to the impact of US President Donald Trump's tariffs and that the UK is considering a range of different responses to protect its own firms. "The United States' decision to impose tariffs has had, and will continue to have, huge implications for the world economy," Reeves told the House of Commons on Tuesday. "These implications have been reflected in the reaction we have seen in global markets over recent days, which the financial authorities have, of course, been closely monitoring."
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BOE Tells Banks to Watch Out for Liquidity Risk as Tariffs Hit Markets
Philip Aldrick - Bloomberg
The Bank of England has told commercial lenders to keep an eye on liquidity issues and disclose any potential funding problems following the market rout caused by US President Donald Trump's tariffs. The central bank stepped up its monitoring after banks and other institutions struggled to access funds during the 2008 financial crisis, as well as the "dash-for-cash" episode at the start of the pandemic and the £65 billion LDI rescue triggered by former UK Prime Minister Liz Truss.
/jlne.ws/3XQXLTt
Trump's Tariff Chaos Becomes $700 Billion Storm for Big Banks
Jennifer Surane and Meg Short - Bloomberg
Financial services are excluded from Donald Trump's trade war for now. Banks are still feeling the pain. HSBC Holdings Plc's market value has dropped by almost $30 billion on fears that its Asia-focused operations will bear the brunt of the conflict. At Goldman Sachs Group Inc., the spread between where the bank's stock actually trades and where analysts think it should be trading widened to its biggest gap in at least a decade as worries mount about a slowdown in investment banking business.
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Wall Street traders poised to bail out bankers in first-quarter results; Market volatility expected to drive bumper quarter in trading while depressing M&A and IPO revenues
Joshua Franklin - Financial Times
Wall Street traders are expected to report their best quarter in more than a decade after market ructions during the Trump administration's early months helped salvage an underwhelming performance by investment bankers. In first-quarter earnings later this month, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Bank of America and Citigroup are collectively expected to report about $34.5bn in revenues from equities and fixed income trading. That is up 10 per cent from a year earlier and the highest since at least the start of 2014, according to data from Bloomberg and Visible Alpha.
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A market rout made in the White House; Those with the president's ear must urge him to change course on tariffs
The editorial board - Financial Times
On Monday morning traders woke up to signals of carnage across their screens. Hong Kong's Hang Seng index closed down over 13 per cent, marking its worst single-day fall since 1997. In Europe, the UK's FTSE fell to a one-year low and at one point Germany's Dax was down 10 per cent. Then, as US markets opened, the S&P 500 plunged 4 per cent, having already shed $5.4tn in market value since US President Donald Trump unveiled what he called his "liberation day" package of tariffs to the world on April 2.
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| 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. | The Only Thing Dumber Than a Trade War Would Be a Real One; The costs of an escalating confrontation with China will go beyond higher prices and reduced share values.
The Editorial Board - Bloomberg
The trillions of dollars shed by markets in recent days should be ample proof of the foolishness of the White House's tariff strategy. The costs of an escalating standoff with China, though, could be much higher. The administration is now threatening to impose an additional 50% duty on goods imports from China unless it abandons plans to retaliate for a 34% tariff imposed just last week. The gambit is both dangerous and incoherent.
/jlne.ws/42oldJm
Trump Is Willing to Take the Pain; Advisers say the president is tuning out the markets and coverage and isn't worried about the political impact of his tariffs-at least not yet.
Jonathan Lemire - The Atlantic
During Donald Trump's first term, advisers who wanted to check his most dramatic impulses reliably turned to two places to act as guardrails: the stock market and cable news. If the markets reacted badly to something Trump did, they found, he would likely change course to match Wall Street's moves. And television's hold over Trump was so great that, at times, his aides would look to get booked on a cable-news show, believing that the president would be more receptive to an idea he heard there than one floated during an Oval Office meeting.
/jlne.ws/4j0PTHq
Howard Lutnick says he hopes Trump's tariffs will eliminate China's 'army of millions and millions of human beings screwing in little, little screws to make iPhones' so they can be built in America by robots
Paolo Confino - Fortune
Commerce Secretary Howard Lutnick said President Donald Trump's recently imposed tariffs, which sent the global markets into a tailspin, were necessary to encourage major companies to begin manufacturing their products in the U.S. Among the products Lutnick hoped would be built in the U.S. are Apple's iPhones. "The army of millions and millions of human beings screwing in little, little screws to make iPhones, that kind of thing is going to come to America," Lutnick said on Sunday during an interview with CBS's Face the Nation. "It's going to be automated."
/jlne.ws/4jhYpl3
EU Commission proposes 25% counter-tariffs on some US imports, document shows
Julia Payne - Reuters
The European Commission proposed counter-tariffs of 25% on a range of U.S. goods on Monday in response to President Donald Trump's tariffs on steel and aluminium, a document seen by Reuters showed. The tariffs on some goods will come into effect May 16 and others later in the year, on December 1, the document said. The goods are wide-ranging and include diamonds, dental floss, sausages, nuts and soybeans.
/jlne.ws/4clz3kh
Trump Turns Screws on China, Leaves Door Open to Deals With Other Countries; Administration sent conflicting messages, but president rules out a broad pause
Gavin Bade, Annie Linskey and Kim Mackrael - The Wall Street Journal
President Trump hit back hard against China but left the door open for talks to lower tariffs on other countries, trade-war moves that left much of the world confused as countries raced to avoid damaging new duties on their goods. "They can both be true," Trump said Monday when asked whether the tariffs are permanent or up for negotiation. Trump's comments leave countries and industries to fend for themselves ahead of his self-imposed deadline Wednesday for imposing steep duties on nations such as China, Japan and Vietnam. More than 50 countries have reached out to the White House in recent days to try to cut a deal with Trump, officials said, putting the president in the middle of a global rush to placate him.
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US tariffs threaten 35,000 citrus jobs in South Africa, farmers say
Reuters
Tariffs announced by U.S. President Donald Trump will hurt South African citrus farms and could potentially affect 35,000 jobs, a farmers' association said on Tuesday. Trump imposed a 31% tariff on U.S. imports from South Africa on April 2, when he announced a 10% baseline tariff on all imports and higher targeted duties on dozens of countries.
/jlne.ws/426jRUF
Trump attacked Australian beef, but industry looks like tariff winner
Peter Hobson - Reuters
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How Tariff Damage Spreads, Auto Edition; A case study in how the harm will ripple across the U.S. economy.
The Editorial Board - The Wall Street Journal
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Russian Killing of Ukrainian Children Shows Limits of Trump's Peace Efforts; Ukraine held funerals for some of the nine children Monday as Kremlin demands concessions for a cease-fire
James Marson - The Wall Street Journal
Russia's killing of nine children in a missile strike has shaken even Ukrainians who are hardened to such attacks after three years of war and brought into focus the failure of President Trump to fulfill his campaign pledge of a swift end to the war. Families held funerals on Monday for children who perished in the Russian attack on the central Ukrainian city of Kryviy Rih on Friday, which also killed 11 adults. Mourners brought flowers and plush toys to the playground in the middle of a residential area that was struck by a ballistic missile. The United Nations said it was the largest verified loss of children's lives in a single incident since Russia's invasion in February 2022.
/jlne.ws/3G2FoF5
Zelenskiy confirms for first time that Ukrainian troops active in Russia's Belgorod region
Reuters
Ukraine's President Volodymyr Zelenskiy confirmed for the first time on Monday that Ukrainian troops have been active in Russia's Belgorod region as they seek to protect Ukrainian towns near the border. Ukrainian troops remain in parts of the neighbouring Russian region of Kursk eight months after a cross-border incursion, though Russian forces have recaptured much lost territory.
/jlne.ws/3EjZry8
Middle East Conflict
Trump Emerges as Turkey-Israel Broker With Syria Unease Growing
Selcan Hacaoglu - Bloomberg
Turkey is pushing ahead with plans to build military bases in Syria, raising tensions with Israel and causing US President Donald Trump to step in and say he'll mediate between the two Middle Eastern powers. In a meeting at the Oval Office Monday, Trump asked Israeli Prime Minister Benjamin Netanyahu to be "reasonable" over any disputes with Turkey. Speaking alongside one of his closest allies, Trump praised his relationship with Turkish President Recep Tayyip Erdogan and volunteered to become a go-between between the two countries.
/jlne.ws/4i8ylIa
Other Conflicts
Exclusive-Iran-backed militias in Iraq ready to disarm to avert Trump wrath
Ahmed Rasheed - Reuters
Several powerful Iranian-backed militia groups in Iraq are prepared to disarm for the first time to avert the threat of an escalating conflict with the U.S. Trump administration, 10 senior commanders and Iraqi officials told Reuters. The move to defuse tensions follows repeated warnings issued privately by U.S. officials to the Iraqi government since Trump took power in January, according to the sources who include six local commanders of four major militias.
/jlne.ws/3EcCDQW
Trump says US, Iran set for direct nuclear talks; Tehran says they will be indirect
Steve Holland, Matt Spetalnick and Parisa Hafezi - Reuters
President Donald Trump made a surprise announcement on Monday that the United States and Iran were poised to begin direct talks on Tehran's nuclear program, but Iran's foreign minister said the discussions in Oman would be indirect. In a further sign of the difficult path to any deal between the two geopolitical foes, Trump issued a stark warning that if the talks were unsuccessful, "Iran is going to be in great danger."
/jlne.ws/44hSjgh
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Cboe Plans to Launch New Cboe FTSE Bitcoin Index Futures, Further Expanding its Bitcoin Derivatives Offerings
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced plans to introduce Cboe FTSE Bitcoin Index futures. Based on the FTSE Bitcoin Reduced Value (1/10th) (Ticker: XBTF) Index, the new futures are expected to begin trading on Cboe Futures Exchange, LLC (CFE) on April 28, 2025, subject to regulatory review. This launch marks the first product to be introduced under Cboe's latest collaboration with FTSE Russell, focused on driving product innovation in the digital assets markets.
/jlne.ws/4jsl8v8
Abaxx Provides Q1 2025 Corporate Update
Abaxx
Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) ("Abaxx" or the "Company"), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, "Abaxx Exchange" and "Abaxx Clearing"), and producer of the SmarterMarketsâ„¢ Podcast, provides an update on operational milestones and the continued execution of the Company's business strategy in the first quarter of 2025.
/jlne.ws/4i4TxPq
New study on the design of the hedging obligation: How to ensure security of supply in the electricity market in an efficient way
EEX
A study published today by Connect Energy Economics on the design of a hedging obligation in the electricity market shows how the goal of a secure, affordable and climate-neutral electricity supply can be achieved in a market economy and in line with climate targets. The study was commissioned by the Association of Energy Market Innovators (BNE), the Foundation for Family Businesses, the German Chamber of Industry and Commerce (DIHK), the European Energy Exchange (EEX), the German Association of Energy Purchasers (VEA) and the German Electro and Digital Industry Association (ZVEI) in addition to further organisations.
/jlne.ws/4j0cR1r
Euronext announces volumes for March 2025
Euronext
Euronext, the leading European capital market infrastructure, today announced trading volumes for March 2025.
/jlne.ws/4cHmTm1
Tradeweb Launches Portfolio Trading for European Government Bonds
Tradeweb
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced it has introduced electronic portfolio trading for European government bonds, spanning UK Gilts, EUR and single currency notes. Tradeweb was also the first platform to launch portfolio trading for corporate bonds in 2019. Last year, the firm saw USD 698 billion in global portfolio trading notional volume across 9,134 transactions.
/jlne.ws/4jfZtWA
Volatility spikes, and MEMX Options hits new volume and market-share high
MEMX
Market volatility increased in March due to macro concerns around a slowing economy and rising inflation. The VIX averaged 21.9 in March, its highest level over the past year. Industry equity volume increased to 16 billion average daily shares in March, up over 33% year-over-year.
/jlne.ws/4coXJIA
Miami International Holdings Reports Trading Results for March 2025; Options Volume Jumps 26.8% with MIAX Futures Volume Up 80.4%
MIAX
Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported March 2025 trading results for its U.S. exchange subsidiaries-MIAX, MIAX Pearl, MIAX Emerald and MIAX Sapphire (collectively, the MIAX Exchange Group), and MIAX Futures.
/jlne.ws/3XShlPb
Nasdaq Reports March 2025 Volumes and 1Q25 Statistics
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for March 2025, as well as quarterly volumes, estimated revenue capture, number of listings, and index statistics for the quarter ended March 31, 2025, on its Investor Relations website.
/jlne.ws/44nCi8y
NSE Academy Partners with National Institute for Micro, Small and Medium Enterprises (ni-msme) to Foster Entrepreneurship and Skill Development
NSE
NSE Academy Limited (NAL), a wholly owned subsidiary of the National Stock Exchange (NSE) has signed an agreement with the National Institute for Micro, Small, and Medium Enterprises (ni-msme), an Organisation of Ministry of MSME, Govt. of India. It is a pioneer institute in the field of MSME and Entrepreneurship Development.
/jlne.ws/3GbG4b3
Product Modification Summary: Delisting of the Denatured Fuel Ethanol Futures, Standard Options on Denatured Fuel Ethanol Futures, and Denatured Fuel Ethanol Forward Month Futures Contracts - Effective April 07, 2025
CME Group
Delisting of the Denatured Fuel Ethanol Futures, Standard Options on Denatured Fuel Ethanol Futures, and Denatured Fuel Ethanol Forward Month Futures Contracts.
/jlne.ws/42mM20n
Product Modification Summary: Amendments to the Strike Price Listing Schedule of Fourteen (14) Options on Grain and Oilseed Futures Contracts - Effective June 02, 2025
CME Group
Effective Sunday, June 1 for trade date Monday, June 2, and pending all relevant CFTC regulatory review periods, please be advised that the Chicago Board of Trade, Inc. (CBOT or EXCHANGE) will implement the following amendments to various Grain and Oilseeds products on CME Globex, and for submission for clearing on CME ClearPort.
/jlne.ws/4jhGStf
FINAL NOTICE: Mandatory Update Required for CORE API Service and CORE UI Service Users - Effective April 11, 2025
CME Group
As previously noted in advisories 25-057 and 25-058 and the date extension noted in 25-110, CME is enhancing the CME CORE API and CME CORE web-based user interface. To provide a final reminder, the mandatory adoption date is April 11, 2025. Changes are required for API users. Please review the original advisories for more details on the changes.
/jlne.ws/4i4NU3y
FINAL NOTICE: Mandatory Update Required for CORE API Service and CORE UI Service Users - Effective April 11, 2025
CME Group
As previously noted in advisories 25-057 and 25-058 and the date extension noted in 25-110, CME is enhancing the CME CORE API and CME CORE web-based user interface. To provide a final reminder, the mandatory adoption date is April 11, 2025. Changes are required for API users. Please review the original advisories for more details on the changes.
/jlne.ws/4i4NU3y
NYSE to Commence Delisting Proceedings with Respect to Warrants of System1, Inc.
ICE
The New York Stock Exchange ("NYSE", the "Exchange") announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the redeemable warrants ("Warrants") - ticker symbol SST.WS - each whole warrant exercisable for one Class A common stock at an exercise price of $11.50 per share, of System1, Inc. (the "Company") from the NYSE. Trading in these Warrants will be suspended immediately. Trading in the Company's Class A common stock - ticker symbol SST - will continue on the NYSE. NYSE Regulation has determined that the Company's Warrants are no longer suitable for listing based on "abnormally low selling price" levels, pursuant to Section 802.01D of the Listed Company Manual.
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NYSE American to Commence Delisting Proceedings Against Splash Beverage Group, Inc. (SBEV)
ICE
NYSE American LLC ("NYSE American" or the "Exchange") announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the two securities enumerated below ("Securities") of Splash Beverage Group, Inc. (the "Company") from the Exchange.
/jlne.ws/4cnYYrx
LME Clear Haircut Circular April 2025
LME
LME Clear Members are advised that new margin collateral haircuts have been set.
/jlne.ws/4cs0KYD
NYSE Exchanges to Close In Observance of Good Friday
NYSE
In observance of Good Friday, the New York Stock Exchange, NYSE American Equities, NYSE Arca Equities, NYSE Texas, NYSE National, NYSE American Options, NYSE Arca Options, and NYSE Bonds markets will be closed on Friday, April 18, 2025.
/jlne.ws/3k9hHQY
Regulatory Division Annual Report
TMX
The Regulatory Division of Bourse de Montreal Inc. is publishing its annual report for the period
of January 1 to December 31, 2024. This report provides general information on the Regulatory
Division's regulatory activities.
/jlne.ws/3E1AiIG
TMX Group Consolidated Trading Statistics - March 2025
TMX
TMX Group Limited today announced March 2025 trading statistics for its marketplaces - Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha), including Alpha-X & Alpha DRK, and Montréal Exchange (MX).
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Beyond the Data: Number of algo providers used by buy-side sees decline despite continued diversification push; There is a clear bifurcation in the industry between long-only firms who use five or more algo providers, and those who use just one, according to findings in The TRADE's most recent Algorithmic Trading Survey, Long-only.
Claudia Preece - The Trade
Though using multiple brokers for algorithms is of course the norm, The TRADE's 2025 Algorithmic Trading Survey, Long-only, reported a decline in average numbers of algo provider numbers for the first time since 2021. The biggest decline was seen in firms with $10 billion - $50 billion AUM who were found to be using around one less provider - averaging four per firm. Notably, whilst a decline was seen across the majority of AUM bands, two exceptions saw a small increase - firms with $0.5 - $1 billion in assets under management, and those with less than $0.25 billion AUM.
/jlne.ws/3XQKU3F
Broadridge unveils new Digital Assets Solutions; New solutions are designed to boost investor visibility in digital assets sphere, allowing them to remain compliant with regulation while making better informed decisions.
Natasha Cocksedge - The Trade
Broadridge has launched a new solution which aims to aid financial institutions in scaling digital asset strategies while also complying with global regulations. The global fintech has said that its Digital Assets Solutions will address the growing demand for disclosure and governance solutions for cryptocurrency and tokenised assets. Broadridge claims the solutions will bolster investment democratisation, by ensuring regulatory compliance while enhancing investor education.
/jlne.ws/4llNOHD
Turkish Fintech Sipay Valued at $875 Million in Funding Round
Ugur Yilmaz - Bloomberg
Turkish fintech company Sipay raised $78 million in a Series B funding round led by Elephant VC, pushing its valuation above $875 million. QuantumLight, the venture fund founded by Revolut CEO Nik Storonsky, also joined the round, according to a company statement on Tuesday.
/jlne.ws/42BiYDB
The White House wants federal agencies to maximize the use of 'American AI'; Agencies will have to name Chief AI Officers, who will serve as AI advocates, in the coming months.
Mariella Moon - Engadget
The White House Office of Management and Budget (OMB) has released the administration's revised policies for the use of AI in federal agencies. As Reuters notes, it has altered Biden-era guidelines and has rescinded orders by the previous administration related to safety over the technology's use. The Trump administration said it's shifting towards a "forward-leaning, pro-innovation and procompetition mindset" instead of maintaining and "pursuing the risk-averse approach" of Biden's government.
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Calastone introduces blockchain fund distribution platform
GlobalData
Global funds network Calastone has unveiled its latest offering, Calastone Tokenised Distribution, designed to facilitate the tokenisation of funds for asset managers on its network. The service aims to provide a straightforward entry point into the realm of tokenisation, enabling funds to be distributed via blockchain without necessitating alterations to their existing structure, administration, or servicing.
/jlne.ws/3EnUJPX
Ripple, BCG Project $18.9T Tokenized Asset Market by 2033
Krisztian Sandor - CoinDesk
The market for tokenized financial instruments, or real-world assets (RWAs), could reach $18.9 trillion by 2033 as the technology's growth is nearing a "tipping point," according to a joint report on Monday by Boston Consulting Group (BCG) by payments-focused digital asset infrastructure firm Ripple. That would mean an average 53% compound annual growth rate (CAGR), taking the middle ground between the report's conservative scenario of $12 trillion in tokenized assets in the next eight years and a more optimistic $23.4 trillion projection.
/jlne.ws/3RaqWNI
Elon Musk's X launches crackdown on 'parody' accounts after he axed tools that stopped them
Andrew Griffin - The Independent.
/jlne.ws/3G0VSNV
Blackbird gobbles up $50M for its blockchain-based payment-loyalty app for restaurants
Ingrid Lunden - TechCrunch
/jlne.ws/42wYQm5
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| Cybersecurity | | Top stories for cybersecurity | US cybersecurity concerns are rising, with China topping the list
Caitlin Babcock - The Christian Science Monitor
Amid the threats facing the United States, cybersecurity doesn't make flashy headlines every day - but the latent danger from digital threats has some government officials on alert. The chair of the House Committee on Homeland Security named cybersecurity a "top priority" earlier this year. Former FBI Director Christopher Wray has called Chinese hacks the "defining threat of our generation." Foreign hackers interfering against the U.S. worries Democrats and Republicans alike. A string of Chinese hacks into government agencies, infrastructure systems, and telephone companies in recent years has raised alarm bells, including a disclosure in December 2024 that hackers with ties to the Chinese government broke into the U.S. Treasury Department's systems.
/jlne.ws/42CTDZS
2025 Cybersecurity Agenda: Upgrading Legacy Systems
Steve Millidge - Forbes
Modernizing legacy software and technologies that are critical to business operations should be a top priority for cybersecurity teams, especially as the threat landscape grows more sophisticated and regulations become stricter. By updating critical components, security experts can do more than improve the security of their applications and ensure their operations meet key standards. They can enhance overall operational resilience, performance and future readiness.
/jlne.ws/3EdJzgD
Resilient cybersecurity stocks to navigate the market turmoil and compelling tech opportunities
Frank Holland - CNBC
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| Cryptocurrencies | | Top stories for cryptocurrencies | Ripple to Buy Prime-Brokerage Hidden Road for $1.25 Billion
Teresa Xie - Bloomberg
Ripple is acquiring prime-brokerage Hidden Road for $1.25 billion, marking the largest deal ever for the digital-asset company and one of the biggest in the history of the cryptocurrency industry. Hidden Road will leverage Ripple's RLUSD stablecoin as collateral across its prime-brokerage products and move its post-trade activity to the XRP Ledger blockchain, according to a statement from the company on Tuesday. Ripple also sees potential for the deal to optimize costs and liquidity in its cross-border payments service, Ripple Payments, and to provide custody to Hidden Road's clients, the statement added.
/jlne.ws/3FW2j4M
Wall Street's Crypto Appetite Tested Again With New Altcoin ETF
Isabelle Lee - Bloomberg
Alternative asset manager Teucrium Investment Advisors LLC is launching a leveraged exchange-traded fund linked to cryptocurrency XRP, the asset at the center of a recently ended probe of Ripple Labs Inc. by US regulators. The Teucrium 2x Long Daily XRP ETF, which aims to use swaps to offer twice the daily return of the XRP token, starts trading on Tuesday, according to the company's website. The product will be the first ETF of its kind in the US to offer exposure to the fourth-largest cryptocurrency, with a market value of around $111 billion. The ETF will trade under the ticker XXRP and have a 1.85% expense ratio.
/jlne.ws/4joWXO1
Crypto Venture Capital Activity Slow to Catch Up to Friendlier US Environment
Teresa Xie - Bloomberg
Despite a friendlier environment for digital assets in the US and globally, crypto venture capital activity has largely remained at a standstill. Crypto VC investments in the US decreased 22% to about $1.3 billion in the first three months of the year from the fourth quarter and edged up from the year-ago period, according to data compiled by Pitchbook. Cryptocurrency-wallet provider Phantom Technologies Inc. raised the most money in the US in the first quarter, attracting $150 million in a funding round led by Sequoia Capital and Paradigm that values the startup at $3 billion.
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Indian crypto exchange WazirX's creditors approve restructuring proposal
Anand Sinha - TheStreet
On Apr. 7, Zettai Pte Ltd., the Singapore-based parent company of the Indian crypto exchange WazirX, announced that a majority of the exchange's creditors have approved the restructuring scheme. A total of 141,476 creditors representing $195.65 million in approved claims participated in the voting process. The Kroll Issuer Services platform conducted the voting from March 19 to March 28, the exchange said in the statement.
/jlne.ws/3GelJBW
Binance partners Worldpay to integrate two digital wallets for crypto purchases
GlobalData
Binance, cryptocurrency exchange, has announced the integration of two digital wallets, Apple Pay and Google Pay, into its fiat onramp ecosystem, in partnership with Worldpay. This move allows users to purchase cryptocurrencies using credit or debit cards linked to these digital wallets, enhancing the convenience of Binance's fiat-to-crypto transactions.
/jlne.ws/4iXiI7D
Fidelity Now Lets Customers Invest in Crypto in Their IRAs
Mallika Mitra - etf.com
Fidelity Investments quietly launched Crypto for IRAs last week amid customer demand, giving its investors the opportunity to trade and hold crypto assets in tax-advantaged accounts. Clients of the brokerage firm can now invest in Bitcoin, Ether and Litecoin in traditional, Roth or rollover individual retirement accounts (IRAs) with no account opening or maintenance fees. However, Fidelity does charge a spread of 1% on the execution price of crypto transactions, as it does in its taxable crypto accounts. Crypto for IRAs is open to U.S. residents in eligible states who are age 18 or older.
/jlne.ws/3RLsygR
Bitcoin struggles to be 'digital gold' as scared investors choose real gold instead
Ben Weiss - Fortune
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Can Non-USD Stablecoins Compete?
Michael Egorov - CoinDesk
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| Politics | | An overview of politics as it relates to the financial markets | Trump Orders New Review of Nippon-U.S. Steel Merger; White House says the review is meant to assist the president in determining whether further action would be appropriate
Bob Tita and Katherine Hamilton - The Wall Street Journal
President Trump ordered a new national security review of Nippon Steel's 5401 6.00%increase; green up pointing triangle plan to acquire U.S. Steel X 16.22%increase; green up pointing triangle, offering a new life for a $14 billion deal that was blocked by former President Joe Biden. The White House on Monday said a fresh look conducted by the Committee on Foreign Investment in the U.S. would help the president determine whether further action would be appropriate. The review gives the administration the flexibility to craft an agreement that could allow the companies to complete a deal.
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Trump Is Trashing America's Reputation; His foreign policy is doing irreversible damage to the greatest geopolitical brand ever created.
Gerard Baker - The Wall Street Journal (opinion)
When I worked in Tokyo in the 1990s, a Japanese colleague told me a story about her father's defining experience with Americans. In the days after Japan surrendered at the end of World War II, he was a young boy living in a small town. As American troops moved to occupy the country, the mood was one of panicked terror. The Japanese had been told by their leaders that the victorious Americans would murder, rape and pillage just as their own troops had treated their defeated enemies-though of course the Japanese people didn't know that.
/jlne.ws/4clEiAe
Senator Warner says new Trump TikTok extension may violate law
David Shepardson - Reuters
The top Democrat on the Senate Intelligence Committee said on Monday that President Donald Trump's decision to extend a deadline for China-based ByteDance to divest short video app TikTok's U.S. assets violates the law. Senator Mark Warner also said the reported likely deal under consideration would not meet legal requirements for eliminating ByteDance's influence over TikTok's U.S. operations under a 2024 law.
/jlne.ws/3Ef670D
Republicans Fracture on Trump's Tax Bill; Johnson, GOP leaders urge House holdouts to back Senate-passed plan
Richard Rubin and Olivia Beavers - The Wall Street Journal
House Republicans' moves to advance President Trump's "one big, beautiful bill" this week have been cast into doubt by defections from GOP lawmakers worried that spending cuts are being pushed aside in a rush to enact tax reductions. Republican leaders want to vote on a fiscal framework that would unlock a fast track to legislation carrying many Trump priorities, including tax cuts and new spending on border security and the military. Trump and House Speaker Mike Johnson (R., La.) are hoping to show progress on extending expiring tax cuts to counteract the market chaos sparked in recent sessions by Trump's tariff rollout.
/jlne.ws/4i47TQ9
Exclusive: Musk's DOGE using AI to snoop on U.S. federal workers, sources say
Alexandra Ulmer, Marisa Taylor, Jeffrey Dastin and Alexandra Alper - Reuters
Trump administration officials have told some U.S. government employees that Elon Musk's DOGE team of technologists is using artificial intelligence to surveil at least one federal agency's communications for hostility to President Donald Trump and his agenda, said two people with knowledge of the matter. While much of Musk's Department of Government Efficiency remains shrouded in secrecy, the surveillance would mark an extraordinary use of technology to identify expressions of perceived disloyalty in a workforce already upended by widespread firings and severe cost cutting.
/jlne.ws/4j1FVpu
Why Denmark Is Spending $1.5 Billion to Boost Greenland's Defenses
The Wall Street Journal (video)
Denmark is planning to spend over $1.5 billion to protect Greenland. WSJ explains how dog-sleds and drones will bolster defenses-and why the U.S. abandoned several military bases there decades ago.
/jlne.ws/4lm0CxR
Panama's comptroller office to sue over renewal of CK Hutchison contract
Elida Moreno - Reuters
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| Regulation & Enforcement | | Stories about regulation and the law. | Binance Co-Founder Changpeng Zhao Joins Pakistan's Crypto Council To Advise on Digital Asset Regulation and Investment Strategy
Ayesha Aziz - CoinMarketCap
Changpeng "CZ" Zhao, former CEO of Binance, has joined Pakistan's newly formed Crypto Council as a strategic advisor. The council, established in March 2025, aims to guide Pakistan's push to attract foreign investment by focusing on digital asset regulations, infrastructure, education, and adoption. Zhao's involvement follows the council's first meeting on March 21. In a statement on social media, Zhao clarified that his role is to provide advice on crypto regulation and blockchain solutions but not to engage in political matters.
/jlne.ws/4i3yDQA
Europe's Watchdogs Scrutinize Bank Liquidity Amid Tariff Turmoil
Nicholas Comfort, Philip Aldrick, and Jorge Zuloaga - Bloomberg
European regulators are scrutinizing the liquidity of banks after the prospect of steep US trade tariffs roiled markets around the world. Authorities in the UK and in the euro area said they're monitoring the situation, highlighting they haven't yet seen any problems. The move is a standard approach for watchdogs in times of stress and liquidity has been a key area of focus in recent years.
/jlne.ws/43JQ4Co
Trading desks want regulators to face down the NMRF monster; Rule-makers in Australia and the European Union are open to changes to the unpopular FRTB test
Samuel Wilkes - Risk.net
Three guardians were charged with ensuring only accurate and reliable trading risk models could be used to calculate capital requirements under revamped bank prudential rules. Each guardian presents aspiring banks with tests they must pass to demonstrate the strength of their modelling. One of the trio, however, is overzealous in its duty and wreaks havoc on all banks wanting to use their own models.
/jlne.ws/44foGw8
Opening Remarks of Commissioner Kristin N. Johnson at GAIM Ops AI Summit: Using AI To Combat Cybersecurity and Fraud Risks
CFTC
Good afternoon. Thank you to the event organizers for the generous invitation to join you to kick off the AI Summit. The Summit will explore critical topics-data quality and security, good governance for AI, critical third-party service providers, and the integration of generative AI in operating infrastructure, trade execution, clearing, and settlement, and trade surveillance, among others. I'd like to highlight two risks implicated by the integration of AI in our markets-cybersecurity and fraud risks.
/jlne.ws/3RC07ls
SEC Announces Agenda, Panelists for Roundtable on Crypto Trading
SEC
The Securities and Exchange Commission's Crypto Task Force has announced the agenda and panelists for its April 11 roundtable, "Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading."
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Advice licensees pay penalty for authorising advisers who gave advice while unregistered
ASIC
In February 2025, ASIC issued infringement notices to three AFS licensees whose financial advisers provided personal advice while unregistered. Australian Advice Network Pty Ltd, IA Advice Pty Ltd and Sherrin Partners Services Pty Ltd each paid an infringement notice penalty of $31,300 on 5 March 2025, 21 March 2025 and 24 March 2025 respectively. Payment of an infringement notice is not an admission of guilt or liability.
/jlne.ws/42AyIqo
ESMA Consults On Clearing Thresholds Under EMIR 3
Mondovisione
The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is asking for input on the new clearing thresholds under the review of the European Market Infrastructure Regulation (EMIR 3). The consultation paper is part of ESMA's mandate to develop Regulatory Technical Standards (RTS) on clearing thresholds, and covers the following areas:
/jlne.ws/4cnXI7u
UK's FCA proposes overhaul of alternative asset management regime
GlobalData
The UK's Financial Conduct Authority (FCA) has proposed changes to its regulatory framework for alternative asset managers. These proposed changes aim to facilitate market entry, promote growth, enhance competition, and encourage innovation within the sector. The new regime is set to be "more streamlined and proportionate", to aid firms' operations on a global scale while maintaining effective risk management practices.
/jlne.ws/43KUZ66
Support for innovative products and new firms part of new FCA work programme
FCA
In the first year of its new strategy, the FCA will be a smarter regulator, support growth, help consumers and fight crime. The FCA will make it easier for firms to test innovative products and support new firms applying for regulatory approval as part of its work programme for 2025-2026.
/jlne.ws/4lmXcLa
FSA Weekly Review No.631
FSA
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The National Bank of Cambodia Formally Joins the Regional Payment Connectivity Initiative
MAS
The National Bank of Cambodia (NBC), the central bank of Cambodia, has officially joined the Regional Payment Connectivity (RPC) initiative, further strengthening regional financial integration in Southeast Asia. The NBC's inclusion in the RPC follows its formal expression of interest to be part of the initiative. The NBC announced its participation in the fourth supplemental pages of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC) during the launch of the second phase of the Malaysia-Cambodia cross-border QR payment linkage on 8 April 2025, at the sidelines of the 12th ASEAN Finance Ministers' and Central Bank Governors' Meeting in Kuala Lumpur, Malaysia.
/jlne.ws/3GbgVgG
New '1600' Phone number series to Combat Fraud and Enhance Investor Protection in the securities market
SEBI
In an effort to enhance investor protection and curb financial fraud, SEBI has advised its regulated/registered entities to comply with the latest guidelines by Telecom Regulatory Authority of India (TRAI). Specifically, all regulated/registered entities are advised to only use the '1600' phone number series exclusively for service and transactional voice calls to their existing customers.
/jlne.ws/4ihGmLe
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Traders Bet 'Insane' Currency Volatility Is Here to Stay
Vassilis Karamanis - Bloomberg
Currency traders are positioning for turbulence in currency markets to get even worse as an escalating trade war shakes up the global economic order. The dollar and its peers have been whipsawed by some of the sharpest price swings since the 2008 financial crisis, as conflicting tariff messages from US President Donald Trump keep markets on edge. Options volumes surged to a record last week and uncertainty around the trade war has now pushed expectations for volatility in the next month to a two-year high. "Volatility in FX has been completely insane," Brent Donnelly, president of Spectra FX Solutions LLC., wrote in a note. "We saw one of our biggest weeks ever on the trading side as volumes are gigantic and everyone is doing all kinds of stuff."
/jlne.ws/4codZt9
Here's Why You Shouldn't Check Your Portfolio Right Now; Market downdrafts tempt people to adjust their investments, but that's not always a wise choice
Imani Moise - The Wall Street Journal
If you logged on to your brokerage account today and wish you hadn't, you're not alone. BlackRock Chief Executive Larry Fink said Monday the asset manager hasn't received this many client calls since March 2020, when the pandemic was beginning. Retail brokerages including Fidelity Investments had technical glitches Monday morning as traffic surged from people trying to check their portfolios and place trades. Studies have found that the more people look at their 401(k)s, the lower their long-term returns are likely to be.
/jlne.ws/4ctXnR6
Social Security website keeps crashing, as DOGE demands cuts to IT staff; The worsening problems come as Elon Musk's DOGE team pushes for more cuts at the agency, including in the department that oversees the website.
Lisa Rein, Hannah Natanson and Elizabeth Dwoskin - The Washington Post
Retirees and disabled people are facing chronic website outages and other access problems as they attempt to log in to their online Social Security accounts, even as they are being directed to do more of their business with the agency online. The website has crashed repeatedly in recent weeks, with outages lasting anywhere from 20 minutes to almost a day, according to six current and former officials with knowledge of the issues. Even when the site is back online, many customers have not been able to sign in to their accounts - or have logged in only to find information missing. For others, access to the system has been slow, requiring repeated tries to get in.
/jlne.ws/3EcytIQ
Americans Have $35 Trillion in Housing Wealth-and It's Costing Them; Surging home equity is all the more important in a declining stock market. But it's come with rising property taxes and higher hurdles for borrowing.
Veronica Dagher and Anne Tergesen - The Wall Street Journal
The extra half a million dollars seemed to come so easily-on paper, at least. In 2021, Nikole Flores and Rocco Savage bought an 1,800-square-foot home in Miami Shores, Fla., for $875,000. The real-estate market rose, they added a pool and pergola, and today the house is worth an estimated $1.35 million. After accounting for mortgage payments, their home equity-the portion of their home they own outright-grew by about $525,000. But there was another surprise: Their property taxes have increased by more than 50% since the purchase after multiple reassessments, to nearly $21,000 annually.
/jlne.ws/3FYfcv7
Financial Advisors Can't Afford to Ignore Alternative Investments Now. Here's Why; Public and private markets are converging, making it increasingly important for advisors to incorporate alternative investments in portfolios.
John Bowman - Barron's
For decades, an economic theory known as convergence suggested that growth in lower-income economies would outpace wealthier ones, eventually narrowing the global prosperity gap. The idea was that technological innovation, expanded access to telecommunications, and greater efficiencies in global trade would drive this convergence. Whether this has actually occurred as economists predicted is up for debate, given the current oscillations toward and away from globalization. However, in investment management, a different kind of great convergence is already under way, and it's reshaping the industry entirely.
/jlne.ws/424wXli
Rich Asian Investors Opt to Unwind Holdings Amid Margin Calls
Chanyaporn Chanjaroen, Denise Wee, and Ambereen Choudhury - Bloomberg
Some wealthy clients at Asia's top private banks are opting to unwind part of their equity investments instead of topping up collateral after the tumult in global markets triggered a slew of margin calls, according to people familiar with the matter. Multi-millionaire investors from Hong Kong to Singapore at several large European and US lenders are taking a dim view of the outlook for global stocks as uncertainty over President Donald Trump's tariff program keeps them on edge, said their bankers, declining to be identified as the details are private.
/jlne.ws/3EkTYHm
Gold's current rally: echoes of the 1980s with a more sustainable core
Polina Devitt and Veronica Brown - Reuters
Gold's latest gallop to all-time highs has drawn comparisons with the last time political and economic turmoil were the main drivers of record prices, back in 1980. But market players say the nature of this rally - and potentially its ability to endure - look different. With tensions running high between historic allies over U.S. tariffs, global trade, and wars in Ukraine and the Middle East, big powers look unlikely to pull together swiftly this time to resolve the issues driving interest in bullion as a haven from risk, analysts say.
/jlne.ws/4ias12N
Munis See Surprise Worst Day in 31 Years Despite Haven Status
Aashna Shah and Shruti Singh - Bloomberg
/jlne.ws/3R9kF4L
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Trump Order Seeks to Tap Coal Power in Quest to Dominate AI
Ari Natter and Jennifer A Dlouhy - Bloomberg
President Donald Trump is moving to expand the mining and use of coal inside the US, a bid to power the boom in energy-hungry data centers while seeking to revive a declining US fossil fuel industry. In an executive order Trump is set to sign Tuesday afternoon, the president will direct a number of steps by the federal government meant to reinvigorate coal said a senior White House official. The actions including emphasizing the US is back in the business of selling coal mining rights on federal land and ordering the rock be designated as a critical mineral. Other steps include accelerating the export of US coal and related technologies.
/jlne.ws/42zoFBT
Bezos Puts Money Into Breeding More Climate-Friendly Cows
Agnieszka de Sousa - Bloomberg
The Bezos Earth Fund is putting money into research programs to breed climate-smart cattle as part of efforts to curb the environmental impact of livestock. The Jeff Bezos-backed philanthropic organization is funding $19 million for an initiative to help identify genetic traits in low-methane emission cattle and sheep, it said Tuesday. The research, spread across the Americas, Europe, Africa and Oceania, will involve scanning more than 100,000 animals to generate data to help predict methane-emitting traits, which will be used for breeding.
/jlne.ws/4ldrJuS
Trump set to sign executive orders to boost US coal
Jarrett Renshaw and Timothy Gardner - Reuters
U.S. President Donald Trump will sign executive orders on Tuesday to boost the coal industry, a senior White House official and two sources told Reuters, in his latest action that runs counter to global efforts to curb carbon emissions. At the beginning of the century, coal generated more than half of U.S. power. Its share has sunk to less than 20%, according to the Energy Information Administration, as fracking and other drilling techniques have hiked production of U.S natural gas. Growth in solar and wind power has also cut coal use.
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Why a Plane-Size Machine Could Foil a Race to Build Gas Power Plants; Wait times for the hulking turbines needed to turn natural gas into electricity have doubled in the past year as companies scramble to build data centers for A.I.
Rebecca F. Elliott - The New York Times
To hear Trump administration officials and many energy executives tell it, the United States is on the precipice of a new golden age for natural gas that will be driven in large part by the voracious power needs of data centers. But turning natural gas into electricity requires giant metal turbines that are increasingly difficult to secure. Companies that haven't already reserved this equipment, which can weigh as much as a large airplane and cost hundreds of millions of dollars, are facing waits of three or four years, about twice as long as just a year earlier.
/jlne.ws/4co8Ota
'Even a freeway is redeemable': world's largest wildlife crossing takes shape in Los Angeles; A wildlife crossing across the 101 freeway will connect two parts of the Santa Monica mountains for animals
Katharine Gammon - The Guardian
Above the whirring of 300,000 cars each day on Los Angeles's 101 freeway, an ambitious project is taking shape. The Wallis Annenberg wildlife crossing is the largest wildlife bridge in the world at 210ft long and 174ft wide, and this week it's had help taking shape: soil. "This is the soul of the project," says Beth Pratt, the regional executive director, California, at the National Wildlife Federation, who has worked on making the crossing become a reality over the last 13 years. She says she's seen many milestones, like the 26m pounds of concrete poured to create the structure, but this one is special.
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Europe just had warmest March on record
Kate Abnett - Reuters
Europe experienced its warmest March since records began, as climate change continues to push temperatures to unprecedented levels, European Union scientists said on Tuesday. Globally, last month was the planet's second-warmest March on record - exceeded only by March in 2024, the EU's Copernicus Climate Change Service (C3S) said in a monthly bulletin.
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Barclays Abandons US Diversity Targets After Review
William Shaw - Bloomberg
Barclays Plc is scrapping its targets for boosting the diversity of its staff across the US, becoming the latest Wall Street giant to row back policies amid pressure from Donald Trump's administration. The London-based bank will continue to try to achieve targets it set for gender and underrepresented ethnicities in the UK and at the firmwide level for now, according to a memo to staff seen by Bloomberg.
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Donald Trump's tariff blitz sparks turmoil for green energy sector
Financial Times
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Tradeweb adds European government bonds to portfolio trading offering; Citi is the first dealer to support the newly expanded offering.
Natasha Cocksedge - The Trade
Tradeweb Markets has expanded its electronic portfolio trading solution to cover European government bonds, as it seeks to help investors improve execution workflows and adapt to market changes. The development will cover UK Gilts, EUR and single currency notes, and establishes Tradeweb as the first institutional marketplace to offer electronic portfolio trading for both credit and government bonds. Citi has become the first dealer to support the newly expanded solution.
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US banks held record $78bn in equity collateral before market crash; Stocks made up 11% of dealers' OTC derivatives collateral at end-2024 - highest ever reported
Lorenzo Migliorato - Risk.net
At the end of last year, more than one in every 10 dollars of collateral posted to US dealers on over-the-counter derivatives was in the form of equities - a record share, just three months before markets tanked in the wake of sweeping tariffs announced by the Trump administration. Derivatives counterparties to the eight US banks that disclosed this type of collateral - seven systemic banks and Truist - had posted $78.3 billion in equities as of December 31, the latest date with available data
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Citi, BofA pay packages spur pushback from proxy advisers
Dan Ennis - Banking Dive
Citi on Wednesday clarified some of the compensation data it published in connection with Vis Raghavan, the head of banking the lender hired away from JPMorgan Chase last year. At issue was $52.25 million in awards that Glass Lewis criticized as inadequately explained, prompting the proxy adviser to recommend that Citi's shareholders vote against the bank's compensation proposal, according to Bloomberg.
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PNC Names Former BlackRock Star Mark Wiedman as President; Once an heir apparent for Larry Fink, Wiedman now tops succession list for PNC Chief Executive Bill Demchak
Gina Heeb and Miriam Gottfried - The Wall Street Journal
PNC Financial Services Group hired Mark Wiedman as its president, tapping the former BlackRock executive to help lead efforts under Chief Executive Bill Demchak to position the bank ahead of the curve with competitors at a pivotal moment for the industry. A two-decade veteran of BlackRock, Wiedman was most recently the head of its global client business. He had been viewed as a lead contender to take over for CEO Larry Fink until his departure from the firm this year. In the new role, which is effective immediately, Wiedman will be at the top of the succession list for Demchak.
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Janus Henderson Strikes Deal to Manage $45 Billion of Insurer's Assets; Guardian Life will seed new initiatives and receive warrants to buy Janus stock
Vicky Ge Huang and Miriam Gottfried - The Wall Street Journal
Janus Henderson is forging a wide-ranging partnership with Guardian Life, the latest investment firm to carve a larger role managing insurance money. The agreement includes a mandate to manage $45 billion of the insurer's bond portfolio, executives at the two companies said. Guardian Life also agreed to invest as much as $400 million to seed new initiatives at Janus Henderson, including credit products, and receive warrants that grant it the right to buy stock in the investment manager at a predetermined price.
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Quants Winning Against Hedge-Fund Peers Get Slammed by Selloff
Justina Lee - Bloomberg
The tariff-induced shock unleashed on markets in recent days has been so ferocious that even some of Wall Street's fastest and most tech-savvy investors have been unable to escape. Quantitative trading firms, who for much of this year had been a bright spot amid the institutional-investment crowd, are now showing cracks in the historic turmoil sweeping across assets.
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'My Bad': Bill Ackman Lays Bare Wall Street's Big Fail on Trump; As trillions vanish from markets, the smart money gets a hard lesson about the president it was betting on.
Annie Massa and Katherine Burton - Bloomberg
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Private Equity Backed Firms Face Cash Struggles, Moody's Says
Jill R Shah - Bloomberg
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | AI is making work better - and messier. Early research suggests who's thriving, who's not, and why.
Effie Webb - Business Insider
It's been over two years since ChatGPT was introduced to the world - and the workplace is still figuring out how to adapt to AI. One large-scale field experiment and two surveys published or conducted last month give some clues into how AI is reshaping work. While AI has shown signs of helping close experience gaps and improve collaboration, the data suggests some workers are skeptical and cautious - particularly when guidance on how to use AI is limited or unclear.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Private Medicare Plans to Get Big Payment Boost From Trump Administration; Medicare Advantage plans will get a 5.06% rate increase, well above the 2.23% bump that the Biden administration proposed
Anna Wilde Mathews - The Wall Street Journal
The Trump administration will substantially increase payment rates for Medicare insurers next year, generating more than $25 billion in additional revenue for the industry and doubling the boost proposed in January. The rate increase of 5.06%, compared with 2.23% in the earlier proposal from the Biden administration, overshoots even optimistic expectations from many Wall Street analysts, and will likely lead to a rally in the shares of big Medicare insurers such as UnitedHealth Group, Humana and CVS Health, parent of Aetna.
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Kennedy Calls for States to Ban Fluoridated Drinking Water; The health secretary's announcement came on the first day of a tour through the Southwest to showcase nutrition legislation and other priorities.
Emily Baumgaertner Nunn - The New York Times
Health Secretary Robert F. Kennedy Jr. kicked off a tour through southwestern states on Monday by calling on states to ban fluoride in drinking water supplies, a move that would reverse what some medical experts consider one of the most important public health practices in the country's history. The announcement came at a news conference in Utah, the first state to enact such a ban into law. The state's new law is set to take effect in early May, despite concerns from public health experts who consider fluoridation of water core to preventing tooth decay.
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At 88, a Nutritionist Meets Her Moment; After five decades in the field of nutrition, Dr. Marion Nestle thought she had seen it all. Then came "Make America Healthy Again."
Elizabeth G. Dunn - The New York Times
On a dreary February afternoon in Westchester County, N.Y., the cooks, farmers, servers and other staff of the Stone Barns Center for Food and Agriculture convened over a roast beef dinner to hear Marion Nestle hold forth on the state of food politics. Dr. Nestle, one of the country's foremost experts on nutrition policy, was still trying to get her head around the political realignments of the prior months. After his win in November, Donald J. Trump selected Robert F. Kennedy Jr. to run his federal health department. The partnership produced a new take on an old slogan, "Make America Healthy Again." It also led the McDonald's-loving Mr. Trump to publicly criticize the "industrial food complex."
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Exclusive: As Chile revs up lithium plans, Indigenous people demand more control
Daina Beth Solomon - Reuters
Chile's Indigenous communities in the lithium-rich Atacama Desert are in talks with two of the nation's biggest miners to gain more influence over plans to increase extraction of the battery metal, according to the companies and community sources. The negotiations with Chile's state-run Codelco, the world's biggest copper producer, and Chilean lithium producer SQM, come as the companies are close to finalizing a partnership that will mark the state's entry into production of the metal that is crucial for electric vehicle batteries.
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Taiwan to Deploy Market Stabilization Fund After Record Selloff
Foster Wong and Cindy Wang - Bloomberg
The Taiwanese government allowed its National Financial Stabilization Fund to step in to support the island's stock market after the selloff deepened amid a trade war with the US. Authorities said the measure is aimed at maintaining stock market stability after US President Donald Trump's new tariffs announcement triggered extreme volatility in both global and local markets, according to a statement from the Ministry of Finance of Taiwan.
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Analysis-IMF 'mountain of dollars' key to unlock Argentina's FX controls
Eliana Raszewski - Reuters
Argentina's pending $20 billion deal with the International Monetary Fund will bring libertarian President Javier Milei the tool he wants to unlock investment-blocking capital controls and a return to the global market: a "mountain of dollars". The South American country, a serial defaulter that has battled on-and-off economic crisis for decades, is in advanced talks with the IMF over what would be its 23rd program, aimed at bolstering the country's depleted foreign currency reserves.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Jon Stewart Can't Stomach Trump's Stock Market 'Medicine'; The "Daily Show" host said America's economy was "in the midst of a beautiful metamorphosis, turning from a simple caterpillar into a dead caterpillar."
Trish Bendix - The New York Times
Stock markets have been hammered by President Trump's sweeping tariffs, which he insists will eventually revitalize the American economy. Jon Stewart had a different take on Monday's "Daily Show." He said the economy was "in the midst of a beautiful metamorphosis, turning from a simple caterpillar into a dead caterpillar."
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