| April 23, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Crain's Chicago Business is reporting on a new exchange competition faceoff that echoes the CBOT/Eurex fight. The CME Group has begun trading hard red spring (HRS) wheat futures and options after its longtime customer, the Minneapolis Grain Exchange, now MIAX Futures Exchange, moved its HRS contract off the Globex trading platform. Instead of the CBOT moving the 30-Bonds and other Treasury futures off of the a/c/e Alliance with Eurex to move to LIFFE Connect, triggering Eurex to launch its own U.S. exchange with customers keeping the same connections to the match engine, this one involves the wheat that makes your bagels taste so good.
MIAX, for its part, faces the challenge of keeping its contract after changing the historic name of its exchange and moving from the northern border of the U.S. to a city in its southeastern tip. The CME offers discounted spread trading rates, allowing traders to lean on the liquidity of its soft red winter wheat from the CBOT and hard red winter wheat contract it acquired from the Kansas City Board of Trade
Bloomberg has a great story titled "The Fast Track to the Trading Floor Runs Through a Texas Public University" with the subheadline "The energy boom has helped give students in a specialized program at Texas A&M a leg up on lucrative finance jobs." Bloomberg's Naureen S Malik writes that Texas A&M University's Trading, Risk and Investments Program (TRIP) has emerged as a premier pipeline into energy trading, propelled by the U.S. energy boom and the increasing complexity of power and gas markets. Founded in 2011, TRIP has placed over 200 students into top firms like TotalEnergies, Shell, Chevron, and Mercuria, with nearly 50 students annually selected through a rigorous vetting process by industry sponsors. Students enter early internships, gain hands-on experience managing real market scenarios, and finish the program with either an undergraduate or master's degree, often fielding job offers with starting salaries that surpass many of their peers.
The program's strength lies in its blend of technical training, intense industry exposure, and proximity to Houston's energy hub. TRIP graduates, praised for their immediate desk-readiness, often receive NFL-style job draft offers from sponsoring firms, earning $110,000-plus starting packages and showing higher retention rates than traditional finance hires. With growing female participation and support from major energy players, TRIP is redefining how Wall Street and energy firms recruit trading talent from public universities.
Sterling Trading Tech has named Julie Armstrong as chief commercial officer, it said in a press release. She was previously vice president, global head of verbalized industry & partnerships for Convera.
The FDA has officially ended its emergency declaration for semaglutide production, which had temporarily allowed compound pharmacies to produce copies of the FDA-approved drug amid nationwide shortages. With the emergency now lifted, those pharmacies can no longer dispense the unaltered version of semaglutide, but compounders that add vitamins, such as B12, to the formulation are still permitted and offer a lower-cost alternative, providing ongoing access for some patients outside of traditional branded options. I am taking the B12 version, so my supply will not be interrupted. The difference in cost to me is $1400 per month for the brand-name version without the B12, which helps with side effects, and $90 per month for the compound version with the B12.
Here are the headlines from in front of FOW's paywall from some recent stories: LME explores adding price premia for sustainable metals, SSY hires chief information officer for data push, Eurex sets September for EU bond listing, ANALYSIS: IEX hopes for late 2025 regulatory approval for options exchange, TT deploys futures TCA tool for key clients and GFO-X teams up with Nomura's digital arm to support crypto market launch.
I am at the IIT Stuart School of Business in Chicago today for the Pan Asian American Business Council Global Cyber Security Initiative GCSI 2025 program. I am facilitating a fireside chat with Tellis Williams, who served as the chief security officer of the Dream Exchange
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:
- Chicago Exchange Goes After Wheat Contract Famous in Minneapolis from Bloomberg.
- Tesla could see big swings on earnings. This 'Iron Condor' options trade can mitigate volatility risk from CNBC.
- Big-Tech Dip Buyers Vanish in Options Market With Earnings Ahead from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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From Boca's Cabana to the CFTC: Jeff Bandman's Odyssey Through Swaps, Silicon, and SBF's Shadow
JohnLothianNews.com
BOCA RATON, Fla. (JLN) - April 22, 2025 - If you want to know how an "event" can become a commodity, or how business gets done poolside with a floating drink in hand, Jeff Bandman is your guide. "People sometimes say, why do event contracts fall under the CFTC? How can an event be a commodity?" mused Bandman, founder of Bandman Advisors, at this year's FIA Boca. "But in fact, the definition of what is a commodity under the Commodity Exchange Act is extremely broad. I give Congress a lot of credit for being very forward-looking in that."
Watch the video »
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 R3 CEO David Rutter's Blockchain Crusade: Herding Cats with Digital Collateral-and Zero Interest in Selling JohnLothianNews.com BOCA RATON, Fla. (JLN) - April 21, 2025 - If you want to disrupt Wall Street's plumbing, David Rutter will be the first to remind you: it's not just about shiny new technology-it's about getting centuries-old pipes to move. "Disrupting the status quo is hard in the institutional space," says Rutter, CEO of the enterprise blockchain company R3, leaning in at FIA Boca as if sharing a conspiratorial secret. "Everything is built to the highest standards and built over decades. The folks that have interests along the way are throwing boulders and rocks in the new path as well ... The evidence has to be overwhelmingly clear that the financial outcome is really worth all of the pain." Watch the David Rutter Video »
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Cronyism, Capitulation and Utter Chaos; And what the hell was Scott Bessent doing briefing Morgan clients?
Paul Krugman - Paul Krugman
Hitting the road today, but I have time for a note on the news that moved markets yesterday. Bloomberg reports: "US Treasury Secretary Scott Bessent told a closed-door investor summit Tuesday that the tariff standoff with China cannot be sustained by both sides and that the world's two largest economies will have to find ways to de-escalate. That de-escalation will come in the very near future, Bessent said during an event hosted by J.P. Morgan Chase in Washington, which wasn't open to the public or media. He characterized the current situation as essentially a trade embargo, according to people who attended the session." Investors liked this report, but it was, if you think about it, deeply disturbing on two levels.
/jlne.ws/3GiYl6s
***** It is nice to be an insider.~JJL
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Insider Trading From Trump's Tariffs?
LegalEagle - YouTube (video ... 17 minutes)
Is government insider trading illegal? (It depends)
/jlne.ws/3EsQJOl
***** What do you mean, illegal? ~JJL
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Tuesday's Top Three
Our top story Tuesday was Wall Street Veteran Kelly Loeffler Guts DEI for Trump, from Bloomberg. Second was CME Group set to face trial in long-running class action by traders, from Crain's Chicago Business, which was our top story Monday. And third was Go Delete Yourself From the Internet. Seriously, Here's How., from The Wall Street Journal.
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| Lead Stories | Chicago Exchange Goes After Wheat Contract Famous in Minneapolis
Michael Hirtzer - Bloomberg
The battle for spring-wheat supremacy has begun. The CME Group, one of the world's largest derivatives marketplaces, has launched new futures and options for the grain variety dubbed the "aristocrat" for helping improve flours for bagels, croissants, hearth breads and pizza crust. Trading of this type of wheat has been dominated for more than a century by MIAX Futures Exchange, formerly known as the Minneapolis Grain Exchange. However, with MIAX planning to move its spring wheat contract off CME's Globex electronic platform in the coming months, the Chicago-based exchange is now offering its own version. Traders say the grains-hedging sector might not be big enough for two such contracts, even though the roughly 30 million combined acres in the US and Canada make the wheat among the most widely planted crops in North America.
/jlne.ws/4cG8Sol
Eurex to Launch EU Bond Futures in September to Boost Liquidity
Greg Ritchie and James Hirai - Bloomberg
Europe's largest bond futures exchange will launch a contract for debt issued by the European Union in September, a move it says will boost liquidity for the bloc's securities. Eurex Clearing AG, a division of Deutsche Börse AG, said Wednesday that the product will start trading on Sept. 10. The exchange had previously targeted a launch last year, but postponed it saying a key pre-requisite was that the EU bond program became sustainable and of long-term nature. Since then, rival Intercontinental Exchange Inc. has initiated a similar product.
/jlne.ws/4cUxKJd
SoftBank-backed Twenty One partners with Cantor's SPAC for $3.6 billion crypto venture
Reuters
SoftBank-backed crypto venture Twenty One Capital said on Wednesday it has agreed for a business combination with blank-check vehicle Cantor Equity Partners in a $3.6 billion deal. Twenty One Capital will be majority owned by stablecoin issuer Tether and cryptocurrency exchange Bitfinex. Japanese technology investor SoftBank Group will have a minority ownership.
/jlne.ws/4cQdMQ0
'I Could Lose It All Tomorrow': The Traders Leaning In to Wild Markets; Instead of retreating to safety, some rookie traders are making even bigger, riskier bets
Hannah Erin Lang and Krystal Hur - The Wall Street Journal
When markets reeled and investors shed trillions of dollars worth of stocks one day in early April, Dan Oksnevad was still piling in on just one bet: bitcoin. "It's just a screaming buying opportunity," said Oksnevad, who keeps about 90% of his seven-figure portfolio-including retirement funds-in the cryptocurrency and related stocks such as bitcoin buyer Strategy. "I'm running straight into it."
/jlne.ws/42oUEF2
$1 Trillion of Wealth Was Created for the 19 Richest U.S. Households Last Year; The richest of the rich in America control record slice of nation's wealth
Juliet Chung - The Wall Street Journal
The wealthiest have gotten richer, and control a record share of America's wealth. New data suggest $1 trillion of wealth was created for the 19 richest American households alone in 2024. That is more than the value of Switzerland's entire economy. It took four decades for the top 0.00001% of Americans' share of total U.S. household wealth to grow from 0.1% in 1982-when 11 households made up that rarefied group-to 1.2% in 2023, according to an analysis by Gabriel Zucman, an economist at the University of California, Berkeley and the Paris School of Economics.
/jlne.ws/3YAudKn
Traders View Treasury Auctions as Litmus Test for Foreign Buyers
Ruth Carson, Masaki Kondo, and Michael Mackenzie - Bloomberg
Investors keen for early insight into whether China and other foreign governments remain eager to keep buying US Treasuries are turning to this week's slew of bond auctions. In addition to bills, the US Treasury is selling $183 billion in two-, five- and seven-year notes - the first sales for some tenors popular with overseas buyers since President Donald Trump announced reciprocal tariffs that upended global trade earlier this month.
/jlne.ws/4lJfG8M
Easing leverage limits on banks could backfire; The move would repeat old errors and encourage the buying of Treasury debt over private sector lending
Sheila Bair - Financial Times
US Treasury Secretary Scott Bessent has said he wants to deregulate the financial system responsibly. He has pointed to relief for community banks and other valid areas for reform. Unfortunately, he has also floated a big bank priority: loosening limits on "leverage" - the ratio of bank's debt to equity - and eliminating those restraints entirely for investments in short-term Treasuries. This would repeat regulatory errors that led to past financial crises, while giving banks powerful incentives to buy government debt at the expense of private sector lending.
/jlne.ws/4cUfrnC
Sterling Trading Tech Names Julie Armstrong Chief Commercial Officer; Strategic Hire Marks New Era of Growth and Global Expansion
Sterling Trading Tech
Sterling Trading Tech (Sterling), a leading global provider of technology in order management, risk and margin, and trading, announced today the appointment of Julie Armstrong as Chief Commercial Officer, a newly created role that underscores the firm's commitment to scaling its business globally. This strategic hire signals Sterling's transition into its next phase of accelerated growth, building on recent momentum across new client segments, product innovation, asset expansion, and geographic reach.
/jlne.ws/4izAuwR
Former CME Executive Joins Sterling Trading Tech to Lead Growth Strategy
Damian Chmiel - Finance Magnates
Sterling Trading Tech has appointed Julie Armstrong as Chief Commercial Officer (CMO), a newly created position aimed at accelerating the company's global growth. A CME veteran is joining the team following the recent hiring of former Fidessa executive Chris Contrino as Sales Director. According to a press release sent to FinanceMagnates.com, in her new role, Armstrong will support commercial efforts focused on driving further growth, expanding into new client segments, and increasing both product reach and geographic presence.
/jlne.ws/3YHq9aU
Should Harvard Be Tax Exempt?; Trump might lose this legal fight, and there are better ways to reduce subsidies to schools.
The Editorial Board - The Wall Street Journal
When President Trump targets an institution, he escalates if he meets resistance. So it goes for Harvard University, which dared to oppose his policy demands in return for federal funds and now could lose its tax exemption. But this may not be as easy as the President thinks. This month the Administration froze $2.2 billion in grants after Harvard refused to be placed into de facto federal receivership. Harvard this week sued in response, and on our reading of the suit it has a strong case on First Amendment and due process grounds. The Administration's demands overreached by going after curriculum, faculty and admissions.
/jlne.ws/4cHk1VX
Flash Boys Emerge From Shadows to Reorder Stock Trading; The new order is stirring concerns over transparency and liquidity in an already fragmented trading landscape.
Justina Lee and Anna Irrera - Bloomberg
The flash boys made famous by Michael Lewis were a secretive bunch. The high-frequency trading firms depicted in his 2014 bestseller worked almost unseen, leveraging their technical prowess to mint a fortune in the shadows between stock buyers and sellers. Which is what makes Oscar van Schaijk's current schedule such a surprise. Instead of flying under the radar, this flash boy is flying all over Europe, attending conferences, roundtables, and the offices of major money managers. Basically any place that puts him in front of the investors that his employer, the Dutch market maker Optiver Holding BV, increasingly deals with directly.
/jlne.ws/4jLaaRt
This Is What President Biden's CHIPS Office Actually Did; The US was already building factories.
Tracy Alloway and Joe Weisenthal - Bloomberg (OddLots podcast)
One of the stated goals for the current trade war is to build more industrial capacity in the United States. So far there doesn't seem to be much of it happening. In fact, all of the manufacturing surveys (and all evidence) so far suggests the reverse. But not that long ago there was a concerted effort to build more factories in the United States. Under President Biden there was a whole host of new industrial announcements funded in part via the CHIPS Act and the Inflation Reduction Act. But did we get anything from these bills? Do we have anything to show for it? Why is building more capacity in the United States so difficult? On this episode, we spoke with Hassan Khan, who recently left his position as the director of economic security in the CHIPS Program Office at the Department of Commerce, about what he learned, what he saw, what could be done differently, and what the results are actually were.
Davos founder Klaus Schwab faces whistleblower investigation; Fresh claims follow allegations last year that the chair presided over a toxic workplace culture at the organisation
Stephen Foley - Financial Times
The World Economic Forum has launched an investigation into whistleblower allegations against its founder, Klaus Schwab, accelerating his exit from the organisation behind the annual Davos gathering for business and political leaders. Schwab resigned as chair of WEF's board of trustees with immediate effect on Sunday at an extraordinary meeting, where trustees discussed fresh claims against the founder that had surfaced in what the organisation called a "whistleblower letter".
/jlne.ws/4jpNDtI
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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. | Up the Down Trump Tariff Escalator; Markets rally on Bessent's optimism about a U.S.-China trade truce.
The Editorial Board - The Wall Street Journal
Do you think the markets are trying to tell President Trump something? Stocks and the dollar rose Tuesday after word leaked that Treasury Secretary Scott Bessent told a private investor conference that he expected trade tensions between the U.S. and China to ease soon. The main equity indexes regained most of their losses from Monday after various media sources confirmed the Treasury secretary's optimism that both China and the U.S. don't want the current all-out trade war to continue. He also reportedly said Mr. Trump's goal in imposing 145% tariffs on imports from China wasn't to totally decouple the two economies.
/jlne.ws/4jo2BjW
Switzerland flexes financial muscle ahead of tariff date in Washington
Dave Graham - Reuters
Top Swiss officials will this week test whether big commitments to the U.S. can help secure relief from import tariffs, after pharma giant Roche followed its cross-town rival Novartis in announcing major investments in the United States. Roche on Tuesday said it would invest $50 billion in the United States over the next five years, a day before Swiss Finance Minister Karin Keller-Sutter and Economy Minister Guy Parmelin lead a delegation on a three-day visit to Washington.
/jlne.ws/4jmBEwL
Tariffs may mean more US steel jobs. Will there be workers to fill them?
Timothy Aeppel - Reuters
Thomas Reisinger commutes almost an hour-and-a-half each way for a job in a cavernous steel processing plant here. "I don't speed," he said dryly. Some of his coworkers come from much farther, including one who spends workweeks living in a camper and returns home only at weekends. This corner of eastern Arkansas is dotted with RV parks that cater to such workers. America will need many more like them to achieve President Donald Trump's vision for a hugely expanded U.S. factory sector. The steel industry - hit with 25% tariffs as one of the first salvos of Trump's trade war - is a prime example of his quest to use taxes on imports to rebuild manufacturing in the American heartland.
/jlne.ws/4jKewrN
India's 110% Car Tariffs Become Harder to Defend in Trump Era; The country, which has long resisted demands to liberalize this prized and protected market, signals it will come to the negotiating table.
Alisha Sachdev - Bloomberg
When Hridesh Baweja's beloved Chevrolet Optra kicked the bucket a few weeks ago, the New Delhi businessman knew buying a new Chevy was off the table. General Motors Co. stopped manufacturing locally when it exited India in 2017, and the country's duties on imported vehicles-as high as 110%-mean a US replacement would be comically expensive. So would any of the other overseas-made models that have caught his eye, from Audis to BMWs.
/jlne.ws/436siyD
What would a US tariff on chips look like? A component levy on foreign-made semiconductors would function as a major tax increase on electronics sold in America
Chris Miller - Financial Times
The US government will be "taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN", President Donald Trump recently declared. Given his repeated promises to impose a tariff on imported chips, we must assume some action is coming. But what type, and to what end? According to trade data, the US imports around $30bn in chips annually, largely from south-east Asia. Would tariffs lead companies to replace these imports with domestically made chips? Not necessarily. The US has hardly any of the labour-intensive assembly and packaging capabilities that have been offshored to Asia since the 1960s.
/jlne.ws/42TsDFL
The Chinese factory jobs Donald Trump wants to bring back; Manufacturers struggle to attract young workers for physically demanding roles with long hours and low pay
Eleanor Olcott, William Langley and Haohsiang Ko - Financial Times
US President Donald Trump's announcement this month of "liberation day" tariffs drew disbelief from America's trading partners and mockery from Chinese internet users. Viral, artificial intelligence-generated videos depicting American workers sweating over trainer and smartphone assembly lines circulated on Chinese social media, after Trump claimed that "jobs and factories will come roaring back" to the US as a result of the tariffs.
/jlne.ws/4iuVEMC
Trump Floats 'Substantial' China Tariffs Cuts in Trade Deal
Bloomberg News
/jlne.ws/3Y8StTx
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Vladimir Putin offers to halt Ukraine invasion along current front line; US floats recognition of Russian annexation of Crimea as peace plan efforts continue
Max Seddon, Henry Foy, and Christopher Miller - Financial Times
Vladimir Putin has offered to halt his invasion of Ukraine at the current front line as part of efforts to reach a peace deal with US President Donald Trump, according to people familiar with the matter. The Russian president told Steve Witkoff, Trump's special envoy, during a meeting in St Petersburg this month that Moscow could relinquish its claims to areas of four partly occupied Ukrainian regions that remain under Kyiv's control, three of the people said.
/jlne.ws/4d3FqZX
Ukraine's Zelensky Pushes Back on U.S. Peace Plan; The Ukrainian president said his country would never recognize Russian control of Crimea, a key Russian demand
Ian Lovett, Jane Lytvynenko and Benoit Faucon - The Wall Street Journal
KYIV, Ukraine-Ukrainian President Volodymyr Zelensky pushed back on a U.S. proposal to recognize Russia's control of Crimea as part of a cease-fire agreement, throwing into doubt President Trump's efforts to bring an end to the war. "Ukraine will not legally recognize the occupation of Crimea," Zelensky said at a press conference here on Tuesday. "There's nothing to talk about here. This is against our constitution."
/jlne.ws/42Xndtl
Putin says Russia has weapons shortages despite beefing up production
Reuters
Russia's armed forces are still short of certain weapons, including drones, despite a big increase in production, President Vladimir Putin said on Wednesday. Putin told a meeting of the state Military-Industrial Commission that almost all defence enterprises had met their orders in full last year. "For example, production of weapons, communications, reconnaissance and electronic warfare systems more than doubled. The troops received over 4,000 units of armoured weapons, 180 combat aircraft and helicopters," he said in televised comments.
More than 1.5 million drones of various types had also been produced, Putin added, including about 4,000 first-person view (FPV) drones - lightweight models designed for precision targeting.
/jlne.ws/3RQH9YN
Zelenskiy says Chinese citizens working at drone production site in Russia
Reuters
President Volodymyr Zelenskiy said on Tuesday that Chinese citizens were working at a drone production site in Russia and suggested that Moscow may have "stolen" drone technology from China. The Ukrainian leader made the comment at a news conference in Kyiv days after he said China was supplying weapons and gunpowder to Russia, the first time he has accused Beijing of direct military aid to Moscow, something China staunchly denies.
/jlne.ws/3ED6L8h
A Bad Peace in Ukraine Carries Global Risks
Anthony Halpin - Bloomberg
US President Donald Trump appears confident an agreement to halt Russia's war in Ukraine may be a matter of days away. For Kyiv and its European allies, that message increasingly sounds like an ultimatum to accept a bad deal. Talks today in London between top officials from the US, Ukraine and major European powers have been downgraded to technical-level discussions after Secretary of State Marco Rubio postponed his visit.
/jlne.ws/4ivKAyW
Russia 'may be willing to drop claims to parts of Ukraine it does not occupy'
Dan Sabbagh and Luke Harding - The Guardian
David Lammy, the foreign secretary, will host US and European negotiators for fresh talks about Ukraine on Wednesday amid speculation that Russia has told Washington it might be willing to drop its claim to parts of Ukraine it does not occupy. The price would include the US making concessions to Moscow such as recognising the 2014 annexation of Crimea, though Ukraine's president, Volodymyr Zelenskyy, said no such proposal had been shared with him by the White House and that his country could not endorse it.
/jlne.ws/4474HQu
Other Conflicts
India Vows 'Loud and Clear' Retaliation After Kashmir Attack
Sudhi Ranjan Sen and Diksha Madhok - Bloomberg
India has vowed to retaliate after gunmen killed at least 26 people, most of them tourists, in the northern Indian region of Jammu and Kashmir, making it one of the worst attacks on civilians in the South Asian nation in years. In the hours following the attack, India's top ministers have promised to take swift action. Those behind this act will soon hear India's response "loud and clear," Defence Minister Rajnath Singh said at an event in New Delhi on Wednesday. The country will respond to those who perpetrated the act and also those who orchestrated it, he added.
/jlne.ws/3RwJ18L
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | LME explores establishing price premia for sustainable metals
LME
The London Metal Exchange (LME) has started to explore the potential for producing sustainable metal premia for LME-approved brands. It is currently engaging closely with physical market stakeholders on its proposals for four key LME metals. By making a sustainability price differential public, the value attached to sustainable metals will be transparent and could support the development of the market for sustainable metals.
/jlne.ws/4cNVbnu
Eurex to launch futures on EU bonds
Deutsche Boerse
New Euro-EU Bond Futures (FBEU) will be available for trading from 10 September 2025.
Physically deliverable futures contract will complement cash and repo trading in EU bonds.
Eurex, the leading European derivatives exchange and part of Deutsche Börse Group, announces the launch of futures contracts based on bonds issued by the European Union (EU). With the launch of Euro-EU Bond Futures (FBEU), Eurex is expanding its comprehensive product portfolio in European fixed income derivatives. This underlines Deutsche Börse Group's commitment to supporting the development of European capital markets as a key strategic pillar of the European agenda. Trading will start on 10 September 2025.
/jlne.ws/4iN5WIh
Tokyo Stock Exchange plans to make smaller investments easier; Bourse wants lower minimum purchase sizes to encourage younger investors
Nikkei Asia
TOKYO -- The Tokyo Stock Exchange plans to ask listed companies to lower the minimum investment amount as it seeks to encourage younger generations to purchase Japanese stocks. Currently, the regulations stipulate that companies should strive to set the minimum investment amount below 500,000 yen ($3,500). The TSE aims to bring this down to around 100,000 yen as part of efforts to promote the shift in national assets from savings to investments.
/jlne.ws/4lEy03b
New Product Summary: Initial Listing of Indonesian Rupiah/U.S. Dollar (IDR/USD) Futures Contract - Effective May 19, 2025
CME Group
Initial Listing of Indonesian Rupiah/U.S. Dollar (IDR/USD) Futures Contract
/jlne.ws/4k4mr3J
CME Group Inc. Reports All-Time Record Revenue, Adjusted Operating Income, Adjusted Net Income and Adjusted Earnings Per Share for Q1 2025
CME Group
CME Group Inc. (NASDAQ: CME) today reported financial results for the first quarter of 2025. The company reported revenue of $1.6 billion and operating income of $1.1 billion for the first quarter of 2025. Net income was $956 million and diluted earnings per common share were $2.62. On an adjusted basis, net income was $1.0 billion and diluted earnings per common share were $2.80. Financial results presented on an adjusted basis for the first quarter of 2025 and 2024 exclude certain items, which are detailed in the reconciliation of non-GAAP results.1
/jlne.ws/3YK1RwZ
DTCC Processes Record Volumes Across Services Amid Market Volatility; NSCC Reaches New Peak Value of $5.55 Trillion on April 9, 2025
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced significant achievements in handling unprecedented market volatility, showcasing the firm's robust technology infrastructure, resiliency, and risk management capabilities. During the recent market volatility, DTCC reached new peak values and volumes across platforms and services.
/jlne.ws/4cKi8Yz
Amendments to the Live Cattle Futures and Expansion of the Listing Schedule of Live Cattle Futures, Options on Live Cattle Futures, Feeder Cattle Futures, and Options on Feeder Cattle Futures Contracts
CME Group
/jlne.ws/4lInK9P
Removal of Condition of Force Majeure Declaration at Wheat Shipping Stations
CME Group
/jlne.ws/3GoLvnl
Practice Session for Large-Scale Error Trade Handling Procedures
HKEX
Reference is made to the circular dated 9 November 2020 (Ref No.: MO/DT/240/20 and MO/DT/241/20) regarding supplementary information on large scale error trades and circular dated 18 November 2024 (Ref No.: MO/DT/258/24) on planned initiatives for HKATS in 2025.
/jlne.ws/3S1GovP
Notice Regarding Potential Leak of Email Information (Update)
JPX
Japan Exchange Group, Inc. and its subsidiaries (hereinafter, "our group") made an announcement on April 15, 2025 titled "Notice Regarding Potential Leak of Email Information" concerning a cyberattack by a third party on the email security service "IIJ Secure MX Service," which is used by our group and provided by Internet Initiative Japan Inc. (hereinafter referred to as "IIJ"). We announced the possibility of some of our email information being leaked.
/jlne.ws/4lJYgZU
NYSE Options: NYSE Pillar Performance Improvements and Auction Process Updates
NYSE
Beginning on Monday, April 28, 2025, the NYSE Group Options markets will deploy performance enhancements to NYSE Pillar. As part of these enhancements, Rotation Quotes currently disseminated during the Auction Process will be eliminated. The changes to the Auction Process are available for testing in the Certification environment. To test, please contact Technology Member Services at [email protected].
/jlne.ws/4ivCh5Y
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Apple and Meta Are First to Be Hit by E.U. Digital Competition Law; The European Commission said the Silicon Valley companies violated the Digital Markets Act, a law meant to crimp the power of the largest tech firms.
Adam Satariano - The New York Times
European Union regulators on Wednesday said Apple and Meta were the first companies to be penalized for violating a new law intended to increase competition in the digital economy, the latest in a string of regulatory setbacks for the tech giants. Apple was fined 500 million euros ($570 million) and Meta was fined EUR200 million ($230 million) for breaking the Digital Markets Act, which was adopted in 2022. The European law aims to keep big tech companies from abusing their position as digital gatekeepers that can unilaterally impose requirements on users and businesses.
/jlne.ws/3Y8AUmE
At Meta's Landmark Trial, a Stroll Through a Graveyard of Dead Apps; In the landmark antitrust case, tech executives have harked back to a Silicon Valley age when social apps like Facebook, Path, Orkut and Google Plus boomed.
Mike Isaac and Cecilia Kang - The New York Times
The most telling moment of the U.S. antitrust trial against Meta so far came halfway through more than 10 hours of testimony from Mark Zuckerberg, the company's chief executive. On the witness stand last week, Mr. Zuckerberg, who founded Facebook and later renamed his company Meta, was asked by government lawyers to watch a seven-minute video of an interview he gave at a tech conference more than a decade ago. With his brow furrowed and eyes scrunched, the 40-year-old tech billionaire watched his 28-year-old self describe how the world of 2012 had "really underestimated" his company.
/jlne.ws/4lIHBWB
Ex-OpenAI staff and top AI experts seek to block proposed for-profit restructure; Former employees and figures such as Geoffrey Hinton warn of dangers of allowing start-up to make corporate switch
Cristina Criddle - Financial Times
Former OpenAI employees and leading artificial intelligence experts are joining forces to oppose the ChatGPT maker's transition to a for-profit company over concerns about the dangers of the advancing technology. Leading academics Geoffrey Hinton, Margaret Mitchell and Stuart Russell, as well as 10 former OpenAI staffers, are the latest figures to urge US authorities to block the start-up's proposed switch from a non-profit structure to a public benefit corporation (PBC).
/jlne.ws/4jPw7Ps
Clearspeed Named Winner of The 2025 FinTech Awards for Best FinTech for Corporate Insurance
BusinessWire
Clearspeed, the leader in voice-based risk assessment technology, today announced it has been named the winner in The 2025 FinTech Awards program for Best FinTech for Corporate Insurance. The FinTech Awards is a global awards program recognizing the most outstanding innovations in financial technology. It receives entries from organizations of all sizes from across the globe, including the US and Canada, the UK and Europe, the Middle East, and APAC.
/jlne.ws/3YIfIE4
Templum and SoFi Expand Partnership to Offer Exclusive Access to Privately Held Shares of Anthropic - A Leader in AI Innovation
Templum
Templum, which operates Templum One - the marketplace for private alternatives - is expanding its partnership with SoFi with the launch of a new class of the Cosmos Fund, with sole exposure to Anthropic, one of the world's leading artificial intelligence (AI) start-ups[1]. This next phase of collaboration reflects a shared mission to deliver exclusive investment opportunities to a broader and more diverse range of investors.
/jlne.ws/42ySC3O
ChatGPT Chief Calls Search Crucial for OpenAI in Google Trial
Leah Nylen and Shirin Ghaffary - Bloomberg
OpenAI's goals of building a "super assistant" app and reaching general artificial intelligence won't succeed without search technology but Google has declined to work with the startup, the head of its ChatGPT product testified Tuesday in the Google antitrust trial. OpenAI's Nick Turley said the company never intended to simply create a chatbot like its popular ChatGPT, and instead wanted to deliver a "super assistant" that can help users complete tasks. But the large language models that underlie the company's chatbot have inherent limitations because of a lack of recent information and their tendency to hallucinate, or invent false answers to questions when they don't know the answer. That's where search capability becomes essential, he said.
/jlne.ws/42JYfMK
OpenAI Would Buy Google's Chrome Browser, ChatGPT Chief Says
Leah Nylen, Shirin Ghaffary, and Davey Alba - Bloomberg
/jlne.ws/4lH9a2j
Broadridge Expands Nordic Team To Help Clients Navigate Market Change And Drive Growth - Broadridge Deepens Regional Presence With Experienced Strategic Hires
Broadridge via Mondovisione
/jlne.ws/3YEv8cn
Coinbase to hire 130+ staff as it expands into Charlotte's fintech hub; Coinbase confirms plans to hire over 130 employees in Charlotte, citing the city's growing role as a fintech and compliance hub.
Amin Haqshanas - CoinBase
/jlne.ws/4iriHI8
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| Cybersecurity | | Top stories for cybersecurity | The Wiretap: Trump's Cybersecurity Agency Avoided A Near Disaster
Thomas Brewster - Forbes
An essential, constantly-updated database of cybersecurity vulnerabilities almost went offline last week. Run by Mitre, the Common Vulnerabilities and Exposures (CVE) database has become vital to all manner of digital defenders, from those on enterprise IT teams to those keeping tabs on national security threats. It's proven particularly helpful in understanding the severity of a software or hardware flaw, determining whether it's actively being exploited by hackers, and assessing whether a fix is urgently needed. Mitre had warned users that funding for the CVE project, which came via the DHS Cybersecurity and Infrastructure Security Agency (CISA), was going to run out on Wednesday April 16. In a last minute reprieve, though, CISA confirmed it would continue to provide financial backing for it.
/jlne.ws/4jILJ73
AI cybersecurity agent startup Reco just raised $25 million from Insight Partners
Samantha Stokes - Business Insider
Reco, which uses generative AI and AI agents to provide businesses with an SaaS security platform, just raised more funding. The startup told Business Insider exclusively that it secured a $25 million Series A extension from Insight Partners, Zeev Ventures, Boldstart Ventures, Angular Ventures, and Redseed.
/jlne.ws/3EvOWYS
Gartner Survey Finds 85% of CEOs Say Cybersecurity is Critical for Business Growth; Survey Findings Illustrate that Cybersecurity Has Morphed into Critical Driver for Business Growth
Gartner
Eighty-five percent of CEOs say cybersecurity is critical for business growth, according to a survey by Gartner, Inc. The Gartner CEO and Senior Business Executive Survey of 456 CEOs and other senior business executives worldwide was conducted from June to November 2024. The survey also found that 61% of CEOs are concerned about cybersecurity threats, driven in large part by AI's growing role in commercial activity and the political debates about the sourcing and use of advanced technologies. As risk thresholds shift, they view cybersecurity as a key driver.
/jlne.ws/4cO6a0c
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| Cryptocurrencies | | Top stories for cryptocurrencies | Cantor nears $3 billion crypto venture with SoftBank and Tether, FT reports
Reuters
Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick and chair of brokerage Cantor Fitzgerald, is partnering with SoftBank, Tether and Bitfinex to create a multibillion-dollar bitcoin acquisition vehicle, the Financial Times reported on Tuesday. The vehicle, Cantor Equity Partners, will use the cash to create a new firm, called 21 Capital. It will receive $3 billion in bitcoin from the other cryptocurrency investors and trading firms, the report added, citing unnamed sources.
/jlne.ws/4jKI20M
Bitcoin Price Hits Two-Month High, Ethereum, Dogecoin, XRP, and Other Cryptos Skyrocket
Damian Chmiel - Finance Magnates
Bitcoin (BTC) price reached its highest level in two months, trading above $93,000 as cryptocurrencies across the board posted significant gains. The rally comes amid signals that US-China trade tensions may be cooling and renewed confidence in Federal Reserve leadership. The world's largest cryptocurrency jumped nearly 6% in the past 24 hours, reaching $94,500 in early trading on Wednesday, 23 April, 2025. Other major cryptocurrencies followed suit, with Ethereum (ETH) surging 10% to break above $1,700, while Dogecoin (DOGE), XRP, and Solana (SOL) also posted substantial gains, ranging from 7% to 11%.
/jlne.ws/3GoWDRi
SEC targets crypto executive in $198 million Ponzi case; PGI Global, shut down by the UK High Court, misled investors with fake dashboards and circular crypto transactions.
DigWatch
Ramil Palafox, CEO of PGI Global, has been charged by the US Securities and Exchange Commission. He is accused of orchestrating a $198 million crypto-based Ponzi scheme. According to the SEC, Palafox marketed unregistered 'membership packages' between 2020 and 2021. He promised returns of up to 200% through a fake AI-driven trading platform.
/jlne.ws/3Gz8qw5
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| Politics | | An overview of politics as it relates to the financial markets | Musk wants to leave politics because he's tired of 'attacks' from the left, report says
Gustaf Kilander - The Independent
Elon Musk is reportedly set to leave his government role because he's tired of the what he sees as a litany of vicious and unethical attacks from the left, according to a report from The Washington Post. It remains unclear when Musk will depart as head of the Department of Government Efficiency; his special government employee status will expire at the end of next month. A person familiar with his thinking told The Post that Musk thinks that his work at DOGE won't be diminished because of his departure, noting that staffers have already established themselves across a slew of federal agencies.
/jlne.ws/42WPgcj
Trump Says He Won't Fire Powell. His Fed Battle May Not Be Over Yet.; The president said he has "no intention" of ousting Jerome H. Powell, the Fed chair, but the administration's willingness to challenge norms regarding the central bank's political independence is causing concern.
Colby Smith - The New York Times
In his first term, President Trump toyed with ousting Jerome H. Powell out of anger that the Federal Reserve chair was moving too slowly to cut interest rates. Mr. Trump refrained from doing so, but continued to publicly attack Mr. Powell and his colleagues for keeping borrowing costs too high. The Fed ultimately did cut rates but not because of Mr. Trump's jawboning. The president's trade war with China risked roiling the U.S. economy so significantly that the Fed moved preemptively in 2019 to stave off a painful downturn. There was little downside to doing so: Inflation was not remotely a concern at the time, giving officials the flexibility to eventually reduce rates three times.
/jlne.ws/3Y8T5sj
Elon Musk claims Tesla demonstrators are somehow being paid via the government's 'waste and fraud' - they just won't admit it
Amanda Gerut - Fortune
Without providing any evidence, Tesla CEO Elon Musk alleged the protests plaguing Tesla showrooms in the U.S. and Europe are due to the Department of Government Efficiency (DOGE) eliminating financial fraud and not, as protestors have stated, due to his unelected high-profile role in government. He also claimed the protestors are getting paid for demonstrating against the electric vehicle maker, a point he has speculated on in the past.
/jlne.ws/4jG16gt
Tesla Has a Deep Hole to Pull Out Of; Elon Musk promises more attention on EV maker, but brand damage from his political activities won't be easy to repair
Dan Gallagher - The Wall Street Journal
Elon Musk says he will dedicate more time to Tesla starting next month, but the political damage to the company's brand from his activities could endure. Tesla's Q1 results were poor, with operating income significantly below expectations. Tesla's stock rose in after-hours trading; valuation remains high even compared with tech giants.
/jlne.ws/42HoVO5
How Trump waged war on his perceived foes in first 100 days
Joseph Ax - Reuters
Hours after swearing an oath to defend the U.S. Constitution on January 20, President Donald Trump signed an executive order directing his attorney general to scour the Justice Department and other agencies for evidence of political "weaponization." The same day, Pentagon staff took down a portrait of Mark Milley, a Trump critic who as chairman of the Joint Chiefs of Staff had been the highest-ranking military officer during Trump's first term. That evening, Trump stripped his former national security adviser, John Bolton - who wrote a memoir critical of Trump - of the protective Secret Service detail he had been given after the Justice Department said Iran had threatened Bolton's life.
/jlne.ws/3YMjqwr
US Chaos Is an Opportunity Europe Should Seize; Continental revival depends on Germany's ability to overcome another year of lost growth.
Lionel Laurent - Bloomberg
There's a spring in the step of European Union officialdom these days - at least compared to the funereal mood a few months ago - as Donald Trump's tariff war and rule-of-law attacks push Europeans to huddle closer and investors to seek refuge in the euro. The question is just how far even the springiest step can go in achieving necessary change, with Germany facing a third straight year of stagnation and Mario Draghi's warnings of slow agony still ringing in technocrats' ears.
https://jlne.ws/3Gmtqq4
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC Charges PGI Global Founder with $198 Million Crypto Asset and Foreign Exchange Fraud Scheme
SEC
The Securities and Exchange Commission today charged Ramil Palafox for orchestrating a fraudulent scheme that raised approximately $198 million from investors worldwide and for misappropriating more than $57 million of investor funds.
/jlne.ws/3YdPJUW
Court Grants Receiver's Distribution Request to Return Funds to GPB Capital Investors
SEC
On April 8, 2025, the U.S. District Court for the Eastern District of New York granted the motion of the receiver of GPB Capital Holdings, LLC seeking approval of a plan to distribute funds to GPB Capital investors.
/jlne.ws/4jmDHRz
'5 mins with the FMA' podcast #12: Access to Financial Advice Review
FMA
In the latest episode of 5 mins with the FMA, Head of Financial Advice Romil Ghelani speaks about the Access to Financial Advice review. We know there are many positive impacts for consumers who receive good quality financial advice. Therefore, ensuring consumers can access quality financial advice when they need it is crucial.
/jlne.ws/4cFpIDO
AI through a different lens: what 115 experts taught us about AI innovation; Our AI Sprint brought together industry experts to explore AI's growing impact on UK financial services. Here's what we learned about making AI work for everyone.
Colin Payne - FCA
Still being a relative 'new kid' at the FCA, I can approach everything with a fresh pair of eyes. Or, in the case of our AI Sprint event, with a futuristic set of eyes. I walked into the room wearing my Ray-Ban Meta glasses, capturing our guests' emotions and feedback in real-time. AI helped me process responses on the fly - a technology still only just emerging, a set of tools bringing ideas to life in very different ways.
/jlne.ws/3S0pQUT
Berlin Plenary Meeting of the International Forum of Independent Audit Regulators (IFIAR)
FSA
The 25th Plenary Meeting of the International Forum of Independent Audit Regulators (IFIAR) was held in Berlin, Germany from April 8 to 10. Regulators from 49 Member jurisdictions including the Certified Public Accountants and Auditing Oversight Board (CPAAOB)/Financial Services Agency (FSA) attended the meeting.
/jlne.ws/3YeEVWF
Consumer Price Developments in March 2025
MAS
This March 2025 report contains an update of the latest consumer price developments in Singapore, prepared by MAS and the Ministry of Trade and Industry.
/jlne.ws/42K02BA
"Charting A Steady Course In A Changing World" - Opening Address by Mr Chia Der Jiun, Managing Director, Monetary Authority of Singapore, at the IMAS Annual Investment Conference 2025 on 23 April 2025
MAS
/jlne.ws/3YcqIcM
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Short Selling of SK Hynix Surges to Record on Trade, AI Concerns
Youkyung Lee and Charlotte Yang - Bloomberg
Bearish bets on shares of SK Hynix Inc. surged to an all-time high this month, as South Korea ended its ban on short-selling at perhaps the worst possible time for the memory chipmaker. The March 31 regulatory change made for a triple whammy on the stock, with investors souring on the AI theme while the US kicked off a global trade war. Even with SK Hynix expected to post strong earnings Thursday, short-sellers are betting on a bleak outlook.
/jlne.ws/3S0fTXw
Chocolate makers slash price hedges in bet that bull market is over; Soaring cost of protection using futures contracts prompts some groups to gamble on market stabilising
Susannah Savage - Financial Times
Chocolate makers have slashed their use of hedges against price rises due to the soaring cost of futures contracts, in a bet that the huge bull market in cocoa is finally over. Manufacturers typically use the futures market to hedge against price fluctuations, securing long-term contracts to lock in a set level. But surging cocoa prices have triggered big rises in the cost of hedging on major exchanges.
/jlne.ws/4iqRgy4
Grant Thornton US goes global in private equity-backed buying spree; Accountancy group plans to buy more than half a dozen sister firms in PE-fuelled spree across Europe and Middle East
Stephen Foley - Financial Times
Grant Thornton US is planning to buy more than half a dozen of its sister firms in Europe and the Middle East in a private equity-driven acquisition spree that will dramatically reshape the accounting firm's global network. The roll-up plan, some details of which were confirmed on Wednesday, comes amid intensifying competition between mid-tier accounting firms and is designed to give Grant Thornton an edge in pitching to multinational businesses.
/jlne.ws/4iuVSmW
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | New York pension funds put asset managers on notice over climate plans; Comptroller demands credible transition plans aligned with city's goal to reach net zero by 2040
Lee Harris and Sun Yu - Financial Times
Powerful New York City public pension funds are prepared to drop asset managers that do not comply with its climate plans, comptroller Brad Lander has warned, in a move that puts industry groups such as BlackRock under renewed pressure over sustainable investing. Lander, who is running for New York City mayor, put asset managers on notice on Tuesday that he would demand credible transition plans aligned with the city's goal to reach net zero emissions by 2040.
/jlne.ws/3Yfx0sa
Almost Half of Americans Breathe Unhealthy Air, Report Finds; Weakening or rolling back longstanding environmental regulations would worsen the problem, the American Lung Association assessment says.
The view from Brooklyn in June 2023, when smoke from wildfires in Canada caused air quality to decline in New York City.Credit ... Dave Sanders for The New York Times
Rebecca Dzombak - The New York Times
At least 156 million Americans, about 46 percent of the population, live with unsafe levels of ozone, particulate pollution or both, according to the American Lung Association's annual State of the Air report. Plans by the Trump administration to loosen environmental regulations and cut funding for air quality research would make matters worse, the report says.
/jlne.ws/4jQywcF
Pope Francis Saw Defending the Climate as an Urgent Priority for the World
Eric Roston - Bloomberg
When Argentina's Jorge Mario Bergoglio was elected pope in 2013, his vision for human justice and equality was so entwined with nature that he chose the papal name Francis, honoring the patron saint of ecology. That belief, and how passionately he advocated for it, influenced the course of global climate and energy policy and in particular the 2015 Paris Agreement.
/jlne.ws/4lQ45VN
Brazil urging tougher emissions goals ahead of climate summit, sources say
Manuela Andreoni and Lisandra Paraguassu - Reuters
Brazil, which hosts this year's United Nations climate summit, has a main goal of persuading Europe, China and other developing economies to commit to cutting greenhouse gas emissions enough to keep global warming well below 2 degrees Celsius, three people with knowledge of the country's plans told Reuters. Brazil's President Luiz Inacio Lula da Silva and U.N Secretary-General Antonio Guterres have scheduled a closed online meeting on Wednesday to talk with leaders from the world's 35 biggest economies about stronger commitments.
/jlne.ws/42VB9nz
As Trump's EPA ends 'environmental justice,' minority communities may pay a price
Ned Randolph and Daniel Trotta - Reuters
From her home on Louisiana's "Cancer Alley," Lydia Gerard looks down at her 8-month-old great-granddaughter and wonders if she will one day suffer the same fate as her many friends and relatives whose lives were cut short by the disease. Gerard lives along the Mississippi River, just a few blocks from a synthetic rubber plant that the administration of former President Joe Biden sued, claiming it posed an imminent public health hazard. Gerard, like more than 90% of people living within 1 mile (1.5 km) of the plant, is Black.
/jlne.ws/3YaIblP
Trump threat vaults energy policy to center stage in Canada election
Amanda Stephenson - Reuters
An unusual consensus around energy policy has emerged in the campaign ahead of Canada's April 28 election, with the two main candidates both promising to fast track energy projects to diversify oil exports away from the United States. U.S. President Donald Trump's tariff threats and talk of annexing Canada as the 51st state sparked a national conversation around energy supplies in the world's No. 4 oil exporter.
/jlne.ws/4lNn2Ze
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Clear Street names new head of prime brokerage; Individual brings more than 25 years of experience at Goldman Sachs, acting as partner for 14 years.
Natasha Cocksedge - The Trade
John Levene has joined Clear Street as head of institutional, overseeing the firm's prime brokerage business, following more than 25 years at Goldman Sachs. The move will see Levene using his experience in building and managing prime brokerage platforms across the capital markets to bring leadership to his new role at Clear Street.
/jlne.ws/3YazdoF
Nomura's top banker says traders' ability to go 'max risk' is now higher; Christopher Willcox tasked with rebuilding wholesale business in wake of $2.9bn Archegos debacle
David Keohane and Leo Lewis - Financial Times
The British banker tasked with overhauling Nomura's global investment operations after a $2.9bn hit from the collapse of Archegos has said his traders are finally closer to being able to go "max risk". Christopher Willcox told the Financial Times the "boring, foundational, basic stuff" done since he took over as head of Nomura's trading, investment banking and international wealth management businesses meant he was increasingly confident of taking bold, high-stakes bets.
/jlne.ws/3GlpeGR
U.S. Bank shares tribute on earnings call to executive Terry Dolan who died in Minnesota plane crash
Eleanor Pringle - Fortune
U.S. Bancorp honored longtime executive Terry Dolan during its first earnings call of the year, following his death in a plane crash on March 31, where he was the sole passenger. Remembered for his leadership, warmth, and community contributions, Dolan was celebrated by colleagues and investors for his pivotal role in the bank's growth and his deep commitment to philanthropy.
/jlne.ws/42KGuNx
David Solomon's pay hinges on whether Goldman is more than just a bank
Todd Gillespie and Bloomberg via Fortune
As Goldman Sachs Group Inc. asks shareholders this week to back $160 million in special bonuses for its top two executives, the hope is that investors will agree that the firm is far more than a storied investment bank.
/jlne.ws/3S1VykJ
Janus Henderson Weighs 10% Cut in US Assets After Trump Turmoil
Abhishek Vishnoi - Bloomberg
Janus Henderson Investors sees a potential reduction in its US exposure, underscoring an emerging shift away from the world's largest financial market as the Trump administration's policies undermine its appeal. "We can see 10% of our clients' exposure, or asset under management, reallocated from US assets" given signs of cracks in US exceptionalism, Ali Dibadj, chief executive officer of Janus Henderson Investors, said in an email interview this week. "Money can move to Europe, China, Middle East and Latin America."
/jlne.ws/3Rt2WWf
GTCR Strikes Deal Valuing Fund Services Business at Almost $2 Billion; Private-equity firm is in advanced talks to sell a big stake in Ultimus Fund Solutions
Ben Glickman - The Wall Street Journal
The private-equity firm GTCR has agreed to sell a big stake in Ultimus Fund Solutions that values the administrative-services provider at nearly $2 billion, according to people familiar with the matter. GTCR is selling the stake to a fellow investment firm, Stone Point Capital, which focuses on financial services, the firms announced Wednesday, confirming an earlier Wall Street Journal report.
/jlne.ws/4lJiCCo
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The Fast Track to the Trading Floor Runs Through a Texas Public University; The energy boom has helped give students in a specialized program at Texas A&M a leg up on lucrative finance jobs.
Naureen S Malik - Bloomberg
When TotalEnergies SE promoted Sophie Schultz last summer to become an asset trader at age 25, it wasn't the first time she'd gained the French company's vote of confidence. Total's North American gas and power unit-plus dozens of other energy heavyweights-had unanimously voted almost five years earlier to greenlight her application to a Texas academic program that's rapidly becoming one of the fastest routes to energy trading. Texas A&M University's Trading, Risk and Investments Program, or TRIP, graduated its first class of 12 in 2011, and more than 200 students have since gone through it. In that time, the program in College Station, Texas, has gained a reputation for churning out some of the energy industry's most coveted first-year analysts.
/jlne.ws/4izGLIV
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Trump cuts threaten free vaccine program for kids amid measles outbreak
Dan Levine and Chad Terhune - Reuters
Dr. Ali Sherif normally gives about 50 doses of the measles vaccine to children each month at his clinic in Hobbs, New Mexico, near the Texas state line. The number of shots at his clinic has surged about 25%, however, in recent weeks as local parents seek immunizations to protect their toddlers and school-age children from a growing measles outbreak that has infected more than 600 people and led to three deaths. Like thousands of other doctors across the country, Sherif relies on a little-known federal program to ensure he has those shots on hand for families at no cost to them.
/jlne.ws/4cQAp6S
More Americans Breathe Unhealthy Air Due to Wildfires, Extreme Heat
Emma Court - Bloomberg
Around 156 million Americans, nearly half of the US population, now live in areas with unhealthy levels of air pollution, part of a trend toward declining air quality as climate change-related extreme weather events like wildfires occur more frequently. That's according to the 2025 State of the Air report from the American Lung Association, which each year tracks air quality around the nation. The report, released Wednesday, focuses on two common and dangerous pollutants: ozone and fine particles. The number of Americans exposed to high levels of these has risen by about 25 million since last year's report.
/jlne.ws/3Gl39bD
The cost of Trump's attack on American science; Sweeping funding cuts threaten to undermine the innovation that has been a central part of US economic strength for decades
Michael Peel and Hannah Kuchler - Financial Times
Rebecca Simmons has been working in science in the US for over five decades, but she has never seen the field in the turmoil it is today. A doctor and researcher, she and her colleagues had wanted to investigate why Black women are more likely to experience complications during pregnancy including stillbirths, high blood pressure and preterm deliveries.
/jlne.ws/4jnK9aU
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Vietnam seeks more free trade deals to drive growth as Trump tariff looms
Reuters
Vietnam is seeking to speed up its negotiations for new free trade agreements while more effectively exploiting the 17 ones it has already signed, as its export-reliant economy is bracing for U.S. tariffs. Prime Minister Pham Minh Chinh, in a directive issued late on Tuesday, urged the trade ministry to conclude or start free trade agreement talks with India, Brazil, Pakistan, Egypt and other markets in the Middle East, Africa, Latin America, Central Asia and Eastern Europe.
/jlne.ws/3GyCDLO
Rate cut will boost private consumption, investment, says RBI Guv Malhotra; Governor Malhotra-headed Monetary Policy Committee (MPC) had reduced the short-term lending rate by 25 basis points to 6 per cent on April 9. A similar reduction was done in February
Business Standard
Benchmark interest rate reduction will bolster private consumption and support a revival in private corporate investment, Reserve Bank Governor Sanjay Malhotra had opined while voting for a 25 basis points cut in repo rate along with other five members of the rate-setting panel earlier this month. Governor Malhotra-headed Monetary Policy Committee (MPC) had reduced the short-term lending rate by 25 basis points to 6 per cent on April 9. A similar reduction was done in February.
/jlne.ws/4lzI4Ky
Britain posts much bigger budget deficit for 2024/25 than expected
Andy Bruce - Reuters
Britain's government borrowed almost 15 billion pounds more in the financial year that just ended than official budget forecasters had estimated a month ago, according to data that heaped more pressure on the public finances. Public sector net borrowing for the 2024/25 financial year was 151.9 billion pounds ($202.1 billion), the Office for National Statistics said on Wednesday.
/jlne.ws/44phtKj
Exclusive: Vedanta weighs US listing to raise $1 billion for Zambian copper assets
Felix Njini - Reuters
Vedanta Resources, is considering a U.S. public listing for its Zambian unit Konkola Copper Mines as one of its options to try to raise about $1 billion for mine development, three sources familiar with the details, told Reuters. The miner, owned by Indian billionaire Anil Agarwal, has hired Barclays and Citigroup to advise on the plans for an initial public offering, said the sources, who declined to be named due to sensitivity around the discussions.
/jlne.ws/4jIiYY7
Premier African Minerals seeks lithium offtake deal with Glencore
Reuters
Premier African Minerals (PREM.L), is pursuing a lithium concentrate supply deal with commodities giant Glencore Plc (GLEN.L), it said on Wednesday, as it seeks to clear debt from an inconclusive offtake agreement. The London-listed Premier operates the Zulu lithium mine in Zimbabwe, where it has missed several production deadlines because of technical problems to bring online a spodumene concentrator.
/jlne.ws/4lH8SbJ
DOGE Unleashes Wrecking Ball That Rips Into DC's Special Status; The US capital usually enjoys a steady economy with stable employment. Elon Musk's cost-slashing campaign is causing unprecedented upheaval.
Michael Sasso, Paulina Cachero, Aashna Shah, Prashant Gopal, and Augusta Saraiva - Bloomberg
Many American cities have suffered after the disruption of a crucial hometown industry. The nation's capital never has, until now. The swift and comprehensive campaign by President Donald Trump and his billionaire ally Elon Musk to rein in government spending is expected to throw a wrench into the economic engine that built modern Washington. Musk's Department of Government Efficiency has fired thousands of federal employees, and wants to close agencies, abandon leases and tear up billions of dollars in government contracts.
/jlne.ws/42Tpztf
Many Canadian 'snowbirds' in US looking to pack up and fly north - for good
Doyinsola Oladipo and Mrinalika Roy - Reuters
/jlne.ws/3RQEYV7
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| Miscellaneous | | Stories that don't quite fit under the other sections | Some Version of You Always Beats Death, According to This Scientific Theory; This idea puts a morbid twist on quantum theory, suggesting that a copy of you may remain alive, no matter what.
Elana Spivack - Popular Mechanics
In the deadly game Russian roulette, a player loads a gun with a single bullet, spins the cylinder to randomize the bullet's position, and turns the potentially lethal weapon on their own self. But in a thought experiment known as quantum immortality, this fatal game has not one but two outcomes: The player both dies and survives. And no matter how many times the player repeats this process, they will always die and survive.
/jlne.ws/3Gm1uTf
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