| May 09, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Steve Strahler of Crain's Chicago Business typically calls me when a significant Chicago financial figure has passed away, as he is the lead obituary writer for Crain's. However, this week he was given the big job of writing a story about a local Catholic Cardinal who was a potential selection as the new Pope. His story leads off JLN today because there is no better financial market regulator than the Catholic Church and the Pope, at least at the Chicago Board of Trade back in the days of open outcry amid all the Irish Catholic traders.
The story is titled "From South Side altar boy to pope: Chicago's Robert Prevost makes history." At the end of the story, the editors added some uniquely Chicago touches, Strahler told me last night, including a YouTube video of the Pope's entrance on the central balcony of St. Peter's Basilica to the music of the 1998 Chicago Bulls starting lineup video. Another gem was a picture of the new Pope surrounded by the works, set in a poppy seed hot dog bun, with the Pope replacing the hot dog.
Intercontinental Exchange (ICE) has launched EU Carbon Allowance (EUA) 2 futures, now trading alongside its benchmark EUA contracts in what is already the world's most liquid carbon derivatives market, it announced in a press release. The EUA 2 futures, which debuted on May 6, 2025, are designed to support the EU's new Emissions Trading System 2 (ETS2), set to cover carbon emissions from fuel combustion in buildings and road transport when it becomes operational in 2027, expanding the EU carbon market's reach to 80% of the economy and about 20,000 entities. Industry leaders praised the move for enhancing price transparency, providing essential risk management tools, and sending clear price signals to support decarbonization efforts in new sectors, with ICE's global environmental markets now facilitating over $1 trillion in annual trading across Europe, North America, and the UK.
Fraudulent trading by hackers in Japan surged more than tenfold in April 2025, with unauthorized trades soaring to ¥279 billion ($1.9 billion) and 4,852 cases of account breaches, up sharply from ¥26 billion and 1,420 cases in March, Bloomberg reported. The attacks targeted online brokerage accounts, using advanced phishing and malware techniques to hijack logins and manipulate thinly traded stocks for profit, often leaving victims with significant losses. In response, ten brokerages pledged to compensate affected customers and are expanding multi-factor authentication, while Japan's Financial Services Agency is urging stronger security measures and closely monitoring the situation. The rapid escalation has exposed vulnerabilities in Japan's financial system and prompted calls for both industry and regulatory action to better protect investors.
There is a difference between lobbying Washington for a policy advantage and jumping in and being part of the DC circus. For the first time, a U.S. pension, Pennsylvania's Lehigh County Pension Board, has voted to halt new investments in Tesla, citing concerns over CEO Elon Musk's negative impact on the brand and the company's declining financial performance, Fortune reported. The board, which oversees nearly $600 million in assets, made the decision after Tesla reported a 71% drop in net income and a 20% decline in automotive revenue. Controller Mark Pinsley, who led the move, said Musk's high-profile political activities and controversial public persona have damaged Tesla's reputation and alienated customers, leading to falling sales in key markets like Europe, China, and California. The board will also review options for further divestment, reflecting a growing trend among institutional investors wary of the risks associated with Musk's leadership and the company's recent struggles.
Here are the headlines from in front of FOW's paywall from some recent stories: ICE sees traction in new EU emissions futures, ANALYSIS: DV Group targets opportunities in European commodities amid global shift, SEC's Crenshaw warns on crypto enforcement after Ripple deal, ISDA marks 'first step' in CDS reforms, Pump up the volume: FOW turns market noise into insight and Coinbase agrees to buy crypto options exchange Deribit for $2.9bn.
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:
- Exchange, Brokerage Competition Benefits Retail Options Traders Traders Magazine.
- The Rise of Oil Options: Why More Traders Are Getting Involved from CME Group.
- Options Education in Focus from Traders Magazine. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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A Tech Leap for Private Funds: How BNP Paribas and Confluence Automate the Complexities of Global Reporting
JohnLothianNews.com
When it comes to private capital fund reporting, spreadsheets may soon be as outdated as fax machines. For Laurent Durdilly, head of private capital solutions at BNP Paribas Securities Services, and Todd Moyer, president and chief operating officer at Confluence, the time for automation has firmly arrived.
Watch the video »
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Trading, Family, and AI: Robert Blackwell, Jr. Builds His Own Playbook - From Chicago Pits to Quant16 JohnLothianNews.com ELMHURST, IL - (JLN) - May 9, 2025 - Not everyone gets to build a company with their childhood hero, but Robert Blackwell, Jr., chairman of Quant16, did just that. "My father worked at IBM for 25 years and was the world's best sales guy - people just loved him," Blackwell said. "I didn't get any of that. I'm more mathematical." The two joined forces after IBM offered early retirement, but generational differences led Blackwell to bow out politely. "Arguing with my father wasn't like arguing in a trading session. You have to respect your father, so I left." Watch the Robert Blackwell, Jr. Video » Robert Blackwell, Jr. - Quant16 Watch the Robert Blackwell, Jr. Video » Robert Blackwell, Jr. - Quant16 Watch the Robert Blackwell, Jr. Video »
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My new deadline: 20 years to give away virtually all my wealth; During the first 25 years of the Gates Foundation, we gave away more than $100 billion. Over the next two decades, we will double our giving.
Bill Gates - Gates Notes
When I first began thinking about how to give away my wealth, I did what I always do when I start a new project: I read a lot of books. I read books about great philanthropists and their foundations to inform my decisions about how exactly to give back. And I read books about global health to help me better understand the problems I wanted to solve. One of the best things I read was an 1889 essay by Andrew Carnegie called The Gospel of Wealth. It makes the case that the wealthy have a responsibility to return their resources to society, a radical idea at the time that laid the groundwork for philanthropy as we know it today.
/jlne.ws/4d9l9ln
***** There is great power in giving.~JJL
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An American Pope, Leo XIV; The conclave elects Robert Francis Prevost, a native of Chicago.
The Editorial Board - The Wall Street Journal
When white smoke emerged from the chimney atop the Sistine Chapel on Thursday, the second day of the papal conclave, the first surprise was the faster-than-expected outcome. The second was that the cardinals had elected Robert Francis Prevost, a Chicago native, as the next head of the Catholic Church and the first American in that role. Pope Leo XIV, as he'll now be known, follows the late Francis, the Argentine elected in 2013 as history's first pontiff from the New World, as we still don't mind calling it. This shift reflects the church's reach: There are about 1.4 billion Catholics globally, nearly half of them in the Americas, compared with about 20% each for Europe and Africa.
/jlne.ws/4iRl5Z3
****** The rumors of orange smoke were erroneous.~JJL
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The US House of Representatives Can't Even Agree on a New Chaplain; A secretive bipartisan conclave on Capitol Hill is struggling to identify a spiritual leader who a majority of representatives can back.
Billy House - Bloomberg
When the US House of Representatives is in session, Brad Wells, a 53-year-old Baptist pastor to a Washington, DC congregation, can be found nearly every day outside its chamber. He's available for prayer and to lend spiritual and moral support to members, including during votes, he explains. His credentials for the US Capitol are sponsored by someone in the House, though he won't say who. The tall, Bible-toting Wells introduced himself as "the undercover chaplain," before clarifying that he's just joking - performing House chaplain duties in secret "would not be kosher."
/jlne.ws/4m9PgNP
****** God moves in mysterious ways and the House of Representatives does not move.~JJL
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US pushes financial regulators to backtrack on climate risk project; Effort to weaken Basel committee task force comes as Trump administration steps back from environmental issues
Martin Arnold and Claire Jones - Financial Times
US regulators are calling on the world's financial rulemakers to downgrade a flagship project to tackle the risks of climate change in the latest sign of America's retreat from environmental causes since Donald Trump became president. Top officials at US financial watchdogs are seeking to weaken the power of a high-level task force set up in 2020 to examine climate change risks to the financial system by the Basel Committee on Banking Supervision, the standard-setter for global financial regulation.
/jlne.ws/439uKnM
****** As the apocalypse came, the people could not see it because they were blinded by the government ... ~JJL
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Heard on the street regarding the new Pope, Leo XIV (who is from Chicago)
Anonymous - Some street in Chicago (people talking)
***** The Bible sayeth thou shall not put ketchup on a hot dog (Sausages 1:1). Everyone in Chicago knows that. ~JB
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Thursday's Top Three
Our top clicked story Thursday was Bob Pisani, CNBC's Longtime NYSE Reporter, to Leave His Role, from Variety. Second was Coinbase Strikes $2.9 Billion Deal for Major Crypto Options Platform, from The Wall Street Journal. Third was a tie between the Amazon.com page to order Bob Pisani's book, "Shut Up and Keep Talking: Lessons on Life and Investing from the Floor of the New York Stock Exchange" and Responsible Progress Toward Extending Trading Hours, a post by Jon Herrick, chief product officer at NYSE, on LinkedIn.
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| Lead Stories | From South Side altar boy to pope: Chicago's Robert Prevost makes history
Steven R. Strahler - Crain's Chicago Business
The Chicago longshot defied the odds. Robert Francis Prevost, born at Mercy Hospital and named a cardinal of the Roman Catholic Church only two years ago, was elected pope today. Vatican observers had said he would have a reasonable chance at the papacy - if only he weren't from the United States, the native land of no pope before him. Among those ruling out chances of a U.S.-born pope was the Cardinal Blase Cupich of the Catholic Archdiocese of Chicago. However, the new Pope Leo XIV quickly broadened his Chicago roots after becoming a priest in 1982. He received a doctorate in canon law in Rome and was a missionary, teacher and then a bishop in Peru. The New York Times, in one of the many pre-conclave articles listing Cardinal Prevost as a dark-horse papal candidate, described him as a "polyglot who transcends borders."
/jlne.ws/435zJWJ
Celsius's Mashinsky, Former Crypto High-Roller, Gets 12-Year Prison Sentence; Mashinsky pleaded guilty to fraud in connection with the firm's multibillion-dollar collapse
Alexander Osipovich - The Wall Street Journal
Former cryptocurrency evangelist Alex Mashinsky was sentenced to 12 years in prison on Thursday after pleading guilty to fraud in connection with the multibillion-dollar collapse of his firm, Celsius Network, three years ago. A pseudobank that touted returns of as much as 18.6% on customers' crypto deposits, Celsius was one of the first big crypto companies to topple into bankruptcy after a downturn in the digital-currency markets began in the spring of 2022.
/jlne.ws/4m9sOV4
Trillions in Sales for S&P 500 Companies at Stake as US-China Talks Begin
Esha Dey and Matthew Griffin - Bloomberg
US equity investors will be watching closely as trade talks kick off between the Trump administration and China, with trillions of dollars hanging in the balance for American companies. The average member of the S&P 500 made 6.1% of its revenue from selling goods in China or to Chinese companies in 2024, according to an analysis from Bloomberg Intelligence's Gillian Wolff and Gina Martin Adams.
/jlne.ws/454dEu6
Citadel Lobbies for Four-Year Non-Competes in Home State of Florida
Anna J Kaiser - Bloomberg
Ken Griffin's Citadel is putting its Florida lobbying muscle behind an effort to allow non-compete clauses and garden leaves of up to four years in its home state, tightening employers' hold on well-paid staffers and executives considering defection. The bill has cruised through the legislature and is awaiting the governor's signature, with supporters saying it will make the state more appealing to companies at risk of losing an edge if key employees jump to rivals.
/jlne.ws/4j0LnrR
Fraudulent Trading by Hackers Surges More Than 10-Fold in Japan
Bret Okeson - Bloomberg
The hacking of online trading accounts exploded last month in Japan, ensnaring more brokerages and racking up losses for account holders. The amount of fraudulent trading surged to about ¥279 billion ($1.9 billion) in April compared with roughly ¥26 billion the previous month, Japan's Financial Services Agency said on its website. There were 4,852 cases of unauthorized access of accounts compared with 1,420 in March and just 65 in January.
/jlne.ws/4dkcb51
OpenAI chief Sam Altman: 'This is genius-level intelligence'; The tech entrepreneur on the risks and opportunities of AI, his dispute with Elon Musk and why he has the 'most important job maybe in history'
Roula Khalaf - Financial Times
Sam Altman's escape from the Silicon Valley pack is a sprawling farm at the end of a road that snakes through the vine-swept hills in Napa Valley. I spot the 40-year-old with slightly tousled hair in the open-plan kitchen of the wide bay-windowed house, and I step right in. His bemused look tells me that I wasn't expected. I am, it turns out, nearly an hour early, but the man behind ChatGPT will finish up a meeting and join me in the garden. I wait under a grapevine-shaded pergola that runs along the house.
/jlne.ws/4jMkkS6
Meta Will Make Friends; Also liability management exercises, crypto convertibles and not enough desks.
Matt Levine - Bloomberg Opinion
Meta
I think a lot about the time that Mark Zuckerberg was hauled before Congress to answer questions about whether Facebook (now Meta Platforms Inc.) is a monopoly. He said: We face a lot of competitors in every part of what we do, from connecting with friends privately to connecting with people in communities to connecting with all your friends at once to connecting with all kinds of user-generated content. ... Congressman, the space of people connecting with other people is a very large space. "See," I wrote, "Facebook also has a tiny market share, if you define its market as ... human interaction? Human behavior? 'Only like 5% of human life consists of Facebook, how could we possibly be a monopoly?'" Of course, when a chief executive officer is testifying in a congressional antitrust hearing, he will want to downplay the possibility that his company is a monopoly. When he leaves the hearing and goes back to his office, the incentives will reverse, and he will work to seize the biggest possible share of his market.
/jlne.ws/4k7WwYH
Trump Seeks to Strip Away Legal Tool Key to Civil Rights Enforcement; President Trump has ordered federal agencies to halt their use of "disparate-impact liability," which has been used to assess whether policies discriminate against different groups.
Erica L. Green - The New York Times
President Trump has ordered federal agencies to abandon the use of a longstanding legal tool used to root out discrimination against minorities, a move that could defang the nation's bedrock civil rights law. In an expansive executive order, Mr. Trump directed the federal government to curtail the use of "disparate-impact liability," a core tenet used for decades to enforce the Civil Rights Act of 1964 by determining whether policies disproportionately disadvantage certain groups. The little-noticed order, issued last month with a spate of others targeting equity policies, was the latest effort in Mr. Trump's aggressive push to purge the consideration of diversity, equity and inclusion, or D.E.I., from the federal government and every facet of American life.
/jlne.ws/44wP6dc
SEC's Peirce Says Bitcoin ETF Approval Process Was 'Terribly Mismanaged'
Stacy-Marie Ishmael - Bloomberg
Regulator Hester Peirce, known to many in the digital-asset industry as "Crypto Mom," has a message for her fans: be more patient. Speaking on Bloomberg's Trillions podcast, Peirce urged those waiting for another round of approvals on crypto-related exchange-traded products - or for broader regulatory clarity - to realize that, as she put it, "there's a lot going on."
/jlne.ws/43m0kzV
Crypto Betting Market Proves to Be Fallible When Picking a Pope
Dave Liedtka - Bloomberg
It turns out the crypto betting market that was credited by many for its prescience in the last US presidential election isn't so great at picking popes. Cardinal Robert Francis Prevost, who was elected Thursday as the first US-born Roman Catholic pontiff, wasn't among the favorites on prediction markets platform Polymarket, whose traders priced in only a 1.2% probability of his being selected for the church's top role. Prevost, who last served as prefect of the Dicastery for Bishops at the Vatican, chose the name of Leo XIV.
/jlne.ws/3SwYG8k
Celsius Founder Mashinsky Gets 12 Years for Crypto Fraud
Chris Dolmetsch - Bloomberg
Alex Mashinsky, the founder of cryptocurrency lender Celsius Network, was ordered to spend 12 years in prison for defrauding hundreds of thousands of customers lured by his firm's high interest rates on digital-asset deposits. Mashinsky, who pleaded guilty in December, was sentenced Thursday by US District Judge John Koeltl in Manhattan. Federal prosecutors had sought a 20-year prison term for the 59-year-old former chief executive officer, calling him "unrepentant."
/jlne.ws/44vTj0K
Capital One Says Trump Organization's 'De-Banking' Suit Short on Facts
Erik Larson - Bloomberg
Capital One Financial Corp. urged a federal judge in Florida to dismiss a lawsuit filed by the Trump Organization, saying no evidence had been presented to support claims that the bank had illegally halted business with President Donald Trump's company for political reasons. The Trump Organization sued in March, accusing Capital One of "de-banking" the company by abruptly canceling hundreds of its accounts after Trump's first term in office ended in 2021, forcing the real estate business to quickly move millions of dollars. The suit accused the bank of violating consumer protection laws.
/jlne.ws/4jJchFD
UBS in Talks to Sell Its Hedge Fund Unit O'Connor to Cantor
Irene Garcia Perez and Todd Gillespie - Bloomberg
UBS Group AG is in talks to sell its hedge fund unit O'Connor to Cantor Fitzgerald LP, a move that would end a more than three-decade run of ownership by the Swiss bank, according to people familiar with the matter. The deal could involve a possible revenue sharing agreement, one of the people said. In that case, Cantor would acquire the unit from UBS's asset management division, and the Swiss bank would receive some of the proceeds, the person said.
/jlne.ws/4m6XuGr
Japan's New Generation of Risk-Taking Investors Is Finally Here
Yasutaka Tamura, Natsuko Katsuki, and Yui Hasebe - Bloomberg
When it comes to investing, attitudes in Japan are undergoing a sweeping generational shift driven by the return of inflation and the rollout of a financial education program. Younger people are now putting more of their money into riskier assets, in a break from the conservatism of their parents and grandparents, who often favored cash savings. This change in investment behavior is helping to fuel a resurgent Japanese stock market that's benefiting from corporate reform and activist investing.
/jlne.ws/4iYyj6i
Why Trump's Plan to Stop Tallying Weather Losses Matters to the Insurance Industry; NOAA's billion-dollar disaster list provides a crucial metric for tracking rising damages tied to climate change and development.
Lauren Rosenthal and Brian K Sullivan - Bloomberg
Extreme weather is an increasingly expensive problem in the US. Last year, fires, droughts and storms caused more than $182 billion in damages - but going forward, the federal government won't be keeping track. The National Oceanic and Atmospheric Administration, or NOAA, announced Thursday it will "retire" its popular database of climate and weather disasters that caused at least $1 billion in damage, a move that follows the Trump administration's efforts to scrub environmental data across the federal government.
/jlne.ws/4kc3njZ
Wall Street Brings the Bitcoin-Versus-Gold Clash to ETF Masses
Isabelle Lee - Bloomberg
The culture clash between Bitcoin enthusiasts and gold bugs is about to be played out in the world of exchange-traded funds. Tidal Financial Group this week filed to launch a pair of long-short trades - pitting the world's biggest cryptocurrency against the shiny metal, and vice versa - offering investors a high-conviction bet on the best alternative hedge, in one fell swoop.
/jlne.ws/42Npesa
How One Little Barge Explains the History of Globalization; Ian Kumekawa's Empty Vessel tracks the history of a single barge that's experienced shipping crashes, energy booms and at least one war.
Enda Curran - Bloomberg
Donald Trump's return to the White House has sent shockwaves through the world economy, and his tariffs - the highest in a century - have sent economists, executives and investors scrambling to explain what's happening. After decades of hyper-globalized commerce, some see a world turning more protectionist, with supply lines shifting closer to home and capital flows increasingly guided by geopolitical rivalries. How did we get here? There are many comprehensive histories of the recent era of globalization, but a new book takes a novel approach, tracing the ebbs and flow of global commerce through the prism of an unlikely subject. Empty Vessel: The Story of the Global Economy in One Barge (Knopf, May 2025) by Harvard academic Ian Kumekawa tracks the history of a barge that, since its construction in a dockyard outside Stockholm in the 1970s, has experienced a shipping crash, an energy boom and the Falklands War.
/jlne.ws/3GIulBr
Big US gambling groups take another hit as punters win; Flutter and DraftKings lower US forecasts after good outcomes for customers take toll on earnings
Mari Novik - Financial Times
The biggest gambling companies in the US said that a winning streak for their customers had hit profits in sports betting, amid early signs of slowdown for the sector after years of rapid growth. Both Flutter, the New-York listed owner of online betting platform FanDuel, and Boston-based DraftKings this week lowered their full-year forecasts for the US, after favourable outcomes for gamblers hit earnings for the second quarter in a row.
/jlne.ws/4kghKE2
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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. | US and UK agree deal slashing Trump tariffs on cars and metals
Natalie Sherman - BBC News
The US has agreed to reduce import taxes on a set number of British cars and allow some steel and aluminium into the country tariff-free, as part of a new agreement between the US and UK. The announcement offers relief for key UK industries from some of the new tariffs President Donald Trump has announced since his return to the White House in January. But it will leave a 10% duty in place on most goods from the UK.
/jlne.ws/44qMOfu
Trump's Tariffs Aim to Boost Steelmakers. One of the Biggest Is Shrinking Instead.; Cleveland-Cliffs closes plants and slows expansion but still counts on tariffs to increase demand from automakers
Bob Tita - The Wall Street Journal
President Trump's tariffs on imported steel aim to boost demand for American steel. So far, they haven't stopped one of the country's biggest steelmakers from closing plants and retreating from its strategy to dominate the industry. Cleveland-Cliffs, the top supplier of sheet steel to automakers in the U.S., has in recent months idled plants and iron-ore mines. This summer, the company plans to close three specialty steel plants in Pennsylvania and Illinois. It is shelving expansion projects, and executives said Thursday it could sell some assets.
/jlne.ws/4j4x1a0
Lutnick Warns No 'Fast Deals' for Japan and South Korea
Justin Sink - Bloomberg
Commerce Secretary Howard Lutnick said that trade deals with South Korea and Japan could take significantly more time to complete than the framework agreement President Donald Trump announced Thursday with the UK, in a signal that some Asian partners may have to wait for tariff relief. "You've got to spend an enormous amount of time with Japan, South Korea. These are not going to be fast deals," Lutnick said in an interview on Bloomberg Television.
/jlne.ws/4ka5rbZ
Trade War Shock Is Scrambling China's Exports; Shipments of goods to the United States plunged by 21 percent in April, but spiked to Asia as President Trump imposed sky-high tariffs on China.
Alexandra Stevenson - The New York Times
Chinese government data released on Friday offered a peek into how the trade war is already reordering the flow of goods around the world. Exports from China jumped last month, driven by trade to other countries in Southeast Asia, even as President Trump's tariffs on Chinese goods forced a sharp slowdown in shipments to the United States. Inside China, imports fell as demand continued to weaken.
/jlne.ws/455Q7Jh
Donald Trump Threatens to Stop Barbie Dolls Being Sold in US
Hugh Cameron - Newsweek
President Donald Trump has threatened to place a 100 percent tariff on Barbie maker Mattel, after the company's CEO said it would continue to manufacture outside the U.S. but would be reducing its reliance on Chinese imports. "I've heard [Mattel] said: 'Well we're going to go counter, we're going to try going someplace else,'" Trump said in the Oval Office on Thursday. "That's OK, let him go, and we'll put a 100 percent tariff on his toys, and he won't sell one toy in the United States, and that's their biggest market."
/jlne.ws/451zXjZ
From Apple to GM, Tariffs to Cost Companies Tens of Billions
Sarah Frier and Chester Dawson - Bloomberg
From Apple Inc (AAPL). to General Motors Co. (GM), corporate America is bracing for tens of billions of dollars in damages from Trump's trade war - and that's before most affected goods have landed. Among US companies that have disclosed financial projections so far, GM sees a $5 billion hit this year, while Apple expects $900 million in higher costs in the current quarter. Nvidia (NVDA) is taking a $5.5 billion charge to account for new export controls.
/jlne.ws/44xWfde
Detroit Three automakers blast Trump UK trade deal
David Shepardson and Kalea Hall - Reuters
/jlne.ws/42PYhEd
Vietnam Calls Trump Tariff 'Unreasonable' as Trade Talks Start
Nguyen Xuan Quynh - Bloomberg
/jlne.ws/4j0Kr6P
Iceland Can 'Manage' 10% US Tariff, Central Bank Chief Says
Francine Lacqua and Ott Ummelas - Bloomberg
/jlne.ws/4j5FKc0
Trump tariffs could cost Wall Street its bonuses
David Hollerith - Yahoo Finance
/jlne.ws/4iRtziz
China's Exports to U.S. Plunge, in Sign of Bite From Trump Tariffs; The drop in U.S.-bound shipments was offset by a surge in Chinese goods to Southeast Asia, Africa, Europe and Latin America
Hannah Miao - The Wall Street Journal
/jlne.ws/3GOzWpD
Trump says China tariffs will be reduced as trade delegates head into negotiations this weekend
Diane Brady - Fortune
/jlne.ws/42NDnWe
Exclusive: India offers to slash tariff gap by two-thirds in dash to seal trade pact with Trump
Shubham Batra, Shivangi Acharya and Ira Dugal - Reuters
/jlne.ws/4j0MGXN
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Trump Calls for 30 Day Ceasefire Between Ukraine and Russia
Nick Wadhams - Bloomberg
President Donald Trump called for a 30-day ceasefire between Russia and Ukraine to pave the way for talks on a lasting peace agreement, and threatened to impose further sanctions if a truce is violated. "Hopefully, an acceptable ceasefire will be observed, and both Countries will be held accountable for respecting the sanctity of these direct negotiations," Trump said in a social media post. "If the ceasefire is not respected, the US and its partners will impose further sanctions."
/jlne.ws/3EY8qFO
Putin Targets 'Victory' in Ukraine as Trump Pushes for Truce
Bloomberg News
President Vladimir Putin said Russia would achieve its strategic objectives in Ukraine as he insisted the country was united behind his war. "That strength of spirit has always brought us only victory," Putin said Friday at the May 9 military parade on Moscow's Red Square marking the 80th anniversary of the defeat of Nazi Germany in World War II. Russia "will always rely on our unity in military and peaceful affairs, in achieving strategic goals."
/jlne.ws/3GKXHit
A Bad Ukraine-Russia Deal Is Also a Terrible Deal for Europe; As Putin and Xi strengthen ties at Russia's Victory Day parade, Trump is squandering his leverage to secure a meaningful peace deal.
Stephanie Baker - Bloomberg
For President Vladimir Putin, Russia's Victory Day parade - marking the 80th anniversary of Nazi Germany's defeat - was so important that he offered a three-day ceasefire in his war against Ukraine. With more than 20 world leaders gathering to watch troops march across Red Square this week, it was an obvious bid to ensure that the parade showcased the power of the Russian military, rather than its vulnerability to Ukrainian long-range drone attacks. Dismissing the offer as a "theatrical performance," Ukrainian President Volodymyr Zelenskiy reiterated his call for an unconditional 30-day ceasefire, which Putin has for weeks refused to support.
/jlne.ws/4dePCPc
Ukraine accuses Hungary of running spy ring; SBU arrests two alleged agents it says were tasked with gathering intelligence for potential Hungarian incursion
Christopher Miller and Marton Dunai - Financial Times
Ukraine has arrested two people who it said were part of a Hungarian spy ring gathering intelligence for a possible military incursion - the first time Kyiv has accused an EU neighbour of plotting against its interests. The Ukrainian state security service (SBU) said on Friday that it had uncovered a spy network run by Hungary's military intelligence to gather sensitive information on its defences and population in its western Zakarpattia region, home to about 80,000 Hungarian speakers.
/jlne.ws/3SrcukK
Middle East Conflict
Hamas says it is engaged in 'fierce fighting' in Gaza's Rafah
Reuters
Hamas militants engaged in "fierce fighting" with Israeli soldiers on Thursday in the south of the Gaza Strip near Rafah, the Palestinian militant group said. The statement, issued on Telegram, suggests that Hamas is still active in areas where the Israeli military has expanded its control, more than 19 months after the start of Israel's air and ground campaign in Gaza. In a later statement, it said fighters ambushed an Israeli 12-man force inside a house in the Tanur neighborhood in the eastern Rafah area with two anti-personnel and anti-armour rockets, killing and wounding several soldiers.
/jlne.ws/3YDHS39
Trump team gives ultimatum to UN over Gaza aid plan; US officials threaten funding cuts unless agencies support controversial project
Neri Zilber and Mehul Srivastava - Financial Times
Donald Trump's aides have threatened the UN and other international humanitarian groups with funding cuts and other sanctions if they do not back a new US-led aid plan for war-torn Gaza, according to people familiar with the matter. Steve Witkoff, the US special envoy for the Middle East, issued the warning in a private briefing to UN security council ambassadors on Wednesday in New York, while his aide Aryeh Lightstone spoke to a meeting of UN officials in Geneva on Thursday.
/jlne.ws/42YokYs
Other Conflicts
China has spent billions developing military tech. Conflict between India and Pakistan could be its first major test
Nectar Gan, Simone McCarthy and Brad Lendon - CNN
The escalating conflict between India and Pakistan could be offering the world a first real glimpse into how advanced Chinese military technology performs against proven Western hardware - and Chinese defense stocks are already surging. Shares of China's AVIC Chengdu Aircraft rose 40% this week, as Pakistan claimed it used AVIC-produced J-10C fighter jets to shoot down Indian combat aircraft - including the advanced French-made Rafale - during an aerial battle on Wednesday.
/jlne.ws/3SujUDU
Global militaries to study India-Pakistan fighter jet battle
Tim Hepher and Mike Stone - Reuters
A dogfight between Chinese-made Pakistani jets and French-made Indian Rafale fighters will be closely scrutinized by militaries seeking insights that could offer an edge in future conflicts. A Chinese-made Pakistani fighter plane shot down at least two Indian military aircraft on Wednesday, two U.S. officials told Reuters, marking a potential major milestone for Beijing's advanced fighter jet.
/jlne.ws/3Z0kIEv
US VP Vance says war between India and Pakistan will be 'none of our business'
Kanishka Singh - Reuters
U.S. Vice President JD Vance said on Thursday that India and Pakistan should de-escalate tensions, but he added that the U.S. cannot control the nuclear-armed Asian neighbors and a war between them would be "none of our business". "We want this thing to de-escalate as quickly as possible. We can't control these countries, though," Vance said in an interview on Fox News show "The Story with Martha MacCallum."
/jlne.ws/438YUHI
India, Pakistan accuse each other of attacks as hostilities rise
Aftab Ahmed and Charlotte Greenfield - Reuters
India and Pakistan accused each other of launching new military attacks on Friday, using drones and artillery for the third day in the worst fighting between the nuclear-armed South Asian neighbours in nearly three decades.
/jlne.ws/44vt6PH
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ICE Launches EU Carbon Allowance 2 Futures; Expanding the Most Liquid Environmental Derivatives Markets in the World
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, announced the launch this week of EU Carbon Allowance (EUA) 2 futures, with the contract now available to trade alongside ICE's benchmark EUA futures and options, the most liquid carbon derivatives market in the world. The EUA 2 futures contract launched on May 6, 2025, with the first trades taking place on the same day, totaling the equivalent of 5,000 EUA 2 allowances.
/jlne.ws/4m9qEEW
London Stock Exchange Group PLC Transactions In Own Securities
LSEG
London Stock Exchange Group plc (LSEG) announces today that it has purchased the following number of its ordinary shares of 679/86 pence each on the London Stock Exchange from Morgan Stanley & Co. International Plc (Morgan Stanley) as part of its share buyback programme, as announced on 3 March 2025:
/jlne.ws/4d9FWp3
Post Trade Solutions executes first GBP/USD compression run at SwapAgent
LSEG
LSEG today announced that Post Trade Solutions has successfully completed its first GBP/USD multilateral compression run at SwapAgent, the service for the non-cleared derivatives market. Post Trade Solutions brings together Quantile, Acadia and SwapAgent to minimise risk, reduce cost, and improve capital efficiency. Initially launched in 2024 with EUR/USD currency pairs, the service has now been expanded to include GBP/USD, accounting for approximately 75% of SwapAgent trading activity in total. This development enables participants to target the majority of cross currency swaps and directly responds to the needs of market participants.
/jlne.ws/3YENURb
Performance Bond Requirements: Agriculture - Effective May 09, 2025
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on May 09, 2025. For the full text of this advisory, please click the link below.
/jlne.ws/44YKFI8
Review of Collateral Haircuts - Effective March 08, 2025
CME Group
In conjunction with the regular review of market volatility and to ensure adequate collateral coverage, please find below the current acceptable collateral and haircuts for CME Clearing. For the full text of this advisory, please click the link below.
/jlne.ws/4k7IpT4
Performance Bond Requirements: Agriculture and Metals - Effective May 09, 2025
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on May 09, 2025.
/jlne.ws/4iZzWRd
Trading Challenge
CME Group
Trade Against a Pro. Prepare to face off against fellow traders and a pro in a risk-free, simulated environment to see who comes out on top in this battle of futures.
/jlne.ws/4jKbd4l
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Instagram Chief Says App Has Feared TikTok Threat for Years
Riley Griffin - Bloomberg
A small portion of Instagram's content comes from users engaging with family and friends as the app focuses more on video offerings to compete with TikTok, the platform's chief Adam Mosseri said, seeking to fend off government claims that Meta Platforms Inc. monopolizes social media. Mosseri, a longtime Meta employee who became the head of Instagram in 2018, testified Thursday that the social media market had changed "dramatically" since he first joined the company. Instagram is now locked in a fast-moving race against TikTok and competing platforms, he argued, with all offering similar features and vying for the same core audience of users under age 30.
/jlne.ws/3StAow2
Technology Drives Options Market Development
Editorial Staff - Traders Magazine
The rapid expansion of options markets in recent years has been driven by a number of factors, not least of which is technology. Technology helps institutional firms access options liquidity, helps brokers handle and route trades more efficiently, and helps online platforms attract and retain retail market participants. But for all firms in the options market ecosystem, it's not just about adopting technology, it's also necessary to create the right processes around the technology.
/jlne.ws/4k8OGxQ
Circle outlines its path to Bermuda
Jessie Moniz Hardy - The Royal Gazette
As soon as the technology company Circle bought Hashnote, one of the largest tokenised treasury and money market funds in the world, they moved it to Bermuda to take advantage of the island's digital asset business licence. "Bermuda is a global gold standard in regulation," said Circle president Heath Tarbert. "That is why we are here today." Mr Tarbert opened the Bermuda Digital Finance Forum at Pier Six, with David Burt, the Premier and Minister of Finance.
/jlne.ws/4m7VVrV
AI use damages professional reputation, study suggests; New Duke study says workers judge others for AI use-and hide its use, fearing stigma.
Benj Edwards - Ars Technica
Using AI can be a double-edged sword, according to new research from Duke University. While generative AI tools may boost productivity for some, they might also secretly damage your professional reputation. On Thursday, the Proceedings of the National Academy of Sciences (PNAS) published a study showing that employees who use AI tools like ChatGPT, Claude, and Gemini at work face negative judgments about their competence and motivation from colleagues and managers.
/jlne.ws/44Ag1ot
A.I. Is Getting More Powerful, but Its Hallucinations Are Getting Worse; A new wave of "reasoning" systems from companies like OpenAI is producing incorrect information more often. Even the companies don't know why.
Cade Metz and Karen Weise - The New York Times
Last month, an A.I. bot that handles tech support for Cursor, an up-and-coming tool for computer programmers, alerted several customers about a change in company policy. It said they were no longer allowed to use Cursor on more than just one computer. In angry posts to internet message boards, the customers complained. Some canceled their Cursor accounts. And some got even angrier when they realized what had happened: The A.I. bot had announced a policy change that did not exist.
/jlne.ws/43kmHWu
OpenAI's Sam Altman goes to Washington to talk AI-and gets a friendly reception
Sharon Goldman - Fortune
Good morning. I'm Sharon Goldman, AI reporter, pinch-hitting on the Fortune Tech newsletter today. It's great timing, because I'm just back from vacation, where I saw both natural and manmade wonders of the world-the Grand Canyon and Hoover Dam-as well as something new rising like a phoenix in the Arizona desert. Okay, it's actually in Phoenix-that is, the sprawling new semiconductor plant from Taiwan Semiconductor Company (TSMC) that will produce sophisticated AI chips for clients like Nvidia and Amazon.
/jlne.ws/3YCFMRa
DeepSeek Punctured the Myth That Silicon Valley Could Control AI; In just two years, China's open-source artificial intelligence movement allowed it to virtually close the gap with its US peers.
Parmy Olson - Bloomberg
/jlne.ws/4daL8sU
AI execs say US must increase exports, improve infrastructure to beat China
Alexandra Alper and Jody Godoy - Reuters
/jlne.ws/3GOwLhK
Exclusive: Nvidia modifies H20 chip for China to overcome US export controls, sources say
Liam Mo and Brenda Goh - Reuters
/jlne.ws/3F6nIIo
Lawmakers Urge U.S. Leadership in Blockchain Innovation
Anna Lyudvig - Traders Magazine
/jlne.ws/43loESt
Borderless.xyz network expands with River.app
GlobalData
/jlne.ws/4da0y0j
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| Cybersecurity | | Top stories for cybersecurity | A Multimillion-Dollar Risk: How CEOs Can Better Assess Cybersecurity Threats
Jerry Layden, Forbes
Every CEO and CFO understands how to quantify operational risk. Market volatility, supply chain disruptions, regulatory compliance-these are all baked into financial projections and boardroom discussions. Yet, when it comes to cyber risk, most companies are flying blind. And that opens them up to potential breaches that can cost, on average, $4.8 million, according to IBM's 2024 Cost of a Data Breach Report. The problem isn't a lack of data. Security teams are drowning in it. Every day, chief information security officers receive thousands of findings-alerts, vulnerabilities, compliance gaps-but lack the clarity to answer the one question that matters most to the business and one that CEOs are always asking: "How does this affect us?"
/jlne.ws/3H1Ku4L
NIST Privacy Framework Updated to Incorporate Latest Cybersecurity Guidelines
Steve Alder - The HIPAA Journal
The National Institute of Standards and Technology (NIST) has issued a draft update to its Privacy Framework to incorporate the latest cybersecurity guidelines and practices. The NIST Privacy Framework: A Tool for Improving Privacy through Enterprise Risk Management is a voluntary tool that provides a set of strategies for organizations to adopt to improve their approach to protecting personal data. First released in January 2020, the framework is modeled on and developed to complement the NIST Cybersecurity Framework. While organizations can adopt the NIST CSF to improve their security posture, adopting the NIST CSF will not necessarily address all privacy risks.
/jlne.ws/4keIYe1
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| Cryptocurrencies | | Top stories for cryptocurrencies | Could Eye-Scanning Crypto Orbs Save Us From a Bot Apocalypse? World, a start-up backed by Sam Altman, has launched in the United States with the goal of verifying your humanity.
Kevin Roose - The New York Times
Spend enough time in San Francisco, peering into the cyberpunk future, and you may find that weird things start seeming normal. Fleets of self-driving cars? Yawn. A start-up trying to resurrect the woolly mammoth? Sure, why not. Summoning a godlike artificial intelligence that could wipe out humanity? Ho-hum. You may even find yourself, as I did on Wednesday night, standing in a crowded room in the Marina district, gazing into a glowing white sphere known as the Orb, having your eyeballs scanned in exchange for cryptocurrency and something called a World ID.
/jlne.ws/4dflT8Y
Coinbase Posts Jump in Revenue, Drop in Quarterly Earnings
Olga Kharif - Bloomberg
Coinbase Global Inc.'s first-quarter revenue jumped while profit declined as the largest US crypto exchange navigated the volatile price swings of the digital asset market. Revenue increased about 24% to $2 billion from the year-ago period, though it was around 10% sequentially lower from the fourth quarter, the San Francisco-based company said in a blog post Thursday. Revenue was expected to be $2.105 billion, according to the average forecast of analysts surveyed by Bloomberg.
/jlne.ws/3YxQxnN
Coinbase's $2.9B Deribit Deal a 'Legitimate Threat' for Peers, Wall Street Analysts Say
Helene Braun - CoinDesk
Coinbase's (COIN) $2.9 billion acquisition of Deribit will be a tipping point for the company, pushing the U.S.-based exchange into direct competition with global heavyweights like Binance, Wall Street analysts wrote on Thursday. The massive deal is more than just a platform expansion; it's a paradigm shift for the exchange and trading industry. According to the analysts, the deal signals the start of a new consolidation cycle in the crypto trading industry, as smaller exchanges face pressure and TradFi firms look to expand further into the sector.
/jlne.ws/436L8Fv
SoftBank, Tether, Cantor Bring Financial Muscle in Crypto Gambit
Vildana Hajric and Teresa Xie - Bloomberg
When Michael Saylor transformed his long-fading software firm into a Bitcoin juggernaut in 2020, he pulled off one of the most successful corporate pivots in recent memory by weaponizing the sheer power of capital markets. Now, Cantor Fitzgerald - backed by institutional muscle - is aiming to replicate Saylor's success with even bigger ambitions. Along with stablecoin heavyweight Tether Holdings SA and SoftBank Group, the new digital-asset venture, Twenty One Capital, is positioning itself as a next-generation Bitcoin "pure play." Like the former MicroStrategy, now renamed Strategy, Twenty One will raise capital to amass the digital token and invest in related products and infrastructure. Yet unlike Strategy, it's also launching with deep-pocketed partners and a bigger Bitcoin holding from the get-go.
/jlne.ws/4k8QneG
Swissquote Seeks to Shake Crypto Link Despite 1,500% Stock Rally
Levin Stamm - Bloomberg
When Swissquote Group Holding SA became the first European bank to let clients trade Bitcoin in 2017, the cryptocurrency was changing hands for around $2,000 per token. Shares in the online brokerage have surged more than 1,500% since then, riding the wave of soaring demand for digital currencies that has pushed Bitcoin back above $100,000. But being closely linked to crypto also comes with volatility and risks - and Swissquote wants to be clear that there's more to the company.
/jlne.ws/3SviCbK
German Cops Seize EUR34 Million of Crypto Assets in 'eXch' Swoop
Karin Matussek - Bloomberg
German authorities closed down the crypto-swapping service "eXch" located in the nation and seized assets worth EUR34 million ($38 million). It's the third largest seizure of crypto assets in the history of Germany's federal criminal police office, Frankfurt prosecutors said in a statement on Friday. Dutch officials were also involved in the operation. The assets frozen included Bitcoin, Ether, Litecoin and Dash.
/jlne.ws/435UPnJ
Former Celsius CEO sentenced to 12 years in prison for crypto related fraud: Inner City Press
Sarah Wynn - The Block
/jlne.ws/43neqRI
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| Politics | | An overview of politics as it relates to the financial markets | Trump's Return to Power Elevates Ever Fringier Conspiracy Theories; At every level of government, authority figures are embracing once-extreme ideas, including that the Earth is flat or that the state controls the weather.
Tiffany Hsu - The New York Times
People who question whether the Earth is round - a fact understood by the ancient Greeks and taught to American children in elementary school - might have been political pariahs a decade ago. Now, they're running local Republican parties in Georgia and Minnesota and seeking public office in Alabama. A prominent far-right activist who has said, despite years of research and intelligence establishing otherwise, that the terrorist attacks on Sept. 11, 2001, were an inside job by the U.S. government commemorated the 9/11 anniversary last year alongside President Trump.
/jlne.ws/4jM3keN
Trump abruptly fires Librarian of Congress
Kyle Stewart - NBC News
President Donald Trump fired the Librarian of Congress, Carla Hayden, on Thursday, according to a copy of her termination email obtained by NBC News. In the email sent to Hayden, Trent Morse, the deputy director of presidential personnel, wrote: "On behalf of President Donald J. Trump, I am writing to inform you that your position as the Librarian of Congress is terminated effective immediately."
/jlne.ws/3YDyvjZ
Crypto-Backed Stablecoin Bill Blocked Amid Furor Over Trump Memecoin
Steven T. Dennis - Bloomberg
Senate Democrats blocked stablecoin legislation backed by the digital assets industry amid a furor over President Donald Trump's extensive and growing portfolio of crypto ventures. Backers of the bill failed to muster enough support to bring it up for consideration with only 48 senators voting in favor Thursday, short of the 60 votes needed.
/jlne.ws/44pB5hf
Visual investigation: 1,000 US government webpages deleted; Survey highlights Trump administration's drive to control information
Nikkei Asia
Huge swaths of U.S. government online information have vanished, with President Donald Trump's administration purging at least 1,000 pages from the websites of some 90 federal agencies, according to a Nikkei survey. Such pages include those related to climate changes and the attack on the U.S. Capitol on Jan. 6, 2021. Many of the deletions were based on executive orders Trump signed after his inauguration. As Trump passes 100 days back in office, officials in his administration are deleting images and data that do not align with Trump's worldview.
/jlne.ws/4j0vOQR
Trump Brings Millionaire Tax Idea Back to Life; Raising top income-tax rate faces resistance from many congressional Republicans
Richard Rubin, Alex Leary and Olivia Beavers - The Wall Street Journal
Fifteen days after taking a marginal tax-rate increase off the table, President Trump put it back in play. The president, who rejected a "millionaire tax" April 23, is now considering backing a tax structure that would return the top individual income-tax rate to 39.6% from 37% for people making over $2.5 million, according to people familiar with White House discussions.
/jlne.ws/4jKpIoJ
Trump touts his Scottish heritage-but Lewis islanders prefer to forget
Caroline Taix and AFP via Fortune
Donald Trump, who unveiled a trade agreement with the UK on Thursday, is proud of his roots on the windswept Scottish island where his mother grew up, but its residents are less enthused by her famous son. In contrast to the Trump brand's glitz and glamour, his ancestral home on the Isle of Lewis, northwest Scotland, is quite modest.
/jlne.ws/44BicYV
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC Seeks to Settle Legal Fight With Ripple Labs for $50 Million
Nicola M White - Bloomberg
The US Securities and Exchange Commission moved to settle a long-running legal battle against Ripple Labs Inc. as the regulator continues its about-face on crypto cases. The SEC and the blockchain infrastructure company will jointly ask a federal court in Manhattan to dissolve an injunction against Ripple and release more than $125 million in civil penalties in an escrow account, according to a settlement agreement filed Thursday. Of that, $50 million would go to the SEC and the rest would be returned to Ripple, the SEC said.
/jlne.ws/4kbbVaP
France Blasts EU Plan for Retail Investor Protection as Costly
Laura Noonan - Bloomberg
France is calling on the European Union to dial back a landmark proposal improving the protection for retail investors, saying the current draft would impose onerous burdens on asset managers and drive away clients. The reaction to a core piece of European financial regulation comes amid rising pushback by companies and governments to what they see as excessive red tape that's hurting competitiveness. France, which is home to Europe's largest asset manager and several of its biggest banks, has emerged as a strong proponent of easing financial regulation in an effort to boost growth.
/jlne.ws/4dapmFI
New Zealand Financial Market Authority: Update On The Pushpay Insider Trading Appeal
Mondovisione
The Financial Market Authority (FMA) - Te Mana Tatai Hokohoko - has welcomed the Court of Appeal's decision on the Pushpay insider trading appeal. In August 2023 the defendant was found guilty of an insider trading offence following a four-week trial in the Auckland High Court. They were sentenced to six months community detention and a fine of $100,000. In April 2024 they appealed the conviction and the High Court's decision to refuse name suppression. The Crown also appealed the sentence, saying it was manifestly inadequate.
/jlne.ws/43osg6k
SEC Off-Channel Communications Settlements-SRO Collateral Consequences
Robert Cook, President and CEO, and Greg Ruppert, Executive Vice President, Member Supervision, FINRA.
From 2021 to 2024, the SEC brought enforcement actions against numerous FINRA member firms for recordkeeping violations involving off-channel communications (OCCs) and settled them on substantially similar terms. In January 2025, the SEC brought additional OCC-related actions against other member firms but settled these on significantly less burdensome terms. A group of firms settling before 2025 petitioned the SEC to modify their settlements to align with the January firm settlements. The SEC recently denied this petition.
/jlne.ws/43n4OX2
Opening Remarks at the SEC Town Hall
Paul S. Atkins, Chairman - SEC Town Hall
Thank you very much for coming to our first "town hall" meeting together. To those of you here with me at our headquarters in Washington, it is so great to see you. And, let me add an especial welcome to you who are joining from our regional offices around the country. I am pleased that we can meet today to discuss the SEC; our important mission on behalf of our fellow citizens, investors, and taxpayers; as well as some of my priorities as your new Chairman.
/jlne.ws/4m8pV6X
A Creative and Cooperative Balancing Act
Commissioner Hester M. Peirce - SEC
Welcome to the penultimate day of the SEC's 31st International Institute for Securities Market Growth and Development. Before I begin, as I am sure you anticipate based on what you have heard from many SEC speakers this week, my views are my own as a Commissioner and not necessarily those of the SEC or my fellow Commissioners.
/jlne.ws/44pKQfo
Statement on the Agency's Settlement with Ripple Labs, Inc.
Commissioner Caroline A. Crenshaw - SEC
In December of 2020, under then-Chairman Jay Clayton, the SEC sued Ripple Labs, Inc. for failing to register its crypto tokens as required under the U.S. securities laws.[1] We alleged that Ripple and its leaders raised capital to finance their business through the sales of XRP in unregistered securities offerings, depriving investors of information material to their investments. On the parties' cross-motions for summary judgment, the court found that Ripple's institutional sales of XRP constituted an unregistered offer and sale of investment contracts in violation of Section 5 of the Securities Act of 1933, but that other secondary offers and sales did not. The court ordered that Ripple be permanently restrained and enjoined from future violations of Section 5 and ordered it to pay a civil penalty of over $125 million.[2] Both parties appealed the ruling.
/jlne.ws/3SrsVh1
SEC Announces Settlement Agreement to Resolve Civil Enforcement Action Against Ripple and Two of Its Executives
SEC
The Securities and Exchange Commission today filed a settlement agreement entered into with defendants Ripple Labs, Inc., Bradley Garlinghouse, and Christian A. Larsen that lays out a framework for resolving the Commission's civil enforcement action against them.
/jlne.ws/4khw7bb
Ascent director Michael Dunjey charged with 33 criminal offences
ASIC
Director of Ascent Investment and Coaching Pty Ltd, Michael Dunjey of Hampton, Victoria, appeared at the Perth Magistrates Court on 9 May 2025, charged with 33 criminal offences.
/jlne.ws/3GIsnB3
Update on the Pushpay insider trading appeal
FMA
The Financial Market Authority (FMA) - Te Mana Tatai Hokohoko - has welcomed the Court of Appeal's decision on the Pushpay insider trading appeal.
In August 2023 the defendant was found guilty of an insider trading offence following a four-week trial in the Auckland High Court. They were sentenced to six months community detention and a fine of $100,000. In April 2024 they appealed the conviction and the High Court's decision to refuse name suppression. The Crown also appealed the sentence, saying it was manifestly inadequate.
/jlne.ws/43a3Tbp
FCA enhances access to investment research
FCA UK
We have finalised rules allowing pooled investment funds greater freedom in paying for investment research. These new rules help UK markets to be more efficient to support growth. High-quality, easily accessible investment research is crucial for fund managers to make informed investment decisions for the benefit of investors.
/jlne.ws/4k4bajM
Two brothers plead guilty to insider dealing
FCA UK
Today at Southwark Crown Court, Matthew and Nikolas West pleaded guilty to insider dealing, following a prosecution brought by the FCA. Between November 2016 and January 2020, Matthew West used confidential, inside, information to deal in shares in four companies: Proactis Holdings Plc, Palace Capital Plc, Concha Plc, and Bushveld Minerals Limited. Matthew West also disclosed inside information to his brother Nikolas West in relation to a fifth company, Asimilar Group Plc. Nikolas West used this inside information to deal. The total profits from the dealing were £42,948.
/jlne.ws/4m396Kx
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Trump's 'Buy Stock' Message Comes at a Key Psychological Level
Claire Ballentine - Bloomberg
As the S&P 500 erases losses stemming from last month's tariff announcement, Donald Trump may be right to encourage investors to open up their portfolios and take action. But it isn't necessarily the time to be buying, like the US president said on Thursday. Rather, financial advisers told me while I was filling in for Charlie Wells on this week's Wealth newsletter, that the market's fast recovery is more so a golden opportunity to reassess portfolio allocations and prepare for the months ahead.
/jlne.ws/4kfYk21
Strengthening the Buy Side-Sell Side Relationship in a New Era of Innovation and Risk
Anna Lyudvig - Traders Magazine
At a time when market volatility is reshaping client expectations and technology is driving transformative change across the industry, leaders from across the financial sector gathered at the SIFMA Operations Conference & Exhibition 2025 to reflect on the evolving relationship between the buy-side and sell-side.
/jlne.ws/3GKgwSJ
The Most Profitable Dividend Strategy Is the Simplest; Investors have piled into funds offering variations on dividend investing, but one of the easiest methods has produced the highest return
Spencer Jakab - The Wall Street Journal
It's one of the most successful investing strategies, but you can easily do better. Dozens of funds and hundreds of billions of dollars of conservative investors' savings have been deployed in the belief that companies that steadily increase their dividends over time have been the best market performers in the long run. The dividend growth tail sometimes wags the dog: The list of 69 S&P 500 Dividend Aristocrats, for example, includes companies that have raised payouts for at least 25 years. When management teams decide they can't raise them by even a penny-Pfizer, General Electric, AT&T and Walgreens all lost the crown-they have been punished. Exxon Mobil tied itself in knots five years ago to keep the distinction, doing so by a whisker.
/jlne.ws/3St1dQZ
NY Fed Plans to Offer Regular Early Repo Operations
Alex Harris - Bloomberg
The Federal Reserve Bank of New York plans on making early-settlement operations for a key liquidity facility part of the regular schedule in a bid to enhance the tool and support smooth market functioning. The scheduling tweak to the Standing Repo Facility - or SRF, which allows eligible banks and primary dealers to borrow funds overnight in exchange for Treasury and agency debt at a rate set by the Fed - will take place at some point "in the not-too-distant future," said Roberto Perli, who oversees the central bank's securities portfolio.
/jlne.ws/3YEgWQS
Tight Wheat Supply Leaves Prices at Mercy of Any Weather Shocks
Celia Bergin - Bloomberg
Wheat supplies are expected to remain tight in the new season, leaving the market vulnerable to higher prices if weather worsens in key growers before the approaching harvest. While US winter wheat is in the best condition for the time of year since 2020, farmers in parts of Europe and China have battled dryness and Russian growers are waiting to see if a recent cold snap further shrinks the crop. The mixed bag means that early forecasts are for global stockpiles to hold near the lowest in about a decade.
/jlne.ws/4mnwaEa
Beloved on Credit Desks, Portfolio Trades Come to Sovereign Debt
Alice Atkins - Bloomberg
In the throes of April's market chaos, one London fund manager found a relatively simple and cheap way to unload its unwanted bonds. Taking a page from the playbook of credit traders, Legal & General bundled up assorted gilts into portfolio trades of sovereign debt. Portfolio trading - in which a basket of bonds is traded in one swoop - has transformed the market for less-liquid corporate bonds by bundling them with more popular peers. The same trick was thought to convey fewer benefits to government debt, which already trade electronically and often. That was before a violent selloff in global bonds that hit UK government debt particularly hard.
/jlne.ws/3F2yDmq
The Ultra-Rich Move in Herds. Just Ask London; If the campaign against abolition of the "non-dom" regime is measured by the volume of noise on each side, then the verdict is already in.
Matthew Brooker - Bloomberg
/jlne.ws/4kaz4Ki
State Street's LINK integrates EMAlpha multilingual AI co-pilot; The offering will allow clients to access currency-related insights and market news; follows the firm's launch of LINK in February 2025 as part of a rebranding effort.
Natasha Cocksedge - The Trade
/jlne.ws/3SzwfXn
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Europe's Wind Industry Faces Uncertainty Over Trump's Policies; Not long ago, the U.S. was seen as a promising market for offshore wind. Now industry executives aren't making any assumptions.
Stanley Reed - The New York Times
In the sprawling flatlands of Denmark's Jutland peninsula, near the small town of Give, a family-owned company called Welcon has been gearing up to build giant, cylindrical wind turbine towers for a multibillion-dollar project. The project, a wind farm called Empire Wind, is being built by the Norwegian energy giant Equinor in the waters off Long Island, N.Y. But those plans were thrown into disarray last month when the Trump administration, which is skeptical about offshore wind power, ordered an indefinite halt to construction.
/jlne.ws/4k8XcwX
U.S. Government to Stop Tracking the Costs of Extreme Weather; It would be harder for insurers and scientists to study wildfires, storms and other "billion dollar disasters," which are growing more frequent as the planet warms.
Rebecca Dzombak and Hiroko Tabuchi - The New York Times
The National Oceanic and Atmospheric Administration said on Thursday it would stop tracking the cost of the country's most expensive disasters, those which cause at least $1 billion in damage. The move would leave insurance companies, researchers and government policymakers without information to help understand the patterns of major disasters like hurricanes, drought or wildfires, and their economic consequences, starting this year. Those events are becoming more frequent or severe as the planet grows hotter, although not all disasters are linked to climate change.
/jlne.ws/3F1nS3N
Spain's historic April 28 blackout sparks new debate over green energy shift
Suman Naishadham and the Associated Press via Fortune
The massive power outage that hit the Iberian peninsula on April 28 has reignited a debate in Spain over the country's plan to phase out its nuclear reactors as it generates more power with renewable energy. As people wait for answers about what caused the historic power cut, which abruptly disrupted tens of millions of lives, some are questioning the wisdom of decommissioning nuclear reactors that provide a stable, if controversial, form of energy compared to renewables, whose output can be intermittent.
/jlne.ws/3SrmlHh
EU changes to sustainability law risk company lawsuits, legal scholars say
Kate Abnett - Reuters
The European Union's plans to cut back sustainability reporting rules could expose European companies to more climate change-related lawsuits, 31 legal scholars said in a letter published on Friday. The European Commission in February proposed loosening corporate sustainability rules for businesses in Europe, responding to criticism that EU red tape hinders competitiveness with rivals in China and the United States.
/jlne.ws/43ei7bd
UK's Crown Estate Backs More Wind Turbines at Offshore Sites
Eamon Farhat - Bloomberg
King Charles III's Crown Estate has given the green light to developers to build higher-density wind farms on existing seabed leases as it seeks a quick, space-efficient way to bolster capacity. The announcement from the Crown Estate, which owns the UK's seabed, means that seven projects including RWE AG's Rampion 2, as well as SSE Plc's and Equinor ASA's Dogger Bank D, will be able to boost capacity by 4.7 gigawatts. This comes as the UK seeks to increase its wind capacity from 15 gigawatts to about 50 gigawatts.
/jlne.ws/437cLyu
DEI May Not Survive. But Shareholder Activism Will; The death of Robert Monks, the godfather of shareholder activism, reminds us how much it has reinvigorated the corporate world.
Adrian Wooldridge - Bloomberg
Business corporations are, simultaneously, the world's most wonderful organizations and the most terrifying. Wonderful because they produce an unprecedented profusion of life's necessities and luxuries. Terrifying because they are so powerful and relentless. "Corporations have neither bodies to be punished, nor souls to be condemned," the 18th century British Lord Chancellor Edward Thurlow once remarked, "they therefore do as they like." How can we bring out the best in these Janus-faced creatures? One answer is to create a responsible managerial cadre through a mixture of education and professional ethics. A second is to use the government to regulate companies, and otherwise to chivy them to do the right thing. A third is to empower all the "stakeholders" in the capitalist enterprise (workers, suppliers and shareholders) to ensure social balance.
/jlne.ws/3Svg3q8
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Citigroup must face $1 billion lawsuit claiming it aided Mexican oil company fraud
Jonathan Stempel - Reuters
Citigroup must face a revived lawsuit claiming it caused more than $1 billion of losses by orchestrating and concealing a vast fraud at the now-bankrupt Mexican oil and gas services company Oceanografia, a U.S. appeals court ruled on Thursday. A three-judge panel of the 11th U.S. Circuit Court of Appeals in Miami said 30 Oceanografia vendors, creditors and bondholders adequately alleged that Citigroup substantially aided the fraud, and a lower court judge erred in dismissing the nine-year-old case.
/jlne.ws/3Z5yENi
Northern Trust names new investment chiefs for asset management division
Mark Weinraub - Crain's Chicago Business
Northern Trust promoted two executives to lead its asset management team and oversee the investment performance, process and philosophy of the division, which had $1.3 trillion in assets under management as of March 31. Michael Hunstad, currently head of global equities for the team, and Christian Roth, chief investment officer of global fixed income, will serve as co-chief investment officers of Northern Trust Asset Management, effective June 1, according to a news release today from the bank.
/jlne.ws/4iTJ5KO
Sanjeev Gupta's commodities trading firm to appoint administrators; Move would mark final chapter for one of the controversial metals magnate's oldest companies
Robert Smith - Financial Times
Sanjeev Gupta is set to call in administrators to place his main commodities trading business into insolvency, marking the final chapter for one of the controversial metals magnate's oldest companies. Liberty Commodities, which last month renamed itself to 3349135 Limited, on Thursday filed a "notice of intention to appoint an administrator", according to UK court records.
/jlne.ws/4jKk5Hd
Macquarie Shares Climb as Asset Management Drives Profit
Adam Haigh - Bloomberg
Macquarie Group Ltd. shares advanced as much as 4% as strong asset management fees drove profit that exceeded analysts' estimates, offsetting continued weakness in its commodities and global markets business. Net income rose 5% to A$3.72 billion ($2.4 billion) in the 12 months to March 31, according to a statement Friday from the Sydney-based investment bank. That compared with the A$3.69 billion average estimate of analysts surveyed by Bloomberg.
/jlne.ws/3SsbHjz
Commerzbank delivers surprise profit jump as it fends off UniCredit
Tom Sims and Frank Siebelt - Reuters
Commerzbank, fending off a possible takeover by Italy's UniCredit, said on Friday that net profit rose nearly 12% in the first quarter, beating expectations despite strong headwinds for the German economy. The earnings set the stage for an annual shareholder meeting next week when Commerzbank management will seek investor backing for a continued standalone strategy.
/jlne.ws/43m0MOF
UBS fixed income head joins RBC as head of sales for global markets EMEA; Individual joins from UBS; has also previously served at Citibank and Lehman Brothers.
Claudia Preece - The Trade
Mark Tinworth has joined Capital Markets as head of sales EMEA, global markets - a newly created role. London-based Tinworth most recently served as global head of fixed income trading at UBS. In the role, he oversaw rates and credit trading. He will report to Sian Hurrell, head of global sales and relationship management and head of capital markets Europe.
/jlne.ws/4jK8iZr
In a first, a pension fund has voted to block new investments in Tesla: 'Musk has destroyed the brand'
Amanda Gerut - Fortune
/jlne.ws/3RYJKQi
Rio Traders Reap 37% Gain in Record Month for Brazil Hedge Funds
Vinicius Andrade - Bloomberg
/jlne.ws/3RYEyvP
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | 'Work-life balance is your problem, not the employer's responsibility': Skims boss Emma Grede's claim is sparking controversy; The British entrepreneur called the priority a red flag in interviews, but experts say Grede's view can enable burnout.
Jennifer Mattson - Fast Company
British entrepreneur Emma Grede, who founded the women's bodywear company Skims along with her husband, Jens Grede, and Kim Kardashian, is getting a lot of attention after dismissing work-life balance as a priority for employers. "Work-life balance is your problem, not the employer's responsibility," Grede said on The Diary of a CEO podcast on Monday, hosted by British entrepreneur Steven Bartlett, which features interviews with CEOs and other successful leaders. "Look, I have four kids, and I had to figure out how I would think about my own ambition balanced with my parenting. That's the truth," she continued.
/jlne.ws/4ddy3PF
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| Wellness Exchange | | An Exchange of Health and Wellness Information | USAID's Demise Threatens a Vital Health and Climate Solution in Africa; A funding stoppage hurts efforts to phase out polluting home cookstoves and replace them with cleaner alternatives.
Laura Millan - Bloomberg
Companies are turning to carbon markets for financing, but this is a slow process, and African countries need to sign bilateral agreements with developed nations to buy carbon credits, making it a challenging and uncertain solution. The Trump administration's gutting of the US Agency for International Development, with 80% of its programs now canceled, is a blow for clean cookstove programs in Africa. That means more Africans will have to rely on burning wood or charcoal in their homes, driving air pollution, deforestation and greenhouse gas emissions across the continent.
/jlne.ws/4jOdBax
American farmers raise alarm as US cuts funds for UN bird flu fight; Trump administration slashes $160mn from UN disease monitoring amid surging avian influenza outbreak
Susannah Savage and Michael Peel - Financial Times
US cuts to funding for the UN's Food and Agriculture Organization have halted critical programmes for monitoring the surging bird flu outbreak, sparking outrage from American farming trade groups. The Trump administration's radical cuts to overseas development funding have wiped $160mn from the FAO's health security efforts, shutting down initiatives to monitor and contain H5N1 avian influenza even as it sweeps across continents, according to data seen by the Financial Times.
/jlne.ws/4iS9sks
Ultraprocessed Foods Linked to Early Symptoms of Parkinson's; A new study did not prove that the foods caused the disease, but experts said it was a step toward understanding how food choices affect brain health.
Alice Callahan - The New York Times
Over the last decade, researchers have found associations between ultraprocessed foods and health conditions like heart disease, Type 2 diabetes, dementia and some types of cancer. Now, they are adding Parkinson's disease to that list. In a study published Wednesday in the journal Neurology, researchers from the United States and China reported that people who consumed a lot of ultraprocessed foods were more likely to develop early signs of the disease than people who consumed less of them.
/jlne.ws/4jQ8x5o
Scientists use AI facial analysis to predict cancer survival outcomes; FaceAge algorithm outperforms some clinicians' life expectancy forecasts
Michael Peel - Financial Times
Scientists have used artificial intelligence analysis of the faces of cancer patients to predict survival outcomes and in some cases outperform clinicians' short-term life expectancy forecasts. The researchers used a deep learning algorithm to measure the biological age of subjects and found that the features of cancer sufferers appeared on average about five years older than their chronological ages.
/jlne.ws/4d6uYAG
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Global Shift to Bypass the Dollar Is Gaining Momentum in Asia
Catherine Bosley, Harry Suhartono, and Tao Zhang - Bloomberg
Banks and brokers are seeing rising demand for currency derivatives that bypass the dollar, as trade tensions add a sense of urgency to a years-long shift away from the greenback. Firms are receiving more requests for transactions including hedges that sidestep the dollar and involve currencies such as the yuan, the Hong Kong dollar, the Emirati dirham and the euro. There's also demand for yuan-denominated loans, and a bank in Indonesia is setting up a desk for the Chinese currency.
/jlne.ws/3YZwvD1
Monetary Policy In Uncertain Times - Speech By Andrew Bailey, Governor, Bank Of England, Given At The ReykjavÃk Economic Conference, Iceland
Andrew Bailey, Governor, Bank of England - Mondovisione
In this speech, Andrew discusses monetary policy in a world with big shocks. He describes how scenario analysis can enrich monetary policy deliberations. I suspect it will be little news to the inhabitants of an island in the middle of the North Atlantic that we live in a world where big shocks can challenge the way we go about our lives and force us to adapt, build resilience and be ready to act. On some days, an icy wind blows from the North under a clear blue sky. On others, Autumn's dismal rain moves in from the South under a sky packed tight with clouds. Occasionally, tectonic plates shift, and volcanos erupt. I am not going to belabour the metaphor. Suffice to say that we live in a world where big economic shocks can test the strength and resilience of the framework for monetary policy.
/jlne.ws/44qr6s1
Wealth Manager Lures India Bankers With 60% Revenue Sharing
Advait Palepu and Saikat Das - Bloomberg
A $6 billion Indian money manager plans to ramp up hiring of senior bankers by allowing them to keep up to 60% of the revenue they bring in, showing how competition for talent is heating up in one of the world's fastest growing wealth markets. Neo Group, founded by Nitin Jain in Mumbai in 2021, is looking to hire up to 70 wealth managers by March 2026, people familiar with the matter said. That would more than double the headcount of bankers at the firm, which managed 550 billion rupees ($6.5 billion) of assets across wealth and asset management as of March 2025. The people asked not to be identified as the hiring plan is not public. The move by the firm adds to a private banker hiring spree in recent years and come as larger rivals from billionaire Uday Kotak's private bank and Standard Chartered Plc and HSBC Holdings Plc are also expanding.
/jlne.ws/4iQmQFH
Asian investors fear more volatility after 'extraordinary' currencies moves; Traders uncertain about what local companies will do with trillions of dollars of US assets
Arjun Neil Alim and Cheng Leng and William Sandlund and Joseph Cotterill - Financial Times
Asian investors have been rushing to shield themselves from big swings in the US dollar, putting upward pressure on their local currencies and forcing Hong Kong authorities to intervene in the market. Taiwan's dollar has surged almost 6 per cent against the greenback this month, posting the biggest single-day moves since the 1980s, while Hong Kong's monetary authority spent the largest weekly amount since 2020 to stop the city state's currency strengthening beyond a US dollar peg.
/jlne.ws/3SxV8mg
Ghana to Start Cocoa Harvest Two Months Early to Curb Smuggling
Ekow Dontoh - Bloomberg
Ghana plans to start next season's cocoa harvest in August, two months ahead of schedule, to provide early cash to farmers and curb hoarding and smuggling of the beans. The country's industry regulator, the Ghana Cocoa Board, will also announce increased farmgate prices to ensure growers are paid early, according to people with knowledge of the matter, who asked not to be named discussing private information.
/jlne.ws/3RU4qcj
SIDE and InteliClear Bring Scalable Innovation to Canada's Securities Infrastructure
Anna Lyudvig - Traders Magazine
In a move poised to redefine the technological backbone of Canada's capital markets, SIDE and InteliClear have embarked on a strategic collaboration to bring a modern, modular post-trade processing platform to the Canadian securities industry. SIDE has acquired the exclusive rights to InteliClear's U.S. back-office dealer books of records software for use in the Canadian market.
/jlne.ws/3GWUhZQ
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| Miscellaneous | | Stories that don't quite fit under the other sections | Jefferies 28-Year-Old Banker Died of Toxic Drug Mix, Report Says
Katherine Doherty - Bloomberg
The death of a 28-year-old Jefferies Financial Group Inc. banker, which reignited discussion about Wall Street culture, was an accident caused by a toxic combination of drugs, according to a Dallas medical examiner. Carter McIntosh died "as a result of combined toxic effects of fentanyl and cocaine," the examiner said in an autopsy report seen by Bloomberg.
/jlne.ws/4m72tXN
Cardinal Prevost Becomes First American Pope; Takes Leo XIV
Flavia Rotondi and Alessandra Migliaccio - Bloomberg
Cardinal Robert Francis Prevost was elected as Roman Catholic pontiff, the first ever pope from the US and a possible bridge between the moderate and hardline sides of a divided Church. Prevost, 69, chose the name of Leo XIV for his pontificate and was greeted by thousands of cheering faithful as he stepped out onto a balcony overlooking St. Peter's Square to be presented to the world.
/jlne.ws/43my7cj
The new pope is a Chicagoan
Flavia Rotondi and Alessandra Migliaccio - Bloomberg via Crain's Chicago Business
Cardinal Robert Francis Prevost was elected as Roman Catholic pontiff, the first ever pope from the US and a possible bridge between the moderate and hardline sides of a divided Church. Prevost, 69, chose the name of Leo XIV for his pontificate and was greeted by thousands of cheering faithful as he stepped out onto a balcony overlooking St. Peter's Square to be presented to the world.
/jlne.ws/3H15Gb2
One Art Gallery Is Thriving While the Rest of the Market Suffers; New York City's Eden Gallery is making money selling works by artists who have yet to discover a resale market.
James Tarmy - Bloomberg
On a recent weekday afternoon in New York, a cleaning woman in all black stood in the Fifth Avenue window of Eden Gallery dusting a very large bronze purse. Created by the artist Roman Feral and priced at $400,000, the larger-than-life replica of a crocodile Hermes Birkin bag featured a cluster of monochrome butterflies emerging from its depths.
/jlne.ws/4iS1PdK
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