| June 12, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Rostin Behnam, distinguished fellow at Georgetown University's Psaros Center for Financial Markets & Policy and former chairman of the U.S. Commodity Futures Trading Commission (CFTC), testified before the House Financial Services Committee last week on the future of digital asset market regulation. Behnam urged Congress to enact targeted legislation, such as the CLARITY Act of 2025, to provide regulators like the CFTC with clear authority and tools to ensure fair, transparent, and resilient digital asset markets. He emphasized the need for a framework that clarifies jurisdiction between the SEC and CFTC, enhances disclosure and anti-money laundering measures, supports self-regulatory oversight, and secures adequate funding for investor protection. Behnam also emphasized the importance of international and domestic cooperation in combating fraud and regulatory arbitrage, warning that regulatory gaps could leave U.S. consumers vulnerable and undermine market stability. You can read his complete testimony HERE.
Today is the first day of my trip to Edinburgh, where I will embark on some tourism. Yesterday I met with Professor Donald Mackenzie, and after a lovely lunch of venison salad at a restaurant in Old Town on the George IV Bridge, just up from Greyfriars Bobby's, we walked over to his offices in the University of Edinburgh. His office is located within the old medical school building at the university, where I conducted an interview about his academic work, including the design of nuclear weapon systems, high-frequency trading, and his current research in adtech.
The previous day, I interviewed Jeremy Grant, who gave an insightful look at his time in Chicago reporting for the Financial Times during the battles between the CBOT, CME, and Eurex and Euronext.liffe. I also interviewed Sandy Begbie, CEO of Scottish Financial Enterprise, who provided a valuable perspective on Scotland's place in the broader global financial markets. Those are all the interviews I have set for Edinburgh. It is on to London on Sunday, and then the rush of IDX.
Here are the headlines from in front of FOW's paywall from some recent stories: LCH hires ex-JP clearing head Rustad to run SwapClear, Listed Rates, Next CFTC chair Quintenz gives nuanced support to bi-partisan CFTC and ANALYSIS: EEX looks to build Nordic power open interest under new incentive plan.
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:
- ANALYSIS: CME targets growing retail demand for futures, options from FOW.
- Adoption of tokenisation beneficial for cleared derivatives industry from FIA.
- Picking the Right Bitcoin Exchange-Traded Fund from tastylive. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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 A Family Business-Without the Family Name: How GuavaTech's Debt-Free Culture Powers Its Options Tech Empire JohnLothianNews.com PALM BEACH GARDENS, Fla.-(JLN)-June 12, 2025-In a world where fintech startups chase unicorn status and rack up debt, Chris Barczyk, CEO of GuavaTech, is proud to be the odd one out. "A lot of people knock, but the reality is since we are profitable and debt-free, it does set us apart," Barczyk told John Lothian News at the Options Industry Conference. "We're not beholden to high interest rates and things they have to deal with when you are debt-laden." Watch the Chris Barczyk Video »
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The Audacious Reboot of America's Nuclear Energy Program; AI and competition with China are pushing startups to reinvent atomic energy, backed by unprecedented private capital and enthusiasm from the Trump administration
Heather Somerville - The Wall Street Journal
Oak Ridge, Tenn., earned the moniker "Atomic City" as a base for the Manhattan Project and later as a center of the U.S. nuclear power program. Now, it is home to a group of scientists at Standard Nuclear who are trying-against all odds-to power up America's next nuclear era. They are developing meltdown-resistant fuel for a smaller, safer type of nuclear reactor that has become an imperative for meeting modern energy needs, including both strategic and industrial independence from China and the rise of power-hungry artificial intelligence. So strong was their conviction in the breakthrough that more than 40 employees of the startup's precursor worked for about eight months with little or no pay. Some sold their homes or downsized, juggling mortgages and daycare expenses, convinced the departure of a single scientist would risk sacrificing their progress.
/jlne.ws/4kDRkwx
**** This is a new version of the China Syndrome. ~JJL
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Suggesting More Troops in More Cities, Trump Bends Military's Role; President Trump has expanded domestic use of the armed forces, testing the limits on involving troops at protests and the border.
Luke Broadwater - The New York Times
First, President Trump drastically ramped up the number of active-duty troops at America's southwestern border. Then, as protests over deportations broke out last week in Los Angeles, he dispatched the National Guard to help put them down. When California's governor objected, Mr. Trump dug in, sending Marines and even more National Guard troops. Since taking office in January, Mr. Trump has, step by step, expanded domestic use of the military, testing the legal and political limits on involving troops trained to fight foreign wars in roles traditionally carried out by the local police or Border Patrol.
/jlne.ws/45QfC1w
****** If he was suggesting more Scout Troops in the cities, I would be all behind him. ~JJL
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Wednesday's Top Three
Our most clicked story Wednesday was London's Incredible Shrinking Stock Market, a Bloomberg opinion piece from Marc Rubinstein. Second was OCC Responds to CFTC Request for Comment on Trading and Clearing of Derivatives on a 24/7 Basis, by Megan M. Cohen, OCC general counsel and corporate secretary. Third was KGI Securities Singapore goes live with Scila Risk, from FOW.
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| Lead Stories | How stablecoins are entering the financial mainstream; Usage of the digital assets is growing rapidly, but concerns remain about supervision and their impact on other parts of the financial system
Philip Stafford - Financial Times
For Nkiru Uwaje, co-founder and chief operating officer of trade payments group Mansa, stablecoins are an integral part of her daily corporate life. The tokens, a form of cryptocurrency that acts like cash, account for 90 per cent of business activities at the group, which helps small businesses in Africa, south-east Asia and South America. Payments to customers and her young team are made using tether, the world's largest stablecoin, and Mansa received its fundraising the same way.
/jlne.ws/4jSceH1
U.K. Regulator Names Sarah Pritchard as Deputy CEO to Help Oversee Crypto, Stablecoins
Camomile Shumba - CoinDesk
The U.K.'s financial services regulator, the Financial Conduct Authority (FCA), appointed a deputy chief executive for the first time, naming Sarah Pritchard to the role as it looks to bolster its oversight of the crypto and digital assets industry."The new role has been created to reflect the FCA's expanding remit, with ... regulation of stablecoin and crypto firms as well as buy now pay later activities," the FCA said on Tuesday.
/jlne.ws/4eiwrol
Scott Bessent's Bretton Woods Moment Is Here
Emil W. Henry Jr. - Barron's
About the author: Emil W. Henry Jr. is a former U.S. Treasury assistant secretary and is the founder and CEO of the private-equity firm Tiger Infrastructure. Whatever one thinks of President Donald Trump's business acumen or tariff policies, his treasury secretary, Scott Bessent, is a man of the markets. Bessent surely recognizes that the tariff negotiations with China will create opportunities beyond just resolving his boss's immediate trade grievances. As Trump's lead negotiator in London this week, Bessent helped establish a tentative framework between the U.S. and China to ease trade tensions. He should now seize the moment to shape a more durable framework that ensures global economic stability, secured by long-term American financial pre-eminence-just as Treasury Secretary Harry White did at Bretton Woods in 1944.
/jlne.ws/4kCtXTQ
Taking Fannie and Freddie Public Is Trump's Dream. It Might Be Just a Fantasy; Investors, mortgage lenders, and the government all see an angle. How it ends isn't clear.
Joe Light - Barron's
President Donald Trump just fired the starting gun for what could be the biggest public offering of all time. In a pair of Truth Social posts in May, Trump said he wanted to take public the mortgage giants Fannie Mae and Freddie Mac. His unexpected intervention put a spotlight on the behind-the-scenes tussle over the companies. Well over a decade since Fannie and Freddie faltered at the height of the financial crisis, they are being eyed by investors and the government as a value-stuffed piggy bank that is ripe to be cracked open. Mortgage investors and home buyers are stuck in the middle.
/jlne.ws/3FK0Df9
Fears Over U.S. AI Dominance Boost Business for France's Mistral; CEO Arthur Mensch says European customers are seeking independence from Silicon Valley, leading it to build a new facility near Paris
Sam Schechner - The Wall Street Journal
Trans-Atlantic tensions are boosting demand in Europe for homegrown artificial-intelligence tools, helping the continent's most prominent AI developer finance its efforts to keep up with global rivals. European companies and governments increasingly want AI tools that aren't dependent on American tech behemoths, Arthur Mensch, chief executive of France's Mistral AI, said in an interview Wednesday. The trend is accelerating the adoption of Mistral's AI models, putting the company on pace to earn revenue of more than $100 million a year, Mensch said.
/jlne.ws/4dYSDn7
Treasury futures fight intensifies between FMX and CME
MarketsMedia
The US Fixed Income Leaders Summit 2025 showcased the fierce rivalry in the US treasury futures space, between incumbent giant exchange CME and upstart rival FMX, as both exchanged jibes on the conference stage. FMX is trading cash treasuries and has just begun to trade treasury futures, in the wheelhouse of futures exchange CME and its cash business Brokertec. The latter has recently seen volumes decline as CME futures grew. Speaking at the conference, Terry Duffy, CME's chairman and CEO "People say, you lost some of your business on Brokertec. I said I lost a lot of that business with Brokertec because I took it myself. I actually cannibalised my own assets because I futurised that business. I thought it was more it was more efficient in the futures market than it was on the cash side."
/jlne.ws/3FVZ8dG
US Yields Fall as Inflation Data Support Fed Bets
Rita Nazareth - Bloomberg
More evidence of cooling US inflation extended a week-long drop in bond yields and sent the dollar to a three-year low, signs traders are convinced the Federal Reserve has room to lower interest rates should the economic expansion lose steam. Stocks wavered. As Treasuries rallied, with money markets fully pricing in bets on two Fed reductions in 2025. Attention will soon shift to a $22 billion sale of 30-year debt for a read on whether spiraling deficits are causing investors to shun the maturity. The S&P 500 showed signs of exhaustion after a surge from its April lows, with Donald Trump's remarks that he intends to set unilateral tariffs on dozens of trade partners curbing risk appetite.
/jlne.ws/443iOVj
Xi Plays Long Game on US-China Trade as Trump Seeks Quick Wins
Bloomberg News
While Donald Trump hailed the outcome of trade talks in London, Xi Jinping walked away with an understated strategic gain: a negotiating process that buys China time and helps defuse the threat of more harmful tariffs and technology curbs. Shortly after two days of negotiations wrapped, Trump declared Wednesday on social media that a deal had been "DONE" to restore the flow of critical magnets from China, and pledged to lift curbs on student visas. Hours earlier, US Commerce Secretary Howard Lutnick revealed Washington would unwind its recent tech curbs, if niche metals essential to US auto and defense firms now flowed fast enough.
/jlne.ws/43WDTQT
New Generation of Crypto ETFs Edge Closer to Reality After SEC Scrutiny
Isabelle Lee - Bloomberg
US regulators have asked Wall Street firms racing to launch Solana exchange-traded funds to revise their paperwork, a sign that the novel crypto investment products may be available to investors soon. At least three asset managers have been asked to amend their US Securities and Exchange Commission filings to address two key features of the funds that track the world's sixth-largest cryptocurrency. At issue are how funds will handle crypto redemptions and whether they plan to allow investors to earn rewards by pledging Solana tokens to help validate blockchain transactions, a process known as staking.
/jlne.ws/4jPT9Fg
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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. | Analysis-Tariffs could be the spur Europe's single market needs
Philip Blenkinsop - Reuters
To bring electronic scrap and other waste from across the European Union to its Belgian recycling plant, materials group Umicore can spend at least a month tackling a complex array of national shipment rules. The problem is not just Umicore's as businesses across Europe grapple with internal obstacles that can be as damaging as tariffs.
/jlne.ws/4kG4toN
China Puts Six-Month Limit on Its Ease of Rare-Earth Export Licenses; Tentative deal reached in London gives Beijing leverage in trade talks
Lingling Wei, Brian Schwartz and Gavin Bade - The Wall Street Journal
China is putting a six-month limit on rare-earth export licenses for U.S. automakers and manufacturers, according to people familiar with the matter, giving Beijing leverage if trade tensions flare up again while adding to uncertainty for American industry. Beijing's agreement to temporarily restore rare-earth licenses was one of the key breakthroughs in the latest round of intense trade talks in London, but the six-month limit illustrated how each side is retaining the tools to easily escalate tensions again.
/jlne.ws/4dZHceL
Trump Says Again He'll Set Unilateral Tariffs in Two Weeks
Stephanie Lai and Skylar Woodhouse - Bloomberg
President Donald Trump said he intended to send letters to trading partners in the next one to two weeks setting unilateral tariff rates, ahead of a July 9 deadline to reimpose higher duties on dozens of economies. "We're going to be sending letters out in about a week and a half, two weeks, to countries, telling them what the deal is," Trump told reporters Wednesday at the John F. Kennedy Center for the Performing Arts in Washington where he was attending a performance.
/jlne.ws/43H2Wsz
A Digital Dollar Is a Trade War Weapon; Europeans are right to worry about the $250 billion stablecoin market.
Lionel Laurent - Bloomberg Opinion
Are trade wars good for tech after all? Circle Internet Group Inc., a major issuer of digital currencies designed to replicate the US dollar, has tripled in value since going public and is worth $23.6 billion (or 150 times last year's earnings). Call it Zuckerberg's revenge: Six years after Meta Platforms Inc. sparked a global backlash with its own plans for a digital dollar, the $250 billion stablecoin market is booming and has the backing of Donald Trump, Congress and investors.
/jlne.ws/4l2EszK
EU Likely to Be at 'Very End' of US Trade Deals, Lutnick Says
Skylar Woodhouse - Bloomberg
Commerce Secretary Howard Lutnick said the European Union is likely to be among the last deals that the US completes, as the administration rushes to secure tariff agreements with other trading partners. Lutnick, who has long expressed frustration with the bloc, indicated Wednesday that discussions intensified following President Donald Trump's theat to raise levies to 50% - which he delayed until July 9 to allow more time for negotiations - but are still proceeding more slowly than others.
/jlne.ws/4kDoiNn
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
As Trump's 'two week' deadline for Russia expires, he faces a series of unresolved foreign conflicts
Kevin Liptak - CNN
Two weeks after President Donald Trump set a 14-day timeline for determining the willingness of his Russian counterpart to end the conflict in Ukraine, he says he is coming to believe Vladimir Putin doesn't care about the human cost of his war. "I'm starting to think maybe he doesn't," Trump said when an interviewer asked whether Putin minded losing thousands of his soldiers in Ukraine every week.
/jlne.ws/4dVHHqa
Russia sends its most valuable planes as far away from Ukraine as possible
Lilia Sebouai - The Telegraph
Russia has scattered its most valuable warplanes to a remote airbase in the far east of the country, after a surprise Ukrainian drone attack devastated its strategic bomber fleet last Sunday. Two Tupolev Tu-160 planes have been moved 4,000 miles from the front lines to the remote Anadyr airbase, which can only be accessed by air and sea, satellite imagery showed.
/jlne.ws/4e9wouL
Putin Ally Can't Even Explain Own Bizarre Theory About West's Ongoing Support For Ukraine
Kate Nicholson - HuffPost
A senior figure within Vladimir Putin's government has once again been pushing the Kremlin's conspiracy theories about the West - but this time, she could not even explain the logic behind them. The Russian foreign ministry spokeswoman Maria Zakharova claimed the West is "not interested" in its own citizens and instead wants to "escalate" the Ukraine war on Wednesday.
/jlne.ws/4kApxNb
Russia hits former UK visa centre in Kyiv strikes
Memphis Barker - The Telegraph
Russia struck a former British visa centre in Kyiv on Tuesday in one of its largest air attacks on the capital since the war began. At least three people were killed and 13 wounded as Moscow bombarded Ukraine with 315 drones and seven cruise missiles. In Kyiv, the whine of Shahed drones could be heard constantly between 2am and 4am, followed by bursts of gunfire and loud explosions. The smell of burning filled the city as clouds of smoke rose from some of the 40 locations hit in the barrage.
/jlne.ws/3FCtYYW
Nato jets scrambled over Poland in response to Russia drone barrage; Fighters were scrambled to protect Polish airspace after Russia launched a major drone attack in western Ukraine, as fighting continued to target airfields
Marc Bennetts - The Times of London
Nato fighter jets were scrambled to protect Polish airspace as Russia launched a barrage of drones and missiles at neighbouring Ukraine, including in its less bombarded western region. "Due to the intensive air attack by the Russian Federation on the territory of Ukraine, Polish and [Nato] allied aircraft began to operate in Polish airspace in the morning," the Polish armed forces said.
/jlne.ws/3ZVyrg4
Middle East Conflict
Benjamin Netanyahu defeats vote to dissolve Israeli parliament; Ultra-Orthodox parties oppose bill but deep divisions remain over religious exemptions for military service
James Shotter - Financial Times
Israeli Prime Minister Benjamin Netanyahu's coalition has defeated a vote to dissolve the Israeli parliament and force early elections, buying time to defuse a bitter internal dispute over military conscription of ultra-Orthodox religious students. The decades-old religious exemption is one of the most divisive topics in Israeli politics and a faultline in Netanyahu's coalition, which includes two ultra-Orthodox parties as well as lawmakers determined to abolish the measure.
/jlne.ws/3ZYL8qo
A Flawed Attempt at Delivering Gaza Aid Led to a Wave of Deaths; The Gaza Humanitarian Foundation was created to get food quickly to those who need it most. It soon ran into trouble.
Anat Peled, Karolina Jeznach and Suha Ma'ayeh - The Wall Street Journal
Israeli army officers and American military contractors looked on from their joint operations center late last month with concern. A new attempt to hand out food and other aid to thousands of hungry people in Gaza had just launched, and it was about to be overwhelmed. A crowd surged through the newly constructed gates at the site in Rafah. Chaos and looting quickly followed.
/jlne.ws/44cCO8X
Israel Appears Ready to Attack Iran, Officials in U.S. and Europe Say; Concern about a strike and the prospect of retaliation led the United States to withdraw diplomats from Iraq and authorize the voluntary departure of U.S. military family members from the Middle East.
Michael Crowley, David E. Sanger, Farnaz Fassihi, Eric Schmitt and Ronen Bergman - The New York Times
Israel appears to be preparing to launch an attack soon on Iran, according to officials in the United States and Europe, a step that could further inflame the Middle East and derail or delay efforts by the Trump administration to broker a deal to cut off Iran's path to building a nuclear bomb.
/jlne.ws/4ky5zTr
Other Conflicts
Trump partially evacuating Iraq embassy amid rising tensions with Iran
Shweta Sharma - The Independent
Donald Trump said he was withdrawing some of the American personnel deployed in the Middle East because it could be a "dangerous place" amid rising tensions. The State Department said it had ordered the departure of all non-essential personnel and their dependents from its embassy in Baghdad. Simultaneously, a US official said, defence secretary Pete Hegseth had authorised the voluntary departure of military dependents from countries across the region, including Bahrain and Kuwait. American soldiers in the region were not affected by this order, however.
/jlne.ws/4dZFdXR
U.S. Evacuates Personnel From Middle East Amid Tensions With Iran
Chantelle Lee - Time
The U.S. plans to move some of its non-military personnel out of the Middle East, including embassy staff in Iraq, amid rising tensions with Iran, President Donald Trump said Wednesday evening. "They are being moved out because it could be a dangerous place, and we'll see what happens," Trump told reporters at the Kennedy Center in Washington, D.C. "We've given notice to move out."
/jlne.ws/4mXDtCD
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Abaxx Introduces Smarter Markets for Precious Metals with the Launch of its Gold Kilobar Futures Contract and Abaxx Spot Gold Pool in Singapore
Abaxx
Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) ("Abaxx" or the "Company"), a financial software and market infrastructure company, indirect majority shareholder of Abaxx Singapore Pte. Ltd. ("Abaxx Singapore"), the owner of Abaxx Commodity Futures Exchange and Clearinghouse (individually, "Abaxx Exchange" and "Abaxx Clearing"), and producer of the SmarterMarkets Podcast, today announced the introduction of smarter market infrastructure for precious metals with the simultaneous launch of its physically-deliverable Gold Kilobar Futures contract on Abaxx Exchange, alongside the opening of Abaxx Spot- a new physically-allocated gold trading platform in Singapore.
/jlne.ws/4l1SPEi
Investor Forum Presentation Speaker Notes - CEO, CIO and CFO
ASX
Attached is a copy of the speaking notes of the Chief Executive Officer, Chief Information Officer and Chief Financial Officer that will be presented at ASX's Investor Forum briefing being held today. The full slide deck will be released separately. The briefing will commence at 10am (Australian Eastern Standard Time) and will be webcast live. Register to view the briefing here.
/jlne.ws/4jOF7DM
Investor Forum 2025 and Financial Guidance
ASX
Attached is a market release relating to the ASX Investor Forum briefing being held today. The briefing will commence at 10am (Australian Eastern Standard Time) and will be webcast live. Register to view the briefing here.
/jlne.ws/3FJIi1L
Investor Forum Presentation Slides
ASX
Attached is a copy of the slides that will be presented at ASX's Investor Forum briefing being held today. The briefing will commence at 10am (Australian Eastern Standard Time) and will be webcast live. Register to view the briefing here.
/jlne.ws/45kXNYh
BME Admits to Trading the New Community of Madrid Bond Issued Under the EU Green Bond Standard Label
BME-X
BME's AIAF Fixed Income Market has today admitted to trading the new bond issue under the EU Green Bond Standard (EUsGB) of the Community of Madrid. With this issue, the Community of Madrid becomes the first sub-sovereign issuer to qualify for this new European Union issuance label, which seeks to improve transparency in ESG fixed income. The issue has a volume of 500 million euros, reached a demand of 2,400 million euros from 89 investors in the placement, has a coupon of 2.487% and will be redeemed in July 2030. The amount of this new European Green Bond (EU GBS) will be used to finance environmentally sustainable economic activities in accordance with Article 3 of Regulation (EU) 2020/852 of the European Parliament and the Council of 18 June 2020 on establishing a framework to facilitate sustainable investments, as detailed in the 'European Green Bond Factsheet' published by the Community of Madrid and verified by DNV Business Assurance Denmark.
/jlne.ws/4dZ76PX
The Bermuda Stock Exchange Will Be Closed For Bermuda National Heroes Day Holiday
Mondovisione
The Bermuda Stock Exchange ("BSX") advises that the Exchange will be closed on Monday, 16 June 2025, in observance of the Bermuda National Heroes Day Public Holiday. The BSX will re-open on Tuesday, 17 June 2025.
/jlne.ws/4kWDeG8
EBS Market on CME Globex Notice: June 9, 2025
CME Group
/jlne.ws/4jQe6zL
Euronext announces June 2025 quarterly review results of the BEL Family indices
Euronext
11 June 2025 Euronext today announced the results of the June 2025 quarterly review for the BEL 20, BEL Mid, BEL Small and BEL ESG, which will be implemented after markets close on Friday 20 June 2025 and will be effective from Monday 23 June 2025.
/jlne.ws/3SQFdjn
Euronext announces June 2025 quarterly review results of the PSI
Euronext
11 June 2025 Euronext today announced the results of the annual review for the PSI, which will be implemented after markets close on Friday 20 June 2025 and will be effective from Monday 23 June 2025.
/jlne.ws/43Y9S38
2025 Global Markets Choice Awards: The Winners
IEX (via MarketsMedia)
Markets Media Group's inaugural Global Markets Choice Awards was held Thursday, June 5, at Central Park Boathouse in New York City. Congratulations to the winners!
/jlne.ws/3HBxhjH
Entry of the White Label ETF Provider
JPX
In recent years, various countries have seen the rising of white label ETF providers. These providers handle middle and back-office operations, other than product planning, in fund management operations. In Japan, there have been no such white label providers, however, we are pleased to announce that JAMP Fund Management Co., Ltd., a group company of Japan Asset Management Platform (JAMP) has announced the start of its white label business.
/jlne.ws/3Tj8cMK
Nick Rustad appointed Group Head, LCH SwapClear and Listed Rates
LSEG
LSEG today announces that Nick Rustad has joined as the new Group Head of LCH SwapClear and Listed Rates. Nick will be responsible for driving performance and growth, whilst ensuring the continued resilience of the SwapClear and Listed Rates clearing services. Nick will report to Susi de Verdelon, CEO, LCH Limited, and join her leadership team.
/jlne.ws/4kDsvk9
SGX Group and B3 usher in round-the-clock liquidity with first FX futures corridor between Singapore and Brazil
SGX
Singapore Exchange (SGX Group), in partnership with the Brazilian stock exchange B3, has launched Brazilian Real (BRL) futures - marking a significant milestone in SGX Group's expansion into emerging markets currency derivatives beyond Asia. This strategic collaboration draws on SGX Group's strong FX ecosystem to broaden global participation in BRL futures, deepen liquidity during Asian trading hours, and cultivate a vibrant, accessible currency derivatives market for South America's largest economy.
/jlne.ws/3HRg31A
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | WhatsApp joins legal action against UK demand for Apple 'back door'; Meta-owned group becomes first Big Tech company to intervene in the case
Tim Bradshaw - Financial Times
WhatsApp has joined a legal challenge against the UK government's demand to force Apple to create a "back door" in its security systems, as the Meta-owned group becomes the first Big Tech company to intervene in the case. Will Cathcart, who runs WhatsApp, on Wednesday blasted the UK's "secret order" that he said undermined the security of British citizens. "This case could set a dangerous precedent and embolden nations to try to break the encryption that protects people's private communication," he said.
/jlne.ws/4mXFbE3
Europe's AI computing shortage 'will be resolved' soon, says Nvidia chief; Jensen Huang reveals 20 data centres are planned in next few years as continent races to catch up with US and China
Tim Bradshaw and Melissa Heikkila - Financial Times
Nvidia chief Jensen Huang said Europe's shortfall in computing power for artificial intelligence "will be resolved" soon, as the continent pushes to catch up with the US and China in the race to capitalise on the fast-developing technology. At least 20 AI data centres are planned across Europe in the next few years, Huang said at the VivaTech conference in Paris on Wednesday, as he predicted a tenfold increase in the region's data centre capacity within the next two years.
/jlne.ws/4kEhIq4
The problem of AI chatbots telling people what they want to hear; OpenAI, DeepMind and Anthropic tackle the growing issue of models producing responses that are too sycophantic
Melissa Heikkila - Financial Times
The world's leading artificial intelligence companies are stepping up efforts to deal with a growing problem of chatbots telling people what they want to hear. OpenAI, Google DeepMind and Anthropic are all working on reining in sycophantic behaviour by their generative AI products that offer over flattering responses to users.
/jlne.ws/4kA6D9f
Nvidia's Jensen Huang says he disagrees with almost everything Anthropic CEO Dario Amodei says
Beatrice Nolan - Fortune
Nvidia CEO Jensen Huang isn't sure about Anthropic CEO Dario Amodei's recent predictions about AI-driven job automation. Speaking at VivaTech in Paris, Huang pushed back on the idea that AI could soon replace half of all entry-level office roles and questioned the philosophy behind limiting AI development to a few actors. Jensen Huang is not on board with some of Anthropic CEO Dario Amodei's predictions about advanced AI. Responding to a question about Amodei's recent prediction that AI could automate up to half of all entry-level office jobs within five years, Huang said he "pretty much disagree[d] with almost everything" his fellow AI CEO says.
/jlne.ws/45kZULH
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| Cybersecurity | | Top stories for cybersecurity | Taiwan cyber unit says it will not be intimidated by China bounty offer
Reuters
Taiwan's cyber forces will not be intimidated by China's threats of a bounty for the arrest of 20 people Beijing says are Taiwanese military hackers, and China's legal system has no jurisdiction on the island, its defence ministry said. China views democratically-governed Taiwan as its own territory and has over the past five years increased its military and political pressure against the island. Taiwan's government rejects Beijing's sovereignty claims.
/jlne.ws/441Zacc
'Sextortion' Scams Involving Apple Messages Ended in Tragedy for These Boys; Criminals exploit the trust teens have in iPhone messaging, and use the platform to make relentless demands for money
Julie Jargon - The Wall Street Journal
Shannon Heacock told her 16-year-old son, Elijah, to go to bed early one night in February. There was a district basketball playoff the next day in their hometown of Glasgow, Ky. Heacock coached the high-school cheer team. Elijah had made props and was planning to help her set up. At 10:24 that night, he texted her about getting coffee at the next day's event. An hour after Heacock silenced her phone and went to sleep, her daughter woke her up. Elijah had been found bleeding in the laundry room, from what turned out to be a self-inflicted gunshot wound. He died the next morning.
/jlne.ws/43FOEbG
Cyber Startup Cyera Raises $540 Million in Series E Round; Data-security company now valued at $6 billion
James Rundle - The Wall Street Journal
Data-security company Cyera raised just over half a billion dollars in its latest funding round, as security chiefs grapple with the implications of information proliferation in the era of artificial intelligence. Cyera raised $540 million in a Series E funding round led by venture-capital firms Georgian, Greenoaks and Lightspeed Venture Partners. The new round, coming around seven months after a $300 million Series D in November, values the company at around $6 billion.
/jlne.ws/4jJkPeT
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| Cryptocurrencies | | Top stories for cryptocurrencies | CoinFlip's billion-dollar ambition is another sign the crypto biz is growing up
Mark Weinraub - Crain's Chicago Business
The cryptocurrency industry is growing up, with the potential sale of a local up-and-comer signaling the staying power of an industry that was teetering on the brink less than three years ago. CoinFlip, which focuses on selling bitcoin and other digital currencies in ATMs, is working with a financial adviser to seek a buyer and is looking for at least $1 billion in a sale, according to a Bloomberg report citing people familiar with the matter.
/jlne.ws/45pVjbj
Cryptocurrency firm Bullish confidentially files for US IPO, FT reports
Reuters
Peter Thiel-backed crypto exchange Bullish has confidentially filed for an IPO with the U.S. Securities and Exchange Commission in recent weeks, the Financial Times reported on Tuesday. A unit of blockchain software company Block.one, Bullish had attempted to go public through a special purpose acquisition company deal in 2021 but that fell through in 2022 amid a regulatory crackdown and a sudden rise in interest rates that rattled the equities market.
/jlne.ws/44c78k4
The Case for Digital Asset Treasury Companies
Brian Rudick - CoinDesk
A plethora of digital asset treasury companies have recently come to market, looking to not only hold crypto as a treasury asset but also raise the capital to do so. Furthermore, such companies are no longer confined to bitcoin, and continue to move down the altcoin risk curve. Given that 40 Act issues are potentially less of a concern with a more open SEC combined with MicroStrategy's wild success, it's no wonder this movement is accelerating. Amidst much misunderstanding, we contend that digital asset treasury companies, at least those underpinned by end game-winning assets and the right strategy, create tremendous shareholder value and may be the best way to invest in digital assets for many investors.
/jlne.ws/4mYs1qk
Digital Assets Are One Step Closer to Regulatory Clarity
French Hill - CoinDesk
The United States is on the brink of a new technological frontier - one powered by blockchain and digital assets. These assets are not just the next phase of the internet, but lay the foundation for a more secure, decentralized, and inclusive financial future. From reimagining global payments to protecting data privacy, the potential of blockchain-based systems is endless.
/jlne.ws/4jN2bTt
Crypto exchange Binance opens trading to Syrians after U.S. lifts sanctions
Reuters
Binance will allow users in Syria to trade in cryptocurrencies, including bitcoin, on the platform following the United States' decision to lift sanctions on the country last month, the company said on Thursday. Binance, the world's largest cryptocurrency exchange, said that Syrians will be granted full access to its offerings, which include more than 300 cryptocurrency tokens and stablecoins.
/jlne.ws/3ZrBV9U
Crypto Kidnap Suspects Plead Not Guilty, Held Without Bail
Chris Dolmetsch - Bloomberg
Two men accused of kidnapping and torturing an Italian tourist in an attempt to force him to turn over access to his cryptocurrency accounts pleaded not guilty to an indictment charging them with first-degree kidnapping.
/jlne.ws/43QA9lv
Crypto software company OneBalance raises $20 million from Cyber Fund and Blockchain Capital
Catherine McGrath - Fortune
/jlne.ws/4jLUrRy
U.S. Strategic Bitcoin Reserve Marks Milestone in Institutional Adoption: Gemini
Will Canny - CoinDesk
/jlne.ws/4jSryDr
Bitcoin Holder GameStop Gets an ETF From Bitwise
Francisco Rodrigues - CoinDesk
/jlne.ws/43RMzYR
Paul Tudor Jones Says Bitcoin Should Be in Every Portfolio as U.S. Debt Mounts
Helene Braun -CoinDesk
/jlne.ws/3ZrBufM
Ant International Seeks Stablecoin Permits in Hong Kong, Singapore
Lulu Yilun Chen - Bloomberg
/jlne.ws/4l2ELdS
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| Politics | | An overview of politics as it relates to the financial markets | Is Trump's America in the middle of a coup?
Sam Kiley - The Independent
In conducting a coup in an impoverished undeveloped nation there is a basic to-do list. You capture the presidency, the courts, take over the international airport, emasculate the legislature, decapitate the military of potential opponents, storm the local TV station and declare a new dawn. Bigger countries require more effort, like the mass mobilization of xenophobia through false-flag attacks and terror scares, but from Moscow to Monrovia, the patterns are the same - an autocrat takes power in the name of national salvation.
/jlne.ws/4jOa5Mr
The Presidency Has Become a Trump Card; 'The tyranny of the executive power will come in its turn,' Jefferson wrote in 1789.
William A. Galston - The Wall Street Journal
Concerns about executive power go back to the beginning of our republic-but the controversies of the Trump era are also new. Writing in defense of the Constitution in 1788, James Madison observed that "the legislative department is everywhere extending the sphere of its activity, and drawing all power into its impetuous vortex." Powerful legislatures came with risks: "Legislative usurpations . . . must lead to the same tyranny as is threatened by executive usurpations."
/jlne.ws/45UUzuP
G-7 Tries to Avoid Trump Conflict by Scrapping Joint Communique
Stephanie Lai, Jorge Valero, and Brian Platt - Bloomberg
Group of Seven nations won't try to reach consensus on a joint communique at next week's leaders summit in Canada, people familiar with the matter said, an acknowledgment of the wide gulf that separates the US from the other members on Ukraine, climate change and other issues.
/jlne.ws/4jJOKDO
Senate Begins Passage of Stablecoin Bill as House Marks Market-Structure Wins
Jesse Hamilton - CoinDesk
The U.S. Senate took the initial steps toward final approval of its first major crypto legislation as members opened voting Wednesday on the bill to set standards for U.S. stablecoin issuers, clearing the highest procedural hurdle with a 68-30 result. In a moment that will mark the industry's greatest U.S. policy success to-date, the famously slow-moving Senate is on its way to clearing the legislation with wide bipartisan support. And as the crypto world watches the Senate reverse what had long been a crypto-resistant stance, the House of Representatives has also scored a pair of key votes to advance legislation even more vital to the industry: the Digital Asset Market Clarity Act that would establish a full set of rules managing U.S. oversight of the crypto markets.
/jlne.ws/3FJs6gZ
JD Vance says the Fed is committing 'monetary malpractice,' joining Trump in bashing the central bank
Jennifer Sor - Business Insider
The Vice President took a shot at the Federal Reserve on Wednesday, suggesting that the Fed should cut interest rates in a post on X. The comments came shortly after markets took in the latest inflation data. Core inflation-a measure of price growth that excludes volatile food and energy prices-rose 0.1% in May, while annual headline inflation was 2.4%. The readings were cooler than economists were expecting.
/jlne.ws/4lnoNvd
Fulbright board members resign over claims of interference by Trump administration; Bipartisan international educational exchange initiative accuses White House of meddling in operations
Guy Chazan - Financial Times
Most of the board of the Fulbright Program, the international educational exchange initiative sponsored by the US government, has resigned in protest at what it has described as the Trump administration's political interference in its operations. The Fulbright foreign scholarship board said in a statement the government had been meddling in its selection process, which it states is "based on merit, not ideology" and has traditionally been insulated from political interference. The board said the integrity of that process was "now undermined".
/jlne.ws/4jObDGf
Exclusive: Kelly Loeffler, a Trump Cabinet appointee who regularly appears on Newsmax, has quiet financial ties to its parent company
Dave Levinthal - Fortune
/jlne.ws/43ZmirM
Treasury gains £500mn to pay off UK debt from Barings banker's 1927 fund; Windfall in form of 'patriotic gift' comes as Chancellor Rachel Reeves strives to balance the books
Emma Agyemang - Financial Times
/jlne.ws/3HAWx9y
Rachel Reeves banks on AI to help eke out UK government savings; Productivity gains pencilled in by departments to help meet chancellor's cost targets
Delphine Strauss - Financial Times
/jlne.ws/3SL7gkj
Reeves gambles on 'renewing Britain' to win trust of voters and see off Reform; NHS and defence the big winners as chancellor promises Labour MPs the spending review is not a return to austerity
Pippa Crerar and Heather Stewart - The Guardian
/jlne.ws/3ZQeG9V
Putin says special attention should be paid to nuclear triad in Russia's new arms programme
Reuters
/jlne.ws/4mWNY9i
Russia says improving ties with US will take time
Reuters
/jlne.ws/4dYQO9L
South Korean investors bet new president can end market's long-standing 'discount'; Kospi hits three-and-a-half-year high on hopes Lee Jae-myung can pass governance reforms to boost valuations
Christian Davies - Financial Times
/jlne.ws/3TpuEnq
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| Regulation & Enforcement | | Stories about regulation and the law. | Federal Court Orders Michigan Man, California Man, and Two Nevada Companies to Pay Over $25 Million for Digital Asset Fraud
CFTC
The Commodity Futures Trading Commission today announced the U.S. District Court for the District of Massachusetts entered a final default judgement against Mark Gillespie of Michigan, John Roche of California, My Big Coin Pay, Inc., and My Big Coin, Inc., both of Nevada. The order requires Gillespie, My Big Coin Pay, Inc., My Big Coin, Inc., and Roche to pay, jointly and severally a $19,326,324 civil monetary penalty and $6,442,108 in restitution to defrauded victims in connection with their role in a digital asset fraud scheme. The order also imposes a permanent injunction against the defendants and bans them from trading in any CFTC-regulated markets; entering into any transactions involving commodity interests or digital asset commodities; and registering with the CFTC.
/jlne.ws/3FCJOTo
CFTC, SEC Further Extend Form PF Amendments Compliance Date
CFTC
The Commodity Futures Trading Commission, together with the Securities and Exchange Commission, extended the compliance date for the amendments to Form PF that were adopted February 8, 2024. The compliance date for these amendments, which was June 12, 2025, has been extended to October 1, 2025. The release provides that Form PF filers should continue to file the current version of Form PF until the date the release is published in the Federal Register.
/jlne.ws/443Yhjl
Statement of Commissioner Kristin N. Johnson on the Extension of Compliance Date for Form PF
CFTC
Today, the Commodity Futures Trading Commission (CFTC) and the Securities Exchange Commission voted to extend the effective compliance date for relevant registrants to comply with the revised Form PF. The Joint Final Rule by the Commissions was adopted over a year ago on February 8, 2024. As Securities Exchange Commissioner Caroline Crenshaw noted in her statement during the SEC's public meeting today, registrants have had a significant window of time to prepare for tomorrow's compliance deadline. The issues raised indicate potential technology-based concerns as well as challenges with validation, testing, and ensuring effective capabilities for timely and accurate reporting of requested information. These issues should have been fully addressed prior to today. In the least, the issues should have been presented to the Commissions before the eleventh hour to enable proper investigation and resolution.
/jlne.ws/45ncj1S
SEC Announces Agenda and Panelists for Roundtable on Executive Compensation Disclosure Requirements
SEC
The Securities and Exchange Commission today announced the agenda and panelists for the June 26, 2025, roundtable on executive compensation. The roundtable will be held at the SEC's headquarters at 100 F Street, N.E., Washington, D.C., from 1 p.m. - 5:35 p.m. ET. The event will be open to the public and webcast live on the SEC's website. Doors will open at noon ET.
/jlne.ws/3SOgBI0
Further Extension of Form PF Amendments Compliance Date
SEC
The Securities and Exchange Commission, together with the U.S. Commodity Futures Trading Commission, today voted to extend the compliance date until Oct. 1, 2025, for the amendments to Form PF that were adopted on Feb. 8, 2024. The compliance date for these amendments was originally March 12, 2025, but was previously extended to June 12, 2025.
/jlne.ws/3HF1jmI
Extensions on Extensions: Statement on Further Extension of the Form PF Compliance Date
Commissioner Caroline A. Crenshaw - SEC
Today's open meeting looks like a straightforward Commission vote to extend a compliance date for a recently adopted rulemaking.[1] But there is more here than meets the eye. The reality of our action today is more complex - and more concerning. And the clock is ticking because the compliance date at issue is, in fact, tomorrow. Form PF is the confidential form on which certain SEC-registered investment advisers to private funds report information to the SEC that helps us to understand potential systemic risk.[2] The SEC, and other regulators including FSOC, depend on these detailed data to better comprehend when the private markets may be experiencing turbulence that could affect our entire financial system. Because these entities generally operate outside of our regulatory view, these data are our best - and perhaps only - way to spot large scale financial disasters originating in the private funds market, or amplified by private fund exposure, before they happen. And, these data can help us understand more fully the impact of a market event if it has already occurred.
/jlne.ws/45mdU8a
Problem Form: Statement on Further Extension of Compliance Date for Form PF
Commissioner Hester M. Peirce - SEC
Thank you, Mr. Chairman and Natasha [Greiner] and Oliver [Richard]. I support extending the compliance date for the February 8, 2024 amendments to Form PF[1] to October 1, 2025.[2] Extending the compliance date until then will give filers and their third-party service providers additional time to develop and test their reporting systems. As the request letter noted, "private fund advisers subject to the rule [need] additional time to build and test the new reporting systems and work through any outstanding reporting and interpretive questions with the goal of providing uniform data to the Commissions."[3] The new form is not ready for prime time. The extension reflects a commitment to good governance and common-sense implementation.
/jlne.ws/3ZWMLor
Statement at Open Meeting on Further Extension of the Form PF Compliance Date
Paul S. Atkins, Chairman - SEC
Today the Commission will vote on extending the compliance date for the most recent amendments to Form PF. Currently, the compliance date for these amendments is tomorrow, June 12, 2025, but I support extending the compliance date to October 1, 2025. The initial compliance date for these amendments was March 12, 2025. In January, the SEC and CFTC jointly extended the compliance date to June 12, 2025. Notwithstanding the prior three-month compliance extension, we have received credible commentary that the current timeline simply does not provide private fund advisers with sufficient opportunity to interpret, implement, and test their systems to ensure accurate and consistent reporting. From my experience with complex technology projects, I sympathize with those points. It is evident to me that additional time is required for dialogue with filers, review of the reasonableness of the data demands, and review of the actual utility of the information collected.
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Statement on the Extension of the Compliance Date for the Amendments to Form PF
Commissioner Mark T. Uyeda - SEC
Thank you, Chairman Atkins and thank you to the staffs of both the SEC and the CFTC for your work. Today's extension gives affected persons additional time to comply with the requirements associated with the new amendments to Form PF. I appreciate the comment letters that have expressed concerns with the technical aspects of complying with revised Form PF that have helped inform this extension.[1] In addition to giving time to market participants and the Commissions to address these technical issues, the delay gives flexibility to address other unforeseen concerns with respect to revised Form PF. This approach will mitigate the potential for an outcome where uncertainty, confusion, and ambiguity in technical requirements results in firms spending significant amounts of money to file reports with data that is useless, inconsistent, and not of any value to the SEC or other government agencies that rely on such reports.
/jlne.ws/4kFGru4
SEC Obtains Final Judgments Against NDB, Inc. and Nima Golsharifi for Fraudulent Statements in Press Release
SEC
On June 9, 2025, the U.S. District Court for the Northern District of California entered final judgments against defendants NDB, Inc. and its CEO, Nima Golsharifi, who were charged by the Securities and Exchange Commission with conducting an offering fraud by making materially false and misleading statements in a company press release. The SEC's complaint, filed on September 14, 2023, alleged that NDB is a private startup company formerly based in San Francisco, California, that is purportedly developing a nuclear-based battery. NDB and Golsharifi allegedly raised over $1.2 million from investors after falsely claiming in an August 25, 2020 press release that NDB had successfully tested its battery technology at two preeminent laboratories in the United States and United Kingdom, and that NDB had signed its first two beta customers. The SEC's complaint alleged that these claims were false and misleading because NDB had not tested its battery technology at either laboratory and NDB had not signed any beta customers at the time of the press release.
/jlne.ws/3SQ5rCG
Customers are key - super trustees need to listen and act now
ASIC
Keynote address by ASIC Chair Joe Longo at the AmCham Regulator Luncheon Series in Sydney on 12 June 2025.
/jlne.ws/3HDYzpB
ASIC cracks down on unlawful finfluencers in global push against misconduct
ASIC
ASIC has issued warning notices to 18 social media 'finfluencers' suspected of unlawfully promoting high-risk financial products and providing unlicensed financial advice to Australians as part of a Global Week of Action Against Unlawful Finfluencers by nine international market regulators. Last week, ASIC and regulators from the United Kingdom, United Arab Emirates, Italy, Hong Kong and Canada took coordinated actions to crack down on unauthorised finfluencers.
/jlne.ws/3SJDDQi
ASIC bans former financial adviser Glenda Rogan for 10 years
ASIC
ASIC has banned former Sutherland Shire and Wollongong based financial adviser, Glenda Maree Rogan from providing financial services for ten years. ASIC found that Ms Rogan did not comply with a financial services law by engaging in misleading or deceptive conduct. ASIC also found it had reason to believe that Ms Rogan is not a fit and proper person, is not competent to participate in the Australian financial services industry and is likely to contravene a financial services law.
/jlne.ws/45TRhIe
Ice Futures Europe review
FMA
Ice Futures Europe (IFEU) is licensed to operate the IFEU derivatives market in New Zealand. The FMA is required to report, at least once every two years, on how well IFEU is meeting its obligations as a licensed market operator.
/jlne.ws/400GYhL
Overview of the Japanese regional banks' financial results for the fiscal year ended March 31, 2025
FSA
The FSA has compiled the regional banks' financial results for the fiscal year ended March 31, 2025, as attached below.
/jlne.ws/4e3oxyT
SFC proposes to further restrict use of misleading names to enhance investor protection
SFC
The Securities and Futures Commission (SFC) today launched a consultation aimed at restricting unregulated entities from improperly adopting names that may give the public a false impression that they are regulated entities. To this end, the SFC proposes expanding the current list of restricted titles under the Securities and Futures Ordinance (SFO) to cater for recent developments, including the emergence of virtual asset trading platforms (VATPs) (Note 1).
/jlne.ws/3TiI70q
New speech by Kelvin Wong: Keynote speech at Asia Trader Forum 2025
SFC
A speech titled "Traders - Driving the Future of Hong Kong's Capital Markets" delivered by Dr Kelvin Wong today at Asia Trader Forum Annual Meeting & Equity Trading Summit 2025 is now posted on the SFC website. For reference, please note that all published speeches and synopses can be found at the "Published resources > Speeches" section of the SFC website.
/jlne.ws/4kw1ZJs
Centralized Fee Collection Mechanism for Investment Advisers and Research Analysts (CeFCoM) - A secure and closed ecosystem for investors to pay fees to registered Investment Advisers and Research Analysts
SEBI
SEBI encourages investors to pay fees to their investment advisers (IAs) and research analysts (RAs) through CeFCoM.CeFCoM is a secure and transparent payment ecosystem developed with the objective of securing that investors pay fees only to registered investment advisors and research analysts.It is an optional mechanism.CeFCoM is thus a payment mechanism that differentiates registered IAs and RAs from unregistered entities acting as IAs and RAs.CeFCoM has been operationalised from 1stOctober 2024 and is managed by BSE Ltd in association with MF Utilities India Pvt.Ltd. In CeFCoM, investors can make payment of fees through multiple payment modes such as Net Banking, Debit Card, UPI/UPI Autopay, IMPS/NEFT/RTGS, eNACH and eventhrough Cheque and Credit Cards.As on June 10, 2025, an amount of fees of more than Rs. 5 Crore has been paid by investors through CeFCoM.Mumbai June 12, 2025
/jlne.ws/3FRDQxU
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | JPM: institutions, not retail, drove U.S. stock market correction
Sam Boughedda - Investing.com
Investing.com -- JPMorgan analysts believe that the U.S. stock market correction observed during February and March was primarily driven by institutional, rather than retail, investors. According to JPMorgan, "The decline in the share of retail investors in U.S. equity trading during Feb/Mar suggests that it was institutional rather than retail investors that were mostly responsible for the equity market correction and the heightened trading volumes at the time."
/jlne.ws/3TmIjvA
Investors increase tech and consumer discretionary exposure last week
Senad Karaahmetovic - Investing.com
Investing.com -- Investment managers increased their exposure to technology and consumer discretionary sectors last week, while overall market flows remained subdued across most sectors. Long-only fund managers primarily boosted positions in tech and consumer discretionary stocks, according to market data illustrated in Figure 3. These same long-only managers reduced their holdings in consumer staples stocks during the week. Their trading activity in other sectors remained relatively flat, with technology and consumer discretionary standing out as the main areas of increased investment.
/jlne.ws/3HGaKC9
Citi highlights sector opportunities based on recent flows
Sam Boughedda - Investing.com
Investing.com -- Citi analysts released a "flash update" note based on equity sector flows, highlighting shifting preferences among institutional investors. According to their analysis, long-only managers were net buyers in the last week, primarily acquiring Tech and Consumer Discretionary stocks while divesting from Consumer Staples.
/jlne.ws/4kDwYDr
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The global oil and gas industry is 'deteriorating,' says top credit ratings agency
Jordan Blum - Fortune
The global oil and gas sector is in a new state of deterioration amid worldwide economic uncertainty from tariff wars, slowing oil demand, and an escalation of production from OPEC and other nations, according to a June 11 report from Fitch Ratings. Fitch's decision to change the 2025 outlook for the fossil fuel industry from "neutral" to "deteriorating" is based on global macroeconomic conditions, especially the early April double whammy of President Trump's tariffs announcement and the decision of OPEC and key allies to churn out more crude oil volumes after years of self-imposed curtailments.
/jlne.ws/4jPVeRA
There Aren't Enough Cables to Meet Growing Electricity Demand; The energy transition, trade barriers and overdue grid upgrades have turbocharged the demand for high-voltage cables.
Akshat Rathi and Oscar Boyd - Bloomberg
High-voltage electricity cables are in huge demand around the world, so much so that a lack of cabling has become a bottleneck throttling the clean energy transition. So why are cable manufacturers so hesitant to expand? Also, how are these giant cables made? And is China about to eat everyone's lunch? Claes Westerlind, chief executive officer of cable manufacturing company NKT, joins Zero to discuss. This is the third episode in Bottlenecks, a series exploring the lesser known obstacles standing in the way of our electrified future.
/jlne.ws/4mXF4Zh
EDF to buy London-listed EV charging company Pod Point for £10mn; Company that sells hardware to charge electric vehicles was valued at £350mn in 2021 for its London listing
Malcolm Moore - Financial Times
A leading UK electric-vehicle charging company that floated in London in 2021 at a £350mn valuation has agreed to a buyout from EDF for just over £10mn. Pod Point, which sells the hardware to charge EVs, blamed stiff competition and a slower than expected adoption of EVs for its problems. It suspended its shares in May after a tumultuous start to the year in which it issued a profit warning and discovered £4.4mn of bad debts on its books.
/jlne.ws/45g95x1
Companies Quietly Recast DEI to Duck Backlash; Shifting political winds have corporations taking a new tack to diversity goals they once broadcast
Callum Borchers - The Wall Street Journal
Corporate America's diversity, equity and inclusion campaign is going incognito. It's a pragmatic move-unless a company has Harvard-level supplies of fight and funding. Businesses that once trumpeted efforts to hire more women and people of color recognize flaunting such initiatives today is liable to attract unwanted scrutiny from the Trump administration, courts or influential activists like Robby Starbuck.
/jlne.ws/4jJ2QFp
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Deutsche Bank's deal-making business weaker than expected, CEO says
Reuters
Deutsche Bank's origination and advisory business is not as strong as the German bank had expected at the beginning of the year, CEO Christian Sewing said on Thursday. Sewing said at a financial conference that the deal-making business will be weaker in the second quarter than executives had planned at the start of 2025 as companies postpone decisions in the wake of U.S. tariff policies.
/jlne.ws/43NnDla
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | City firms order workers back to the office as WFH perks end; Office space is increasingly in demand in London as financial companies reverse pandemic working policies
Ashley Armstrong, Josephine Cumbo, Ortenca Aliaj and Emma Dunkley - Financial Times
Stockbroker Panmure Liberum has joined Deutsche Bank in barring staff from working at home on consecutive Mondays and Fridays, as financial services groups across the City of London push to get staff back to the office more frequently. UBS has also said that its UK employees will no longer be able to work from home on Monday if they were not in the office on the previous Friday.
/jlne.ws/3ZYKZ6k
Goldman Sachs wants students to stop using ChatGPT in job interviews with the bank
Emma Burleigh - Fortune
Goldman Sachs is cautioning its young job-seekers against using AI during the interview process. Instead, the $176 billion bank is encouraging applicants to study up on the firm in preparation. Other businesses like Anthropic and Amazon have also warned candidates against deploying AI-and if they're caught, they could be disqualified. While many companies are boasting about all the efficiencies that will come with AI, some are dissuading potential hires from using it to get a leg up in interviews with recruiters and hiring managers.
/jlne.ws/4kEz2v6
There's a trick to driving AI adoption among employees, says TIAA exec, and it's a 'big lever'
Steve Mollman - Fortune
With AI changing what's possible in the workplace and prompting companies to rethink roles, few doubt that the future of work looks significantly different from what employees are used to today. "Humans who use AI will replace humans who don't," she said at the Fortune COO summit on Tuesday, echoing a common refrain. With that in mind, her company has been pushing AI adoption in ways both direct and subtle.
/jlne.ws/4kOC27W
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Kennedy Announces Eight New Members of C.D.C. Vaccine Advisory Panel; The health secretary promised not to pick "anti-vaxxers." But some public health leaders accused him of breaking his word.
Sheryl Gay Stolberg - The New York Times
Health Secretary Robert F. Kennedy Jr. on Wednesday named eight doctors and researchers, including four who have spoken out against vaccination in some way, to replace roughly half the members he fired from an expert panel that advises the Centers for Disease Control and Prevention. Mr. Kennedy made the announcement Wednesday on the social media platform X, two days after he fired all 17 members of the Advisory Committee on Immunization Practices. Arriving at the John F. Kennedy Center for the Performing Arts for a performance of "Les Misérables" that President Trump also attended, the health secretary told reporters that the firings were "a long time coming."
/jlne.ws/4mVrEwG
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Potato price surge fuels inflation pain for Russia's poorest
Gleb Bryanski and Evgeniy Matveev - Reuters
At a farm near Moscow, newly arrived guest workers from India are planting potatoes and cabbages - work closely monitored by central bank analysts as they prepare for board meetings to set interest rates.
/jlne.ws/4kFzDwy
India's RBI Winds Down Offshore Currency Tool as Strategy Shifts
Subhadip Sircar and Bhaskar Dutta - Bloomberg
India's central bank has scaled back its use of a key tool it deployed last year to counter the strong dollar, according to people familiar with the matter, reflecting a change in the authority's intervention strategy under its new leadership.
/jlne.ws/3FCoWM1
Is London Losing Its Edge as a Global Tech Hub?; Major UK fintech firms like Revolut and Wise are shifting their focus-and listings-to the US.
Tala Ahmadi - Bloomberg (podcast)
London has long prided itself on being a global tech hub, promoting the image of a thriving and ambitious capital for innovation. But that reputation is beginning to slip. Major UK fintech firms like Revolut and Wise are shifting their focus-and listings-to the US, drawn by stronger valuations, deeper market liquidity and better access to compute infrastructure.
/jlne.ws/3TkhwQB
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| Miscellaneous | | Stories that don't quite fit under the other sections | Brian Wilson, Beach Boys musician, 1942-2025; He popularised a California surfing soundtrack before taking rock 'n' roll to experimental places with 'Pet Sounds'
Ludovic Hunter-Tilney - Financial Times
Brian Wilson, who has died aged 82, had a visionary grasp of what could be done in the brief span of a pop song. Rock mythology has cast him as an Icarus who flew too close to the sun, torched by ambition, brilliance and mental breakdown. But he took a different view. "I'm not a genius," the leader of The Beach Boys told Rolling Stone magazine in 1971. "I'm just a hardworking guy."
/jlne.ws/3HEKXKH
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