| March 12, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
A couple of sharp-eyed/eared legal representatives who can help you with this matter wrote on LinkedIn:
Former U.S. Attorney and Paul Hasting Attorney Renato Mariotti wrote:
"Acting CFTC Chairman Caroline D. Pham announced a major 30-day compliance remediation initiative. In her keynote speech at the FIA, Inc. Boca conference, she invited market participants who have an open matter with the Commission to approach the CFTC within the next two weeks with an update regarding their remediation plans and a reasonable settlement offer. She noted that the case can't involve market harm or abuse or losses to real victims, but said that they are looking to resolve recordkeeping cases and other non-urgent matters so the Commission can focus on fraud and abuse. This is significant and welcome news."
Dorothy DeWitt, a director of the Division of Market Oversight at the CFTC and now an independent compliance consultant at Tolt Strategies wrote:
"Big announcement from Acting U.S. Commodity Futures Trading Commission Chair Caroline D. Pham: you have two weeks to submit a "reasonable settlement offer" to Enforcement to benefit from the newly announced 30 day remediation and resolution sprint to resolve outstanding enforcement actions and investigations not involving market abuse or market participant harm."
Bjorn Sibbern, the CEO of SIX Group AG, indicated that current market volatility, particularly that due to U.S. political uncertainties, may delay some initial public offerings (IPOs) on the Swiss stock exchange, Bloomberg reported. Despite these challenges, Sibbern remains optimistic about a robust IPO pipeline in Switzerland and Spain, expecting more companies to go public in 2025 compared to the previous year.
The latest FCM to join the FMX Futures Exchange is Barclays, FMX shared on Linked
Nodal Exchange is seeking a payroll and benefits specialist to join its accounting team. The role involves processing semi-monthly payroll, ensuring accurate handling of salaries, benefits, taxes, and other deductions. The ideal candidate will have experience in payroll administration and benefits management. Nodal Exchange offers a dynamic work environment that values creativity, collaboration, and continuous learning.
Nothing against the people of Quebec, but President Trump should really rethink his plan to take over Canada as he gets Quebec with the deal. There are a bunch of Canadians who I am sure would love to give Quebec away to the U.S.
Here are the headlines from in front of FOW's paywall from some recent stories:
MIAX Futures hits wheat record ahead of migration, Trade body calls for more work on Indian margin regulation, ANALYSIS: Eurex takes stock ahead of key active account regulation and ANALYSIS: Voluntary carbon markets set to grow after recent declines - WFE.
The Associated Press reports, "At Southwest Airlines, checked bags will no longer fly for free." It's ironic to see Southwest Airlines, the pioneer of "bags fly free," change its tune by now charging for checked bags. This move marks a major strategic shift, showing that even brands built on game-changing promises must adapt to evolving market realities.
There is always a deeper story. Last night I took the Boca Resort shuttle from the resort over to the Beach Club for the Boca Night Out, where there was food, drinks and video games around the pool. I was the only one on the shuttle and started up a conversation with the driver. I never get tired of asking people questions, evidently. It turns out the driver was a local IT entrepreneur with two master degrees who services small businesses in Boca who drove the shuttle on the side from time to time. We had a great discussion about the value of certifications and learning via watching free, up-to-date YouTube videos as opposed to learning out-of-date information in expensive classes in college classrooms.
I also thanked multiple staff members at the Boca Resort for their professionalism, as everyone I came across was friendly, competent and did their jobs with a smile. You can tell the staff is well trained. They have improved from the first Boca after the pandemic when many of the staff was brand new just weeks before the conference.
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:
- S&P 500's Slide Brings Huge Options Position Into Rare Focus from Bloomberg.
- CME Group to Launch Bloomberg Commodity (BCOM) Subindex Futures on March 31 from CME Group.
- Coinbase and Robinhood Didn't Make the S&P 500. They May Be Too Volatile. from Barron's. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Elon Musk's self-destruction; The cost for Donald Trump of keeping the world's richest man by his side is growing
Edward Luce - Financial Times
When Elon Musk said he loved Donald Trump "as much as a straight man can love another", the emetic effect was widespread. Trump is one of the few people left in Washington DC who likes having Musk around. Yet having given Musk more power than any private figure in US history, the president is watching his benefactor turn into an albatross. The question is how Trump will get rid of Musk, not whether.
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***** Mr. Market can be very generous and even more mean. ~JJL
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Musk eyes Social Security and benefit programs for cuts while claiming widespread fraud
Chris Megerian - Associated Press
Elon Musk pushed debunked theories about Social Security on Monday while describing federal benefit programs as rife with fraud, suggesting they will be a primary target in his crusade to reduce government spending. The billionaire entrepreneur, who is advising President Donald Trump, suggested that $500 billion to $700 billion in waste needed to be cut. "Most of the federal spending is entitlements," Musk told the Fox Business Network. "That's the big one to eliminate."
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******I would suggest Mr. Musk read "How to Win Friends and Influence People." What he is doing is the opposite as it relates to Social Security. People with no death date recorded are not 250 years old. ~JJL
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Legislator proposes '30 years and you're done' property tax law
Dennis Rodkin - Crain's
Illinois homeowners who have paid their property taxes for 30 years should no longer have to pay them after that point, according to a new bill proposed by a downstate legislator. Under SB1862, introduced in February, homeowners who have continuously owned and occupied their primary residence for a full 30 years would be exempt from any more property taxes.
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***** For some reason I don't think this is going to help the housing problems and get the baby boomers to move out of their homes.~JJL
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Americans Still Love Europe Even if Trump Doesn't; Europe should welcome wealthy US patrons while they can still afford to splash out.
Chris Bryant - Bloomberg
Somebody forgot to inform holidaymakers about fraying transatlantic relations. Even as the new US administration berates Europe on trade and cozies up to Moscow while Berlin and Paris call for independence from Washington, Americans have remained loyal travelers and airlines are hopeful for another good summer. But the fun might not last: a US economic slowdown and weaker dollar could dampen international flying; furthermore, the sector risks getting caught up in President Donald Trump's trade wars.
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***** I reassured my European, Canadian and other friends and industry colleagues that we still love them. I thanked them for their patience with us. ~JJL
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Tuesday's Top Three
Our top story Tuesday was the Financial Times' Nasdaq halts high-speed trading service after regulatory pressure. Second was Boca 2025 Opening Remarks: Let the Magic Happen, Walt Lukken's opening remarks at the Futures Industry Conference in Boca Raton, Florida. Third was FINRA Orders Robinhood Financial to Pay $3.75 Million in Restitution to Customers; Fines Robinhood Financial and Robinhood Securities for Anti-Money Laundering, Supervisory and Disclosure Violations, from FINRA.
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| Lead Stories | Once Again: Tariffs Are a Terrible Idea; If history is any guide, this latest round of protectionism could cause outsized economic damage.
The Editorial Board - Bloomberg
From Wall Street to Washington, tariffs have been the subject of much anxious conversation in recent weeks. As Americans debate the wisdom of the administration's on-again, off-again trade barriers - the latest was a threat issued Tuesday to double tariffs on Canadian steel and aluminum, now apparently in limbo - a few broad points are worth bearing in mind. One is that these measures are a tax on Americans. Foreign countries don't simply pay up; US companies do when they import a product. This means that the costs are ultimately borne by consumers and by companies that use imported inputs. The effect of those higher prices is to eat into household budgets, push down real wages and reduce economic growth.
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Exclusive: Terry Duffy on CME's cloud future, takeover targets, and ... candy; CME CEO Terry Duffy explains the relatively narrow strategy that the derivatives exchange has taken under his leadership, especially compared to its peers.
Rebecca Natale - Waters Technology
Over the better part of an hour, Terry Duffy shows himself to be personable but guarded. He has no social media presence. He's a believer in timing-at least 50% of success is owed to it, he says-and he's a sometimes-viewer of the History Channel's The Food That Built America. An episode he watched recently delved into the story of Curtiss Candy Company, a Chicago confectionery business founded in 1916 by Otto Schnering, who gave the store his mother's maiden name to elude anti-German sentiment
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JPMorgan Quant-Cloning Factory Churns Out $100 Billion of Trades
Justina Lee - Bloomberg
A JPMorgan Chase & Co. quant unit has amassed a $100 billion derivatives-powered trading book, offering hedge fund-like investing on the cheap to investors of all stripes. The bank's Strategic Indices business has been at the forefront of the boom in what are known as Quantitative Investment Strategies, or QIS, which turn well-known systematic trades into swaps or structured notes - making copycat products that are easier and more cost-effective to deploy. QIS have been a hit with the likes of insurers and pension funds for providing classic hedge fund-style exposures such as trend following and options selling at a fraction of the cost. And lately even the fast money - once-hostile to these competing investing products - has been warming up to the strategies.
/jlne.ws/4iJFa3A
Swiss Bourse Chief Says Market Volatility Could Delay IPOs
Allegra Catelli - Bloomberg
The new head of the Swiss stock exchange said market volatility stemming from US political uncertainty could hold up some initial public offerings this year, even as the broad outlook for IPOs remains strong. "When you have this volatility uncertainty, you sometimes see delays in IPOs," SIX Group AG Chief Executive Officer Bjørn Sibbern said in an interview. "We cannot conclude anything now, but that is a worry."
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The Bursting of the US Exceptionalism Bubble; "There Is No Alternative" to US stocks suddenly looks like yesterday's narrative.
John Stepek - Bloomberg
Welcome to the award-winning Money Distilled newsletter. I'm John Stepek. Every week day I look at the biggest stories in markets and economics, and explain what it all means for your money. When markets go down and headlines get excitable, it's easy to feel jittery and the desire to act (either to panic sell - "we're all doomed!" - or panic buy - "I'll miss all the bargains!"). So first things first, don't panic. You know this already. But it's good to be reminded. Deep breaths.
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There's no money to be made in Russia; American companies shouldn't assume that a thaw in US ties with Moscow will make doing business there easier
Elina Ribakova - Financial Times
Recent discussions in the US focus on potential opportunities for American companies in Russia in the event that relations between the two countries normalise. However, Russia now faces stagnation. And sanctions relief could be shortlived if the US administration changes in four years' time, while state takeovers of companies and threats to investor rights underscore that investing in the country entails significant risks and uncertain rewards. Nostalgists remember the glory days of the Russian market, between 1999 and 2008, when commodity prices boomed. Investors achieved extraordinary returns as crude oil prices rose from $11 per barrel in 1998 to a peak of $133 per barrel 10 years later, making the political risks seem worthwhile.
/jlne.ws/43B9toP
Hong Kong's Stock Market Booms With Wall Street in Turmoil
Richard Frost, Charlotte Yang, and Winnie Hsu - Bloomberg
Hong Kong's stock market is turning into one of the biggest winners of Donald Trump's chaotic first 50 days in office. The city's Hang Seng benchmark has surged 21% since Trump assumed the presidency, making it the world's top performer. The S&P 500 Index has slumped about 7% to trail almost all global gauges. The divergence between the two indexes has become the most extreme since the dotcom bubble burst in 2000, according to a 90-day correlation measure.
/jlne.ws/4kL0vLO
Laopu's 1,600% Rally Illustrates Hong Kong's Frenzy Over IPOs
Dave Sebastian - Bloomberg
If there was any doubt IPO fever has returned to Hong Kong, look no further than Laopu Gold Co.'s rally of more than 1,600% since its listing less than a year ago. Its shares surged as much as 15% in Hong Kong trading on Wednesday before closing 3% higher. Now at $15 billion, the Beijing-based jeweler boasts a larger market value than Chow Tai Fook Jewellery Group Ltd. or Pandora A/S. That's despite the Chinese company, which specializes in making gold jewelry inspired by Buddhist themes, generating only a fraction of the revenue and profits that Chow Tai Fook or Pandora earn.
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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. | A Global Steel War Heats Up With Trump's Latest Tariff Offensive
Bloomberg News
President Donald Trump is unleashing sweeping import tariffs that he says will reverse the decline of America's steel towns. But the US isn't the only nation rushing to protect its factory heartlands. The global steel market is barreling toward a war on multiple fronts as politicians pursue measures to stem imports of the industrial staple. South Korea and Vietnam are raising the barricades, the European Union is tightening safeguards, while mills in Latin America are angling for more protection.
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Trump halts doubling of tariffs on Canadian metals, after Ontario suspends electricity price hikes
Josh Boak, Rob Gillies, Michelle Price - Associated Press
President Donald Trump 's threat on Tuesday to double his planned tariffs on steel and aluminum from 25% to 50% for Canada led the provincial government of Ontario to suspend its planned surcharges on electricity sold to the United States. As a result, the White House trade adviser Peter Navarro said the U.S. president pulled back on his doubling of steel and aluminum tariffs, even as the federal government still plans to place a 25% tariff on all steel and aluminum imports starting Wednesday.
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Donald Trump backs down on 50% steel and aluminium tariffs on Canada; U-turn comes after province of Ontario removes surcharge for power exports to the US but 25% levies to still take effect
Aime Williams and Ilya Gridneff - Financial Times
Donald Trump has backed down from plans to double US tariffs on Canadian steel and metal imports to 50 per cent just hours after first threatening the levies, rattling investors by intensifying the North American trade war. The move by the president comes after the Canadian province of Ontario earlier in the day suspended its own surcharge of 25 per cent on exports of power to the US, which Trump had cited as a reason for boosting tariffs on imports from Canada.
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US Tariffs Prompt Criticism at Houston Energy Industry Gathering
Nathan Risser - Bloomberg
The imminent impact of US trade tariffs elicited concern from company executives and sharp words from Canadian government officials at a major energy industry conference Tuesday. During an all-Canadian energy panel at the CERAWeek by S&P Global event in Houston, speakers veered between venting frustration and anger at the tariffs and urging fellow Canadians to seek new, alternative trading partners to the US.
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Canada's Carney Will Keep Tariffs Until US Commits to Free Trade
Brian Platt - Bloomberg
Canada will keep its trade retaliation in place until the US lifts its own tariffs and commits to free trade, said Mark Carney, who will succeed Justin Trudeau as Canada's prime minister within days. "My government will keep our tariffs on until the Americans show us respect and make credible, reliable commitments to free and fair trade," Carney said in a statement.
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Trump and Musk Cuts Would Rival Thatcher's 1980s Austerity; Even cuts a fraction as large as Musk has touted threaten to dent the economy.
Shawn Donnan and Ted Mann - Bloomberg
If Elon Musk were to get his way, President Donald Trump would preside over an economic overhaul befitting a fellow 1980s icon: Margaret Thatcher. In his fast-moving attack on the role of government in America, Musk has targeted $1 trillion in cuts in the next year - a figure many economists and budget experts see as highly unlikely. That's in part because of how difficult it'd be to slash that much spending without gutting entitlement programs like Medicare and Social Security that Trump promised to protect.
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Trade Wars Won't Make American Farming Great Again; The US trade war will hurt food exports and increase the agricultural trade deficit.
Javier Blas - Bloomberg
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US Lambasts Japan's '700% Rice Tariff,' Hinting at Levy Target
Sakura Murakami - Bloomberg
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Ray Dalio Cites 1930s Germany to Assess Unfolding Trade War
David Ramli - Bloomberg
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EU retaliates after Donald Trump's steel and aluminium tariffs take effect; Brussels says countermeasures will target up to EUR26bn of US goods
Aime Williams and Barbara Moens and Andy Bounds - Financial Times
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
US resumes military aid and intelligence sharing as Ukraine says it is open to a 30-day ceasefire
Matthew Lee - Associated Press
The Trump administration lifted its suspension of military aid and intelligence sharing for Ukraine, and Kyiv signaled that it was open to a 30-day ceasefire in the war with Russia, pending Moscow's agreement, American and Ukrainian officials said Tuesday following talks in Saudi Arabia. The administration's decision marked a sharp shift from only a week ago, when it imposed the measures in an apparent effort to push Ukrainian President Volodymyr Zelenskyy to enter talks to end the war with invading Russian forces. The suspension of U.S. assistance came days after Zelenskyy and President Donald Trump argued about the conflict in a tense White House meeting.
US-Russia Talks Take Spotlight After Kyiv Agrees to Truce Terms
Greg Sullivan - Bloomberg
Russia is gearing up to respond to President Donald Trump's call to accept a ceasefire after Ukraine agreed to a 30-day truce at talks with the US in Saudi Arabia. The head of Russia's Foreign Intelligence Service, Sergei Naryshkin, and US Central Intelligence Agency Director John Ratcliffe agreed to maintain regular contacts during a phone call on Tuesday to discuss cooperation between their agencies, the Interfax news service reported on Wednesday.
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Russia pushes back Ukrainian troops after US plan to broker ceasefire; Moscow's soldiers on the offensive in Russian Kursk region hours after Kyiv backs 30-day armistice
Fabrice Deprez and Polina Ivanova - Financial Times
Moscow has intensified its efforts to push Ukrainian forces out of the Russian region of Kursk, hours after Kyiv agreed with Washington to broker a 30-day ceasefire. Ukrainian and US officials met in Saudi Arabia on Tuesday and backed the month-long cessation of hostilities along the entire Ukrainian frontline. In return, the US resumed military aid and intelligence sharing with Kyiv that had been suspended after last month's bust-up in the Oval Office between Donald Trump and Volodymyr Zelenskyy.
/jlne.ws/3FkKqwt
Middle East Conflict
Middle East latest: Israel kills 8 Palestinians in Gaza as Hamas says ceasefire talks resume
The Associated Press
Israeli fire has killed eight Palestinians in the Gaza Strip and three more in the occupied West Bank over the past 24 hours, Palestinian officials said Tuesday, even as a fragile ceasefire with Hamas in Gaza has largely held since late January. Israeli forces have killed dozens of Palestinians in Gaza during the ceasefire who the military says had approached its troops or entered unauthorized areas.
/jlne.ws/4humJyO
Israel and Lebanon Agree to Talks on Border, Long a Source of Tension
Adam Rasgon - The New York Times
Israel and Lebanon have agreed to start negotiations on disputes over the land border between them, officials said on Tuesday, offering a possible opportunity to resolve disagreements that have contributed to decades of tensions and conflict. In a statement, Morgan Ortagus, President Trump's deputy Middle East envoy, said that the United States was bringing Israel and Lebanon together to discuss the demarcation of the border. She said discussions would also focus on the future of five Israeli military outposts in Lebanon and of Lebanese prisoners still held in Israel after a cease-fire deal last year largely halted more than a year of cross-border warfare.
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Other Conflicts
Kurdish Fighters Called a Truce, but Turkey Kept Up Lethal Strikes; Turkey is still bombing armed Kurdish insurgents in Iraq and Syria, even after their leader urged them to lay down their arms and disband, and their group declared a cease-fire.
Ben Hubbard and Safak Timur - The New York Times
Turkey's military has kept up deadly attacks in Syria and Iraq on fighters linked to the Kurdish insurgent group P.K.K. in the two weeks since the movement's founder called on his followers to lay down their arms and disband. The P.K.K. leadership, which is based in the Qandil Mountains of Iraq's northern Kurdistan region, responded to the call by the founder, Abdullah Ocalan, by announcing a unilateral cease-fire on March 1. But they said that Turkey had to release Mr. Ocalan from prison to oversee the group's disarmament, a possibility that Turkish officials have not publicly entertained.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group to Launch Bloomberg Commodity (BCOM) Subindex Futures on March 31
CME Group
CME Group, the world's leading derivatives marketplace, today announced plans to launch Bloomberg Commodity (BCOM) Subindex futures on March 31, pending regulatory review. BCOM Subindex futures will be available across seven leading commodity index sectors, providing investors with the ability to express their views around sector-specific asset volatility on their portfolios, including:
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BSX launches the Future of CSD technology with Vermiculus; The Bermuda Stock Exchange successfully deploys next-generation CSD system in record time.
VermiculusFT
The Bermuda Stock Exchange (BSX), the leading exchange in the world for the listing of insurance-linked securities instruments and a wholly-owned subsidiary of Miami International Holdings, Inc. (MIH) and MIAX's parent holding company, has successfully gone live with its new settlement and depository system developed by market infrastructure provider Vermiculus Financial Technology (Vermiculus).
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DTCC's GTR to Add MiFID/R Reporting Capabilities to Further Support Market Participants with Transaction and Trade Reporting Obligations; The Global Trade Repository (GTR) MiFID/R Approved Reporting Mechanism (ARM) service is targeted to be launched by Q1 2026, subject to regulatory approval
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced its plans to add a Markets in Financial Instruments Directive/Regulation (MiFID/R) ARM service to its Global Trade Repository (GTR) service in support of evolving transaction and trade reporting requirements. Subject to regulatory approval, the service is targeted to be launched in the UK by Q1 2026 and in the EU in line with the upcoming regulatory changes.
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Euronext pushes for 'improved competitiveness' through consolidation of settlement on its markets; The exchange said the development comes as part of its goal to tackle post-trade fragmentation in Europe and open up new trading and investment opportunities.
Wesley Bray - The Trade
Euronext Amsterdam, Brussels and Paris are set to designate Euronext Securities as the central securities depository (CSD) for the settlement of equity trades from September 2026. The three markets join Euronext markets in Lisbon, Milan and Oslo, which Euronext Securities already provides support for. The exchange said the move comes as part of Euronext's goal to improve European capital markets' competitiveness, tackle post-trade fragmentation in Europe and open up new trading and investment opportunities, particularly across borders.
/jlne.ws/3DNGXFY
Euronext consolidates settlement on its markets to improve European capital markets' competitiveness; As a major milestone of Innovate for Growth 2027 strategic plan, Euronext Securities will be designated as the Central Securities Depository (CSD) for the settlement of Euronext Amsterdam, Brussels and Paris equity trades by second half of 2026. Euronext N.V. today also moves its own shares to Euronext Securities.
Euronext
Euronext, the leading European capital market infrastructure, is pleased to announce that Euronext Amsterdam, Brussels and Paris will designate Euronext Securities as the CSD for the settlement of equity trades from September 2026. These three markets will join the other Euronext markets in Lisbon, Milan and Oslo, already supported by Euronext Securities. This initiative marks a significant move as part of Euronext's Innovate for Growth 2027 strategic plan unveiled in November 2024. It is an important step to improve European capital markets' competitiveness, to tackle post-trade fragmentation in Europe and open up new trading and investment opportunities, particularly across borders. Currently, the settlement of equity trades in Europe is fragmented across more than 30 different CSDs.
/jlne.ws/3DwP6yH
Euronext announces March 2025 annual review results of the AEX Family
Euronext
Amsterdam - 11 March 2025 - Euronext today announced the results of the March 2025 annual review for the AEX, AMX, AScX and AEX ESG, which will be implemented after markets close on Friday 21 March 2025 and will be effective from Monday 24 March 2025.
/jlne.ws/3FyYu5f
Miami International Holdings and The Bermuda Stock Exchange Launch New Trading and Settlement Technology Platform
MIAX
Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced the launch of a fully-integrated trading, clearing, settlement and depository technology platform for The Bermuda Stock Exchange (BSX), a wholly-owned subsidiary of MIH.
/jlne.ws/4iIPZ5U
Nasdaq Announces End-of-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date February 28, 2025
Nasdaq
At the end of the settlement date of February 28, 2025, short interest in 3,117 Nasdaq Global MarketSM securities totaled 12,765,719,651 shares compared with 12,649,030,702 shares in 3,121 Global Market issues reported for the prior settlement date of February 14, 2025. The mid-February short interest represents 2.42 days compared with 2.64 days for the prior reporting period. Short interest in 1,628 securities on The Nasdaq Capital MarketSM totaled 2,565,936,316 shares at the end of the settlement date of February 28, 2025, compared with 2,531,037,044 shares in 1,629 securities for the previous reporting period. This represents a 1.00 day average daily volume; the previous reporting period's figure was 1.00.
/jlne.ws/41Zhu5J
SIX's total operating income up 4.6% as exchanges restructure reaps rewards; The Group shared that since June 2024 its exchanges business unit has assumed a new organisational structure, adopting an asset class-based approach.
Wesley Bray - The Trade
SIX posted positive full-year results for 2024, with total operating income up 4.6% to $1,798.76 million, bolstered by a strong performance in its exchanges segment. Its exchanges unit - comprised of SIX Swiss Exchange, SIX Digital Exchange and Borsa Madrid (BME) - generated operating income of $383.26 million, up 2.6% compared to the previous year, with the firm highlighting the business unit's new organisational structure - adopted in June 2024 - wherein the exchange took on an asset-class-based approach.
/jlne.ws/3FoGWch
SIX reports 4.6% Income Growth in 2024 and Launches Three-Year Growth and Profitability Program
BME-X
SIX delivered solid growth across all four business units in 2024, underscoring the strength of its diversified business model. The Group achieved total operating income of CHF 1.6 billion in 2024, representing year-on-year growth of 4.6% at constant exchange rates and 4% at reported rates. Earnings before interest, tax, depreciation, and amortization (EBITDA) rose to CHF 443.7 million, up 4.8% at constant exchange rates and 3.6% at reported rates. Net profit stood at CHF 38.7 million, including a non-cash value adjustment of CHF 167.7 million on the Group's 10.5% stake in European payments provider Worldline, reflecting the development in its share price. The adjusted Group net profit rose 12.3% to CHF 204.4 million.
/jlne.ws/3DDIO0b
New Product Summary: Initial Listing of Seven (7) Bloomberg Commodity Subindex Futures Contracts - Effective March 31, 2025
CME Group
Initial Listing of Seven (7) Bloomberg Commodity Subindex Futures Contracts. For the full text of this advisory, please click the link below.
/jlne.ws/4hqOW9G
Performance Bond Requirements - Metal Margin - Effective March 12, 2025
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 March 12, 2025.
/jlne.ws/4kG9wFY
Trader Alert 25-07: MWCB Testing Opportunity - April 5, 2025
MEMX
The Securities Information Processors ("SIPs") will conduct data center failover testing as well as Market-Wide Circuit Breaker ("MWCB") breach level 1 and 2 on Saturday, April 5, 2025, the final test in MEMX's 2024 testing year. In coordination with other market participants, MEMX will participate in the test and publish a test script: MEMX 2024 Market-Wide Circuit Breaker Test Script. Certain members designated by MEMX are required to participate in at least one industry-wide MWCB test each testing year and to verify participation. Please see Regulatory Notice 24-07: Mandatory Participation in Market-Wide Circuit Breaker Testing. MEMX encourages all members to participate in MWCB testing.
/jlne.ws/4iBLiuE
TMX Group Equity Financing Statistics - February 2025
TMX
TSX welcomed 25 new issuers in February 2025, compared with 24 in the previous month and 11 in February 2024. The new listings were 14 exchange traded funds, 10 Canadian depository receipts, and one mining company. Total financings raised in February 2025 increased 32% compared to the previous month, but were down 62% compared to February 2024. The total number of financings in February 2025 was 53, compared with 43 the previous month and 32 in February 2024.
/jlne.ws/4iKmMHQ
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Broadridge Investor Pulse Now an Interactive Tool Enabling Public Access to Analyze Investment Behavior of Nearly 50 Million U.S. Retail Investors
Broadridge
Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE: BR) has released its latest Investor Pulse update via its new interactive, publicly available tool, providing critical insight into U.S. individual investor habits to enable asset managers, advisors, policy professionals and investors to deepen their understanding of the national investment landscape. A new feature of Broadridge's Investor Pulse includes the addition of the first-of-its-kind large scale analysis of individual investor rates of return.
/jlne.ws/41YaDtj
Meta Faces Legal Challenge by French Publishers Over AI Training
Benoit Berthelot - Bloomberg
French publishers and authors are suing Meta Platforms Inc. for copyright infringement, accusing the tech giant of using their books to train its generative artificial intelligence model without authorization. SNE, the trade association representing major French publishers including Hachette and Editis, along with authors' association SGDL and writers' union SNAC, filed a complaint this week in a Paris court dedicated to intellectual property, the group said at a press conference on Wednesday.
/jlne.ws/3FnFLd2
LinkedIn Founder's AI Dream Needs Human Vigilance; Reid Hoffman argues that AI will give us greater agency. That might not be the case if we over-rely on it.
Parmy Olson - Bloomberg
If you've heard recent proclamations from leaders of Salesforce Inc. and Meta Platforms Inc., we're living in the year of the "agent," or artificial intelligence services that act more independently than chatbots. A new model from China called Manus, for instance, went viral over the weekend after its creators claimed it could buy real estate and program video games.1 But building AI that needs little prompting raises uncomfortable questions about where humans will fit into, well, everything in the next decade, as our cognitive labor gets automated away from our work.
/jlne.ws/4kK4sjZ
How Malaysia's Big Bet for Homegrown Chips Can Pay Off; The $250 million deal with Arm is just the beginning.
Catherine Thorbecke - Bloomberg
Malaysia is making a bold bet to revamp its semiconductor industry. It plans to use a first-of-its-kind partnership with Arm Holdings Plc to leapfrog beyond assembly, testing and packaging and into the more lucrative front-end semiconductor production. The Softbank Group Corp.-owned company will provide its chip designs and knowledge - as well as training for 10,000 engineers. Malaysia will pay some $250 million as part of the 10-year deal. It hopes to flip this into semiconductor exports worth $270 billion by 2030.
/jlne.ws/41Koz8S
Elon Musk gets telecom tycoons' double backing for Starlink in India; Country's two biggest mobile operators drop opposition and sign deals
Chris Kay - Financial Times
India's telecom tycoons Mukesh Ambani and Sunil Mittal have struck separate deals within hours to bring Elon Musk's Starlink to the world's most populous nation, deepening alliances between New Delhi, Washington and the politically connected businessmen. On Wednesday Ambani's Reliance Jio, India's biggest mobile operator, followed Mittal's Bharti Airtel, the number-two player, in going public with plans to collaborate and distribute SpaceX's satellite internet service. The tie-ups could further smooth the entry of Musk's wider business interests, including Tesla, into India.
/jlne.ws/3R0v42q
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| Cybersecurity | | Top stories for cybersecurity | EC Probes Cyberattack of Detroit Suburb's $30 Million Bond Sale; Probe will determine potential violation of securities law; White Lake Township makes disclosure in bond supplement
Martin Z Braun - Bloomberg
The US Securities and Exchange Commission is investigating a municipal-bond sale by a Detroit suburb that was hacked last year by cyber criminals, resulting in the theft of about $30 million of proceeds. The SEC is probing whether the bond issue, which was supposed to close in November, violated securities law, according to a March 11 bond-offering supplement. The community of 32,000 plans to sell $29 million of bonds after the cyberattack forced it to cancel last year's issue to finance the construction of a civic center.
/jlne.ws/4bO3SO3
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto's New Regulatory Era Means Fresh Opportunity for ETFs
Vildana Hajric - Bloomberg
Cboe BZX Exchange Inc. is asking regulators to open the door for staking on a number of Ether-based exchange-traded funds, joining another platform in the race for investors to potentially earn passive income on their crypto holdings. Cboe's filing this week with the US Securities and Exchange Commission is appealing for the approval of staking for Fidelity's Ethereum Fund. The company had previously submitted similar paperwork for the 21Shares Core Ethereum ETF. Another exchange, NYSE Arca Inc., has asked regulators for the staking option on Ethereum products from Grayscale Investments.
/jlne.ws/4iHr7LQ
Crypto.com is suddenly one of the world's top exchanges. Its competitors can't figure out how it got there
Jeff John Roberts - Fortune
During the 2022 Super Bowl, the trading site Crypto.com aired the most notorious TV commercial in the short history of the crypto industry. It featured Matt Damon strutting through famous moments in history before intoning, "Fortune favors the brave"-a stance widely mocked after crypto prices tanked calamitously soon after. It's unclear if the actor's reputation has fully recovered from the debacle-but Crypto.com appears to be doing better than ever.
/jlne.ws/41YQhQD
How Will the US Bitcoin Reserve Work, Exactly?
Olga Kharif - Bloomberg
With a March 6 executive order, President Donald Trump created a strategic Bitcoin reserve, effectively entrenching Bitcoin's legitimacy as a mainstream financial instrument. Now the world's biggest cryptocurrency will rank among the assets held in reserve by the US government, along with gold, oil and cheese. With the same executive order, Trump also created a government stockpile for all other digital coins the government holds.
/jlne.ws/4kKhT3m
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| Politics | | An overview of politics as it relates to the financial markets | Columbia Student's Deportation Arrest Should Scare All Americans; Even if pro-Palestinian activist Mahmoud Khalil isn't deported, his case will already have chilled free speech for everyone in the US.
Noah Feldman - Bloomberg
The Trump administration came into office claiming to stand for free speech. Yet the arrest and detention of Mahmoud Khalil, a lawful permanent resident who led pro-Palestinian student protests at Columbia University, has dealt a serious blow to the First Amendment. Going back to 1941, the Supreme Court has held that resident noncitizens have free-speech rights. Deporting Khalil for his political speech would violate this basic freedom - and set back First Amendment rights for all Americans.
/jlne.ws/4bISsuV
Fed Staff Met With Treasury's DOGE Team in January, Filing Shows; DOGE representatives also held official roles at Treasury; Powell said the Fed has had 'no contact' with DOGE teams
Gregory Korte - Bloomberg
Staff at the Federal Reserve cooperated with the Treasury Department to give Elon Musk's Department of Government Efficiency access to federal payment systems, according to a new court filing. The documents paint the clearest picture yet about contact between the Fed and Treasury in the early days of President Donald Trump's administration as Musk and members of his DOGE team sought to view some of the most sensitive federal databases.
/jlne.ws/41IRiLj
Trump is no longer swayed by the stock markets
Faisal Islam - BBC
On the day of the US presidential inauguration I was told by a top US tech chief executive that although he was likely to be hit by retaliatory tariffs, he assumed any trade war would die down. "Trump lives by the Dow Jones' reaction," he said - something markets call the "Trump put". This means that whenever a White House announcement that damaged sentiment came out, the president would row back after seeing a stock market fall. Those assumptions have now changed, after the president gave a TV interview in which he downplayed how much he was moved by markets.
/jlne.ws/4bJVCyx
Trump's Economic Messaging Is Spooking Some of His Own Advisers; President's team receives flood of calls from business executives concerned about mixed messaging on tariffs
Brian Schwartz, Gavin Bade and Josh Dawsey - The Wall Street Journal
President Trump's stop-and-start trade policy and uneven economic messaging have rattled some of his own allies, triggering a flood of calls from business executives, concerns from Republican lawmakers and tension in the White House. Senior officials, including White House chief of staff Susie Wiles, have received panicked calls from chief executives and lobbyists, who have urged the administration to calm jittery markets by outlining a more predictable tariff agenda, according to people familiar with the discussions.
/jlne.ws/4bKGrFk
Tesla owners offloading their cars over Elon Musk backlash are in for a nasty surprise
Chris Morris - Fortune
Thinking of selling your Tesla? You won't get as much as you might expect. Prices for the company's vehicles have been plunging and now are far below competitors'. That comes as many Tesla owners are looking to unload their cars as a sign of protest over Elon Musk's actions at DOGE. Tesla's stock price isn't the only thing that has been plunging lately. Resale value on the manufacturer's vehicles continues to fall, which could come as a big shock to people looking to make a change.
/jlne.ws/3FBtxxi
A group of Democratic New York senators are asking the state pension to divest from Tesla, citing 'increasingly perilous' risk with Elon Musk as CEO
Jessica Mathews - Fortune
/jlne.ws/43MkiV4
White House says Canada would 'benefit greatly' from becoming 51st state
NBC News
/jlne.ws/3R2R10U
Sweden to expand arms and space capabilities without US; Stockholm still values co-operation with Washington but backs stronger European pillar of Nato, defence minister says
Richard Milne - Financial Times
/jlne.ws/3DCNjYS
China Says US Owes 'Big Thank You' on Fentanyl, Calls for Talks
Bloomberg News
/jlne.ws/3FyaaoU
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| Regulation & Enforcement | | Stories about regulation and the law. | UK Axes Payment Systems Regulator in Attempt to Cut Red Tape
Aisha S Gani - Bloomberg
The UK government is abolishing the Payment Systems Regulator as part of its attempts to cut "unnecessary regulation" and stoke economic growth. The work of the PSR, such as payment fraud and open banking policies, will be folded into the Financial Conduct Authority, the government said in a statement Tuesday.
/jlne.ws/4kKhAFK
New Zealand Banking Reforms Must Protect Stability, IMF Says
Tracy Withers - Bloomberg
New Zealand's ambitions to increase banking competition shouldn't come at the expense of a sound financial system, the International Monetary Fund said in a staff report. "The primary objective of prudential regulation should be to safeguard financial stability, calibrated to the risks and vulnerabilities faced by New Zealand," the IMF said in the concluding statement of its Article IV review of New Zealand's economy released Wednesday. "Government policies to strengthen banking competition will need to be carefully designed to preserve the primacy of financial stability."
/jlne.ws/4bJ5B7g
FCA drops plan to 'name and shame' more UK companies under investigation; Financial regulator says it will scrap new public interest test after backlash from the City and government officials
Ortenca Aliaj and Martin Arnold - Financial Times
Britain's financial watchdog is set to largely abandon its controversial plan to "name and shame" more companies that it investigates, marking a major U-turn after the regulator faced mounting pressure to drop the policy. The Financial Conduct Authority plans to announce on Wednesday that its proposal to apply a new public interest test on whether to disclose more companies under investigation has been scrapped, according to people familiar with the matter. Instead, it is sticking to its existing stricter "exceptional circumstances" test.
/jlne.ws/3Fhk3ar
FCA responds to final report into Safe Hands complaints
FCA
We continue to have the utmost sympathy for the people who have lost money because of Safe Hands. We do not agree with the Commissioner's finding that we didn't identify significant risks in relation to this firm. We had limited powers to act against funeral plan providers before Parliament gave us responsibility to regulate the sector from July 2022.
/jlne.ws/3DJ79S9
SEC Charges Illinois Man in Fraudulent Securities Offering
SEC
On March 10, 2025, the Securities and Exchange Commission filed a complaint against Ronald Pallek of Lakemoor, Illinois alleging he defrauded at least 87 investors in a scheme that raised over $1.5 million.
/jlne.ws/3R2PPKY
The times they are a-changin'- but directors' duties aren't
ASIC
Keynote speech by ASIC Chair Joe Longo at the Australian Institute of Company Directors (AICD) Australian Governance Summit, 12 March 2025.
/jlne.ws/41LsnH2
ASIC sues AustralianSuper alleging significant death benefit claims failures
ASIC
ASIC is suing AustralianSuper Pty Ltd, the trustee of Australia's largest superannuation fund, over delayed processing of nearly 7,000 death benefit claims, according to proceedings filed in the Federal Court. ASIC alleges between 1 July 2019 and 18 October 2024, AustralianSuper failed to process death benefit claims efficiently, honestly and fairly when it took between four months and four years from the date the claim form was returned to assess at least 6,897 death benefit claims.
/jlne.ws/4bHZzDS
Update on the FCA's enforcement transparency proposals
FCA
We have published a letter to the Treasury Select Committee, setting out significant improvement in the pace of our investigations as well as next steps on our approach to transparency of enforcement investigations. Given the lack of consensus, we will not take forward our proposal to shift from an exceptional circumstances test to a public interest test for announcing investigations into regulated firms.
/jlne.ws/3FBEKxS
Statement from Nikhil Rathi, Chief Executive of the FCA, in response to the Government's announcement on the future of the Payment Systems Regulator (PSR)
FCA
PSR colleagues have made payment systems safer, more competitive and increasingly innovative. They should be proud of the huge amount achieved. With a changed payments landscape, now is the right time to put in place a more streamlined regulatory framework. Doing so is a natural next step following recent work to improve co-ordination and clarity on regulatory responsibilities.
/jlne.ws/43IYnhF
IOSCO publishes new Consultation Report on Artificial
IOSCO
Intelligence in Capital Markets: Use Cases, Risks, and Challenges Identifies five key findings following engagement with IOSCO members and stakeholders and invites further feedback.
/jlne.ws/3DqwS1Q
IOSCO unveils Work Program for 2025; Core focus on investor protection and financial stability
IOSCO
The International Organization of Securities Commissions (IOSCO) today announced its Work Program for 2025, outlining key priorities to enhance financial resilience, market effectiveness and investor protection in global markets.
/jlne.ws/3R0EgUC
Singapore and Viet Nam Enhance Cooperation in Financial Innovation
MAS
The Monetary Authority of Singapore (MAS) and the State Bank of Viet Nam (SBV) have agreed today to enhance their existing Memorandum of Understanding[1] (MOU) to further cooperate on financial innovation.
/jlne.ws/3Fz4RFH
Comments by the Monetary Authority of Singapore on Chocolate Finance
MAS
The Monetary Authority of Singapore (MAS) notes that Chocolate Finance, an online robo advisory service operated by Chocfin Pte Ltd (Chocfin), and Allfunds, an independent fund custodian, have issued a joint press statement on the security of Chocfin's fund holdings and orderly processing of withdrawals.
/jlne.ws/3FjoqC6
Joint Advisory on Scams Involving Digital Manipulation
MAS
The Singapore Police Force (SPF), Monetary Authority of Singapore (MAS) and Cyber Security Agency of Singapore (CSA) would like to alert members of the public to scams involving digital manipulation, in which Artificial Intelligence (AI) is allegedly used to create or manipulate synthetic media (i.e. deepfakes).
/jlne.ws/3XKbjA0
Singapore and Viet Nam Enhance Collaboration in Capital Markets Regulation and Digital Asset Regulatory Framework
MAS
The Monetary Authority of Singapore (MAS) and the State Securities Commission of Viet Nam (SSC) have agreed today to collaborate on building capacity to protect the integrity and stability of, and promote connectivity between, the capital markets of the two countries. The two agencies have agreed to collaborate on capacity building in support of the development of the digital asset regulatory framework for Viet Nam.
/jlne.ws/3FkUzJg
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Goldman Sachs Says US Credit Spreads Will Get a Lot Wider; Spreads are still too tight given risks to economy, bank says; Worries about US trade policies will weigh on credit market
Finbarr Flynn - Bloomberg
Goldman Sachs Group Inc. strategists have significantly raised their forecasts for US credit spreads, pointing to tariff risks and signs that the White House is willing to tolerate near-term economic weakness. The strategists now think spreads on US investment grade bonds will widen to around 125 basis points in the third quarter, up from their previous estimate of 84 basis points. They expect high yield bond spreads to reach 440 basis points during the same period, an increase from their prior 295 basis point forecast.
/jlne.ws/4bJ5FE2
Introducing the 'Maleficent 7'; One stands out in terms of badness ... guess which?
Alexandra Scaggs - Financial Times
The first quarter isn't over yet and Goldman Sachs has already thrown in the towel on its year-end call for US stocks. Wall Street forecasts targets are almost never useful, to be clear. But it's pretty early in the year to be retreating, and renaming the "Magnificent 7" - the cohort of megacap tech stocks that still comprise an absolute ton of the US market - the "Maleficent 7".
/jlne.ws/43GjpgN
StoneX adds investment banking capabilities with acquisition of The Benchmark Company; Move is set to enhance equity research and investment banking; acquisition subject to regulatory approval.
Wesley Bray - The Trade
StoneX Group is set to acquire The Benchmark Company, aiming to strengthen its offerings in equity and debt capital markets. The strategic acquisition will also provide enhancements in equity research and investment banking. The Benchmark Company is a full-service investment banking firm which offers a sales and trading platform, equity research, and an investment banking team.
/jlne.ws/4bMXqXv
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | EPA Terminates $20 Billion in Grants for Climate Projects
Ari Natter - Bloomberg
The Environmental Protection Agency said it's terminating $20 billion in grants awarded through a green bank program established under former President Joe Biden's signature climate law. The money is part of a $27 billion pool and awarded to community development organizations and other nonprofits, credit unions, housing agencies and solar energy projects. EPA Administrator Lee Zeldin claims that the Greenhouse Gas Reduction Fund is part of a "scheme" administered by the previous administration without proper oversight.
/jlne.ws/3FpL0Jm
The US agency that monitors weather will cut another 1,000 jobs, AP sources say
Seth Borenstein - Associated Press
The Trump administration is starting another round of job cuts - this one more than 1,000 - at the nation's weather, ocean and fisheries agency, four people familiar with the matter tell The Associated Press. The National Oceanic and Atmospheric Administration on Tuesday began plans to lay off 10% of its current workforce, people inside and outside the agency said, with some of them requesting anonymity due to fear of retribution. The numbers were presented to NOAA employees and managers were asked to submit names of positions for layoffs to agency headquarters, which will then go to NOAA's parent agency, the Department of Commerce, on Wednesday, the people said.
/jlne.ws/4bIrHqt
SIFMA Compliance & Legal Society Announces Yoon-Young Lee the Recipient of the 2025 Diversity, Equity, & Inclusion Advocate Award
New York, NY, March 11, 2025 - Today, SIFMA announced Yoon-Young Lee, Senior Counsel at WilmerHale, as the 2025 recipient of the SIFMA Compliance & Legal (C&L) Society's Diversity, Equity, & Inclusion (DE&I) Advocate Award. First awarded in 2022, the SIFMA C&L Society DE&I Advocate Award celebrates legal and compliance professionals who have demonstrated outstanding dedication to promoting inclusion and advancing equal opportunity in the financial services industry.
/jlne.ws/4iEbjJU
Efforts were underway to prevent CO2 pipeline leaks. The Trump administration quietly derailed them.; The proposed safety rules would have been the first.
Grist
Nearly five years after a pipeline spewed poison gas across a Mississippi town, federal regulators appeared ready in recent weeks to institute new safety rules aimed at preventing similar accidents across the U.S.'s fast-growing network of carbon dioxide pipelines. But the proposed rules, unveiled five days before the end of Joe Biden's presidency, were quietly derailed during the first weeks of President Donald Trump's second term.
/jlne.ws/3Fz0Y3C
Shale Pioneer Sheffield Warns Oil Chiefs of Grim Times Ahead
David Wethe and Alix Steel - Bloomberg
Scott Sheffield, the retired shale impresario who built a fortune drilling for Permian Basin oil, has grim advice for former rivals as President Donald Trump pushes for "drill baby drill" to bring down energy prices. "You've really got to hunker down," Sheffield said during a Bloomberg Television interview on the sidelines of CERAWeek by S&P Global conference on Tuesday. "You may have to lay off some people. You've got to focus on your best prospects. We'll see what happens over the next two or three years."
/jlne.ws/4imG7PA
Nomura Exits Bank Climate Group, Joining Wall Street-Led Exodus
Takashi Nakamichi - Bloomberg
Nomura Holdings Inc. is leaving the banking industry's largest climate alliance, joining Japanese peer Sumitomo Mitsui Financial Group Inc. as an exodus started by Wall Street heavyweights goes global. Nomura is withdrawing from the Net-Zero Banking Alliance due to the emerging risk of litigation under the Trump administration, which is less supportive of decarbonization, a spokesperson for the lender said on Wednesday. That leaves Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. as the two remaining Japanese megabanks in the alliance, which has roughly 130 signatories globally.
/jlne.ws/4kK16gT
Nearly 20% of FTSE 250 Have All-White Boards, Missing Target
Siraj Datoo - Bloomberg
/jlne.ws/4iIAafA
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Nomura Expands in Singapore, Dubai as Wealth Turns Profit; Japanese firm seeks to double assets at global wealth business; Executive sees sentiment toward China, Hong Kong improving
Chanyaporn Chanjaroen and Denise Wee - Bloomberg
Nomura Holdings Inc. is expanding its wealth management team in Singapore and Dubai after the global business turned a profit last year, 18 months ahead of target. The Tokyo-based firm is moving to a new office in Dubai that can accommodate up to 60 staff, double the space at its previous location, Ravi Raju, head of Nomura's international wealth business, said in an interview. Nomura is also hiring in Singapore, after beefing up staffing in Hong Kong last year, he said, without providing specific numbers. Nomura is making a big push in private banking as part of its efforts to diversify revenue beyond investment banking and global markets. The 100-year-old firm is also benefiting from an earnings recovery and investors' renewed appetite for Japanese assets.
/jlne.ws/4ilOjQ2
Exclusive: Former JPMorgan digital asset chief raises $3 million to transform real estate with blockchain technology
Catherine McGrath - Fortune
Oli Harris, the former head of digital assets strategy at JPMorgan Chase, helped the banking giant become among the first legacy finance institutions to integrate blockchain technology into its operations.
/jlne.ws/4bHI5HK
Bowman Seen as Front-Runner for Fed's Top Banking Cop; Former Kansas bank regulator has been at the Fed since 2018, and was appointed by Trump. The president says he will make a choice soon.
Nick Timiraos - The Wall Street Journal
Advisers to President Trump have indicated to allies in recent days that Federal Reserve governor Michelle Bowman is the front-runner to serve as the central bank's top cop on banking issues, according to people familiar with the matter. Some Republican lawmakers have urged the vice chair for bank supervision be filled promptly after growing irritated by suggestions in public and private from Chair Jerome Powell to leave the position empty.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Aging, Restless Executives Help to Drive Headhunting Business, Korn Ferry Says
Rachel Phua - Bloomberg
Executives looking for new challenges after verging on burnout during the pandemic are helping to drive business at headhunting firm Korn Ferry, its CEO Gary Burnison said. The talent turnover is fueling a "significant uptick" in demand for Korn Ferry's executive search and third-party recruitment services, Burnison said, adding that the aging profile in boardrooms would underpin long-term growth.
/jlne.ws/4bJzrZj
Layoff anxiety has pushed employee confidence to the worst rock bottom in nearly a decade
Irina Ivanova - Fortune
Official unemployment measures are low, but discontent is broiling under the surface. A measure of worker confidence from Glassdoor just hit its lowest level in nearly a decade amid trade wars and highly publicized layoffs that leave workers insecure and needing to do "more with less." Workers haven't been this pessimistic about the future in nearly a decade, according to new data released by Glassdoor on Tuesday.
/jlne.ws/4hvoBaC
BlackRock CEO sounds the alarm to Trump on the scarcity of this skilled trade profession-but Gen Z may be able to save the day
Preston Fore - Fortune
BlackRock CEO Larry Fink is worried that America is about to run out of electricians. But with more Gen Zs swapping corporate careers for trade jobs, that gap might just close. BlackRock's CEO Larry Fink is worried about the future of the U.S. economy, especially when it comes to inflation and the mass deportation of workers-so much so that he took his concerns all the way to the White House.
/jlne.ws/4kIIbTG
Biggest Gains in Employee Engagement in the Management Top 250; Exxon Mobil heads the list, followed by Nucor and Motorola Solutions
The Wall Street Journal
Exxon Mobil notched the biggest improvement among the latest Management Top 250 companies in scores for employee engagement and development, followed by Nucor and Motorola Solutions. The Management Top 250 ranking compares companies using the late management guru Peter Drucker's principles. Companies are graded in five categories: customer satisfaction, innovation, social responsibility, employee engagement and development, and financial strength. The statistical model that produces the ranking was created by researchers at Claremont Graduate University's Drucker Institute.
/jlne.ws/41KNCIX
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Johns Hopkins Plans Staff Layoffs After $800 Million Grant Cuts; Local and international health research efforts are already winding down as the university braces for even more potential cuts
Liz Essley Whyte and Nidhi Subbaraman - The Wall Street Journal
The Trump administration has terminated $800 million in grants to Johns Hopkins University, spurring the nation's top spender on research and development to plan layoffs and cancel health projects, from breast-feeding support efforts in Baltimore to mosquito-net programs in Mozambique.
/jlne.ws/4bNhedl
Getting a filling - at the mall. Why dentists and other wellness tenants are in big demand
Roger Vincent - Los Angeles Times
Not long ago, dentists were about as welcome as a toothache at shopping centers. Landlords preferred more conventional retailers in their malls, relegating dentists to out-of-the-way locations if they would lease space to them at all. Now they are prominent tenants in many shopping centers as part of a growing trend of medical-retail or "medtail" businesses joining boutiques and restaurants at neighborhood malls.
/jlne.ws/43E18ke
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | The Mystery of How 230,000 Tons of Rice Went Missing in Japan; Record prices for rice are rippling through society
Eddy Duan - Bloomberg
Japan does not have enough rice for sale, but no one can agree on exactly why. Last year's harvest edged higher, raising hopes that it would ease a tight supply. Instead, consumers are paying record prices this year, sparking frustration, finger-pointing and forcing the government to tap its emergency supplies. The higher cost of Japan's staple food, a mainstay of every traditional meal, has rippled through society. Consumers are furious as are sake brewers and restaurant owners. Some supermarkets limit how much people can buy. Elderly farmers in rural areas ship rice to their grandchildren in Tokyo and social media brims with conspiracy theories about the shortage. It has even had repercussions in the foreign exchange market, factoring into the Bank of Japan's decision to raise interest rates in January, which boosted the yen against the dollar.
/jlne.ws/41Ysb8H
BOJ Is Said to See Good Reasons to Oppose Bond Market Action
Toru Fujioka and Sumio Ito - Bloomberg
Bank of Japan officials see several reasons against intervening in the bond market even after benchmark yields hit the highest level since 2008, according to people familiar with the matter, elaborating on the thinking behind recent remarks from Governor Kazuo Ueda. Speaking in parliament Wednesday, Ueda indicated he has little problem with the recent rising yield trend, as it reflects the market's view on Japan's economy and inflation and shifts in interest rates overseas. The BOJ is broadly aligned with those views, he said.
/jlne.ws/43DZDCE
Flows to Indian Stock Funds Slow as Rout Weighs on Sentiment
Ashutosh Joshi - Bloomberg
Inflows into Indian stock funds declined to the lowest in 10 months, as the prolonged market downturn prompted some investors to hold back on fresh exposure. Equity plans took in 293 billion rupees ($3.4 billion) in February, data from the Association of Mutual Funds in India show. That's the smallest since April 2024, and compares with an inflow of 396.9 billion rupees in January.
/jlne.ws/4iIRuBb
China Moves for Higher Copper Exports Amid Market Upheaval
Bloomberg News
China has issued more licenses allowing copper smelters to export metal tax-free, aiding local producers and paving the way for greater overseas sales at a time of upheaval in the global market. China Copper Southeast Copper Co., a unit of Aluminum Corp. of China, has been granted approval to do the so-called tolling trade, the company said in a statement. Separately, privately owned Guangxi Nanguo Copper Co. has also been given permission, Shanghai Metals Market reported, without citing anyone.
/jlne.ws/4iD1lZa
ISDA India Derivatives Markets Forum: Scott O'Malia Opening Remarks
ISDA
/jlne.ws/3DMHsjD
Egypt Is in Talks to Lease German LNG Unit Ahead of Summer
Salma El Wardany - Bloomberg
/jlne.ws/3Fm1li2
Singapore's Chocolate Finance Engaging With MAS on Customer Withdrawal Issues
Chanyaporn Chanjaroen and Natalie Choy - Bloomberg
/jlne.ws/3DAaYsS
German Arms Maker Rheinmetall Has Record Sales in 'Era of Rearmament'; Since the start of the war in Ukraine, the company moved quickly to meet Europe's growing need for military spending.
Melissa Eddy - The New York Times
/jlne.ws/41LPVvq
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| Miscellaneous | | Stories that don't quite fit under the other sections | At Southwest Airlines, checked bags will no longer fly for free
Michelle Chapman - Associated Press
Southwest Airlines will begin charging customers a fee to check bags, abandoning a decades-long practice that executives had described last fall as key to differentiating the budget carrier from its rivals. Southwest, which built years of advertising campaigns around its policy of letting passengers check up to two bags for free, said Tuesday that people who haven't either reached the upper tiers of its Rapid Rewards loyalty program, bought a business class ticket or hold the airline's credit card will have to pay for checked bags.
/jlne.ws/41EgR05
It is time to abolish daylight saving; Changing the clocks twice a year does not extend the light available to us
Anjana Ahuja - Financial Times
In the UK, it is nearly time for the March magic of "springing forward", when the clocks skip ahead an hour and the endless winter nights give way to the promise of long, light-filled summer evenings. Daylight Saving Time began last week in most states in the US and British Summer Time will come into force at the end of this month.
/jlne.ws/3FpmD
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