| July 17, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Top banking CEOs, including David Solomon of Goldman Sachs, Brian Moynihan of Bank of America, Jane Fraser of Citigroup, and Jamie Dimon of JPMorgan Chase, have publicly spoken out in defense of the Federal Reserve's independence amid increasing political pressure from President Trump, who has openly discussed the possibility of firing Fed Chair Jerome Powell, The Wall Street Journal reported. These executives argue that the Fed's ability to operate free from political interference is crucial for the stability and credibility of the U.S. economy, global financial markets, and the status of U.S. Treasurys as a safe-haven asset. While Trump has denied immediate plans to remove Powell, his criticisms and consideration of such a move have raised concerns on Wall Street that undermining the Fed could disrupt global capital flows and weaken the U.S. dollar. The banking leaders emphasized that central bank independence underpins U.S. competitiveness and warned that tampering with the institution could have severe consequences both domestically and internationally.
The Foreign Exchange Professionals Association (FXPA) has issued new industry guidance aimed at standardizing definitions and best practices for internalization in FX algo execution, following extensive collaboration among buy-side and sell-side participants, trading platforms, and exchanges. The paper clarifies two internalization models, sets out disclosure requirements, and recommends best practices to improve execution integrity, transparency, and data quality, while emphasizing client confidentiality and preventing information leakage. FXPA urges adoption of these standards to promote fairness and clarity across the global FX market.
IncubEx announced key leadership changes effective July 16, 2025, with CEO Mike MacGregor being replaced by Dan Scarbrough. Scarbrough moves up from president & COO, while MacGregor will remain on the board. Additionally, Steve MacGregor is now chief operating officer. Stephen McComb, chief product officer, and Nathan Clark, chief commercial officer, will all report to Scarbrough. IncubEx is a developer of exchange-traded environmental products and technology.
In an interview from the NYSE trading floor, ICE's Paul Hamill and Societe Generale's Scott Andersen discussed how firms are preparing for Treasury clearing by emphasizing clarity, collaboration, and a long-term strategy to navigate the evolving market structure. You can watch the interview on YouTube here or LinkedIn here.
NYSE President Lynn Martin has been appointed to the board of trustees of The Economic Club of New York, the club shared in a press release.
TMX Global Markets President and CEO Luc Fortin is starting a new position as member of the board of directors at the Fondation des jeunes de la DPJ, he shared on LinkedIn.
FIA welcomed a new member, n-Tier fs, FIA shared on LinkedIn. In the post, FIA said, "n-Tier Financial Services is a New York-based software company that helps firms manage and monitor their regulatory reporting obligations. The company's platform manages the capture, storage and integrity of large volumes of sensitive data and generates timely and accurate reporting, helping firms to manage compliance across jurisdictions. The platform is configurable and can be installed locally or used as part of a cloud offering."
Rick Santelli recounted his early days at the Chicago Mercantile Exchange on the Top Traders Unplugged podcast, describing how his first trading experience taught him the volatility of the markets, MarketWatch reported. Entering the lumber pit anxious and inexperienced, he quickly profited as the market went limit up, momentarily thinking trading would be easy. However, minutes later-after holding on to his position against a broker's advice-the market plunged limit down, wiping out his gains and giving him a fast, hard lesson about market risks. Santelli also reflected on his early career-such as his time at Drexel Burnham Lambert, which saw the entire bond-futures staff quit upon his arrival-and expressed ongoing concerns about the nation's mounting debt, warning that only a major financial crisis might prompt meaningful action.
On Tuesday, July 22, 2025, from 12:30 p.m. to 7:30 p.m. CT, Bloomberg will host the Insights & Innovation Summit at the Art Institute of Chicago. The event will bring together the city's investment community for an afternoon of expert-led discussions on market outlooks, global economic trends, tariffs, and the expanding role of private markets. Attendees will also explore the latest Bloomberg Terminal innovations, including AI-driven tools and digital solutions designed to enhance investment decision-making. The program will conclude with a private after-hours reception in Griffin Court, open to attendees and their invited guests. Larry Tabb, head of market structure research at Bloomberg Intelligence, will be moderating a panel with representatives from CME Group, Geneva Trading, IMC Trading and Driehaus Capital Management LLC on systematic trading.
On Wednesday, July 30, 2025, FIA will present its Q2 review analyzing global trends in exchange-traded derivatives (ETD) trading, with a focus on trading volume and open interest for the year to date. Hosted by Will Acworth, FIA's senior vice president and global head of market intelligence, the webinar will provide insights into key developments and activity patterns across listed derivatives markets worldwide. The session, which runs from 10:30 to 11:30 a.m. ET, aims to equip professionals with up-to-date intelligence on trading dynamics and market shifts in the global derivatives sector.
Here are the headlines from in front of FOW's paywall from some recent stories: Euronext MTS starts basis trading European bonds versus futures, Clear Street hires former Bank of America MD to run clearing and TT increases stake in SIGMA AI, appoints chief exec to run AI hub.
Project Brazen has launched "Silent Partners," a web application inspired by the conceptual artist Mark Lombardi, who famously mapped out the hidden networks of power, crime, and finance using intricate hand-drawn diagrams, Bradley Hope announced on LinkedIn. The app gives users the tools to visualize and investigate major scandals-including Jeffrey Epstein's network, the BCCI banking collapse, and the 1MDB corruption case-based on pre-loaded public data and Lombardi's investigative methods. Designed as an accessible "conspiracy canvas," Silent Partners enables anyone-not just journalists-to analyze and connect complex relationships among figures and entities that operate behind the scenes, encouraging users to uncover and share their own findings using the hashtag #SilentPartners.
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:
- JPMorgan Goes Global With HOLA ETF-Stocks Plus Built In Crash Protection from Benzinga.
- Kraken Launches US Derivatives Platform After NinjaTrader Deal from BiitBo.
- 35 Years of Market Tops: How VIX Behaves Over Time from tastylive. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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ICE's Ashwini Panse Highlights Transparency, Central Bank Access, and Global Cooperation as Clearinghouse Priorities JohnLothianNews.com LONDON, UK-(JLN)-July 16, 2025 - In an interview with John Lothian News at FIA IDX, Ashwini Panse, chief risk officer at ICE's North American clearing operations, laid out a comprehensive view of key developments and continuing challenges facing central counterparty clearinghouses (CCPs) globally. From enhancing transparency and stress-testing standards to advocating for broader access to central bank accounts, Panse emphasized ICE's leadership in risk management and public disclosure. Watch the Ashwini Panse Video » Iouri Saroukhanov - Cboe Watch the Iouri Saroukhanov Video » Jorge Alegria - Bolsa Mexicana de Valores (BMV) Watch the Jorge Alegria Video »
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Chicago is poised to win in the age of AI. Here's why.
John Pletz - Crain's Chicago Business
Chicago is poised to be one of the winners in the age of artificial intelligence, according to the Brookings Institution. The San Francisco Bay Area and Silicon Valley are in a class themselves, but Chicago is one of 28 metro areas that the think tank calls the nation's "second engine" of AI development because of their talent pools, research and enterprise adoption of the technology. Chicago's strengths of size, density of educated workers and its collection of top research universities alongside a deep corporate base put the city in the same category as New York and Los Angeles, as well as the nation's traditional tech centers, such as Boston; Seattle; Austin, Texas; and Raleigh, N.C.
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****** It has been my goal for the last 10 years to help make Chicago the STEM Capital of the World. AI is just the latest development to understand the quality and multitude of Chicago's offerings.~JJL
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Is it time to start hoarding coffee? 'When you're paying $20 for a 12-ounce bag, it's insanity.'; Some coffee drinkers are stockpiling as prices surge because of tariff threats and weather conditions in coffee-producing countries
Charles Passy - MarketWatch
How do you deal with the high price of coffee? If you're Lisa Wells, you play the hoarding game. A public-relations consultant who calls New York City home, Wells has taken to buying multiple bags of her favorite beans and storing them in her pantry, all in the name of locking in prices. Notwithstanding the fact that coffee has a limited shelf life - java experts say it's best to use it within six months to a year of the roasting date - Wells's strategy has paid off financially, given that costs have been rising steadily in the past couple of years.
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***** Hoarding is an eight-letter word!~JJL
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Shares of gun seller GrabAGun - backed by Donald Trump Jr. - tank after NYSE trading debut
Erin Doherty - CNBC
Shares of the online firearms retailer GrabAGun - whose shareholders and board members include Donald Trump Jr. - tanked on their first day of trading on the New York Stock Exchange following a merger with a special purpose acquisition company. GrabAGun's stock price fell by more than 20% in trading in the hours after Trump Jr. rang the opening bell of the NYSE to cheers of "USA!" from the trading floor.
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****** The public trading performances of gun makers make publicly traded FCMs look like Nvidia.~JJL
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Wednesday's Top Three
Our top story Wednesday was CME Lawsuit Could Redefine 'Trading Floor' in the Age of Electronic Markets, from Traders Magazine. Second was a tie between Gerry Corcoran's LinkedIn post celebrating his 38 year anniversary of joining R.J. O'Brien & Associates and the LinkedIn post from the Association of Futures Markets (AFM) sharing that Beata Young, the founder of WonIT Digital - "and a dear part of our AFM family" - has been missing for a month. Third was the LinkedIn post from Ashwini Panse, managing director of ICE India, sharing that she "Just completed the Tour du Mont Blanc (TMB), a truly remarkable and unforgettable hiking adventure."
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| Lead Stories | Public markets 'under threat' from listings slump, exchange bosses warn; World Federation of Exchanges says rise of private capital has undermined traditional role of stock markets
Nikou Asgari - Financial Times
Exchange executives have warned that public markets are "under threat" from the rapid rise of private capital after a slump in global stock listings. The World Federation of Exchanges, an umbrella group for exchanges around the world, said the numbers were a sign of complacency about the "vitality and durability" of public markets. "The fundamental role of public markets in supporting innovation, job creation, and equitable wealth distribution is under threat," WFE chief executive Nandini Sukumar wrote in an open letter on Thursday signed by senior executives from 18 exchange groups, including Nasdaq, Deutsche Bourse and Hong Kong Exchanges and Clearing.
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Big Banks Are Spinning Market Chaos Into Gold; Jittery markets are swelling trading revenue and profit, prompting banks to put more money to work on Wall Street
Telis Demos - The Wall Street Journal
Second-quarter market upheaval was about tariff policies. Third-quarter volatility might be about President Trump and the Federal Reserve. Bankers are generally against moves that call into question the independence of the central bank. Yet in the meantime the biggest U.S. banks at least stand to profit from investors' anxiety, via their Wall Street trading desks. These operations have kicked into high gear, providing a gusher of revenue and profit for big banks that reported second-quarter results this week, including JPMorgan Chase and Goldman Sachs. And a closer look suggests this could continue into future quarters, too.
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US CFTC begins staff firings, agency source says
Chris Prentice - Reuters
The U.S. Commodity Futures Trading Commission on Wednesday began staff firings that are expected to affect over two dozen people, according to an agency source, after the Supreme Court last week cleared the way for mass government firings. Employees from the CFTC's enforcement, market oversight, administration and data divisions are expected to be affected as part of a more general reorganization at the regulator, the source said.
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Wall Street is coming to the Fed's defense
David Hollerith - Yahoo Finance
Some of the biggest names on Wall Street are getting louder about the importance of an independent Federal Reserve as the White House pressure on Jerome Powell intensifies. JPMorgan Chase (JPM) CEO Jamie Dimon, Bank of America (BAC) CEO Brian Moynihan, Citigroup (C) CEO Jane Fraser and Goldman Sachs (GS) CEO David Solomon all offering separate arguments this week about why it was so critical to financial markets for the central bank to operate autonomously. "Fed independence is very important, and it's something we should fight to preserve," Solomon told CNBC Wednesday.
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Firing Powell Would Be a Blunder; Whatever the Fed chief's errors, canning him early would be an economic and legal mistake.
The Editorial Board - The Wall Street Journal
It's often hard to know when President Trump is serious about something, or merely creating a distraction. But in case he really meant it this week when he told Republican lawmakers he may fire Federal Reserve Chair Jerome Powell, we have some advice: Don't do it. Mr. Trump reportedly told some Republicans he's written a letter firing Mr. Powell and may send it. Markets reacted badly, and within minutes the President said he has no plans to dismiss the Fed chief. Some advisers are telling Mr. Trump to keep Mr. Powell until his term as chairman expires next May, but others are gunning for the Fed leader. Mr. Trump might not know himself what he'll do.
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What History Tells Us About the Perils of Firing Jerome Powell; Politicians often want lower rates; central banks seek stable prices
Jack Pitcher and Matt Wirz - The Wall Street Journal
Investors sent a warning Wednesday that central-bank independence matters to Wall Street. Reports that President Trump was again pondering firing Federal Reserve Chairman Jerome Powell drove longer-term Treasury yields higher and the dollar lower. The markets see the prospect of higher inflation if a new Fed regime were to cut rates in line with Trump's wishes. Some analysts say there would be global consequences, because Treasurys and the dollar underpin financial markets worldwide. Trump told reporters Wednesday at the White House that it was "highly unlikely" he would fire Powell, adding later, "Unless he has to leave for fraud." Trump alluded to an effort by White House advisers to target renovations at Fed properties that have cost more than planned.
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Trump Has Draft of Letter to Fire Fed Chair. He Asked Republicans if He Should Send It.; The president waved a copy of a draft letter firing Jerome H. Powell at a meeting in the Oval Office with House Republicans. It remains to be seen whether he follows through with his threat.
Maggie Haberman and Colby Smith - The New York Times
President Trump showed off a draft of a letter firing the chair of Federal Reserve, Jerome H. Powell, during a meeting with roughly a dozen House Republicans on Tuesday night, polling them as to whether he should do it and indicating that he likely would, according to two people briefed on the meeting. It remains to be seen whether Mr. Trump will actually go ahead with trying to fire Mr. Powell, a move that some in his administration have cautioned could be calamitous and have far more expansive fallout than the president appears to anticipate.
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FIA backs CFTC for crypto oversight
FIA Smartbrief
The Futures Industry Association has backed the Commodity Futures Trading Commission as the lead regulator for US digital assets, citing its experience with bitcoin futures and effective customer protections. Speaking in testimony during Washington's "Crypto Week," FIA President and CEO Walt Lukken emphasized the CFTC's suitability under the Commodity Exchange Act and urged legislation to address conflicts of interest in vertically integrated crypto firms. "Based on my depth of experience on the Commission and Capitol Hill, I believe the Commodity Exchange Act (CEA) and the CFTC are well-suited for the oversight of the digital commodity markets," Lukken added.
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FXPA Releases Industry Guidance on FX Internalisation in Algo Execution
Foreign Exchange Professionals Association
The Foreign Exchange Professionals Association (FXPA) published new industry guidance designed to standardize the definitions and use of internalisation in foreign exchange (FX) markets, with a specific focus on algorithmic execution. The paper, FXPA Guidance: Definitions and Best Practices for FX Internalisation in Algo Execution, represents a collaborative effort by members from across the buy side, sell side, trading platforms, and exchanges. The guidance is the result of months of dialogue within FXPA's Buy Side Working Group and is aimed at fostering greater transparency, clarity, and execution integrity in the global FX market. By establishing common definitions and best practices, the paper seeks to reduce confusion and potential information asymmetry stemming from inconsistent use of the term "internalisation".
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Time for a "New Generation" Financial System that's Fit for London: BoE Mills
Colin Lambert - The FullFX
A senior Bank of England official gave digital assets and DLT technology a vote of confidence and said it's time to start working on the next generation of financial systems that's fit for London's global hub status.The Full FX Sasha Mills, executive director of Financial Market Infrastructure at the Bank of England, said in a speech in London that the UK needs to embrace digitalisation, stablecoins and tokenisation and move away from the current, antiquated set-up that relies on 1970s technology.
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This former quant trader spent years raising alarms about Treasury-market manipulation. He says problems likely persist.; Jeffrey Tran tried to warn regulators and others about what he regarded as the 'spoofing' of Treasury futures, which he suspects still plagues the market for U.S. government debt
Vivien Lou Chen - MarketWatch
It's been almost seven years since Jeffrey Tran left the world of high-frequency trading. Yet he still seems to be reeling - debilitated by exhaustion and post-traumatic stress disorder he says were caused by his experience toward the end of a nine-year career at a now-defunct Chicago-based firm called Allston Trading. From 2011 to late 2013, Tran, then a partner, desk manager and member of the risk and compliance committee at Allston, repeatedly raised alarms inside the firm about what he and some colleagues regarded as improper trading activity known as "spoofing" that mostly centered on Treasury futures. In late 2014 and early 2015, a year or so after he left the firm, Tran gave a detailed account of his experience to the U.S. Commodity Futures Trading Commission in response to a subpoena. Then in 2018, after a second subpoena from a U.S. attorney's office, he provided the same information to an Illinois grand jury, Tran said. The result: No action was taken against the firm or any of its traders, and no finding of any wrongdoing has been made.
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Wall Street braces for Treasury to try lowering 10-year yields with more buybacks. The problem? It could backfire.; Any enhanced buybacks in the Treasury market would still be a 'drop in the bucket,' says portfolio manager
Joy Wiltermuth - MarketWatch
Wall Street expects the Treasury Department to start ramping up its roughly year-old buyback program later this month, with an aim to coax longer-duration Treasury yields lower. President Trump has called repeatedly for the Federal Reserve to cut short-term interest rates - pointing to Tuesday's tame inflation data, as well as potentially "One Trillion Dollars a year" in savings, as part of his rationale.
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CME's Terry Duffy to testify as $2.1B suit puts exchange's past on trial
Mark Weinraub - Crain's Chicago Business
Terry Duffy, the longtime head of CME Group, is set to answer for decisions he made more than two decades ago when the firm was making plans for its initial public offering and the shift to electronic trading. Traders have brought a lawsuit against CME seeking $2.1 billion in damages, claiming the exchange operator tanked the value of their memberships with the changes. Duffy, CME's chairman and chief executive officer, is set to appear this week as the star witness in the trial, which kicked off July 7. His testimony could begin as early as Wednesday.
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JPMorgan Is Now Worth More Than Three Largest Rivals Combined
Hannah Levitt - Bloomberg
JPMorgan Chase & Co. keeps putting more distance between itself and key rivals. The first half saw the bank's market value surpass that of its three largest competitors - BofA, Citigroup and Wells Fargo - combined. It racked up $30 billion of profit in that period, more than double its closest rival, and widened its lead over Goldman Sachs Group Inc. and Morgan Stanley in investment-banking revenue.
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Drones, AI and Robot Pickers: Meet the Fully Autonomous Farm; New technologies are paving the way for farms that can run themselves, with minimal human input
William Boston - The Wall Street Journal
In the verdant hills of Washington state's Palouse region, Andrew Nelson's tractor hums through the wheat fields on his 7,500-acre farm. Inside the cab, he's not gripping the steering wheel-he's on a Zoom call or checking messages. A software engineer and fifth-generation farmer, Nelson, 41, is at the vanguard of a transformation that is changing the way we grow and harvest our food. The tractor isn't only driving itself; its array of sensors, cameras, and analytic software is also constantly deciding where and when to spray fertilizer or whack weeds.
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Central banks face dilemma over rise of dollar-backed stablecoins; Countries balance public demand for digital money against warnings over sector's risks to financial stability
Philip Stafford and Elettra Ardissino - Financial Times
Global central banks face a dilemma over whether to embrace stablecoins or promote alternatives to the new technology, as the US's aggressive backing of privately issued tokens thrusts the fast-growing sector into the financial mainstream. This week, politicians in Washington are advancing legislation to ban the Federal Reserve from issuing a digital currency and provide a regulatory framework for privately issued stablecoins. For the Trump administration, such tokens, which are mostly backed by dollar assets, offer a vehicle to project the strength of the greenback globally.
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IncubEx Announces CEO, Leadership Changes
IncubEx
IncubEx, a developer of exchange-traded environmental products, services, and technology solutions, is pleased to announce leadership changes - effective today, July 16th, 2025 - to position the Company for the next stage of growth. Dan Scarbrough, current IncubEx President & COO, assumes the role of Chief Executive Officer (CEO) and remains on IncubEx's Board of Directors. Scarbrough succeeds Founder and CEO Michael MacGregor, who will continue to serve on IncubEx's Board of Directors.
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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. | Record US Firms Cut China Investment Plans as Tariffs Spiraled
Bloomberg News
A record share of American firms froze investments in China as trade ties worsened earlier this year, a recent survey suggests. Fewer than half of the companies surveyed by the US-China Business Council between March and May said they planned to invest in China in 2025, a drop from 80% last year and a record low since the group began asking a similar question in 2006, according to the Wednesday report.
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Trump Eyes Tariff Rate of 10% or 15% for More Than 150 Countries
Josh Wingrove, Kate Sullivan, and Hadriana Lowenkron - Bloomberg
President Donald Trump said he would send letters to more than 150 countries notifying them their tariff rates could be 10% or 15% as he forges ahead with his trade agenda. "We'll have well over 150 countries that we're just going to send a notice of payment out, and the notice of payment is going to say what the tariff" rate will be, Trump told reporters on Wednesday at the White House. "It's all going to be the same for everyone, for that group," Trump added, saying that the trading partners that would receive those letters were "not big countries, and they don't do that much business."
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Wall Street Traders Supercharged by Tariffs That Stymied Deals
Katherine Doherty - Bloomberg
Wall Street banks were optimistic Donald Trump's second term would unleash a dealmaking boom. Instead, it's delivered a trading bonanza. First-half trading revenue at the five biggest lenders jumped $10 billion from last year to a record level, with tariffs and tax policy driving a surge of activity across equity, currency and bond markets. Investment-banking revenue, meanwhile, nudged up less than $1 billion, and is still almost 40% below the 2021 peak as that same volatility weighed on merger and IPO volumes.
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EU prepares list of potential tariffs on US services; Brussels is also considering export controls if trade talks with Washington fail
Barbara Moens, Henry Foy and Andy Bounds - Financial Times
The EU is preparing a list of potential tariffs on US services, as well as export controls, as part of its possible retaliation if trade talks with Washington fail, two officials briefed on the negotiations said. The European Commission, which is assembling the list of measures as part of its response to US President Donald Trump's tariffs, still has to present the list to EU countries. Trump has announced he plans to hit the bloc with 30 per cent tariffs from August 1.
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Russia warns the United States of the risks of World War Three; After Ukraine's attack on Kursk, Russia has warned the Western world that should World War Three begin, they would not be confined to European borders.
Reuters via The Jerusalem Post
Russia said the West was playing with fire by considering allowing Ukraine to strike deep into Russia with Western missiles and cautioned the United States on Tuesday that World War Three would not be confined to Europe. Ukraine attacked Russia's western Kursk region on Aug. 6 and has carved out a slice of territory in the biggest foreign attack on Russia since World War Two. President Vladimir Putin said there would be a worthy response from Russia to the attack.
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The extraordinary story of the foreign volunteers fighting for Ukraine; Colin Freeman brings Ukraine's overseas legionnaires to the forefront of his brilliant new book, The Mad and the Brave
Ada Wordsworth - The Telegraph
Russia's war against Ukraine is one of the most documented in human history. And yet, often the experience of soldiers on the frontline is the least mentioned aspect of its story, with most books focusing either on broad battle histories or the experience of civilians. Former Telegraph chief foreign correspondent Colin Freeman's excellent new book, The Mad and the Brave, remedies this imbalance from a unique angle: it's a historical account of Russia's invasion, told from the perspective of a rag-tag group of overseas volunteers. Most came to Ukraine following Volodymyr Zelensky's impassioned call for foreign fighters, three days into the full-scale invasion.
/jlne.ws/4lX0AMj
Inside a worsening threat: Russia's one-way attack drones packed with thermobaric bombs
Jake Epstein - Business Insider
Russia is packing its one-way attack drones with thermobaric warheads, and Ukrainians dealing with this deadly challenge say the threat is getting worse. An air defender says the warheads are getting bigger, while a first responder said they're showing up more frequently. Oleksiy, the deputy commander of a Territorial Defense Forces mobile air defense unit operating near Kyiv, told Business Insider that Russia has been equipping its Shahed-style drones with thermobaric warheads for quite some time now.
/jlne.ws/3TKG85u
Ukraine targets Moscow as Russia reports shooting down more than 100 drones; The latest attack was the largest reported by Russia since 11 July.
David Brennan - ABC News
Russia's Defense Ministry said its forces shot down at least 126 Ukrainian drones overnight into Thursday morning, with at least three craft intercepted over the capital Moscow region. The attack was Ukraine's largest drone barrage into Russia since it launched 167 craft into the country on July 11, according to data published by Russia's Defense Ministry and analyzed by ABC News.
/jlne.ws/3TG0lJA
Europeans are still wary of Trump's promises to Ukraine despite apparent U-turn on Putin; The anxiety is fueled by the widespread perception that this is a president who makes decisions on a whim and is prone to changing them.
Alexander Smith - NBC News
President Donald Trump's increasing turn against his Russian counterpart Vladimir Putin has inspired hopes in Ukraine and among its supporters that he is starting to believe what they've been telling him all along: Moscow is the antagonist and the only way to stop it is with cash and military equipment. But while Monday's apparent U-turn was dramatic, other Ukraine supporters, former officials and other foreign policy experts are wary at least and deeply skeptical at worst.
/jlne.ws/3IxPHCc
Ukrainian hackers say they compromised a major Russian drone company, destroying data, backups, and systems
Nathaniel Mott - TomsHardware
A pair of Ukraine-supporting hacktivist groups have reportedly claimed responsibility for a cyberattack on a major supplier of drones to Russia's military called Gaskar Group. TechCrunch reported that BO Team-the "BO" stands for "Black Owl," not "Body Odor," in case you're wondering-announced the operation with a Telegram post on July 14. The group stated that the attack was a joint effort among its members, another group known as the Ukrainian Cyber Alliance, and Ukraine's military intelligence agency.
/jlne.ws/3IyUvYb
Middle East Conflict
Israel to raise defence spending to meet security challenges
Steven Scheer - Reuters
Israel will raise defence spending by 42 billion shekels ($12.5 billion) in 2025 and 2026, the finance and defence ministries said on Thursday, citing the country's security challenges. The budget agreement will allow the Defence Ministry to "advance urgent and essential procurement deals critical to national security," the ministries said in a statement.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | The Companies of the IBEX 35 Reduce their Treasury Stock after Increasing their Amortizations by 20.4% to a New Record
BME-X
The treasury stock of IBEX 35 companies, that is, the number of own shares on the balance sheets of listed companies, decreased by 34% at the end of 2024 to 579 million shares. This is the lowest figure in five years and is mainly due to the record-high growth in share buybacks, which companies increasingly use as a method of shareholder remuneration and to adjust their financial structure. These are two of the conclusions from the latest report by the BME Research Department, published today. Although the total number of treasury shares held by major listed companies has fallen, their market value has increased by 8.9%, due to the revaluation of the IBEX 35. The total value of the treasury stock of these companies amounts to 7.2 billion euros, representing almost 1% of the total market capitalization of the index, based on data as of the end of last year.
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EBS Market on CME Globex Notice: July 14, 2025
CME Group
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Position Accountability Levels and Large Trader Reporting Requirements in Connection with the Initial Listing of Options on Four (4) FX Cross Rate Futures (EUR/AUD, EUR/CAD, AUD/NZD, AUD/JPY) Contracts
CMEGroup
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Position Limits and Large Trader Reporting Requirements in Connection with the Initial Listing of the FTSE CoreCommodity CRB Index Futures Contract
CME Group
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New liquidity program for EURO STOXX 50 Index Options off to a flying start
Eurex
In July, Eurex fully implemented its new, first-of-its-kind Liquidity Provider (LP) program. The initiative aims to further enhance liquidity and efficiency in the flagship EURO STOXX 50 Index Options (OESX and SX5E).Strong market-maker support from the community boosted the scheme, leading to a significant increase in liquidity coverage and order book interactions. In this article, Strahinja Trenkic, Quantitative Analyst in Market & Liquidity Analytics at Eurex, shares his thoughts on the scheme and its early promise.
/jlne.ws/4eZqsF8
Euronext Lisbon welcomes new Treasury Bonds issue dedicated to retail investors
Euronext
Euronext today announced the results of the issue of the new Floating Rate Treasury Bonds (Obrigações do Tesouro de Rendimento Variável - OTRV) maturing in July 2031, following the public subscription and exchange offer launched by the Republic of Portugal through IGCP - Agência de Gestão da Tesouraria e da DÃvida Pública. These bonds will be officially listed on Euronext Lisbon on 18 July 2025. This transaction reinforces Euronext's ongoing commitment to supporting sovereign issuers and promoting broad access to capital markets for Portuguese retail investors, while further strengthening the vitality and depth of Euronext's global debt listing franchise.
/jlne.ws/44SSb5A
Beware of Follow Requests from Social Media Accounts Pretending to be JPX Group Companies
JPX
We have received reports of follow requests on social media such as X (formerly Twitter), Instagram, and Facebook using the names of Japan Exchange Group or its affiliated companies, including Tokyo Stock Exchange, Osaka Exchange, Tokyo Commodity Exchange, and JPX Market Innovation & Research. These requests may be fraudulent investment solicitations pretending to be from JPX group companies and are not related to our group companies, executive officers or employees in any way. As a general rule, JPX group companies do not send individual follow requests. Official information is only released on the Japan Exchange Group website and our official social media accounts. Please be careful not to follow fake accounts.
/jlne.ws/4o1coz9
Member Poll Results: Evolving Investor Protections for 24-Hour Trading
MEMX
24-hour exchange trading is on the horizon with key pieces of market infrastructure, including the securities information processors (SIPs)1 and The Depository Trust and Clearing Corporation (DTCC),2 recently announcing plans to support this activity. However, additional work should also be done to ensure that our investor protection framework can be successfully applied to extended trading hours. To get a better sense of how the trading community is thinking about these questions, we recently conducted a member poll that asked market participants to share their views on potential changes to Limit Up-Limit Down (LULD), Market-Wide Circuit Breaker (MWCB), and clearly erroneous rules.
/jlne.ws/3IOlG12
NZX outlines plans to bolster fast-growing dark pool; Since launching one year ago, NZX's dark book has 5.5% of the exchange's total turnover, and price improvement per trade on average is 11 basis points, but the exchange has more in store.
Wei-Shen Wong - Waters Technology
In June 2024, New Zealand's Exchange (NZX) launched NZX Dark, the exchange's first midpoint order book, to provide trading participants an alternative to its other two venues-its central limit order book, NZX Central, and off-market trade reporting. Brandon Tai, head of secondary markets development at NZX, tells WatersTechnology that plans to launch a midpoint order book began just under two years ago, in an effort to drive more trades on-market in New Zealand.
/jlne.ws/3GHFfYs
ETF Market Report: 2nd Quarter 2025; Discover the latest figures about the development of the ETF segment at SIX Swiss Exchange, one of Europe's top 3 ETF venues - including statistics for Quote on Demand (QOD).
SIX
With turnover of CHF 31.89 billion and 840,726 transactions, the figures for the Swiss ETF market was at the same level as the previous quarter. They continued to significantly exceed the figures of the previous year. The number of trades is now already at 68.61% of the previous year, while the average trade size was CHF 40,158. In terms of ticket sizes, the slight upward trend in trades over 1,000,000 continued. The median confirmed the trend reversal that emerged in the previous quarter.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | JPMorgan's plan to charge for data could 'cripple' crypto and fintech startups, execs warn
Luisa Beltran - Fortune
When JPMorgan Chase told fintechs last month that it planned to charge them for accessing its customer banking account data, it sent shockwaves through corners of the financial industry. According to four industry executives, the move is a blow to the fintech sector and could prove devastating to early-stage startups, including those in the crypto industry. Analysts, however, think mature fintechs like PayPal and Block will likely not feel much consequence from this fee change.
/jlne.ws/4lCkdJU
OptimX completes first live US equity trades on bilateral liquidity network; The provider has said that the trades reveal an industry appetite for integrated broker-aligned workflows, with further expansion across key institutional counterparties expected.
Natasha Cocksedge - The Trade
Institutional trading technology provider OptimX has executed its first live US equity trades on its bilateral liquidity network, in a bid to streamline trader workflows. The network is expected to remove disruptions to existing strategies or infrastructure while simultaneously helping institutional traders to direct flow with control and transparency, as well as connect with liquidity providers directly at the source and prioritise relationships.
/jlne.ws/3GPFznS
Wise profits hit by FX volatility as fintech looks to US listing; Shares in London-listed company drop after fees fall from international transfers
Laith Al-Khalaf - Financial Times
London-listed fintech Wise's profits were hit by volatility in currency markets, contributing to a sell-off in the company's shares just a month after it announced intentions to move its primary listing to the US. Wise, which specialises in cheap international money transfers, reported underlying income of £362mn in the three months to June, missing the £372mn expected by analyst estimates compiled by Bloomberg.
/jlne.ws/44T22s6
Artificial Intelligence
Opinion: AI will take your job in the next 18 months. Here's your survival guide.; These moves give you a fighting chance against your smarter, faster -and cheaper - workplace rival. Better start now.
Charlie Garcia - MarketWatch
The three wise men who helped birth AI are battling over whether their baby is Jesus or the Antichrist. Meanwhile, the kid's already in your office, measuring your cubicle for a server rack. Dario Amodei - who runs Anthropic like a Silicon Valley Oppenheimer - recently told Axios that AI will vaporize half of white-collar jobs faster than you can say "synergy."
/jlne.ws/4lZl1YY
What AI Is Already Doing to the Legal Industry; A shakeup is here for the business of law.
Joe Weisenthal and Tracy Alloway - Bloomberg Odd Lots podcast
If there's one thing that lawyers do a lot of, it's spending a prodigious number of hours going through documents. And they're often very well compensated for this work. So if there's one area where AI can obviously be highly disruptive, it's law. Documents that used to take hours to scan or format might be dealt with instantly. Finding relevant prior case law is becoming much faster, thanks to today's most advanced models. On this episode, we speak with Joel Wertheimer of Wertheimer Fleder LLP, a civil rights law firm in New York. We discuss the actual economics of being a lawyer, how it's changing, the effect that the technology will have on the distribution of income going forward, and what the entire profession could look like years into the future.
/jlne.ws/46OK4cW
Zuckerberg is pouring billions into plans for 'personal superintelligence'
Daniel Howley - Yahoo Finance
Meta (META) CEO Mark Zuckerberg is plowing billions into his company's AI expansion efforts with the goal of developing so-called superintelligence, or AI that can surpass human capabilities. In a Threads post on Monday, Zuckerberg revealed plans to spend hundreds of billions of dollars building several massive AI data centers across the US, including one that will come online as soon as next year. Another data center, called Hyperion, will eventually scale up to support up to 5 gigawatts, or 5 billion watts, of capacity. A gigawatt of electricity can power roughly 800,000 homes.
/jlne.ws/453iVlf
Anthropic Draws Investor Interest at More Than $100 Billion Valuation
Kate Clark - Bloomberg
OpenAI rival Anthropic is in the early stages of planning another investment round that could value the company at more than $100 billion, according to a person familiar with the matter. The artificial intelligence startup is not formally fundraising, said people with knowledge of the situation, who asked not to be identified discussing private information. But pre-emptive funding offers from VCs for the top artificial intelligence companies have become the norm in Silicon Valley, and investors have approached Anthropic indicating that they'd invest at a valuation over $100 billion, the people said.
/jlne.ws/3Uf3C2G
Amazon-backed Anthropic rolls out Claude AI for financial services
Ashley Capoot - CNBC
Anthropic on Tuesday announced Claude tools for financial services as part of the artificial intelligence startup's latest attempt to court enterprise customers. The so-called Financial Analysis Solution can help financial professionals make investment decisions, analyze markets and conduct research, Anthropic said. It includes the company's Claude 4 models, Claude Code and Claude for Enterprise with expanded usage limits, implementation support and other features.
/jlne.ws/4lQPSHg
Ultra-Rare Metal Rides AI Boom as Commodities Star Performer
Yihui Xie - Bloomberg
Thanks to the boom in artificial intelligence, an ultra-rare element you've probably never heard of is one of this year's best-performing raw materials. Ruthenium, a silvery gray mineral, has eclipsed the headline-grabbing rallies in other commodities like gold and silver by nearly doubling in price over the past year to $800 an ounce, according to metals refiner Johnson Matthey Plc. That matches its peak in 2021 and isn't far off the all-time high of $870 hit 18 years ago.
/jlne.ws/4kJblAK
Microprocessors
TSMC to Speed Up Arizona Expansion to Meet Soaring Chip Demand; Chip maker reports record quarterly earnings despite tariff uncertainty
Sherry Qin and Joyu Wang - The Wall Street Journal
Taiwan Semiconductor Manufacturing 2330 0.00%increase; green up pointing triangle is accelerating its expansion in Arizona to meet soaring U.S. demand from clients in artificial intelligence and high-performance computing. TSMC Chief Executive C.C. Wei said Thursday that the world's largest contract chip maker would pull forward production timelines for some of its planned facilities by "several quarters." The expansion is aimed at creating a "gigafab cluster" in Arizona, to support U.S. clients in businesses like AI and smartphones, he added.
/jlne.ws/44XhYK8
National-Security Concerns Tie Up Trump's U.A.E. Chips Deal; Some administration officials worry China could get access to advanced Nvidia chips and are holding up efforts to iron out the agreement
Amrith Ramkumar and Eliot Brown - The Wall Street Journal
Some Trump administration officials are holding up efforts to finalize a landmark agreement that would open the door to the United Arab Emirates buying billions of dollars in Nvidia's cutting-edge artificial-intelligence chips, due to national-security concerns. President Trump championed the agreement during a Middle East trip in May, and the sides hoped to work out the details quickly. Chip designer Nvidia looked forward to the sales.
/jlne.ws/4lvSCKd
Payments
Why small banks may shun Zelle
Patrick Cooley - Payments Dive
Community banks represent an untapped area of growth for the Zelle peer-to-peer payment platform, but many of those small financial institutions might be reluctant to work with the network, industry consultants say. Zelle parent company Early Warning Services announced Monday that it added 178 banks and credit unions to the payment platform in the first quarter of 2025 and the last quarter of 2024, bringing the total to roughly 2,300. That figure represents just over a fourth of the roughly 8,800 federally insured banks and credit unions in the United States, according to the latest data from the FDIC and the NCUA.
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| Cybersecurity | | Top stories for cybersecurity | A Group of Young Cybercriminals Poses the 'Most Imminent Threat' of Cyberattacks Right Now; The Scattered Spider hacking group has caused chaos among retailers, insurers, and airlines in recent months. Researchers warn that its flexible structure poses challenges for defense.
Matt Burgess, Lily Hay Newman - Wired
EMPTY GROCERY STORE shelves and grounded planes tend to signal a crisis, whether it's an extreme weather event, public health crisis, or geopolitical emergency. But these scenes of chaos in recent weeks in the United Kingdom, United States, and Canada were caused instead by financially motivated cyberattacks-seemingly perpetrated by a collective of joyriding teens.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Trump 'Crypto Week' Advances as House Conservatives End Blockade
Yash Roy - Bloomberg
Republican conservatives dropped a two-day blockade of industry-backed crypto bills, opening the way for House votes on a series of measures backed by President Donald Trump. The hardliners ultimately gave way after facing pressure from Trump on Tuesday, who has embraced digital assets and been promoting the upcoming votes as "Crypto Week."
/jlne.ws/4kFRLW7
Exclusive: Crypto infrastructure giant Talos acquires Coin Metrics for more than $100 million
Leo Schwartz - Fortune
M&A season in the crypto industry is heating up. On Wednesday, New York-based Talos, which develops digital asset trading infrastructure, announced that it had acquired the blockchain data provider Coin Metrics. The deal closed at over $100 million, according to a source familiar. It's the latest in a series of major acquisitions in the crypto space, which kicked off last year when the payments giant Stripe bought the stablecoin company Bridge for $1.1 billion, and has continued with other mammoth deals, including several by the leading U.S. crypto exchange Coinbase.
/jlne.ws/46PWCAP
Crypto Bills in Limbo After House Vote Stalls. What's Next.
Elsa Ohlen and Janet H. Cho - Barron's
Bitcoin price and other cryptocurrencies were wavering on Wednesday after key crypto legislation stalled for a second day in the House. Bitcoin's price was around $118,660, up 0.8% in the past 24 hours, according to CoinDesk data. It had plunged to a 24-hour low of $115,967 shortly after a procedural vote Tuesday on three crypto bills in the House failed to garner enough votes. Then voting stopped a second time on Wednesday, as the procedural measure was faring poorly. As of late afternoon, the vote was 209 in favor and 220 opposed to moving ahead, with nine Republicans voting no. The House GOP could afford to lose just three votes.
/jlne.ws/3TMhhhE
From fringe to forecast: why bitcoin now moves like a currency; LMAX data finds crypto prices react to macro market events as quickly as EUR/USD
Arun Sundaram - FX Markets
For years, bitcoin was seen as a speculative outlier: volatile, loosely regulated, and detached from the macroeconomic fundamentals that drive traditional asset classes. Today, we're seeing something different. Bitcoin is not just part of the global investment conversation, it also responds to it in real time.
/jlne.ws/4lCy3vQ
Ethereum
Peter Thiel's Founders Fund Holds 9.1% Stake in Ether Treasury Company BitMine
Emily Nicolle - Bloomberg
Peter Thiel's Founders Fund holds a 9.1% stake in BitMine Immersion Technologies Inc., a US-listed Bitcoin miner that recently pivoted to pursue a treasury strategy tied to Ether. Entities belonging to Founders Fund and managed by Thiel acquired around 5 million shares in BitMine earlier this month, according to a regulatory filing published on Tuesday. The transaction was led by MOZAYYX, which received a 9.99% stake in the business, a separate filing showed. Founders Fund participated alongside Pantera, FalconX, Kraken, Galaxy Digital and others in the transaction.
/jlne.ws/44A8F3L
Stablecoins
JPMorgan's Jamie Dimon on stablecoins: 'I think they're real,' but why use them?; CEO says JPMorgan is going to be a 'player' in stablecoins, because that's the best way to understand them
Tomi Kilgore - MarketWatch
JPMorgan Chase & Co. Chief Executive Jamie Dimon has been a well-known skeptic of digital currencies, but he's been warming to them as the cryptocurrency market continues to grow and the Trump administration pushes to build out regulatory frameworks for cryptocurrencies. In June, the bank launched a USD deposit token, JPMD, that can be used by institutional clients to make digital payments on a public blockchain.
/jlne.ws/4nQTASS
Snail, Inc. Announces Intent to Explore Proprietary USD-Backed Stablecoin
etf.com
Snail, Inc. (Nasdaq: SNAL) ("Snail Games" or the "Company"), a leading global independent developer and publisher of interactive digital entertainment, announced its intention to explore pursuing a strategic digital asset initiative that includes the evaluation and feasibility for introduction of its own proprietary stablecoin. This initiative would be subject to a range of factors, including but not limited to, regulatory approvals, market conditions, technical feasibility, cybersecurity safeguards, financial controls, and internal governance. The Company believes that exploring stablecoin infrastructure may position it as an early mover within the digital entertainment industry. While no decisions have been made to integrate such technology into the Company's corporate strategy, it continues to evaluate and explore opportunities as part of its broader innovation roadmap.
/jlne.ws/3Ujjtx8
Some big US banks plan to launch stablecoins, expecting crypto-friendly regulations
Nupur Anand - Reuters
Some large U.S. lenders, including Bank of America and Citibank, are working on launching stablecoins at a time when the country is looking to adopt more crypto-friendly regulations. BofA CEO Brian Moynihan said on Wednesday the bank is working on launching a stablecoin, and investors can expect the lender to move forward with it, without giving a timeline.
/jlne.ws/4m3RKN4
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| Politics | | An overview of politics as it relates to the financial markets | U.S. Administration
Trump Effect Starts to Show Up in Economy; New data reflect that president's tariff and immigration policies are boosting inflation and weighing on jobs
David Uberti - The Wall Street Journal
A chaotic rollout of tariffs is starting to filter through to price tags on store shelves. An immigration crackdown is beginning to weigh on jobs growth, measured by federal surveys. Taken together, the impact of President Trump's whirlwind six months back in office is showing up in the economy. The effect isn't yet enough to derail the economy, which by many measures has weathered Trump's trade wars much better than many on Wall Street and in Washington feared. Economists see less risk of a recession now than three months ago, a Wall Street Journal survey found. Yet a long stretch when Trump's policies left little imprint on the hard data appears to be ending.
/jlne.ws/4kH50WE
Trump administration sued for arresting people at immigration courts; Plaintiffs alleged collusion between homeland security and justice agencies to potentially deport people from hearings
Cecilia Nowell - The Guardian
Twelve immigrants and their legal advocates filed a class action lawsuit on Wednesday against the Trump administration, alleging that the justice department and the Department of Homeland Security colluded to arrest and deport potentially thousands of people at their immigration hearings. A coalition of immigrant advocacy groups - including the Refugee and Immigrant Center for Legal Education and Services (RAICES), National Immigrant Justice Center (NIJC), Democracy Forward and the Lawyers' Committee for Civil Rights of the San Francisco Bay Area (LCCRSF) - filed the suit on behalf of 12 plaintiffs, the majority of whom were seeking protection in the US from anti-LGBTQ+ violence or female genital mutilation.
/jlne.ws/3UgL5mB
Trying to Pay for College? Your Options Just Got Worse; The GOP tax law contains a host of changes that will make it harder for working-class Americans to pursue a university degree.
Mary Ellen Klas - Bloomberg Opinion
The message from the Trump administration to working-class Americans who want to go to college is: You're on your own. It is part of the One Big Beautiful Bill Act's broad effort to scale back spending on the poor and middle class in order to finance tax breaks for the rich. It's also a dramatic reversal in the American compact with higher education that enshrines into law a flawed policy that will discourage college enrollment among a generation of lower-income Americans.
/jlne.ws/4lsOgDG
The White House's Assault on the Fed Is Self-Defeating; The administration's baseless attacks put financial stability at risk.
The Editorial Board - Bloomberg
The White House's attacks on Federal Reserve Chair Jerome Powell are escalating dangerously. Officials have deplored the supposedly excessive cost of renovations to the central bank's headquarters - a matter that has nothing to do with monetary policy - as a fireable offense. While the president denies plans to remove Powell before his term expires next May, he has left open the possibility of sacking him for cause.
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Other U.S. Politics
Elon Musk's Third Party Will Have a Tough Time Blowing Up the Status Quo If History Is Any Guide
Kenneth G. Pringle - Barron's
It has been the conventional wisdom since at least 1912, when the Portland, Maine, Evening Express nailed it in this headline: "Vote for Third Party Is Vote Thrown Away." Elon Musk is the latest to test that logic with his recently introduced America political party. The world's richest man is trying to break the two-party stranglehold on U.S. politics that the Democrats and Republicans have shared since the 1850s.
/jlne.ws/3GtdzXe
United Kingdom
Politics faces its own AI reckoning; A new class of imperilled white-collar workers could radically reshape British democracy
Robert Shrimsley - Financial Times
At the recent away day for cabinet ministers, Peter Kyle, the science and technology secretary, gave a presentation on artificial intelligence which included the example of a well-known financial services firm dispensing with thousands of staff - even as its revenue was climbing sharply. His warning was that this would be widely repeated. Though such savings and productivity gains would be welcomed in public services, the impact of AI on the labour market is concentrating minds at the top. Morgan McSweeney, the prime minister's strategist and chief of staff, talks up The Technological Republic, a self-serving but insightful book by the CEO and general counsel of Palantir. It argues that AI must be linked to national needs, fretting that too many industry pioneers are driven by their own technological and financial interests rather than society's.
/jlne.ws/44P4zDM
China
China Threatens to Block Panama Ports Deal Unless Its Shipping Giant Is Part of It; Beijing pushes for state-owned Cosco to become shareholder of two Panama Canal ports, dozens of others in BlackRock deal
Costas Paris and Jack Pitcher - The Wall Street Journal
China's government is threatening to block a deal that would transfer ownership of dozens of seaports to Western investors if Cosco, China's largest shipping company, doesn't get a stake. The proposed sale includes two ports at the Panama Canal and more than 40 others around the world, all owned by Hong Kong-based CK Hutchison. China is pushing for state-owned Cosco to be an equal partner and shareholder of the ports with BlackRock and Mediterranean Shipping Co., a containership operator, according to people familiar with the deal talks. BlackRock and MSC in March reached a preliminary agreement to buy the ports in a deal valued at nearly $23 billion.
/jlne.ws/44P21FI
Others
Volodymyr Zelenskyy accused of authoritarian slide after anti-corruption raids; Politicians, activists and diplomats accuse Ukraine's leader of favouring loyalists and using wartime powers against critics
Christopher Miller - Financial Times
Anti-corruption raids on prominent Ukrainian figures and moves to favour loyalists in senior positions have led to accusations that President Volodymyr Zelenskyy's government is sliding into authoritarianism. Zelenskyy and his top aides face allegations from politicians, activists and diplomats that they are using extraordinary powers granted under martial law to sideline critics, muzzle civil society leaders and consolidate control.
/jlne.ws/4nZqzEQ
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| Regulation & Enforcement | | Stories about regulation and the law. | Barclays Fined $56 Million for Money-Laundering Failures; British bank says it fully cooperated with investigations and has strengthened controls against financial crime
Joe Wallace and Elena Vardon - The Wall Street Journal
Barclays has been fined roughly $56 million for lapses in dealings with risky customers, including a client tied to one of Britain's biggest money-laundering cases. U.K. regulators fined the bank more than 39 million pounds, equivalent to $52 million, for failing to detect and manage money-laundering risks in its yearslong relationship with Stunt & Co., a gold firm run by socialite James Stunt. It received a separate £3 million fine Wednesday for its dealings with a failed wealth-management firm, WealthTek.
/jlne.ws/4lYb4er
Acting Chairman Caroline D. Pham Lauds Actions to Clarify Whistleblower Protections for CFTC Staff
CFTC
CFTC Acting Chairman Caroline D. Pham today made the following comment regarding a CFTC Office of Inspector General review that clarified whistleblower protections for agency employees. "I'm pleased that the inspector general conducted a thorough review of the CFTC's policies to ensure our employees are adequately informed of their whistleblower rights and protections. Whistleblowers are critical to promoting a well-functioning government, and I applaud the agency efforts to make these protections abundantly clear," Acting Chairman Pham said.
/jlne.ws/44KcJ1D
FINRA Foundation Releases Sixth Wave of the National Financial Capability Study
FINRA
The FINRA Investor Education Foundation (FINRA Foundation) released today its sixth wave of the National Financial Capability Study, an expansive source of data and insights about the financial lives of U.S. adults that has been conducted every three years since 2009. Following a 12-year period of sustained improvements in many of the key areas of financial capability included in the National Financial Capability Study-from the Great Recession of 2009 through the COVID-19 pandemic-the latest findings reveal an overall pattern of decline in U.S. adults' ability to make ends meet and save for emergencies. While the comprehensive study shows no signs of overall declines in income, the findings show that increased costs have put more households under strain than in previous waves of the study.
/jlne.ws/46hxi6I
Old Flames
Commissioner Hester M. Peirce - SEC
Thank you, Chairman [Chris] Hayward. You have once again gone out of your way to make me feel welcome in London. Thank you also to all of you who are here today. Before I begin, I must remind you that my views are my own as a Commissioner of the United States Securities and Exchange Commission and not necessarily those of the SEC or my fellow Commissioners or of anyone else in U.S. Government. It is an honor to stand before you in this grand and historic room. The Guildhall is a symbol of resilience-the site is rich with centuries of history that enliven a vibrant present-and renewal-when fire or war has damaged the place, reconstruction followed. Notably, the Guildhall survived London's Great Fire of 1666, though not fully intact.[1] Samuel Pepys, the go-to eyewitness of the fire that burned much of London to the ground, described watching "the fire grow . . . in a most horrid malicious bloody flame" so that it "made [him] weep to see it."[2]
/jlne.ws/3IwIJxr
Seven crypto ATMs seized and two arrested on suspicion of running illegal cryptoasset exchange; Two individuals have been arrested on suspicion of money laundering and running an illegal cryptoasset exchange.
FCA
As part of an operation led by the FCA and the Metropolitan Police Service, four premises across southwest London were searched. During the search, seven crypto ATMs were also found and seized by the FCA. Therese Chambers, Executive Director of Enforcement and Market Oversight at the FCA, said:
/jlne.ws/3IwKVoF
Barr slams weakening of bank supervisory tests; Fed governor warns deregulation during boom times ushers in crises
Janice Kirkel - Risk.net
Federal Reserve governor Michael Barr, a former vice-chair for supervision, has warned against weakening the central bank's supervisory framework. Changes to its annual stress tests may "ossify" what has so far proven to be an effective defence against systemic risk, he said. "Stress testing has been very, very effective," noted Barr, during a fireside chat on July 16 at the Brookings Institution.
/jlne.ws/4kUoCH6
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Trump Said Coke Will Use Cane Sugar Again. Why This Agricultural Stock Tumbled Instead.
Evie Liu - Barron's
President Donald Trump said in a Wednesday social media post that Coca-Cola had agreed to use cane sugar in its beverages in the U.S. after he talked with the company. Coca-Cola didn't immediately respond to a request for comment. The stock didn't move much after hours following the news. Coca-Cola uses high fructose corn syrup as a sweetener in the U.S. market, where it replaced cane sugar in the 1980s. In many other countries, soda is still sweetened with cane sugar. The Trump administration's Make America Healthy Again initiative, led by Health Secretary Robert F. Kennedy Jr., has asked food companies to remove highly processed ingredients, such as synthetic dyes, from the food supply. Many companies have announced plans to comply.
/jlne.ws/3Gv7o4X
Are Diamonds Even a Luxury Anymore? De Beers Reckons With Price Plunge; The brand made mined diamonds synonymous with love and devotion. Now the CEO decries what he calls a 'huge con' in lab-grown stones masquerading as precious.
Jenny Strasburg and Suzanne Kapner - The Wall Street Journal
De Beers chief executive Al Cook wants to save a generation of lovers and newlyweds from what he calls a "huge con" when it comes to buying diamonds. In the process, he hopes to rescue his iconic brand-and perhaps the diamond industry as it has existed for more than a century-from an ominous decline. London-based De Beers almost single-handedly persuaded generations of consumers that love wasn't genuine unless it was sealed with a diamond. The stones were prized not only for their beauty but also as a miracle of nature formed over a billion years deep in the earth, and then extracted in exotic locales-often on behalf of De Beers.
/jlne.ws/4nVrJ3Z
Options Trading for All: Navigating Risk, Access, and Investor Protection
Anna Lyudvig - Traders Magazine
As retail investors expand into asset classes that were once largely reserved for institutions or high-net-worth individuals, options trading has become a central issue in the broader conversation about market access, investor protection, and financial education. The surge in participation through digital brokerage platforms has intensified scrutiny on how these platforms support users in managing the complexity and risks associated with derivatives. This growth in retail options trading has prompted a wide-ranging industry response.
/jlne.ws/4kGASuF
'Black Swan' author Nassim Taleb tells BI he agrees with Elon Musk on debt, saying a 'crisis' is looming
Theron Mohamed - Business Insider
Elon Musk is right to worry about America's debt problem - and bitcoin is no more valuable than a flower, author Nassim Nicholas Taleb said in a wide-ranging interview with Business Insider. Taleb popularized the term "Black Swan" to refer to rare, extreme, unexpected events that are seen as less surprising in hindsight. He's a distinguished scientific advisor to Universa Investments, a "Black Swan" hedge fund that manages over $20 billion in client assets and specializes in hedging against "tail risks" - rare and extreme market events.
/jlne.ws/3GFG6ZF
Rick Santelli describes how he got a quick lesson with his first trade
Steve Goldstein - MarketWatch
Rick Santelli, CNBC's veteran reporter, quickly learned the ups and downs of being a trader. On the Top Traders Unplugged podcast, Santelli recalled a story about his first trade, from the Chicago Mercantile Exchange, nearly 50 years ago.
/jlne.ws/4eYoeWz
Tariff-driven Currency Volatility Hits North American Firms' Profits, Driving Surge in FX Hedging
Press Release via Traders Magazine
A new report from advanced FX and cash management solutions provider MillTech, has revealed that nearly seven in ten (69%) North American corporates have seen their profitability or competitiveness in international markets negatively impacted by currency volatility caused by US tariffs. Over four-fifths (83%) have experienced recent losses due to unhedged FX risk. The MillTech North American Corporate FX Report 2025 analyses the findings from a survey of 250 senior finance decision makers at corporates across the US and Canada, revealing how they are responding to tariff-driven volatility, accelerating geopolitical risk and heightened market volatility, and leveraging AI and automation.
/jlne.ws/3UjrEJQ
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Trump's $1tn for Pentagon to add huge planet-heating emissions, study shows; Exclusive: 17% increase in military spending will add emissions equivalent to those of some entire countries
Nina Lakhani - The Guardian
Donald Trump's huge spending boost for the Pentagon will produce an additional 26 megatons (Mt) of planet-heating gases - on a par with the annual carbon equivalent (CO2e) emissions generated by 68 gas power plants or the entire country of Croatia, new research reveals. The Pentagon's 2026 budget - and climate footprint - is set to surge to $1tn thanks to the president's One Big Beautiful Act, a 17% rise on last year. Military emissions are closely tied to military spending.
/jlne.ws/44T4KOk
Trump Immigration Policies Hit Climate Tech Talent Pipeline, Khosla Says; The billionaire venture capitalist said the Middle East, India and Europe are among the places that will benefit from the president's crackdown on immigration.
Michelle Ma and Akshat Rathi - Bloomberg
Beyond rolling back federal support for clean energy and boosting fossil fuels, immigration policies put in place by President Donald Trump's administration also threaten the climate tech sector - and other countries stand to benefit. That's according to tech billionaire Vinod Khosla, who spoke Tuesday at the Bloomberg Green Seattle conference.
/jlne.ws/4m2HQLy
How to Fight Against Trump's Attack on Clean Energy; Jigar Shah joins Zero to talk about climate innovation, US-China competition and whether the US will ever meet its climate goals.
Akshat Rathi and Oscar Boyd - Bloomberg
The One Big Beautiful Bill Act cuts almost $500 billion in US clean-energy spending, just as the country was starting to get serious about its climate goals. Some say the country is acting like a petrostate, waging war against clean energy. Others are more sanguine and believe that the US will stay the course in the long term. This week on Zero, Akshat Rathi is joined by Jigar Shah, a clean energy expert and former head of the Department of Energy's Loan Programs Office, to make sense of the bill's impacts, and whether it's as bad for climate as it seems.
/jlne.ws/40kJeAL
Amazon's Emissions Climbed 6% in 2024 on Data Center Buildout
Matt Day - Bloomberg
Amazon said its emissions from purchased electricity rose 1% last year, "in part due to the higher electricity usage required to support advanced technologies," as stated in the report.
Amazon.com Inc.'s carbon emissions rose for the first time in three years in 2024, driven by data center construction and fuel consumption by its delivery providers. The world's largest online retailer emitted 68.25 million metric tons of carbon dioxide equivalent last year, up 6% from the prior year, Amazon said in its annual sustainability report, which was published on Wednesday. The company's emissions last year were up by a third since Amazon pledged in 2019 to eliminate them by 2040.
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EU proposes merging key climate and nature budgets, cutting agriculture spending
Sarah George - edie
The European Commission has unveiled its intentions for the next multi-year financial framework, planning EUR1.8trn for 2028-2034. Farmers are furious that the key agricultural subsidy budget is likely to decrease, and questions remain on whether nature funding will dwindle.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Interactive Brokers Unveils Investment Themes Tool to Turn Market Trends into Smarter Trades
Press Release via Traders Magazine
GREENWICH, CT, July 16, 2025 - Interactive Brokers (Nasdaq: IBKR), an automated global electronic broker, announced the release of Investment Themes, an intuitive discovery tool powered by Reflexivity that investors can use to move from market trends to actionable trade ideas more quickly and confidently. Available across IBKR's powerful trading platforms, Investment Themes simplifies the research process by connecting companies, products, competitors, and regions across the entire S&P 1500 universe. The underlying thematic intelligence was developed by Reflexivity, leveraging its proprietary knowledge graph to map the real-world relationships between companies and their business drivers.
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Commerzbank employees voice UniCredit deal concerns in Brussels
Tom Sims - Reuters
A delegation of employee representatives from Commerzbank met with members of the European Parliament to voice their concerns about a possible takeover by UniCredit, according to a social media post on Thursday and two people with knowledge of the matter. Italy's UniCredit last week doubled its shareholding in the German lender as it pushes for a tie-up between the banks, despite resistance from Commerzbank management, employees and the German government.
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Citi's new banking chief steps up poaching of JPMorgan dealmakers; The US bank hired Viswas Raghavan as head of banking in 2024 to bolster its position in investment banking
Ivan Levingston and Arash Massoudi and Akila Quinio - Financial Times
Citigroup is stepping up its poaching of senior dealmakers from JPMorgan, signalling the ambitions of its new banking chief Viswas Raghavan after restrictions on hiring from his old bank recently expired. Citi hired Raghavan as head of banking in February 2024 to bolster its position in investment banking, taking him from JPMorgan, where he had led the dealmaking division.
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US bank CCP default fund contributions climb to record $90bn; G-Sibs' exposures soar 48% over 18 months with Wells Fargo quadrupling its stake
Joshua Walker - Risk.net
Large US banks' contributions to the default funds of central counterparties (CCPs) ballooned over the 18 months to March 31, ending the first quarter at a record $90.4 billion. The eight systemically important US banks collectively added $29.4 billion since Q3 2023, marking a 48.2% increase. By contrast, during the prior equivalent period, contributions increased by just $5.4 billion, or 9.8%.
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Hedge Funds
Man Group to acquire US private credit manager Bardin Hill; The move is expected to strengthen Man Group's current credit platform and help grow the firm's footprint in North America.
Natasha Cocksedge - The Trade
Man Group has entered an agreement to acquire US private credit manager Bardin Hill, marking a further expansion for the investment manager's increasing credit platform. New York-based Bardin Hill currently holds approximately $3 billion in assets under management (AUM), and the acquisition is expected to complement and strengthen Man Group's credit platform, which consists of almost $40 billion AUM, more than ten specialist teams and over 100 credit professionals.
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Big launch, small gains: Bobby Jain struggles to match hedge fund giants; Jain Global's first year showcases the huge barriers to entry of starting a new multi-strategy hedge fund
Amelia Pollard and Costas Mourselas - Financial Times
Even hedge fund royalty Bobby Jain is having a hard time starting a firm to compete with the industry's giants. The former co-chief investment officer at Millennium Management tried to pull off the world's largest hedge fund launch last year. He had to settle for the largest launch since 2018 with $5.3bn in commitments from investors, after falling short of the initial fundraising target of $8bn-$10bn.
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Private Equity
Down in one: how private equity swallowed the BrewDog Unicorn; Thanks for all the money, Punks
Dan McCrum - Financial Times
An upcoming reality TV show starring BrewDog founder James Watt promises "the unfiltered truth of what it takes to build a unicorn". A showcase for the beer entrepreneur, House of Unicorns is a Dragons' Den meets The Apprentice mash-up that will give start-ups a crash course in how to reach that fabled $1bn valuation.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | It Used To Be a Low-Drama Gig. Customs Broker Is Now a High-Stress Job; Jonathan Lieberman followed his father into the profession. His dad never had to WhatsApp anxious customers from bed.
Stacey Vanek Smith - Bloomberg
A 75-pound box of frozen shrimp is sitting in Jonathan Lieberman's office, and he's starting to get nervous. By 2 p.m. the shrimp must be ready for shipment to Georgia-the final leg of a 9,000-mile journey. Before this can happen, Lieberman needs to inspect them, weigh them, check their temperature, refresh their dry ice and finish their customs paperwork. "These shrimp have been on a voyage," he says, patting the large cardboard box. "All the way from Chennai, India."
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AI is reinforcing the dominance of English in the workplace; Technology will make the world's most spoken language more valuable, but speaking a more obscure one has advantages
Simon Kuper - Financial Times
Walking into Donald Trump's Oval Office is a test for any foreign leader. Last month, Germany's chancellor, Friedrich Merz, aced it. "You speak such good English," marvelled Trump. "Is it as good as your German, would you say?" Merz, a senior counsel in international law firm Mayer Brown until 2021, is known for better English than his predecessors Angela Merkel and Olaf Scholz, and considers the language crucial for his government. He took office saying he would only nominate ministerial candidates from his party who spoke "English that is at least suitable for everyday use".
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| Wellness Exchange | | An Exchange of Health and Wellness Information | People in the Middle Ages Spread Wellness Trends Like We Do Today on TikTok; Looking for alternative wellness hacks? Current social media trends strangely resemble medieval cures.
Jenny Lehmann - Discover
Most of us wouldn't consider the Middle Ages the epitome of medical sophistication, thanks to our perception of their barbaric and (from a modern perspective) ridiculous strategies for helping the ill. But against all prejudices, medieval medicine was actually more advanced and science-based than we might think. A team of researchers from the State University of New York at Binghamton, Fordham, St. Andrews, Utrecht, and Oslo dug through hundreds of medieval manuscripts and compiled their findings into a catalog that updates our assumptions about medical practices during the early Middle Ages, often labeled the Dark Ages.
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Vested Interests. Influence Muscle. At RFK Jr.'s HHS, It's Not Pharma. It's Wellness.
Stephanie Armour - KFF Health News via CNN
On his way to an Ultimate Fighting Championship event, Health and Human Services Secretary Robert F. Kennedy Jr. stopped by the home of podcaster Gary Brecka. The two spent time in a hyperbaric oxygen chamber and tried some intravenous nutrition drips that Brecka, a self-avowed longevity and wellness maven, sells and promotes on his show, "The Ultimate Human." Then the podcast taping started, and Kennedy - who was also on the mic - took aim at Big Pharma's influence on federal health policy.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Russian Banks Have Discussed Seeking Bailouts Within Next Year
Bloomberg News
Top executives at some of Russia's biggest banks have privately discussed seeking a state-funded bailout if the level of bad loans on their books continues to worsen over the next year. At least three lenders identified as systemically important by the Bank of Russia have considered the possibility that they may need to be recapitalized in the next 12 months, according to current and former officials and documents reviewed by Bloomberg News.
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China may be secretly stockpiling gold. Why that spells trouble for the U.S. dollar.; 'Weaponization' of the U.S. dollar helped spur gold buying among global central banks
Myra P. Saefong - MarketWatch
China's central bank has been buying physical gold to add to its reserves for at least the past three years - and there's growing speculation that the country may be purchasing even more of the metal in secret as part of a strategy to reduce its reliance on the U.S. dollar. The ramp-up in gold purchases by the People's Bank of China (PBoC) began back in 2022 when Russia invaded Ukraine, Jan Nieuwenhuijs, gold analyst at Money Metals, told MarketWatch.
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AI is worsening China's population decline. But is it all bad news? AI revolution may redefine life, death and family structures, making traditional concerns about populations obsolete, demography expert says
Dannie Pengin Beijing - South China Morning Post
For 32-year-old Tracy Li, marriage and childbearing have never been essential life choices. Instead of following the traditional path of starting a family like most of her elders, the human resources manager at a Beijing-based company prefers the solitary life.
/jlne.ws/4nRGPaT
Lebanon central bank bans institutions from interacting with Hezbollah's Al-Qard Al-Hassan
Jerusalem Post
Hezbollah has been grappling with acute financial strains, US demands for its disarmament, and diminished political clout since a new cabinet took office in February with US support. Lebanon's central bank, Banque du Liban, banned the country's licensed financial institutions from any direct or indirect interactions with unlicensed entities and Hezbollah's Al-Qard Al-Hassan in a circular viewed by Reuters.
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Ivory Coast Raises $336 Million in Its First Samurai Bonds
Kamailoudini Tagba - Bloomberg
Ivory Coast has raised 50 billion yen ($336 million) in Samurai bonds, the country's first, as it moves to diversify financing sources. The 10-year bond, which makes the world's top cocoa producer the only sub-Saharan African sovereign with a current Samurai, was issued at a coupon of 2.3%, the Finance Ministry said in a statement Thursday. The transaction "is also part of the country's efforts to diversify financing resources and broaden its investor base," it said.
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The price is tight: UK insurers battle for buyouts; Insurers get creative as traditional pension buyout levers come under pressure
Rebekah Tunstead - Risk.net
The economics of UK insurance buyouts have arguably stopped adding up so nicely. But providers seem to be continuing as if nothing's changed. Buyout pricing used to be largely based on an insurer's ability to invest the assets it receives from pension funds into higher-yielding corporate bonds to meet the fund's long-term liabilities. Insurers haven't been able to do this since the end of 2023.
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