| July 01, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
A relentless and record-breaking heat wave is gripping much of southern Europe, with temperatures soaring above 100°F (38°C) in countries like Spain, Italy, France, Portugal, and Greece, and the worst may not have arrived yet, The New York Times reported. Authorities have issued health and wildfire warnings, red alerts, and restrictions on outdoor work, while municipal workers check on vulnerable populations such as the elderly and those with chronic health conditions. The extreme heat has disrupted daily life-forcing the shutdown of a French nuclear reactor, closing tourist attractions like the top of the Eiffel Tower, and sending crowds to beaches, shaded monuments, and public cooling centers-as experts warn that climate change is making such dangerous heat waves more frequent, intense, and persistent across the continent.
Are you ready to trade tokenized stocks 24/7 via Robinhood? Yesterday, Robinhood announced it launched 200 tokenized U.S. stocks and ETFs for trading by European customers. Robinhood also announced it was "introducing crypto perpetual futures in the EU, where we will offer eligible customers access to a new class of derivatives with continuous exposure and up to 3x leverage."
This is what Don Wilson of DRW recently said in our video interview with him in London about 24/7 trading: "I mean I think that if you move to 24/7 markets and you don't have the ability to move collateral or variation margin 24/7 and instantaneously you inject significant additional risk into the financial system. So I think that it's essential and it needs to go hand-in-hand with that evolution."
A new study from Tufts University found that drinking black coffee or coffee with minimal sugar and saturated fat is associated with a 14% lower risk of early death compared to not drinking coffee, highlighting that additives like sugar, cream, and full-fat milk may negate coffee's health benefits. Analyzing data from over 46,000 U.S. adults over 9-11 years, researchers observed that caffeine likely drives these benefits, as decaffeinated coffee showed no mortality advantage. While the study doesn't prove causation, it supports previous findings that bioactive compounds in coffee contribute to longevity, emphasizing the importance of how coffee is consumed for its potential health effects.
Here are the headlines from in front of FOW's paywall from some recent stories: Iron ore options 'natural progression' in base metals - Marex, CME targets buyside with foreign exchange pricing data service, GFO-X head of sales Lenhart leaves two months after launch, European Energy Exchange plans power, natural gas spreads in October and JPX to launch cash-settled gold and silver futures in April.
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:
- FOMO-Driven Call Buying Soars as Traders Chase S&P 500's Furious Run from Bloomberg via Yahoo Finance.
- Cboe iBoxx Credit Futures Unpacked - Examining the Key Drivers Behind Their Record Market Adoption from Cboe.
- ICE's Natural Gas and Oil Markets at Record Open Interest from ICE. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Vermiculus Founder Nils-Robert Persson Sees New Era for Matching Engines Post-Lehman
JohnLothianNews.com
LONDON, UK-(JLN)-June 29, 2025-Vermiculus Financial Technology Chairman and Founder Nils-Robert Persson says the company is taking a fresh approach to matching engine technology, starting from scratch while leveraging decades of industry knowledge. "If we now went out to look at Vermiculus, we are starting from scratch. We have all the knowledge, but we can start from scratch, and I think the company that is very similar, that is Tesla. Tesla had a lot of good people who had been designing cars for a long time, but they could start from scratch doing something totally different, and that is what we are doing," Persson said in an interview with John Lothian News at FIA IDX in London.
Watch the video »
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 DRW's Don Wilson Says 24/7 Collateral Mobility and Tokenization Are Essential for Market Evolution JohnLothianNews.com LONDON, UK-(JLN)-June 27, 2025-The future of financial markets hinges on real-time collateral movement and native tokenization, according to Don Wilson, founder and CEO of DRW. Speaking at FIA IDX in London, Wilson emphasized that as markets shift to 24/7 trading, the ability to move collateral and variation margin instantly is "essential" to avoid injecting "significant additional risk into the financial system." He warned, "If you move to 24/7 markets and you can't move collateral or variation margin 24/7 and instantaneously, you inject significant additional risk into the financial system. So I think that it's essential and it needs to go hand-in-hand with that evolution." Watch the Don Wilson Video »
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Joseph Schumpeter: The Prophet Who Foresaw Zohran Mamdani and the Woke Movement Generally
Craig Pirrong - The Streetwise Professor
The victory of Zohran Madmani-excuse me, Mamdani-in New York City's Democratic primary has unleashed a torrent of commentary. In particular, it has sparked euphoria on the left, who see it as the harbinger of a successful "resistance" to Trump and the dawning of an overthrow of American capitalism. Much of this is overwrought, and wishcasting rather than forecasting. Matt Taibbi called it socialism's "American Normandy": It is more likely socialism's Anzio, an initial success that will wind up being a strategic and tactical dead end. Most importantly, New York City generally, and its Democratic Party electorate in particular, are hardly representative of the country at large. Indeed, outside the media bubble and other urban socialist outposts this Mamdani is largely viewed as the winner of a Best of Freak contest. He and his ilk are political pustules concentrated in small enclaves of major cities-many of which are dying, in large part because of them. The perverse rank choice-excuse me, ranked choice-voting system also exaggerates his appeal. Furthermore, his main opponent was Me Too poster boy and grannie killer Andrew Cuomo, who is about as popular as chlamydia.
/jlne.ws/4lv3VSq
***** I get the impression Craig Pirrong woke up on the wrong side of bed yesterday.~JJL
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New York firm buys distressed Wacker Drive tower at massive discount
Danny Ecker - Crain's Chicago Business
A New York real estate investor known for buying distressed malls has purchased one of Chicago's tallest skyscrapers for about 85% less than it traded for more than a decade ago, one of the biggest losses of value ever for a downtown office building. A venture of Great Neck, N.Y.-based Kohan Retail Investment Group paid close to $45 million last week for the 65-story office tower at 311 S. Wacker Drive, according to sources familiar with the deal. The sale price for the 1.3 million-square-foot building is a staggering discount from the $302 million it traded for in 2014 to an affiliate of Chicago-based Zeller Realty Group and Chinese investor Cindat Capital Management.
/jlne.ws/3TfKuBl
***** What I like to call the "Cake-Top Building" at 311 S. Wacker is sold for 85% less than a decade before. That is just ridiculous.~JJL
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Kill Trump if he threatens the Ayatollah, says new fatwa; Iranian cleric calls on worldwide Muslims to 'make these enemies regret their words and mistakes'
Afshin Madadi - The Telegraph
Donald Trump and anyone else who threatens to kill Iran's supreme leader are "waging war against God" and should be punished by death, according to a new religious fatwa. Grand Ayatollah Naser Makarem Shirazi said "any person or regime that threatens the leadership and religious authority" is considered a "mohareb" - one who wages war against God - under Islamic law. The cleric, speaking in Iran, declared that any co-operation with such individuals or regimes by Muslims or Islamic governments was religiously forbidden and the crime punishable by death.
/jlne.ws/44CElFD
****A fatwa has been issued against Donald Trump and Benjamin Netanyahu by Iran's top Shiite cleric, proclaiming they are "enemies of God." ~The Telegraph
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Monday's Top Three
Monday was a hot one. Especially for Bloomberg: Our most clicked story on Monday was Bloomberg's Heat Wave Triggers Health Alerts, Nuclear Power Cuts in Europe. Second was London Tube Carriages Can Be 5C Hotter Than Street in Heat Wave, also from Bloomberg. And third was Bloomberg's European Day-Ahead Power Jumps as Heat Wave Intensifies.
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| Lead Stories | Robinhood Launches Stock Tokens, Reveals Layer 2 Blockchain, and Expands Crypto Suite in EU and US with Perpetual Futures and Staking; Robinhood Stock Tokens will allow EU customers to get exposure to the US stock market; Robinhood will also launch a new Layer 2 blockchain to power the tokenization of Real World Assets
Robinhood
Today, at Robinhood Presents: To Catch a Token in Cannes, France, we unveiled a suite of new products that mark a major step forward for crypto. From expanding Robinhood to over 400 million people across 30 EU and EEA countries, to launching stock and ETF tokens, we're building toward a future where investing is simpler, smarter, and more accessible worldwide. "Our latest offerings lay the groundwork for crypto to become the backbone of the global financial system," said Robinhood Chairman and CEO Vlad Tenev.
/jlne.ws/3TVugNK
A Hot New Firm Opened the Private Market to the Little Guy. Now It Is in Big Trouble; Linqto, which offered stakes in highflying companies such as Ripple, is facing federal investigations and a possible bankruptcy filing
Susan Pulliam and Corrie Driebusch - The Wall Street Journal
In January 2023, the chief executive of the private stock investment firm Linqto announced a "Spike Day," a one-day sprint to boost sales to its customers-small investors looking for a shot at buying shares of coveted private companies. "Take no prisoners," the now-former CEO, William Sarris, wrote in an email to staff, reviewed by The Wall Street Journal. "This is guerrilla warfare." Sarris was trying to unload shares of Ripple, a privately held crypto company, to Linqto's 11,000 users, at a price at least 60% higher than what Linqto paid. The Securities and Exchange Commission generally prohibits markups above 10% but Sarris pushed ahead, not disclosing the price hike to customers, and the company pocketed $2 million, according to people close to the situation. An outside law firm later reviewed the transactions and warned that Linqto's actions may constitute securities fraud, according to a memo reviewed by the Journal.
/jlne.ws/4499PTF
'Dark Pools' Are Handling More Stock Trades. Wall Street Is Fighting Back; In the last quarter of 2024, exchanges' share of trading fell below 50% for the first time.
Bill Alpert - Barron's
A trading platform called IntelligentCross has gotten under Wall Street's skin. This year, it passed UBS to become the largest of "dark pools"-those off-exchange platforms where institutions can trade without broadcasting their buying or selling intentions to the world. In February, IntelligentCross handled nearly 3% of the nation's stock trades. Some of those trades were for Wells Fargo Securities, which reported sending almost 75% of its market orders for S&P 500 stocks to IntelligentCross in March. By comparison, the big market maker Citadel Securities only got 2.5%, while Nasdaq got less than 1%.
/jlne.ws/3Gf3UDt
'Crypto ETF Summer' Kicks Off With New Blockchain-Powered Trade
Isabelle Lee - Bloomberg
Wall Street is about to get its first taste of a new kind of cryptocurrency product as the Trump administration eases the regulatory grip on the digital-asset industry. A new yield-chasing crypto fund tracking Solana has been cleared for debut and plans to launch Wednesday, according to a person familiar with the matter who asked not to be identified, capping months of back-and-forth with US regulators.
/jlne.ws/3GmK8G6
FCA sounds alarm over UK takeover leaks; Almost 40% of public company acquisitions were reported in the media before they were announced
Martin Arnold - Financial Times
Nearly four in 10 UK takeovers were reported in the media before their announcement in the 14 months to May this year, triggering concerns at the financial regulator that the London stock market is becoming leakier. The Financial Conduct Authority has issued warnings to bankers about the leaks, which have come alongside an increase in the amount of unusual trading activity shortly before the announcement of British corporate takeovers.
/jlne.ws/45PDi6h
Robinhood launches tokens allowing EU users to trade in US stocks
Niket Nishant and Manya Saini - Reuters
Robinhood said on Monday it has launched tokens that will allow its customers in the European Union to trade more than 200 U.S. stocks and exchange-traded funds, including Nvidia, Apple and Microsoft. The commission-free tokens can be traded around-the-clock, five days a week. Robinhood also plans to offer tokens linked to stocks of privately-held companies, starting with Sam Altman's OpenAI and Elon Musk's SpaceX, the trading platform's top executives said at its keynote event in France. Robinhood's shares hit a record high and were last up nearly 10%. The tokens will be issued through a partnership with blockchain firm Arbitrum. With the move, the company stands to benefit from rising global interest in the U.S. stock market - home to some of the world's most influential tech giants and leading beneficiaries of the AI boom.
/jlne.ws/4lxeLHN
Robinhood CEO Vlad Tenev: EU will probably get 24/7 trading before US, and it would be a 'shame'
Brian Sozzi - Yahoo Finance
Robinhood (HOOD) has set the stage for 24/7 stock trading, at least in the European Union. The trading platform said Monday it has launched US stock and ETF tokens in the European Union at an event in Cannes, France. European Robinhood customers will have access to more than 200 US stock and ETF tokens. Stock token holders will also receive dividend payments directly in their Robinhood app.
/jlne.ws/4klxKEh
Dangerous Heat Grips Much of Europe, With More to Come; A punishing heat wave broke records in southern Europe and hasn't peaked yet in some places, prompting warnings to residents, employers and tourists to alter their habits.
Elisabetta Povoledo - The New York Times
A heat wave sweeping much of Europe showed few signs of relenting on Monday, when temperatures soared past 100 degrees Fahrenheit, or 37.8 Celsius, in many places in the south. In Italy, heat warnings were issued for 16 cities. And in France - still scarred by a 2003 heat wave that killed thousands - the prime minister canceled a trip to monitor the effects of the weather. How bad is it? A nuclear reactor in southern France had to shut down, because discharging its heated water into an already-overheated river would have endangered wildlife.
/jlne.ws/44xhme5
Robinhood Goes All In on Crypto With Major Product Push; The brokerage will allow European customers to trade more than 200 U.S. stocks and ETFs as digital tokens and is developing its own blockchain
Vicky Ge Huang and Hannah Erin Lang - The Wall Street Journal
Robinhood Markets, the brokerage upstart that drew in millions of traders during the Covid-era meme-stock frenzy, is making a significant push into crypto by launching a wave of new services designed to make its app a central hub for digital assets.
The details
The brokerage's new products will allow customers to do more than simply buy and sell cryptocurrencies. Robinhood will follow crypto exchanges Kraken and Gemini in announcing plans to offer "tokenized" stocks to overseas customers. Starting June 30, the company's European investors will be able to trade more than 200 U.S. stocks and exchange-traded funds over a digital ledger and with zero commissions. Such "tokenized equities" would make it easier for foreign customers to access U.S. stocks such as Apple, Tesla and Nvidia as well as popular ETFs, including the SPDR S&P 500 ETF, around the clock.
/jlne.ws/3ZWBBjR
Insider Trading on SEC Filings; Edgar typesetting, private credit, security-based swaps and AI pay.
Matt Levine - Bloomberg
Edgar insider trading
The essential fact of insider trading is that there is a gap between when the insiders of a company know something and when it becomes public. The chief financial officer will get the draft earnings release, and she will circulate it among the executive team, and they will fine-tune the language, and there will be a delay of hours or days in which they know the earnings but the market doesn't. Or two companies will start negotiating a merger, and due diligence and negotiations will take weeks before the deal is finalized and announced. And during those delays, various people - executives, advisers, others - will know the news, and if they trade on it (1) they can make money and (2) that's illegal insider trading.
/jlne.ws/4l6D53k
Marex completes acquisition of FX specialist Hamilton Court Group
Marex
Marex Group plc ('Marex' or the 'Group'; NASDAQ: MRX), the diversified global financial services platform, today announces that it has completed the acquisition of foreign exchange (FX) specialist Hamilton Court Group. The acquisition expands the Group's FX offering, bringing new capabilities onto the platform, consistent with its strategy to diversify earnings. The acquisition will bring around 170 employees across London, Milan, Madrid and Toronto to Marex.
/jlne.ws/3GmwQtd
The New York Stock Exchange Leads Globally with over $60BN in Total Capital Raised During First Half of 2025
Intercontinental Exchange, Inc.
The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today reported an industry-leading $61 billion in total capital raised during the first half of 2025, up nearly 40% versus the same period last year. During the first half of 2025, the NYSE led the industry with an additional $187 billion added to its community's total market cap. The NYSE has listed the largest IPO by capital raised with Venture Global (NYSE: VG) and IPO with the best price performance from Circle Internet Group (NYSE: CRCL). Additionally, the NYSE has continued its four-year leadership position in operating company transfers welcoming five companies year to date, including Virtu (NYSE: VIRT) and QXO (NYSE: QXO).
/jlne.ws/3ZWEIbx
Trading firm poised to move HQ to Old Post Office, leaving troubled Loop tower
Danny Ecker - Crain's Chicago Business
A proprietary trading firm is nearing a deal to move its headquarters to the Old Post Office and leave behind its longtime home in a distressed Loop office property. Wolverine Trading is in advanced talks to sublease nearly 83,000 square feet in the mammoth building at 433 W. Van Buren St. from staffing agency TrueBlue, according to people familiar with the negotiations. If the deal is completed, the trading firm would relocate from 175 W. Jackson Blvd., where its lease for about 88,000 square feet is due to expire in May 2027.
/jlne.ws/3TRxiTe
North Korean operatives and American accomplices accused in massive fraud that infiltrated the Fortune 500 and stole millions
Amanda Gerut - Fortune
The Justice Department on Monday announced a significant crackdown on the North Korean IT workers fraud scheme, with two new indictments naming more than a dozen alleged conspirators accused of stealing millions from at least 100 companies in the past four years. According to the first major indictment from the District of Massachusetts, a crew of North Korean IT workers allegedly partnered with co-conspirators in New York, New Jersey, California, and overseas to steal the identities of more than 80 U.S. people, get remote jobs at more than 100 companies-many in the Fortune 500-and steal at least $5 million. According to the second indictment, a four-person team of North Korean IT workers allegedly traveled to the United Arab Emirates where they used stolen identities to pose as remote IT workers, get jobs at American companies for themselves and unnamed co-conspirators, and then systematically steal digital currency to fund North Korea's nuclear-weapons programs, authorities claimed in the five-count federal charging document.
/jlne.ws/3ZWDpt9
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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. | Japan says it won't sacrifice farm sector for tariff deal after Trump rice complaints
Kaori Kaneko and Chang-Ran Kim - Reuters
Japan will not sacrifice the agricultural sector as part of its tariff talks with the United States, its top negotiator said on Tuesday, after President Donald Trump complained that the key Asian ally was not buying American rice. Trump's comment, made in a social media post on Monday, comes as Tokyo scrambles to convince the U.S. to scrap a 25% tariff on Japanese cars and a 24% reciprocal tariff on other Japanese imports. The reciprocal tariff has been paused until July 9, but Japan has yet to secure a trade deal after nearly three months of negotiations.
/jlne.ws/44PX6ob
France's Macron calls tariffs imposed by powerful countries a form of 'blackmail'
Reuters
French President Emmanuel Macron said on Monday that tariffs levied by powerful countries were often a form of "blackmail" rather than instruments to rebalance trade. His comments during a speech at the International Conference on Financing for Development in Seville, Spain, came with the European Union negotiating a trade deal with the United States ahead of a July 9 deadline, though he did not specifically refer to the United States or U.S. President Donald Trump.
/jlne.ws/4nI71om
Jerome Powell says Fed would have lowered rates already if it weren't for tariffs
Paolo Confino - Fortune
Were it not for tariffs, the Federal Reserve would have already cut interest rates in 2025, chair Jerome Powell said on Tuesday at a conference of central bankers. During an onstage interview at the European Central Bank Forum alongside the central bankers from England, Korea, Japan, and the European Union, Powell was asked if the uncertainty caused by the White House's ongoing tariff regime had led the Fed to hold off on cutting interest rates. He responded: "I do think that."
/jlne.ws/4knzFZ0
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
'Hero of Ukraine' commander develops drone-proof uniforms; Suit uses materials that protect against bursts of shrapnel from grenades dropped onto soldiers
Danielle Sheridan,Daniel Hardaker - The Telegraph
One of Ukraine's most decorated soldiers has developed an armoured combat suit to protect troops from drone attacks. Major Oleh Shyriaiev, who was recently granted the highest military title of Hero of Ukraine, said he designed the outfit to be shrapnel resistant to save more lives. The suit uses a combination of kevlar, a heat-resistant synthetic fibre that was originally used as a replacement for steel in racing tyres, and other materials that have the ability to absorb the impact of shrapnel.
/jlne.ws/44rSjci
The Future of Modern Warfare Is Being Built in Ukraine; After more than three years of all-out war with Russia, the country has turned into a factory of weaponry that's redefining the battlefield.
Alan Crawford and Daryna Krasnolutska - Bloomberg
In the wooded dunes that flank the Dnipro River outside Kyiv, two squat unmanned vehicles resembling mechanized crabs descend a ramp onto the sand. Around the length of a shopping cart and double the width, the 280-kilogram (620-pound) robots are steered wirelessly by a human operator, their tracks making light work of the terrain. Known as "TerMIT," one has a simple steel platform to bring supplies to troops at the front. The other has a superstructure that makes it look like a miniature combine. But rather than reaping crops, it sows a deadly harvest of anti-tank mines at the remote touch of a button.
/jlne.ws/4kBuMf7
Middle East Conflict
Iran Suspected of Scouting Jewish Targets in Europe; German authorities say a Danish national arrested last week is suspected of surveilling potential targets in Berlin
Bertrand Benoit - The Wall Street Journal
BERLIN-Iran is suspected of collecting information on Jewish targets in Berlin to prepare for possible attacks, German authorities said Tuesday following the arrest of an alleged spy working for Tehran. The man, a Danish national identified as Ali S., was detained by Danish agents last week on the request of German authorities and is awaiting extradition to Germany, the general prosecutor's office said. In early 2025, Ali S. was ordered by an Iranian intelligence service to gather information about Berlin's Jewish community and prominent Jewish personalities, the prosecutor's office said.
/jlne.ws/3I6VRJu
Israel strikes pound Gaza, killing 60, ahead of US talks on ceasefire
Nidal Al-Mughrabi and Maayan Lubell - Reuters
Israeli strikes killed at least 60 people across Gaza on Monday in some of the heaviest attacks in weeks as Israeli officials were due in Washington for a new ceasefire push by U.S. President Donald Trump. A day after Trump called to "Make the deal in Gaza, get the hostages back", Israel's strategic affairs minister Ron Dermer, a confidant of Prime Minister Benjamin Netanyahu's, was travelling to Washington for talks on Iran and Gaza, according to an Israeli official and a source familiar with the matter.
/jlne.ws/44pX45Z
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Nasdaq prevails over NYSE in first-half listings, buoyed by blockbuster IPOs
Anirban Sen - Reuters
Nasdaq handily beat the New York Stock Exchange in stock market listings during the first half of 2025, buoyed by blockbuster initial public offerings of big names like CoreWeave and Chime and a jump in proceeds raised via special purpose acquisition companies. IPOs at Nasdaq, including those of blank-check acquisition companies, raised about $21.3 billion during the first half, compared with $8.7 billion for flotations at the NYSE, according to data from Dealogic.
/jlne.ws/4eDwFXe
Boerse Stuttgart extends trading hours for equities, bonds, funds and exchange-traded products
Boerse Stuttgart
Boerse Stuttgart is extending its trading hours for equities, bonds, investment funds and exchange-traded products: These securities can now be traded on the German exchange of Boerse Stuttgart Group from 7:30 to 22:00 CET.
/jlne.ws/4eugNG8
CME Group to Launch FX Tape+ to Provide Centralized Reference Prices for the FX Market
CME Group
CME Group, the world's leading derivatives marketplace, today announced that it will launch CME FX Tape+ to provide centralized reference prices and a comprehensive view of FX market liquidity from its transparent central limit order book (CLOB) marketplaces, including FX futures, EBS Market, FX Spot+ and FX Link. FX Tape+ is set to launch later this year.
/jlne.ws/4khqRDK
Product Modification Summary: Delisting of the MPC SONIA Futures Contract and Amendments to the Listing Schedule and Delisting of Previously-Listed Contract Months of the Quarterly IMM SONIA Futures Contract - Effective June 30, 2025
CME Group
Delisting of the MPC SONIA Futures Contract and Amendments to the Listing Schedule and Delisting of Previously-Listed Contract Months of the Quarterly IMM SONIA Futures Contract
/jlne.ws/4l1lyJX
Update: SPAN Files Decommission on FTP Sites - Effective August 18, 2025
CME Group
Please note that due to SPAN users' request for additional time to switch to Datamine, the new deadline is rescheduled to August 18, 2025. With this update CME plans to stop publishing all SPAN files on FTP sites effective August 18, 2025. Following the CME Notice published March 12th and Reminder CME Notice published June 3rd CME Group will provide SPAN files only via the SFTP and CME Datamine services. SPAN files will no longer be available over the public FTP or CME Group website.This change applies to CME Group SPAN files as well as partner exchanges SPAN for BMD, XMA, SMX, CFE ... etc.
/jlne.ws/44aaAMn
Clearstream Successfully Launches the Only Tri-party Collateral Management Solution with ECMS Go-live
Deutsche Borse
After the successful launch, Clearstream has experienced a smooth start to its integrated tri-party collateral management solution with the Eurosystem Collateral Management System (ECMS). Starting from the launch of the European platform on June 16, 2025, Clearstream has been offering its clients comprehensive connectivity, being the only central securities depository (CSD) to provide full tri-party collateral management integration with the ECMS.
/jlne.ws/4euhrU4
Cash market trading volumes in June 2025
Deutsche Borse
Deutsche Borse's cash markets generated a turnover of EUR138.00 billion in June (previous year: EUR106.75 billion / previous month: EUR152.20 billion). EUR134.63 billion were attributable to Xetra (previous year: EUR103.49 billion / previous month: EUR148.66 billion), bringing the average daily Xetra trading volume to EUR6.41 billion (previous year: EUR5.17 billion / previous month: EUR7.08 billion). Trading volumes on Börse Frankfurt were EUR3.38 billion (previous year: EUR3.25 billion / previous month: EUR3.54 billion).
/jlne.ws/4lbP5AO
Re-Emerging Markets: The European Giant Awakens
Eurex
Europe's economic outlook is getting significantly brighter, as shown by both economic data and the optimistic expectations of companies and consumers. After several years of economic challenges, marked by the pandemic, supply chain disruptions, the energy crisis, and geopolitical tensions, signs of an economic recovery are emerging in Europe, a continent with 450 million consumers. But what are the reasons for this new optimism?
/jlne.ws/3ZWStqy
HKEX Welcomes Launch of 30-Year Swaps Trading in Northbound Swap Connect
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Monday) the launch of interest rate swap contracts with a maximum tenor of 30 years to trade on Northbound Swap Connect. This latest enhancement to Swap Connect follows close collaboration between HKEX's clearing subsidiary, OTC Clearing Hong Kong Limited (OTC Clear) with China Foreign Exchange Trade System (CFETS) and Shanghai Clearing House (SHCH).
/jlne.ws/3I63ujn
The New York Stock Exchange Leads Globally with over $60BN in Total Capital Raised During First Half of 2025
ICE
The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today reported an industry-leading $61 billion in total capital raised during the first half of 2025, up nearly 40% versus the same period last year. During the first half of 2025, the NYSE led the industry with an additional $187 billion added to its community's total market cap. The NYSE has listed the largest IPO by capital raised with Venture Global (NYSE: VG) and IPO with the best price performance from Circle Internet Group (NYSE: CRCL). Additionally, the NYSE has continued its four-year leadership position in operating company transfers welcoming five companies year to date, including Virtu (NYSE: VIRT) and QXO (NYSE: QXO).
/jlne.ws/45KUEBl
ICE's Natural Gas and Oil Markets at Record Open Interest
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data and home of the most liquid energy markets in the world, today announced that its global natural gas and oil markets are at record open interest (OI). ICE's natural gas futures markets hit record OI of 24.17 million on June 25, 2025, while ICE's global oil futures and options markets hit record OI of 17.57 million on June 24, 2025, including record oil options OI of 7.3 million.
/jlne.ws/3IoYciP
SIX Completes Acquisition of Aquis to Expand European Exchange Business
SIX
SIX has successfully completed its acquisition of Aquis, creating a leading pan-European exchange innovator with an aggregated 15% market share and access to 16 capital markets across Europe. By combining Aquis' innovative technology with the multi-asset class services of SIX, the transaction strengthens the position of SIX in European trading, enhances efficiency, and delivers new growth opportunities for clients.
/jlne.ws/4eqLLz4
JSE Investor Services continues to deliver Integrated, End-to-End Solutions for Share Plan Administration
JSE
Optio Incentives, a Nordic fintech specialising in employee equity and incentive programmes, has acquired the share plan software platform from Investec Wealth & Investment International, a division of leading international bank and wealth manager Investec Group. The transaction supports Optio's global expansion and also provides access to long-standing client relationships, a highly scalable infrastructure and an experienced team behind the platform.
/jlne.ws/40l8qHt
Trading Overview in June 2025 & First Half of 2025 (January to June)
JPX
Japan Exchange Group released Trading Overview in June 2025 & First Half of 2025 (January to June).
/jlne.ws/4euipja
Renewal of JPX Market Explorer - Making Corporate Analysis More Intuitive and Convenient
JPX
JPX Market Innovation & Research, Inc. (JPXI) is conducting a Proof of Concept (PoC) for JPX Market Explorer, a free service site that provides multilingual information on Tokyo Stock Exchange-listed companies using generative AI technology developed by Bridgewise.
/jlne.ws/4kjnQDa
CRDB Bank lists historic Kijani Bond on LuxSE
LuxSE
Tanzania-based CRDB Bank brings its inaugural green bond to the Luxembourg Stock Exchange, raising financing for climate-smart agriculture, clean cooking energy and green buildings and transport systems in Tanzania.
/jlne.ws/4005GyZ
Miami International Holdings Announces Successful Launch of MIAX Futures Onyx Trading 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 successful launch of MIAX Futures Onyx, a proprietary technology platform designed to power trading of agricultural and financial futures, and options on futures in geographically diverse locations.
/jlne.ws/3TVpC2g
Nasdaq Welcomes 142 IPOs in the First Half of 2025
Nasdaq
Nasdaq (Nasdaq: NDAQ) announced today that in the first half of 2025, it welcomed 142 listings (IPOs), raising a total of $19.2 billion. A total of 83 operating companies and 59 SPACs listed on Nasdaq during the first six months of 2025, representing an 86% win-rate of Nasdaq-eligible listings in the U.S. market, and extending Nasdaq's leadership to 46 consecutive quarters. In addition to the IPOs, 11 companies transferred their corporate listings to Nasdaq, crossing the threshold of $3 trillion in total market value from exchange transfers since 2005.
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NYSE Options: ORF July 2025 Pricing Changes *Reminder*
NYSE
Effective July 1, 2025, NYSE American Options and NYSE Arca Options will modify its ORF fee to $0.0023, from $0.0038 per contract, as previously announced. The modified ORF will remain in effect through December 31, 2025, after which the $0.0038 per contract fee will be reinstated.
/jlne.ws/4kkzsWm
SIX publishes the monthly key figures of SIX Swiss Exchange and BME Exchange on trading and listing activities in Switzerland and Spain
SIX
SIX Swiss Exchange and BME Exchange witnessed significant growth in trading activity for H1 2025 in several asset classes. Combined trading turnover for the first half of 2025 rose 19.3% compared to 2024,surpassing EUR 892bn. ETFs saw the highest growth on SIX Swiss Exchange in the past six months. ETF trading turnover for the first half of the year doubled, growing 100.8%. In total, CHF 68.8bn have been traded in the segment in2025, with a 56.1% growth in the number of transactions. This contributed to a strong 21.1% increase for H1 in total turnover on SIX Swiss Exchange, surpassing CHF 608.5bn at the half year mark. Activity in ETFs was complemented by a 16.1% increase in equities turnover, alongside a 11.0% rise in fixed income turnover.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Landmark EU tech rules holding back innovation, Google says
Foo Yun Chee - Reuters
Alphabet's Google will on Tuesday warn EU antitrust regulators and its critics that landmark European Union rules aimed at reining in Big Tech are hampering innovation to the detriment of European users and businesses. The U.S. tech giant will also urge regulators to give more detailed guidance to help it comply with the rules, and ask its critics to provide evidence of costs and benefits to prove their case.
/jlne.ws/45US0cp
Mexican Fintech Klar Raises $190 Million at $800 Million Valuation
Valentine Hilaire and Maria Clara Cobo - Bloomberg
Mexican fintech Klar said it has raised $190 million through a Series C funding round, led by US private equity firm General Atlantic, that valued the company at more than $800 million. Klar has positioned itself as an alternative to legacy institutions by offering lower-cost, app-based financial products to a broad swath of Mexican consumers and small businesses.
/jlne.ws/4erus0J
Artificial Intelligence
Cloudflare Introduces Default Blocking of A.I. Data Scrapers; The tech company's customers can automatically block A.I. companies from exploiting their websites, it said, as it moves to protect original content online.
Natallie Rocha - The New York Times
Cloudflare, a tech company that helps websites secure and manage their internet traffic, said on Tuesday that it had rolled out a new permission-based setting that allows customers to automatically block artificial intelligence companies from collecting their digital data, a move that has implications for publishers and the race to build A.I.
/jlne.ws/3TEr5KB
Hollywood Confronts AI Copyright Chaos in Washington, Courts; Technology firms say using copyrighted materials to train AI models is key to America's success; creatives want their work protected
Amrith Ramkumar and Jessica Toonkel - The Wall Street Journal
Natasha Lyonne stayed up all night furiously texting and calling Cate Blanchett, Ron Howard and everyone else she knows in Hollywood, asking them to sign her letter to the Trump administration. The White House is about to issue its artificial-intelligence action plan, a document that could influence how U.S. copyright rules are applied to training large language models. Tech companies say they need the material to train their models and keep up with China in an AI race with grave national-security implications.
/jlne.ws/46lpBft
What Would Hayek Think of AI?; The 'fatal conceit' that central planning can solve complex social problems arises in a new form.
Gary Saul Morson and Julio M. Ottino - The Wall Street Journal (opinion)
It keeps happening-some shiny new idea or technology promises to solve all our problems. Give power to experts to arrange affairs "scientifically," and poverty, oppression, disease, war and all human ills will disappear. Today, we are asked to trust artificial intelligence. The International Monetary Fund promises that "AI can enhance democratic institutions by ensuring citizens' voices are truly heard." Power wielded by a few experts can enhance democracy? Isn't that what the early 20th-century Progressive movement promised? For that matter, isn't that the thinking behind Soviet "scientific socialism"?
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People have empathy with AI ... as long as they think it's human; Study finds emotional support from chatbots is more readily accepted if participants don't know it's an AI
Lindsay Clark - The Register
A study of AI chat sessions has shown people tend to have more empathy with a chatbot if they think it is human. Nine studies involving 6,282 participants found humans are more likely to reject emotional support from LLM-based chatbots unless they are told they are talking to a human.
/jlne.ws/4lEJaEh
Tokenization
Robinhood Pushes Deeper Into Crypto With Own Blockchain, Tokenized Stock Launch
Krisztian Sandor - CoinDesk
Digital brokerage Robinhood (HOOD) is extending its crypto footprint with a slate of new offerings, including developing its own blockchain network based on Arbitrum ARB and launching tokenized stocks trading, the company announced on Monday.The firm today has debuted its stock token offering, issued on the Ethereum layer-2 Arbitrum, for European users, giving access to over 200 U.S. equities and ETFs witt around-the-clock trading during weekdays. With the launch, Robinhood is expanding its crypto-focused EU app with tokenized stocks into an "all-in-one investment app powered by crypto," the company said in a release shared with CoinDesk.
/jlne.ws/3GrpODr
Robinhood Unveils Tokenized Stock Trading, Staking, And Blockchain Plans In Major Crypto Expansion
Dallas Express
Robinhood is making a significant leap into the world of cryptocurrency, introducing a slate of new offerings aimed at reshaping how users interact with both digital assets and traditional financial instruments. Beginning June 30, the brokerage will allow customers across 30 European countries to buy and sell tokenized versions of over 200 U.S. stocks and exchange-traded funds. These include high-profile names like Apple, Tesla, and Nvidia, as well as the SPDR S&P 500 ETF. The move enables around-the-clock trading without commissions - a first for Robinhood's European platform.
/jlne.ws/4kbwq6F
Backed Finance Debuts Tokenized Stocks on Bybit, Kraken and Solana DeFi Protocols
Krisztian Sandor - CoinDesk
Real-world asset tokenization firm Backed Finance is launching its tokenized stock offering on major crypto exchanges, and Solana (SOL)-based decentralized finance (DeFi) protocols, bringing equities like Apple, Amazon, and Microsoft and crypto-native platforms closer. The offering includes some 60 equity and ETF tokens that are available for trading around-the-clock, the company said on Monday.
/jlne.ws/3I9nQIh
Robinhood's CEO on the Plan to Tokenize Everything; Here comes 24-hour stock trading.
Joe Weisenthal and Tracy Alloway - Bloomberg
Robinhood, the company known for first introducing commission-free trading, has now become behemoth with all kinds of different business lines including credit cards, savings vehicles, crypto, and wealth management. This week it's announced further expansion with news that it's launching its own chain, as well as tokenized stock trading (that for now is only available in the EU). On this episode, we speak with founder and CEO, Vlad Tenev, about its new endeavors, as well as the legacy of the 2021 meme stock mania, the evolution of the YOLO traders, the changing regulatory environment, and when we can expect to have 24/7 on-chain stock trading in the US.
/jlne.ws/4kj5O3Q
Cloud Computing
Oracle Inks Cloud Deal Worth $30 Billion a Year
Brody Ford - Bloomberg
Oracle Corp. said it has signed a single cloud deal worth $30 billion in annual revenue - more than the current size of its entire cloud infrastructure business. That revenue is expected to start flowing in the fiscal year 2028, Oracle disclosed in a regulatory filing Monday, without naming the customer.
/jlne.ws/40y2tXx
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| Cybersecurity | | Top stories for cybersecurity | DOGE has the keys to sensitive data that could help Elon Musk; A Washington Post review found that in at least seven major departments or agencies, DOGE secured the power to view records that experts say could benefit Musk's businesses for years.
Desmond Butler, Jonathan O'Connell, Hannah Natanson and Aaron Gregg - The Washington Post
For months, Elon Musk's U.S. DOGE Service plumbed the federal government's information systems, scouring arcane internal records that the billionaire said were guiding his hunt for waste. Now that Musk has stepped away from his government role, some of that data could be valuable in another way - by giving the world's richest man a competitive advantage over his rivals in the private sector. A Washington Post examination found that in at least seven major departments or agencies, DOGE secured the power to view records that contain competitors' trade secrets, nonpublic details about government contracts, and sensitive regulatory actions or other information.
/jlne.ws/4kAjVC9
ICC hit by cyberattack around NATO summit
Antoaneta Roussi - Politico
The International Criminal Court (ICC) said it was hit by a "sophisticated and targeted" cyberattack as NATO leaders gathered in The Hague for a summit last week. The ICC, which is based in The Hague, said it detected the incident "late last week" and had contained the threat. "A Court-wide impact analysis is being carried out, and steps are already being taken to mitigate any effects of the incident," the court said in a statement on Monday.
/jlne.ws/4kfhcgX
A Trio of US Treasury Hacks Exposes a Pattern Making Banks Nervous; In three major hacks, Treasury didn't deploy cybersecurity measures that could have prevented the attacks or flagged the intruders sooner, a Bloomberg News investigation found.
Jordan Robertson, Hannah Levitt, Jake Bleiberg, and Jason Leopold - Bloomberg
Cybersecurity woes are plaguing the US Treasury Department, deepening a rift between the agency responsible for protecting the integrity of the financial system and the banks it regulates. Treasury has experienced three major hacks in the past five years, including two that have come to light since December. Meanwhile, its ranks of cybersecurity leaders have been decimated this year by departures pushed by Elon Musk's Department of Government Efficiency, which the world's richest person left in May.
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He Thought an Employee Stole Crypto. The FBI Says It Was a North Korean Scammer.
An army of North Korean workers have taken tech jobs at companies around the world
Robert McMillan - The Wall Street Journal
At first, Pemba Sherpa seemed like a great employee. Eager to work, he began as a $35-an-hour coder who sharpened up an app for his boss, Marlon Williams. But a few years later, Williams fired him, thinking he was probably a crook. On Monday, federal authorities accused him of being something even more nefarious. According to court filings and cyber investigators, the man claiming to be Sherpa was actually Kim Kwang Jin, a North Korean cybercriminal using a stolen identity. He was part of a group of men who traveled the world looking for ways to make money for their heavily sanctioned government. Their methods of choice were drawing paychecks and stealing from their employers.
/jlne.ws/3I91GWC
AI powering transnational crime as Asian gangs move into Pacific; UN expert believes region is ripe for exploitation as new global crime base
Dominic Faulder - Nikkei Asia
BANGKOK -- Southeast Asia has become a global hub for organized crime that is extending its digital tentacles around the world through mastery of artificial intelligence. And, as the operating environment changes, criminal syndicates have their eyes set on a new region for their base: the Pacific. "The Pacific is really the frontier where things are moving," Benedikt Hofmann, the acting regional representative of the United Nations Office on Drugs and Crime for Southeast Asia and the Pacific, told Nikkei Asia in an interview.
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| Cryptocurrencies | | Top stories for cryptocurrencies | LMAX: stablecoin bill sets stage for FX and crypto convergence; David Mercer on what the Genius Act means for markets, and where the venue's FX business goes next
Cole Lipsky - Risk.net
When the US Senate passed the Genius Act on June 17, establishing regulatory standards around the guardrails and oversight of stablecoins, it marked a significant step towards institutional adoption of digital asset trading. For David Mercer, chief executive of LMAX Group, the move is also more confirmation of his belief that cryptocurrency trading will eventually converge with foreign exchange
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Deutsche Bank Aims to Launch Crypto Custody Service in 2026
Arno Schuetze and Anna Irrera - Bloomberg
Deutsche Bank AG plans to launch its digital assets custody service next year and has enlisted crypto exchange Bitpanda's technology unit to help build the offering, according to people familiar with the matter. Deutsche Bank's corporate bank, which first revealed its custody plans in 2022, will also continue to work with Swiss technology provider Taurus SA on the service, said the people, who asked not to be named discussing private plans. Deutsche Bank and the Bitpanda unit, Bitpanda Technology Solutions, declined to comment. Deutsche Bank's custody project comes as large financial institutions increasingly focus on digital assets, encouraged by new regulations in Europe and a favorable environment in the US. Bitcoin has rallied since Donald Trump's reelection in November, as the US president appointed crypto advocates to key regulatory posts and and pushed stablecoin regulation.
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Trump Crypto Venture Raises $220 Million for Bitcoin Mining
Annie Massa and Tom Maloney - Bloomberg
A cryptocurrency venture associated with President Donald Trump's family raised $220 million to buy Bitcoin and digital asset mining equipment, according to a filing Monday. American Bitcoin, a company whose backers include Trump's son Eric Trump, issued new shares to private investors on Friday. Some of the equity, worth about $10 million, was sold for Bitcoin rather than dollars, according to the filing by American Bitcoin's majority owner Hut 8 Corp.
/jlne.ws/3InkMbC
Michael Saylor's Strategy to Join Wall Street Elite With $14 Billion Windfall
Kirk Ogunrinde and Tom Contiliano - Bloomberg
Michael Saylor's Strategy (MSTR) is likely to register an unrealized gain of about $14 billion in the second quarter, putting the once floundering enterprise software maker turned leveraged Bitcoin proxy among the select ranks of corporate titans such as Amazon.com Inc (AMZN). and JPMorgan Chase & Co. (JPM). Unlike the ten or so US multinationals whose operating profits are expected to exceed $10 billion last quarter by generating billions of dollars in sales, the former MicroStrategy Inc. can attribute the eye-popping results to a rebound in the price of Bitcoin (BTC-USD) and a fairly recent accounting change when it comes to valuing its massive holdings of the cryptocurrency. Strategy is forecast to post only about $112.8 million in second-quarter revenue from the software business, according to analysts surveyed by Bloomberg News.
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Bitcoin ETP With DeFi Yield Goes Live in Europe
Krisztian Sandor - CoinDesk
A bitcoin (BTC) exchange-traded product (ETP) that generates yield from decentralized finance (DeFi) markets has debuted on Tuesday, in what issuer Fineqia calls a first of its kind. The Fineqia Bitcoin Yield ETP (YBTC), listed on the Vienna Stock Exchange, targets a 6% annual yield by deploying investor capital into DeFi strategies. It is issued by Fineqia's Liechtenstein-based subsidiary and advised by Psalion Yield, a digital asset investment firm focused on blockchain-based yield.
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Stablecoins
The World's Most Powerful Bank Just Called Stablecoins 'Fake Money'-Here's Why Tether Holders Should Be Worried
Nick Thomas - Benzinga
The world's most powerful banking institution just dropped its harshest critique yet of the $260 billion stablecoin market, warning that these "digital dollars" pose existential threats to global monetary systems-even as the U.S. Senate moves to legitimize them. The Bank for International Settlements-the global institution that serves as a hub for central banks worldwide-issued what amounts to a declaration of war against stablecoins in its annual report released on June 24. Their message was unambiguous: stablecoins "fall short" as sound money and threaten both financial stability and national monetary sovereignty.
/jlne.ws/40tcC7Q
Circle Applies for National Trust Bank Charter
Krisztian Sandor - CoinDesk
Circle (CRCL), the company behind the USDC stablecoin, said Monday it has filed an application with the Office of the Comptroller of the Currency to form a federally regulated national trust bank. A federal trust charter would bring Circle under direct OCC oversight, aligning it with how traditional financial institutions are regulated. If approved, the new entity, which would be called First National Digital Currency Bank, N.A. would oversee custody of USDC reserves and offer services tailored to institutions. If approved, Circle would join the ranks of federally chartered institutions like Paxos and Anchorage, both of which previously secured trust bank status to offer crypto-related services nationwide.
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BIS Rejects Stablecoin Promise, Citing Fragile Backing and Systemic Risk to the Monetary System
David Okoya - Benzinga
The Bank of International Settlements is not buying the stablecoin hype. Over the past few weeks, stablecoins have been the center of attention as the U.S. advances legislation. Adding to the buzz, the U.S. Treasury continues to wax bullish on the sector and Circle's (NYSE:CRCL) stock has stunned many with its explosive run since going public. All of this is predicated on the belief that stablecoins will feature prominently in the evolution of payments and remittances. But the BIS said in a report released Tuesday that it was skeptical that the sector has any future at all.
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Robinhood, Kraken-Backed Global Dollar (USDG) Comes to Europe
Ian Allison - CoinDesk
Global Dollar (USDG), a stablecoin issued by regulated fintech Paxos, and backed by a consortium of heavy hitters that includes Robinhood, Kraken and Mastercard, is being made available to consumers across the European Union, according to a press release on Tuesday. USDG is regulated by Europe's Markets in Crypto-Assets (MiCA), the Finnish Financial Supervisory Authority (FIN-FSA), and the Monetary Authority of Singapore (MAS), Paxos said in a statement.
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| Politics | | An overview of politics as it relates to the financial markets | Trump's Deportation Program Is About Control. Even if You Are a U.S. Citizen.
Chandran Kukathas - The New York Times
The tactics of the Trump administration's immigration agenda have shifted from time to time, but the broader objective has remained consistent: to deport as many people as possible and, more broadly, to transform the restrictions and reach of America's immigration system. President Trump and members of his administration believe they have a democratic mandate to do this. Their ultimate fear is that outsiders pose a danger to American values - the threat of not just taking our jobs or becoming welfare scroungers but also transforming our society into something different. "America First" means not so much putting Americans first as putting a distinct idea of America and American values first.
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U.S. Administration
Trump Says He'll Have to 'Take a Look' at Deporting Musk
Skylar Woodhouse and Akayla Gardner - Bloomberg
President Donald Trump said he would look into deporting billionaire Elon Musk in response to a question about the ally-turned-critic of his signature tax and spending legislation. "I don't know," Trump told reporters at the White House on Tuesday when asked if he would deport the South African-born entrepreneur and US citizen, before adding that "we'll have to take a look." The president's comments are the latest salvo in a renewed feud between Trump and the world's richest person, who has ramped up his criticism of a Republican tax bill that expedites the end of a consumer credit for electric vehicle purchases. Musk is the CEO of electric carmaker Tesla Inc., whose shares weaken more than 4% in premarket trading.
/jlne.ws/4lrgq1A
Exclusive: DOGE now targeting SEC policy, eyes SPAC rules, sources say
Douglas Gillison and Chris Prentice - Reuters
President Donald Trump's Department of Government Efficiency initiative has pushed the U.S. markets watchdog to loosen Wall Street rules around blank-check companies and confidential reporting by private investment funds, according to two people familiar with the matter.
DOGE officials at the SEC, who have so far focused on cutting costs, have in recent weeks sought meetings with staff to explore relaxing what some companies have described as burdensome and unnecessary regulations, including reworking Biden-era rules adopted last year on so-called Special Purpose Acquisition Companies, or SPACs, and requirements that private investment advisers confidentially disclose more data so regulators can better spot systemic risk, the sources said.
/jlne.ws/4ewHytF
Trump May Get His 'Big Beautiful Bill,' but the G.O.P. Will Pay a Price; And so will many voters.
Michelle Cottle and David Leonhardt - The New York Times
There will be many short- and long-term consequences if Republicans succeed in passing President Trump's signature policy bill, as they aim to do before the July 4 holiday, David Leonhardt, the director of the Times editorial board, tells the national politics writer Michelle Cottle in this episode of "The Opinions."
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Trump suggests slashing Tesla subsidies, Musk says 'cut it all'
Nandita Bose, Kritika Lamba and Shubham Kalia - Reuters
U.S. President Donald Trump on Tuesday suggested the government efficiency department should review the subsidies to Tesla CEO Elon Musk's companies to save money, reigniting a war of words between the world's most powerful person and its richest. Trump's remarks came after Musk, a Republican mega-donor, renewed his criticism of the sweeping tax-cut and spending bill and vowed to unseat lawmakers who supported it despite campaigning on limiting government spending.
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Donald Trump suggests Doge should review subsidies to Elon Musk's companies; Rift deepens between the two men over US president's flagship tax and spending bill
Philip Georgiadis - Financial Times
Donald Trump has suggested the US government should examine any subsidies handed out to Elon Musk's business empire, claiming that "big money" could be saved. In a post on his Truth Social platform early on Tuesday, Trump said: "Elon may get more subsidy than any human being in history, by far, and, without subsidies, Elon would probably have to close up shop and head back to South Africa." The exchange deepens a rift between the two men over the US president's signature tax and spending bill.
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Commentary: Trump is acting like the economy's in distress
Rick Newman, Senior Columnist - Yahoo Finance
President Trump wants the Federal Reserve to cut short-term interest rates all the way to 1%. That's something the Fed would typically do only in an emergency situation, such as a sudden recession or financial panic. What is Trump so worried about? Short-term rates are currently at about 4.25%. The historical average is 4.6%. The Fed moves rates up or down to manage inflation and keep the economy healthy. It has signaled that it may lower rates to around 3.5% during the next year or so if inflation eases.
/jlne.ws/3TOtHFs
Taking From the Poor and Giving to the Rich Is Not Populism
Thomas B. Edsall - The New York Times
"I love the poorly educated," President Trump declared during the 2016 campaign. His intense support for the "big, beautiful" 4.5 trillion tax-and-spending bill now before Congress shows that he has a unique way of demonstrating his affection. Republicans are on the verge of enacting Trump's upwardly distributive fiscal policy measure, which has become an extreme test of the loyalty of his more downscale MAGA supporters, who not only oppose the bill but stand to bear the brunt of its negative consequences.
/jlne.ws/3TjQY28
U.S. Congress
A megabill mystery: New solar and wind tax comes as a surprise to Republican senators
Frank Thorp V - NBC News
Tucked inside Republicans' massive domestic policy bill is an excise tax for wind and solar projects, a provision that came as a surprise not just to the renewable energy industry, but also to numerous senators who are crafting the legislation. In a twist, Republican senators insist they don't know how or why the tax was inserted into the bill they're rushing to pass. No senator is taking credit for or defending it. And at least one wants it removed.
/jlne.ws/4lwgtZV
US Senate strikes AI regulation ban from Trump megabill
David Morgan - Reuters
The Republican-led U.S. Senate voted overwhelmingly on Tuesday to remove a 10-year federal moratorium on state regulation of artificial intelligence from President Trump's sweeping tax-cut and spending bill. Lawmakers voted 99-1 to strike the ban from the bill by adopting an amendment offered by Republican Senator Marsha Blackburn. The action came during a marathon session known as a "vote-a-rama," in which lawmakers offered numerous amendments to the legislation that Republicans eventually hope to pass.
/jlne.ws/4kfR7ys
Other U.S. Politics
A Saber-Rattling Musk Promises a New Political Party if the G.O.P. Bill Passes; The billionaire and former Trump adviser suggested that if the domestic policy bill passed, he would swiftly form a new "America Party" and back primary challenges to Republicans.
Theodore Schleifer - The New York Times
The country's biggest Republican donor called on Monday for the formation of a new political party and suggested he would back primary challengers against nearly every single Republican in Congress. That was the saber-rattling declaration of Elon Musk, should Republicans on Capitol Hill pass President Trump's sweeping domestic policy bill.
/jlne.ws/4ly18rK
Russia
Russia, asked about defence spending, says it is NATO spending that risks collapse of alliance
Reuters
Russian Foreign Minister Sergei Lavrov said on Monday that Moscow planned to cut its defence spending, but that he thought a decision by NATO members to increase their own defence spending could ultimately lead to the alliance's collapse. NATO leaders on Wednesday backed a big increase in defence spending that U.S. President Donald Trump had demanded, and said they were united in their resolve to defend each other against what they cast as a threat from Russia.
/jlne.ws/3Tf5ic6
Taiwan
UK, Taiwan clinch investment and energy pacts as minister visits Taipei; Lai lobbies British official to publicly back Taiwan's CPTPP bid
Thompson Chau - Nikkei Asia
TAIPEI -- Britain's first ministerial visit to Taiwan under the current Labour government resulted in three pacts on investment, digital trade and energy, as the two sides moved to deepen economic ties amid uncertainties over China-linked supply chains. Douglas Alexander, the minister of state for trade policy and economic security, wrapped up a two-day trip to the island on Monday, which included a meeting with Taiwan's President Lai Ching-te.
/jlne.ws/3TPYZff
Others
Mexico Passes Anti-Money Laundering Bill After US Accuses Banks
Alex Vasquez - Bloomberg
Mexican lawmakers approved a bill designed to better clamp down on money laundering, days after the US Treasury accused three local financial firms of facilitating transactions of companies linked to drug trafficking. The reform of a law to prevent and identify operations carried out with illicit funds was passed in the lower house of Congress by a lopsided vote of 349 in favor, 38 against and 91 abstentions. Its backers included the majority of legislators from the leftist Morena party of President Claudia Sheinbaum.
/jlne.ws/3I8I1WT
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| Regulation & Enforcement | | Stories about regulation and the law. | EU finalises high-level road map for T+1; The Committee's 60-page report contains recommendations for market participants in the EU for transitioning to a shorter settlement cycle.
Jon Watkins - The Trade
The EU T+1 Industry Committee has published its High-Level Road Map for the transition to a reduced settlement cycle for securities on 11 October 2027. The roadmap contains a set of recommendations developed collaboratively by association representatives and workstream leads from various industry segments, and its technical workstreams, with broad industry representation.
/jlne.ws/4lbmBqR
High-Level Roadmap to T+1 Securities Settlement in the EU
EU T+1 INDUSTRY COMMITTEE
As global financial markets become more interconnected and digitalised, the shift towards T+1 settlement stands to further align European markets with those of other major economies. While the reduction of the securities settlement cycle raises diverse technical and operational issues, we should consider the broader perspective. With rising geopolitical tensions and world-wide uncertainty, global investors may reconsider their approach to EU markets if they see the bloc as a haven offering relative legal and regulatory certainty, clarity and stability. This however is not enough. The EU should encourage investment in its capital markets by providing for efficient, competitive and modern market infrastructures. The reduction of the securities settlement cycle therefore should be seen as a component of a broad strategic ambition of the EU: the Savings and Investments Union.
/jlne.ws/46kLsUj
ISDA Publishes Saudi Arabia Netting Opinions
ISDA
The International Swaps and Derivatives Association, Inc. (ISDA) has published new legal opinions that recognize the enforceability of close-out netting under regulations published by the Saudi Central Bank (SAMA) earlier this year. SAMA's netting regulations were published in February, meaning all Group-of-20 jurisdictions now recognize the enforceability of close-out netting. The regulations, which are closely based on ISDA's 2018 Model Netting Act, apply if at least one party is supervised by SAMA, which includes banks and non-banking financial institutions supervised by SAMA. Riyadh-based law firm STAT was commissioned by ISDA to draft the netting opinions - one under the ISDA Master Agreement and one for Islamic derivatives under the ISDA/International Islamic Financial Market (IIFM) Tahawwut Master Agreement.
/jlne.ws/3I7H9Sn
CFTC Staff Issues Futures Commission Merchant FAQs
CFTC
The Commodity Futures Trading Commission's Market Participants Division (MPD) today published responses to frequently asked questions (FAQs) regarding registering an entity as a futures commission merchant (FCM) and the ongoing regulatory obligations of operating an FCM. The FAQs address, among other issues, the FCM registration process, customer protections, and governance obligations and other requirements.
/jlne.ws/44q2NbT
Fee Rebate for Member Firms
FINRA
As a not-for-profit membership organization, FINRA is committed to transparency and engagement with our members regarding our finances. Accordingly, we want to update you about a fee rebate to our member firms.
/jlne.ws/3I19zO2
FICC's Klimpel on ironing out the kinks in UST clearing; Focus shifts to margin efficiency and capital treatment of cleared trades
Paulina Pielichata - Risk.net
When the US Securities and Exchange Commission (SEC) voted in February to delay the deadlines for its US Treasury clearing mandate by a year, the fear was that it could break - or even reverse - the momentum that was building around the reforms. If anything, the opposite seems to have happened.
/jlne.ws/3G50mDP
Spotlight on cryptocurrencies
FMA
Cryptocurrencies have become increasingly popular over the past decade - with some proponents believing they have the potential to revolutionise the world's financial system. Crypto can be appealing to a lot of people, but what are some of the things to consider before investing? It's a high risk, speculative investment and prices can go up and down very quickly. You should be prepared to lose all your money invested.
/jlne.ws/3Gp7dYD
FMA publishes Statement of Performance Expectations for 2025/26
FMA
The Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko - today published its Statement of Performance Expectations (SPE) for 2025/26. The SPE sets out how the FMA will measure and report on progress against its performance measures and targets, and includes forecast financial statements for the 2025/26 year.
/jlne.ws/3I91cQi
Tribunal upholds the FCA's market manipulation bans
FCA
The Upper Tribunal has upheld the FCA's decision to ban Diego Urra, Jorge Lopez Gonzalez and Poojan Sheth from working in financial services.
/jlne.ws/44I0rqc
Harnessing AI and technology to deliver the FCA's 2025 strategic priorities
FCA
Speech by Jessica Rusu, FCA chief data, information and intelligence officer, delivered at the AI and Digital Innovation Summit as part of City Week 2025.
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MAS Proposes to Enhance Product Highlights Sheets and Streamline Framework for Complex Products
MAS
The Monetary Authority of Singapore (MAS) is seeking feedback on proposals to enhance the requirements for Product Highlights Sheets and to streamline the framework for complex products.
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Key Regulatory and Enforcement Actions Taken by MAS in Q2 2025
MAS
The table below provides an overview of the key public enforcement actions taken by the Monetary Authority of Singapore ("MAS") from April to June 2025.
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Shri Sunil Jayawant Kadam takes charge as Executive Director
SEBI
Shri Sunil Jayawant Kadam took charge as Executive Director, Securities and Exchange Board of India in Mumbai today. He will handle Information Technology Department (ITD), Office of Investor Assistance and Education (OIAE), Department of Economic and Policy Analysis (DEPA), General Services Department (GSD), Board Cell, RTI & PQ Cell and matters relating to National Institute of Securities Markets (NISM).
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Women Will Control Nearly Half of Wealth by 2030 - Here's How Their Investing Differs from Men
Hina Nainani - Benzinga
Women are poised to hold a significantly larger share of global wealth in the coming years, with notable differences in how they manage and grow their financial assets compared to men. According to a McKinsey report published in May, women currently control about one-third of all retail financial assets in the U.S. and the European Union. That figure is projected to rise to between 40% and 45% by 2030. The analysis is based on a survey of approximately 13,000 U.S. and European investors, nearly half of whom were women.
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Platforms expand portfolio trading to EGBs; Bloomberg and MTS to follow Tradeweb with extension of popular credit protocol
Emma Siponmaa - Risk.net
Bond trading platforms are extending their portfolio trading capabilities to European government bonds in an attempt replicate the protocol's recent success in credit markets. Bloomberg plans to offer portfolio trading in European government bonds (EGBs) later this year, following in the footsteps of Tradeweb, which was first out of the gates with the service in April.
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Europe's IPO Bankers Pin Hopes on Fall Window as Revival Falters
Pablo Mayo Cerqueiro - Bloomberg
After the slowest first half for European initial public offerings in more than a decade, dealmakers are banking on several large transactions to reignite the market later this year. IPOs in the region have raised roughly $5.52 billion so far in 2025, a 60% decline from a year ago, according to data compiled by Bloomberg. Turmoil unleashed by President Donald Trump's tariffs froze the market for weeks, and while some firms have since launched offerings, others deferred or canceled debuts.
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Markets Are Learning to Keep Calm and Carry On; The stock and bond markets remain relaxed despite geopolitical chaos.
Mark Gilbert and Marcus Ashworth - Bloomberg
The first half of the year has been a geopolitical hot mess. President Donald Trump's chaotic approach to tariffs, escalating military conflict in the Middle East, the continuing war in Ukraine and the existential threat posed to the North Atlantic Treaty Organization have left financial markets ... largely unscathed? Global equities are in rude health, government bond yields are becalmed and oil is trading in line with its five-year average. The dollar is the only casualty, losing ground against all of its peers in the past six months.
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Richest Man Under 40 Is Going All-In on Green at a Perilous Time; Lukas Walton is bringing his climate crusade to the fraught Trump era as other investors and philanthropists pull back.
Devon Pendleton and Saijel Kishan - Bloomberg
Nothing about the curly-haired young man standing in a vegetable patch in a "Don't Farm Naked" T-shirt suggests the staggering wealth and influence he commands. Nor the tragedy he's lived through. Nor his maverick role in the world's richest dynasty. His forehead damp with sweat, the 38-year-old extols a future that "we could be proud to share with our children." His shirt is a cheeky nod to covering soil with crops between harvests, a tenet of sustainable farming.
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Brainlab shelves IPO in latest blow to Europe's struggling listings market; German medical technology company's decision comes after car parts retailer Autodoc pushes back flotation plans
Florian Müller - Financial Times
German medical technology company Brainlab has postponed its planned stock market listing just two days before its scheduled debut, marking the latest setback for Europe's struggling IPO market. Bookrunners had already signalled on Monday that the company's initial public offering would price at the bottom of the indicated EUR80 to EUR100 range, which would have valued the company at EUR1.7bn.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | There's a Race to Power the Future. China Is Pulling Away.; Beijing is selling clean energy to the world, Washington is pushing oil and gas. Both are driven by national security.
David Gelles in New York; Somini Sengupta in BrasÃlia and in Tirunelveli, India; Keith Bradsher in Beijing; and Brad Plumer in Washington - The New York Times
In China, more wind turbines and solar panels were installed last year than in the rest of the world combined. And China's clean energy boom is going global. Chinese companies are building electric vehicle and battery factories in Brazil, Thailand, Morocco, Hungary and beyond. At the same time, in the United States, President Trump is pressing Japan and South Korea to invest "trillions of dollars" in a project to ship natural gas to Asia. And General Motors just killed plans to make electric motors at a factory near Buffalo, N.Y., and instead will put $888 million into building V-8 gasoline engines there.
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China's emissions reductions could be the biggest climate story of the year; The more Beijing relies on renewables, the more demand for fossil fuels increases
Tim Daiss - Nikkei Asia
First, the good news. Mostly due to clean energy production, China's total CO2 emissions have decreased, dropping 1.6% year-on-year in the first quarter of 2025 and by 1% over the last 12 months, according to a recently released Carbon Brief report. Emissions from the power sector also fell 2% year-on-year in the 12 months to March 2025. Better yet, the emissions drops came as the country's electricity demand increased.
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Japan to begin extracting deep-sea rare earths next year; First-of-its-kind project to tap world's 3rd-largest reserve of rare earth minerals
Shoji Yano - Nikkei Asia
Japan will extract rare earth minerals from an offshore deposit in a first-of-its-kind pilot project that will begin January next year, Nikkei has learned. The Japan Agency for Marine-Earth Science and Technology (JAMSTEC) will station the Chikyu, a deep-sea scientific drilling vessel, 100 to 150 kilometers from the coast of Minami-Torishima Island, a coral atoll about 1,950 km southeast of Tokyo.
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Iraq Power Grid Suffers Capacity Cut as Iran Gas Supply Slumps
Khalid Al Ansary - Bloomberg
Iraq's electricity grid lost around 15% of its generation capacity after gas supplies from neighboring Iran were more than halved on Tuesday, highlighting the country's vulnerability to energy shocks despite its oil wealth. Iranian gas deliveries currently stand at 25 million cubic meters per day, less than half the 55 million cubic meters agreed under a bilateral deal, Iraq's Electricity Ministry said in a statement. The lost volumes have resulted in the shutdown of some gas-fired power plants and a loss of about 3,800 megawatts of generation.
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BP, Once a Hunter in the Oil Industry, Is Now Prey. What Went Wrong?; The energy giant has been weakened by years of mishaps and poor decisions, leading to rumors of a takeover that may not subside.
Stanley Reed - The New York Times
For months, speculation has been building that the London energy giant BP could be acquired by a competitor. Its lackluster returns and low share price have made it a tempting takeover target. An activist shareholder had built up a significant stake in BP and was pushing the company to sell assets to raise cash, and industry analysts began to wonder how long it would take until the entire company was on the auction block.
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Canada makes first ever LNG shipment, buoying Asia's energy security; Asian giants Petronas, PetroChina, Mitsubishi and Kogas own 60% of $14bn project
Shotaro Tani - Nikkei Asia
Canada has shipped its first ever cargo of liquefied natural gas, unleashing a source of the super-chilled fuel that could boost Asia's energy security in the face of tight global supply. The cargo left LNG Canada's facility in the western province of British Columbia Tuesday morning Asia time. It was loaded on the vessel Gaslog Glasgow chartered by oil major Shell, according to ship tracking information from Kpler, a commodity data firm. The shipment comes more than a decade after the project was first announced in 2012.
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US energy firms eye new Northeast natgas pipelines, buoyed by Trump and demand outlook
Scott Disavino - Reuters
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How Much Does a Heat Wave Cost? Insurers and CEOs Want to Know; A new market for heat insurance, driven by the growth in AI and data centers, is starting to emerge.
Leslie Kaufman - Bloomberg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Aberdeen chair says 'save the world' claim by asset managers was a 'mistake'; Douglas Flint criticises 'ridiculously extravagant claims'
Kenza Bryan and Emma Dunkley - Financial Times
Asset managers made a "huge mistake" in claiming the investment industry could "save the world", the departing chair of the UK's Aberdeen Group said, over-egging their role in environment, social and government issues for marketing purposes. Sir Douglas Flint, a former HSBC chair, told a City of London conference this week that their "ridiculously extravagant claims" had opened up asset managers to legal risk.
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Marex Group plc added to membership of Russell 3000 Index
Marex Group plc
Marex Group plc ('Marex' or the 'Group'; NASDAQ: MRX), the diversified global financial services platform, announces its membership of the broad-market Russell 3000 Index and inclusion in the small-cap Russell 2000 Index, effective after US market open today, as part of the 2025 Russell indexes reconstitution. Ian Lowitt, CEO of Marex commented: "Joining the Russell US Indexes is an important milestone in our evolution as a public company. This membership will enhance our profile among a broader base of investors and aligns with our commitment to long-term value creation for our shareholders."
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Seven banks fall short of full capital buffers in DFAST 2025; DB USA posts largest gap, with four G-Sibs also dipping below their full requirements
Joshua Walker - Risk.net
Seven of the 22 banks assessed in this year's Dodd-Frank Act stress test (DFAST) saw their core capital ratios drop below their full requirements under the US Federal Reserve's severely adverse scenario, a Risk Quantum analysis shows. All institutions comfortably cleared the 4.5% Common Equity Tier 1 (CET1) minimum required to pass the test. However, some fell short of their full capital stack
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JPMorgan Fund's Expiring S&P Options Position Draws Market Focus
Yiqin Shen - Bloomberg
US equities traders are watching for a pickup in volatility with the quarterly rolloff of a huge options position that's been serving as a sort of floor for the S&P 500 Index over the past month. The $21 billion JPMorgan Hedged Equity Fund (JHEQX) - which uses derivatives to protect against declines and volatility - holds tens of thousands of contracts as part of a collar position that expires Monday, to be rolled over to next quarter. It's an event that grabs the market's attention every few months.
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Standard Chartered hit with $2.7bn lawsuit over 1MDB scandal; Liquidators still trying to recoup billions of dollars siphoned from Malaysia's sovereign wealth fund and then laundered
Owen Walker and Arjun Neil Alim - Financial Times
Liquidators who are trying to recoup billions of dollars siphoned initially from Malaysia's sovereign wealth fund are seeking more than $2.7bn from Standard Chartered, in a lawsuit filed against the UK-headquartered bank over its alleged role in the scandal. The suit, filed in Singapore on Monday, represents the latest attempt to recover money taken from 1MDB as part of a decade-long hunt that has involved several of the world's largest banks.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | He Made Billions on Google and PayPal. Now, He's Betting on News.; Michael Moritz co-founded The San Francisco Standard, a local news organization. It is acquiring Charter, a start-up focused on the future of work.
Benjamin Mullin - The New York Times
Many billionaires from Silicon Valley have lately cast a critical eye on the news media. Michael Moritz, the venture capitalist who made billions by placing early bets on companies like Google and PayPal, is taking the opposite approach. Mr. Moritz said in an interview over the weekend that The San Francisco Standard, a local news organization he co-founded, was buying Charter, a digital publication focused on the future of work, to broaden its focus. Kevin Delaney, a founder of Charter, will be the editor in chief of both publications.
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AI talent wars lead to superstar salaries for top tech staff; OpenAI says it will review its compensation to high-profile engineers after being targeted by Meta
Melissa Heikkilä and Clara Murray and Cristina Criddle - Financial Times
The intense battle to poach top artificial intelligence researchers and engineers from rivals has seen a rapid escalation in wages, as tech groups such as Meta and OpenAI race to gain the competitive edge in the fast-developing technology. OpenAI told staff in recent days it is seeking "creative ways to recognise and reward top talent" after losing key employees to rivals, despite industry data suggesting the ChatGPT maker offers salaries near the top of the market.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | USAID cuts may cause over 14 million additional deaths by 2030, study says
Kanishka Singh - Reuters
Deep funding cuts to the U.S. Agency for International Development and its potential dismantling could result in more than 14 million additional deaths by 2030, according to research published in The Lancet medical journal on Monday. WHY IT'S IMPORTANT President Donald Trump's administration, since taking office in January, has made funding cuts to USAID and its aid programs worldwide in what the U.S. government says is part of its broader plan to remove wasteful spending.
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Taking too many prescription drugs can be very risky for older people; 21 pills when only 8 were needed: when doctors pile on the meds, bad interactions can happen including confusion, unsteadiness and blood pressure problems
Joanne Kenen - The Washington Post
In her mid 70s, Argie, a widowed former teacher, began feeling poorly. She was tired. Her stomach hurt. Sometimes she got agitated. And she seemed forgetful. Worried, her grown children urged the woman, who asked that only her first name be used for privacy reasons, to consult a memory specialist in Baltimore, not far from her home. Argie's cognitive powers, the doctor concluded, were reasonably good. But her medicine cabinet was a real hazard: She was taking 21 different prescription drugs, for diabetes, high blood pressure and her kidneys. After an assessment by a team that included a clinical pharmacy specialist well versed in drug interactions, she's now down to eight.
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RFK Jr.'s Vaccine Panel Is Turning Misinformation Into Policy; The group cast aside evidence-based science in favor of anti-vaccine propaganda and dangerous falsehoods that will hurt Americans.
Lisa Jarvis - Bloomberg Opinion
Health and Human Services Secretary Robert F. Kennedy's dismantling of Americans' trust in - and ultimately, access to - vaccines isn't happening with one sweeping policy that grabs the public's attention. It's unfolding quickly and quietly, in bland conference rooms where hand-picked appointees make decisions that will have far-reaching consequences for our health.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Immigration raids leave crops unharvested, California farms at risk; "70% of the workers are gone," one farmer said as most of the work is mostly done by immigrants, impacting business.
Tim Reid, Sebastian Rocandio, Pilar Olivares and Leah Douglas - Reuters
Lisa Tate is a sixth-generation farmer in Ventura County, California, an area that produces billions of dollars worth of fruit and vegetables each year, much of it hand-picked by immigrants in the U.S. illegally. Tate knows the farms around her well. And she says she can see with her own eyes how raids carried out by agents from U.S. Immigration and Customs Enforcement in the area's fields earlier this month, part of President Donald Trump's migration crackdown, have frightened off workers.
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Rare earth magnet users jolted into paying premium prices for ex-China supply
Eric Onstad and Hyunjoo Jin - Reuters
For years, Rahim Suleman had reached out repeatedly to automakers and other potential clients to market the rare earth magnets from the plant his company was building in Estonia, one of just a handful outside dominant producer China. But after April 4, when Beijing imposed new restrictions on the super-strong magnets used in electric vehicles and wind turbines, Suleman retired his sales pitch. He didn't need it any more.
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Thailand's political chaos: what happens next?
Reuters
Thailand's Constitutional Court suspended Prime Minister Paetongtarn Shinawatra on Tuesday as it considers a petition filed by 36 senators seeking her dismissal. The senators have accused the 38-year-old premier of dishonesty and breaching ethical standards in violation of the constitution over a leaked telephone conversation with Cambodia's former premier Hun Sen.
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France shuts schools, Italy limits outdoor work as heatwave grips Europe
Clotaire Achi and Emma Pinedo - Reuters
Several Italian regions banned outdoor work during the hottest hours of the day, France shut scores of schools and Spain confirmed last month as its hottest June on record as a severe heatwave gripped Europe, triggering widespread health alerts. Spanish authorities were investigating whether a street sweeper's death over the weekend in Barcelona was caused by the heatwave and trade unions blamed the heat for the death on Monday of a 47-year-old man on a construction site near Bologna.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Cobblers, crumbles, slumps and grunts: A guide to baked fruit desserts; What's in a name? When it comes to these classic American desserts, sometimes not a lot.
Becky Krystal - The Washington Post
There are few types of food, let alone sweets, that everyone can agree on. But if I had to pick one with widespread, if not universal, appeal, it would be rustic, nostalgic and casual baked fruit desserts. You know the kind: best served warm, ideally with a scoop of vanilla ice cream, and easily made with whatever fruit you have around.
As to what to call the various types? That's another matter entirely. If you've ever wondered what the difference is between a cobbler, crisp, crumble and a buckle - oh, and let's throw the Brown Betty, slump and grunt into the mix - you're not alone. And with good reason: There's no agreed-upon definition for this class of beloved American desserts, and the names often vary by region or even family.
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