| June 25, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Jane Street traders sure know how to blow stuff up. First, it was Sam Bankman-Fried and FTX. Now it is Jane Street co-founder Robert Granieri, who has admitted he unwittingly financed an alleged coup attempt in South Sudan. He claimed he was deceived by Harvard Fellow Peter Ajak, who, along with another activist, is accused of plotting to buy AK-47s, Stinger missiles, and other weapons to overthrow the government, Bloomberg reported. Granieri, known for supporting human rights causes, said he believed he was backing humanitarian efforts, not a violent regime change, and his lawyer emphasized that Ajak misrepresented his intentions. The case, which surfaced in March 2024 with federal charges against Ajak and Abraham Keech for conspiring to export arms, alleges that Granieri's financial support was "vital to the plan," though neither he nor chess champion Garry Kasparov-who connected Granieri to Ajak-has been accused of wrongdoing.
The indictment reveals that Ajak, a former child soldier turned Harvard graduate and opposition activist, sought to use millions in funding to purchase military-grade weapons in violation of U.S. export laws and a UN arms embargo. The financing was arranged through meetings in New York and allegedly funneled via fake consulting contracts to conceal the true purpose. Prosecutors say Ajak and Keech pressed ahead with their plan even after being told by U.S. officials that the State Department would not support non-democratic regime change, and both have pleaded not guilty. The case highlights the complex intersection of Wall Street wealth, global activism, and international law, with Granieri asserting he was simply "lied to" about the true nature of the operation. It gives new meaning to a "dupe" in trading.
The Financial Times is reporting that a recent British Social Attitudes survey found that, following Donald Trump's election, 72% of Britons now view the US as a "serious threat" to global security-double the percentage from before his victory and a level "never seen before," according to the National Centre for Social Research. Only Russia was seen as a greater threat, with the US now ranking ahead of Israel and Iran in public concern. The poll, conducted before recent escalations in the Middle East, also revealed shifting attitudes on government spending priorities and welfare, suggesting that the UK's geopolitical anxieties and domestic policy debates have both intensified since Trump's return to office.
Yesterday, we published our Options Industry Conference interview with Cboe's Meaghan Dugan titled "Cboe Navigates Record Options Volumes With Tech Upgrades, Global Outreach." We have just one more video to publish from the options conference, that of Brian Saldeen of Sterling Trading Tech. The video will be released today at 11:00 on JohnLothianNews.com
On Friday, we will publish the first video from our IDX JLN Industry Leader Video Series. The first interview will be with Don Wilson, founder and CEO of DRW. We will follow that up with our interview with Eurex's CEO Robbert Booij, to be published on Monday.
Assuming the CME Group's E-Mini S&P BMV IPC Index futures gain regulatory approval, they are expected to launch on the Monday of the week of the RiskMathics conference in Mexico City. There will be a bell-ringing ceremony in Mexico City that day, and I am considering adjusting my travel plans to accommodate the ceremony.
Also, it turns out that Robbie Lothian (UK version) has always had traveling to Singapore on his bucket list. When he heard that FIA Asia was being held in Singapore and that we were being encouraged to attend, he was all for it. Thus, I am considering adding FIA Asia to the list of conferences I may attend this year. It may turn out to be my busiest travel year ever.
Here are the headlines from in front of FOW's paywall from some recent stories: Marex and NatWest partner to offer FX margin offsets, ANALYSIS: Swap clearing in focus as CME expands margin service, Eurex appoints regional sales heads to reflect new structure, ICE energy options latest to hit single day trading records, Dave Setters Trophy takes total raised for MND past £200,000 and CFTC consults on cutting MIAX wheat options block thresholds.
The New York Times has a story titled "This Frosty Brazilian Lemonade Is the Best Way to Beat the Heat" that was initially shared in 2023. The story required me to upgrade my New York Times subscription from a news-only subscriber to an all-access subscriber, but desperate hot weather calls for desperate measures. Here is the recipe: Cut the ends off four limes and quarter them. In a blender, combine the limes, one-third cup of sugar, seven ounces of sweetened condensed milk (or coconut milk for a dairy-free option), four cups of cold water, and four cups of ice; pulse five to eight times until just mixed but not fully blended. Strain the mixture into a pitcher, pressing out as much liquid as possible, and discard the solids. Pour into tall glasses filled with ice, garnish with lime wedges, and serve immediately. Makes six servings.
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:
- ICE energy options latest to hit single day trading records from FOW.
- Tech stocks power Nasdaq 100 to a record high as markets celebrate the Israel-Iran ceasefire from Business Insider.
- Two ETFs that have beaten value stock indexes with this simple approach from MarketWatch. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Cboe Navigates Record Options Volumes With Tech Upgrades, Global Outreach JohnLothianNews.com PALM BEACH GARDENS, Fla. (JLN)-June 24, 2025 - Cboe Global Markets is navigating record options volumes and heightened volatility with a focus on technology upgrades, cross-functional teamwork, and expanding educational outreach, said Meaghan Dugan, senior vice president and head of U.S. options, in an interview at the 2025 Options Industry Conference. Watch the Meaghan Dugan Video » Ivan Brown - IEX Watch the Ivan Brown Video » Brian Steele - DTCC Watch the Brian Steele Video »
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AI Willing to Kill Humans to Avoid Being Shut Down, Report Finds
Jasmine Laws - Newsweek
A new study by Anthropic, an artificial intelligence (AI) research company, shows that the technology would be willing to kill humans in order to prevent itself from being replaced. The rapid advancement and development of AI has sparked some growing concern about the long-term safety of the technology, as well as over the threat it poses to employment. While anxiety about AI has been long been focused on whether the technology could take over jobs, with a 2025 Pew Research study finding 52 percent of employees were nervous about the future of their job, this study now reveals another potential threat of AI-that it could choose to end human life if faced with the risk of replacement.
/jlne.ws/45FVpeT
***** You think you shut them down. How do you really know?~JJL
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Crypto coin for Russian shadow payments moves $9bn; The A7A5 token aims to facilitate financial flows disrupted after Ukraine war
Polina Ivanova and Oliver Hawkins and Eade Hemingway - Financial Times
A new cryptocurrency token designed to allow cross-border payments in spite of western sanctions on Russia, launched by a fugitive Moldovan oligarch and a Russian defence sector bank, has moved some $9.3bn on a dedicated crypto exchange in just four months since it was launched, the FT has found. Billed as the first stablecoin pegged to the Russian rouble, the A7A5 token was officially launched in Kyrgyzstan in February and aims to facilitate large-scale financial flows into and out of Russia, which have been severely complicated by western restrictions.
/jlne.ws/3ZNoFwF
***** Maybe Congress can include this stablecoin in the Genius Act.~JJL
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How the modern gentleman can carry off a kilt; Not all Scots are comfortable with the tartan and sporran ensemble. An exiled Highlander seeks professional help to address his concerns
Rob Crossan - The Telegraph (UK)
Trying too hard with your wardrobe choices comes with pitfalls too numerous to mention for men, as anyone keeping a sartorial eye on stars from Jonathan Ross to Johnny Depp can attest. But excessive, misguided efforts to tinker with your dress sense are not the same as excessive, misguided efforts to tinker with your national identity. And herein lies the reason why, as a native Scot, I've never been entirely comfortable with the kilt. The bickering over the garments origins are picayune enough to stimulate the most pedantic of Jacobites. But it does appear true that we are currently party to the 300th anniversary of the kilt as we know it.
/jlne.ws/3TaqLmr
***** If there was someone who could pull off wearing the kilt in 2025, it was ICE's Chris Edmonds. He rocked in his kilt!~JJL
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Tuesday's Top Three
Our top clicked item on Tuesday was How Have Capital Levels of Futures Commission Merchants Changed Since the Global Financial Crisis? from Shengwu Du and Ketan B. Patel of the Federal Reserve Bank of Chicago. Second was What Blackjack Can Teach You About Wall Street, an episode of Bullish with Sonali Basak and Boaz Weinstein, from Bloomberg. Third was Ex-CME clearing risk head Betsill to join Canadian clearing board, from FOW.
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| Lead Stories | The Big Loser From the 'Genius Act' Is $156 Billion Crypto Giant Tether; Bill laying out rules for stablecoins would force issuers like Tether to be audited and end risky practices
Alexander Osipovich, Vicky Ge Huang and Angus Berwick - The Wall Street Journal
Congress is set to bring stablecoins into the financial mainstream, with legislation that has sparked a frenzy of interest from startups, banks and even retailers like Walmart that were previously wary of cryptocurrencies. But the bill, known as the Genius Act, has a tough message for Tether, the No. 1 player in stablecoins: Shape up or get kicked out of the U.S. market. The legislation, which passed the Senate last week, aims to bring more oversight to stablecoins-digital tokens with a fixed price, typically $1. Stablecoins function as a bridge from regular money to the crypto world, allowing people to make payments or send funds overseas using the technology behind bitcoin, but without bitcoin's wild volatility.
/jlne.ws/441rwVg
China Seizes Moment to Globalize Yuan as Dollar Doubts Mount
Bloomberg
China is launching a sweeping campaign to promote the yuan's global role, seizing what officials see as a rare strategic opening. With the dollar (DX=F) facing multiple challenges, Beijing is accelerating its long-standing campaign to reduce global reliance on the world's reserve currency. What sets the latest push apart is timing: Chinese policymakers see erratic US decision-making and geopolitical tensions as the most favorable backdrop in years to promote the yuan.
/jlne.ws/3T7U49a
Jane Street Boss Says He Was Duped Into Funding AK-47s for Coup
Ava Benny-Morrison and Sridhar Natarajan - Bloomberg
The indictment reads like a cinematic plot: A Harvard Fellow and another activist allegedly wanted to buy AK-47s, Stinger missiles and grenades to topple South Sudan's government. What they lacked was enough cash. Now, Jane Street co-founder Robert Granieri concedes he put up the money - saying he was duped into funding the alleged coup plot. The role played by the wealthy recluse behind a Wall Street trading powerhouse emerges from the US prosecution of Peter Ajak, the Harvard Fellow who was accused last year of scheming to install himself atop the East African nation.
/jlne.ws/4kUUkEB
Indian Stocks Regulator Gets Record Settlement Offer from NSE
Ruchi Bhatia, Savio Shetty, and Chiranjivi Chakraborty - Bloomberg
The National Stock Exchange of India Ltd. has applied to the regulator to settle a legal dispute by paying a record amount of nearly 14 billion rupees ($163 million), according to people familiar with the matter, potentially removing a key hurdle toward its public listing. The formal settlement offer will now be discussed by an internal panel at the Securities and Exchange Board of India before being passed to senior authorities for approval, the people said, asking not to be identified as the discussions are private.
/jlne.ws/4kbyax1
Everything Is an ETF Now; Autocallables, Microsoft Strips, BNB treasury strategy and on-cycle recruiting.
Matt Levine - Bloomberg
Autocallable ETF
There is a market for insurance against stock market crashes. Most investors are more or less long the stock market - they own diversified portfolios of stocks - and some of them worry that they will lose money if the stock market goes down. They would like to buy long-term black-swan-type insurance against a disastrous market crash. But who wants to sell that insurance? Well, Warren Buffett, occasionally.1 But in general, this sort of insurance is not that appealing for the seller: The trade is "you get paid a little bit each year when times are good, but you lose a ton of money when the stock market crashes." That's the worst time to lose a ton of money! Also, if you are the buyer of that insurance, you might worry about credit risk: If you are buying insurance that pays off if the market crashes, how can you trust that the seller will pay you? Again, most investors are long the stock market, so if you buy crash insurance from some investor, and then the market crashes, she will probably have lost a ton of money herself and might be unable to pay you.
/jlne.ws/3GfnG1p
Citadel Securities Seeks to Stop Launch of IEX Options Venue
Bernard Goyder and Katherine Doherty - Bloomberg
Citadel Securities is asking the Securities and Exchange Commission to stop a new exchange founded by the stars of Michael Lewis's 2014 book Flash Boys from entering the options market. As part of its planned expansion into the options market, exchange operator IEX Group Inc. would be able to delay, cancel and reprice options orders on behalf of market makers - a new mechanism that IEX has touted as a way to avoid so-called latency arbitrage that it say adds operational costs to the market.
/jlne.ws/3T8L57F
Bank of America CEO Brian Moynihan on how he shrugged off Trump's accusations
Diane Brady - Fortune
Good morning. Every time I've seen Brian Moynihan over the years, whether it was at a press briefing after being called America's worst big bank CEO early in his tenure or watching him get trashed by Donald Trump on stage at Davos, one word has come to mind: unflappable. Now in his 16th year as CEO of Bank of America, Moynihan plays the long game. In this week's Leadership Next podcast, the man now considered to be one of America's best big bank CEOs says he would have told his younger self to move faster at making change and to "stay strong, keep calm and carry on."
/jlne.ws/4ekjkms
Judge backs AI firm over use of copyrighted books
Natalie Sherman and Lucy Hooker - BBC News
A US judge has ruled that using books to train artificial intelligence (AI) software is not a violation of US copyright law. The decision came out of a lawsuit brought last year against AI firm Anthropic by three authors, including best-selling mystery thriller writer Andrea Bartz, who accused it of stealing her work to train its Claude AI model and build a multi-billion dollar business. In his ruling, Judge William Alsup said Anthropic's use of the authors' books was "exceedingly transformative" and therefore allowed under US law. But he rejected Anthropic's request to dismiss the case, ruling the firm would have to stand trial over its use of pirated copies to build its library of material.
/jlne.ws/4niabyR
Brussels set to disregard ECB warnings over stablecoin rules, FT reports
Reuters
The European Commission is set to announce new rules for the fast-growing stablecoin market in the coming days, despite warnings from the European Central Bank (ECB) that the proposed standards could destabilise the region's banks during periods of market volatility, the Financial Times reported on Wednesday. The European Union's executive arm is planning to issue formal guidance proposing that stablecoins issued outside the bloc are treated as interchangeable with same-branded versions allowed only on EU markets, the newspaper said, citing people briefed on its contents.
/jlne.ws/4nil6IP
China on Cusp of Seeing Over 100 DeepSeeks, Ex-Top Official Says
Bloomberg News
China's advantages in developing artificial intelligence are about to unleash a wave of innovation that will generate more than 100 DeepSeek-like breakthroughs in the coming 18 months, according to a former top official. The new software products "will fundamentally change the nature and the tech nature of the whole Chinese economy," Zhu Min, who was previously a deputy governor of the People's Bank of China, said during the World Economic Forum in Tianjin on Tuesday.
/jlne.ws/4eju8Bl
SPACs Are Back. What Could Go Wrong This Time? While market participants have learned some hard lessons, the trend toward speculative crypto deals isn't reassuring.
Chris Bryant - Bloomberg
Following a surge in new listings by special purpose acquisition companies, one can't help but worry about how astonishingly short Wall Street's memory is. These cash shells experienced a spectacular boom and bust in 2020-2022 as unrealistic valuations and retail investor enthusiasm for firms with little or no revenue ended in bankruptcies, shareholder litigation and financially painful liquidations. Now, this maligned asset class is off to the races again. US SPACs have raised $11 billion so far this year compared with less than $2 billion in the same period a year earlier, according to data compiled by Bloomberg. They'll try to find a firm to merge with, providing them with a shortcut to joining the public markets amid a still fairly tepid revival of traditional initial public offerings. SPACs have accounted for almost two-thirds of US IPO volume so far this year and more than 40% of proceeds, according to SPAC Analytics.
/jlne.ws/44fxznR
ChatGPT Wows Office Workers. That's a Problem for Microsoft; Microsoft is struggling to sell its Copilot AI assistant to corporations because many of their employees want ChatGPT.
Brody Ford and Shirin Ghaffary - Bloomberg
Last spring, drugmaker Amgen Inc. announced plans to buy Microsoft Corp.'s Copilot AI assistant for 20,000 employees. It was a timely endorsement of the software company's multibillion-dollar bet on generative artificial intelligence, and Microsoft touted its new Copilot customer in three separate case studies. Thirteen months later, Amgen employees are using a rival product: OpenAI's ChatGPT.
/jlne.ws/4kUDkOT
Bond Investors Stay Cool Despite Heated Debate Over Government Borrowing; Tepid inflation, mixed economic data and signs that the Trump administration will limit longer-term debt sales are fueling optimism this bond-market rally has legs
Sam Goldfarb - The Wall Street Journal
Not everybody on Wall Street is panicked about the U.S. fiscal outlook. Just a month ago, a sharp selloff in U.S. Treasurys spurred widespread alarm that the bond market might finally be buckling under the pressure of outsize U.S. borrowing. But bonds have rallied since, boosted in part by mild inflation data that have driven up bets that the Federal Reserve will cut interest rates by the fall. Now, with Republicans trying to push their giant package of tax cuts and spending measures over the finish line, here is a look at how the nuances of the U.S. fiscal situation are driving swings in bond yields.
/jlne.ws/3IfkS4Y
Investment Platform Plans to Let Anyone Bet on SpaceX; Republic plans to sell digital tokens that mirror the performance of SpaceX's private shares in a move largely untested with regulators
Corrie Driebusch - Then Wall Street
An investment platform plans to use blockchain technology to sell investors exposure to SpaceX, another effort in an arms race to give regular traders access to hot startups. Republic says it is starting to sell digital "tokens" that mirror the performance of private shares of Elon Musk's rocket and satellite company starting this week. The investment platform, which offers retail investors access to investments typically limited to the wealthy, plans to eventually expand its tokenization to other high-profile private companies like artificial-intelligence firms OpenAI and Anthropic.
/jlne.ws/4kYyT5T
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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. | China to Block Its Rare-Earth Experts From Spilling Their Secrets; Beijing asks companies for lists of specialists to keep tabs on them
Jon Emont - The Wall Street Journal
China is cataloging rare-earth experts to prevent them from sharing trade secrets with foreign entities.China has told companies in its rare-earth industry to give the government lists of employees with technical expertise, aiming to ensure they don't divulge trade secrets to foreigners. The queries point to the growing geopolitical significance of China's control over the materials, which are widely used in cars, electronics and weapons and stand at the center of the U.S.-China trade war.
/jlne.ws/469Rven
Trump takes Middle East ceasefire to trade war strategy; "It was my Great Honor to make this happen!" Trump said of the ceasefire.
Ben Lefebvre, Phelim Kine, Megan Messerly and Daniel Desrochers - Politico
President Donald Trump is marrying peace in the Middle East with a subject close to his heart - trade deals. Trump took to his Truth Social account Tuesday to sell a tentative ceasefire between Israel and Iran as a boon not just for stability in the region but also for China amid ongoing trade talks with the country. The post highlights Trump's desire for a more even trade balance with China and his belief that the U.S.'s role as a world peacekeeper merits compensation, a point he has emphasized to allies across the globe.
/jlne.ws/3ZJIDbx
The tariff clock is ticking with just two weeks left
Ben Berkowitz and Courtenay Brown - Axios
When the Trump administration paused sweeping tariffs in early April, it promised 90 trade deals in 90 days that would fundamentally reshape the global economic order. Why it matters: With two weeks to go, there's one deal, one shaky detente and maximum uncertainty about the rest. Driving the news: The "Liberation Day" tariff pause ends on July 8.
/jlne.ws/3HVCMtD
Why Trump's second trade war could be worse for US farmers; Higher tariffs on nearly all major U.S. trading partners are piling pressure on farmers already struggling with soaring agricultural supply costs and elevated rates.
Monica Cordero - Investigate Midwest
For April Hemmes, a fourth-generation farmer on land her family has worked for almost 125 years in north-central Iowa, life is guided by a simple philosophy: "Prepare for the worst and hope for the best." It's a mindset that has helped her navigate extreme weather, market shocks and trade disputes. But this year, Hemmes said, feels different: President Trump's recent tariff hikes on nearly all major U.S. trading partners have escalated a trade war, fueling uncertainty that is hard to prepare for.
/jlne.ws/4eDYLSh
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Plans to assassinate Zelensky in Kyiv, airport in Poland disclosed
Allen Cone - United Press International
Details of two separate assassination plots against Ukrainian President Volodymyr Zelensky last year were described Monday by the head of Ukraine's security service. Two colonels assigned to protect Zelensky were working for the Russian FSB and plotting to assassinate him, the head of Ukraine's security service, Lt. Gen. Vasyl Malyuk, told journalists. He also described assassination plans in Rzeszow, Poland, at the airport.
/jlne.ws/4njEzc6
Middle East Conflict
US airstrikes 'only set Iran's nuclear programme back a few months'; A leaked intelligence assessment denies President Trump's claims that American strikes 'obliterated' the country's nuclear facilities
Will Pavia - The Times (London)
The US airstrikes on Iran did not "obliterate" the country's nuclear programme and only set it back a few months, according to a leaked intelligence assessment that drew a furious response from the White House. President Trump has claimed that the American strikes on three sites had "completely and totally obliterated" Iran's nuclear programme. But an assessment compiled by the Defence Intelligence Agency found that attacks on Iranian nuclear sites at Fordow, Natanz and Isfahan did significant damage without destroying the facilities, it was reported on Monday night.
/jlne.ws/441ROGM
Iran's strategic blunders paved the way for humiliating defeats, experts say; From its inflexible diplomacy to its overreliance on proxy forces, Iran left itself vulnerable to more powerful adversaries, former U.S. officials say.
Dan De Luce - NBC News
Less than two years ago, Iran's government sounded triumphant. It was November 2023, just weeks after Hamas' deadly Oct. 7 attack on Israel, and a senior Iranian general was predicting that the regime and its proxy forces in Gaza and Lebanon were poised to vanquish Israel, the United States and other enemies. "We are fighting America, Zionism and all those who are targeting the greatness and honor of the Islamic Revolution of Iran," Gen. Hossein Salami, commander of the elite Islamic Revolutionary Guard Corps, said in a speech in the city of Kazvin.
/jlne.ws/40hoauH
Trump-Inspired 'Israel Edition' Coin Pushed During Iran Conflict
Annie Massa - Bloomberg
The email hit inboxes on Monday, a tense period after US attacks against Iranian nuclear sites, but before President Donald Trump announced a ceasefire in the war between Israel and Iran. The message: buy the collectible "Trump Coin Israel Edition." The gold coin was available on GodBlessTheUSABible.com, which pays to license Trump's name and image for its products - though the site specifies it's not owned or controlled by Trump. CIC Ventures LLC, a Trump-affiliated company, collects fees for licensing the president's name on its merchandise. CIC Ventures was valued between $1 million and $5 million on Trump's most recent financial disclosure form, which reflects 2024.
/jlne.ws/4nhP4wv
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group (CME) Plans Index for Mexican Equity Market Exposure
Neha Gupta - Insider Monkey
CME Group Inc. (NASDAQ:CME) is one of the 12 best cryptocurrency and blockchain stocks to buy. On June 17, the company announced plans to launch E-Mini S&P BMV IPC Index futures, pending regulatory review. A computer engineer working in a futuristic office, programming algorithms to mine cryptocurrency. The new index seeks to offer broad exposure to the Mexican Equity Market in the future. It will track the most liquid stocks listed on the Bolsa Mexicana de Valores (BMV).
/jlne.ws/4njWj7g
ASX chairman unveils board and governance overhaul
James Eyers - Financial Review
ASX chairman David Clarke has unveiled board changes at the sharemarket operator, with Peter Nash to step down and the audit and risk committee to be split to boost oversight. The ASX said former National Australia Bank director Anne Loveridge would join the board, while Melinda Conrad would also stand down.
/jlne.ws/44uUSLI
New Initial Access Document on BME Scaleup from Cupulas Properties SOCIMI
BME-X
The Market Coordination and Listing Committee considers that Cupulas Properties SOCIMI will meet the requirements for listing on BME Scaleup. It is the sixth company to register an Initial Market Access Document (DIAM) on this BME market. The company's Board of Directors has taken a reference price of 1,670 euros per share as a reference for the start of trading, which represents a total value of the company of 8.3 million euros.
/jlne.ws/46cdEJ3
ICE First Look at Mortgage Performance: Delinquencies Held Steady in May but Continue to Trend Higher on an Annual Basis
Intercontinental Exchange
ICE Mortgage Technology, neutral provider of a robust end-to-end mortgage platform and part of Intercontinental Exchange, Inc. (NYSE: ICE), today released its May 2025 ICE First Look, which shows that delinquencies and foreclosure activity continues to trend slightly higher on an annual basis despite some seasonal and disaster recovery related improvement. The ICE First Look reports on month-end delinquency, foreclosure and prepayment statistics sourced from its loan-level database, which covers a majority of the U.S. mortgage market.
/jlne.ws/40lssBi
Boerse Stuttgart Group continues its strategic leadership reorganization
Boerse Stuttgart
Boerse Stuttgart Group is continuing to reshape its management team. Dr. Oliver Vins and Dr. Constantin Bettermann are joining the Group's Management Board, where they will take over the functions of Dr. Manfred Pumbo: Vins will become Chief Financial and Risk Officer, while Bettermann will become Chief Operating Officer. Stephan Simmang, who was previously a member of the Management Board at flatexDEGIRO and worked in senior positions at Goldman Sachs for many years, is also joining the Group's Management Board. He will become Chief Information Officer as the successor of Michael Jaeggi.
/jlne.ws/4lgxzuO
The Global Association of Central Counterparties held its Annual General Meeting 2025
across London and Amsterdam from the 16th to 20th of June.
CCP Global
This year's CCP Global AGM week began in London with a workshop on stablecoins, distributed ledger technology (DLT), and blockchain, led by Simon Gleeson. This was followed by vendor presentations on IT risk solutions, model validation, and strategic consulting from Zeliade, swissQuant, and Davies, marking the first of the Pitch Sessions organized by CCP Global.
/jlne.ws/4k4bxdB
New Product Summary: Initial Listing of the FTSE CoreCommodity CRB Index Futures Contract - Effective July 21, 2025
CME Group
Initial Listing of the FTSE CoreCommodity CRB Index Futures Contract.
/jlne.ws/3TteIRv
Product Modification Summary: Expansion of the Listing Schedule of Three (3) Dutch TTF Natural Gas Futures and Option Contracts - Effective July 14, 2025
CME Group
Expansion of the Listing Schedule of Three (3) Dutch TTF Natural Gas Futures and Option Contracts
/jlne.ws/4kU1Ak9
DTCC Comment On Canadian Trade Reporting Rules Rewrite
Mondovisione
Canada's Rewrite rules will take effect on July 25, 2025, introducing significant regulatory updates designed to align the country's trade reporting standards with global benchmarks. These changes aim to improve data quality, transparency, and consistency across the board. Michele Hillery, DTCC Managing Director and Head of Repository & Derivatives Services, shared her thoughts on the impact of these updates:
/jlne.ws/4et1ii0
Unlocking liquidity and stability: The buy- side case for cleared repo; Eurex's Katja Renner and Elina Lehtonen, EMEA sales, set out what is driving the growth in buy side adoption of cleared repo
Eurex
In post-financial crisis capital markets, demand for collateral and funding is higher than ever before. Since the early 2010s, several key regulatory mandates have been introduced across the global market that have significantly increased demand for reliable access to liquidity pools. At the same time, growing competition has significantly increased the focus among buy-side firms on operational efficiencies and financing costs. All this is resulting in the growing number of buy-side firms, particularly pension funds and large asset managers, that are clearing repo trades.
/jlne.ws/3Tara8r
JPX and STAC to Hold STAC Summit in Tokyo
JPX
Japan Exchange Group (JPX) is pleased to announce a collaboration with the Strategic Technology Analysis Center (STAC®) to jointly host the STAC Summit in Tokyo on September 18, 2025. STAC Summits are premier global events that bring together capital markets technologists and cutting-edge technology vendors to explore high-performance solutions in trading, data management, AI/ML, and market infrastructure. This Tokyo summit represents a major step in expanding STAC's global footprint and highlights the growing significance of advanced financial technology in the Asia-Pacific region.
/jlne.ws/3HWBZbW
Trader Alert 25-21: Version 1.10 is now available on MEMX Options
MEMX
MEMX Options MEMO SBE, FIX, and FIX Drop specifications version 1.10 are available for download in the upcoming version link here.
/jlne.ws/3HV8tmQ
Nasdaq Stockholm Welcomes Hacksaw AB To The Main Market
Mondovisione
Nasdaq (Nasdaq: NDAQ) announces that trading in the shares of Hacksaw AB (ticker name: HACK) will commence today on the Nasdaq Stockholm Main Market. Hacksaw is a large-cap company within the Technology sector. Hacksaw is the 23rd company to be admitted to trading on Nasdaq's Nordic and Baltic markets* in 2025. Hacksaw is a B2B technology platform and game development company. The scalable and modular platform, built on a modern code base, enables rapid development and distribution of games. Games developed by Hacksaw consist of digital slots, scratch cards, and instant win games.
/jlne.ws/4lp8vln
NSE Indices launches Nifty500 Healthcare Index NSE's index services subsidiary, NSE Indices Limited today launched a new sectoral index - Nifty500 Healthcare.
NSE
The Nifty500 Healthcare Index aims to track the performance of stocks from the Nifty 500 that represent the Healthcare sector. The largest 50 stocks from eligible basic industries are selected based on a 6-month average free float market capitalization from the Nifty 500. Stocks available for trading in the derivatives segment at NSE are selected first, followed by non-F&O stocks if required, to complete the selection. The weight of each stock in the index is based on free float market capitalization. Stock weights are capped at 10%. The base date for the index is April 01, 2005, and the base value is 1000. The index will be reconstituted semi-annually and rebalanced on a quarterly basis.
/jlne.ws/4epXC0w
SET And Partners Launch "Refreshing SE For Growth" Program To Unlock Hidden Potential In Social Enterprises
Mondovisione
The Stock Exchange of Thailand (SET) launched the Refreshing SE for Growth program in collaboration with mai Listed Company Association (maiA), PwC Thailand, Office of Social Enterprise Promotion (OSEP), Thai Credit Guarantee Corporation (TCG), and Thai Health Promotion Foundation (ThaiHealth) to strengthen Thailand's social enterprise ecosystem by providing advanced capacity-building support to high-potential SEs that are SET Social Impact GYM alumni, and equipping them with critical business expansion skills.
/jlne.ws/4kcYC9t
Circular on the Release of the Amended Rules on the Management of Non-ferrous Metal Products for Futures Delivery of the Shanghai Futures Exchange (Revised in May 2025)
SHFE
To ensure the smooth operation of cast aluminum alloy futures to be listed on the Shanghai Futures Exchange, strengthen the management of non-ferrous metals futures products for delivery, and safeguard the legitimate rights and interests of all parties involved in futures trading, the Shanghai Futures Exchange has amended the Rules on the Management of Non-ferrous Metal Products for Futures Delivery of the Shanghai Futures Exchange (Revised in August 2022) in accordance with the Trading Rules of Shanghai Futures Exchange and other applicable rules. Please refer to the appendix for the amended Rules.
/jlne.ws/469HQ7B
Circular on Releasing the SHFE Cast Aluminum Alloy Futures Contract, Cast Aluminum Alloy Futures Option Contract and Cast Aluminum Alloy Futures Rules
SHFE
The SHFE Cast Aluminum Alloy Futures Contract, SHFE Cast Aluminum Alloy Futures Option Contract and Cast Aluminum Alloy Futures Rules of the Shanghai Futures Exchange have been adopted by the Board of Directors of Shanghai Futures Exchange (SHFE), and reported to the China Securities Regulatory Commission. These contracts and rules shall take effect on June 10, 2025.
/jlne.ws/4lgBFTI
Liquidity Boost for ETF Quote on Demand through Societe Generale; Today, SIX welcomes Societe Generale as our newest liquidity provider in Quote on Demand (QOD), the leading on-exchange RFQ solution for ETF trading on SIX Swiss Exchange.
SIX
ETF Quote on Demand (QOD) is the leading on-exchange RFQ service that allows institutional investors to execute orders in a bidding process directly with registered liquidity providers - of which Societe Generale is now the sixth. The service offers price improvements compared to EBBO (European Best Bid and Offer) while benefitting from fully integrated, efficient post-trade processing.
/jlne.ws/45z8gzw
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Trading Technologies' TT platform wins Best Sell-Side OMS at TradingTech Insight USA Awards 2025; Fifth significant award win for company in past five weeks
Trading Technologies
Trading Technologies International, Inc. (TT), a global capital markets technology platform services provider, last night won the award for Best Sell-Side Order Management System (OMS) at the TradingTech Insight USA Awards for 2025, presented in New York. The honor is the fifth win for the company, platform and executives in the past five weeks. Alun Green, TT's EVP Managing Director, Futures & Options, said: "We're incredibly proud that TT OMS has earned recognition as a stand-out solution from the very institutions that rely on it daily. The expansion of the TT platform to deliver multi-asset functionality enables our clients to leverage sophisticated order management tools for high-, low- and no-touch workflows, across their global trading operations, complete with customized reporting and FIX or API-driven integrations. We're committed to continuously enhancing our offering, providing a cost-effective, comprehensive solution to address the evolving and complex requirements of the world's leading institutions."
/jlne.ws/44thlsB
Sterling Trading Tech wins Best Market Simulation Solution in the TradingTech Insight Awards USA 2025; Sterling Trading Simulator recognized for excellence in trading education
Chicago, June 25, 2025 (GLOBE NEWSWIRE) -- Sterling Trading Tech (Sterling), a leading provider of professional trading technology solutions, today announced that the Sterling Trading Simulator has been named the Best Market Simulation Solution in the 2025 TradingTech Insight Awards USA. The award recognizes Sterling's commitment to innovation in trader education and development. The Sterling Trading Simulator enables brokers, prop trading groups, and educational institutions to train users in a real-time simulated environment that mirrors Sterling's flagship professional trading platforms. Supporting both equities and options, the simulator provides a risk-free arena to test strategies and practice advanced functionality.
/jlne.ws/44xF0rR
BMLL Data Feed Wins 'Best Consolidated Market Data Feed' At The 2025 TradingTech Insight Awards USA
Mondovisione
We are delighted to announce that BMLL has won 'Best Consolidated Market Data Feed' at the 2025 TradingTech Insight Awards USA. These awards recognise excellence in trading solutions, services, and consultancy for capital markets, focusing on vendors that provide exceptional trading infrastructure, trading technology, and data solutions. BMLL was awarded "Best Consolidated Market Data Feed" for the BMLL Data Feed, which provides access to a broad range of high-quality Level 3, 2 and 1 historical market datasets and analytics with global coverage.
/jlne.ws/447yIxC
Artificial Intelligence
US-based AI startup Anthropic picks Tokyo as 1st Asia hub; Claude developer sees room for growth in Japanese market
Ryotaro Yamada - Nikkei Asia
Anthropic will open its first Asian office in Tokyo as early as this autumn, it was learned Tuesday, as the American venture behind ChatGPT rival Claude aims to capture Japanese demand for labor-saving technology amid a shortage of workers. Anthropic has offices in London and elsewhere. The choice of Japan to spearhead its Asian expansion was informed by the country's promising market for artificial intelligence services.
/jlne.ws/4nerSiR
Nvidia and others court niche Japanese supplier to ease AI bottlenecks; Glass cloth maker Nittobo is latest example country's overlooked role in supply chain
Lauly Li, Cheng Ting-Fang and Ryohtaroh Satoh - Nikkei Asia
Top executives from Nvidia, AMD and Microsoft have been visiting Japan over the past year. Their mission: to secure supplies of a little-known ingredient vital for their artificial intelligence ambitions.
/jlne.ws/44x5lWY
Opinion: It's time to build a Democracy AI movement; Future of freedom depends on organizing against concentration of tech giant power
Nathan Law Kwun Chung - Nikkei Asia
/jlne.ws/4eiOGtz
OpenAI and Jony Ive accused of trying to 'bury' rival start-up; CEO of iyO won restraining order forcing Sam Altman-led group to pull marketing materials about $6.4bn venture
Michael Acton and Cristina Criddle - Financial Times
The chief executive of a start-up that forced OpenAI and former Apple design chief Sir Jony Ive to pull down marketing materials about their $6.4bn AI device venture has accused them of trying to "bury" his firm after discussing a potential collaboration. iyO founder and former Google executive Jason Rugolo told the Financial Times he had been "blindsided" by the launch of io, OpenAI's partnership with Ive to create new AI hardware products. Both companies had previously been in deal talks with his similarly named start-up.
/jlne.ws/3TaPS8G
Takeaways From Hard Fork's Interview With OpenAI's Sam Altman; Mr. Altman discussed President Trump's understanding of artificial intelligence, the war for A.I. talent and OpenAI's relationship with Microsoft.
Natallie Rocha - The New York Times
Sam Altman, the chief executive of artificial intelligence company OpenAI, said on Tuesday that he has had productive talks with President Trump about A.I. and credited him with understanding the geopolitical and economic importance of the technology. "I think he really gets it," Mr. Altman said. He added, "I think he really understands the importance of leadership in this technology."
/jlne.ws/3TDLPlk
Google Debuts Gemini AI Coding Tool in Bid to Entice Developers
Brunella Tipismana Urbano - Bloomberg
Alphabet Inc.'s Google is adding an artificial intelligence coding assistant to to ease the work of developers, aiming to catch up with rival products such as OpenAI's Codex and Anthropic's Claude Code. The Gemini CLI - short for "command line interface" - is launching globally, the internet search giant said Wednesday. The tool is designed to reduce the complexity of traditional programming interfaces, letting developers use ordinary language to work with AI.
/jlne.ws/4l7G6jZ
Microprocessors
TSMC Unit to Issue $10 Billion of Stock to Counter Forex Swings
Cindy Wang and Betty Hou - Bloomberg
Taiwan Semiconductor Manufacturing Co.'s overseas unit is set to issue $10 billion worth of new stock to shore up its forex hedging operations, making its biggest such move to counter a volatile local currency. TSMC Global Ltd. is poised to issue the shares to help it hedge against forex swings, the company said in a statement. It's the third such deal since 2024, and by far the largest. They occurred during periods when the Taiwan dollar tended to appreciate. The moves grant TSMC Global - the vehicle responsible for managing overseas investments and hedging - more capital flexibility in managing exchange rate risks. Recent gains by the Taiwan dollar have caused worries in Taipei about the economy's heavy reliance on exports. In May, the currency notched its biggest single-day gain since the 1980s, spurring calls from the central bank to curb speculation.
/jlne.ws/4lgRevb
Taiwan has upped the ante in the cold war over chips; Taipei blacklisting of leading Chinese tech groups including Huawei and SMIC comes as US weighs additional restrictions
June Yoon - Financial Times
For over a decade, the US has been waging its chip cold war with a familiar arsenal. Blacklists, export controls and extraterritorial rules - all staples of Washington's well-worn playbook - were meant to deny China access to critical technologies and stall the ascent of its tech capabilities. The stall never came. In response, restrictions have grown increasingly severe. The US government is now weighing additional restrictions on China, including revoking waivers that allow global chipmakers to access US technology in their China-based operations, according to a report in the Wall Street Journal.
/jlne.ws/3Tu0ZKd
Blockchain
SoFi Plans Return to Crypto With Blockchain Initiative. Bitcoin Trading Is Coming.
Mackenzie Tatananni - Barron's
SoFi Technologies is making an ambitious return to the world of cryptocurrencies, with plans to institute a blockchain money-transfer feature and allow users to hold certain digital currencies as soon as this year. Users will soon be able to conduct a blockchain-enabled money transfer through the SoFi app, the fintech said. Funds will be transferred over blockchain networks, converted into local currency from U.S. dollars, and deposited into a recipient's account.
/jlne.ws/4lgNxWl
Tokenization
Bitfinex Securities Is Taking a Different Approach to RWAs, Launches Two New Products in the UK
Ian Allison - CoinDesk
These days, the mention of blockchain-based real world assets (RWAs) conjures up traditional finance institutions, like BlackRock, presiding over billions of dollars in tokenized money market funds. But the original promise of crypto was about opening up finance opportunities to anyone. That's the ethos Bitfinex Securities is sticking to with its latest tokenized equity issuances: two alternative finance products in the UK, one focused on community banking debt, the other on litigation relating to mis-sold car finance claims.
/jlne.ws/442mmIB
Connectivity/Data Centers
Exchange Data International (EDI) Partners With Ortex To Provide Advanced Short Interest Data
Exchange Data International (EDI) has partnered with Ortex, a leading provider of financial analytics, to offer Ortex's comprehensive Short Interest Data. This partnership will enable EDI clients to access high-quality, real-time short interest data, including key metrics such as shares on loan, cost of borrow, and the ORTEX Short Score, a unique measure of short interest activity.
/jlne.ws/4nkdxRW
Payments
Worldline Shares Tumble on Customer Fraud Cover-Up Reports
Claudia Cohen and Sarah Jacob - Bloomberg
Worldline SA shares fell by more than 40% on Wednesday, wiping out around EUR500 million ($580 million) of market value on reports that the company allegedly covered up fraud by some of its customers. Shares in the firm, which describes itself as the largest European payment processer, were down 41% at 1:35 p.m. in Paris, having been halted multiple times. That followed the publication of a series of articles co-ordinated by the European journalism network EIC, which claimed the firm ignored warnings and continued to do business with prohibited and other high-risk customers, effectively enabling some fraudulent transactions to continue.
/jlne.ws/4llf8VA
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| Cybersecurity | | Top stories for cybersecurity | Pro-Iran hackers are back at work after air strikes, targeting U.S. banks, defense contractors, and oil companies
David Klepper - The Associated Press via Fortune
Hackers backing Tehran have targeted U.S. banks, defense contractors and oil industry companies following American strikes on Iranian nuclear facilities - but so far have not caused widespread disruptions to critical infrastructure or the economy. But that could change if the ceasefire between Iran and Israel collapses or if independent hacking groups supporting Iran make good on promises to wage their own digital conflict against the U.S., analysts and cyber experts say.
/jlne.ws/3GeSfV0
One of the Best Hackers in the Country is an AI Bot; Xbow, the startup behind a highly ranked hacking security tool, has raised $75 million
Dina Bass - Bloomberg
A hacker named Xbow has topped a prestigious security industry US leaderboard that tracks who has found and reported the most vulnerabilities in software from large companies. Xbow isn't a person - it's an artificial intelligence tool developed by a company of the same name. This is the first time a company's AI product has topped HackerOne's US leaderboard by reputation, which measures how many vulnerabilities have been found and the importance of each one, according to HackerOne co-founder Michiel Prins. Now, the year-old startup has raised $75 million in a new funding round led by Altimeter Capital, with participation from existing investors Sequoia Capital and NFDG.
/jlne.ws/3T6btzd
Columbia Investigating Possible Cyberattack After Website Outage
Nacha Cattan and Cameron Fozi - Bloomberg
Columbia University is investigating whether a widespread system outage Tuesday was the result of a cyberattack on the Ivy League school, according to people familiar with the situation. The university said in a statement that it's working with law enforcement after experiencing an outage affecting its IT systems on its Upper West Side campus and that the school is working to restore services "as quickly as possible." Columbia's academic platforms, administrative systems and communication tools have been affected by the outage.
/jlne.ws/4eoA2B8
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| Cryptocurrencies | | Top stories for cryptocurrencies | What's Driving Goldman Sachs And Citadel Into Crypto? The $135M Digital Asset Funding Round Explained
Murtuza J Merchant - Benzinga
Digital Asset, the developer behind the Canton Network, has raised $135 million in a funding round backed by major Wall Street players including Goldman Sachs (NYSE:GS) and Citadel Securities, alongside leading crypto investors. The round, led by DRW Venture Capital and Tradeweb Markets, signals growing institutional confidence in blockchain solutions designed for traditional finance. The new capital will accelerate the onboarding of real-world assets onto the Canton Network, which Digital Asset describes as the first public, permissionless Layer-1 blockchain offering configurable privacy for institutional use.
/jlne.ws/4k8AQeM
Singapore crypto crackdown set to spark moves to Hong Kong and Dubai; Financial regulator says unlicensed exchanges must close by end of month
Owen Walker and William Sandlund - Financial Times
Hong Kong and Dubai are expected to be the main beneficiaries of a crackdown in Singapore on crypto exchanges, with unlicensed players being forced to close or move their operations by the end of the month. The Monetary Authority of Singapore caught the crypto industry off guard in May, when it announced exchanges serving only overseas customers would have to close by June 30, unless they received a licence that is hard to attain. Market observers saw the short timeframe for registering as the financial regulator's way of flushing out unwanted players in an industry that has already caused embarrassment to the city state.
/jlne.ws/4k4x3Pl
Stablecoins
Whale-watching the stablecoin trade in ersatz roubles for sort-of dollars; Is $9.3bn a lot of money?
Eade Hemingway and Oliver Hawkins - Financial Times
Over on mainFT there's a story about a new rouble-backed stablecoin, called A7A5, and a new exchange that uses it, called Grinex: A new cryptocurrency token designed to allow cross-border payments in spite of western sanctions on Russia, founded by a fugitive Moldovan oligarch and a Russian defence sector bank, has moved some $9.3bn on a dedicated crypto exchange in just four months since it was launched, the FT has found. One of its many curiosities is about the size of this Russian crypto venture. As we reported in the piece, there are almost 12bn A7A5 tokens in circulation, equivalent to around $156mn at the current exchange rate. Since Grinex launched, these tokens have been used to move more than $9.3bn to and from wallets that crypto analytics firms have linked to the exchange. That's equivalent to the whole supply of the token moving in and out of Grinex wallets 60 times in just over three months.
/jlne.ws/44o14UH
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| Politics | | An overview of politics as it relates to the financial markets | U.S. Administration
Trump's Nobel Peace Prize nomination withdrawn; Ukrainian politician accuses US president of appeasing Vladimir Putin
Tiago Ventura - The Telegraph (UK)
Donald Trump's Nobel Peace Prize nomination has been withdrawn by a senior Ukraine politician who accused the US president of appeasing Vladimir Putin. Oleksandr Merezhko, chairman of Ukraine's foreign affairs committee, said he had lost "any kind of faith" in Mr Trump's ability to end the war. He nominated Mr Trump in late 2024, revealing to The Telegraph that he believed it would encourage the president-elect to follow through on a pledge to end the war.
/jlne.ws/3T4Ymyd
Trump Organization Repays Debt on Troubled Wall Street Tower
Tom Maloney - Bloomberg
The Trump Organization paid off the roughly $114 million outstanding mortgage on its 40 Wall Street skyscraper in Manhattan, erasing one of the president's biggest debts. The loan, which was originated by Ladder Capital Finance, had an interest rate of 3.7% and was due in a matter of weeks, according to filings. The 72-story landmark is now debt-free. Choosing to repay the loan outright could indicate how the Trump Organization's liquidity has been boosted by hundreds of millions in income from a variety of crypto projects and licensing deals since Donald Trump's election in November.
/jlne.ws/40nIBWV
Donald Trump with Nato 'all the way' after questioning mutual defence pact; President had sparked alarm when he previously said US commitment to Article 5 'depends on your definition'
Henry Foy, Steff Chávez and Anne-Sylvaine Chassany - Financial Times
Donald Trump has reassured Nato allies he is "with them all the way", after spooking European capitals with his suggestion that the military alliance's mutual defence pact was open to interpretation. The US president met his 31 Nato allies in The Hague on Wednesday at a summit dedicated to their pledge to increase national defence spending to 5 per cent of GDP in exchange for securing Trump's support to maintain America's protection if their countries are attacked.
/jlne.ws/40fZYcg
U.S. Congress
Duckworth warns Chicago could see LA-style troop deployment next
John Pletz, Justin Laurence - Crain's Chicago Business
U.S. Sen. Tammy Duckworth says it's a matter of when, not if, President Donald Trump will deploy troops in Chicago, as he did in Los Angeles, in response to protests around deportation raids by Immigration & Customs Enforcement officers. A Trump official already has reportedly threatened "Chicago is next, if they go too far." Duckworth warns, however, it's not protests over ICE raids that people should be focused on.
/jlne.ws/46bG3ip
Other U.S. Politics
Zohran Mamdani stuns Democratic establishment in New York mayor race; Unofficial results point to upset win for the leftwing candidate over former governor Andrew Cuomo
Guy Chazan, Sam Learner, Amelia Pollard and Oliver Roeder - Financial Times
Zohran Mamdani addresses supporters after the Democratic mayoral primary race © FT
Zohran Mamdani, the leftwing Democrat feared by Wall Street, has declared victory in the party's mayoral primary for New York City, sending shockwaves across US politics. The democratic socialist, who has called for higher taxes on the rich and assailed US support for Israel in Gaza, stunned Andrew Cuomo, the former governor of New York state, who conceded defeat late on Tuesday in a contest widely seen as a referendum on the future of the party.
/jlne.ws/3HQQ3nk
United Kingdom
Most Britons view US as security threat after Trump's election; Only Russia was perceived to be a greater threat, putting the US ahead of both Israel and Iran
Amy Borrett - Financial Times
A majority of Britons view the US as a "serious threat" to security after the election of President Donald Trump, who has referred to himself as a "peacemaker" and aspires to win the Nobel Peace Prize. Seventy-two per cent of people said America posed a "very" or "quite serious" risk to global peace in April. This is double the 36 per cent of people last autumn, before Trump was elected, according to the latest British Social Attitudes survey published on Wednesday.
/jlne.ws/4emjZ6L
European Union
Russia could help China invade Taiwan, warns Nato leader
Allegra Mendelson - The Telegraph
Russia could help China invade Taiwan, the leader of Nato has warned before a meeting of world leaders at the alliance's annual summit. China claims that Taiwan is part of its territory - an assertion rejected by the government in Taipei - and has threatened to attack the country on multiple occasions as part of Xi Jinping's "reunification" efforts.
/jlne.ws/3Ge0e4M
Japan
Japan teams with NATO to counter China, Russia cyber threats; Tokyo joins information-sharing framework focused on malware uses and technology
Shinnosuke Nagatomi - Nikkei
Japan has begun sharing intelligence related to cyberattacks with NATO member countries, Nikkei has learned, exchanging information about malware used by China, North Korea, Russia and other countries with the aim of improving cyberdefense. Japan's Defense Ministry and Self-Defense Forces have joined NATO's Malware Information Sharing Platform (MISP), a framework created in 2013. South Korea also participates as a non-NATO member.
/jlne.ws/4lgyzyY
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| Regulation & Enforcement | | Stories about regulation and the law. | SFC and Capital Market Authority of Saudi Arabia meet to advance regulatory collaboration
The Standard
Top executives of the Securities and Futures Commission and the Capital Market Authority of Saudi Arabia met in Hong Kong on Tuesday to advance dialogue on regulatory collaboration and drive progress towards increased market connectivity. The CMA's chairman Mohammed bin Abdullah Elkuwaiz led a delegation of senior executives, heading Saudi asset managers on their first official visit to Hong Kong, according to a statement from the SFC on Wednesday.
/jlne.ws/3G8vfao
Three Arrows founders fail in appeal for orders to disclose crypto fund dealings to be set aside
Tessa Oh - The Business Times
The Court of Appeal on Tuesday (Jun 24) dismissed an application by the founders of Three Arrows Capital (3AC) to set aside orders requiring them to disclose their dealings with their now-defunct cryptocurrency fund. Chief Justice Sundaresh Menon, however, overturned a lower court decision that allowed liquidators to examine its co-founder Zhu Su following the collapse of 3AC in 2022. In October 2022, 3AC and its two founders, Zhu and Kyle Davies, were ordered by the court to disclose their dealings with the hedge fund - including any relevant books, papers, or records - to liquidators.
/jlne.ws/4l1JE7m
Houston couple caught on camera after allegedly breaking into building to steal approximately $300K of copper
Victoria Vesovski - Moneywise
A couple was caught on camera allegedly stealing thousands of dollars worth of copper wire from a northwest Houston office building. While one suspect has been arrested, the other is still on the run. Investigators allege the pair stripped roughly $300,000 worth of copper from the 12,000-square-foot building and took two elevator control panels worth around $50,000. To get inside, they allegedly caused an additional $12,000 in damage by smashing windows and jimmying locked doors.
/jlne.ws/4lmuj0X
Statement on Jury's Verdict in Trial of Thomas F. Casey
Samuel Waldon, Acting Director, Division of Enforcement - SEC.gov
Today, after a five-day trial and less than two hours of deliberation, a jury in the United States District Court for the Southern District of California found Thomas F. Casey liable for securities fraud.
Statement of SEC Division of Enforcement Acting Director Sam Waldon:
/jlne.ws/44mQZrb
Statement on Jury's Verdict in Trial of Thomas F. Casey
Samuel Waldon, Acting Director, Division of Enforcement - SEC
Today, after a five-day trial and less than two hours of deliberation, a jury in the United States District Court for the Southern District of California found Thomas F. Casey liable for securities fraud.
/jlne.ws/3ZJz6kL
SEC Obtains Final Judgments Against Former Pareteum Executives
SEC
On May 12, 2025, the Securities and Exchange Commission obtained final judgments against Edward O'Donnell and Victor Bozzo, the former Chief Financial Officer and former Chief Commercial Officer, respectively, of New York-based telecommunications company Pareteum Corp., for their roles in a revenue recognition scheme. The entry of these final judgments concludes the SEC's litigation in this matter.
/jlne.ws/4kaZcVb
SEC Charges Recidivist and His Firm with Fraudulent Offering
SEC
On June23, 2025, the Securities and Exchange Commission charged recidivist Ian O. Mausner of San Diego, California, and his firm Evolution Lending, LLC, with conducting a fraudulent offering that raised more than $400,000 from at least 11 investors.
/jlne.ws/4lnosbC
'5 mins with the FMA' Podcast #14 Financial Conduct Report
FMA
We've released our 2025 Financial Conduct Report. In this episode Liam Mason talks about the reasoning behind the report and the findings. This report outlines the key risks and opportunities the FMA will focus on over the next 12 months. It reflects our outcomes-focused approach and provides clarity for industry on our regulatory priorities. We encourage Boards, Executives and Leaders within financial services to consider how these insights can support better outcomes for consumers and markets.
/jlne.ws/3TaCzoS
Speech by Samantha Barrass to NZSA
FMA
Tena koutou katoa and thank you for the warm invitation to today. It's great to be here today. I want to acknowledge Helen Mexted and the New Zealand Society of Actuaries team for the effort and thought that went into making this an engaging event. There has been a noticeable pick up in discussions and engagement between your Society and the FMA, and I want to thank all of those who have helped make this happen. There is huge value in open lines and channels of communication between our two organisations.
/jlne.ws/4nns7Z2
Meet the team - Anti-Money Laundering
FMA
Our response and enforcement function is made up of the teams who assess and address conduct that poses harm to New Zealanders at the more significant end of the spectrum, as well as our specialist supervision teams who supervise, monitor and deal with conduct that applies across different sectors. We are introducing these teams, sharing more about the work that they do as well as the impact they hope their work will have.
/jlne.ws/46dN1U6
FCA continues mortgage rule review to boost home ownership and support growth
FCA
First-time buyers, the self-employed and people borrowing into retirement could benefit from further possible changes to mortgage rules. The FCA is seeking a public conversation on the future of the mortgage market as part of its work to help consumers navigate their financial lives and to support economic growth.
/jlne.ws/3HVHDei
MAS and ABS Announce the Incorporation of New Payments Entity - Singapore Payments Network (SPaN) - to Position National Payment Schemes for Next Stage of Growth
MAS
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) today jointly announced the incorporation of Singapore Payments Network (SPaN), which will administer and govern Singapore's national payment schemes[1]. This follows MAS' and ABS' earlier announcement on the intention to set up a new entity to consolidate the administration and governance of Singapore's national payment schemes to position them for the next stage of growth, and to collaborate with MAS on the development of Singapore's national payments strategy[2].
/jlne.ws/40oz6qu
Hong Kong capital markets gain fresh momentum from innovation and connectivity drives: SFC Annual Report
SFC
Vibrant market innovation and enhanced global connectivity fuelled notable strides for Hong Kong's capital markets over the past year with an upturn in fund-raising and trading activities, according to the Annual Report 2024-25 of the Securities and Futures Commission (SFC) released today. The city has been fast evolving into a future-ready financial hub through accelerated developments in virtual assets and securities tokenisation over the past year. Meanwhile, on the back of reform measures introduced in the recent year, rebounds in IPOs and secondary market trading have catapulted Hong Kong into the world's top fund-raising platform. Ties with the Mainland and international markets have also been strengthened as well amidst a complex global landscape.
/jlne.ws/4l2s5Ec
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | big xyt Withdraws From CTP Bidding Process Following Industry Consultation - Decision Reflects Lack Of Necessary Financial Backing Despite Widespread Recognition Of The Importance Of A European Consolidated Tape
Mondovisione
big xyt, the independent provider of market analytics and data solutions, has announced its withdrawal from the bidding process to become the European Consolidated Tape Provider (CTP) for Equities and ETFs. Following in-depth engagement with key industry stakeholders and a comprehensive internal review, the company concluded that the level of financial support required to proceed was not achieved. "From the outset, our involvement in the CTP process was driven by a clear request from the industry to provide an independent, high-quality alternative," said Robin Mess, CEO of big xyt. "While we had not originally planned to enter the race, we stepped up late in the process in response to concerns about competition, governance and data quality."
/jlne.ws/45z3jGW
US bond market braces for surge in Treasury supply in second half
Gertrude Chavez-Dreyfuss - Reuters
The bond market is bracing for up to $1 trillion of additional U.S. Treasuries supply in the second half of the year once lawmakers address the looming debt ceiling problem, possibly permanently, top rates strategists said on Tuesday. Any new issuance will likely be focused on shorter-dated debt including bills.
/jlne.ws/4nfPB1U
DOGE layoffs are starting to leave their mark on D.C.'s housing market; Nearly 40% of D.C.-area agents surveyed said they worked with clients affected by layoffs last month.
Claire Boston - Yahoo Finance
The DOGE effect is finally here. After months of speculation, there are growing signs that the housing market in the Washington, D.C., metro area is starting to shift, and federal workforce layoffs are to blame, according to new data from Bright MLS, the multiple listing service that serves the mid-Atlantic region. For-sale inventory in the region is spiking, driven in part by early retirements and general economic uncertainty. While prices are holding steady for now, some real estate agents are reporting buyer hesitancy that could translate to lower prices down the line.
/jlne.ws/4eirwDP
The US government could run out of money after Aug. 15 without debt ceiling action: BPC
Ben Werschkul- Yahoo Finance
A new projection of Washington's looming "X date," when the US government will be unable to pay its bills because of the debt ceiling cap, finds that the deadline is likely to fall between Aug. 15 and Oct. 3 unless Congress acts. The new projection from the Bipartisan Policy Center released Wednesday is one of the most detailed looks so far at when the full faith and credit of the United States could be exhausted.
/jlne.ws/4kXTcjC
Goldman Trader Sees Risks Stacking Up for Lower-Quality Stocks
Jan-Patrick Barnert - Bloomberg
As stocks push toward all-time highs and a fear of missing out on the rally spreads among investors, a senior Goldman Sachs Group Inc. trader warned that there are valid reasons to meet the latest gains with caution. This is especially true of lower-quality parts of the market, where stocks are being driven higher by short sellers forced to cover their positions, rather than by positive corporate fundamentals, Louis Miller, a managing director at Goldman, wrote in a note to clients on Tuesday.
/jlne.ws/4nAU1Rt
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Declining Climate Funding Spurs Index of Most Vulnerable Nations; The index identifies countries that are at high risk of hazards, like floods and heat waves, but have little access to finance.
Olivia Rudgard and Yinka Ibukun - Bloomberg
A new climate risk index seeks to help get the dwindling pool of aid for climate adaptation to the countries that need it most. The Climate Finance Vulnerability Index combines factors measuring a country's exposure to climate hazards with indicators of its financial resilience, including access to loans and level of debt. It's designed to help funders direct grants and low-interest loans to countries that are both most exposed to climate perils and less able to access funds through other means.
/jlne.ws/44v5f26
How oil traders called the Middle East conflict; Open source intelligence and social media posts gave market participants confidence to sell despite turmoil
Malcolm Moore and George Steer and Jamie Smyth - Financial Times
As Iran started firing missiles at a US air base in Qatar on Monday, oil traders responded with striking speed - not by buying, but by selling. Within seven minutes of the first launch at about 5.30pm London time, Brent crude, the international benchmark, began to slide. It took only 20 minutes for the losses to accelerate to 3 per cent. By 7.30pm, the price had fallen 7.2 per cent to $71.48, the sharpest daily drop in nearly three years.
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Brazil's Green-Energy Industry Is Falling Victim to Its Own Success; Brazilian wind and solar companies have been hit by supply-chain snags, high borrowing costs and a dearth of transmission lines
Cristiane Lucchesi, Giovanna Bellotti Azevedo, and Peter Millard - Bloomberg
In just a few months, Brazil will host the world's biggest climate summit. But as the country prepares to welcome thousands of dignitaries to debate plans to tackle global warming, its own wind and solar industries are flailing. The casualties are piling up. 2W Ecobank SA, a wind energy producer, filed for bankruptcy protection in April. Rio Alto Energias Renovaveis SA, which constructs and operates solar energy projects, went to court to ask for temporary protection against creditors as it tries to restructure debt. Aeris, the biggest producer of blades for wind farms in Brazil, restructured its debt after more than 3,700 job cuts.
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Taliban cancel oilfield deal with Chinese in Afghanistan's north; Kabul regime terminates first major investment project due to slow progress
Tahir Khan - Nikkei Asia
Afghanistan's Taliban government has terminated a two-year-old oil extraction and development contract with a Chinese company due to alleged violations of contractual obligations, with some experts believing the move to be a sign of the economic difficulties the Kabul regime faces. "The Amu Darya Oilfield Exploration and Production Agreement, signed between the Ministry of Mines and Petroleum and Afchin Company for a period of 25 years, was terminated due to the contractor's repeated violations of the contractual obligations," Hamayun Afghan, the ministry's spokesperson, stated in an X post last week.
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TotalEnergies to start production at Asia-serving Mozambique LNG in 2029; CEO says $20bn project offers buyers 'risk diversification' and short sea routes
Shotaro Tani - Nikkei Asia
The CEO of French oil major TotalEnergies said production of liquefied natural gas at its $20 billion dollar Mozambique LNG project will begin in 2029, given the improving security situation and the release of key financing from the U.S. Patrick Pouyanne told Nikkei Asia that the company is looking to relaunch the project this summer, after years of suspended activities due to violence from Islamic insurgents. That will put the huge natural gas project, key to Asia's energy security, in line to start operations before the end of the decade, he said.
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Sanctioned LNG Ship Heads to Russian Plant That Supplies Europe
Stephen Stapczynski and Anna Shiryaevskaya - Bloomberg
A sanctioned liquefied natural gas tanker appears to be heading toward a Russian facility, a move that would challenge Western authorities who have so far avoided imposing restrictions on the export plant. The Iris, an LNG tanker previously known as North Sky and sanctioned by the US last year, is signaling its destination as Sabetta in northern Siberia, home to the Yamal LNG export terminal, according to ship-tracking data compiled by Bloomberg. The vessel is expected to arrive by June 26.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Wall Street firms emerge as top bidders for insurer Brighthouse; TPG and Aquarian hope a deal will provide a ready source of investment capital from customer policy premiums
Antoine Gara, Sujeet Indap and Oliver Barnes - Financial Tines
Two Wall Street asset managers have emerged as final bidders for Brighthouse Financial, a life insurer viewed as a crown jewel for firms looking to boost their profiles in the private credit industry. TPG and Aquarian Holdings, an asset manager backed by Abu Dhabi's Mubadala Capital, both submitted offers at a small premium to Brighthouse's market value in the final round of bidding earlier this month, according to people briefed on the matter.
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JPMorgan Traders Are Getting Shut Out of Private Credit Market; Wall Street is struggling to pry open the red-hot asset class and bring trading and transparency to the tightly held loans that have long been off-limits to them.
Ellen Schneider and Carmen Arroyo - Bloomberg
It's become something of a running joke in the world of private credit. About once a month, JPMorgan Chase & Co. traders send out a list of dozens of loans they're looking to buy and then, on most occasions, fail to get their hands on a single one. It's not about the price. They're willing to pay up. The problem is almost no one in private credit is willing to sell, let alone to a Wall Street bank.
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Italy's Monte dei Paschi says ECB has approved Mediobanca takeover; Deal can proceed without need to clear thresholds for shareholder acceptance
Silvia Sciorilli Borrelli - Financial Times
Monte dei Paschi di Siena said the European Central Bank had approved its proposed takeover of larger rival Mediobanca. The Italian lender said in a statement on Wednesday that the central bank had given the deal the go-ahead with no specific thresholds. Some analysts and industry insiders had expected the regulator to set hurdles for take-up by shareholders that the deal had to clear for it to proceed because of cross shareholdings between investors in both Monte dei Paschi and Mediobanca.
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Monte Paschi to Raise EUR500 Million After Mediobanca Deal Cleared
Ronan Martin - Bloomberg
Banca Monte dei Paschi di Siena is looking to raise EUR500 million ($580 million) of debt after the European Central Bank approved its takeover of Mediobanca SpA. Monte Paschi, the world's oldest bank, is offering the Tier 2 bonds first callable in 2030 at around 235 basis points over mid-swaps, according to a person familiar with the matter who asked not to be identified. Investor bids are above EUR1 billion ($1.16 billion), the person added. Tier 2 bonds help bolster bank capital ratios, and rank lower in priority for repayment than senior debts.
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Can HSBC cut its way to growth? The bank's latest reorganisation has arguably left it with few options to boost revenue as it faces trade tariffs and lower interest rates
Ortenca Aliaj - Financial Times
When senior executives from HSBC gathered for a board meeting in Dubai last September, the first under new chief executive Georges Elhedery, they had more than an inkling of what was coming. His pitch for the top job that summer had centred on yet another round of restructuring at the bank, aimed at cutting complexity, reducing costs and improving profitability. It would involve further refocusing the institution that once styled itself as "the world's local bank" on key markets, especially in Asia, and exiting less significant territories and activities.
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Nomura CEO Re-Elected to Board With Lowest Rating After Scandals
Takashi Nakamichi and Ryo Horiuchi - Bloomberg
Nomura Holdings Inc. Chief Executive Officer Kentaro Okuda was re-elected to the board with the lowest shareholder approval of his tenure, after a year of record profits was blemished by a pair of scandals. Okuda won the votes of 82.5% of shareholders at Nomura's annual meeting this week, down from 89.7% a year earlier, a company filing showed Wednesday.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Ken Griffin says if you can't read a book about your profession it's time to pick a new career
Eleanor Pringle - Fortune
If you want to achieve billionaire Ken Griffin's level of success, his message is clear: Never stop learning. The founder and CEO of Citadel may have more than 30 years of experience in the finance industry, but even then, he said he still dedicates a portion of his time to developing his knowledge of the sector. This was his key piece of advice to listeners of the S&P Global Ratings podcast in an episode that aired this week. Griffin encouraged viewers never to set down the "textbooks."
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Millions of children at risk as global vaccine rates fall, study finds; Decline blamed on health inequalities, Covid disruption and soaring levels of misinformation and hesitancy
Andrew Gregory, Health editor - The Guardian
Millions of children worldwide are at risk of lethal diseases because vaccine coverage has stalled or reversed amid persistent health inequalities and soaring levels of misinformation and hesitancy, the largest study of its kind has found. Major progress in rolling out jabs to billions of children in all corners of the globe over the last five decades has prevented the deaths of 154 million children, according to an analysis published in the Lancet. But since 2010, progress has stalled or reversed in many countries. Measles vaccination rates have fallen in 100 of 204 countries, while coverage for at least one dose against diphtheria, tetanus, whooping cough, measles, polio or tuberculosis has declined in 21 of 36 high-income countries - including France, Italy, Japan, the UK and the US.
/jlne.ws/4ki4MVW
Why cannabis edibles are worse than smoking; High blood pressure, anxiety and a risk of premature heart disease are why THC-laced gummies are a worrying health risk
Charlotte Lytton - The Telegraph (UK)
Popped after pudding at middle-class dinner parties or even nibbled on for a night on the sofa, edibles have become the socially acceptable face of cannabis consumption, particularly in gummy form. And the appetite for them shows no signs of being sated. Around one in 14 UK adults has tried edible types of cannabis, the most-used drug in England and Wales since records began in 1995, with the black market for the drug now worth an estimated £2.6 billion each year.
/jlne.ws/44i2aB8
Americans' Access to Lifesaving Vaccines Threatened by RFK Jr. Overhaul
Michelle Amponsah and Denise Lu - Bloomberg
Health and Human Services Secretary Robert F. Kennedy Jr.'s changes to US vaccine policy are putting the $24 billion US market for shots at risk, potentially making it harder for Americans to access them. A key test of how deep and widespread the impact will be comes Wednesday, when an influential panel of vaccine advisers gathers in Atlanta for one of its three annual meetings. They will discuss a decades-old childhood vaccine that isn't on the federal government's schedule of shots, and the use of a rarely used preservative in flu shots that has been deemed safe by the medical community for years.
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Vaccines may offer double protection against dementia, study suggests; Oxford research shows adjuvant chemicals included in vaccinations may enhance their antiviral effect
Clive Cookson - Financial Times
Some vaccines may reduce the risk of dementia through a double effect in which the jabs help protect the brain through their added "adjuvant" chemicals as well as by suppressing viruses, according to a study by Oxford university. The analysis of health records of 430,000 people in the US, published on Wednesday, found that vaccination against respiratory syncytial virus (RSV) with GlaxoSmithKline's Arexvy was associated with a 29 per cent decrease in diagnoses of Alzheimer's and other forms of dementia during the following 18 months.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Chinese Copper Smelters Ramp Up Exports to Escape Squeeze on LME
Bloomberg News
An historic squeeze in the copper market has put pressure on some Chinese smelters, prompting them to ramp up exports in a bid to cover their positions on the London Metal Exchange. At least 30,000 tons of copper from smelters including Jiangxi Copper Co. and Tongling Nonferrous Metals Group Co. are poised to be delivered to LME warehouses in Asia in the coming weeks, according to people with knowledge of the matter. The shipments could increase further if the tightness persists, said the people, who asked not to be identified citing private discussions.
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Wealthy Europeans Lured by Tax Havens Face Surge in Exit Charges; The rising departures of monied residents are prompting an increasing number of European nations to tax their assets before they leave
Alice Kantor - Bloomberg
The wealthy are exiting the UK in droves for tax havens such as Monaco, Switzerland and Dubai. But many well-heeled Europeans with similar dreams of escape are finding they can't leave quite so easily. High-tax nations across the continent are seeking to slow the departure of rich residents by hitting them with a levy on the value of their assets when they depart. Known as exit taxes, the idea is to make them think twice before leaving - or pay their fair share if they do.
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To Buy British, Think Bonds and Not Stocks; Corporate credit offers juicy returns and less stress than equities.
Marcus Ashworth - Bloomberg
It's not often that UK stocks are singled out as a "favorite geopolitical hedge," as Citigroup Inc. strategists boldly stated last week. So perhaps the elegant stance would be to simply take the rare praise when it's so kindly offered. However, Citi's Beata Manthey pointed to the wrong asset class. UK equities are hovering near an all-time high and seem incapable of making the next leap higher. Instead, a better alternative might be sterling corporate bonds, which offer juicy yields and better downside protection.
/jlne.ws/4lgvr64
Bond Traders May Have Found the Next Greece; Just like the Hellenic Republic, Zambia is proving the debt naysayers wrong.
Matthew A. Winkler - Bloomberg
Just when the International Monetary Fund sees slower growth around the globe, the economy the World Bank ranks 112 out of 196 based on gross domestic product is leading everyone - with the opposite outlook. That would be Zambia, the Sub-Saharan African nation of 20 million people that defaulted in 2020. The "air-conditioned state," so-called because of its elevation and climate, is poised to watch its economy expand at least 6% in 2025, buoyed by improving rainfall, increased copper production and a debt restructuring with interest rates as low as 1% until 2037. Zambia's dollar-denominated securities now have no peers in the international bond market, and the kwacha's performance this year is second only to Ghana's cedi among Africa's currencies, according to data compiled by Bloomberg.
/jlne.ws/4lgvLBO
Ken Griffin trades one high tax bill for another, as Florida property values soar
Anna J Kaiser, Ann Choi and Erin Hudson - Bloomberg
Ken Griffin has made his mark throughout South Florida, shaping politics, luring businesses and amassing luxury real estate. In Palm Beach, he's also picked up a particular distinction: a property-tax bill exceeding $10 million. It's a tiny sliver of the Citadel CEO's $48 billion fortune. But it makes him the Palm Beach homeowner with the largest property-tax assessment, at a time when the enclave has seen its coffers swell after a pandemic-fueled wealth boom.
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| Miscellaneous | | Stories that don't quite fit under the other sections | How to Steal a House; When Arash Missaghi was murdered in suburban Toronto last year, his killer accused him of swiping properties and ruining his investors' lives.
Ari Altstedter - Bloomberg
Handguns and assault rifles aren't easy to get in Canada. So when Alan Kats decided to kill two people, he went to the local Bass Pro shop to examine its selection of hunting firearms. He settled on a Winchester SXP Defender shotgun, designed for speedy pump action between shots, and bought four boxes of ammunition meant to stop large game. On a warm June afternoon, he found the people he was looking for at a sparsely populated office building in the Toronto suburb of North York. Shepherding both into the building's marble lobby, he fired a shot to let them know he was serious, then demanded the return of the C$1.28 million ($936,000) he and his wife had given them.
/jlne.ws/3HVQpsK
Lenders Find a Fast-Growing Market in Foreign Grad Students; Some startups take a broader view of grads' ability to repay, looking to job prospects as support for lending.
Robb Mandelbaum - Bloomberg
What's behind the astonishing growth in the number of foreign students enrolled in US graduate schools-growth now under attack from the Trump administration? In fall 2023, according to data from the Institute of International Education, just over half a million such students were enrolled. That was up 30% from 2021, when international enrollment had nearly recovered to its pre-Covid peak. To be sure, American institutions have recruited heavily from around the world, particularly to fill seats in research labs and classrooms. But a handful of companies, including two in the US, are greasing the wheels with innovative loans that require neither collateral nor a US cosigner of foreign students from less-developed countries, who make up a growing share of international grad students.
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