| April 10, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Democrats are calling for an investigation into possible insider trading by President Donald Trump after he paused sweeping tariffs just hours after posting "THIS IS A GREAT TIME TO BUY" on Truth Social, sparking a historic 9% rally in the S&P 500. According to The Telegraph, Trump's announcement came after days of financial market turmoil triggered by his aggressive tariff moves, raising questions about whether he manipulated markets for political or personal gain. The dramatic reversal excluded only China and fueled accusations of "market manipulation" from Democratic leaders demanding accountability.
For a week, Trump had urged calm amid skyrocketing bond yields and plunging stock prices, telling Republicans, "I know what the hell I'm doing" and posting "BE COOL!" on social media. But mounting pressure from business leaders, foreign allies, and his own advisers, including warnings from Treasury Secretary officials, finally led Trump to suspend most tariffs for 90 days. Advisers described Trump's reversal as instinctive, prompted by watching market chaos and facing increasing political fallout.
The fallout extended internationally, with countries like Canada imposing retaliatory tariffs while promising to use the funds to aid affected workers and businesses. Meanwhile, Trump escalated his economic confrontation with China, announcing a 125% tariff hike on Chinese goods, setting the stage for an intensified standoff. Critics argue that Trump's impulsive tariff strategy and subsequent retreat exposed the dangers of his chaotic decision-making, undermining global confidence and fueling allegations of reckless governance.
Trump's press secretary Karoline Leavitt tried to blame the media, telling them they are "missing the art of the deal." Unfortunately, to some it looks like the deal involved an advanced tipoff of a change in policy and insider trading.
On April 9, 2025, President Donald Trump signed an executive order targeting Susman Godfrey, a prominent Houston-based law firm, by suspending its lawyers' security clearances, limiting their access to government buildings, and threatening to cancel federal contracts held by its clients, Reuters reported. The White House accused Susman Godfrey of participating in the "weaponization" of the legal system. The firm, which notably represents Dominion Voting Systems in defamation suits tied to false 2020 election claims, recently secured a favorable ruling against Newsmax and previously helped Dominion win a $787.5 million settlement from Fox News. Susman Godfrey is also the firm representing CME and CBOT members in the Langer class action lawsuit.
EDX Markets, an institution-only digital asset trading platform, has partnered with BitGo Trust Company to strengthen institutional adoption of digital assets. The collaboration integrates BitGo's Go Network for instant, secure settlement directly from qualified custody, while BitGo Prime joins EDX's trading venue, boosting liquidity. This allows clients to trade securely without heavy exchange exposure. As TradFi (old dog learning new words) institutions move into crypto, the partnership delivers the trusted infrastructure, regulatory compliance, and risk mitigation standards they require. This alliance is crucial because it builds a secure, efficient bridge between traditional finance and digital assets, promoting broader institutional participation and driving long-term market growth.
The April 2025 issue of Focus from The World Federation of Exchanges features articles on a range of perspectives on clearing, from regulatory developments to technological innovations, providing a comprehensive look at the current state and future of clearing services in global financial markets. Michael Gort of SIX examines three clearing models and their benefits. Jutaro Kaneko from Japan's Financial Services Agency reflects on central clearing progress since the 2009 G20 summit. Burak Akan of Takasbank provides an overview of AI implementation in Turkish financial institutions. Aniket Bhanu of NSE Clearing explores the impact of clearing consolidation on trading behavior. Tetsuo Otashiro from JSCC takes a deep dive into derivatives clearing and global OTC derivative clearing mandates. Additionally, Alyona Bulda contributes an article on market data solutions resilience for increased financial ecosystem stability.
Here are the headlines from in front of FOW's paywall from some recent stories: TARIFFS: ICE hits daily trading volume record in commodities, Tradition moving London office up the road to 110 Bishopsgate, Euronext plans fast start in European rates futures, US Senate confirms Trump nominee Atkins as SEC chair, SIX calls on European clearing reforms to reflect 'real-economy risk' and TARIFFS: Margin calls and unpredictability to rise on tariff volatility.
I will be attending the 43rd annual Options Industry Conference, May 6-8, 2025 at PGA National Resort, Palm Beach Gardens, FL and we will be shooting video interviews for the JLN Industry Leader series, sponsored by OCC. If you are interested in an interview, please reach out to me at [email protected]
Also, Patrick Lothian, our head of videography, will be there as our videographer replacing Robby Lothian, who has shot our recent U.S. events. Patrick is also the artistic brains behind John Lothian Productions, so if you have a video production project you are interested in, it would be a good chance to talk to him directly. He also has his own production company helping smaller firms with their websites and marketing, so you are welcome to talk to him about that if you need help there.
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:
- Short Sellers Mint $159 Billion Profit in 6 Days as Stocks Sink from Bloomberg.
- Equity Vol Jumps the Most as Trump Tariffs Roil Markets from Cboe.
- Elevated VIX reduces equity investments to a dribble - SocGen from MarketWatch. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Breaking a Proud Tradition: DOD's Potential Severing of Scouting Ties Would Ignore History and Value
Elmhurst, IL - (JLN)- April 10, 2025 - Reports are that Tami Radabaugh, deputy assistant to the secretary of defense for strategic engagement and senior adviser to Defense Secretary Pete Hegseth, is suggesting the Department of Defense ("DOD") break its decades-long connection to Scouting. This is deeply concerning. The proposal ignores the profound impact Scouting has had on our military leadership and national defense. The military-Scouting connection has proven its value repeatedly. Eagle Scouts who enlist receive automatic promotions - entering the Army, Navy, Marines, and Coast Guard as E-2 rather than E-1, and the Air Force as E-3. This policy recognizes the leadership skills, discipline, outdoor, first aid, and character development that Scouting instills. The financial benefit is substantial too, with Eagle Scouts earning approximately $500 more per month from the start of their service. Read the article
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In Canada's Financial Markets, Tariffs and Uncertainty Create a Critical Juncture JohnLothianNews.com BOCA RATON, Fla.-(JLN)-April 8, 2025-As trade tensions escalate between the U.S. and Canada, TMX Group is finding opportunity amid the chaos. "Uncertainty is never good for markets," said Luc Fortin, president and CEO at MX & global head of trading at TMX Group, which operates the Toronto Stock Exchange and other Canadian financial markets. "You have positions being taken one day, taken off the next, tariffs are on, tariffs are off, full tariffs and then partial tariffs." Watch the Luc Fortin Video » Praveena Rai - MCX Watch the Praveena Rai Video » Tom Jenkins and Shawn Creighton of FTSE Russell Watch the Tom Jenkins and Shawn Creighton Video »
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Pete Hegseth senior adviser is pushing for Pentagon to cut ties with Scouting America; Critics like the adviser, a former Fox News producer, say the group formerly known as the Boy Scouts is too "woke." No decision has been made.
Courtney Kube and Mosheh Gains - NBC News
One of Defense Secretary Pete Hegseth's top advisers has recommended that the Defense Department cut ties with Scouting America, known for decades as the Boy Scouts, saying it is too "woke" to support, according to multiple people familiar with the discussions. Tami Radabaugh, the deputy assistant to the secretary of defense for strategic engagement and a direct adviser to Hegseth, has been lobbying other senior officials to suspend the Pentagon's decades-old relationship with the group, including arguing that when Hegseth was a host on Fox News, he decried Scouting America as an organization that had "lost what they stand for," the people familiar said. It is not clear where Hegseth and the people around him stand on the issue.
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***** As a former Scoutmaster who helped push Scouting to bring girls into Boy Scouts, I find this all irritating. Boy Scouts did not teach boys to be boys, they were already boys. It taught them to be leaders, good citizens, outdoorsmen, capable first responders, and a myriad of other life skills. Taking the name "Boy" away from the organization does not alter the program or the lessons it teaches. I know. I learned the program from the inside out and taught it to youth and adults for many years. ~JJL
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Trump's 'Great Time to Buy' Claim Hours Before Tariff Pause Raises Insider Trading Concerns; "THIS IS A GREAT TIME TO BUY!!!" Trump wrote three hours before announcing the tariff pause.
Elizabeth Urban - The Latin Times
President Donald Trump's post insisting it would be "great time to buy" shared hours before announcing a tariff pause has sparked concerns of possible insider trading. In a post to Truth Social Wednesday afternoon, the president announced that he would be authorizing a 90-day pause and "a substantially lowered Reciprocal Tariff" after receiving calls from "more than 75 countries" trying to negotiate deals.
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***** When he said it was a good time to buy, and then put in his initials, it was ambiguous as to whether he was putting in his initials or the code for Trump Media & Technology Group Corp. (DJT). Given the context of the buy message, one could assume he meant the company, which would substantiate the concern about insider trading. But then again, it was a public message and insider trading is very hard to prove. Regardless, the president of the United States should not be giving advance market advice to his social media followers, especially before epic policy decisions.~JJL
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Trump's Tariffs Whiplash Is Open Corruption. He Admitted It Himself.
Malcolm Ferguson - The New Republic
Trump may have accidentally confessed to insider trading and market manipulation on Truth Social. "THIS IS A GREAT TIME TO BUY!!! DJT," the president wrote on Wednesday, a mere four hours before announcing a 90-day pause on most retaliatory tariffs except for China, yet another market-shocking announcement that caused stocks to shoot up. Insider trading is a very illegal practice that involves using special or private information to give yourself an advantage in buying and selling stocks. Someone with knowledge of an economic policy change that would cause the markets to shoot back up would be posting about how great a time it is to buy right before the policy change happened. This particular situation looks like the opposite of a pump and dump: a poop and scoop. This is when an exclusive group of people with private knowledge do whatever they can to drive stock prices down-like announcing debilitating global tariffs-and then buy stocks up strategically before the price goes up again. And with this administration, the corruption is completely out in the open.
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***** See, there are some who can assume it was insider trading.~JJL
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Wednesday's Top Three
Our top story Wednesday was the Financial Times' Has America discovered its 'moron risk premium'?. Second was US Treasuries drop for second straight day after weak demand at $58bn auction, also from the Financial Times. Third was Bitnomial founder and CEO Luke Hoersten's comment on LinkedIn about the sales of Hidden Road to Ripple and NinjaTrader to Kraken.
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| Lead Stories | Trump administration accused of insider trading after stocks soar; Democrats call for an investigation into whether Donald Trump engaged in 'market manipulation' when he paused tariffs onslaught
Memphis Barker - The Telegraph
Democrat leaders are demanding an investigation into whether Donald Trump engaged in insider trading in the hours before he announced a reversal of his tariff policy. On Wednesday afternoon, the US president paused his "reciprocal" tariffs for the next 90 days on all countries except China. The S&P 500, which groups the largest companies in the United States, soared by more than 9 per cent following the news. "THIS IS A GREAT TIME TO BUY," Mr Trump wrote on Truth Social at 9:37am in the morning.
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How Trump changed his mind on tariffs; Trump and officials in his administration were fielding calls from worried allies, and his advisers presented him with worrying data about the bond markets.
Peter Nicholas, Garrett Haake and Carol E. Lee - NBC News
"Liberation Day" just gave way to Capitulation Day. President Donald Trump pulled back Wednesday on a series of harsh tariffs targeting friends and foes alike in an audacious bid to remake the global economic order. Trump's early afternoon announcement followed a harrowing week in which Republican lawmakers and confidants privately warned him that the tariffs could wreck the economy. His own aides had quietly raised alarms about the financial markets before he suspended a tariff regime that he had unveiled with a flourish just one week earlier in a Rose Garden ceremony.
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Why Trump Blinked on Tariffs Just Hours After They Went Into Effect; Treasury secretary helped persuade president to take time to negotiate with trading partners in face of pressure from business leaders
Annie Linskey, Josh Dawsey and Meridith McGraw - The Wall Street Journal
President Trump finally blinked. It took a week for the plunge in the stock and bond markets-along with a sustained campaign by executives, lawmakers, lobbyists and foreign leaders-to prompt Trump to roll back for 90 days a major element of his sweeping tariff plan. The president said that the reaction to the tariffs was getting a bit "yippy"-like a nervous athlete unable to perform-and he relied on his instincts to change course as he watched the bond market tank and listened to business leaders including JPMorgan Chase CEO Jamie Dimon express fears of a recession. The episode was classic Trump: He took a drastic action, closely tracked the reaction, kept advisers and allies guessing and then changed course.
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'This Is a Great Time to Buy': Tariff Pause Sparks Historic Rally; Dow industrials post biggest gain since Covid turmoil; S&P 500 jumps nearly 10%
Alexander Osipovich - The Wall Street Journal
Investors had spent nearly a week dumping everything American when, seven minutes after markets opened on Wednesday, the president posted on social media that it was time to buy. By the day's end, U.S. stocks staged a historic rally after another Trump post announced a 90-day pause on some tariffs and signaled a willingness to negotiate on trade. Wednesday's surge added a record $5.1 trillion in value to the market.
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The Investors Who Prop Up America Won't Soon Forget This
Rebecca Patterson - The New York Times
Growing up in Florida, I lived through some bad hurricanes. The worst of them altered the shape of the land, destroyed islands and left channels that hadn't existed before. That's what the past several weeks have felt like in my work as an economist and investor. Since President Trump took office in January, we saw a building storm that hit landfall last week on "Liberation Day." Shockingly large and broad tariffs fueled investor concerns about economic growth, drove extreme market volatility and triggered a "dash for cash" that caused selling even in traditionally safe assets such as U.S. Treasury bonds and gold.
/jlne.ws/3YtPlBJ
How Financial Tech and Outsourced Banking Made Saving Risky Again; When a software company called Synapse failed, some app users lost access to money in FDIC-insured bank accounts. How is that even possible?
Paige Smith, Claire Ballentine, and Emily Mason - Bloomberg
Adam Moelis and Ben Doyle had an outside-the-box business pitch: Many Americans struggle to build a savings habit but also enjoy spending money playing the lottery. What if they could combine a bank account with a sweepstakes to make savings more fun? The two entrepreneurs developed the idea with the help of Y Combinator, a storied tech incubator where business founders can hone their ideas and get them in front of venture capitalists. In 2020, Moelis and Doyle launched a finance app called Yotta. For every $25 users deposited into Yotta, they'd get a virtual sweepstakes ticket instead of interest. Prizes ranged from 10 cents to $10 million. Drawings would happen once a week, encouraging people to keep coming back to the app. Yotta Technologies Inc. got early investments from VC firms including Base10 Partners and Core Innovation Capital, as well as hedge fund manager Cliff Asness and Moelis' father, Ken, the billionaire founder of the investment bank Moelis & Co.
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Behind Stocks' Big Bounce: Sudden Short Covering, Low Liquidity
Michael Msika - Bloomberg
The spectacular stock market rebound came with a lack of any real conviction as a look beneath the surface reveals aggressive short covering and very low liquidity despite massive trading volumes. Traders rushed to cover short positions they accumulated amid the market downturn after President Donald Trump's tariff reprieve on Wednesday. Meanwhile, top-of-book liquidity - how much notional you can trade at the price shown on the screens - on S&P 500 futures was sitting at an all-time low according to Goldman Sachs Group Inc.'s prime desk, exacerbating the market moves. The S&P 500 surged 9.5% - its best day since October 2008. Contracts on the benchmark fell 2.1% at 5 a.m. in New York.
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Trump Transforms Tariff War Into High-Stakes Showdown With China; Clash locks world's two largest economies in an extraordinary conflict without any immediate exits
Lingling Wei, Alex Leary and Jared Malsin - The Wall Street Journal
By pausing global tariffs against dozens of countries and raising them on China, President Trump has set up a high-stakes showdown in hopes he can pressure Beijing into a face-saving deal after weeks of global turmoil. There is little sign so far, though, that Chinese leader Xi Jinping is ready to buckle. Trump announced Wednesday on social media that tariffs on Chinese goods would jump to 125%, saying "hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other countries, is no longer sustainable or acceptable." So far, Beijing has hit back at each round of tariff increases from the U.S. by raising duties on American products and targeting U.S. companies.
/jlne.ws/3RK5K14
Trump's Provocation Principle; The administration is too addicted to shock, awe and intimidation to see the harm it is doing to itself.
Mark Helprin - The Wall Street Journal
With commendable exceptions such as restoring the border, supporting Israel, and campaigns against DEI, sexual madness, the Houthis, Randi Weingarten, and, perhaps, Iran's nuclear potential, the infant Trump administration appears to have put things off balance merely for the love of it. Though the chaos seems to defy analysis, one element is frightfully common to current domestic, economic, and foreign policies: the consistent overestimation of powers necessary to accomplish aims. At home and abroad, President Trump has pitted his objectives against allies, enemies, rivals, and friends, not as a matter of miscalculation but, in the glaring absence of calculation, amid a tsunami of haphazard impulses.
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The Art of the 90-Day Tariff Pause; This chaos has been bad for everyone. Can the master negotiator now turn it around?
Karl Rove - The Wall Street Journal
Common sense prevailed Wednesday when President Trump announced he'd pause tariffs on most countries for 90 days. It's good for America and his own political standing that he's decided to become a dealmaker. He's certainly got plenty of opportunities and sounded like he wanted to take them when he told reporters Monday that his tariff increases resulted in "many, many countries . . . coming to negotiate deals." Treasury Secretary Scott Bessent echoed him Tuesday, predicting "some very large countries" would rush "to the table with solid proposals."
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The Dollar and the Bond Market's Ominous Message for Trump; In the turmoil touched off by a trade war, the U.S. is no longer seen as safe
Greg Ip - The Wall Street Journal
The stock-market meltdown that accompanied President Trump's intensifying trade war in recent weeks was unsettling enough. The fall in the dollar and rise in bond yields that went with it have been truly ominous. So ominous, it might be why Trump changed course, at least temporarily, by pausing some of his tariffs Wednesday. Normally when investors are this scared they seek safety, and nothing is safer than the dollar and Treasury debt. But despite mounting fear of recession, the usual flight to safety hasn't materialized. That is for several reasons, some relatively superficial, such as inflation risks, and one more fundamental.
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'No gimp suit for me,' says Ackman as he praises Trump approach to tariffs; Nouriel Roubini says Trump blinked in three-way game of chicken
Steve Goldstein - MarketWatch
Two high-profile hedge-fund managers employed colorful language as they debated the finer points of the tariff strategy of President Donald Trump. Clifford Asness, the hedge-fund manager and co-founder of AQR Capital Management, looked at Pershing Square CEO Bill Ackman's description the tariff-policy change as "brilliantly executed" and said, "one of the main benefits of making some money is not having to wear a gimp suit for anybody. To each his own."
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The Treasury Market Is Sending Alarms. Here's How the Fed Could Help.
Nicole Goodkind - Barron's
The U.S. Treasury market, arguably the bedrock of global finance, is showing signs of serious strain. Government bond yields have been whipsawed and some traders are beginning to wonder whether the Federal Reserve is planning to intervene to stabilize the market, and the financial system. At the center of the stress are shocks from President Donald Trump's global tariff plan, growing recession forecasts, and broken confidence in how the market is functioning.
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Market Chaos Brings Big Ratings to Television Business News; Viewership of Fox Business and CNBC has soared since President Trump's tariffs created chaos in the global economy.
Michael M. Grynbaum and John Koblin - The New York Times
The plunge in the financial markets has caused a boost for financial news. Viewership of Fox Business and CNBC, the cable news channels devoted to corporate and economic coverage, has soared over the past week as Americans seek clarity on the current market duress. Fox Business's audience between April 2, when President Trump announced worldwide tariffs, and Monday was up 25 percent compared with the week before, and up 35 percent compared with its average audience last year, according to Nielsen. (Those figures reflect programming between 9:30 a.m. Eastern, when the U.S. market opens, and 5 p.m., the peak hours for business cable news.)
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FINRA Foundation Releases State-by-State Financial Knowledge Findings; Findings are Part of the National Financial Capability Study to be Published in July
FINRA
The FINRA Investor Education Foundation (FINRA Foundation) released today preliminary findings from the National Financial Capability Study, which will be published in July. The FINRA Foundation is previewing the data this month-National Financial Capability Month-to provide insight into the overall financial knowledge of adults in the U.S. and per state.
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Chicago-based law firm fights Trump executive orders
Robert Channick - Chicago Tribune
In the escalating court battle between the Justice Department and major law firms over President Donald Trump's punitive executive orders, Chicago-based Jenner & Block is leading a counteroffensive on the front lines in a Washington federal court. Jenner & Block, which was targeted by a March 25 executive order to restrict the 111-year-old law firm's access to federal agencies, filed a motion Tuesday seeking a permanent injunction to prevent Trump's order from being enforced. It joins Perkins Coie and WilmerHale in taking the fight to court, backed by support from hundreds of smaller law firms across the country, who say the rule of law is on the line.
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Egg Prices Hit Record as Retailers Keep Costs High on Supply Fears
Ilena Peng - Bloomberg
Egg prices hit another fresh record for consumers in March as retailers, fearing future supply shocks, keep prices high. Consumer prices for eggs rose 5.6% in March from February to $6.227 a dozen, and doubled from the year-earlier level, according to the US Bureau of Labor Statistics. The increase comes even as prices for wholesalers that supply grocery stores have dropped steeply.
/jlne.ws/4llS6Pz
Bank of England Halts Sale of Long-Dated Debt After Market Ruptures
Tom Rees and Alice Gledhill - Bloomberg
The Bank of England has temporarily halted the sale of long-dated bonds under its quantitative tightening program, bowing to market pressure after a surge in gilt yields ignited by Donald Trump's tariffs. The UK central bank said on Thursday that it will now sell £750 million ($969 million) worth of short-dated debt on April 14 rather than the originally scheduled auction of £600 million longer maturity gilts in "light of recent market volatility."
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Warsaw Bourse Reviews Algo Rules After Trading Halt Hits Brokers
Konrad Krasuski - Bloomberg
The Warsaw bourse is reviewing regulations for algorithmic trading after orders from bots triggered a halt in transactions that left the stock exchange hobbled as global asset prices gyrated. Eastern Europe's biggest exchange suspended trade for about 75 minutes on Monday, just as US markets were about to open for the week, amid a spike in volumes driven by algo and high-frequency strategies. These bots execute trades based on specific criteria, such as price changes or news headlines, and accounted for 18.4% of Warsaw's equity trading volumes last year.
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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. | Fed Officials Flagged Risks of 'More Persistent' Inflation From Tariffs; Some policymakers warned of difficult trade-offs that loom if inflation rises and hiring deteriorates
Nick Timiraos - The Wall Street Journal
Federal Reserve officials highlighted the risks of longer-lasting inflationary pressures from tariffs when they agreed to hold interest rates steady at their meeting last month. "A majority of participants noted the potential for inflationary effects arising from various factors to be more persistent than they projected," said minutes of the March 18-19 policy meeting, which were released Wednesday.
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Trump's Trade Math Ignores a Major Export: American Services; Trade wars heighten overseas risk for U.S. companies. 'When you generate bad will, it's harder to sell stuff.'
Konrad Putzier and Alana Pipe - The Wall Street Journal
President Trump is wielding tariffs to try to close the massive U.S. trade deficit in goods, which he sees as a sign of economic weakness. It is only part of the trade story. While the U.S. buys more goods from abroad than it sells, the opposite is true for services, which include everything from streaming subscriptions to financial advice. Trump left these service exports out of his tariff math, but they are being pulled into his trade wars.
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The Canadians and Danes boycotting American products
Anne Cassidy - BBC
Todd Brayman is no longer buying his favourite red wine, which is from California. A veteran of the Canadian Armed Forces, he is one of a growing number of people in Canada, Europe, and other parts of the world, who are avoiding buying US products due to President Trump's tariffs and treatment of US allies.
/jlne.ws/4lHAwpp
From 'Be Cool!' to 'Getting Yippy': Inside Trump's Reversal on Tariffs; Economic turmoil, particularly a rapid rise in government bond yields, caused President Trump to reverse course on the steep levies.
Tyler PagerMaggie HabermanAna Swanson and Jonathan Swan - The New York Times
For the past week, President Trump has been urging calm in the face of the financial chaos that he created and resisting calls for him to rethink his approach. "I know what the hell I'm doing," he told Republicans on Tuesday as the massive tariffs he had imposed sent global markets into a tailspin. "BE COOL!" he said in a social media post on Wednesday morning. "Everything is going to work out well."
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Canada Vows to Use Billions From Trade Retaliation to Aid Workers and Businesses; But exactly what the country will do remains unclear and the scale of the current disruption makes decision-making difficult.
Ian Austen - The Wall Street Journal
The 25 percent tariff Canada began collecting on cars and trucks imported from the United States early Wednesday is not just the country's latest act of retaliation against tariffs imposed by President Trump on Canadian exports. The estimated 8 billion Canadian dollars a year, about $5.7 billion, that those levies are expected to generate will also bankroll help for companies and workers now under economic threat from the United States.
/jlne.ws/4jr2u6I
Who stands in the crosshairs of Donald Trump's tariffs? With tariffs targeting key US trading partners, Donald Trump sent the world economy into a tailspin on Wednesday before backing down.
AFP
With sweeping tariffs targeting key US trading partners, President Donald Trump sent the world economy into a tailspin on Wednesday before backing down hours later - with a 90-day reprieve for all but China. Here is a rundown of what tariffs Trump has implemented in his second presidency, as a trade fight between Washington and Beijing again heats up.
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China Has Readied a Trade-War Arsenal That Takes Aim at U.S. Companies; Beijing's strategy to hit back at Trump goes well beyond tariffs, targeting companies who bank on their China ties
Lingling Wei - The Wall Street Journal
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Who will feel the pain? US, China seek 'economic resiliency' in endurance test: economists
Mandy Zuoin, Shanghai and Ji Siqiin, Beijing - South China Morning Post
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
U.S. and Russia Swap Prisoners in Deal Arranged by Intelligence Agencies; Moscow releases Ksenia Karelina while Washington frees Arthur Petrov
Brett Forrest - The Wall Street Journal
Russia and the U.S. carried out a prisoner swap early Thursday in Abu Dhabi in a sign of continuing confidence building, as the two sides pursue a deal to end the war in Ukraine. Russia released Ksenia Karelina, a U.S.-Russian dual national who was sentenced last year to 12 years in a penal colony after being found guilty in Russia of treason for donating less than $100 to a U.S.-based Ukrainian charity. In exchange, the U.S. freed Arthur Petrov, a dual German-Russian citizen, who was arrested in 2023 in Cyprus at the request of the U.S. for allegedly exporting sensitive microelectronics.
/jlne.ws/3EizAH1
Ukraine says more than 150 Chinese nationals fighting for Russia; President Volodymyr Zelenskyy accuses Beijing of doing nothing to stop Moscow enlisting its citizens
Christopher Miller - Financial Times
Volodymyr Zelenskyy has accused Beijing of doing nothing to stop Russia enlisting Chinese nationals to fight in Ukraine, saying 155 such recruits have already been deployed to the battlefield and many more may soon follow. The Ukrainian president's comments raise questions about Beijing's claims of neutrality in the conflict and could raise tensions between China and western governments that have warned against providing support to Russia.
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UK Defence Secretary John Healey issues Putin warning as 'coalition of willing' meets
Ashley Cowburn - Mirror
John Healey will warn today Russia's Putin must face "even more pressure" - as he meets with allies to plan for a lasting peace in war-torn Ukraine. The Defence Secretary will deliver the message as arrives in Brussels today alongside top ministers from 30 nations in support of Kyiv. He is expected to host the meeting alongside the French minister for the armed forces, Sebastien Lecornu, to discuss the latest plans to police any peace deal.
/jlne.ws/4i8winC
Ukraine is winning the drone start-up war; Experimentation on the battlefield and fast development of cheap, smart solutions helps the country resist Russia
John Thornhill - Financial Times
In a cramped basement in Kyiv, a ragtag team of volunteers, including a florist, a professional dancer, a 77-year-old pensioner and a British ex-serviceman, are assembling drones for the Ukrainian army. Basic in design and costing $350 to manufacture, the 10-inch quadcopters boast distinctive red antenna mounts. "They call them red-arsed drones," says Kseniia Kalmus, founder of Klyn Drones, a charity funded by donations.
/jlne.ws/4j73ZHs
Middle East Conflict
Hamas hides identities of top commanders to evade Israeli strikes; The move aims to shield leaders and maintain power amid calls for the group to relinquish control of Gaza
South China Morning Post
After Israel killed a string of its leaders, Hamas anointed new commanders to top ranks, this time shrouding their identities in secrecy to protect them from assassination. Israel vowed to crush Hamas in retaliation for the October 7 attack, launching a blistering offensive in Gaza that has massively weakened the movement while reducing much of the territory to rubble.
/jlne.ws/3E3dCrz
Israel 'seizing city of Rafah' in new Gaza offensive; New buffer zone could expand three miles deep into the Strip, reducing the land available to Palestinians by 20 per cent
Henry Bodkin - The Telegraph
The Israeli military is seizing the city of Rafah as part of a new offensive aimed at expanding the buffer zone along the Gaza border, it has been reported. If confirmed, it would mark the first time the IDF has taken a major city within its defensive perimeter, essentially creating an Israeli military enclave 3 miles (4.8km) deep into the Strip. The operation follows heavy aerial bombardments and repeated warnings to civilians to evacuate, although relatively few incidents of fighting on the ground.
/jlne.ws/3FY4RQ6
Other Conflicts
Trump's best hope for a Nobel now rests with Iran; The President boasted that he would rapidly impose peace on Ukraine and Gaza - he has woefully failed
Con Coughlin - The Telegraph
Donald Trump began his second term as US president seemingly determined to claim the Nobel Peace Prize in honour of his global peacekeeping pursuits. Even before taking office, he was demanding that Israel and Hamas agree to a ceasefire in Gaza. This peacemaking initiative was followed by his somewhat clumsy efforts to implement a similar arrangement in Ukraine. In between times, when he is not causing pandemonium in global financial markets, Trump has launched air strikes against Iranian-backed rebels in Yemen - as immortalised in his security team's infamous chat group.
/jlne.ws/4lmP8tQ
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group International Average Daily Volume Hits Record 8.8 Million Contracts in Q1 2025, Up 19% Year over Year
CME Group
CME Group, the world's leading derivatives marketplace, today announced that its quarterly international average daily volume (ADV) reached a record 8.8 million contracts in Q1 2025, up 19% year on year. Reflecting all trading reported outside the United States, this quarterly record was driven by growth across all asset classes, as well as record quarterly ADV in EMEA, APAC and Canada. Quarterly international records were achieved in Energy, Agricultural and Foreign Exchange products up 29%, 29% and 14% respectively.
/jlne.ws/4jpZqHN
SPAN 2 Framework Products Addition to Cross Model Offset ("CMO") - Effective April 15, 2025 [Updated Description]
CME Group
As per normal review, CME Clearing's Risk Management staff approved the addition of the following products from the SPAN 2 framework's cross model offset ("CMO") against products that are margined in the SPAN 2 framework's natural gas and crude pods. For avoidance of doubt, products that are added or removed to or from CMO continue to be margined under the SPAN methodology, however they may receive margin offsets against products that are margined under the SPAN 2 methodology.
/jlne.ws/3XUheTk
SPAN 2 Framework Products Addition to Cross Model Offset ("CMO") - Effective April 15, 2025
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below.
/jlne.ws/3XUheTk
SPAN 2 Framework Energy Product Addition to In-Scope Products - Effective April 15, 2025
CME Group
As per normal review, CME Clearing's Risk Management staff approved the addition of the following products to the SPAN 2 framework's in-scope product list into SPAN 2 framework's natural gas pod. For avoidance of doubt, products that are added to the In-Scope Products list will be margined under the SPAN 2 methodology, however they may receive margin offsets against products that are margined under the SPAN methodology through Cross Model Offset ("CMO").
/jlne.ws/4jt7aJq
Extension through April 25: Mandatory Update Required for CORE API Service and CORE UI Service Users - Effective April 25, 2025
CME Group
As previously noted in advisories 25-057 and 25-058 and the date extension noted in 25-110, CME is enhancing the CME CORE API and CME CORE web-based user interface. To provide additional time for users to test the API changes, the mandatory adoption date has been extended through April 25, 2025. Please note changes are mandatory for API users and impact both test and production environments. Please review the original advisories for more details on the changes.
/jlne.ws/3G2Uvyo
NYSE Group Consolidated Short Interest Report
ICE
NYSE today reported short interest as of the close of business on the settlement date of March 31, 2025.
/jlne.ws/4i6Xkvp
Regulatory Notice 25-05: Mandatory Participation in Market-Wide Circuit Breaker Testing
MEMX
/jlne.ws/42p3VLQ
Nasdaq Announces End-of-Month Open Short Interest Positions in Nasdaq Stocks as of Nasdaq
At the end of the settlement date of March 31, 2025, short interest in 3,140 Nasdaq Global MarketSM securities totaled 13,072,444,217 shares compared with 13,066,514,117 shares in 3,124 Global Market issues reported for the prior settlement date of March 14, 2025. The mid-March short interest represents 2.64 days compared with 2.14 days for the prior reporting period. Short interest in 1,625 securities on The Nasdaq Capital MarketSM totaled 2,682,510,166 shares at the end of the settlement date of March 31, 2025, compared with 2,598,104,131 shares in 1,634 securities for the previous reporting period. This represents a 1.12 day average daily volume; the previous reporting period's figure was 1.17.
/jlne.ws/425a01k
Circular of Shanghai International Energy Exchange on Adjusting the Trading Margin Rates and Price Limits of TSR 20 Future Contracts
SHFE
Shanghai International Energy Exchange has released its Circular on Adjusting the Trading Margin Rates and Price Limits of TSR 20 Futures Contracts as follows:
/jlne.ws/4jsutD3
Notice on Self-Regulation Information in March 2025
SHFE
Shanghai Futures Exchange (hereinafter referred to as "the Exchange") has been on continuous efforts in conducting self-regulation, so as to strengthen the risk management of the futures market, regulate the futures trading activities and protect the legitimate rights and interests of futures market participants. The self-regulation information in March 2025 is listed as follows:
/jlne.ws/4iYhJnP
TMX Group Equity Financing Statistics - March 2025
TMX
TMX Group today announced its financing activity on Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for March 2025. TSX welcomed 18 new issuers in March 2025, compared with 25 in the previous month and four in March 2024. The new listings were 18 exchange traded funds. Total financings raised in March 2025 decreased 36% compared to the previous month, but were up 187% compared to March 2024. The total number of financings in March 2025 was 35, compared with 53 the previous month and 18 in March 2024.
/jlne.ws/3G2u8sm
Tradeweb Announces Date for First Quarter 2025 Financial Results
Tradeweb
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, will release financial results for the first quarter of 2025 on Wednesday, April 30, 2025, at approximately 7:00 AM EDT. In addition, Tradeweb will host a conference call for investors.
/jlne.ws/4cv2sII
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | EDX Markets and BitGo Partnership Set to Strengthen Institutional Adoption of Digital Assets
EDX Markets
EDX Markets, a leading digital asset technology firm that combines an institution-only trading venue with a central clearinghouse, today announced a strategic partnership with BitGo Trust Company, Inc., the leading infrastructure provider of digital asset solutions trusted by institutions since 2013. The partnership will integrate Go Network, BitGo's settlement rails which enable secure, instant settlement of digital assets and fiat with counterparties directly from BitGo Trust qualified custody. In addition, BitGo Prime has joined EDX Markets as a member, adding EDX's deep liquidity to BitGo's pool of liquidity available to clients. Clients can now trade and settle directly from qualified custody, minimizing exchange exposure without compromising on price.
/jlne.ws/4i61rYH
Trump administration backs off Nvidia's H20 chip crackdown after Mar-a-Lago dinner, NPR reports
Reuters
The Trump administration has reversed course on plans to restrict exports of Nvidia's H20 artificial intelligence chips to China after CEO Jensen Huang attended a Mar-a-Lago dinner last week, NPR reported on Wednesday. The planned American export controls on the chips - the most advanced AI processor legally available in China under U.S. export controls - had been in the works for months, NPR reported, citing two sources, and were ready to be implemented as soon as this week.
/jlne.ws/3XU9wIP
Morgan Stanley Agented Broadly Syndicated Loan Deals Go Live on Versana's Real-Time Digital Data Platform
Versana
Versana today announced that Morgan Stanley agented broadly syndicated loan (BSL) deals are live on its centralized digital data platform, and now available to the bank's institutional clients in real time. This launch follows Morgan Stanley's investment in Versana in March 2023, demonstrating its commitment to modernize the $8 trillion corporate loan asset class.
/jlne.ws/4cABaRd
Bloomberg Launches ETF Strategy Optimizer
Press Release via Traders Magazine
New York, NY - Bloomberg today announced the launch of Strategy Optimizer, a tool that increases the efficiency of the ETF trading workflow, and helps reduce overall cost of execution. The new offering is accessible through RFQe, Bloomberg's ETF Request for Quote service, which is part of Bloomberg Electronic Trading, is also seamlessly integrated with EMSX, a leading equities focused solution within Bloomberg's multi-asset buy-side execution management system (EMS).
/jlne.ws/4j7ecnj
Amundi Technology partners with Murex to expand OTC derivatives capabilities; The offering combines Amundi's ALTO platform with Murex's OTC front-to-back solution to meet evolving market demands.
Natasha Cocksedge - The Trade
Amundi Technology has partnered with capital markets trading and risk solutions provider Murex to deliver OTC derivatives capabilities to investment managers. The partnership combines Amundi Technology's platform for asset managers, insurers, pension funds and family offices, ALTO Investment with Murex's OTC front-to-back solution. Through the use of ALTO's portfolio management features and integrated market data, the combined offering is expected to meet evolving market demands by enabling asset managers to make informed decisions while reducing operational risks.
/jlne.ws/3RGIEbA
TransFICC Secures $25 million Series B Investment Led by Citadel Securities
TransFICC
TransFICC, the specialist provider of low-latency connectivity and workflow services for Fixed Income and Derivatives markets, today announced a $25 million Series B investment led by Citadel Securities. BlackFin Tech and existing investors also participated. TransFICC has now raised $50 million to date from investors AlbionVC, BlackFin Tech, Citadel Securities, Citi, HSBC, Illuminate Financial, ING, and neosfer (the early-stage investor and innovation unit of Commerzbank Group).
/jlne.ws/43MHEKz
Meta's AI, built on ill-gotten content, can probably build a digital you
Mark Pesce - The Register
/jlne.ws/43OsnsG
Top 10 op risks: AI arms race leaves risk teams playing catch-up; As firms invest for fear of being left behind, op risk managers urge caution on data, controls and access
Menghan Xiao - Risk.net
/jlne.ws/43IFkEj
Intel CEO invested in hundreds of Chinese companies, some with military ties
Eduardo Baptista, Stephen Nellis and Max A. Cherney - Reuters
/jlne.ws/3XVJULD
Tokenized Funds' Rapid Growth Comes With Red Flags: Moody's
Krisztian Sandor, Helene Braun - CoinDesk
/jlne.ws/4iaD8sy
The plans to put data centres in orbit and on the Moon
Emma Woollacott - BBC
/jlne.ws/4llKtbT
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| Cybersecurity | | Top stories for cybersecurity | Trump signs orders targeting 'Anonymous' author and former top cybersecurity official who crossed him in first term: 'Like a traitor'
Michelle Price - Fortune
President Donald Trump intensified his efforts to punish his critics on Wednesday by signing a pair of memoranda directing the Justice Department to investigate two officials from his first administration and stripping them of any security clearances they may have.
/jlne.ws/43JMHLL
Court document reveals locations of WhatsApp victims targeted by NSO spyware
Lorenzo Franceschi-Bicchierai - TechCrunch via Yahoo
NSO Group's notorious spyware Pegasus was used to target 1,223 WhatsApp users in 51 different countries during a 2019 hacking campaign, according to a new court document. The document was published on Friday as part of the lawsuit that Meta-owned WhatsApp filed against NSO Group in 2019, accusing the surveillance tech maker of exploiting a vulnerability in the chat app to target hundreds of users, including more than 100 human rights activists, journalists, and "other members of civil society."
/jlne.ws/4crCqpP
Governments identify dozens of Android apps bundled with spyware
Lorenzo Franceschi-Bicchierai - TechCrunch
A coalition of governments has published a list of legitimate-looking Android apps that were actually spyware and were used to target civil society that may oppose China's state interests. On Tuesday, the U.K.'s National Cyber Security Centre, or NCSC, which is part of intelligence agency GCHQ, along with government agencies from Australia, Canada, Germany, New Zealand, and the United States, published separate advisories on two families of spyware, known as BadBazaar and Moonshine.
/jlne.ws/429TIUZ
Product Cybersecurity: How to comply with UK and EU law
Lexology
Recently, both the UK and EU have introduced legislation with the aim of enhancing the cybersecurity of certain digital products. The UK enacted the Product Security and Telecommunications Infrastructure Act 2022 and the Product Security and Telecommunications Infrastructure (Security Requirements for Relevant Connectable Products) Regulations 2023 (PSTI). The EU's equivalent is the Cyber Resilience Act 2024 (EU CRA). Both the PSTI and the EU CRA set out mandatory cybersecurity requirements for relevant products and introduce product assessment procedures. Manufacturers, importers and distributors of relevant digital products must be familiar with both regimes and understand the impact on every part of their business. Failure to comply risks severe penalties in the form of fines or removal of a product from the market.
/jlne.ws/3Rd0GSL
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| Cryptocurrencies | | Top stories for cryptocurrencies | Perpetual Futures Offering Massive Leverage on Crypto Seen Coming to US
David Pan - Bloomberg
Despite a dramatic reversal in the digital-asset regulatory environment in the US under President Donald Trump, one of the most-popular - and riskiest - crypto products in the world remains off-limits to Americans. Many in the industry believe that may change soon and perpetual futures contracts for cryptocurrencies, which account for the majority of the daily trading volume on global crypto exchanges, will become available for US investors.
/jlne.ws/3XSZesC
Tax-Loss Harvesting for Multi-Asset Crypto Portfolios: A Primer
Connor Farley - CoinDesk
The digital asset class is highly technical. Powered by blockchain technology and globally traded 24/7, digital asset markets are fast-moving and awash in data. A systematic investment approach may lend itself well to such a market. Systematic investing can also unlock a critical and particularly well-suited feature for multi-asset crypto portfolios: automated tax-loss harvesting.
/jlne.ws/4j15WoB
BlackRock Adds a New Digital Asset Custodian
Mallika Mitra - etf.com
BlackRock Inc. (BLK), the world's largest asset manager, has tapped Anchorage Digital as a digital asset custodian for the iShares Bitcoin Trust (IBIT) and the iShares Ethereum Trust (ETHA) to meet growing crypto demand from retail and institutional clients. Coinbase Global Inc. (COIN) was previously the only crypto custodian for BlackRock's Bitcoin and Ether exchange-traded funds.
/jlne.ws/42E0dPS
Binance To Introduce LDUSDT, Second Reward-Bearing Margin Asset for Futures Trading
Ayesha Aziz - CoinMarketCap
Binance is launching LDUSDT, a new reward-bearing margin asset designed for its futures platform. This product allows users to convert their locked USDT, which is part of the Simple Earn Flexible Product, into LDUSDT. Users can then utilize this token as a margin asset for futures trading while still earning passive rewards. The reward is paid as a real-time annual percentage yield (APR), which is around 1.5% and updates every minute.
/jlne.ws/43JJwDP
Binance Gains Market Share as Bitcoin Volume Declined 77% From Yearly Peak: CryptoQuant
Shaurya Malwa - CoinDesk
Bitcoin (BTC) and altcoin spot trading volumes have declined as crypto prices entered into correction mode in the last two months, with crypto exchange Binance emerging as the preferred avenue for traders, according to a report from CryptoQuant. Total bitcoin spot trading volume on crypto exchanges declined from a high of $44 billion on February 3 to $10 billion at the end of Q1, a nearly 77% drop, according to the analytics firm. Meanwhile, total altcoin spot trading volume on crypto exchanges declined from a high of $122 billion on February 3 to $23 billion at the end of Q1 - a more than 80% fall.
/jlne.ws/44lYSyu
Pakistan turns to bitcoin miners, AI data centers to use surplus power
Ariba Shahid - Reuters
Pakistan plans to allocate part of its surplus electricity to Bitcoin mining and AI data centres, the head of Pakistan's Crypto Council and adviser to the finance minister said on Wednesday, adding it had held talks with several mining firms. Pakistan's energy sector is grappling with challenges, including high electricity tariffs and surplus generation capacity.
/jlne.ws/4lgP8eW
NFT Marketplace Magic Eden Buys Trading App Slingshot
Sam Reynolds - CoinDesk
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| Politics | | An overview of politics as it relates to the financial markets | The Main Street vs. Wall Street Canard; President Trump and Treasury Secretary Bessent pick up the left's false economic dichotomy.
The Editorial Board - The Wall Street Journal
The Trump Administration has decided on a new line to justify the damage from its tariffs. To wit, it cares more about Main Street than it does Wall Street. This is a false dichotomy if there ever was one. President Trump took the line out for a spin in a Tuesday speech to Republicans. "I'm proud to be the President for the workers, not the outsourcers; the President who stands up for Main Street, not Wall Street," he said. Treasury Secretary Scott Bessent picked up his boss's rhetoric in front of the American Bankers Association on Wednesday. He said that for his entire career-on Wall Street, as it happens-financiers have grown wealthy.
/jlne.ws/3XOZBnV
House votes to overturn Biden-era rule limiting bank overdraft fees to $5, sends to Trump to sign
Cora Lewis and Mary Clare Jalonick - Associated Press
The House voted Wednesday to overturn a rule that would have limited bank overdraft fees to $5, following the Senate in moving to dismantle the regulation that the Biden administration had estimated would save consumers billions of dollars. The resolution killing the rule, which passed the House 217-211, will now head to the White House for President Donald Trump's signature. Republicans argued that the "disastrous" regulation issued in the final days of President Joe Biden's term would have forced banks to stop offering overdraft protection altogether and made it harder for Americans to access credit.
/jlne.ws/4jtg1La
Karoline Leavitt brazenly admits Trump's tariff bluff with stunning six-word response; The White House press secretary issued a damning accusation of the media after the president announced a 90-day pause on tariffs
Falyn Stempler - Irish Star
Karoline Leavitt slammed the media for "missing the art of the deal" after President Trump announced a 90-day pause on tariffs. "Many of you in the media clearly missed the art of the deal. You clearly failed to see what President Trump is doing here," she told reporters outside the White House on Wednesday afternoon, referring to the president's iconic 1987 business memoir, 'The Art of the Deal,' co-authored with Tony Schwartz.
/jlne.ws/3G4UlGL
Trump Threatens to Cut All Federal Funding to Sanctuary Cities
Danielle Moran and Hadriana Lowenkron - Bloomberg
President Donald Trump said that he is working on "papers" to withhold all federal funding to sanctuary cities, a move that would hit finances from New York to San Francisco. "No more Sanctuary Cities! They protect the Criminals, not the Victims," the president said in a post on Truth Social. "They are disgracing our Country, and are being mocked all over the World."
/jlne.ws/3G1PENH
Hedge Fund Veteran Set to Lead Trump's Sanctions Strategy
Ben Bartenstein and Daniel Flatley - Bloomberg
A low-profile hedge fund executive who's among the dozens of disciples tracing their roots to the late investing legend Julian Robertson is poised to become the face of the Trump administration's sanctions strategy. If confirmed after his Senate confirmation hearing on Thursday, John Hurley will lead the Treasury Department's terrorism and financial intelligence arm, a pivotal post that tackles everything from terrorist financing to money laundering and drug cartels.
/jlne.ws/3E49cRb
Trump targets 'Anonymous' author and former top cybersecurity official in escalation of retribution
Michelle L. Price - AP
President Donald Trump intensified his efforts to punish his critics by signing a pair of memoranda directing the Justice Department to investigate two officials from his first administration and stripping them of any security clearances they may have. Trump's targeting of Miles Taylor, a former Department of Homeland Security official in Trump's first term, and Chris Krebs, a former top cybersecurity official, came as the Republican president has sought to use the powers of the presidency to retaliate against his adversaries, including law firms.
/jlne.ws/43MOakv
Chinese Students on U.S. Campuses Are Ensnared in Political Standoff; Some say visas were revoked this week; Beijing warns other nationals to reconsider study plans in America
Liyan Qi - The Wall Street Journal
/jlne.ws/3Yo7fpm
Chancellor reappoints FCA chief Rathi to helm of City watchdog; Nikhil Rathi will serve a second five-year term as chief executive of the Financial Conduct Authority, the Treasury will announce later on Thursday, Sky News learns.
Mark Kleinman - Sky News
/jlne.ws/4lum0RK
Japan, Canada agree to cooperate on market stability
CNA
/jlne.ws/3EhhIMG
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| Regulation & Enforcement | | Stories about regulation and the law. | Trump Administration Tells Agencies to Quickly Repeal 'Unlawful' Rules
Lydia Beyoud - Bloomberg
The White House told US government agencies to expedite efforts to repeal regulations that officials deem "unlawful," and skip the standard rulemaking process to do so in some instances. Federal agencies can use the "good cause" exception in US administrative law to overturn some rules without going through the typical lengthy rulemaking process, the Trump administration said in a memo on Wednesday. Officials were directed to focus those efforts on regulations they say go against recent Supreme Court decisions.
/jlne.ws/3FZdxWt
Ex-Janus Henderson Analyst Denies WFH Insider Trading at Trial
Upmanyu Trivedi - Bloomberg
An ex-Janus Henderson Group Plc analyst denied having anything to do with the bets that made £1 million in profits at the heart of allegations that he ran an insider trading ring during Covid-19 lockdowns. Redinel Korfuzi is on trial for conspiracy to insider trade and handle criminal property along with his sister, Oerta Korfuzi and his personal trainer. He is alleged to have orchestrated the trades from a flat in Marylebone, central London, and used the other defendants' accounts to place short bets on listed companies that were preparing to issue new shares.
/jlne.ws/4j4iCLF
Fed's Bowman to 'prioritise' SLR exemption for US Treasuries; Reinstating Covid-era relief is a 'no brainer', dealers say, as bond markets reel from tariff chaos
Lukas Becker - Risk.net
Federal Reserve governor Michelle Bowman will reassert her commitment to exempting US Treasuries from the supplementary leverage ratio (SLR) at her nomination hearing before the Senate Banking Committee on April 10. A senior rates trader at a US bank described the proposed capital relief as a "no brainer", which could help stabilise a market that has faced serious dysfunction in the chaotic five trading days since US President Donald Trump unveiled his sweeping tariff plans on April 2.
/jlne.ws/42lRujZ
Statement On Senate Confirmation Of Paul Atkins: Mark T. Uyeda, SEC Acting Chairman, SEC Commissioner Hester M. Peirce, SEC Commissioner Caroline A. Crenshaw
Mondovisione
We welcome Paul Atkins as the next Chairman of the SEC. A veteran of our Commission, we look forward to him joining with us, along with our dedicated staff, to fulfill our mission on behalf of the investing public.
/jlne.ws/4lqP0JX
SIFMA Statement on Confirmation of SEC Chairman Atkins
SIFMA
Washington, D.C., April 9, 2025 - SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the confirmation of Paul Atkins as Chairman of the U.S. Securities and Exchange Commission (SEC): "We congratulate Mr. Atkins on his confirmation as Chairman of the SEC. He brings notable experience and knowledge to the role and SIFMA looks forward to working with him as Chairman to ensure our nation's capital markets remain robust and resilient and play their part in fueling economic growth and job creation."
/jlne.ws/43OaiuH
FinCEN Issues Analysis of Fentanyl-Related Threat Patterns and Trends in Bank Secrecy Act Reports
FinCEN
Today, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis focused on patterns and trends identified in Bank Secrecy Act (BSA) data linked to fentanyl-related illicit finance. Between January and December 2024, financial institutions filed 1,246 BSA reports that identified suspected fentanyl-related activity amounting to approximately $1.4 billion in suspicious transactions. The reported financial activity highlighted various aspects of the illicit fentanyl supply chain-including precursor chemical procurement, fentanyl trafficking, and fentanyl-linked money laundering-that have touchpoints across the U.S. financial sector.
/jlne.ws/4lGscGr
CFTC Releases Staff Letter Relating to Certain Foreign Exchange Transactions
CFTC
The Commodity Futures Trading Commission's Market Participants Division and Division of Market Oversight today issued an interpretative letter providing the Divisions' views on the characterization of certain FX transactions as being swaps, foreign exchange forwards, or foreign exchange swaps, in each case, as defined in the Commodity Exchange Act.
/jlne.ws/3EhlLZo
FINRA Statement on Chairman Atkins' Confirmation
FINRA
Congratulations to Chairman Atkins on his confirmation. FINRA looks forward to working with Chairman Atkins, the other Commissioners and SEC staff to fulfill its vital mission of protecting investors and safeguarding market integrity. FINRA stands ready to support Chairman Atkins' efforts to bring smart, effective and appropriately tailored regulation to benefit all market participants.
/jlne.ws/3EhgtwY
Statement on Senate Confirmation of Paul Atkins
Mark T. Uyeda, Acting Chairman, Commissioner Hester M. Peirce and Commissioner Caroline A. Crenshaw
SEC
We welcome Paul Atkins as the next Chairman of the SEC. A veteran of our Commission, we look forward to him joining with us, along with our dedicated staff, to fulfill our mission on behalf of the investing public.
/jlne.ws/4joGppd
ASIC outlines plans for company breach, complaint reports; The corporate regulator has detailed plans to publish company-level breach and complaints data to encourage businesses to "lift their game".
Insurance News
The Australian Securities and Investments Commission is consulting on proposals to publish two dashboards later this year featuring information on reportable situations and internal dispute resolution.
/jlne.ws/42lVtx2
Advice licensees pay penalty for authorising advisers who gave advice while unregistered
ASIC
In February 2025, ASIC issued infringement notices to three AFS licensees whose financial advisers provided personal advice while unregistered. Australian Advice Network Pty Ltd, IA Advice Pty Ltd and Sherrin Partners Services Pty Ltd each paid an infringement notice penalty of $31,300 on 5 February 2025, 21 March 2025 and 24 March 2025 respectively. Payment of an infringement notice is not an admission of guilt or liability.
/jlne.ws/4jjxfdE
Former Gold Coast property developer Michael Steele pleads guilty to fraud
ASIC
Former Gold Coast property developer Michael Steele has pleaded guilty to four rolled-up counts of fraud having misappropriated over $1.3 million of investor funds from companies he controlled contrary to section 408C(1)(a)(i) of the Criminal Code (Qld). Mr Steele appeared before Southport District Court on 10 April 2025 in relation to offences committed between May 2016 and February 2017.
/jlne.ws/42qdiey
ASIC consults on plan to increase visibility of firms' breach and complaints data
ASIC
As part of its commitment to enhance transparency and accountability, ASIC is consulting on plans to publish two dashboards containing firm-level Reportable Situations (RS) and Internal Dispute Resolution (IDR) data in the second half of 2025. The proposals detailed in CP 383 Reportable situations and internal dispute resolution data publication (CP 383) build on the high-level insight reports ASIC has previously published.
/jlne.ws/3Re1Tt8
Court orders Falcon Capital and the First Guardian Master Fund to be wound up
ASIC
The Federal Court has appointed Ross Blakeley and Paul Harlond of FTI Consulting as liquidators (Liquidators) of Falcon Capital Limited (Falcon) and ordered the Liquidators to wind up Falcon, the First Guardian Master Fund (First Guardian) and related unregistered subsidiary funds. The Liquidators were appointed following an application by ASIC. ASIC took this action as it was concerned about Falcon's management and operation of First Guardian and the associated risks to investors (25-041MR).
/jlne.ws/4cryHbP
ESMA firms up rules of engagement amid market turbulence; Among the proposed rules are incoming changes to the operation of systematic internalisers (SI), with more structured processes for informing national regulators set to be introduced.
Claudia Preece - The Trade
The European Securities and Markets Authority (ESMA) has unveiled its final plans for the region, aimed at boosting the resiliency of the markets, improving transparency, and simplifying reporting. The final report follows the Mifir and Mifid II revisions published in the EU's official journal in March 2024.
/jlne.ws/4cp61A2
Nikhil Rathi reappointed as FCA chief executive; His Majesty's Treasury has announcedLink is external the reappointment of Nikhil Rathi as chief executive of the FCA for a second term.
FCA
Since Nikhil joined in October 2020, the FCA has undertaken reforms to strengthen the UK's position in wholesale markets, including the biggest changes to the listing regime in over 3 decades. The regulator has raised standards, introducing the Consumer Duty so people get the right support, communication they can understand, and products and services that meet their needs and offer fair value. With the Duty now embedded, the FCA is streamlining its rulebook, lowering costs for firms and boosting international competitiveness.
/jlne.ws/42qshou
Joint Statement of the 12th ASEAN Finance Ministers' and Central Bank Governors' Meeting (AFMGM)
MAS
1. The 12th ASEAN Finance Ministers' and Central Bank Governors' Meeting (AFMGM) was co-chaired by H.E. Amir Hamzah Azizan, Finance Minister II of Malaysia, and H.E. Abdul Rasheed Ghaffour, Governor of Bank Negara Malaysia. We convened the 12th AFMGM to discuss developments in the region, including the progress of Finance and Central Bank initiatives and reaffirmed our shared commitment to fostering a resilient, inclusive, and sustainable economic future for the region.
/jlne.ws/4jn8uOp
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Trump U-Turn Halts the 'Sell Everything American' Trade, but the Fallout Remains; The simultaneous selloff in stocks, bonds and the dollar was the clearest sign of serious distress yet
Jon Sindreu - The Wall Street Journal
The Trump administration has insisted that it wouldn't be deterred from tariffs by the stock market. But a simultaneous decline in equities, bonds and the currency may have done the trick. Still, Trump's sudden reversal doesn't mean all the damage will be quickly undone. On Wednesday, the S&P 500 skyrocketed following President Trump's announcement of a 90-day pause on certain tariffs to most countries.
/jlne.ws/4cvqTWv
Why the Selloff in Treasurys Is Rattling Investors; A look at what's driving the rise in U.S. government bond yields and what it could mean
Chelsey Dulaney and Caitlin McCabe - The Wall Street Journal
The yield on the 10-year Treasury note has risen to a recent 4.43% from 4.20% over four days, marking its sharpest increase since the depths of the 2008 financial crisis. The decline in bond prices (the counterpart of a rise in yields) has alarmed many analysts and investors much more than the recent drop in stocks.
/jlne.ws/43HNc94
JPMorgan tells investors to avoid commercial real estate debt
Aaron Elstein - Crain's New York Business
JPMorgan advised investors to avoid commercial real estate debt, a move that could ramp up pressure on landlords who need to refinance their mortgages for industrial space, shopping centers, or office towers. In the last few days debt investors have started to price in the growing risk of commercial property owners defaulting on obligations as the trade war takes hold and the economy slows. JPMorgan warned in a report yesterday that more pain is yet to come and "lagging performance is now more likely."
/jlne.ws/4cmIeka
Investor Survey Reveals Innovation Drives Demand for Digital Assets
Prashant K. Kher - CoinDesk
EY-Parthenon and Coinbase conducted a survey of more than 350 institutional investors globally in January of 2025. While regulatory clarity will loom large over developments in the digital assets landscape in 2025 - investors in the survey called it the #1 catalyst for growth - the survey illustrated underlying enthusiasm and an appetite for innovation that will drive the market forward. Both institutional and retail investors are seeking new crypto-powered products and services to generate yield, provide access to credit and lending services, conduct cross-border payments, instantly clear transactions and grow long-term wealth. You're reading Crypto Long & Short, our weekly newsletter featuring insights, news and analysis for the professional investor. Sign up here to get it in your inbox every Wednesday.
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The Market Is in a New Mode: 'Sell Everything American'; The simultaneous selloff in stocks, bonds and the dollar is a concerning sign of distress, but the critical indicators aren't flashing red yet
Jon Sindreu - The Wall Street Journal
The sight of stocks, bonds and the currency all falling together would be a scary one for any emerging economy. It has now come to U.S. shores. While not yet a financial crisis, distressed selling is always a bad omen. Late on Tuesday, Treasurys started rapidly selling off. The slump worsened overnight: At one point, the yield on the 10-year note rose as high as 4.47%. Yields rise when bond prices fall. Several factors make this concerning, above all that the S&P 500 also tumbled as bonds headed lower, as did the U.S. dollar.
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Trump didn't care that the stock market was crashing. Bond yields were the 'pain point' that finally got him to pause tariffs
Shawn Tully - Fortune
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Sweepstakes Company Publishers Clearing House Files for Bankruptcy; The direct-mail company's Prize Patrol gained fame delivering oversize checks with TV cameras running
Akiko Matsuda - The Wall Street Journal
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Buy- and sell-side in stand-off as US tariffs waiting game continues; A week on from the US' so-called 'Liberation Day', Claudia Preece catches up with traders on both sides of the street to understand the state of play
Claudia Preece - The Trade
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The $40 Billion Startup Mystery Shaking Up Silicon Valley; Founder says Figure AI has created autonomous robots, setting off an investor frenzy in private markets
Emily Glazer, Berber Jin and Alexander Saeedy - The Wall Street Journal
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US tariffs spur rush to European dividend futures; Turnover hits EUR3.5bn in three days as traders brace for fallout on corporate balance sheets
Lorenzo Migliorato - Risk.net
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | How the Financial System Can Work for Climate, Not Against It; "Developing countries have said the number we need is $1 trillion. Developed countries have said, 'That's not coming from our budgets,'" says Avinash Persaud of Inter-American Development Bank on this week's Zero episode.
Akshat Rathi and Oscar Boyd - Bloomberg
Only a small fraction of global clean-energy spend reaches emerging economies. How to move more money quickly to developing countries is one of the key questions of the transition. So for the next three episodes of Zero, we'll be continuing our Moving Money series, focusing on costs of capital, multilateral development banks and the role of the private sector.
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AI Boom to Fuel Surge in Data Center Energy Needs, IEA Says; By 2030, data centers will require slightly more energy than Japan consumes today, with demand for AI-optimized facilities alone set to quadruple, IEA predicts
Giulia Petroni - The Wall Street Journal
The global push for artificial intelligence is poised to fuel a sharp rise in electricity demand, with consumption from data centers expected to more than double by the end of the decade, according to the International Energy Agency. By 2030, data centers will require slightly more energy than Japan consumes today, with demand for AI-optimized facilities alone set to quadruple, the Paris-based agency predicts.
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Trump Repeals Biden-Era Limit on Water Flow in Shower Heads; President Trump, who has waged a long-running battle against low water pressure, signed an executive order that redefined a common bathroom fixture.
Yan Zhuang - The New York Times
How long does it take you to wet your hair in the shower? A few seconds? A minute? The president of the United States, who has long complained about being unable to coax more than a dribble or trickle of water from his showers, says it takes him much longer. "I like to take a nice shower to take care of my beautiful hair," President Trump said on Wednesday in the Oval Office. "I stand under the shower for 15 minutes until it gets wet. It comes out drip, drip, drip. It's ridiculous."
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | BNP Paribas' Securities Services Business Selects Confluence Unity Financial Reporting Platform to Automate Private Capital Operations; Industry-leading asset servicer to further streamline financial reporting and improve operational efficiency for the benefit of its Private Capital clients across multiple jurisdictions
Confluence
Confluence, a global technology solutions provider for regulatory, analytics, and investor communications solutions for the investment management industry, today announced that BNP Paribas' Securities Services business, a leading asset servicer, has selected Confluence Unity Financial Reporting to support its Private Capital client segment. Securities Services at BNP Paribas will use Confluence's solution to enhance the operational efficiency of its Private Capital services and automate financial reporting processes.
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UBS Chair Says Swiss Regulator, Central Bank Demands Amount to 50% Capital Hike; The bank strongly opposes the 'extreme additional capital requirements'
Adria Calatayud - The Wall Street Journal
UBS Group Chair Colm Kelleher said Switzerland's financial regulator and central bank set out additional capital requirements that would lead to a 50% increase compared with current levels. Swiss authorities have been working over the past year to reform of the country's "too big to fail" banking laws in the wake of Credit Suisse's rescue takeover by UBS, a move that is widely expected to result in higher capital demands for UBS.
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Why the Trade War Isn't Over for America's Biggest Banks; As bank-earnings season begins Friday with JPMorgan, investors care more about the outlook than prior results
Jonathan Weil - The Wall Street Journal
There is a difference between a pause in the fighting and a cease-fire. When it comes to the trade war, that really matters for the biggest U.S. banks. President Trump's about-face on tariffs Wednesday brought the big banks instant relief after days of intense pain-shares of the big six U.S. banks all soared. While the move was understandable, banks aren't out of the woods yet. Retaliatory tariffs remain in place against China, the U.S.'s third-largest trading partner. Those could still cause economic dislocation and possibly inflation, which might keep the Federal Reserve in check for some time. Other tariffs are on hold, but only for 90 days.
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Buy Side Leans Into Consulting for Project Needs
Anna Lyudvig - Traders Magazine
The asset management industry has been undergoing significant shifts in its approach to talent acquisition, according to John Lane, co-founder of Landing Point, an executive placement and recruiting firm. A key trend in the asset management space today is the significant uptick in demand for consulting professionals. According to Lane, this trend has been particularly noticeable in the last few years as firms lean into flexible, project-based work.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The Locker-Room Playbook for Managing Gen Z Employees; Gen Zers recently overtook baby boomers in the workforce, posing new challenges for business leaders
Callum Borchers - The Wall Street Journal
Tua Tagovailoa, the 27-year-old quarterback of the Miami Dolphins, wants to throw out his generation's reputation for being soft. Good thing he has a strong arm. He says it's a misconception that Gen Zers, people born from 1997 to 2012 who were raised with safe spaces and trigger warnings, can't handle harsh realities. But he adds that managers can be direct with young employees only after showing they care about their charges. That goes for football coaches and business executives alike.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Ousted Vaccine Chief Says RFK Jr.'s Team Sought Data to Justify Anti-Science Stance; Dr. Peter Marks says the new health secretary's team wants to show vaccines aren't safe while promoting dangerous and unproven treatments
Liz Essley Whyte - The Wall Street Journal
The top vaccine regulator ousted by Robert F. Kennedy Jr. said the health secretary's team has sought nonexistent data to justify antivaccine narratives and pushed to water down regulation of unproven stem-cell treatments. "I can never give allegiance to anyone else other than to follow the science as we see it," said Dr. Peter Marks, the Food and Drug Administration official. "That does not mean that I can just roll over and take conspiracy theories and justify them."
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Saliva test may turn tide on prostate cancer, claim scientists
James Gallagher - BBC
A saliva test may help "turn the tide" on prostate cancer, UK scientists claim. It analyses men's DNA to work out who was born with the greatest risk of developing the disease. Targeting them for prostate biopsies and MRI scans discovered some aggressive cancers that would otherwise have gone unnoticed. However, the test has not yet been proven to save lives and experts say it will be "years" before such tests could be used routinely.
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The Very Idea of LGBTQ Health Is Under Attack; The Trump administration has canceled millions of dollars in grants to study disparities affecting the well-being of the community. Valuable research has been lost.
Lisa Jarvis - Bloomberg
Amid the turmoil at the country's federal agencies, a disturbing pattern has emerged: research addressing differences in the health and well-being of LGBTQ Americans is being acutely targeted. The Trump administration's aim appears twofold: to deny the existence of disparities affecting nearly one in 10 Americans and to ensure there's no paper trail proving the harm caused by policies that target the community.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's Financial Weapons: U.S. Treasurys, the Yuan
Chelsey Dulaney - The Wall Street Journal
The escalating trade conflict between the U.S. and China has reignited fears that Beijing could use financial markets to hit back at Washington. China is one of the largest overseas owners of U.S. government debt. There have long been fears that China could dump the U.S. Treasurys that make up a large chunk of its foreign-exchange reserves. China owned about $1.2 trillion in U.S. Treasury securities in January, according to estimates from Brad Setser, senior fellow at the Council on Foreign Relations. China's U.S. portfolio is difficult to track, because the government's use of third parties and custodians in places like Belgium obscures its ownership, according to Setser.
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Hong Kong banks to get new powers to trace, flag suspicious accounts linked to scams; Police and banks will exchange information on scam-linked accounts as authorities step up efforts to combat financial fraud
Fiona Chow - South China Morning Post
Hong Kong banks will be granted powers to trace and flag suspicious accounts linked to scams by exchanging information with police, putting questionable transactions on hold and having officers meet clients in person. The Monetary Authority on Thursday revealed the new system for information exchange as a part of joint efforts with police to clamp down on scams and money laundering amid a rise in deception cases in recent years.
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China issues 2 warnings about US travel to its citizens, urging 'caution'; Tourism ministry advises travellers to 'assess risks' while education ministry tells students to 'conduct risk safety assessments'
Robert Delaney in Washington - South China Morning Post
China's government on Wednesday issued two warnings to its citizens about travel to the United States, noting a deterioration in bilateral relations as the two countries slap hefty tariffs on each other's imports. "Due to the deterioration of Sino-US economic and trade relations and the domestic security situation in the United States, the Ministry of Culture and Tourism reminds Chinese tourists to fully assess the risks of travelling to the United States and travel with caution," the ministry said.
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China Makes Big Brazilian Soy Purchase as US Trade War Worsens
Hallie Gu - Bloomberg
Chinese soybean crushers scooped up an unusually large amount of Brazilian beans this week as the escalating trade war makes purchases of US crops unviable. Importers bought at least 40 cargoes from Brazil in the first half of this week, according to people familiar with the matter, who asked not to be identified as they're not authorized to talk to media. They booked the supplies to take advantage of a recent dip in Brazilian prices, which had rallied in previous months amid the fallout of worsening Sino-US tensions, the people said.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Newsmax Made Defamatory Statements Against Voting-Machine Company Dominion, Judge Rules; A jury must still decide on other claims from Newsmax's 2020 election coverage, and determine damages
Isabella Simonetti - The Wall Street Journal
A Delaware judge ruled Wednesday that Newsmax NMAX -11.48%decrease; red down pointing triangle made false and defamatory statements against Dominion Voting Systems with on-air claims that the voting-machine company helped rig the 2020 U.S. presidential election. Delaware Superior Court Judge Eric Davis said Newsmax's statements about Dominion "suggest that Dominion engaged in criminal activity by aiding in election fraud," and that the statements attacked the integrity of Dominion's business.
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Constellation Brands to Divest Cheaper Wine Brands Amid Organizational Review; Constellation says it will sell several brands, including Woodbridge and Robert Mondavi Private Selection
Connor Hart - The Wall Street Journal
Constellation Brands is selling some of its lower-priced wine brands and undertaking an organizational restructuring, moves that come as the alcohol company forecast slower growth for its beer brands in the coming years. The maker of Modelo beers and Kim Crawford wine on Wednesday said it signed a deal to sell a number of its wine brands, including Woodbridge and Robert Mondavi Private Selection, to The Wine Group.
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Illegal Casinos, Sports Books Reap Most Online US Gaming Revenue
Olivia Solon - Bloomberg
Illegal sports books and casinos took 74% of online gambling revenues in the US last year, outperforming licensed rivals through aggressive promotions and products, according to research from Yield Sec. Online gross gaming revenue - customer bets minus winnings - in the US was $90.1 billion in 2024, $67.1 billion of which went to unlicensed players, according to the research, which was commissioned by the Campaign for Fairer Gambling. That's an increase of 64% from the previous year and more than double the $23 billion generated by operators in the regulated sector.
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