| March 04, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
In 1994, the U.S. as part of the Budapest Memorandum agreed to provide security assurances to respect Ukraine's independence, sovereignty, and existing borders in return for Ukraine giving up its nuclear weapons. Yesterday, President Donald Trump reneged on that agreement, halting all military aid to Ukraine until Ukraine's President Zelenskyy is willing to engage in good-faith efforts at making peace with Russia, The Independent reported. Zelenskyy has alway been willing to engage in a good-faith peace effort, assuming his borders, which the U.S pledged to protect, were reestablished and Russia's troops were withdrawn. Those don't appear to be the terms at which Trump seeks good-faith peace making efforts, and those are not terms European leaders seem ready to support.
This reneging on a significant security deal has Taiwan reexamining its own position relative to the U.S. and a possible Chinese invasion, Bloomberg reported. Meanwhile, a different kind of security agreement could also collapse. A former Social Security commissioner and former Maryland Governor Martin O'Malley told CNBC that the actions of DOGE are putting the Social Security system at risk and he believes we will see the system collapse in the next 30 to 90 days and for the first time in eight decades benefit payments missed.
Deutsche Bank AG is predicting that the U.S. dollar will lose its safe haven status as markets readjust to a new geopolitical order, Bloomberg reported.
Trump's tariffs on Canada and Mexico are not getting a very good reception, either by the media, investors, or the market in general. The Wall Street Journal editorial board's take is titled "Trump Takes the Dumbest Tariff Plunge," Warren Buffett said tariffs are "an act of war, to some degree," and the markets dropped sharply yesterday and are down more again today.
Did you want to buy a new car? Well, brace yourself-Trump's new tariffs could add as much as $12,000 to the price tag, Yahoo Finance reported. A report from the Anderson Economic Group finds that if the proposed 25% tariffs on Canadian and Mexican imports take effect, everything from small cars to full-size SUVs will see steep price hikes. Pickup trucks, a staple for many Americans, could rise by $8,000, while even standard gas-powered crossovers might cost at least $3,500 more. And that's before factoring in additional steel and aluminum tariffs. With new car prices already averaging $47,465, automakers like Ford, GM, and Stellantis are warning of economic fallout, but Trump is moving ahead. The real question: Will consumers swallow the extra cost, or will this shift the auto industry's future?
The Scottish money manager Abrdn apparently found some extra cash lying around and bought some vowels, restoring the name of the company to Aberdeen four years after the firm was rebranded in a widely mocked move, Bloomberg reported. Thank goodness this did not become a trend as BlackRock would be BlckRck and UBS would simply be BS.
Yesterday, the shares of ICE and CME Group made all-time highs early in the session before the stock market setback. ICE traded up to 175.41 per share, before closing three cents lower at $173.20. CME Group shares traded to an all-time high of $257.78 and have taken out that high today with a new high so far of $258.78 per share.
Here are the headlines from in front of FOW's paywall from some recent stories: ANALYSIS: Euronext's Nasdaq deal a 'reunion' of Nordic power markets - expert, ANALYSIS: CME hits battery metals high amid hedging demand, EEX to offer order book trading on Japanese power futures in April, LME confirms March 24 for trading platform upgrade, Kraken cites 'pivotal moment' as US lawsuit dismissed FMX hits daily trading volume record ahead of Treasury launch.
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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SEC Dangles $50,000 Incentive for Employees to Resign or Retire
Nicola M White and Lydia Beyoud - Bloomberg
The US Securities and Exchange Commission is offering eligible employees a $50,000 incentive to resign or retire by April 4, according to an email reviewed by Bloomberg. The message, sent Friday by SEC Chief Operating Officer Ken Johnson to all staff, comes as the Trump administration seeks to slash the size of the federal government and fire thousands of workers.
/jlne.ws/41msLLV
***** Is this how much it costs to bribe an SEC employee not to do their job?~JJL
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Singapore Mulls Caning as Punishment for Severe Scam Offenses
Audrey Wan - Bloomberg
Singapore's government will consider caning as punishment for some scam-related offenses, Minister of State for Home Affairs Sun Xueling said during a parliamentary debate Tuesday. The Southeast Asian city-state has doubled down on legislation to combat a spike in scam and cybercrime cases in recent years. Singapore's parliament passed a bill in January allowing the police to control the bank accounts of potential targets, aiming to protect them from scams conducted remotely. Scam victims in Singapore lost a record S$1.1 billion ($817 million) in 2024, with the number of cases rising nearly 11% to 51,501 from the previous year, according to police data.
/jlne.ws/3D6byyt
****** Forget caning, I would hit them with my entire walker.~JJL
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Donald Trump to Replace Benjamin Franklin on $100 Bill Under GOP Proposal
Billal Rahman - Newsweek
A Republican lawmaker is introducing legislation to immortalize President Donald Trump on $100 bills. Congressman Brandon Gill, who represents Texas' 26th Congressional District, said that he plans to introduce a bill to feature Trump's likeness on the $100 note once his current term concludes. "President Trump could be enjoying his golden years golfing and spending time with his family," Gill told Fox News Digital. "Instead, he took a bullet for this country and is now working overtime to secure our border, fix our uneven trade relationship with the rest of the world, make America energy independent again, and put America first by ending useless foreign aid."
/jlne.ws/4bvuSlh
***** The nickname of the $100 bill would change from "Benjamins," "C-notes," "Franklins," and "blue faces" to "The Don," "the Trump," "the Deal," "The Billion," "the MAGA," or "the Tweet" if Donald Trump were on it rather than Benjamin Franklin.~JJL
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Monday's Top Three
Our top story Monday was the obituary for Meghan Grace Cashman, the daughter of Thomas J. Cashman and Jacqueline Cashman, who died on February 20, 2025, at age 49. Condolences to her family and friends. Second was Defense Secretary Pete Hegseth orders a halt to offensive cyber operations against Russia, from NBC News. Third was Jeremy Grant's comment on LinkedIn that said, "If there is any shred of utility to the meltdown in the Oval Office, it is that those who have been hiding their heads in the sand about the importance of paying attention to geopolitics will perhaps now finally see what is happening to the world we have grown used to for decades - and realise that what's going on will affect everything. There is no such thing as business as usual now."
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| Lead Stories | Trump's heist in broad daylight; Having previously declared bitcoin to be a 'scam', the US president now wants to add it to the Fed's balance sheet
Edward Luce - Financial Times
There is nothing cryptic about Donald Trump's endorsement of cryptocurrency. Four years ago, he said bitcoin was a "scam". Now he wants to make America the "crypto capital of the world". To see that as a U-turn is to miss how Trump works. The second statement follows naturally from the first. On Sunday, Trump said that five cryptocurrencies would be included on the US Federal Reserve's balance sheet. America's "crypto reserve" would include bitcoin, ethereum and three others (solana, cardano and XRP) that caught investors unawares. Whether David Sacks, Trump's "crypto and AI czar", whose investment firm has stakes in all five, was also surprised is a question for the Securities and Exchange Commission. Each surged in value following Trump's announcement.
/jlne.ws/4bqDPfE
Cheap US Beef at Risk as Trump Seeks to Deport Haitian Workers; Plans for the biggest deportations in US history threaten to upend the meatpacking industry
Michael Smith - Bloomberg
In the past year, JBS SA, the world's biggest beef producer, relied more and more on Haitian migrants to work the line at its sprawling meatpacking plant in Greeley, Colorado. The Brazilian meat giant gave them jobs after former President Joe Biden extended their temporary protected status, and roughly 1,000 Haitians now work at the plant, union representatives say. (JBS disputes this estimate.) They're part of the latest wave of immigrants to take on the grueling, dangerous task of butchering cattle at meatpacking plants across the country, ensuring Americans have plentiful, affordable beef. Right now, it's fully legal for them to work, but that could change soon under President Donald Trump.
/jlne.ws/4hapBkv
Treasury Reopens the Floodgates to Dirty Money in the U.S.; Gutting of Landmark Anti-Money Laundering Law Will Enable Fentanyl Traffickers and Other Criminals
The FACT Coalition
On Sunday, the Treasury Department announced via social media post that it no longer intends to "enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners" under the Corporate Transparency Act (CTA). This announcement was followed on Monday by an official Treasury press release, and was echoed by President Trump on his social media platform Truth Social, where he claimed that "(beneficial ownership information) reporting will soon be no more." The CTA - which requires certain legal entities to provide basic identifying information on their true, or "beneficial", owners - passed with the support of the first Trump Administration and represents the most substantial improvement to the U.S. anti-money laundering framework in a generation.
/jlne.ws/3Dhh15C
Euronext plan to consolidate ETF trading venues sparks scepticism; Proposal to use single venue would raise liquidity and cut costs, but hurdles remain
Steve Johnson - Financial Times
Industry figures have welcomed ambitious plans by Euronext, the stock exchange group, to consolidate the thousands of exchange traded product listings scattered across its seven bourses on to one venue. However, some are sceptical about whether Euronext can achieve its aim - particularly by the end of the September, which is believed to be its target - given the political sensitivities around the health of national stock exchanges.
/jlne.ws/3QGOjOH
Citigroup almost sent $6 billion to wealth account in copy-paste error, Bloomberg reports
Reuters
Citigroup nearly credited about $6 billion to a customer's account in its wealth-management business by accident, Bloomberg News reported on Monday, citing people familiar with the matter. The near-error occurred after a staffer handling the transfer copied and pasted the account number into a field for the dollar figure, which was detected on the next business day, the report added.
/jlne.ws/4klYlCi
Meet Seven of America's Top Personal Finance Influencers; They might come from unconventional backgrounds, but financial advice has never been hotter online.
Charley Locke - Bloomberg
Make room, Suze Orman and Jim Cramer, for a new generation of people with access to a camera and some financial wisdom to share. These personal finance gurus dispense money advice to audiences of millions through Instagram, TikTok and YouTube, often with very specific groups of people in mind. Meet the "finfluencers" of 2025.
/jlne.ws/41qJwpu
The 'Oil Grand Bargain' Isn't Mere Fantasy; Thinking the unthinkable is useful, especially when the global oil market's three kings are involved.
Javier Blas - Bloomberg Opinion
Listen to US President Donald Trump and it's inescapable that he favors low energy prices. "Bring down the cost of oil," he told OPEC+ last month. "You gotta bring down the oil price," he added a day later. Yet behind the bravado, America has more in common with Saudi Arabia and Russia than the cheap-energy discourse suggests. The US today by far is the world's largest petroleum producer, pumping nearly as much as Saudi Arabia and Russia combined. Ultra-low oil prices could be as bad for the country economically as sky-high prices.
/jlne.ws/4knWjBG
Politics Comes for U.S. LNG. It Will Reshape the Market.
Ben Cahill - Barron's (commentary)
Liquefied natural gas is central to President Donald Trump's "energy dominance" agenda, and he has signaled he may threaten tariffs to encourage buyers-including U.S. allies-to sign new deals. But tying LNG exports so closely with White House economic and geopolitical goals is a big departure from past practice, and it will worry buyers.
/jlne.ws/4i6eomm
Trump's Strategic Crypto Reserve to Hold Assets Backed by His Crypto Czar
Jesus Mesa - Newsweek
President Donald Trump's weekend announcement of a U.S. Strategic Crypto Reserve has shaken financial and political circles. Supporters see it as a bold move to make America the "Crypto Capital of the World," as Trump promised, while critics warn of potential conflicts of interest-especially involving David Sacks, Trump's newly appointed AI and crypto czar.
/jlne.ws/4bpRaVy
Delaware braced for change after attacks from Elon Musk and others; Insiders worry about the diminution of state's unique jurisprudence after move to limit shareholder lawsuits
Sujeet Indap - Financial Times
Professor Eric Talley may soon have a surprise summer project: a major rewrite of his long-running syllabus for his core class on corporate law at Columbia Law School. The standards for US mergers and acquisitions and corporate governance jurisprudence have been set for decades in the state court of Delaware, the tiny mid-Atlantic state where most US public companies remain incorporated.
/jlne.ws/4ipEAYQ
Norway's natural gas windfall should go to Ukraine; The country provides less support, as a share of GDP, than its neighbours
Havard Halland - Financial Times
After Russia began its full-scale military invasion of Ukraine in February 2022, European governments scoured their budgets and borrowing options for funding sources to support Ukraine's war effort. For most, it was an uphill struggle. Russia had cut off natural gas supplies to Europe shortly after invading, seeking to discourage countries from supporting Ukraine. As a result, natural gas prices skyrocketed, putting severe financial strain on many companies and households. From a consumer perspective, the effect of the high energy prices was equivalent to the abrupt levying of a very high carbon tax.
/jlne.ws/4h95dAj
Buying Inflation Protection Is Tempting. What to Know About TIPS; Yields on Treasury inflation-protected securities have approached their highest levels of the past two decades
Imani Moise - The Wall Street Journal
Lingering inflation is driving some investors into bonds that protect against price increases. Without careful consideration, investors could end up paying more than they bargained for. Treasury inflation-protected securities, known as TIPS, are bonds whose principal value adjusts with changes in consumer prices, ensuring investors maintain their purchasing power. Lately, TIPS yields have neared their highest levels of the past two decades, attracting many who are worried that tariffs, deficits and deportations could fuel a new bout of inflation.
/jlne.ws/4hZSwJd
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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. | US to Slap Tariffs on Crop Purchases as Food Imports Balloon
Josh Wingrove, Skylar Woodhouse and Ilena Peng - Bloomberg
President Donald Trump said the US would impose tariffs on "external" agricultural products starting on April 2, adding another layer of threats to impose trade barriers on imported goods. "To the Great Farmers of the United States: Get ready to start making a lot of agricultural product to be sold INSIDE of the United States. Tariffs will go on external product on April 2nd. Have fun!" the president said Monday in a social media post.
/jlne.ws/3QMT3C4
Trump's Tariffs on Canada and Mexico Take Effect, With Added Duties on China; Beijing hits back with retaliatory tariffs and other measures after U.S. imposes additional 10% duties on China
The Wall Street Journal
President Trump's 25% tariffs on goods from Mexico and Canada took effect first thing Tuesday. Canada responded with plans to impose 25% tariffs on nearly $100 billion of U.S. imports. The U.S. also introduced an extra 10% tariff on Chinese imports overnight, adding to a levy imposed a month ago, and other existing duties. China swiftly announced retaliatory tariffs on U.S. agricultural goods, and other measures against American companies. Beijing also filed a lawsuit with the World Trade Organization. Economists say American importers and businesses will likely pass along the cost of tariffs to consumers, meaning individuals are likely to see higher prices at grocery stores and car dealerships.
/jlne.ws/3QGi6qH
China Retaliates Against U.S. With Tariffs, Controls on U.S. Companies; Slate of measures, including tariffs on U.S. farm products, have been measured and targeted, suggesting Beijing is leaving room for talks with Trump
Hannah Miao and Liza Lin - The Wall Street Journal
China hit back at the U.S. with a slate of retaliatory measures in response to the Trump administration's latest tariff increase, escalating a trade war between the world's two largest economies. The coordinated action across government bodies-including a series of new tariffs on American products as well as controls on U.S. companies-was announced just as the White House's additional 10% levy on all Chinese products came into effect.
/jlne.ws/4hbwrWK
Mexico Starts Dumping Investigation Into Chinese Laminated Steel; The nation has cracked down on various Chinese imports; Move comes soon before President Trump decides on US tariffs
Maya Averbuch - Bloomberg
Shortly before US President Donald Trump is expected to clarify whether he will subject his neighbors to 25% tariffs, Mexico announced it was launching an investigation into dumping by the Chinese and Vietnamese governments of one kind of imported steel. The move comes after Mexico last week sent a delegation of cabinet officials to meet with their counterparts in Washington, in anticipation of Trump's decision of what to do regarding tariffs on Tuesday. The US president had delayed the tariffs on Canada and Mexico a month ago, after both governments pledged to increase border security and stop drug trafficking.
/jlne.ws/41mn154
China Suspends Imports of US Logs and Soybeans From Three Firms
Hallie Gu - Bloomberg
China has halted soybean imports from three US entities, further ratcheting up trade tensions between the world's two largest economies. The nation halted qualifications for soybean exports from CHS Inc., Louis Dreyfus Company Grains Merchandising LLC and EGT LLC, its General Administration of Customs said in a notice late Tuesday.
/jlne.ws/43h3m9d
Trump Escalates Global Trade War, Sparking Tit-for-Tat Tariffs
Kate Sullivan and Josh Wingrove - Bloomberg
President Donald Trump delivered on his threat to hit Canada and Mexico with sweeping import levies and doubled an existing charge on China, spurring swift reprisals that plunged the world economy into a deepening trade war.
/jlne.ws/4i2kFzo
Tariff War Risks Sinking World Into New Great Depression, International Chamber of Commerce Warns; The world economy could face a crash similar to the Great Depression of the 1930s
Joshua Kirby - The Wall Street Journal
/jlne.ws/4i8a8mo
Lutnick Says More Tariffs Are Coming for Canada; Trump delivered on threat to hit Canada, Mexico with levies; Existing duties on China doubled to 20%
Ye Xie - Bloomberg
/jlne.ws/41nghE2
Mexico's Sheinbaum to Announce Trump Countermeasures Sunday; Goal isn't an 'economic confrontation,' president says; Canada has already hit back against Trump's 25% levies
Maya Averbuch and Carolina Millan - Bloomberg
/jlne.ws/4iq5gIK
Copper smelting industry reels from threat of tariffs and China rivals; Fees charged to transform ore have fallen to all-time lows as Glencore halts operations at Philippines plant
Camilla Hodgson - Financial Times
/jlne.ws/4h94MGb
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Trump halts all military aid to Ukraine after White House clash with Zelensky
Josh Marcus - The Independent
The Trump administration has reportedly paused all military aid to Ukraine. The decision, reported by Bloomberg News, comes after a meeting between Trump and Ukrainian president Volodymyr Zelensky at the White House on Friday descended into chaos amid a larger fraying of the U.S.-Ukraine alliance. The president is reportedly reviewing whether Zelensky is willing to engage in good-faith efforts at making peace with Russia, a Defense Department official told the outlet.
/jlne.ws/3F5FjQA
Trump Says Ukraine Deal Still Possible Despite Zelenskiy Feud
Aliaksandr Kudrytski, Piotr Skolimowski, and Akayla Gardner - Bloomberg
President Donald Trump said he doesn't think a minerals deal with Ukraine is dead despite his very public feud with President Volodymyr Zelenskiy. "It's a great deal for us," Trump told reporters Monday, adding that "I'll let you know tomorrow," when he addresses a joint session of Congress.
/jlne.ws/4i2bDlI
Without US help, Zelenskyy has few options except to repair his relationship with the White House
Samya Kullab - Associated Press
Ukraine's president has few options after last week's astonishing Oval Office row with U.S. President Donald Trump, who berated the wartime leader and later cut off the military aid his country relies on to fight Russia's invasion. The scene will almost certainly stick with Volodymyr Zelenskyy for the rest of his presidency, if not his life. And Ukraine's future could depend on whether he can repair his relationship with the White House.
/jlne.ws/3DkCmLl
Australia Will Consider Ukraine Peacekeeping Force, PM Says; PM Albanese says Australia stands with Ukraine's president; Australia has contributed about $800 million in military aid
Ben Westcottb - Bloomberg
Australia is open to requests to take part in peacekeeping operations in Ukraine, Prime Minister Anthony Albanese said, reaffirming his support for Kyiv as it faces growing criticism from the Trump administration. Australia is "open to consideration of any proposals going forward" on potentially deploying troops to Ukraine, Albanese said, adding that its struggle against Russia is about the defense of international law. The UK and France have been discussing boots on the ground in Ukraine to ensure its security in the event of a ceasefire with Moscow.
/jlne.ws/4iiLTRO
Vance says US working on Ukraine plan 'with the Russians' after Trump cuts defense aid to Kyiv
Andrew Feinberg - The Independent
Vice President JD Vance on Monday said Trump administration officials are already in talks with Russia to end the years-long war Russia launched against Ukraine, and warned that Ukrainian President Volodymyr Zelensky needs to accept Donald Trump's terms for a mineral rights deal and enter negotiations with Moscow. Vance's demand that Zelensky accept the U.S.-backed mineral rights deal follows the Ukrainian leader's ejection Friday from the White House after an Oval Office shouting match with Vance and Trump.
/jlne.ws/43lwUlR
Trump has given Putin every incentive to keep fighting; If Trump does not turn the aid taps back on, it is likely that Ukraine will eventually be crushed
Memphis Barker, Senior Foreign Correspondent - The Telegraph
On Tuesday afternoon, a Boeing 747 jet freighted with US weaponry landed in Rzeszow, the Polish border town that serves as a gateway to the battlefield in Ukraine. Its cargo was safely deposited. But unless it was transported onwards immediately, it is likely to remain there. By nightfall, the Trump administration had frozen all military support to Ukraine, plunging the nation into the deepest crisis it has faced since the war began.
/jlne.ws/3QIZ176
Military briefing: Ukraine to run out of US weapons by summer; White House decision to halt military aid means Kyiv's armoury will be depleted in 'two to three months'
Fabrice Deprez and Christopher Miller - Financial Times
/jlne.ws/43iWUyj
Is It Time to Transfer Frozen Russian Assets to Ukraine? Calls Grow Louder; President Trump's threat to abandon Ukraine added urgency to plans to fund security or reconstruction with the roughly $300 billion owned by Russia's central bank.
Patricia Cohen - The New York Times
/jlne.ws/41EuSMq
Middle East Conflict
Arab Leaders to Endorse Gaza Building Plan to Counter Trump; Countries set to back joint way forward in Cairo on Tuesday; Disagreements on key details still need to be resolved
Sam Dagher and Abdel Latif Wahba - Bloomberg
Leaders of Arab countries are meeting in Cairo to endorse a Gaza reconstruction plan to counter the controversial ideas of US President Donald Trump, though a number of crucial details need to be ironed out before the proposal is finalized. The proposition is expected to be unveiled at an extraordinary Arab League summit convening in the Egyptian capital on Tuesday. Bahrain King Hamad Isa Al-Khalifa, Syrian President Ahmed Al-Sharaa, Saudi Foreign Minister Prince Faisal Bin Farhan and United Nations Secretary General António Guterres were among the first arrivals.
/jlne.ws/3F58XoX
Israel Warns Hamas It Has Days to Rethink Ceasefire Position
Dan Williams - Bloomberg
Israel is giving Hamas "several days" to rethink terms for a new Gaza ceasefire, raising the prospect of further pressure tactics or a resumption of war. A six-week truce expired on Sunday with the sides divided over core conditions to enable an open-ended cessation of hostilities. During the first phase, Israel recovered 33 hostages held by Hamas in return for hundreds of Palestinians prisoners.
/jlne.ws/4bqbg1T
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group Reports Record Monthly ADV of 33.1 Million Contracts in February, with Growth Across All Asset Classes
CME Group
CME Group, the world's leading derivatives marketplace, today reported its February 2025 market statistics set a new monthly average daily volume (ADV) record of 33.1 million contracts, an increase of 12% year-over-year. In addition, its deeply liquid interest rate complex reached a monthly ADV record of 19.2 million contracts, driven by record monthly U.S. Treasury futures and options ADV of 13 million contracts and a 15% increase in SOFR futures volume. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
/jlne.ws/3XrStOd
Cash market trading volumes in February 2025
Deutsche Boerse Cash Market
Deutsche Boerse's cash markets generated a turnover of EUR144.88 billion in February (previous year: 108.42 billion / previous month: EUR129.01 billion). EUR140.51 billion were attributable to Xetra (previous year: EUR104.41 billion / previous month: EUR124.97 billion), bringing the average daily Xetra trading volume to EUR7.03 billion (previous year: EUR4.97 billion / previous month: EUR5.68 billion). Trading volumes on Börse Frankfurt were EUR4.37 billion (previous year: EUR4.01 billion / previous month: EUR4.04 billion).
/jlne.ws/3Diqjhw
EEX Press Release - EEX to introduce order book trading on the Japanese power market in April
EEX
The European Energy Exchange (EEX) will introduce order book trading for the Japanese power derivatives market on 22 April 2025, in addition to the existing trade registration service. The new central limit order book will be available for all listed EEX Japanese Power Futures during the time window of 16:00 and 18:00 JST on EEX exchange days.
/jlne.ws/3QHEm3m
HKEX Signs MOU With CMU Omniclear to Enhance the Post-trade Securities Infrastructure of Hong Kong's Capital Markets
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Tuesday) that it has signed a Memorandum of Understanding (MOU) with CMU OmniClear Limited (CMU OmniClear), a company established to carry out the operations of the Central Moneymarkets Unit (CMU) on behalf of the Hong Kong Monetary Authority (HKMA), to jointly explore initiatives that will enhance Hong Kong's post-trade securities infrastructure and support the long-term development of the city's fixed-income and currencies (FIC) ecosystem. Through the collaboration, CMU OmniClear and HKEX will explore and pursue cooperation in areas such as realising cross-asset class efficiencies across equities and fixed income, expanding the mobilisation of Mainland bonds as collateral, enhancing Hong Kong as a bond issuance centre and developing an international central securities depository (ICSD) in Asia.
/jlne.ws/41nIF8U
LSEG Risk Intelligence launches global account verification to tackle cross-border payment fraud in APAC and EMEA
LSEG
LSEG Risk Intelligence, a leader in compliance, risk management and fraud prevention solutions, has announced the launch of Global Account Verification (GAV) in APAC and EMEA. GAV is an innovative solution which checks that payee and account details match before transfers are confirmed, protecting businesses and individuals from fraudulent transactions. The expansion of GAV globally follows the initial launch for US customers in October 2024. GAV helps organisations protect their customers by enabling real-time verification of bank accounts and ownership across 21 countries. It verifies whether payments will reach the correct recipients by querying account information and categorising them with a "match", a "close match" or a "no match".
/jlne.ws/3F1qrm1
MEMX Appoints David Mellor to Lead Global Market Technology Sales; Based in London, Mellor's hire marks a pivotal step in MEMX's international expansion
MEMX
MEMX, a technology-driven exchange operator founded by members to benefit all investors, today announced the appointment of David Mellor as the company's Head of Global Market Technology Sales. Mellor will be based in London and focus on the continued build-out of the company's market technology business while prioritizing its international expansion. Prior to joining MEMX, Mellor spent four years at the London Stock Exchange Group, most recently leading the technology transformation of its FX business and previously leading growth across the EMEA and Asia regions. His extensive experience in the space and deep-rooted relationships will be crucial in furthering MEMX's commitment to expanding its presence in Europe and Asia, while reinforcing its position as a global leader in market innovation.
/jlne.ws/4bmONTD
Nasdaq Appoints Brandis DeSimone as New Head of East Coast Listings
Nasdaq
Nasdaq (Nasdaq: NDAQ) today announced the appointment of Brandis DeSimone as Senior Vice President, Head of East Coast Listings. Under the recently established regional operational structure, this appointment further strengthens Nasdaq's commitment to supporting companies throughout their corporate lifecycle and deepening client relationships. DeSimone brings almost two decades of experience in the financial services industry, including over 13 years at Nasdaq. Throughout her long tenure with the organization, she has consistently demonstrated a strong commitment to the Nasdaq community and an ability to lead with deep client knowledge and trusted expertise. DeSimone has held multiple senior positions focusing on business development and client success. Most recently, she served as Vice President, Head of Americas Data Sales, where she fortified Nasdaq's position as a leading data provider, working with various institutions across the financial sector, including traditional financial institutions and startups.
/jlne.ws/4inDkWa
Update to Electronic Trading Policies and Associated Documentation for Launch of LMEselect v10
LME
This Notice (the "Notice") sets out the updates that the London Metal Exchange (the "LME") is making to its policies and associated documentation (together, the "Documents") related to electronic trading. 2. The new electronic trading platform ("LMEselect v10") is due for market cut-over/go-live on 24 March 2025 ("Go-Live"). 3. The updates summarised in Annex 1 (the "Updates") do not impose any new obligations. The Updates are intended to reflect changes to functionality provided by LMEselect v10 and supporting systems and to help clarify and further enhance information within the existing documentation. 4. Members are reminded of their obligation to certify all algorithms prior to Go-Live. 5. The Documents are available on the LME website at: https://www.lme.com/Trading/Systems/LMEselect.
/jlne.ws/3F3IKaq
Announcement on the Release of the 2025 Shanghai Futures Exchange Arrangements for Member Services and Investor Education
Shanghai Futures Exchange
To further enhance the quality and effectiveness of our services to members, industries and the market, Shanghai Futures Exchange (SHFE) rolls out a series of arrangements for member and market services, industry services, as well as investor education programs and market activities.
/jlne.ws/4h6NnO8
B1G Numbers February 2025: Key Figures from Exchanges
SIX
In Switzerland, the Swiss blue chip index SMI crossed the 13,000 point threshold for the first time in its history on 24 February 2025, and two days later it reached its highest closing price so far at 13,042.5 points. At month end, it stood at 13,004.5 points, which represents an impressive year-to-day performance of 12.1%. On the trading side, overall turnover on SIX Swiss Exchange was up by 2.7% compared to last month and 21.9% since the start of the year. In the equity segment, turnover reached CHF 76.8 billion, an increase of 18% over February 2024. The biggest year-on-year increase was recorded in the ETF segment.
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JPX Monthly Headlines - February 2025
JPX
JPX group companies undertake various initiatives and disseminate information with the aim of providing the most attractive markets to all users.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Foxconn's Mega-AI Plant Ready in a Year Despite Trump Tariffs; The Taiwanese company is investing nearly $1 billion; Lemus welcomes Chinese investment in spite of Trump's tariffs
Amy Stillman - Bloomberg
Foxconn's planned mega-AI server plant near Guadalajara, Mexico, will complete construction in a year despite the threat of new tariffs from President Donald Trump, according to Jalisco Governor Pablo Lemus Navarro. Hon Hai Precision Industry Co., Foxconn's official name, is investing about $900 million in what will become the world's largest assembly plant for servers powered by Nvidia Corp.'s state-of-the-art GB200 AI chips, Lemus told Bloomberg News in an interview.
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Singapore Probes Potential Fraud in Nvidia AI Chip Shipments
Gao Yuan and Mackenzie Hawkins - Bloomberg
Singapore is probing whether Dell Technologies Inc. and Super Micro Computer Inc. servers shipped to Malaysia housed Nvidia Corp. chips barred from China, an investigation that highlights the role of middlemen in funneling high-end semiconductors. The country's law minister on Monday outlined specifics of the probe after local media reported police arrested several people for their alleged roles in procuring and shipping Nvidia chips in violation of US sanctions. They stand accused of misleading server suppliers of the actual end users of the hardware, which were shipped from Singapore to Malaysia, Law Minister K Shanmugam told reporters. Authorities are now investigating if the servers, made by Dell and Super Micro, made their way to other countries, he said.
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Anthropic Finalizes Megaround at $61.5 Billion Valuation; The company is said to have increased its run-rate revenue by 30% so far this year.
Shirin Ghaffary - Bloomberg
OpenAI rival Anthropic has officially closed a deal to raise $3.5 billion at a valuation of $61.5 billion, the company told Bloomberg - cementing its place as one of the largest startups in the world. The higher valuation, which includes the new capital raised, comes as Anthropic's business is growing quickly. Late last year, the company's annual revenue run rate was about $1 billion, according to a person familiar with the matter. So far this year, that number has increased by 30%, said the person, who asked not to be identified discussing private information.
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Saudi Aramco chief says DeepSeek AI makes 'big difference' to operations; World's largest oil company using Chinese AI software in its data centre in Damman
Malcolm Moore - Financial Times
Saudi Aramco, the world's largest oil company, has said technology from Chinese artificial intelligence company DeepSeek is "really making a big difference" and improving the efficiency of its operations. The installation of the technology in Saudi Aramco's flagship data centre marks an example of a major company from outside China using DeepSeek's services at a time of heightened competition with US rivals, and deepening tensions between China and the Trump administration.
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TSMC Unveils $100 Billion US Investment in Boost for Trump
Stephanie Lai, Debby Wu and Ian King - Bloomberg
Taiwan Semiconductor Manufacturing Co., the world's top producer of AI chips, plans to invest an additional $100 billion in US plants that will boost its chip output on American soil and support President Donald Trump's goal of increasing domestic manufacturing. TSMC Chief Executive Officer C.C. Wei joined Trump at the White House to unveil the company's vision for expanding a US footprint that got its start in 2020 during the president's first term. Trump said the move means "the most powerful AI chips in the world will be made right here in America."
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U.S. Regulator Pursuing Tokenization Pilot to Tap Stablecoins as Collateral
Jesse Hamilton - Bloomberg
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Amazon's cloud business to invest $8.2 billion in Indian state in coming years
Reuters
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| Cybersecurity | | Top stories for cybersecurity | Cybersecurity in asset management: a growing battlefield
Russell Sommers - Private Banker International
In an era where cyber threats loom large over every industry, asset managers find themselves in an increasingly precarious position. With substantial assets under management (AUM) and access to sensitive client data, these firms are prime targets for cybercriminals. Yet, many lack the robust defense of their larger financial counterparts.
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The SEC Creates a Cybersecurity and Emerging Technologies Unit
Funds Society
The U.S. securities regulator has created the Cybersecurity and Emerging Technologies Unit (CETU) to focus on combating cyberattacks and protecting retail investors from "malicious actors in the emerging technologies space," the SEC announced in a statement. The new department replaces the Cybersecurity and Crypto Assets Unit and is led by Laura D'Allaird. It consists of approximately 30 fraud specialists and attorneys from multiple SEC offices.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Kraken Is Latest Crypto Firm to Say SEC Agrees to Drop Lawsuit
Olga Kharif - Bloomberg
Kraken said the US Securities and Exchange Commission has agreed in principle to drop its lawsuit against the cryptocurrency exchange, the latest in a series of dismissals of legal actions against crypto companies by the market regulator. There will be no admission of wrongdoing, no penalties paid and no changes to the business, Kraken said in a blog post Monday. A spokesperson for the SEC declined to comment.
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Crypto's Next Bubble Will Be Politically Motivated; Trump's reserves proposal is monetary madness echoing the fight for a system backed by both silver and gold in McKinley's day.
Lionel Laurent - Bloomberg Opinion
Donald Trump is known for loving 19th-century President William McKinley, whom he credits for improving the US "through tariffs and through talent." Now there's another connection. Trump's proposed national reserve of cryptocurrencies, including Bitcoin and memecoin-focused Solana, is reminiscent of the fight for a monetary system backed by both silver and gold in McKinley's day. The danger today is of a speculative bubble with risks to the US dollar - with looming McKinley-esque tariffs also adding to the pain.
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Dictator's crypto crusade fail: El Salvador pays the Bitcoin price for wild experiment
The Economist via The Nightly
For much of the time since Nayib Bukele became president in 2019, El Salvador has teetered on the brink of default. The warning signs were familiar: high debt and interest payments, exacerbated by a wide fiscal deficit; low dollar reserves; anaemic investment and GDP growth. Negotiations with the IMF over a bailout were deadlocked. Mr Bukele's relentless attacks on the judiciary, his opponents and the media did not inspire confidence.
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Elon Musk Issues 'Foolish' Crypto Price Warning As Memecoin Crash Threatens Bitcoin
Billy Bambrough - Forbes
Elon Musk is currently battling to reduce the "terrifying" $36 trillion U.S. debt through his dogecoin-inspired Doge department of government efficiency, fueling wild bitcoin adoption speculation. The bitcoin price, which soared in the aftermath of president Donald Trump's November U.S. election victory, has dropped back as fears swirl U.S. tariffs could hit the global economy-with some analysts warning a recent bitcoin price plunge could be just getting started.
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Did Trump's Crypto-Stockpile Announcement Actually Backfire?
Matt Stieb - New York Magazine Intelligencer
The cryptocurrency industry that sunk tens of millions into the Trump campaign and inauguration has so far gotten everything its investors have wanted from the new president. The Securities and Exchange Commission is abandoning or pausing its cases against some of the biggest players in the industry while agreeing not to police the Wild West shootout that is the meme-coin market these days. They've got major influence in the Trump Cabinet, and the first-ever "crypto summit" will be held on Friday. But despite all these warm signals coming from the White House, the crypto market was kind of sucking in February.
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FTX CEO Who Led 'Model' Bankruptcy Is Up for $41 Million Bonus
Jonathan Randles and Steven Church - Bloomberg
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U.S. Senate Expected to Vote on Erasing IRS's Crypto Broker Rule That Threatens DeFi: Source
Jesse Hamilton - CoinDesk
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| Politics | | An overview of politics as it relates to the financial markets | The Trump administration may exclude government spending from GDP, obscuring the impact of DOGE cuts
Josh Boak - Associated Press
Commerce Secretary Howard Lutnick said Sunday that government spending could be separated from gross domestic product reports, in response to questions about whether the spending cuts pushed by Elon Musk's Department of Government Efficiency could possibly cause an economic downturn. "You know that governments historically have messed with GDP," Lutnick said on Fox News Channel's "Sunday Morning Futures." "They count government spending as part of GDP. So I'm going to separate those two and make it transparent."
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GOP lawmakers turn up the heat on Fed as they question dual mandate
Jennifer Schonberger - Yahoo Finance
Scrutiny of the Federal Reserve is intensifying this week in Washington, D.C., as a new congressional panel gathers to discuss whether the central bank should focus more exclusively on fighting inflation amidst a broad review of the central bank. The House's Monetary Policy, Treasury Market Resilience, and Economic Prosperity Task Force will hold its first hearing Tuesday. A main focus will be the Fed's dual mandate of maintaining price stability and ensuring maximum employment.
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Putin Agrees to Help Trump Broker Nuclear Talks With Iran
Bloomberg News
Russia agreed to assist President Donald Trump's administration in communicating with Iran on issues including the Islamic Republic's nuclear program and its support for regional anti-US proxies, according to people familiar with the situation. Trump relayed that interest directly to President Vladimir Putin in a phone call in February and top officials from his administration discussed the matter with their Russian counterparts at talks in Saudi Arabia days later, people familiar with the matter in Moscow said, declining to be identified because of the sensitivity of the issue.
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US Considers Easing Sanctions on Russia After Trump-Zelensky Meltdown
Sonam Sheth and Gabe Whisnant - Newsweek
The United States is preparing to potentially ease sanctions against Russia as President Donald Trump pushes to restore relations with Moscow and end the war in Ukraine, a U.S. official and another source familiar with the matter told Reuters. The White House has directed the Treasury and Department of State to compile a list of sanctions that could be lifted. U.S. officials are expected to discuss the proposals with Russian representatives in the coming days as part of broader diplomatic and economic negotiations, the sources told Reuters.
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Trump's Funding Cuts Threaten America's AI Competitiveness; A key federal agency for artificial intelligence research has been hit by layoffs and faces looming budget cuts.
Jackie Davalos - Bloomberg
For more than a year, Courtney Gibbons was focused on exploring the mathematical foundations of artificial intelligence - the kind of arcane research that can sometimes be overlooked until it helps pave the way for the next ChatGPT. But in February, Gibbons was one of 170 employees fired at the National Science Foundation, a federal agency that has long been a linchpin of domestic technology research and investment. Many of these were probationary staffers and part-time experts like Gibbons who had been handpicked over the past two years specifically for their expertise in AI. About a quarter worked inside groups central to deploying NSF funding for AI research, according to documents viewed by Bloomberg.
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A report card for Elon; Management experts started out feeling hopeful about DOGE. Now they're appalled.
Amanda Hoover - Business Insider
The reelection of Donald Trump brought Republicans a chance to realize their long-held dream of drowning bureaucracy in a bathtub. Since the Reagan era, many have tried; none have succeeded. But when Trump announced that Elon Musk would serve as cutter in chief and set up a Department of Government Efficiency, many believed the moment had at last arrived. So in November, I posed a question to management and policy experts: Could Musk's history of ruthlessly slimming down his companies and making them wildly successful give him the experience he needs to sniff out and cut Washington waste?
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California Keeps Making the US Great - Again; The White House needs reminding that the Golden State is where most of the country's prosperity is derived.
Matthew A. Winkler - Bloomberg
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For some bankers, the Trump-Vance showdown had a familiar ring; Stifling dissent by dominating the room isn't just Oval Office politics
Craig Coben - Bloomberg
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Americans apply for UK citizenship in record numbers; Donald Trump's election and British tax changes believed to be behind 40% rise in applications
Amy Borrett - Financial Times
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Finland's intelligence service says it is closely watching US position on Russia
Reuters
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Trump's Blowup With Zelenskiy Spurs Taiwan to Rethink US Tactics
Yian Lee - Bloomberg
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Why Yoon's impeachment could increase risks to South Korea; Seoul now faces far more complex diplomatic challenges than it did during Trump 1.0
Hiroshi Minegishi - Nikkei Asia
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| Regulation & Enforcement | | Stories about regulation and the law. | Top Wall Street Prosecutor Returns to Boutique New York Law Firm
Ava Benny-Morrison - Bloomberg
Former Acting Manhattan US Attorney Edward Kim is returning to the boutique New York law firm he co-founded after serving as one of the top federal prosecutors overseeing Wall Street. Kim left the Manhattan US attorney's office in January, narrowly avoiding a tumultuous few weeks that led to the resignations of his successor, Danielle Sassoon, and a number of other prosecutors. He is rejoining the firm Krieger Lewin, which will be renamed KKL.
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Ex-Credit Suisse Bankers Banned in UK for Tuna-Bond Scandal Role
Upmanyu Trivedi - Bloomberg
The UK's financial sector regulator banned two former senior bankers at Credit Suisse Group, who pleaded guilty in the US to being part of bribery in the $2 billion bond fraud in Mozambique. The Financial Conduct Authority banned Andrew Pearse, who admitted to wire fraud, money laundering and receiving kickbacks worth over $45 million for his role in arranging corrupt loans to Mozambique. The authority also banned Surjan Singh after he admitted charges of money laundering and accepting $5.7 million in unlawful payments.
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India's financial crime fighting agency says Paytm violated foreign exchange rules
Reuters
India's financial crime fighting agency said on Monday its investigation revealed that payment services provider Paytm and its units had violated the country's Foreign Exchange Management Act to the tune of 6.11 billion rupees ($70.00 million). The Enforcement Directorate (ED) said that Paytm had made a foreign investment in Singapore and did not file the necessary reporting to the Reserve Bank of India (RBI).
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Reform the Consumer Finance Watchdog, Don't Delete It; Making the CFPB more resilient and streamlined will benefit honest businesses and their customers.
The Editorial Board - Bloomberg
It's been a rough start to the year for the Consumer Financial Protection Bureau. Its director was fired on Feb. 1. His temporary replacement immediately shut the agency's headquarters, halted its operations, tried to cut off its funding and summarily dismissed dozens of staffers, prompting lawsuits and intervention by a federal judge. "CFPB RIP," wrote a gleeful Elon Musk. So it goes with this administration. But look past the tweets and the turmoil, and the watchdog's future might not be so dire after all - in fact, there's hope that a better, more resilient agency can emerge from the chaos.
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SEC Crypto Task Force to Host Roundtable on Security Status
SEC
The Securities and Exchange Commission today announced that its Crypto Task Force will host a series of roundtables to discuss key areas of interest in the regulation of crypto assets. The "Spring Sprint Toward Crypto Clarity" series will begin on March 21 with its inaugural roundtable, "How We Got Here and How We Get Out - Defining Security Status." The initial roundtable on March 21 is open to the public and will be held from 1:00 p.m. to 5:00 p.m. at the SEC's headquarters at 100 F Street, N.E., Washington, D.C. Please note that the number of in-person participants may be limited and visitors will be subject to security checks. The primary discussion will be streamed live on SEC.gov, and a recording will be posted at a later date. In addition to the roundtable, all attendees will be able to participate in small group breakout sessions which will not be broadcast. Information regarding the agenda and roundtable speakers will be posted on the Crypto Task Force webpage in the coming days.
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Commissioner Hester Peirce Announces Crypto Task Force Staff
SEC
The Securities and Exchange Commission today announced the members of the Crypto Task Force staff, which is advising the Commission on matters related to crypto. The task force is composed of staff from the Acting Chairman's office and other divisions and offices across the Commission. SEC Commissioner Hester Peirce said, "The Crypto Task Force exhibits deep expertise and an enthusiastic commitment to identifying-with the help of other talented staff across the Commission and interested members of the public-workable solutions to difficult crypto regulatory problems."
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SEC Staff Facilitates Capital Formation for Companies Planning Public Offerings
SEC
The Securities and Exchange Commission today announced that its Division of Corporation Finance is further facilitating capital formation by enhancing the accommodations available to companies for nonpublic review of draft registration statements. In 2012, the JOBS Act permitted certain companies to confidentially submit for staff review a draft registration statement for an initial public offering. In 2017, the staff expanded these accommodations to all companies conducting certain securities offerings, including initial public offerings and follow-on offerings within one year of their initial public offering. With today's announcement, the accommodations for companies submitting draft registration statements for nonpublic review will be further enhanced.
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Former Irexchange Limited Company Secretary and Legal Advisor, CEO and CFO charged after ASIC investigation
ASIC
Three former Irexchange Limited (IRX) executives today appeared in the Downing Centre Local Court charged with breaches of the Corporations Act (the Act) following an ASIC investigation. Former Chief Executive Officer Brett Charlton and former Chief Financial Officer Brett Coventry were charged with one count of providing false or misleading information to ASIC contrary to section 1308(2) of the Act.
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FCA bans former Credit Suisse executives following US criminal convictions
FCA
The FCA has banned Andrew Pearse and Surjan Singh from the UK financial services industry.
The former Credit Suisse managing directors have been banned for lacking integrity, following US convictions for arranging corrupt loans to the Republic of Mozambique. In July 2019, Mr Pearse pleaded guilty in the US for his role in the conspiracy to commit money laundering and wire fraud, which included him accepting over US$45m in unlawful kickbacks in connection with the loans.
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Asset Land investors asked to get in touch
FCA
We successfully took legal action against Asset Land companies and their directors, David Banner-Eve and Stuart Cohen, following an investigation into unlawful activity in 2012. After a trial and multiple appeals, the defendants were ordered to pay £21 million to us for the benefit of affected investors. In the absence of any payment, we then took further steps resulting in the compulsory liquidation of Asset Land companies and the bankruptcy of Mr. Banner-Eve and Mr. Cohen. The joint liquidators have now concluded the insolvency proceedings, with some funds paid to us from the sale of remaining assets.
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Publication of AI Discussion Paper
FSA
The Financial Services Agency (FSA) issued an AI Discussion Paper entitled "Initial points to consider for promoting the sound utilization of AI in the financial sector."
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Zero-Day Options Hits Trading Record on Trump Turmoil, Robinhood Push
Lu Wang and Denitsa Tsekova - Bloomberg
One of Wall Street's most-popular option trades just got more popular than ever, fueled by Donald Trump's volatility-inducing policy agenda and a push by Robinhood Markets Inc. to expand its product offerings. Contracts that expire within 24 hours made up a record 56% of the S&P 500's total options volume last month, according to data compiled by Cboe Global Markets Inc., the exchange that's at the center of the trading boom.
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FTSE Russell Announces Changes To FTSE UK Index Series Methodology
Mondovisione
FTSE Russell, the global index provider, today announces two changes to the FTSE UK Index Series methodology. Following a review of the FTSE UK Index Series, FTSE Russell will make changes to the Sterling Denominated Price Requirement and Fast Entry Thresholds, effective from the September 2025 index review.
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FTSE Russell announces 2025 Russell US Indexes Reconstitution schedule
LSEG
FTSE Russell, the global index provider, today confirms the schedule for the 37th annual Reconstitution of the Russell US Indexes, set to occur at the end of June 2025. This rebalancing process is designed to capture market shifts from the previous year to ensure the Russell US Indexes continue to accurately reflect the US equity market.
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Private Credit to Drive More Life Insurance Growth: Moody's
Alexandre Rajbhandari - Bloomberg
The rise of private credit will continue to benefit US life insurers, whose growing investments in the asset class bolster returns, allowing for more aggressive pricing, according to Moody's Ratings. Alternative asset managers, emboldened by the boom, will continue buying life insurers or seek more partnerships with them as they hunt for more capital to feed their dedicated funds, Moody's analysts wrote in a note Monday.
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Industry sees weaker S&P 500 returns: SIFMA; After two hot years, returns look lower, risks abound, survey finds
James Langton - Investment Executive
Coming on the heels of two exceptionally strong years for U.S. stocks, market participants are expecting weaker gains this year, according to a new report from the U.S. Securities Industry and Financial Markets Association (SIFMA). The U.S. industry trade group issued a report that analyzes the performance of U.S. securities markets in 2024, and surveys its equity and options trading committees, along with representatives from equity and options exchanges, on their expectations for the year ahead.
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FTSE UK indices to include shares priced in foreign currencies; Plan part of efforts to boost City of London's attractiveness to investors
George Steer - Financial Times
Index provider FTSE Russell said on Monday that shares priced in currencies other than sterling would be added to its UK indices, as it attempts to boost the British stock market's appeal to global investors. FTSE Russell, which is owned by the London Stock Exchange Group and manages the blue-chip FTSE 100 and mid-cap FTSE 250, said securities trading in dollars and euros, for example, would be "considered for potential inclusion" to the FTSE UK index series from September. Only securities trading in pounds are currently eligible.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Hedge Fund Built on Energy Bets Says 'Clean Is Dead for Now'
Will Mathis - Bloomberg
Less than a year after launching a hedge fund dedicated to the green energy transition, its founder says there's currently no financial gain to be had from investing in renewable power. "The whole sector - solar, wind, hydrogen, fuel cells - anything clean is dead for now," said Nishant Gupta, founder and chief investment officer at London-based Kanou Capital LLP.
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Trump's Return Prompts Companies to Stifle Climate Talk With 'Greenhushing'
Businesses that used to tout carbon-cutting are switching their message: "This isn't a good time to put a red flag in front of the bull."
Coco Liu and Olivia Rudgard - Bloomberg
As the chief executive officer of Caelux, Scott Graybeal runs a technology startup in Baldwin Park, California, that makes high-efficiency glass for solar panels. For years, climate change had been a crucial part of Graybeal's business conversations - until Donald Trump was re-elected last November.
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Why detecting methane is difficult but crucial work
Christine Ro - BBC
In and around Washington DC, volunteers and activists have been walking through streets and homes to see how healthy the air is. They're armed with industry-grade monitors that detect the presence of several gases. The devices look a bit like walkie-talkies. But they are equipped with sensors that reveal the extent of methane, turning this invisible gas into concrete numbers on a screen. Those numbers can be worrying. In a 25-hour period, neighbourhood researchers found 13 outdoor methane leaks at concentrations exceeding the lower explosive limit. They have also found methane leaks within homes.
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Iran Using Smaller Ships to Skirt Sanctions in China Oil Trade
Serene Cheong - Bloomberg
Smaller and more agile tankers are playing an increasingly important role in the transport of Iranian oil to China, as the illicit trade faces mounting pressure from US sanctions. Aframax and Suezmax vessels have become more active on the sensitive route, ship-tracking data show. Eight such tankers received Iranian crude from supertankers via ship-to-ship transfers in February, with the majority of them bound for China, according to Kpler data. That compares with two tankers each in December and January.
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US Ethanol Giant Faces Potential Sale After CEO Stepped Down
Kim Chipman - Bloomberg
When Todd Becker took the top job at Green Plains Inc., one of the US's largest ethanol producers, it was 2009 and the nation had just announced an expansion of its biofuels mandate two years earlier. Fast forward to 2025 and the US is again in the midst of another biofuels boom, but one that Becker simply couldn't capitalize on fast enough. After a 38% drop in the share price this year, Becker announced on Friday that he was stepping down, prompting fresh speculation of a sale.
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Malaysia Unveils CO2 Storage Bill in Push to Become Regional Hub
Anisah Shukry - Bloomberg
Malaysia's government unveiled legislation to regulate carbon capture and storage activities that will allow the oil producer to widely adopt and monetize the emissions-reducing technology. The bill will govern the capture, transport, utilization and storage of carbon dioxide, Economy Minister Rafizi Ramli said in a statement on Tuesday. Parliamentarians are set to vote on it as early as Wednesday, he added. If approved, the law will only apply to activities in Peninsular Malaysia and the Federal Territory of Labuan. Malaysia's biggest state Sarawak and neighboring Sabah, both located in Borneo, last year called to be excluded from the bill as part of a push for greater economic autonomy.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Capital One and Wells Fargo Rated 'Outstanding' in CRA Compliance
PYMNTS
Capital One and Wells Fargo are among 10 financial institutions rated "outstanding" in the Office of the Comptroller of the Currency's (OCC) latest list of Community Reinvestment Act (CRA) performance evaluations. Another 16 financial institutions were rated "satisfactory," the regulator said in a Monday (March 3) press release. None of the financial institutions whose CRA performance evaluations became public in February were rated "needs to improve" or "substantial noncompliance."
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Balyasny Tops Millennium and Citadel During February Turmoil
Siddharth Philip, Katherine Burton and Bei Hu - Bloomberg
Balyasny Asset Management LP gained the most among the world's biggest multi-manager hedge funds in February as tariff threats and bubbling economic concerns shook markets. Balyasny's hedge fund rose 0.9% during the month, according to people with knowledge of the matter. That brings the fund's year-to-date gain to 3.5%, said the people, who asked not to be identified because the results are private.
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Abrdn Becomes Aberdeen in Undoing of Ridiculed 2021 Rebrand
Leonard Kehnscherper - Bloomberg
Less than four years after a radical rebrand that saw the company drop most vowels from its name, Abrdn Plc has bowed to derision and is renaming itself aberdeen group plc as Chief Executive Officer Jason Windsor seeks to revive the flailing asset manager. The volte face comes as the firm contends with ongoing outflows and even after it insisted as recently as January that it would stick with the widely mocked name that was introduced by previous CEO Stephen Bird.
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Wall Street's Leveraged-Stock Boom Gathers Pace With 'MUSK' Fund
Lu Wang - Bloomberg
A little-known ETF firm is the latest to tap into relentless day-trader demand for leveraged stock bets, just as volatility lashes Wall Street. Quantify Funds, based in New York, has filed to list 10 derivatives-powered products, each holding a duo of stocks from a list that includes crypto-exposed companies, like Coinbase Global Inc. and Strategy, and technology megacaps such as Meta Platforms Inc. and Amazon.com Inc. The idea is investors can get a $1 exposure in both stocks for every $1 invested in total.
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Anthropic Stake for the Masses Is Latest ETF Industry Gambit
Vildana Hajric - Bloomberg
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Former Viking Global Investors exec named head of trading at Delta Global Management; Appointment previously held positions at Viking Global Investors, Conatus Capital Management and Barclays.
Wesley Bray - The Trade
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Australia's opposition vows work from home crackdown; Liberal party accused of Trump 'copycat' move to force government employees back to offices
Nic Fildes - Financial Times
Australia's opposition party has pledged to crack down on "unsustainable" remote working arrangements in the civil service, vowing to force public sector workers back into the office full time if it is elected later this year. The move drew condemnation and comparisons with Donald Trump, who has pushed government employees to return to offices or accept redundancy since he returned to the US presidency in January.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Resilience, Wellness And Sustainability Are Top Trends At Major Trade Show
Jamie Gold - Forbes
Design & Construction Week, the massive annual expo combining the International Builders' Show with the Kitchen & Bath Industry Show, wrapped last Thursday with record attendance and multiple award programs. Resilience, wellness and sustainability dominated the trends in this largest show of its kind in the world. According to the National Association of Home Builders, which owns IBS, more than 124,000 residential design and building pros visited more than 2400 exhibitors across the four Las Vegas Convention Center halls. This was the 12th year that the two trade shows were combined.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Indian Stocks Post Historic Losing Streak as Global Funds Flee
Chiranjivi Chakraborty and Alex Gabriel Simon - Bloomberg
The selloff in Indian equities marked another grim milestone, with the benchmark index declining for a record 10th straight day amid continuous selling by overseas investors. The NSE Nifty 50 Index fell 0.2% on Tuesday, extending a drop from the September peak to 16%. Global funds have led the selloff, pulling nearly $14 billion this year, driven by concerns about slowing economic growth and relatively high valuations.
/jlne.ws/41E3ePP
Commodity trader Cargill to add 500 jobs to its Indian global centres in 3 years
Sai Ishwarbharath B - Reuters
Global commodity trader Cargill plans to add 500 jobs to its global capability centres (GCCs) in the next two to three years, bringing the overall headcount to 3,500, as part of its plans to increase its digital and tech workforce in the country. Most of the hiring would be for expanding its tech-based talent in Bengaluru in data engineering, analytics and AI-based roles, Jennifer Hartsock, chief information and digital officer at Cargill, told Reuters.
/jlne.ws/4h8W36A
Coffee Supply Crunch Causes Bare Shelves at Some European Stores
Charlotte Hughes-Morgan - Bloomberg
European consumers are being confronted by yet another repercussion of the global coffee crunch: Empty shelves in supermarkets. Major Dutch retailers Albert Heijn and Jumbo said they stopped stocking certain products from coffee giant JDE Peet's NV - which makes some of Europe's most popular brands - as they renegotiate supply deals. There have also been reports of similar disruptions at German supermarket firms Edeka and Aldi Nord.
/jlne.ws/3DkJibl
Islamic finance expands beyond Malaysia in Southeast Asia; Indonesia, the Philippines and Thailand push to capture growing demand
Norman Goh - Nikkei Asia
Kuala Lumpur -- Islamic finance is expanding across Southeast Asia, attracting new players and products as institutions seek to tap what is still a relatively small sector in most countries. The region accounted for some $859 billion, or 17% of the $4.9 trillion global market in 2023 after growing by 11% in 2022, according to the latest study by the Islamic Corporation for the Development of the Private Sector (ICD) and London Stock Exchange Group (LSEG). This compared to $730 billion, or 20%, of $3.49 trillion in 2020.
/jlne.ws/3DizjDy
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| Miscellaneous | | Stories that don't quite fit under the other sections | Staley Went Around Barclays Official to Email Jeffrey Epstein
Jonathan Browning and Harry Wilson - Bloomberg
Jes Staley stayed in contact with Jeffrey Epstein behind the back of Barclays Plc's head of communications while the bank dealt with questions about its incoming boss' links to the late sex offender a decade ago. Appearing as the first witness in Staley's legal fight with British regulators, Stephen Doherty said he'd only become aware of his former boss' emails with Epstein years later, after UK authorities announced their own findings on the matter.
/jlne.ws/4i2u8Xr
US Hedge Fund Chief Rebuilds Birmingham City Football Club; US financier Tom Wagner has grand plans for Birmingham City after a tough first year that saw the club dumped into the third tier.
David Hellier - Bloomberg
Tom Wagner co-founded a hedge fund company that aims to "unlock value where others see risk." Before that, he spent years running the distressed and high-yield credit trading desks at Goldman Sachs Inc. His latest venture has also proven to have no shortage of risk and distress.
/jlne.ws/3XqX2bA
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