| July 15, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Crypto companies' efforts to bring U.S. stocks to blockchain platforms have gotten off to a rocky start, according to Alexander Osipovich and Vicky Ge Huang in The Wall Street Journal. Digital tokens tracking high-profile stocks like Amazon and Apple, launched by firms including Robinhood, Kraken, Gemini, and Bybit, have already shown sharp discrepancies from the actual share prices-sometimes swinging up to 300% or more away from their real-world equivalents. Osipovich and Huang report that Robinhood faced scrutiny from European regulators after launching tokens designed to mirror the performance of companies like OpenAI without their involvement, while certain tokens on decentralized platforms priced Amazon at more than 100 times its NYSE closing price. These so-called "xStocks," issued by Backed Finance and traded on various crypto exchanges, are thinly traded and thus prone to wild price distortions, especially outside of regular stock market hours.
The Wall Street Journal story notes that, while crypto advocates tout tokenized stocks as a way to democratize access to U.S. markets and enable 24/7 trading, many industry insiders-and critics-are raising alarms about a lack of regulatory oversight. Unlike traditional brokerages and exchanges, which must verify customer identities and monitor trading for manipulation or insider activity, tokenized stocks on blockchain can be "permissionless" and easily passed among anonymous users and exchanges. While some platforms like Kraken keep customer records, others do not, sparking fears among experts like Carlos Domingo of Securitize that these products could become breeding grounds for fraud and illegal trades. Despite claims from issuers that blockchains enable transparency, Osipovich and Huang conclude that tokenized stocks in their current iteration come with significant risks and remain largely unregulated.
I was once a CAT bond broker, or more specifically, a CAT bond futures options broker. I was referred to some business that Richard Sandor's firm could not handle because of a conflict of interest and so this product that traded on the new financial floor at the CBOT, by the bathrooms, recorded on a blackboard, was part of my brokerage offerings. And the cash CAT bond business is booming. Catastrophe bond sales have hit a record $18.1 billion so far in 2025, as insurers seek to offload mounting climate-related risks to investors in search of high returns, report Lee Harris and Ian Smith in the Financial Times. The bonds, which transfer risk to investors from natural disasters like hurricanes and wildfires, have seen surging demand despite increasing extreme weather events linked to climate change. Notably, insurers such as State Farm and Florida's Citizens have issued billion-dollar deals, as they face growing losses amid escalating catastrophes. Swiss Re estimates that insurers have paid more than $100 billion annually in catastrophe-related claims so far each year this decade, and that losses could reach $300 billion in extreme cases.
Catastrophe bonds are attracting a broad mix of investors-including hedge funds, endowments, and family offices-drawn by yields higher than traditional fixed income and returns that are less tied to broader market movements. The launch of the first catastrophe bond ETF on the NYSE in April underscores the product's growing appeal. Experts quoted in the FT noted that bondholders typically face losses only from rare, ultra-destructive events, and recent storms like Hurricanes Helene and Milton triggered minimal payouts. With traditional reinsurance costs rising, insurers are increasingly turning to these instruments, while investors see them as a way to diversify amid mounting climate and market volatility.
Europe's new anti-money laundering watchdog has named crypto assets as the top money laundering threat, emphasizing that the sector will be its foremost priority, reports Martin Arnold in the Financial Times. Bruna Szego, chair of the EU Anti-Money Laundering Authority (AMLA), told the FT that cryptocurrencies present significant risks due to their cross-border nature, potential for anonymous ownership, and the speed with which they can be transferred. With the introduction of a pan-EU licensing framework and the highly fragmented nature of the European market, Szego warned that inconsistent regulatory controls across member states could make it easier for illicit actors to exploit loopholes. She stressed the need for regulators to examine the beneficial owners of crypto service providers to prevent money laundering and terrorist financing.
Szego said that as AMLA assumes supervisory control over the region's riskiest financial institutions-approximately 40 as of 2028-crypto asset service providers will likely be among them. The authority is rapidly hiring staff to expand oversight, aiming for 430 employees by 2028. These concerns echo warnings from the Financial Action Task Force, which recently noted that most global jurisdictions are not yet fully compliant with crypto regulation standards. The FT notes that AMLA's approach stands in contrast to a more crypto-friendly and deregulated policy seen in the U.S. under the Trump administration, which has loosened enforcement and looks to further integrate digital assets into mainstream finance. Szego emphasized that national authorities must thoroughly vet crypto companies and ensure compliance from the outset, including requiring board members with expertise in anti-money laundering and counterterrorist finance.
Here are the headlines from in front of FOW's paywall from some recent stories: CFTC commissioner Johnson warns again about cyber-risks, Eurex promotes Graulich for second time in four months and Standard Chartered launches 'industry-first' digital assets trading service.
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:
Mysterious Option Trades Put Spotlight on Key Indian Stock Index from Bloomberg.
Jane Street Sets Aside $564 Million as India Probe Continues from Bloomberg.
Upstart Money Managers Lure Retail-Trader Billions With High-Risk ETFs; Matthew Tuttle is one of the leading architects of leveraged single-stock ETFs, which now command about $22 billion and counting. from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Cboe's Saroukhanov Sees Retail Surge Driving European Equity Options Growth
JohnLothianNews.com
LONDON, UK-(JLN) - July 15, 2025 - Cboe Global Markets is seeing robust growth in equity options across Europe, fueled primarily by increasing retail participation, according to Iouri Saroukhanov, head of European derivatives at Cboe. Speaking with John Lothian News at FIA IDX in London, Saroukhanov highlighted recent platform enhancements, including the addition of new market makers and liquidity providers since June 1, which have contributed to rising volumes.
Watch the video »
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BMV CEO: CME Partnership to Boost Liquidity, Global Access for Mexican Markets
JohnLothianNews.com
LONDON, UK-(JLN)-July 14, 2025 - The Bolsa Mexicana de Valores (BMV) is set to deepen liquidity and expand global access to Mexican financial markets through its new partnership with CME Group, according to Jorge Alegria, chief executive officer of BMV. Speaking with John Lothian News at the FIA IDX conference in London, Alegria emphasized the importance of connecting local and international liquidity pools to benefit both domestic and foreign market participants.
Watch the video »
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Kynetix CEO: Data Trust and Adaptability Key as Post-Trade Tech Evolves
JohnLothianNews.com
LONDON, UK-(JLN)-July 14, 2025 - Trust in data and the ability to adapt to rapid regulatory and market changes are central to the future of post-trade technology, according to Matt Dolton, CEO of Kynetix. Speaking with John Lothian News at FIA IDX in London, Dolton emphasized the importance of robust data processing tools. "Firms being able to trust their data is absolutely vital. What HelloZero does is it enables firms to ingest and process a wide variety and large volumes of trade position, valuation type data, pricing data, and prepare that really fast," Dolton said, noting that the platform can help clients stay ahead of competitors.
Watch the video »
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Financial institutions should prepare for subsea cable sabotage; Attacks on the infrastructure that moves money could be a bigger threat than cyber hacks
Elisabeth Braw - Financial Times
A string of mysterious undersea cable incidents is spooking governments and Nato. But they should spook another group too: the financial services industry. If several cables connecting Britain or the US east coast were severed, the City of London and Wall Street would face colossal disruption and losses. Both London and New York should prepare for it. On Christmas Day last year, the Cook Islands-flagged tanker Eagle S hit five cables in the Gulf of Finland. Had the Finnish Border Guard not boarded the tanker, which belongs to Russia's so-called shadow fleet, the destruction could have been even worse. The cables' operators closely followed the developments - and so did Jaakko Weuro, the head of Finland's Financial Stability Authority (RVV).
/jlne.ws/3TGn3kM
*****It is not just the risk from left field that we have to worry about, but the risk from under the sea too.~JJL
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USPS First-Class Stamp Increases 5 Cents
Today
The price of a first-class stamp from the U.S. Postal Service is now $0.78, up five cents from before. It's the 10th increase in the last nine years.
/jlne.ws/4lx0UBL
***** Thank goodness for forever stamps.~JJL
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DOGE staffer with access to Americans' personal data leaked private xAI API key; A DOGE staffer with access to the private information on millions of Americans held by the U.S. government reportedly exposed a private API key used for interacting with Elon Musk's xAI chatbot.
Zack Whittaker - TechCrunch
Independent security journalist Brian Krebs reports that Marko Elez, a special government employee who in recent months has worked on sensitive systems at the U.S. Treasury, the Social Security Administration, and Homeland Security, recently published code to his GitHub containing the private key. The key allowed access to dozens of models developed by xAI, including Grok.
/jlne.ws/4eNl0oB
***** Was that a DOGE staffer or a DOPE staffer?~JJL
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Monday's Top Three
Our top clicked item Monday was the obituary for Ricky Odis Halverson of Lake Geneva, Wisconsin, who died on July 5, 2025, from Nelson Funeral Homes & Crematory. Condolences to his family and friends. Second was the LinkedIn post from Hiromi Yamaji, group CEO of the Japan Exchange Group, saying that "Japan is at a pivotal moment in history." Third was the LinkedIn post from Stephane Boujnah, CEO and chairman of the managing board chez Euronext, about Euronext's role in European aerospace and defence companies' investing.
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| Lead Stories | US Regulators Provide Blueprint for Lenders' Crypto Custody
Katanga Johnson - Bloomberg
US regulators gave fresh guidelines for how banks can offer crypto custody services and not run afoul of rules, the latest move from Trump-era watchdogs as they weigh how traditional lenders can engage with digital assets. Banks that contemplate providing safekeeping for crypto-assets should consider the evolving nature of the crypto market, including the technology underlying the cryptoassets, regulators said in a Monday statement. The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency said firms must also implement a risk-governance framework that appropriately adapts to relevant risks.
/jlne.ws/3In1bbQ
Want to Trade Amazon on a Crypto Exchange? The Price Might Be Off by 300%; Digital tokens tracking popular stocks such as Apple deviate wildly from underlying prices and raise concerns about lack of regulatory oversight
Alexander Osipovich and Vicky Ge Huang - The Wall Street Journal
Crypto companies have grand plans to reinvent the stock market using blockchain technology. They are off to a bumpy start. Digital tokens designed to track popular stocks such as Amazon and Apple have deviated wildly from the price of the underlying shares since their launch two weeks ago. Robinhood Markets is facing scrutiny from its European regulator after it launched a token designed to let investors bet on OpenAI-without getting permission from the artificial-intelligence startup. And even some industry insiders fret that such "tokenized" stocks create opportunities for bad actors to engage in insider trading and market manipulation without getting caught.
/jlne.ws/3InbQTV
Nvidia Wins OK to Sell AI Chip to China Again After CEO Meets Trump; Jensen Huang's case proves persuasive as U.S. agrees to grant licenses for H20 chip
Raffaele Huang and Amrith Ramkumar - The Wall Street Journal
Nvidia said it has received assurances from the Trump administration that it can sell its H20 artificial-intelligence chip in China, days after Chief Executive Jensen Huang met President Trump. The administration's move marks a turnabout after the Commerce Department restricted sales of the chip in April, costing Nvidia billions of dollars. The news came during a visit by Huang to Beijing, where he was meeting senior officials. "I'm very happy," he told reporters. Shares in Nvidia rose more than 4% in premarket trading early Tuesday.
/jlne.ws/44zztkQ
JPMorgan CEO Dimon says Fed independence 'absolutely critical'
Reuters
JPMorgan Chase CEO Jamie Dimon said on Tuesday the independence of the Federal Reserve is "absolutely critical". "The President said he's not going to try to remove Jay Powell," Dimon told reporters in a conference call. "The independence of the Fed is absolutely critical, and not just for the current Fed chairman, who I respect, but for the next Fed chairman." "Playing around with the Fed can often have adverse consequences, absolutely opposite of what you might be hoping for," he said.
/jlne.ws/4nOANYz
Rachel Reeves to reform UK bank ringfence rules in financial services overhaul; Chancellor announces 'Leeds reforms' to try and drum up more investment
Martin Arnold, George Parker and Ashley Armstrong - Financial Times
The chancellor has announced plans to reform the ringfencing rules that force UK banks to separate their retail and investment banking activities, as part of a raft of measures to soften regulations and drum up more investment in financial markets. Rachel Reeves said the changes to the heavily criticised ringfencing rules would help to free up capital for banks as part of the government's drive to boost growth by putting "the UK ahead in the race for financial businesses".
/jlne.ws/4eVYoTc
Crypto is top money laundering threat, warns new EU watchdog; AMLA chair says Europe's digital currencies market will be its clear priority
Martin Arnold - Financial Times
Europe's new anti-money laundering watchdog has warned that crypto assets are its biggest challenge to stop dirty money infiltrating the region's financial system. Bruna Szego, chair of the EU Anti-Money Laundering Authority, told the Financial Times that the crypto market is a clear priority because it is "significantly exposed to money laundering and terrorism financing risks".
/jlne.ws/44Nw0xU
A Treasury Bill Deluge Is Here. What Could Go Wrong.
Karishma Vanjani - Barron's
The Treasury Department is issuing billions of short-term debt and Wall Street is keeping a close watch on whether it trips a fuse in the funding market. No trouble is expected in the near-term-but beyond that, worries loom. The Treasury issues debt every week that expires in under a year. It recently boosted that amount, adding $25 billion each to its 4-week and 8-week bill auctions on Thursday compared with the prior auction on July 3.
/jlne.ws/466ljss
Nvidia Wins OK to Sell AI Chip to China Again After CEO Meets Trump; Jensen Huang's case proves persuasive as U.S. agrees to grant licenses for H20 chip
Raffaele Huang in Singapore and Amrith Ramkumar in Washington - The Wall Street Journal
Nvidia said it has received assurances from the Trump administration that it can sell its H20 artificial-intelligence chip in China, days after Chief Executive Jensen Huang met President Trump. The administration's move marks a turnabout after the Commerce Department restricted sales of the chip in April, costing Nvidia billions of dollars. The news came during a visit by Huang to Beijing, where he was meeting senior officials. "I'm very happy," he told reporters. Shares in Nvidia rose more than 4% in premarket trading early Tuesday.
/jlne.ws/4lT9YAD
U.S. Banking Regulators Issue Crypto 'Safekeeping' Statement, Not Pushing New Policy
Jesse Hamilton - CoinDesk
The Federal Reserve and other U.S. banking agencies issued another statement on the proper handling of crypto assets on Monday, outlining the appropriate policies that need to be followed for banks engaging in the "safekeeping" of customers' digital assets. The statement sent out from the Fed, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency made clear that these latest considerations do not represent a new policy push.
/jlne.ws/4656vKG
Standard Chartered Says It's the First Global Bank to Offer Spot Bitcoin, Ether Trading
Ian Allison - CoinDesk
Cryptocurrency-friendly lender Standard Chartered is claiming bragging rights of being the first global bank to offer spot trading in bitcoin (BTC) and ether (ETH) to institutional clients. The offering, rolled out through the bank's UK branches, is available initially via our U.K. entity, during Asia and Europe trading hours, with 24/5 access under consideration as client demand evolves, said Rene Michau, global head of digital assets.
/jlne.ws/4nPZX97
America's Biggest Rare-Earth Producer Makes a Play to End China's Dominance; Fresh Pentagon investment is turbocharging MP Materials' goals, but the hurdles it has faced-and still faces-highlight the challenge of reviving the industry in the U.S.
Jon Emont - The Wall Street Journal
At an industrial site in this Texas city, men dressed in head-to-toe protective gear dip giant ladles into a well of molten metal heated to 1,800 degrees Fahrenheit. They're making something the U.S. has hardly, if ever, produced at commercial scale in recent decades: rare-earth metals. The factory is the most visible mark of MP Materials' high-stakes, billion-dollar bet that an American company can take on China's dominance over the metals-and the magnets they power in everything from cars and smartphones to missile systems.
/jlne.ws/46gCQyl
Top Bankers Face Looser Conduct Rules Under UK Deregulation Push
Ronan Martin - Bloomberg
UK regulators are planning to streamline a post-crisis regime that covers the conduct of senior bankers, part of the government's efforts to ease regulations and drive growth in financial services. The Financial Conduct Authority and the Prudential Regulation Authority said in a statement Tuesday that they aim to make the so-called Senior Managers Certification Regime "less onerous" on firms while continuing to protect consumers and markets, and the safety and soundness of businesses.
/jlne.ws/4lqUlAv
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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. | Inside One Company's Prolonged Tariff Limbo; Outdoor product maker American Outdoor Brands has plans for moving production out of China. Executives just need clarity.
Jennifer Williams - The Wall Street Journal
American Outdoor Brands spent months coming up with a plan to minimize the pain of tariffs. Now it is stuck waiting to see where to go. Most of American Outdoor Brands' products, which range from fishing tools to hunting gear and pizza ovens, come from China. Executives were prepared to reposition the company's supply chain ahead of July 9, when the so-called reciprocal tariffs were set to take effect, betting that it could move quickly to reduce any pain points once the new levies kicked in.
/jlne.ws/3IxtwvX
Trump Bets Constantly Shifting Tariff Strategy Can Remake Global Trade; President wants to keep other countries guessing, but his strategy faces risks
Gavin Bade - The Wall Street Journal
President Trump's whirlwind of trade moves is driven by a bet that keeping other countries guessing will allow him to better dictate negotiating terms with trading partners, ultimately making it easier to bend them to his will, according to Trump's aides and allies. The downside risks of that bet have become clearer in recent days. Trump's tendency to back off deadlines threatens to weaken his hand, and his use of a novel legal theory to underpin much of his trade agenda opened him up to a legal challenge that might send the trade agenda back to the drawing board.
/jlne.ws/44ywGbq
Another Casualty in the Tariff Wars: The Always-in-Season Tomato; The Trump administration is adding a 17 percent tariff to a year-round grocery store staple, while funneling more business to domestic tomato growers, largely in Florida.
Ana Swanson - The New York Times
The Trump administration announced Monday that it would impose a 17 percent tariff on most imports of tomatoes from Mexico, as it withdrew from a decades-old trade agreement that had prevented those levies from snapping into place. The tariffs will add to the price of a year-round grocery store staple for many Americans, while funneling more business to domestic tomato growers, largely in Florida.
/jlne.ws/3IuzY6X
Trump's 50% Copper Tariffs Jolt US Market as Buyers Slash Imports and Delay Orders
Elise Harris - Bloomberg
Donald Trump's moves to slap tariffs on US copper imports set off a global race for traders to rush cargoes into the country for much of the year. Now that the 50% levy is just weeks away, there are already signs that demand for the metal is drying up from Texas to New Jersey. Sam Desai is vice president at RM-Metals, a distributor in the Garden State that brings in copper from abroad and sells it to domestic users like appliance makers. US prices had already been trading higher than global benchmarks for most of the year as the market anticipated tariffs. But 50% is much higher than what was expected, and that forced RM-Metals to immediately reduce the amount of copper it ships in, Desai said.
/jlne.ws/4lO4U0i
Why Markets Went Crazy Over 50% Copper Tariffs; On today's Big Take podcast: What Trump's 50% copper tariffs could mean for consumer electronics, cars and the US military.
David Gura, Julia Press, and Rachael Lewis-Krisky - Bloomberg
Last week, President Trump sent markets into a tizzy, when he proposed tariffs on one of the world's most valuable commodities: Copper. On today's Big Take podcast, Bloomberg's economic statecraft reporter Joe Deaux joins host David Gura to discuss the president's ongoing push to bring copper manufacturing back to the US. Why 50% levies on copper could affect everything from your car and iPhone to the nation's electrical grid, and what the copper industry is doing to get ahead.
/jlne.ws/4eNPxme
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Donald Trump threatens 100% secondary tariffs on Russia; US president seeks to step up pressure on Moscow to reach a peace deal with Ukraine
Steff Chavez and Christopher Miller - Financial Times
Donald Trump has threatened Russia with 100 per cent secondary tariffs if the war in Ukraine does not end soon, as he announced an agreement with Nato allies to send more weapons to Kyiv. During a meeting in the Oval Office with Nato secretary-general Mark Rutte on Monday, the US president said he was "very unhappy" with Moscow over the lack of progress towards a deal to end the conflict.
/jlne.ws/40QDheU
Kremlin reacts icily to Trump but some Russian officials are blunter
Guy Faulconbridge, Gleb Stolyarov and Lucy Papachristou - Reuters
The Kremlin on Tuesday reacted icily to Donald Trump's warnings to President Vladimir Putin over Ukraine, saying that recent decisions by the U.S. president and the NATO military alliance would be interpreted by Kyiv as a signal to continue the war. Trump, sitting beside NATO Secretary General Mark Rutte in the Oval Office, on Monday, announced new weapons for Ukraine and threatened "biting" secondary tariffs of 100% on the buyers of Russian exports unless there is a peace deal in 50 days.
/jlne.ws/4kKMNaJ
After Trump Deal, Ukraine's Fortunes Hinge on How Fast NATO Can Deliver Arms; President's agreement to sell advanced arms to European allies so they can pass them to Kyiv is milestone in three-year-old war
Michael R. Gordon, Yaroslav Trofimov and Robbie Gramer - The Wall Street Journal
President Trump's decision to sell Patriot air-defense systems and other arms for use by Ukraine could provide a badly needed boost to Kyiv in its war with Russia. But the central questions are how long it will take to get the new weapons into Ukraine and in what quantity. Russian President Vladimir Putin has been stepping up his missile and drone bombardment of Ukraine with the calculation that it will provide Moscow with a growing edge in a costly but largely stalemated conflict.
/jlne.ws/3TCBo1F
How North Korea Is Giving Russia an Edge in the War on Ukraine
Herskovitz and Soo-Hyang Choi - Bloomberg
Without the involvement of North Korea, Russia's war in Ukraine might have taken a different turn. The infusion of weaponry and troops provided by Kim Jong Un's regime has helped Russia to repel Ukrainian forces from its soil and keep up the relentless bombardment of Ukrainian towns and cities. North Korea has likely received military aid in return, increasing the threat posed by the isolated nation to the US and its allies in East Asia. Russian President Vladimir Putin long treated North Korea with ambivalence, maintaining relations while viewing Pyongyang as a potentially destabilizing influence in Russia's vast backyard. But the alliance they struck up in recent years is proving to be an effective riposte to the sanctions imposed on both nations by Western powers.
/jlne.ws/4nOSSWn
Another Russian energy executive falls to death from high-rise block; Andrei Badalov, 62, vice-president of the state-owned pipeline operator Transneft, was found dead below his apartment in an elite Moscow neighbourhood
Tom Parfitt - The Times (London)
Another Russian energy executive has died in unclear circumstances after falling from a high-rise building in Moscow. Andrei Badalov, 62, vice-president of the state-owned oil pipeline monopoly Transneft, was found dead on Friday morning on the ground below the apartment block where he lived in an elite neighbourhood on the western fringe of the capital.
/jlne.ws/3IuyCJo
Donald Trump asked Volodymyr Zelenskyy if Ukraine could hit Moscow, say people briefed on call; US president encouraged Ukrainian leader to step up deep strikes on Russia
Christopher Miller, Henry Foy and Max Seddon - Financial Times
Donald Trump has privately encouraged Ukraine to step up deep strikes on Russian territory, even asking Volodymyr Zelenskyy whether he could strike Moscow if the US provided long-range weapons, according to people briefed on the discussions. The conversation, which took place during the July 4 call between the US and Ukrainian leaders, marks a sharp departure from Trump's previous stance on Russia's war and his campaign promise to end US involvement in foreign conflicts.
/jlne.ws/44yEHx2
Middle East Conflict
Israeli Drone Firm Raises $30 Million to Scale Up US Production
Jake Rudnitsky - Bloomberg
A Tel Aviv-based drone startup that this month opened a manufacturing facility in Tampa, Florida has raised $30 million to scale up production. Xtend, which has provided the US, Israeli and Ukrainian militaries with drones, raised the money as an extension of a Series B round announced last year, bringing the total to $70 million, the company said in a statement Tuesday. Aliya Capital Partners and Protego Ventures co-led the round, alongside existing investors including billionaire Len Blavatnik's Claltech.
/jlne.ws/4lXWu6M
Israel strikes Syrian city, vows to protect Druze from government forces
Reuters
SWEIDA, July 15 - Israel carried out strikes against Syrian government forces in southwestern Syria for a second day on Tuesday, vowing to keep the area demilitarized and to protect the Druze minority as deadly clashes continued in the region at the Israeli frontier. A Reuters reporter heard at least four strikes as drones could be heard over the predominantly Druze city of Sweida and saw a damaged tank being towed away. Bursts of gunfire were heard and three bodies were seen on the ground. Dozens of people have been killed in fighting in the region since Sunday.
/jlne.ws/3GNQChp
Other Conflicts
Nvidia CEO Jensen Huang says 'we don't have to worry' about the Chinese military using US chips to improve their capabilities because 'they simply can't rely on it'
Andy Edser - PC Gamer
Nvidia CEO Jensen Huang sat down with CNN's Fareed Zakaria on Sunday to discuss a variety of issues, including the ongoing AI race between the US and China. Zakaria asked Huang about the previous bipartisan consensus regarding the restriction of high-end AI hardware to China, and to speak towards his previous comments that the sanctions had backfired against American companies.
/jlne.ws/3GM3e8G
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Eurex Expands Global Index Derivatives Suite with First Futures on the MSCI Korea Index
Eurex
Eurex, one of the world's leading derivatives exchanges and part of Deutsche Börse Group, announces the launch of Futures on the MSCI Korea Index. With this launch Eurex provides efficient and cost-effective access to the Korean equity market, supporting international investors diversifying exposures worldwide on a single venue. Trading will start on July 14, 2025. Eurex is currently the only derivatives exchange outside of Korea offering access to a Korean equity index. As of June 30, 2025, Korea accounts for 10.73 percent of the MSCI Emerging Markets (EM) Index, ranking as the fourth-largest country allocation in the index, which captures large- and mid-cap representation across 24 EM countries.
/jlne.ws/3GM5gpk
Eurex Announces Changes to Its Executive Board
Deutsche Boerse Group
Matthias Graulich has been appointed as a member of the Executive Board of Eurex Frankfurt AG and member of the Management Board of Eurex Deutschland. Frank Odendall is taking over his role as a member of the Management Board of Eurex Repo GmbH. Eurex announces changes to its Executive Board reflecting recent organizational changes. As of July 15, 2025, Matthias Graulich will join the Executive Board of Eurex Frankfurt AG. Graulich will continue to serve as a member of the Executive Board of Eurex Clearing AG, a position he has held since August 2014. Also, effective July 15, the Exchange Council appointed Graulich to the Management Board of Eurex Deutschland.
/jlne.ws/44wwyt6
Eurex Announces Changes to Its Executive Board
Eurex
Eurex announces changes to its Executive Board reflecting recent organizational changes. As of July 15, 2025, Matthias Graulich will join the Executive Board of Eurex Frankfurt AG. Graulich will continue to serve as a member of the Executive Board of Eurex Clearing AG, a position he has held since August 2014. Also, effective July 15, the Exchange Council appointed Graulich to the Management Board of Eurex Deutschland. The appointment of Matthias Graulich to the Executive Board of Eurex Frankfurt AG, in addition to his position on the Executive Board of Eurex Clearing AG, reflects his broader responsibility in the new organizational setup announced on March 31, 2025. Graulich leads the Global Products & Markets team at Eurex, covering all product and market development activities across trading and clearing and all asset classes.
/jlne.ws/44MgLVH
Why multi-asset funds are back in fashion - and what it means for Asia-Pacific investors
Eurex
Over the past twelve months, multi-asset funds have experienced a significant resurgence. A combination of rising market volatility, shifting macroeconomic dynamics, and changing investor needs has revived interest in this diversified investment strategy. Particularly across Asia, including Japan, Hong Kong, and Australia, funds are rediscovering the value of multi-asset portfolios as they seek to mitigate uncertain markets and capitalize on opportunities across various sectors.
/jlne.ws/3UeOqCA
Financial Services Firms Embrace Cloud to Drive Competitiveness
LSEG Press Release via Traders Magazine
Financial services firms around the world are accelerating their adoption of cloud technologies to enhance agility, resilience, and innovation, not merely to reduce costs, according to new research conducted by LSEG (London Stock Exchange Group). The global survey of 453 financial services executives reveals that 87% of firms have increased their investment in cloud over the past two years, with a growing emphasis on strategic outcomes such as scalability, revenue growth, and AI enablement.
/jlne.ws/3GsCzhg
End of Acquisition of Own Shares (Acquisition of Own Shares Based on Provisions of the Articles of Incorporation Pursuant to Article 459, Paragraph 1 of the Companies Act)
JPX
Japan Exchange Group, Inc. (JPX) previously announced its decision in the Board of Directors meeting held on April 28, 2025 on matters regarding the acquisition of own shares pursuant to the provisions of its Articles of Incorporation and Article 459, Paragraph 1 of the Companies Act. JPX hereby announces the status of acquisition as follows.
/jlne.ws/44wEeLW
Tokyo Stock Exchange to Conduct a Survey on English Disclosure by Japanese Companies
JPX
Tokyo Stock Exchange, Inc. is conducting a survey on disclosures in English by listed companies to investors. This survey aims to assess overseas investors' opinions on the English disclosure requirements for the Prime Market, which came into effect in April 2025, and to promote English disclosure that meets the needs of overseas investors by providing feedback on the survey results to listed companies.
/jlne.ws/4lUF8re
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Artificial Intelligence
Buy-Side Turns to AI: 78% See Real-Time Algo Optimization as Key Use Case
Anna Lyudvig - Traders Magazine
Nearly a quarter (24%) of buy-side trading desks plan to implement internal AI technologies for trade execution in the next 12 months, with 15% already doing so, according to a new report from Crisil Coalition Greenwich. The Great expectations for AI in equity trading study focuses specifically on internally developed AI, excluding third-party tools provided by brokers and vendors. As desks seek to integrate AI into their workflows, the balance between innovation and risk has become a key consideration.
/jlne.ws/4lVWowu
Cognition AI Buys Windsurf as A.I. Frenzy Escalates; The deal follows Google's $2.4 billion investment in Windsurf, an A.I. start-up, as companies race to gain technological talent and provide A.I. tools.
Mike Isaac - The New York Times
Cognition AI, an artificial intelligence start-up that offers a software coding assistant, said on Monday that it had bought rival Windsurf as part of an escalating battle to lead in the technology. The move follows a $2.4 billion deal by Google to acquire some of Windsurf's top executives and license the start-up's technology, which was revealed on Friday. Google's deal appeared to leave Windsurf in a difficult position as a stand-alone start-up. OpenAI, the maker of the ChatGPT chatbot, had also been in talks to buy Windsurf before the Google deal.
/jlne.ws/46KaiNI
Microprocessors
AMD Says It Will Restart MI308 Sales to China After US Review
Mackenzie Hawkins - Bloomberg
Advanced Micro Devices Inc. said that it plans to restart shipments of its MI308 chips to China after the US said it would approve the sales, following a similar decision on an Nvidia Corp. semiconductor. The US Commerce Department told AMD that license applications for the MI308 products would move forward for review, an AMD spokesman said Tuesday. Allowing the products back into China is a reversal for President Donald Trump's administration, which spent weeks insisting that curbs on chips sales to the Asian country were not up for discussion. The news comes after weeks of thawing ties between the two nations as well as Nvidia Chief Executive Officer Jensen Huang's meeting with Trump last week.
/jlne.ws/4ePYg7m
Technology Firms
Trading Technologies makes minority investment in SIGMA AI; The investment deepens the firms' existing partnership and will see SIGMA AI's chief executive expanding his current role to also become TT's head of AI and innovation.
Natasha Cocksedge - The Trade
Trading Technologies (TT) has made a minority investment in fintech SIGMA AI, marking an expansion of the two firms' pre-existing partnership. Through the investment, SIGMA AI will provide a proprietary AI and innovation hub for TT, in a bid to enhance AI integration into TT's platform and support AI adoption across the provider's products and services.
/jlne.ws/44RLd0N
SIGMA AI Secures Strategic Investment from Trading Technologies to Lead TT AI and Innovation Hub
Rick Steves - Finance Feeds
SIGMA AI has received a minority investment from Trading Technologies (TT), marking the next phase in the fintech firm's collaboration with the global capital markets technology provider. The deal will see SIGMA AI develop a dedicated AI and innovation hub for TT, with a focus on embedding artificial intelligence across TT's product suite and internal operations. This partnership builds on an earlier engagement from 2024, when TT made a smaller investment aimed at enhancing its data and analytics capabilities with SIGMA AI's tools. With this latest move, TT expands its commitment to AI integration as it looks to transform trading workflows and improve operational efficiency.
/jlne.ws/46JYB9M
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| Cybersecurity | | Top stories for cybersecurity | Reframing ROI in Cybersecurity: From Cost Center to Business Enabler
John Hurley - Security Magazine
In cybersecurity, success can feel like fighting an uphill battle. You can make all the right decisions, implement strong controls, train staff, follow every framework, and still fall victim to an attack. Meanwhile, others may take a more passive approach and avoid visible fallout, at least for a time. This uneven playing field makes it especially difficult for CISOs and cybersecurity leaders to define, defend and demonstrate the return on their security investments.
/jlne.ws/4lTGEd8
Cybersecurity and productivity tools every modern business needs in 2025
Business Insider
I find it really surprising how much running a business has changed in just a few years. A few years back, privacy and cybersecurity were things that only big companies had to worry about, but now no one is safe. Everyone, including small teams or a single person, needs to think twice before clicking on an email link. It's not just about security and privacy. The way we work has completely changed as well. Now we have remote work with flexible schedules, and with all of this going on, making everything digital has just become the norm. So no, having the right tools is really essential.
/jlne.ws/3Ud4zsd
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| Cryptocurrencies | | Top stories for cryptocurrencies | CLARITY Act Could be a Game Changer for Institutional Adoption of Crypto: Benchmark
Will Canny - CoinDesk
The long-anticipated CLARITY Act may prove to be a game changer for digital asset markets, potentially ushering in a wave of institutional adoption, according to a note from Benchmark analyst Mark Palmer. The CLARITY Act aims to establish a clear regulatory framework for digital assets in the U.S., distinguishing cryptocurrencies as either commodities or securities.
/jlne.ws/44zuy3m
Vanguard Goes Big on Crypto, Thanks to the Index-Fund Boom It Unleashed
Vildana Hajric - Bloomberg
Bitcoin (BTC-USD) is not "appropriate" for long-term investors. Also, digital assets are more a speculation and less an investment. And they're an "immature asset class" with little history and "no inherent economic value" that can wreak "havoc" on portfolios. Vanguard Group Inc. executives, channeling the logic of the venerable Jack Bogle, have made their opinions on crypto clear. Yet thanks to the cold logic of index investing, the $10 trillion money-management giant is now the biggest backer of Strategy, the software firm that famously reinvented itself as a proxy for Bitcoin and became a poster child for the industry's ambitions.
/jlne.ws/46HzS5W
Grayscale Investments Files to Go Public in Yet Another Crypto IPO
Nate Wolf - Barron's
Grayscale said it hasn't determined the price range for the offering. (Gabby Jones/Bloomberg)
The crypto industry has helped prop up the initial public offering market so far this year, and that trend looks set to continue. Grayscale Investments, the crypto-focused asset manager, has filed confidentially for an IPO, the company said Monday. It said it hasn't determined the price range or number of registered shares, and a confidential filing means it doesn't have to publicly disclose those detail until closer to the listing.
/jlne.ws/3GLLydi
Stablecoins
Stablecoin Has Long Road to Mainstream Payments, Mastercard Says
Emily Mason - Bloomberg
For all the hype around stablecoins, they're a long way from becoming a viable everyday payment tool, according to Mastercard Inc.'s chief product officer, Jorn Lambert. "While the technology powering stablecoins holds tremendous promise - high speed, 24/7 availability, low costs, programmability, immutability - those attributes alone do not suffice to turn stablecoin into a payment tool," Lambert said Monday on a call with analysts. "Just as important, or even more so, are other attributes like a seamless and predictable user experience, reach and wide distribution to consumers."
/jlne.ws/4nOXiMX
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| Politics | | An overview of politics as it relates to the financial markets | U.S. Administration
The Trump Administration Is About to Incinerate 500 Tons of Emergency Food; Federal workers warned for months that the high-energy biscuits would go to waste.
Hana Kiros - The Atlantic
Five months into its unprecedented dismantling of foreign-aid programs, the Trump administration has given the order to incinerate food instead of sending it to people abroad who need it. Nearly 500 metric tons of emergency food-enough to feed about 1.5 million children for a week-are set to expire tomorrow, according to current and former government employees with direct knowledge of the rations. Within weeks, two of those sources told me, the food, meant for children in Afghanistan and Pakistan, will be ash. (The sources I spoke with for this story requested anonymity for fear of professional repercussions.)
/jlne.ws/3GANWnl
Trump quietly shutters the only federal agency that investigates industrial chemical explosions; Hazardous chemical accidents happen in the U.S. about every other day. Who will investigate them now?
Tristan Baurick - Grist
On a summer night in 2023, an explosion at one of Louisiana's biggest petrochemical complexes sent a plume of fire into the sky. More explosions followed as poison gas spewed from damaged tanks at the Dow chemical plant, triggering a shelter-in-place order for anyone within a half mile of the facility, which sprawls across more than 830 acres near Baton Rouge.
/jlne.ws/463AWRk
U.S. Congress
Crypto bills set to advance this week take industry closer to mainstream
Hannah Lang - Reuters
The crypto industry will take a step closer to going mainstream this week as a series of industry-friendly bills progress through Congress, paving the way for digital assets to potentially be further integrated into traditional finance. The House of Representatives is set to pass a series of crypto-related bills in a week which the Republican majority has dubbed "crypto week." The most notable is a bill that would establish a regulatory framework for stablecoins and is likely to advance to President Donald Trump's desk.
/jlne.ws/4kxRdl3
Other U.S. Politics
Upton Sinclair Was 1934's Mamdani; Business interests and centrists beat back the socialist author's bid for California governor.
Steven F. Hayward - The Wall Street Journal (opinion)
Socialist Zohran Mamdani's victory in the New York Democratic mayoral primary has rattled both parties. His opponents, especially in the divided Democratic Party, are scrambling for a strategy to defeat him but are floundering. California has seen this movie before, almost literally. In 1934 author Upton Sinclair came out of nowhere to win the Democratic primary for governor in a landslide. A dedicated socialist like Mr. Mamdani, Sinclair beat out the party establishment's favored candidate, George Creel, who had run Woodrow Wilson's World War I propaganda arm, the Committee on Public Information. Sinclair ran on a radical platform known by the acronym EPIC, for End Poverty in California. EPIC proposed universal old-age pensions (before Social Security), Soviet-style collective farms, state-run industries that would "produce for use, not for profit," and perhaps property confiscation.
/jlne.ws/4eMGzWq
Others
Netanyahu's Coalition Shrinks After Ultra-Orthodox Party Quits
Dan Williams - Bloomberg
An Israeli ultra-Orthodox party said it's walking out of Prime Minister Benjamin Netanyahu's coalition, threatening to leave the government with a razor-thin majority in parliament. The United Torah Judaism party announced late on Monday it would quit in protest at a bill seeking to curtail the exemptions from military draft, long enjoyed by ultra-Orthodox Jews on religious grounds. Without the party's seven lawmakers - whose departure comes into force on Wednesday - Netanyahu will wield just 61 of the 120 seats in parliament, making him vulnerable to no-confidence motions.
/jlne.ws/4kFy8h0
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| Regulation & Enforcement | | Stories about regulation and the law. | Agencies issue joint statement on risk-management considerations for crypto-asset safekeeping
Federal Deposit Insurance Corporation; Federal Reserve Board; Office of the Comptroller of the Currency
Federal bank regulatory agencies today issued a joint statement in their continued efforts to provide clarity on banks' engagement in crypto-asset-related activities. The statement highlights for banks potential risk-management considerations related to holding crypto-assets on their customers' behalf, or crypto-asset safekeeping.
/jlne.ws/4eVPnJQ
Post-Crisis Rules to Keep Banks Safe Are on the Way Out; On both sides of the Atlantic, there is a new willingness to rethink tough banking regulations
Joe Wallace - The Wall Street Journal
At a banquet in a gilded palace here on Tuesday night, U.K. Treasury chief Rachel Reeves will outline plans to kick the country's huge financial industry into a higher gear. The planned address reflects a new willingness in both the U.S. and the U.K. to rethink tough banking regulations-rules put in place to stop the kind of financial crisis that enveloped the world nearly two decades ago. "There is trans-Atlantic momentum," said Steven Kelly, associate research director at the Yale Program on Financial Stability.
/jlne.ws/40TV7Of
Andrew Bailey sets his priorities as FSB Chair
Financial Stability Board
The Financial Stability Board (FSB) today published a letter from its Chair, Andrew Bailey, to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 17-18 July. In his first letter as FSB Chair, Mr Bailey calls for continued global cooperation and engagement, particularly against the backdrop of geopolitical tensions and rising fragmentation risk. Mr Bailey outlines his priorities for the FSB, notably:
/jlne.ws/3UcW28F
Swiss Banking Watchdog Who Warned Credit Suisse to Step Down
Bastian Benrath-Wright - Bloomberg
Thomas Hirschi, a crucial behind-the-scenes actor during the Credit Suisse crisis, is leaving the Swiss financial regulator Finma to pursue a new career. Hirschi, who was born in 1975, has led the watchdog's banks division since 2022 and the supervision of asset managers before that. He will depart on Aug. 31, Finma said in a statement on Tuesday.
/jlne.ws/4nPw6xq
Opening Remarks of Commissioner Kristin Johnson: Regulators Roundtable on Financial Markets Innovation and Supervision of Emergent Technology
CFTC
It is truly my pleasure to welcome you all today to the Regulators Roundtable on Financial Markets Innovation and Supervision of Emergent Technology. My sincere and tremendous gratitude to everyone who has gathered here in London today. This year marks the third year that I have had the privilege of convening an exceptional group of senior prudential and market regulators representing diverse jurisdictions around the world.
/jlne.ws/4eTSamE
SEC Charges San Antonio Investment Adviser with Fraud Scheme
SEC
On July 14, 2025, the Securities and Exchange Commission charged Imer Gomez of San Antonio, Texas, individually and d/b/a K&G Investment Solutions, LLC, and his entity, Helios Venture Fund, LLC, with defrauding clients out of approximately $9 million.
/jlne.ws/4kxWb1b
Remedy Housing officials convicted of dishonesty offences
ASIC
Remedy Housing officials, Brent Smith, Mahmoud Khodr and Fue Mano have been convicted of dishonesty offences for their role in promoting interest free mortgages offered by Remedy Housing. Following a four-week trial in the County Court of Victoria, a jury found that between 2019 and 2021:
/jlne.ws/4eQz1lp
BBY former Executive Chairman Glenn Rosewall charged over BBY's dishonest use of $1.95 million client money
ASIC
The former Executive Chairman of BBY Limited (BBY), Glenn Alexander Rosewall, has been charged with aiding, abetting, counselling or procuring BBY's dishonest conduct in relation to a financial service. Mr Rosewall appeared today in the Downing Centre Local Court charged with two offences contrary to sections 1041G and 1311 of the Corporations Act 2001 (Cth) and section 11.2(1) of the Criminal Code (Cth), following an ASIC investigation.
/jlne.ws/4eQtAmt
EU firms want clarity on new active account operational test; Final Esma rules reduce burden, but require firms to prepare for higher onshore clearing volumes
Paulina Pielichata - Risk.net
Market participants have generally welcomed the easing of requirements in final rules governing the onshoring of derivatives clearing in the European Union, but there's a sting in the tail. The rules require firms to prepare for the possibility of much higher volumes being cleared at EU central counterparties (CCPs) in future, but regulators haven't yet specified exactly how this operational
/jlne.ws/44ui1Ow
Review of access to financial advice for New Zealand
FMA
To enhance our understanding of the availability of financial advice in New Zealand, including where consumers go to get advice, we are undertaking a review focusing on challenges and opportunities related to access to financial advice. Since the new financial advice regime came into effect in 2021, monitoring has helped us understand how quality and accessibility of advice work together.
/jlne.ws/40fkXfu
FCA and PRA cut senior manager regime red tape to help boost growth
FCA
In the first phase of reforms, the FCA and Prudential Regulation Authority (PRA) propose to streamline the Senior Managers & Certification Regime (SM&CR). The changes will make the regime more effective and efficient and drive growth in financial services. As the government consults on legislative changes to the regime - including removing the Certification Regime and increasing flexibility for the regulators to reduce the number of senior management functions (SMFs) which require pre-approval - the regulators' proposals aim to make the regime less onerous on firms, while continuing to protect consumers and markets, and the safety and soundness of firms.
/jlne.ws/3Iv4cqE
FCA statement on market reforms and what's to come
FCA
We're making significant reforms to our capital markets, to maintain the UK's position as one of the most competitive and compelling places to raise capital and invest. Our capital markets power the nation's economic engine. They are the largest in Europe, while London is the second biggest financial services centre in the world. We have world-leading derivatives, debt issuance, foreign exchange and commodity trading sectors. We are second only to the US in asset management. Those strengths are why the UK is the world's largest net exporter of financial services.
/jlne.ws/4nKApKJ
FCA sets faster targets for authorisations
FCA
We plan to speed up processes for firms and individuals seeking authorisation, recognising the potential this has to support UK growth and competitiveness. Our aim is to deliver a quicker, more proportionate and predictable approach for firms, while maintaining high standards of entry into regulated financial services.
/jlne.ws/4nUEUCs
FCA lowers costs for businesses raising capital in support of growth
FCA
Stripped back rules will make it easier for companies to raise the money they need to grow, supporting the UK's leading capital markets. The changes will lower costs for companies and widen access to investment opportunities for consumers.
/jlne.ws/44wWIvN
Redress system reforms to prevent compensation delays and provide predictability needed for innovation
FCA
The FCA and Financial Ombudsman Service are seeking to modernise the financial redress system to help prevent it becoming overwhelmed, delaying consumer compensation.
/jlne.ws/44Mmzid
Remarks by Mr Chia Der Jiun, Managing Director, MAS, at the MAS Annual Report 2024/2025 Media Conference on 15 July 2025
MAS
/jlne.ws/4loh409
SEBI and NISM Launch National Financial Literacy Quiz (NFLQ) 2025
SEBI
The National Financial Literacy Quiz (NFLQ) 2025, conducted by the Securities and Exchange Board of India (SEBI) in partnership with the National Institute of Securities Market (NISM), is currently underway.
/jlne.ws/4eMNcIi
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Is the Dollar's Era of Exorbitant Privilege Ending? The Trump administration wants a less globalized economy and a still-preeminent dollar. Getting both won't be easy.
Clive Crook - Bloomberg
The dollar's global standing is a mixed blessing. Its status as a safe haven and dominant reserve currency lowers the US cost of borrowing - the so-called "exorbitant privilege" - which means more investment, more growth and higher incomes in the aggregate. But the dollar's strength also leans against the economy's competitiveness in international trade, which puts some of its producers at a disadvantage. What a shame that, on the face of it, you can't collect the benefits of a strong currency alongside the benefits of a weak one. On one interpretation, though, the Trump administration is aiming to do just that. According to a strategy mapped out by Stephen Miran, chairman of the president's Council of Economic Advisers, it's possible to nudge the dollar's value lower without causing long-term interest rates to rise - thus achieving greater competitiveness in trade without surrendering the exorbitant privilege. The key is to change the terms of international trade and finance by using all the instruments of US power.
/jlne.ws/4kBaHFt
Americans' New Tax Rates Depend on Who They Are and What They Do
Ben Steverman - Bloomberg
Boil down the hundreds of tax provisions in the sprawling legislation signed by President Donald Trump on July 4, and it becomes clear: The rates Americans pay will now depend less on how much money they make, and more on how they earn it, where they live and even who they are. The new Republican-passed law is a departure from a longtime objective of many conservatives to simplify the tax code. GOP presidential candidates Steve Forbes in the 1990s and Herman Cain in the 2012 campaign famously espoused flat tax systems stripped of deductions, while Republicans' 2017 overhaul during Trump's first term trimmed back dozens of special provisions, even as it introduced a few new lucrative breaks for business owners and investors.
/jlne.ws/44wZWzp
Russia's Crude Shipments Rebound Ahead of Trump Sanctions Threat; Flows from Baltic ports hit the highest in almost 10 months
Julian Lee - Bloomberg
Russia's crude exports hit a one-month high, driven by a surge in weekly flows that coincided with a sharp drop in refinery runs. The increase came before President Donald Trump's threat of secondary tariffs on buyers of Russian oil if Moscow fails to make a swift peace with Ukraine. Seaborne crude cargoes averaged 3.23 million barrels a day in the four weeks to July 13, up by 3% from the period to July 6, tanker-tracking data compiled by Bloomberg show. On this measure, flows reversed the previous week's drop and rose to the highest since the period ending June 15 and are just above their year-to-date average.
/jlne.ws/40fnXsg
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Apple to Buy Rare Earths From Pentagon-Backed US Producer MP
Carlos Caminada - Bloomberg
Apple Inc. has struck a $500 million deal to buy rare-earth minerals from MP Materials Corp., the US producer that just last week secured backing from the Pentagon. The two companies will build a factory in Texas, with neodymium magnet manufacturing lines tailored for Apple products, the iPhone maker said Tuesday in a statement. Apple said the spending on rare-earth minerals is part of its earlier pledge to invest more than $500 billion in the US over the next four years.
/jlne.ws/4kD7Pry
Their Water Taps Ran Dry When Meta Built Next Door; In the race to develop artificial intelligence, tech giants are building data centers that guzzle up water. That has led to problems for people who live nearby.
Eli TanVisuals by Dustin Chambers - The New York Times
After Meta broke ground on a $750 million data center on the edge of Newton County, Ga., the water taps in Beverly and Jeff Morris's home went dry. The couple's house, which uses well water, is 1,000 feet from Meta's new data center. Months after construction began in 2018, the Morrises' dishwasher, ice maker, washing machine and toilet all stopped working, said Beverly Morris, now 71. Within a year, the water pressure had slowed to a trickle. Soon, nothing came out of the bathroom and kitchen taps.
/jlne.ws/3TG2ipu
EU to Outline What Tech Can Be Used for Permanent CO2 Removal
John Ainger and Ewa Krukowska - Bloomberg
The European Union is set to define what technologies can be used to permanently remove carbon dioxide from the atmosphere as it pursues its goal of being climate neutral by 2050. The European Commission will outline rules for certifying tools such as Direct Air Carbon Capture and Storage, Bioenergy Carbon Capture and Storage and biochar, according to a document seen by Bloomberg News. All are deemed "permanent" removal solutions, unlike nature-based fixes like reforestation, which rely on careful management over hundreds of years and can suffer from extreme weather events like fires.
/jlne.ws/4nMt8d4
Trump's Tax Law Throws Lifeline to Unloved Energy and Climate Sectors; From coal-fired power to a risky bet to cool the planet, these are the sectors likely to get a boost.
President Donald Trump's sweeping $3.4 trillion fiscal package is already creating opportunities for segments of the energy and climate industries that had fallen out of favor, struggled to grow or haven't managed to break through. The tax and spending law signed on July 4 provides a lifeline to a coal industry that's long been squeezed by cheaper renewable and natural gas-fired power. The law provides a boost to nuclear - a sector that had regained investor and political support before Trump's return to the White House, but has yet to translate that enthusiasm into much domestic growth in electric capacity. And the law may actually help advance an unproven and risky planet-cooling system that has lived in the shadows for decades - geoengineering.
/jlne.ws/44vAni5
Germany's wind power expansion picks up, but targets still missed, says lobby
Reuters
Germany's onshore wind power sector recorded its strongest half-year since 2017, but the expansion still falls short of the legally mandated targets, the BWE wind power lobby said on Tuesday. Berlin aims to source 80% of Germany's electricity from renewable energy by 2030, a goal accelerated by recent reforms and the drop in Russian fossil fuel imports after the invasion of Ukraine.
/jlne.ws/3UeTPJS
Banking climate alliance battles to retain big European lenders; Barclays and UBS refuse to commit to Net-Zero Banking Alliance following HSBC's exit despite softening of rules
Kenza Bryan - Financial Times
A global climate alliance of top banks is at risk of losing key European members after lenders refused to commit to remaining in the group, further weakening its position after an exodus of Wall Street firms. Barclays, which joined in 2021, declined to confirm its membership plans in a conversation with the Net-Zero Banking Alliance's leadership in recent days, a banker familiar with the matter said.
/jlne.ws/4lUR0JU
Mansion House: Chancellor Rachel Reeves axes plans for UK Green Taxonomy
Edie
/jlne.ws/4nKN7Jr
Google and Brookfield strike $3bn hydro power deal; Tech groups seeking renewable energy to meet huge demand from artificial intelligence
Martha Muir - Financial Times
/jlne.ws/4o72Anl
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | BlackRock's Assets Surge Past $12 Trillion; The investment firm's assets were boosted by record-high U.S. stock prices and $68 billion of net client inflows
Jack Pitcher - The Wall Street Journal
BlackRock has become the world's first $12 trillion money manager. The investment firm's assets rose to a record $12.53 trillion in the second quarter, buoyed by record-high U.S. stock prices and $68 billion of net client inflows. That's up 18% from a year ago. Net income rose 6.5% to $1.59 billion from $1.5 billion in the year earlier period. Excluding certain one-time expenses, BlackRock earned $12.05 a share in the most-recent quarter. On that basis, the company's profits beat the average estimate of $10.78 from analysts polled by FactSet.
/jlne.ws/46Httrm
Former UBS outsourced trading business development lead joins Marex; In March, UBS made a shock exit from outsourced trading game, serving its clients a three-month notice, as revealed by The TRADE at the time.
Claudia Preece - The Trade
Serhan Eryuksel has joined Marex's outsourced trading team, focused on sales in the UK, Europe and MENA. London-based Eryuksel most recently spent 15 years at UBS - predominantly in senior sales and equity trading roles before heading up the business development of UBS' outsourced trading platform across EMEA. At UBS he also served as trading back-up for the London multi-asset trading desk.
/jlne.ws/4eTgEN1
Citigroup Traders Post Bumper Haul on Trump's Tariff Upheaval
Todd Gillespie - Bloomberg
Citigroup Inc.'s traders rode the tariff-induced volatility in markets to their best second quarter in five years, with revenue buoyed by record trading volumes in the quarter. Revenue from the bank's fixed-income trading business soared 20% to $4.3 billion, beating the $3.9 billion predicted by analysts in a Bloomberg survey. Citigroup's stock traders hauled in $1.6 billion, also surpassing expectations, aided by a surge in prime balances to record levels during the period.
/jlne.ws/4ltY4NL
Citi leads US banks in lowballing capital hit in stress test; Morgan Stanley and Wells Fargo internal projections also show more capital resilience than Fed's calculations
Joshua Walker - Risk.net
Three US global systemically important banks (G-Sibs) projected materially stronger Common Equity Tier 1 (CET1) capital resilience than the Federal Reserve in the latest round of Dodd-Frank Act stress tests (DFASTs). Citi showed the widest gap, forecasting a trough CET1 ratio of 12% over the nine-quarter scenario envisaged in the exercise, down from a starting point of 13.6%.
/jlne.ws/40fYJdd
Panmure Liberum and Nedbank CIB announce equities partnership; The offering will span South African and Pan-European equity markets and will see both banks acting as each other's preferred execution partner for their respective equities markets.
Natasha Cocksedge - The Trade
UK investment bank Panmure Liberum has partnered with South African bank, Nedbank's corporate and investment banking division, to deliver a trading agreement across South African and Pan-European equity markets. Through the offering, both banks will provide co-branded research across the countries, as well as taking on corporate advisory opportunities in the UK and for dual listed companies in the UK and South Africa.
/jlne.ws/3GLZjZw
For Big Banks, the Trump Era Is Proving Profitable Thus Far; JPMorgan's Jamie Dimon lauded the "resilient" U.S. economy as his bank reported bumper quarterly earnings.
Rob Copeland and Stacy Cowley - The New York Times
For years, Wall Street's top bankers have watched with a mix of envy and exhaustion as power, profits and popular imagination shifted westward to Silicon Valley. But some of the biggest lenders in America reported strong quarterly earnings on Tuesday along with increasing - if tentative - optimism that the U.S. economy has more room to run. The reports were a reminder that while President Trump's topsy-turvy trade policies have roiled many industries, in the world of high finance, uncertainty is often a chance to make money. JPMorgan Chase, the largest bank in the country, exceeded forecasters' expectations for profitability, earning about $15 billion in the second quarter. Importantly, its haul from advising on corporate deal making, which had been expected to decline amid uncertainty over global trade, rose. The bank credited a shift in momentum as the most extreme of Mr. Trump's tariffs were repeatedly delayed.
/jlne.ws/44OWHCf
Wells Fargo's Assets Breach New Threshold After Shackle Lifted
Yizhu Wang and Hannah Levitt - Bloomberg
/jlne.ws/4kKnXrB
JPMorgan's Surprise Dealmaking Gain Shows Tariff Fear Easing
Hannah Levitt - Bloomberg
/jlne.ws/4lO3piG
BNY Earnings Top Estimates, Boosts NII Outlook for This Year
Sally Bakewell - Bloomberg
/jlne.ws/4eNjHGd
Hedge Funds
Walleye, Former Trader Spar Over Hedge Fund's Non-Compete Terms
William Shaw, Nishant Kumar, and Hema Parmar - Bloomberg
Walleye Capital is feuding with a former top trader over his ability to form a new venture after he left the hedge fund earlier this year. Geoff Tennican joined Walleye about 12 years ago and oversaw its volatility arbitrage business - a strategy linked to swings in asset prices - until his departure, according to his lawsuit in a California state court. Between 2020 and 2024, he estimates that his part of the business earned more than $500 million for Walleye, with profits exceeding $200 million in 2022 alone, making him one of its biggest earners.
/jlne.ws/46bSV8j
Private Markets
BlackRock's Key Retirement Funds to Get Private Assets in 2026
Silla Brush - Bloomberg
BlackRock Inc. said it expects to start offering its own target-date retirement funds that include private assets next year, the latest push by the $12.5 trillion money manager to bring alternatives to everyday investors. The company is working on a plan to launch a proprietary LifePath target-date fund with private assets, Chief Financial Officer Martin Small said Tuesday on the firm's second-quarter earnings call.
/jlne.ws/4lQ7rad
Private Equity
Trump's Tax Law Sweetens Secondary Deals in Venture Capital; Law allows investors in startups to sell more of their holdings early without paying capital-gains taxes
Marc Vartabedian - The Wall Street Journal
Tucked into the "big beautiful bill" signed by President Trump is a new incentive for shareholders of venture-backed startups to sell their shares on what is known as the secondary market. Investors don't expect the change to trigger a stampede of sellers, but they say cashing out earlier is now a bit easier. The new tax-and-spend law expands the Qualified Small Business Stock tax exclusion to allow investors in startups to sell more of their holdings early without paying capital-gains taxes. The new bill raises the per-issuer cap on eligible gains to $15 million, from $10 million, allowing investors to reap the benefits while holding shares for shorter periods.
/jlne.ws/44I1DsA
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Starbucks Tells White-Collar Workers to Come to the Office More-Or Take a Buyout; The four-day minimum requirement will begin in the new fiscal year, and some leaders will have to relocate to Seattle or Toronto within 12 months
Katherine Hamilton - The Wall Street Journal
Starbucks is requiring its corporate workers to come in the office a minimum of four days a week, up from three, as the coffee chain pushes ahead on its turnaround plan. The four-day requirement will begin in the new fiscal year, which starts in October, Chief Executive Brian Niccol said Monday. In addition to the new in-office requirement, leaders and people managers from Starbucks's Support Center who are working remotely will have to relocate to Seattle or Toronto within 12 months. In February, Starbucks asked its vice presidents who were working remotely to relocate to the two cities.
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Pity the policymakers in the AI jobs tsunami; Instead of retraining those who lose work, politicians could help people take matters into their own hands
Sarah O'Connor - Financial Times
You're standing on the beach in the dark, trying to guess whether the next wave, which you can already hear, is going to sweep everyone off their feet, or peter out and merely tickle your toes. This must be roughly how it feels to be a policymaker this year - deeply unsure about what is coming for the labour market, let alone what to do about it. Kristalina Georgieva, managing director of the IMF, has said that artificial intelligence is "already like a tsunami hitting the labour market". Ford chief executive Jim Farley thinks AI is going to replace "literally half of all white-collar workers" in the US.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Study finds no link between aluminum in vaccines and autism, asthma; The study included more than 1.2 million people in Denmark who got childhood vaccines.
Kaitlin Sullivan - NBC News
Aluminum in childhood vaccines is a target of vaccine skeptics, who blame the ingredient on myriad health concerns. But a study of more than 1 million people, published Monday in the Annals of Internal Medicine, found no link between aluminum in vaccines and an increased risk of 50 chronic conditions, including autoimmune diseases, allergies and autism. Health and Human Services Secretary Robert F. Kennedy Jr., who has spread vaccine misinformation for years, said on a podcast in 2024 that aluminum in vaccines is "extremely neurotoxic." (An HHS spokesperson did not respond to a request for comment.)
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MAHA Misses the Real Threats Facing the Next Generation; A new study shows US kids are 80% more likely to die than those born in similarly wealthy countries.
Lisa Jarvis - Bloomberg
A new study in JAMA uses extensive data to paint a comprehensive picture of how America's children are faring - and the image is bleak. Between 2007 and 2023, their physical and mental health worsened, and chronic conditions became more common. But the most breathtaking statistic? Children in the US were 80% more likely to die than those born in other similarly wealthy countries. Whether it's death rates, chronic disease, mental health or any of the 170 measures captured in the study, the overall message is a crisis in children's health, says its lead author, Christopher Forrest, a pediatrician and health outcomes researcher at Children's Hospital of Philadelphia.
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Measles cases soar in Europe as vaccine coverage falls short; The World Health Organization says infections more than doubled in Europe and Central Asia between 2023 and 2024
Michael Peel - Financial Times
Measles cases in Europe and Central Asia have climbed to their highest level for more than a quarter of a century, according to the World Health Organization, more than doubling between 2023 and 2024 as vaccination rates failed to recover to pre-pandemic levels. Outbreaks of the viral disease have killed children in the US and UK, stoking fears that vaccine hesitancy in high-income countries is threatening hard-won gains from mass immunisation programmes.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Singapore Managed Assets Soar, Real Estate Drops to 5-Year Low
Low De Wei and David Ramli - Bloomberg
Real estate and real estate investment trust assets run by money managers in Singapore fell to their lowest levels in at least five years, according to a 2024 survey released on Tuesday by the city-state's central bank. The country's total assets under management hit a new high of S$6.07 trillion ($4.7 trillion) as of December 31, 2024, up 12% compared to a year earlier, the report from the Monetary Authority of Singapore showed. More than three-quarters of the funds were sourced from outside the country, and 88% of the assets were invested globally.
/jlne.ws/3THAlxw
Drought Spreads in England After Driest Start to Year Since 1976
Eamon Farhat - Bloomberg
More parts of the UK entered drought conditions, after England had its driest start to the year since 1976 and heat waves boosted water demand. The West and East Midlands moved into a drought, joining Yorkshire and northwest England, the Environment Agency said on Tuesday. That followed two heat waves last month that helped to make its England's hottest June on record. Global warming is increasing the frequency and intensity of extreme weather in the UK, threatening the livelihoods of farmers and health of vulnerable people. Temperatures across many parts of the UK are set to rise again later this week, worsening the situation.
/jlne.ws/44Oh3vg
Namib Minerals to Invest $400 Million in Zimbabwe Gold Mines
Godfrey Marawanyika - Bloomberg
Namib Minerals Ltd. plans to invest as much as $400 million in reviving two gold mining ventures in Zimbabwe over the next five years. The company is restarting the Redwing and Mazowe mines, which jointly hold 3.7 million ounces of gold, Namib Minerals Chief Executive Officer Ibrahima Sory Tall said Tuesday in an emailed statement. The two mines were under care and maintenance between 2019 and 2020. Namib Minerals, which started trading on the Nasdaq last month, already operates the How Mine near Zimbabwe's second-biggest city of Bulawayo.
/jlne.ws/4eNNoqG
In California strawberry fields, immigration raids sow fear
Mary Milliken and Arafat Barbakh - Reuters
Flor, a Mexican migrant, picks strawberries in the agricultural town of Oxnard, but immigration roundups in recent weeks have infused the farmworker community in the strawberry capital of California with stress and fear. Flor said the raids are taking a toll on the farmworkers' children, who fear that their parents will be detained and deported and some are depressed. Flor, who has a permit to work in the fields, is a single mother of three U.S. citizen daughters and when she picks them up in the afternoon she feels a palpable sense of relief.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Mexican Football Team Atlas Owned by Former Trader Up for Sale
Vanessa Perdomo - Bloomberg
Atlas Fútbol Club, a Guadalajara-based team, is being put up for sale by its owners to comply with rules regarding multi-team ownership, according to people familiar with the matter. Atlas is owned by Orlegi Sports, a Mexican investment firm led by Alejandro Irarragorri, a former commodities trader. The Liga MX club has hired investment bank Moelis & Co. and law firm Weil, Gotshal & Manges LLP to advise on the sale, the people said, asking not to be named discussing private information.
/jlne.ws/4eNjqmF
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