| June 11, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Don't blame me for the chaos-I'm a Pisces, and apparently so is the UK's new share trading scheme. The UK Financial Conduct Authority (FCA) has finally approved the long-delayed Private Intermittent Securities and Capital Exchange System (PISCES), allowing trading of shares in private companies to begin later in 2025.
The platform, delivered through a regulatory sandbox, will let the London Stock Exchange and other approved operators host intermittent trading events where stakes in private firms can be bought and sold. PISCES aims to bridge the gap between private and public markets, providing companies with more opportunities to access investors and offering liquidity to early backers and employees. Access will be limited to institutional, high-net-worth, and sophisticated investors, as well as company employees, who will be able to control trading terms and purchase their shares. The scheme, first proposed in 2022, is part of broader reforms aimed at boosting UK capital markets. However, critics in venture capital and private equity circles have called it unnecessary, expressing concern that it may cannibalize public markets. The FCA's final rules reduce disclosure requirements and give companies more control over buyers. The system will be tested in a sandbox environment until at least 2030, before a permanent regime is established.
Bloomberg's Marc Rubenstein's story today is titled "London's Incredible Shrinking Stock Market," with the subheadline "Listings are heading to the US, accelerating a vicious circle." This contraction in stock listings, as alternative schemes emerge for offering liquidity to shareholders, reminds me of the Chicago trading floors as electronic trading came to dominate. As more firms fled the trading floor, they still had some customers who conducted business on the floor and thus needed access to it. Firms would contract with competitors or independent brokers to provide floor access for their customers. These remaining firms on the floor would experience tremendous growth in business and trading volume, but it was a false signal. Electronic trading would eventually put nearly all of them out of work.
CFTC Commissioner Kristin N. Johnson of the U.S. Commodity Futures Trading Commission (CFTC), who is still on the job, will participate in a fireside chat at the GBBC Blockchain Central DC Conference 2025 on Thursday, June 12, 2025, at 9:30 a.m. EDT. The event will take place at the Andrew W. Mellon Auditorium, 1301 Constitution Avenue, NW, Washington, DC. The conference, organized by the Global Blockchain Business Council (GBBC), is a curated, invitation-only gathering of senior leaders from both the private and public sectors, focusing on the intersection of technology, policy, and business, with key topics including AI and blockchain, crypto cybersecurity, decentralized finance, digital assets, and privacy. The latter subject helps explain the invitation-only policy.
Commissioner Johnson was also scheduled to deliver keynote remarks at the Chief Information Officers Annual Conference, hosted by the Council of the Great City Schools, on Tuesday, June 10, 2025, at 11:30 a.m. CDT (12:30 p.m. EDT) at the Westin Michigan Avenue, located at 909 N. Michigan Avenue, Chicago, IL 60611.
On June 9, the FIA issued a statement regarding the Clarity Act. Now, my Canadian readers are asking, why is the FIA sticking its nose into a law enacted in 2000 (Clarity Act [Bill C-20]), that established the legal conditions under which the federal government would negotiate the potential secession of a province, most notably in response to Quebec's independence movement? I doubt FIA wanted to get involved in this issue, or with President Trump's taunts to Canada about making the whole country the 51st state.
Instead, FIA President and CEO Walt Lukken commented on the "Digital Asset Market Clarity Act, H.R.3633," introduced in the US House of Representatives. He said:
"FIA appreciates US House Financial Services Committee Chair French Hill and House Agriculture Committee Chair G.T. Thompson for advancing the bipartisan CLARITY Act. This legislation is an important step in providing legal and regulatory certainty for the crypto and financial services industry. We believe the listed and cleared derivatives markets - and their regulatory framework - have much to contribute to this debate, and we look forward to reviewing the Act and providing our expertise."
A reader of JLN who grew up on a farm in Wisconsin is asking, "What is the big deal about AI? It has been around since 1953." He is correct; my uncle, Richard J. Knilans, Sr., DVM, regularly used AI in his large-animal veterinary practice. Artificial insemination has been used to grow cattle herds for over 75 years. AI isn't new in farm country.
Here are the headlines from in front of FOW's paywall from some recent stories: https://jlne.ws/43TSKM3CME stops clearing Sydney's FEX Global after four years, KGI Securities Singapore goes live with Scila Risk and ANALYSIS: CME sees technology, education supporting retail push.
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:
- Near Term Optimism vs. Longer Term Caution in Index Options from Cboe.
- BlackRock's Bitcoin ETF becomes fastest-ever ETF to accumulate $70 billion from Fortune.
- OCC Responds to CFTC Request for Comment on Trading and Clearing of Derivatives on a 24/7 Basis from OCC. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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 Russell Robertson's Baptism of Fire and Long Career in the Global Markets JohnLothianNews.com Russell Robertson, currently the chief commercial officer at the Gulf Mercantile Exchange, was born in Scotland and moved to the UK at the age of seven. He was fascinated by the businessmen with umbrellas and bowler hats who took the trains to the City (of London) and back every day. He got his first job in the City at the age of 19 after he finished college. He showed up in an oversized Marks & Spencer suit and his dad's briefcase. In those days you knocked on headhunters' doors to get work and that's how he got his first job, with Republic Bank of New York, working in the back office of the bullion department. Watch the Russell Robertson Video »
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Labubu Doll Fetches $150,000 at China Auction as Demand Rages
Bloomberg News
A human-sized Labubu doll fetched a whopping 1.08 million yuan ($150,000) at an auction in Beijing, in a testament to the popularity of the collectible toy flaunted by celebrities. The one-of-a-kind mint green Labubu, a monster character created by Hong Kong-born artist Kasing Lung, went under the hammer at China's Yongle Auction house on Tuesday, along with 47 other Labubu collectible items.
/jlne.ws/4l51Mgn
***** Now we know where the stupid NFT money ran away to.~JJL
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How smuggled US fuel funds Mexico's cartels; Sophisticated criminal networks are illegally importing huge volumes of fuel - and piling pressure on Mexico's president
Christine Murray and Chris Campbell, Peter Andringa, Alison Killing and Sam Joiner - Financial Times
Every evening at dusk, about 90 kilometres north of Mexico City, the main highway lights up with flashing strobes. Truck drivers know this means one thing: illicit fuel is sold here. For decades, criminal groups in Mexico have stolen fuel from the state, a practice known as huachicol. But in recent years this has been eclipsed by a new and advanced form of smuggling - diesel and gasoline moved across the border from the US via truck, train or sea.
/jlne.ws/3ZUTbEz
***** Stories like this make you appreciate the transparency and fairness of markets that don't have these issues. ~JJL
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Tuesday's Top Three
Our top clicked item Tuesday was the Mission (Im)possible: Kilt Challenge page on Just Giving, with updates on the latest contributions. Second was a tie between When You Check in for a Flight Matters-Here's Why, from Travel & Leisure and CME Group to Host KCBT, MGEX Electronic Trading on CME Globex, from CME Group. Third was Cboe hires ex-Susquehanna strategy head Gilbert to drive education, from FOW.
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| Lead Stories | Adoption of tokenisation beneficial for cleared derivatives industry; FIA sees collateral mobility as important use case for blockchain technology
FIA
FIA released a white paper on the potential application of tokenisation to accelerate the mobility of collateral in the cleared derivatives industry. The paper states that the cleared derivatives industry is at an "inflection point" in the adoption of tokenisation and notes that several clearinghouses are exploring use cases for this technology. It describes the potential benefits and some of the challenges for adoption at scale and concludes with four recommendations.
/jlne.ws/3FQIV9M
UK Will Launch Market for Private Share Sales Later This Year
Aisha S Gani - Bloomberg
The UK will launch a new market for private companies selling shares later this year, which regulators say will give firms access to more investors without the hurdles of a stock market listing. The Financial Conduct Authority said the Private Intermittent Securities and Capital Exchange System, or PISCES, will only be available for institutions and individuals willing to take on high-risk investments, as well as employees of participating companies.
/jlne.ws/45RCaiv
London's Incredible Shrinking Stock Market; Listings are heading to the US, accelerating a vicious circle.
Marc Rubinstein - Bloomberg
Back in 2016, Intercontinental Exchange Inc., the owner of the New York Stock Exchange, revealed that it was considering an offer for the London Stock Exchange Group Plc. After a couple of months of due diligence, it walked away, citing "insufficient engagement" by the LSE. A decade earlier, Nasdaq was given the cold shoulder from management that saw London as "the natural center of the world's equity flows." As it turns out, the American exchanges didn't need to buy LSE to win London's market - they just needed patience. US markets are steadily picking off London's prized listings one by one, exemplified by fintech pioneer Wise Plc's recent decision to shift its primary listing to New York. Wise, worth about $15 billion, adds to a growing list of departures. Construction-equipment firm Ashtead Group Plc announced its move in December, while former FTSE 100 constituents CRH Plc, Ferguson Enterprises Inc and Flutter Entertainment Plc have already relocated.
/jlne.ws/4428HzZ
UK FCA gives green light to Pisces share trading scheme; Buying and selling of stakes in private companies could begin later this year under delayed plan
Ellesheva Kissin - Financial Times
The UK financial regulator has said trading can begin later this year on new venues for buying and selling stakes in private companies, as it gave the green light to the much delayed scheme. The Financial Conduct Authority on Tuesday laid out final rules for the Private Intermittent Securities and Capital Exchange System, which is designed to provide a crossover between private and public markets and bolster the UK's capital markets. The scheme, which had been proposed by the previous Conservative government in 2022 and then backed by Labour chancellor Rachel Reeves, was originally meant to begin operating in at least a limited capacity by the end of last year. The London Stock Exchange and others will be able to apply to the regulator to run Pisces trading venues. Pisces will help companies "tap into a broader range of investors and asset managers" and offer routes for existing shareholders to sell their stake, the FCA said. "The new platforms will give investors greater access and confidence to invest in exciting new companies, while early backers and employees can sell up and invest again," added Simon Walls, executive director of markets at the regulator.
/jlne.ws/3HBJWTA
People Are Worried About Private Market Liquidity; Also SREIT, crypto treasury companies, tariff trades, FCPA and Nikola; Liquidity illusions (1)
Matt Levine - Bloomberg
This is a newsletter about funding models now. We talked yesterday about banks, and how their funding model - raising money from depositors who might want their money back at any time - influences what sorts of assets they should buy. But the same questions - how should I fund the assets I own, and what assets should I own given my funding model? - arise everywhere. Here is a simple story of private markets: There are public markets where anyone can buy stocks and bonds, and where the stocks and bonds trade freely. Therefore, people can and do buy stocks and bonds with a fairly short investing time horizon. Individuals day-trade stocks; investment banks and proprietary trading firms make short-term bond trades.
/jlne.ws/4mNJCkK
Meta to pay nearly $15 billion for Scale AI stake, The Information reports
Reuters
Meta Platforms has agreed to take a 49% stake in artificial intelligence startup Scale AI for $14.8 billion, The Information reported on Tuesday, citing two people familiar with the matter. Founded in 2016, Scale AI provides vast amounts of labeled data or curated training data, which is crucial for developing sophisticated tools such as OpenAI's ChatGPT.
/jlne.ws/4jJVEJ4
Private capital group Blackstone plots $500bn expansion in Europe; Co-founder Stephen Schwarzman sees 'signs of change' across the region
Antoine Gara - Financial Times
Blackstone Group is preparing to significantly increase its investments across Europe as the private capital group bets economic reforms will revive growth after years of US outperformance. Stephen Schwarzman, co-founder of the $1.2tn-in-assets investment group, told the Financial Times in an interview that Blackstone was planning to invest "at least $500bn" in Europe in the coming decade, as it spots opportunities to become a major lender to companies across the continent and strike large infrastructure and private equity takeovers.
/jlne.ws/4l0HLXZ
How Wirecard's Jan Marsalek went from fraudster to spy; The third season of our investigative podcast asks: who is the real Jan Marsalek? And what does his secret life reveal about the powerful forces he serves?
Sam Jones - Financial Times
Hot Money, the award-winning podcast series from the Financial Times and Pushkin Industries, is back with a third season. In 2020, the Financial Times exposed a EUR2bn fraud at Wirecard, a high-flying German fintech. Many thought that was the end of the story. But for FT reporter Sam Jones, it was just the beginning. This season on Hot Money: Agent of Chaos, Sam investigates Wirecard's chief operating officer who vanished just as Wirecard collapsed - and who turned out to also be a Russian spy.
/jlne.ws/3Tnameg
Jamie Dimon Says Wells Fargo's Asset Cap Was 'Grossly Unfair'
Hannah Levitt - Bloomberg
Wells Fargo & Co.'s Federal Reserve-imposed asset cap that restricted its size for more than seven years was "grossly unfair," said Jamie Dimon, longtime boss of its biggest rival. "They went through a long, arduous road to get out of that thing," JPMorgan Chase & Co.'s chief executive officer said at a conference Tuesday. "Punishment should fit the crime, not be something you don't understand at all." The Fed announced last week that it lifted the sanction, which limited Wells Fargo's balance sheet to its size at the end of 2017. The verdict marked a major win for CEO Charlie Scharf, closing the door on nearly a decade of scandals that he was brought in to clean up in late 2019.
/jlne.ws/3HPvoQe
Peter Thiel-backed crypto group Bullish files for Wall Street IPO; Group seeks to tap a wave of enthusiasm for digital assets as Trump vows to cut regulations
Antoine Gara, Oliver Barnes and George Steer - Financial Times
Cryptocurrency exchange Bullish has filed for a US initial public offering as the Peter Thiel-backed group seeks to tap surging investor demand for digital assets under the Trump administration. The company confidentially filed paperwork with the Securities and Exchange Commission for an initial public offering in recent weeks, according to two people familiar with the situation.
/jlne.ws/4e2Qsiq
Trading firm Tower Research to launch fund for outside investors; High-frequency market makers are seeking new avenues for growth as competition rises
George Steer and Amelia Pollard - Financial Times
High-frequency trading firm Tower Research Capital is planning to launch a fund for external investors as it looks to shift beyond the ultrafast strategies that have made it a big player in global stock markets. Tower's fund will hold investment positions for hours or days at a time rather than the slivers of a second common in the industry, said people familiar with the matter. It would mark one of the first examples of a large high-speed proprietary trading shop opening a product for outside investors.
/jlne.ws/3HDkayn
How Indonesia cornered the nickel market; Indonesia's ban on exports of raw nickel has transformed the critical metal's supply chain
FT Podcast - Behind the Money
A decade ago, Indonesia produced only 6% of the world's supply of refined nickel. Now, it has a de facto monopoly on the market. How did it happen? The FT's Jakarta correspondent A. Anantha Lakshmi and FT's commodities correspondent Camilla Hodgson examine what propelled this explosive growth and how China helped it happen.
/jlne.ws/3SIwrE5
How the U.S. Government Borrows to Fund Its Massive Budget Shortfall; Growing federal debt is threatening to drive up borrowing costs for Americans
Sam Goldfarb and Danny Dougherty - the Wall Street Journal
The U.S. government's outsize debt load is the talk of Wall Street. Some of the biggest names in finance are speaking in increasingly alarmed tones about an issue that has bothered investors for decades. Ray Dalio, founder of the hedge fund Bridgewater Associates, has warned of a debt crisis akin to an "economic heart attack." Jamie Dimon, chief executive of JPMorgan Chase, is predicting a breakdown in financial markets.
/jlne.ws/3HDbEzm
World Bank predicts worst decade for global growth since 60s
Faarea Masud - BBC
The global economy will see the slowest decade for global growth since the 1960s as the effect of Donald Trump's tariffs are felt, the World Bank has predicted. Nearly two thirds of countries in the world had their growth forecasts cut from the bank's last set of predictions six months ago. The bank predicts global growth of only 2.3% in 2025, which is 0.4% lower than was forecast in January, and for 2027, it predicts growth of 2.6% Japan, Europe and the US were among those downgraded in the bank's twice yearly report. The bank's last set of forecasts in January were made before Donald Trump took office.
/jlne.ws/44acTPc
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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. | Lutnick says US-China talks going well, could run into Wednesday
Reuters
U.S. Commerce Secretary Howard Lutnick said trade talks with Chinese officials were going well and he hoped they would end on Tuesday night, but said they could run into Wednesday. "I think the talks are going really, really well. We're very much spending time and effort and energy - everybody's got their head down working closely," Lutnick told reporters at Lancaster House in London, where teams from both countries have met for two days.
/jlne.ws/3Zpqcsq
Moelis CEO-designate joins Wall Street in signaling dealmaking rebound after tariff pause
Manya Saini - Reuters
Moelis' incoming CEO Navid Mahmoodzadegan told investors on Tuesday that he is optimistic about the dealmaking environment, as confidence returns following a pause in April triggered by U.S. tariff threats. "I'm optimistic. It definitely feels better and better each day ... The announcement in April, I think set us back a little bit in terms of the M&A environment," he said at the Morgan Stanley U.S. Financials Conference.
/jlne.ws/43R1CSz
Being a Bully on Trade Won't Work Longer Term, Lagarde Warns
Zoe Schneeweiss - Bloomberg
There's no longer-term advantage to being a bully on global commerce, according to European Central Bank President Christine Lagarde. "Coercive trade policies are not a sustainable solution to today's trade tensions," she said Wednesday in a speech at the People's Bank of China in Beijing. Lagarde, who served as French trade minister early in her career, spoke just hours after the US and China agreed to a preliminary plan to ease tensions in cross-border commerce, which are near an all-time high - primarily due to President Donald Trump's on-again-off-again tariffs.
/jlne.ws/4jOqLmN
Gold overtakes euro as global reserve asset, ECB says; Bullion second only to US dollar in 2024 after record central bank purchases
Olaf Storbeck and Leslie Hook - Financial Times
Gold has overtaken the euro as the world's second most important reserve asset for central banks, driven by record purchases and soaring prices, according to the European Central Bank. Bullion accounted for 20 per cent of global official reserves last year, outstripping the euro's 16 per cent and second only to the US dollar at 46 per cent, data from an ECB report published on Wednesday showed.
/jlne.ws/3Thkc1g
Indonesia to hand out cash, rice as Southeast Asia girds for US tariffs; Thailand and Malaysia also ready assistance as 90-day pause is set to expire
Kosuke Inoue, Tomoyoshi Oshikiri and Yuji Nitta - Nikkei Asia
Indonesia, Thailand and other Southeast Asian nations are rolling out large economic stimulus packages as they attempt to shield their economies from the impact of sweeping U.S. tariffs. Indonesian President Prabowo Subianto's government has put together a stimulus package worth 24.44 trillion rupiah ($1.5 billion) by Tuesday. This represents a reversal of a plan decided on earlier this year to cut 306 trillion rupiah in spending to generate funds for free school meals.
/jlne.ws/4kZDap3
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
How AI guided Ukraine's drones to hit Russian airfields; Artificial intelligence took over the steering of unmanned quadcopters after losing signal
Fabrice Deprez - Financial Times
The stunning footage of Russian military airfields obscured by thick plumes of smoke and strategic bombers going up in flames served to demonstrate Ukraine's resolve and ability to strike targets as far as beyond the Arctic Circle. Kyiv's daring "Operation Spiderweb" carried out by Ukraine's security service (SBU) earlier this month against four air bases in Russia also highlighted the devastating effects of a technological race being shaped by artificial intelligence.
/jlne.ws/4kB1vlg
Russian Drone Barrage Kills 3 in Ukraine's Second-Largest City; The assault continued Moscow's stepped-up drone and missile attacks, which have been ratcheting up for months with nightly bombardments on regions and cities in Ukraine.
Maria Varenikova reporting from Kyiv, Ukraine - The New York Times
An overnight Russian drone barrage that targeted Kharkiv, Ukraine, on Wednesday killed three people, set cars and buildings on fire and sent exhausted residents running to bomb shelters, according to the local authorities. Russia has been increasing the scale of missile and drone attacks for months, with nightly attacks on various regions and cities in Ukraine despite pressure from the Trump administration to work on a cease-fire. On Tuesday, it hit Kyiv, the capital, with one of the most intensive drone barrages of the war.
/jlne.ws/4mYxNZ1
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | 24 Exchange Announces Launch Date for First Stage of 24X National Exchange, the First SEC-Approved 23/5 Stock Exchange
24 Exchange
24 Exchange announced today that the first stage of 24X National Exchange (the "Exchange") will launch on September 29, 2025. This milestone marks the debut of the first national securities exchange designed for global access and approved by the U.S. Securities and Exchange Commission (SEC) to offer 23-hour weekday trading of U.S. equities. Beginning on September 29, 24X National Exchange will offer trading of U.S. equities from 4:00 a.m. to 8:00 p.m. ET on weekdays. The new Exchange will enable both institutional and retail investors anywhere in the world to trade U.S. equities via participating broker-dealers across nearly the entire day, five days a week. It will operate under full SEC regulatory oversight and with all the standard investor protections afforded to national exchanges.
/jlne.ws/3T7CSAR
Indian Depository NSDL Is Said to Plan $400 Million IPO for July
Ashutosh Joshi, Rajesh Mascarenhas, and Dave Sebastian - Bloomberg
National Securities Depository Ltd. is pressing ahead with its plan for an initial public offering that is expected to raise about $400 million, according to people familiar with the matter. The proposed listing of India's oldest depository, which was initially cleared by the market regulator in October last year, is now slated to take place as soon as July, according to the people, who asked not to be named as the information is private.
/jlne.ws/4027IOS
ASX welcomes ASIC announcement on path for faster IPOs; ASX has today responded to ASIC's announcement on the path for faster IPOs.
ASX
James Posnett, ASX General Manager of Listings, commented: "We welcome the announcement by ASIC today on streamlining the IPO process. It will shorten the time it takes companies to get to market, which will help reduce risk for both investors and issuers. "The announcement is a positive step forward for the listed markets in Australia. While cyclicality is a key driver of public markets, there are clearly changing market dynamics that require the capital markets ecosystem to adapt through continuous improvement - we agree there is no silver bullet.
/jlne.ws/3ZXvFH6
BME Growth Markets Companies Increase Their Turnover by 27.7% Compounded Annual Rate Over the Last Ten Years
The companies listed on BME's growth markets (BME Growth and BME Scaleup) have once again demonstrated their growth capacity, with a compound annual growth rate of 27.7% in their revenue over the past ten years. This data consolidates the role of these markets as key platforms for driving the development of innovative and high-potential companies in Spain. In the last year, the turnover of these companies grew by 6.5%. The expanding companies, a segment that includes the companies with the highest projection within these markets, have recorded even more notable growth, with an annualized increase of 30.6% in their revenue over the same period.
/jlne.ws/4lm9TW3
FTSE Russell and StepStone announce proposed partnership
LSEG
FTSE Russell, an LSEG business, and StepStone announced today they have signed a proposed partnership to jointly develop private asset indices, data, and analytics products. The proposed partnership will combine FTSE Russell's expertise in design, development, calculation and management of category defining indices across asset classes, with StepStone's leading private markets solutions platform and deep data driven insights across multiple private market asset classes.
/jlne.ws/45MS5yu
Euronext announces June 2025 quarterly review results of the AEX Family
Euronext
Euronext today announced the results of the June 2025 quarterly review for the AEX, AMX, AScX and AEX ESG, which will be implemented after markets close on Friday 20 June 2025 and will be effective from Monday 23 June 2025.
/jlne.ws/4l5krZt
Euronext announces volumes for May 2025
Euronext
Euronext, the leading European capital market infrastructure, today announced trading volumes for May 2025. Euronext informs that the template has been aligned with the new reporting framework, which was implemented as of the first quarter 2025 results publication.
/jlne.ws/45jy2rj
NYSE Member Firms Report First Quarter Results
ICE
New York Stock Exchange member firms that conduct business with the public reported a first-quarter 2025 after-tax profit of approximately $15 billion and revenues of approximately $124 billion, compared with approximately $11 billion after-tax profit on revenues of about $117 billion in the first-quarter of 2024.
/jlne.ws/4jJYG08
2025 Global Markets Choice Awards: The Winners
IEX
Markets Media Group's inaugural Global Markets Choice Awards was held Thursday, June 5, at Central Park Boathouse in New York City.
/jlne.ws/3FQDEz0
Nasdaq Announces End-of-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date May 30, 2025
Nasdaq
At the end of the settlement date of May 30, 2025, short interest in 3,184 Nasdaq Global MarketSM securities totaled 13,504,275,894 shares compared with 13,735,568,588 shares in 3,168 Global Market issues reported for the prior settlement date of May 15, 2025. The mid-May short interest represents 2.19 days compared with 2.41 days for the prior reporting period. Short interest in 1,632 securities on The Nasdaq Capital MarketSM totaled 2,610,068,615 shares at the end of the settlement date of May 30, 2025, compared with 2,731,907,808 shares in 1,639 securities for the previous reporting period. This represents a 1.00 day average daily volume; the previous reporting period's figure was 1.00.
/jlne.ws/4kLWnuL
OCC Responds to CFTC Request for Comment on Trading and Clearing of Derivatives on a 24/7 Basis
Megan M. Cohen, General Counsel and Corporate Secretary - OCC
The Options Clearing Corporation ("OCC") appreciates the opportunity to submit this letter in response to the Commodity Futures Trading Commission's ("CFTC") Request for Comment on Trading and Clearing Derivatives on a 24/7 Basis. By way of background, OCC was founded in 1973 and is the world's largest equity derivatives clearing organization. OCC operates as a central counterparty ("CCP") under the jurisdiction of both the Securities and Exchange Commission ("SEC") and the CFTC. As a registered clearing agency under the SEC's jurisdiction, OCC is the sole clearing agency for equity options listed on national securities exchanges. As a registered Subpart C DCO under the CFTC's jurisdiction, OCC clears and settles transactions in futures and options on futures. OCC also provides central counterparty clearing and settlement services for securities lending transactions. OCC has been designated by the Financial Stability Oversight Council as a systemically important financial market utility ("SIFMU") under Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank").
/jlne.ws/4mYhaN0
SGX Group delivers strong May performance as investors flock to quality
SGX
Singapore Exchange (SGX Group) today reported strong market performance in May as global participants gravitated toward its trusted and efficient marketplaces, amid measured optimism and easing U.S. tariff-driven volatility. The Singapore stock market continued to stand out for its quality and value to investors, while institutional hedging remained robust as investors recalibrated portfolios in response to market uncertainty.
/jlne.ws/3FXj8wx
TAIFEX Newsletter June 2025
TAIFEX
Launch of TAIEX Friday Weekly Options: Effective June 27, 2025, TAIFEX will introduce Friday Weekly TAIEX Options (Friday TXOs), complementing the existing Wednesday-expiring contracts. Listed weekly with a two-week duration, Friday TXOs offer market participants greater flexibility for event-driven strategies and short-term hedging-particularly around earnings announcements and key macroeconomic data released on Thursday nights.
/jlne.ws/43EdKYp
TMX Group Equity Financing Statistics - May 2025
TMX
TMX Group today announced its financing activity on Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for May 2025. TSX welcomed 25 new issuers in May 2025, compared with 23 in the previous month and 16 in May 2024. The new listings were 24 exchange traded funds and one mining company. Total financings raised in May 2025 decreased 29% compared to the previous month, and were down 48% compared to May 2024. The total number of financings in May 2025 was 41, compared with 52 the previous month and 37 in May 2024.
/jlne.ws/3Tk0e68
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | How Fintech Founder Rejected Stripe Buyout Before Building $775 Million Fortune
Emily Mason - Bloomberg
Seven years ago, Airwallex co-founder Jack Zhang walked away from what looked like the deal of a lifetime. Stripe Inc. was offering to buy his firm for $1.2 billion and legendary Sequoia investor Michael Moritz was urging him to accept. After weeks hashing out the details and sale price with Stripe's billionaire co-founder Patrick Collison, Zhang was close to agreeing. Then doubts crept in. He called a vote with his three co-founders and over a WhatsApp call they decided to turn the offer down.
/jlne.ws/3SORTHs
IBM just took a 'significant' step toward useful quantum computing
Laura Bratton - Yahoo Finance
IBM (IBM) on Tuesday said it is building the world's first large-scale quantum computer capable of operating without errors. The computer, called Starling, is set to launch by 2029. The quantum computer will reside in IBM's new quantum data center in upstate New York and is expected to perform 20,000 more operations than today's quantum computers, the company said in its announcement Tuesday.
/jlne.ws/4mS6ekl
Meta plans to invest $15bn in Scale AI in bid to catch up to rivals; Deal would be one of the biggest of its kind and give Facebook parent a 49% stake in the start-up
George Hammond and Cristina Criddle and Melissa Heikkilä - Financial Times
Meta plans to invest about $15bn in data-labelling start-up Scale AI and hire the group's co-founder and top researchers, in one of the biggest deals of its kind as the Big Tech company seeks to catch up with rivals. The deal, which could be announced as soon as Wednesday, would give Meta a 49 per cent stake in Scale AI and value the start-up at roughly $28bn, according to people with knowledge of the matter. It would mark the second consecutive year that Scale AI has doubled its valuation.
/jlne.ws/440NYN3
ChatGPT down: OpenAI reports major outage as users see error message
Alex Ross - The Independent
ChatGPT has gone down with its operator OpenAI reporting the chatbot is seeing a widespread outage. The AI assistant engages in human-like conversations and generates readable text on demand from a vast database of digital books, online writings and other media on the internet.
/jlne.ws/4mS6Mqp
Ohio State University is requiring every student to use AI in class to become 'AI fluent'
Beatrice Nolan - Fortune
Ohio State University is making AI literacy a requirement for all undergraduates starting in 2025. The university's new "AI Fluency" initiative includes hands-on workshops and a dedicated course, aiming to equip students to use generative AI responsibly in their chosen fields. Ohio State University is requiring all students to learn how to use AI. The university's "AI Fluency" initiative, announced last week, aims to ensure all students graduate equipped to apply AI tools and applications in their fields.
/jlne.ws/3FKqbJ2
Russian billionaire and Putin critic launches AI data centres in the UK
Matthew Field - The Telegraph
A Russian billionaire and critic of Vladimir Putin is preparing to invest hundreds of millions of pounds in artificial intelligence (AI) data centres in the UK. Nebius, a technology company headquartered in the Netherlands, will invest £200m to establish an "AI factory" in Britain, deploying 4,000 graphics-processing chips designed to power the latest generation of machine-learning technology. The $12bn (£9bn) business is assessing potential data centre sites in the South East.
/jlne.ws/44aGkkc
Data Centers Prompt US to Boost Power-Usage Forecast by 92%
Will Wade - Bloomberg
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| Cybersecurity | | Top stories for cybersecurity | Cyberattack on Food Distributor Leaves Supermarket Shelves Running Low; United Natural Foods, a company that serves Whole Foods and other retailers, says it is working to get its systems back online
Owen Tucker-Smith - The Wall Street Journal
Supermarket shelves are emptying out at some stores around the country, after a cyberattack hit a major distributor to Whole Foods Market and other chains. United Natural Foods said it detected unauthorized activity on its systems last week and took certain ones offline proactively. Disruptions to its operations have followed, United Natural said. Stores around the country have reported being unable to place orders. The company has told suppliers that it hopes to restore normal operations by Sunday, according to a notice viewed by The Wall Street Journal.
/jlne.ws/4jQ5Fom
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| Cryptocurrencies | | Top stories for cryptocurrencies | Thiel-Backed Crypto Startup Bullish Files for US IPO, FT Says
Edwin Chan - Bloomberg
Bullish Global, the cryptoasset exchange whose backers include billionaire Peter Thiel, has filed for a US initial public offering, the Financial Times reported. The startup filed confidential documents with the Securities and Exchange Commission in recent weeks to kickstart the process, the FT reported, citing unidentified sources.
/jlne.ws/444Dlc6
A growing number of Fortune 500 companies are pursuing 'blockchain initiatives' as crypto goes mainstream
Catherine McGrath - Fortune
An increasing number of mainstream companies are experimenting with blockchain technology, according to a new report. Around 60% of Fortune 500 executives say their companies are "working on blockchain initiatives," according to a new survey published by crypto exchange Coinbase on Tuesday, in partnership with GLG Research. That's a 4% increase from last year. Many of these crypto projects are related to the use of blockchain technology for payments and settlements, supply-chain management, and blockchain infrastructure.
/jlne.ws/3HzA7Wc
Bitcoin winter not coming back, says Strategy's Saylor
Louis Juricic - Investing.com
MicroStrategy Chairman Michael Saylor dismissed recent criticism from a legendary short seller during a Bloomberg TV interview Tuesday, explaining his company's business model and outlook on Bitcoin's future. Responding to Jim Chanos's short call on MicroStrategy shares, Saylor stated, "I don't think he understands what our business model is. We are the largest issuer of Bitcoin back credit instruments in the world."
/jlne.ws/45jHH1g
Circle's Wild IPO Sparks ETF Rush Betting on the Hot Stablecoin Stock
Isabelle Lee - Bloomberg
Wall Street's ETF machine kicked into high gear just hours after Circle Internet Group Inc. went public, riding the frenzied initial public offering of the stablecoin giant as crypto technologies enter mainstream finance. At least three issuers rushed to file related exchange-traded funds following Circle's white-hot Thursday debut. The firm - issuer of USDC, the second-largest stablecoin - saw its shares triple shortly after trading began, reviving animal spirits across an IPO-starved market.
/jlne.ws/45OQ0SI
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| Politics | | An overview of politics as it relates to the financial markets | Trump is provoking LA to fire up his base; By goading California's protesters - and its leaders - to defy him, the president is mobilising Maga
Harold Meyerson - Financial Times
History sometimes needs a push. In sending his immigration police to disrupt Los Angeles, US President Donald Trump recognises this. He can now use the predictable backlash to seize more power. Trump's administration already stands out historically for aggregating powers to itself that the US constitution explicitly vests in Congress. The constitution does empower the president to employ the army domestically, but only if he declares the nation to be in a state of insurrection, as Abraham Lincoln did in the 1860s. The last time the Insurrection Act was invoked without a state governor's consent was by Lyndon Johnson in 1965 to protect civil rights marchers in Alabama.
/jlne.ws/3FOw0oN
Donald Trump says Los Angeles 'would be on fire' if troops had not been deployed; US president's comments come as defence secretary is grilled over dispatching of Marines to 'enforce immigration law'
Guy Chazan and Lauren Fedor - Financial Times
Donald Trump has defended his decision to deploy troops to Los Angeles, saying the city "would be on fire" if he had not intervened to deal with the protests triggered by his immigration crackdown. He added that if required he would "certainly invoke" the Insurrection Act of 1807, a law that empowers the president to deploy the US military and units of the National Guard domestically to suppress civil disorder, insurrection or armed rebellion.
/jlne.ws/4jHbbJX
Trump is coming for the 'enemy within'; Sending the National Guard into LA is the administration's clearest step yet towards authoritarianism
Edward Luce - Financial Times
It is a fraught moment to stage a military parade in America's capital. The display of tanks, aircraft and march-bys on Saturday will coincide with the US Army's 250th anniversary and Donald Trump's 79th. It will also come a week after Trump put the National Guard on the streets of Los Angeles - the first time in 60 years a president has done so in defiance of the state governor. The two situations are poles apart. In 1965, Lyndon Johnson deployed troops to protect civil rights marchers from Alabama's trigger-happy local police. In 2025, Trump's declared aim is to protect federal agents and buildings from local protesters. Unlike LBJ's, Trump's mission is open-ended. Johnson was sealing his desegregation of the south. Trump, on the other hand, is only beginning his pursuit of America's "enemy from within".
/jlne.ws/45iAuON
An ever riskier world economy; Trump's tariff war brings with it unpredictability and a consequent loss of confidence
Martin Wolf - Financial Times
We are living in the early stages of a revolution - the attempted conversion of the American republic into an arbitrary dictatorship. Whether Donald Trump will succeed in this attempt is, as yet, unclear. But what he wants to do seems self-evident. His way of governing - lawless, unpredictable, anti-intellectual, nationalist - will have the greatest impact on the US itself. But it is, inevitably, having a huge impact on the rest of the world, too, given the hegemonic role of the US since the second world war. No other country or group of countries can - or wants - to take its place. This revolution threatens chaos.
/jlne.ws/4mR0mrj
Yale Is Rushing to Sell Billions in Private Equity Investments; The university is selling multiple stakes in private equity funds as the industry struggles and President Trump targets Ivy League institutions.
Maureen Farrell and Lauren Hirsch - The New York Times
Yale University's famed endowment has been trying to offload one of the largest portfolios of private equity investments ever in a single sale, a move that reflects the pressures on both Wall Street and higher education under the Trump administration. The Ivy League school has sought buyers for up to $6 billion in stakes in private equity and venture funds, according to three people briefed on the sales process, amid uncertainty about its federal funding and the reality that many of these investments have not delivered the outsize returns that Yale expected.
/jlne.ws/4mO4pVk
Trump's tax bill backfire: Foreign companies could avoid U.S. investment over steep hikes
Josh Boak - The Associated Press via Fortune
President Donald Trump likes to say he's bringing in trillions of dollars in investments from foreign countries, but a provision in his tax cuts bill could cause international companies to avoid expanding into the United States.
/jlne.ws/3ZqsrvA
'Arrest me': California's governor unfazed by threats of arrest from Trump administration official; Both Trump and his "border czar," Tom Homan, have said California officials could face arrest if they're perceived as impeding ICE operations.
Jacob Soboroff, Nnamdi Egwuonwu, Yamiche Alcindor and Sarah Dean - NBC News
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Canada's Ex-Minister Urges Better China Ties to Hedge US Risks
Katia Dmitrieva and Erik Schatzker - Bloomberg
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Tories secured most donations of any UK party in first quarter of 2025, data shows; Main opposition party received more than £3.3mn while Reform UK failed to gain big-ticket supporters
Anna Gross - Financial Times
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| Regulation & Enforcement | | Stories about regulation and the law. | Bank of England Urges Lenders to Step Up Repo Facilities Use
Philip Aldrick and Tom Rees - Bloomberg
The Bank of England has urged lenders to step up use of its routine liquidity facilities to avoid possible stresses in markets as the central bank runs down its balance sheet. In a speech in Helsinki, Executive Director of Markets Vicky Saporta said firms should be "looking to use these facilities for routine liquidity management and not just as backstops" and warned them to be prepared for more market turbulence a
/jlne.ws/45oWbwR
Taiwan to Restrict Hostile Takeovers in Crowded Financial Sector
Betty Hou and Cindy Wang - Bloomberg
Taiwan regulators announced plans to effectively block hostile takeovers in the island's crowded financial sector, months after preventing a roughly $4.1 billion deal that would have created Taiwan's largest financial group. The Financial Supervisory Commission will amend rules to close the door to non-consensual mergers and acquisitions to ensure market stability, it said in a statement late Tuesday. In the future, acquiring financial firms must get a board resolution from the target company indicating no objection, or show that they can secure a majority of shares or board seats to complete the acquisition, the FSC said.
/jlne.ws/3FPbwMF
Fraudster sentenced in trading Ponzi scheme; Court orders $22.7M in restitution to harmed investors in Strike Holdings case, along with jail time
James Langton - Investment Executive
One of the fraudsters who misled investors in a purported automated trading scheme has been ordered to pay $22.7 million in restitution and spend four years in jail. In 2022, the Ontario Securities Commission (OSC) announced charges against Kevin Carmichael of Hamilton, Ont., and Michael Aonso of Mississauga, alleging that between April 2012 and June 2019, they defrauded investors by raising $31 million through their company, Strike Holdings Inc., for an algorithmic trading strategy.
/jlne.ws/4mO6TmC
Industry Concerns About Looming U.S. Treasury Clearing Rules Remain
Press Release via Traders Magazine
Although the industry breathed a sigh of relief in February when the SEC announced a one-year extension of its new clearing mandate for U.S. Treasuries and repo, capital markets professionals interviewed in a new study by Crisil Coalition Greenwich continue to grapple with a host of challenges that must be addressed ahead of the clearing rule implementation. U.S. Treasury market participants regularly employed what is known as the "done-with" model, in which a single broker or dealer executed and, if desired, clears a trade. One of the key benefits of this model is that the dealer's exposures can be netted with other exposures-an attribute of clearing that 70% of study respondents believe is most important.
/jlne.ws/3HCkiOH
Natasha Vij Greiner Will Conclude Her Tenure as Director of Investment Management
SEC
The Securities and Exchange Commission today announced that Natasha Vij Greiner, Director of the Division of Investment Management, will depart the agency effective July 4, 2025, after more than 23 years of public service. "Natasha's steadfast leadership and strong judgment have been invaluable assets to the SEC throughout her long and distinguished career," said SEC Chairman Paul S. Atkins. "I am grateful for her strategic counsel since I've become Chairman. Her unwavering commitment to the agency's mission and her ability to navigate complex regulatory landscapes with clarity will have a lasting effect."
/jlne.ws/4kF5X2C
ASIC's refreshed website is coming soon
ASIC
ASIC will soon be rolling out its updated website with a simplified, streamlined and intuitive interface aimed at improving user experience for the Australian public. The updated website (asic.gov.au) will go live by Monday 30 June 2025 featuring updated company registration and business names information, enhanced navigation and an improved look and feel to better support the needs of users.
/jlne.ws/43IcdRe
ASIC Symposium panel: Private markets, where to now?
Calissa Aldridge, Executive Director - ASIC
Thank you for that thoughtful and insightful panel session. It's clear that public and private markets both play a critical role and are important for the future of our success here in Australia. Now we're going to move on to the second panel, so thank you, James, you can stay there. This next one's on private capital markets. These markets have obviously grown significantly over recent time, as our Chair outlined. They've tripled in the last decade, for example. While off a low base in Australia, there's a consensus in the submissions that we received that there are structural changes, and something that we need to focus on.
/jlne.ws/44jZvqX
ASIC sues Australian Unity Funds Management for failing to confirm product suitability for investors
ASIC
ASIC has started court action against Australian Unity Funds Management Limited (Australian Unity) alleging it acted unlawfully by failing to take reasonable steps to ensure retail investors were in the target market for one of its investment products. Australian Unity is the responsible entity of the Select Income Fund (the Fund) and between 5 October 2021 and 5 October 2023, it made three Target Market Determinations identifying the class of suitable investors for the Fund. ASIC alleges Australian Unity failed to take reasonable steps to ensure retail investors who invested in the Fund were in the target market.
/jlne.ws/45dNLZ0
Ice Futures Europe review
FMA
Ice Futures Europe (IFEU) is licensed to operate the IFEU derivatives market in New Zealand. The FMA is required to report, at least once every two years, on how well IFEU is meeting its obligations as a licensed market operator. This report contains findings from the FMA's review of how well IFEU is meeting its licensed market operator obligations, for the two-year period from 1 January 2023 to 31 December 2024.
/jlne.ws/45kNJ1A
FCA appoints deputy chief to steer growth mission
Ali Lyon - CityAM
The Financial Conduct Authority (FCA) has made Sarah Pritchard its deputy chief executive, a new role the watchdog has forged to reflect its growing remit and bolster its efforts to support the government's growth mandate. The City's main watchdog confirmed Pritchard's appointment in an announcement on Tuesday, with the FCA's integration with the Payments Systems Regulator, the regulation of stablecoin and cryptocurrency firms and the fast-growing buy now pay later sector all falling under her purview.
/jlne.ws/4mUrHJ5
Risk, reform, reward: Why the UK is the place to invest; Speech by Simon Walls, executive director of markets, at the Global Management Summit 2025, Guildhall London.
FCA UK
Introduction: It's a pleasure to be here in this remarkable setting, with this special audience. You are the asset owners, stewards and strategic investors that shape markets across borders. In many ways, you are customers of the FCA's work as a regulator. And we want you to be happy customers. To find the UK the most constructive, competitive and compelling place to put your money to work. This morning I'd like to share some of our work to achieve that goal - the why, the how, and a look at the 'what next?' too. But first, as a father of a toddler, I would like to start where I often need to: coffee.
/jlne.ws/4dVB877
Opening Remarks by Mr Leong Sing Chiong, Deputy Managing Director (Markets & Development), Monetary Authority of Singapore, at the China-Singapore (Chongqing) Connectivity Initiative New International Land-Sea Trade Corridor (CCI-ILSTC) Trade and Financial Conference on 11 June 2025
MAS
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Sentencing adjourned for brothers-in-law convicted of false trading
SFC
The Eastern Magistrates' Courts has ordered for suitability reports regarding community service orders for Mr Lin Tai Fung and his brother-in-law, Mr Or Chun Nin following their conviction of the offence of conspiracy to commit false trading in the shares of Pa Shun International Holdings Limited (Pa Shun) from 9 April 2017 to 7 March 2018 in a prosecution brought by the Securities and Futures Commission (SFC) (Note 1).
/jlne.ws/4ei8P3b
SEBI to Introduce "ValidatedUPI Handles" and "SEBI Check" for Secured Payments by Investors to Enhance Investor Protection and Combat Fraud
SEBI
SEBI today announced a significant initiative to enhance investor protection and combat unauthorized money collection in the securities market. Effective October 1, 2025, SEBI will introduce a structured and validated Unified Payment Interface (UPI) address mechanism, featuring the exclusive "@valid" handle, for all SEBI-registered investor-facing intermediaries.
/jlne.ws/4jL5Wsq
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Euro's Steady Demand Shows Challenge of Taking On the Dollar
Mark Schroers - Bloomberg
International use of the euro remained flat for another year in 2024, laying bare the depth of the task in challenging the US dollar on the global stage. In overall usage terms, the share of the common currency was largely unchanged at 19%, the European Central Bank said Wednesday in an annual assessment of the euro's situation. In foreign-exchange reserves, it held at 20% - a third of that for the dollar.
/jlne.ws/3HuL0ZA
The Euro Struggles to Win Over Czechs Going Slow on Adoption
Peter Laca, Krystof Chamonikolas, and Kriti Gupta - Bloomberg
The Czech central bank governor touted the benefits of his country's currency, saying that the koruna puts it in a better position to moderate price-growth than the euro would. "By using independent monetary policy, we are able to have very low inflation for a very long time," Ales Michl told an event hosted by Bloomberg in Prague on Tuesday. The koruna has served the Czech economy well and, as a strong currency, has a critical role in taming price growth, he said.
/jlne.ws/4mTVku6
Trump's 'Liberation Day' led to a tidal wave of stock trades from members of Congress
Chris Morris - Fortune
Lawmakers were active stock traders in the days following Trump's Liberation Day tariff announcement. A study of trades shows House lawmakers (or their families) made 1,865 trades in April. This comes amid calls for reform that would prevent lawmakers from trading individual stocks. While the debate on whether to ban members of Congress from trading individual stocks rages on, lawmakers were particularly active in April amid the announcement of Donald Trump's tariffs.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | European Power Surges on Fresh Fears of French Reactor Corrosion
Eamon Farhat - Bloomberg
Power prices across Europe jumped as nuclear giant Electricite de France SA reported signs of "stress corrosion" at a reactor, renewing fears that generation may be curtailed once again. The French utility in 2022 and 2023 was forced to halt part of its atomic fleet, the backbone of western Europe's electricity market, to fix cracked pipes. That sent energy prices soaring as the repairs coincided with dwindling Russian gas supplies to the continent.
/jlne.ws/3HDfbh9
EDF Finds Hints of Stress Corrosion Crack at Nuclear Reactor
Francois De Beaupuy - Bloomberg
Electricite de France SA found indications that "stress corrosion" cracks may again affect pipes at a nuclear reactor that it fixed fewer than three years ago, risking a revival of tensions on Europe's power and gas markets. The French power giant had to halt part of its atomic plants, which are the backbone of Western Europe's electricity market, to fix cracked pipes in 2022 and 2023, sending energy prices soaring as the repairs coincided with dwindling Russian gas supplies to the continent.
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To Shake Russian Gas, Germany Pushes to Ship It in From Anywhere Else; The country, like others across Europe, is building more facilities to handle an increase in imports of liquefied natural gas, much of it from the United States.
Stanley Reed and Melissa Eddy - The New York Times
To report this story, Stanley Reed and Melissa Eddy visited various sites in Wilhelmshaven, Germany, including the place where the country's latest floating gas terminal connects to the national grid.
When Russia invaded Ukraine in 2022, Germany realized that its dependency on natural gas piped from Russia had endangered its energy security. It had no ports to bring in alternative energy sources needed to keep its factories running and homes warm. Three years on, it now has four.
/jlne.ws/3ZqsGH9
Propane Trade Shows Signs of Revival as US and China Mend Ties
Nicholas Lua - Bloomberg
Chinese plastics makers are showing tentative signs of reviving US propane purchases as the two economies seek to mend ties. Propane dehydrogenation plants, which turn the gas into building blocks for plastics, bought at least four US cargoes this month, an increase from May, according to traders with knowledge of the matter, who asked not to be identified. Aiding the trade, US propane was also becoming cheaper relative to alternatives, they said.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | European banks spend EUR1.1bn axing senior staff; Largest single severance payment of EUR11.2mn in pool split between 2,100 staff at seven banks since 2018
Simon Foy - Financial Times
European banks have spent more than EUR1.1bn on axing senior staff since 2018, underlining the extent of the restructuring the industry has undergone in recent years. Deutsche Bank, HSBC and Santander collectively paid out nearly EUR850mn in severance to their most senior employees - so-called material risk takers - between 2018 and 2024, according to a Financial Times analysis of regulatory filings and company accounts.
/jlne.ws/3FIxaSP
Citi to Set Aside More Money for Potential Losses on Loans
Todd Gillespie - Bloomberg
Citigroup Inc. is set to put aside hundreds of millions of dollars more than it did last quarter to account for potential losses on loans, an early sign that the biggest US banks may be bracing for deteriorating economic health. "Given the macro environment, etc., cost of credit compared to last quarter, we expect to be up a few hundred million," Vis Raghavan, Citigroup's head of banking, said Tuesday at a conference hosted by Morgan Stanley. He added the numbers were driven by the bank's credit reserve build, a figure that can change frequently depending on a company's outlook. The figures laid out by Raghavan, also executive vice chair at Citigroup, point to a cautious approach for the months ahead, even as analysts expect loan losses to decline in the second quarter. Banks build reserves for future risks based on macroeconomic indicators, which can vary from quarter to quarter. Reserves can also grow because a firm is lending at higher volumes.
/jlne.ws/4e0VADJ
Mizuho Is Said to Be on Cusp of Buying Indian Investment Bank Avendus
Baiju Kalesh, Manuel Baigorri, and Hideki Suzuki - Bloomberg
Mizuho Financial Group Inc. is on the verge of buying a majority stake in investment bank Avendus Capital Pvt, people familiar with the matter said, in what would be the latest acquisition by a Japanese bank in India. Executives are hammering out details of a transaction that could be finalized as soon as this month and value Avendus at about $800 million, including debt, the people said, asking not to be identified because the deliberations are private.
/jlne.ws/4kvW4UI
BlackRock portfolio managers 'laser focused' on capturing market opportunities
Sam Boughedda - Investing.com
BlackRock analysts said in a note this week that their portfolio managers are "laser focused on how and where to capture opportunities, even as uncertainty abounds" and policymaking continues to disrupt markets. The firm revealed that this was a key takeaway from their recent internal Midyear Forum.
/jlne.ws/3ZYae8R
Hedge Fund Hudson Bay Expands in UAE With Abu Dhabi Office After Dubai
Alex Dooler and Nishant Kumar - Bloomberg
Hudson Bay Capital Management is setting up an office in Abu Dhabi, expanding its presence in the United Arab Emirates beyond Dubai, as both cities continue to attract global asset managers. The $20 billion multistrategy investment firm plans to open in Abu Dhabi before the end of this year, according to people familiar with the matter. The office will add to its 10-person presence in Dubai, one of the people said, asking not to be identified discussing confidential information.
/jlne.ws/4kEPLyi
Wall Street Wins More of Australia's $2.7 Trillion Pension Pot
Amy Bainbridge and Jinshan Hong - Bloomberg
Australia's pension funds are rapidly boosting their allocations to the heavyweights of US finance as rivalry heats up for access to the country's A$4.1 trillion ($2.7 trillion) retirement pot. State Street Corp.'s assets under management in Australia surged 50% in the 15 months through March to A$427 billion, and most are with superannuation funds, the Boston-based firm said in response to questions. JPMorgan Chase & Co.'s have grown 55% in the past 12 months, while Morgan Stanley doubled its Australian mandates to more than A$25 billion.
/jlne.ws/4jOVy3d
Why planning for the CEO's replacement is a crucial part of Blackstone's portfolio strategy
Paolo Confino - Fortune
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Wall Street Banks Are Battling for Japan's Top Young Talent; On today's Big Take Asia podcast: Global firms are slugging it out to hire bankers in Japan as inflation returns and trading surges.
Yang Yang, Naomi Ng, K Oanh Ha, and Patrick Hirsch - Bloomberg
Japan's hottest banking talent is in high demand as Wall Street goes all out to woo new hires, with fancy dinners, strong-arm tactics and higher salaries. On today's Big Take Asia Podcast, Bloomberg's Lisa Du talks to host K. Oanh Ha about why firms are resorting to extreme measures and the problems they face in hiring top talent.
/jlne.ws/3SIYWl1
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| Wellness Exchange | | An Exchange of Health and Wellness Information | F.D.A. to Use A.I. in Drug Approvals to 'Radically Increase Efficiency'; With a Trump-driven reduction of nearly 2,000 employees, agency officials view artificial intelligence as a way to speed drugs to the market.
Christina Jewett - The New York Times
The Food and Drug Administration is planning to use artificial intelligence to "radically increase efficiency" in deciding whether to approve new drugs and devices, one of several top priorities laid out in an article published Tuesday in JAMA. Another initiative involves a review of chemicals and other "concerning ingredients" that appear in U.S. food but not in the food of other developed nations. And officials want to speed up the final stages of making a drug or medical device approval decision to mere weeks, citing the success of Operation Warp Speed during the Covid pandemic when workers raced to curb a spiraling death count.
/jlne.ws/4mRUrSR
Lex Greensill says he suffers from 'PTSD' after SoftBank rescue talks; Greensill Capital founder says negotiations with Japanese group left him with 'third-degree burns'
Robert Smith - Financial Times
Lex Greensill has told London's High Court that he still suffers from post-traumatic stress disorder after fraught negotiations with Japan's SoftBank as he sought funding to save his lending firm that collapsed in 2021. Over two days in the witness box - his first public testimony since Greensill Capital collapsed into administration in March 2021 - the Australian financier detailed bruising talks with the Japanese technology group over emergency funds in late 2020.
/jlne.ws/4jP0Awy
How RFK Jr.'s CDC Ousters Upend the Future of Vaccines
Damian Garde and Gerry Smith - Bloomberg
Robert F. Kennedy Jr., US secretary of health and human services, dismissed all 17 members that make up a key committee advising the US government on vaccine safety and policy, saying that removing the entire panel was the only way to restore public confidence in vaccine science. The move, announced in an opinion piece on June 9, added to the confusion about whether Americans would have access to vaccines for diseases from polio and measles to Covid and the flu. Here's what to know about Kennedy's decision and how it might affect future vaccine development and delivery.
/jlne.ws/4jK8XJy
Why drinking sugar may be worse than eating it
Beth Greenfield - Fortune
Sugar is the enemy. Right? Not always, as it turns out-at least according to a new study, which found it depends on how you consume it. In analyzing data from over half a million people across multiple continents, researchers at Brigham Young University found something unexpected: that sugar consumed through drinks like soda-and even pure fruit juice, which is high in naturally occurring fructose-appeared to be more harmful than sugar that is eaten in foods.
/jlne.ws/4kUJXjQ
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Turkey Central Bank Seeks to Repel Short-Term Carry Trade Bets
Kerim Karakaya, Beril Akman, and Tugce Ozsoy - Bloomberg
Turkish policymakers are taking steps to deter so-called "hot money" flows into the lira, pushing back against one of the world's most lucrative currency bets. While the central bank has kept a tight rein on the lira market and allowed the currency to slide gradually, traders say market moves have become less predictable lately. On recent Fridays in particular, the lira has weakened three to four times faster than the average pace on other days, according to Bloomberg calculations.
/jlne.ws/3HClHVl
China Nudges Pig Farmers to Restrain Supply After Prices Slump
Hallie Gu - Bloomberg
China is seeking to control hog numbers and curb pork production, in a bid to support prices of the country's favorite meat and ease deflationary pressures in the economy. Authorities have asked farmers to be prudent when it comes to expanding their sow herds, and to halt secondary fattening of livestock, according to people familiar with the matter, who declined to be named as they aren't authorized to speak publicly. The latter practice involves buying standard pigs and fattening them beyond normal slaughter-weights to boost meat output.
/jlne.ws/3ZWBdlc
Morgan Stanley Australia CEO Says IPOs, Deals Are Returning
Haidi Lun and Adam Haigh - Bloomberg
Morgan Stanley's Australia chief said he's seeing a return of initial public offerings and merger activity after a "horrible" first half as the country's stability draws overseas capital. "Certainly the first six months of this year have been difficult on deal flow, but I think we are about to see that change," Richard Wagner said in a Bloomberg TV interview in Sydney. "We will see the IPO market open" and the M&A pipeline is "very strong" in Australia, which augurs well for the next six months, he said.
/jlne.ws/3Thd599
Citi appoints head of markets for Indonesia; Incoming individual has previously served at ANZ Indonesia, DBS Bank, HSBC and Deutsche Bank; hire follows a string of appointments as the firm expands its markets business.
Natasha Cocksedge - The Trade
Benny Aroeman has joined Citi as head of markets for Indonesia in a push to bolster the firm's client solutions and markets business. Aroeman brings more than 30 years of industry experience to his new role, largely covering the delivery of derivatives, structured products and risk management solutions to Indonesian clients.
/jlne.ws/45PGpuU
Britons 'hoarding cash amid economic uncertainty and fear of outages'
Phillip Inman - The Guardian
The Bank of England has tracked a significant increase in the number of banknotes in circulation in recent months, according to its chief cashier.Photograph: Justin Kase zsixz/Alamy
Britons are hoarding physical cash amid extreme economic uncertainty and to provide a safety net for possible banking system outages such as the recent one in Spain, according to the Bank of England's chief cashier. Victoria Cleland said on Tuesday that UK households were building a cash contingency pot, much as they did during the Covid and cost of living crises.
/jlne.ws/4kM8fg8
Winter fuel payment scammers already 'targeting pensioners'
Enda McClafferty - BBC News
Scammers are already targeting pensioners who are hoping to get their winter fuel payments restored, Communities Minister Gordon Lyons has warned. It comes a day after it was confirmed the payments, which the government stopped for millions of pensioners across the UK, have now been reinstated. Lyons told the Northern Ireland Assembly he is aware of a number of "scams in circulation", in which pensioners are being contacted and asked for their banking details. He said it is "disgraceful" that people are "trying to take advantage of pensioners" less than 24 hours after the payments were restored.
/jlne.ws/3Thy63s
South Africa Statistics Chief Defends Jobless-Data Calculations
Ana Monteiro - Bloomberg
/jlne.ws/3HPsT0k
Swedish Support for Joining Euro Fades as Krona Strengthens
Charlie Duxbury - Bloomberg
/jlne.ws/3FV4cyX
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