| May 15, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
CFTC Commissioner Summer K. Mersinger announced her departure from the commission at the end of the month. She will succeed Kristin Smith as head of the Blockchain Association.
The National Futures Association is the latest to contribute to the Mission (Im)possible Kilt Challenge of Goldman's Alicia Crighton and ICE's Chris Edmonds on behalf of Futures for Kids. The NFA gave $5000 to the JustGiving site for the campaign, raising the total to 91,889 GBP. Thank you, NFA, for supporting Futures For Kids and the Kilt Challenge.
Given the controversies running around the CFTC right now, one has to wonder why someone would want to impersonate a CFTC official. My answer: They must be dirty, rotten scoundrels. The Commodity Futures Trading Commission (CFTC) has issued a warning about dirty, rotten scoundrels posing as CFTC officials, specifically from the Office of Inspector General, in a growing imposter scam targeting victims of financial fraud. These scammers contact individuals, falsely promise to help recover lost funds from foreign accounts, and attempt to extract more personal information or money from those already harmed by previous scams. The CFTC emphasizes that it never contacts individuals to offer recovery services and urges the public not to share personal details, to end suspicious calls immediately, and to verify any CFTC communication by contacting the agency directly. Victims are encouraged to report such scams through the CFTC's official channels.
CFTC Commissioner Kristin N. Johnson will speak on the panel "Managing Derivatives Contractual Terms in a Chaotic Market" at the 39th ISDA Annual General Meeting, held at the Movenpick Hotel Amsterdam City on May 15, 2025, at 11:35 a.m. CET.
Former Sterling Trading Tech President Jim Nevotti has announced the launch of Connect Trade, a startup offering a one-to-many API that enables investment platforms to connect with multiple retail brokers for trading and data access. The platform addresses the challenges of fragmented and outdated broker APIs by providing real-time and historical account data, seamless user authentication, and support for equities, multi-leg options, and futures trading, all within a single integration. Connect Trade also features AI integration support and client dashboard analytics, with integrations currently being finalized ahead of launch.
Pineapple Financial Inc. is a Canadian tech-focused mortgage brokerage and fintech platform founded in 2015 and headquartered in North York, Ontario. The company provides mortgage brokerage services, technology solutions, and back-office support to a network of over 700 mortgage professionals across Canada, leveraging its proprietary MyPineapple platform for digital onboarding, loan processing, compliance, and analytics. Pineapple also offers insurance products and pre-underwriting support, aiming to streamline the mortgage process for brokers and consumers.
In November 2023, Pineapple Financial made history as the first Canadian mortgage brokerage to launch an Initial Public Offering (IPO) on the NYSE American exchange, using the capital raised to fund growth initiatives, research and development, and expansion into new technology and product offerings. The company's leadership, including CEO and co-founder Shubha Dasgupta and President/COO Kendall Marin, has emphasized innovation and national expansion, earning industry awards for digital innovation. However, by May 2025, Pineapple faced challenges in maintaining its NYSE American listing due to a persistently low share price, prompting the board to propose a 10:1 to 20:1 reverse stock split to strengthen its capital structure and support future growth. On May 14, 2025, NYSE American announced proceedings to delist Pineapple's shares, though the company retains the right to appeal the decision.
Although his last visit did not turn out so well, he is not one to give up easily. Bloomberg is reporting that "JD Vance Plans Return to Vatican for Pope Leo's Inaugural Mass." Now we know why the Cardinals picked a Pope who is young and can survive eating deep-dish pizza, hot dogs, and Italian beef with sausage. He is healthy and tough!
The New York Times has two stories on X/Twitter that help explain why the social networking service is no longer a reliable source of information. The first is titled "Inside Musk's X Feed: Trumpism, Falsehoods and Lots of Love for Himself" and has the subheadline "The New York Times tracked 1,109 accounts that Elon Musk follows on X to recreate what he sees." The second story is titled "Terrorists Are Paying for Check Marks on X, Report Says."
Are you ready for your summer reading? Bloomberg today has a story titled "Thrillers, Histories and Capers: The 10 Best Books of Summer 2025" with the subheadline "From real-life tennis stars to made-up sexy snail researchers, the characters in these tales will keep you turning pages in the shade."
Here are the headlines from in front of FOW's paywall from some recent stories: CFTC's Pham confirms departure, leaving questions on commission composition, HKEX to extend maturity of eligible Swap Connect rates swaps after regulatory support, ANALYSIS: Euronext wary of long-term volatility as it posts record quarterly revenue, US policy shifts create 'lasting impact' on global order - expert, CFTC's Mersinger to head Blockchain Association and ANALYSIS: Jurisdictions will play key role in calibrating leverage rules - FSB.
You are invited to join WilmerHale for a one-hour webinar, "The Evolving Landscape of Securities Enforcement by State Attorneys General," on Wednesday, June 11, 2025, from 12-1 p.m. ET. The program will feature WilmerHale partners and State Attorneys General Practice Co-Chairs Paul Connell and Swain Wood, along with Securities Litigation and Enforcement Partner Benjamin Neaderland, who will provide an overview of shifting securities enforcement priorities amid federal regulatory changes, the expanding role of state AGs, the impact of "Blue Sky" laws, and the implications for firms and issuers, including those in crypto. Attendees will be able to ask questions during the live session, and the event is being prepared to offer CLE credit. RSVP is required.
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:
- This Won't Be the Last Trade-Deal Bounce. Moves to Make Now. from Barron's.
- Options Traders Abandon Fed Rate-Cut Bets on Tariff Optimism from Bloomberg.
- Hyperliquid Grows Into a Major Player in Crypto Derivatives from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Russell 2000 Index quarterly chartbook - April 2025
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 Wall Street’s Newest Data Wrangler Tackles a Flood of Trades – and a Five-Petabyte Tsunami JohnLothianNews.com For Paul Humphrey, chief executive at BMLL, taming the world’s market data is a feat of engineering – and the torrents keep coming. “The bigger the market volumes get, the bigger the data sets get, the harder that data is to grapple with,” Humphrey said in a recent interview with John Lothian News at the FIA Boca50 conference. BMLL, he explained, now ingests data from over 100 global venues, performing “sanity checks” and returning curated information to industry clients before the market opens. “The greater the markets continue to grow, the more our value prop makes sense,” he said. Watch the Paul Humphrey Video »
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Mike Johnson Argues Congress Needs Stock Trading to 'Support Their Families' Due to 'Frozen' Salaries; "You're going to have less qualified people who are willing to make the extreme sacrifice to run for Congress," Johnson warned.
Morgan Music - The Latin Times
House Speaker Mike Johnson defended stock trading as a necessary income boost that allows members of Congress to "take care of their family." Johnson noted that Congressional salaries have been frozen since 2009 while speaking to press on Wednesday. "When you adjust for inflation ... Congress today is making 31% less than they made in that year. It goes down every year," he said.
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***** For comparison, the US minimum wage was last raised in 2009 to $7.25/hour. The salary of current members of Congress was raised to $174,000/year (or about $84/hour) in 2009. Add in a generous pension plan and medical plan. Now realize they are in the House working ~150 days/year (most US workers do 240 days/year). But wait ... it gets better! According to a 60 Minutes expose, members of Congress are expected to spend only about 2 hours out of a 9-10 hour day on actual legislative work, with a significant portion of the remaining time dedicated to fundraising. The average net worth in the US House is nearly $800,000 (excluding property). I think they are paid quite well for the work they are doing. ~JB
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Tariffs are threatening your air conditioning bill this summer; HVAC contractors are warning of shortages with temperatures already breaking records and summer utility bills on track to hit 12-year highs.
Jing Feng and J.J. McCorvey - NBC News
Many consumers will pay more for air conditioning this summer as President Donald Trump's trade war collides with existing price pressures, a coolant shortage and scorching forecasts that are set to drive up utility bills. "It is a sad time to need a new HVAC system," said Scott Shelton, owner of Charlotte Comfort Systems in North Carolina.
/jlne.ws/3FiDIal
***** There are many hacks for creating your own air conditioners. You can make your own with a cooler and a fan. Look for the plans on the internet.~JJL
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Italy to Host America's Cup Sailing Competition for First Time
Antonio Vanuzzo - Bloomberg
Italian Prime Minister Giorgia Meloni said Naples will host the 2027 competition for the America's Cup of sailing, the world's oldest international sporting trophy. It's the first time Italy will host the main event of the sporting contest, which has previously been held in countries including Spain, New Zealand and the US, Meloni said in a statement. In earlier editions, Italy was represented by the Luna Rossa Prada Pirelli Team.
/jlne.ws/4iXEU0B
****** Great sailing and even better food!~JJL
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Wednesday's Top Three
Our most clicked story Wednesday was 'Balkan beauty' hedge funder known for steamy bikini selfies banned from US over immigration 'lies': sources, from the New York Post. Can you get any more clickbaity than that? Second was Annual Robin Hood Benefit Gala Yields $72 Million to Sustain Basic Needs and Support an Infrastructure of Opportunity for Lower-Income New Yorkers, from Robin Hood (not to be confused with Robinhood). Third was Acting Chairman Pham Statement on Court Sanctions Against CFTC, from the CFTC.
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| Lead Stories | Blockchain Association Announces Commissioner Summer Mersinger as CEO to Lead Next Chapter of U.S. Crypto Policy
Blockchain Association
Blockchain Association, the leading trade association representing the crypto industry in Washington, D.C., today announced that Summer Mersinger will join as its new Chief Executive Officer, marking the next step in the Association's mission to shape the future of digital asset policy in the United States. Commissioner Mersinger brings exceptional leadership experience at the intersection of innovation, law, and public service, assuming the role at a critical moment for the industry. With her track record of driving regulatory clarity and building coalitions across government and industry, she will spearhead efforts to advance forward-thinking legislation, foster industry growth, and defend the foundational principles of decentralized technology.
/jlne.ws/3SrczFr
Wall Street's High-Frequency Traders Are Rushing Into Saudi Arabia
Anto Antony and Matthew Martin - Bloomberg
Saudi Arabia is ramping up efforts to lure high frequency trading firms - a campaign that's already brought in major players from Citadel Securities to Hudson River Trading - as it looks to bolster activity on the Middle East's largest stock market. The Saudi Tadawul Group Holding Co. is working with some of Wall Street's fastest and most secretive HFT firms to incorporate their feedback as it revamps its derivatives market framework, according to people familiar with the matter. The operator of the kingdom's stock exchange is also expanding its international roadshows - widening outreach beyond the US and Europe to Asian markets such as Japan and India, the people said, requesting anonymity to discuss private information.
/jlne.ws/4mnZESq
Modern warfare is reshaping metals demand, says mining veteran; Surge in military consumption comes as growth of renewable energy supercharges demand for copper
Leslie Hook, Camilla Hodgson and Sylvia Pfeifer - Financial Times
Veteran mining entrepreneur Robert Friedland said modern warfare and growing demand for weaponry had "dramatically" altered the landscape for metals demand - and that the west was unprepared for the shift. Rising defence spending and military conflicts, from Ukraine to Kashmir, have exposed critical shortages of traditional metals such as copper, which is essential for ammunition, and niche materials such as graphite and germanium used in advanced weapons systems.
/jlne.ws/3GW8GFH
CFTC Warns Public of Imposter Scam Targeting Fraud Victims
CFTC
The Commodity Futures Trading Commission is warning the public about a growing imposter scam involving individuals falsely claiming to represent the agency. Scammers are contacting members of the public and claiming to represent the CFTC Office of Inspector General. These imposters promise to help financial fraud victims recover lost funds from foreign bank accounts, a ruse to further defraud those already harmed by previous scams.
/jlne.ws/3YH9TXF
No, You Don't Actually Have a Right to a Bank Account; There is a degree of political agreement over so-called debanking, but no easy answers to the hot topic in Washington.
Rob CopelandPeter Eavis and Colby Smith - The New York Times
When Brian P. Brooks was a financial regulator during the first Trump administration, he would hear complaints about "debanking" and force himself not to roll his eyes. The expression was being used by representatives of some rather polarizing businesses, such as private prisons and fracking operators, who complained to Mr. Brooks, the acting comptroller of the currency, that their bank accounts were being closed without warning. His reaction boiled down to the free-market equivalent of tough luck. He didn't see it as his job to compel banks to do business with anyone in particular.
/jlne.ws/4j8qD1t
Hedge Funds Drop Lawsuits Against LME Over Nickel Crisis
Jack Farchy and Jeremy Hodges - Bloomberg
A group of hedge funds that sued the London Metal Exchange over the 2022 nickel crisis have dropped their legal action after similar arguments made in separate proceedings were rejected by UK courts. The move means the exchange, which sparked fury by canceling $12 billion in trades after nickel prices surged due to a short squeeze, has faced down some $600 million in legal claims from some of the world's highest profile investors.
/jlne.ws/3ZlkvLY
Marex Group plc announces strong results for first quarter of 2025
Marex Group
Marex Group plc ('Marex' or the 'Group'; Nasdaq: MRX) a diversified global financial services platform, providing essential liquidity, market access and infrastructure services to clients in the energy, commodities and financial markets, today reported financial results for the first quarter ('Q1 2025'). "Robust levels of client activity across our businesses and positive market conditions led to a strong performance in the first quarter of the year. Adjusted profit before tax grew 42% year-on-year, driven by strong revenue growth in all our business segments. This reflects the continued successful execution of our strategy to expand our geographic footprint and product capabilities, growing our client base, increasing diversification and driving greater earnings resilience ..."
/jlne.ws/4m8Jk7I
The Oil Industry's Double Whammy of Higher Costs and Lower Price; And why LNG is the hydrocarbon of the future.
Joe Weisenthal and Tracy Alloway - Bloomberg
The new administration has a "drill, baby, drill" mantra and a much more liberal attitude towards the oil and gas industry than the last one. But that hasn't translated into great profits for the oil industry itself. Crude prices have sunk and tariffs have raised the cost of components for companies trying to get energy out of the ground. So, what's the future for the industry? And who is actually making money right now? In this episode, we talk to longtime energy industry veteran Peter Tertzakian, the founder and president of Studio.energy, which consults with various industry players.
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House Speaker Mike Johnson supports a stock trading ban for US lawmakers
Ben Werschkul - Yahoo Finance
House Speaker Mike Johnson said Wednesday he is supportive of ongoing efforts on Capitol Hill to ban lawmakers from trading stocks, even as he expressed sympathy for opponents of the idea and didn't say whether he will bring up the effort for a House vote. "You want me to tell you my honest opinion on that?" he said to reporters Wednesday. "I'm in favor of it because I don't think we should have any appearance of impropriety here."
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Options Pros Jettison S&P 500 Hedges as Rally Forces About-Face
Bernard Goyder - Bloomberg
For equity-options traders, greed now has firmly replaced fear as they dive into bullish positions on expectations that US stocks will extend their rebound from the depths seen last month. On US exchanges, the volume of call options relative to put contracts is hovering at the highest level since Feb. 18, a day before the S&P 500 Index clocked its last record. Call buying is a bet stocks are going up, while put buying insures against a market drop.
/jlne.ws/4dmVNkg
LiquidityBook, a FactSet Company, Introduces 24-Hour Equity Trading with Blue Ocean ATS and Capital Institutional Services (CAPIS) Collaboration
LiquidityBook
LiquidityBook, a FactSet company and leading provider of cloud-native buy- and sell-side trading solutions, announced today that its buy-side clients can now seamlessly access overnight trading through alternative trading system, Blue Ocean ATS, supported by introducing broker, Capital Institutional Services (CAPIS). This integration empowers LiquidityBook clients to trade U.S. equities 24 hours a day, five days a week-fulfilling the longstanding demand for around-the-clock market access across buy-side firms.
/jlne.ws/3FdMXZr
US exchanges fight SEC fee caps in court; Cboe and Nasdaq expected to defend rebates that critics say impede market efficiency
Luke Clancy - Risk.net
US rules that aim to boost on-exchange equities trading by reducing the fees exchanges charge face a test in court today, May 15. Existing rules cap fees at 30 cents per 100 shares (30 mils) on so-called protected quotations. Protected quotations are the best bid or offer in a stock displayed by an automated trading centre.
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EC official 'positive' on launching NBFI repo facility; Isda AGM: EU may follow UK with contingent liquidity facility for periods of market stress
Rebekah Tunstead - Risk.net
The head of the European Commission's unit for macroprudential policy, Emiliano Tornese, has signalled the body is open to the creation of a central bank facility similar to the UK's that can allow non-banks to directly borrow cash against government bond collateral in a stress scenario. European Central Bank and eurozone national central bank liquidity lines are currently only accessible by banks. Tornese said the EC had received positive feedback on a potential facility for non-bank financial
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Reducing market hours makes sense in practice, but feasibility remains a question; As the US continues its path towards a seemingly 24/7 trading set up, panellists at TradeTech Europe debated the potential for a European shift in the opposite direction.
Claudia Preece - The Trade
The time is ripe for a change in trading hours agreed expert panellists at the TradeTech Europe conference on Wednesday, but whether this should be in the direction of longer or shorter days was up for debate. When it comes to the argument in favour of expanding trading hours, the answer was summed up in very succinctly in just two words by one panellist: retail participation.
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Bond Traders Enter the Budget Fight; Concerns about the deficit-stretching potential of President Trump's tax plan is spooking some investors, even as Republicans argue over its particulars.
MercedLauren HirschEdmund Lee and Ravi Mattu - The New York Times
House Republicans hope to push through President Trump's "big, beautiful" spending bill as soon as next week. But investors are getting antsy. Government bonds sold off again amid worries about the deficit-expanding effects of Trump's tax cuts, the cornerstone of a major budget package being debated in the lower chamber. The budget bill faces stiff resistance - including from some Senate Republicans - and it's putting America's strained finances in focus.
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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. | Stalled IPOs Lured Off the Sidelines as Tariff Shock Eases
Anthony Hughes, Dave Sebastian, and Julia Fioretti - Bloomberg
The stock market's striking rebound from the tariff disruption imposed by US President Donald Trump has rekindled global IPO activity, as businesses without direct exposure to trade look to get deals done before the summer - and before geopolitical tensions flare up again.
/jlne.ws/3S4XusM
Trump trade war with China may never be totally over: Former Commerce Secretary Wilbur Ross
Brian Sozzi - Yahoo Finance
The trade war with China may not be done - as long as President Trump is still in the White House. That's the sobering reminder to stock market bulls from one Trump insider.
/jlne.ws/42ZvYTW
Trump Says India Offered to Remove All Tariffs on US Goods
Jordan Fabian and Shruti Srivastava - Bloomberg
President Donald Trump said India has made an offer to drop tariffs on US goods, as the Asian nation negotiates a deal to avert higher import taxes.
Speaking Thursday at an event with business leaders in Qatar, Trump said the Indian government has "offered us a deal where basically they are willing to literally charge us no tariff."
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U.S. Ranchers Can Sell Britons More Beef. Will They Buy It?; The countries' trade agreement is just a first step, U.S. officials say. But British consumers are still skeptical of American food production.
Eshe Nelson and Kevin Draper - The New York Times
Just a few days after the United States and Britain announced to much fanfare that they had agreed to lower some tariffs and create a $5 billion export opportunity for American beef, ethanol and other agricultural products in Britain, Brooke Rollins, the U.S. secretary of agriculture, touched down in London. She came with a clear message for her British counterparts: The agreement last week was just the first step.
/jlne.ws/3F88FOE
A Trade War Winner? The Booming Business of Returned Products.; As retailers slow down orders for foreign goods because of tariffs, companies that recirculate overstocked or returned items may help fill the gap.
Ken Belson - The New York Times
On a recent afternoon, televisions and laptops, power tools and fishing rods, kitchen supplies and toys overflowed at the receiving docks of a 250,000-square-foot warehouse in Fort Worth. The warehouse belonged to ReturnPro, and the goods passing through it, worth millions of dollars, had been returned by consumers to major retailers including Walmart, J.C. Penney and Bass Pro Shops. Those retailers then shipped the items to ReturnPro, which has a dozen warehouses globally. Workers there sort, clean and repackage the items, then post them for sale on an array of websites where consumers, wholesalers and off-price retailers hunt for discounts.
/jlne.ws/45aL9uI
ECB's Guindos Warns Financial System Still Facing Trade Risk
Mark Schroers and Alexander Weber - Bloomberg
European Central Bank Vice President Luis de Guindos cautioned that the recent trade turmoil could still upend the region's financial system, which has so far weathered the fallout from the abrupt shifts in US policy. Describing financial stability in the euro zone as "sound," Guindos highlighted that the 20-nation bloc remains at particular risk from tariffs due to its deep integration into global supply chains. He listed deregulation and reduced international cooperation as other dangers.
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Trump's trade war risks US capital flight, warns hedge fund Elliott; Tariff policies could cause 'enormous' damage, $73bn firm says in letter to investors
Costas Mourselas - Financial Times
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
EU Considers Reinstating Trade Quotas on Ukraine as War Drags On
Volodymyr Verbianyi and Alberto Nardelli - Bloomberg
The European Union is considering reinstating quotas on imports of several agriculture goods from Ukraine, a move that could end trade relief for the war-hit nation. The European Commission plans to reintroduce limits on purchases of Ukrainian wheat, corn, barley, poultry, eggs and other products from June through December, according to documents obtained by Bloomberg News.
/jlne.ws/43yfMsM
Russia's 'poor weapons handling' likely caused the massive blasts that wiped out much of its 105-ton ammo depot: UK MOD
Matthew Loh - Business Insider
A combination of poor weapons handling and bad storage practices likely led to the blasts that rocked Russia's 51st GRAU arsenal in late April, the UK Defense Ministry said on Wednesday. In an intelligence update, the ministry estimated that the explosions likely resulted in the Kremlin's largest loss of its own munitions due to its own troops' actions since the full-scale war in Ukraine began.
/jlne.ws/4dsWtEU
Zelensky insists he will only join Ukraine-Russia talks in Turkey this week if Putin is present
Jessie Yeung, Ivana Kottasová, Svitlana Vlasova, Nick Paton Walsh and Andrew Carey - CNN
Ukraine's President Volodymyr Zelensky raised the stakes ahead of a potential meeting with Vladimir Putin in Turkey by saying he wouldn't hold talks with any Russian representative other than the president himself. Zelensky said he would travel to Turkey after US President Donald Trump urged him to meet Putin. The Russian leader had suggested direct talks between Moscow and Kyiv in the country on Thursday in response to the ceasefire-or-sanctions ultimatum given to Moscow by Kyiv's European allies on Saturday.
/jlne.ws/4do5bnM
Putin will not meet Zelensky for talks in Turkey
Kieran Kelly - The Telegraph
Vladimir Putin will not meet with Volodymyr Zelensky in Istanbul on Thursday to discuss ending the war in Ukraine, the Kremlin has confirmed. The Russian delegation will instead be headed by presidential aide Vladimir Medinksy, according to a Kremlin statement which ended speculation that the Russian president could meet Mr Zelensky for the first time since the invasion of Ukraine.
/jlne.ws/4j4jgrw
Russia says its position on Ukrainian peace reflects the situation on the ground
Reuters
Russia's position on a possible peace deal with Ukraine has changed to reflect changes on the frontlines where Russia has been advancing, Russian Foreign Ministry spokeswoman Maria Zakharova said on Thursday. Asked by Reuters if Russia's position had changed since June 2024 when President Vladimir Putin said Ukraine must officially drop its NATO ambitions and withdraw its troops from the entirety of the territory of four Ukrainian regions claimed by Russia, Zakharova said: "Yes, there are these changes in the Russian position."
/jlne.ws/3Zi2gqI
Estonia warns Russia may use military force to defend its shadow fleet of tankers dodging sanctions
Associated Press
Estonia warned on Thursday that Russia appears willing to defend with military force its shadow fleet of aging tankers dodging international sanctions to keep oil revenue and equipment flowing, even through the territorial waters of European countries. Estonian Foreign Minister Margus Tsahkna said that a Russian fighter jet entered NATO airspace in recent days after Estonia's navy had intercepted a suspected shadow fleet ship in its waters.
/jlne.ws/4kiG1sT
Trump Says Nothing Will Happen on Ukraine Until He Meets Putin
Natalia Drozdiak, Andrea Palasciano, and Selcan Hacaoglu - Bloomberg
/jlne.ws/4jZMMAf
Middle East Conflict
Trump Says US and Iran Are Closer to Reaching a Nuclear Deal
Patrick Sykes - Bloomberg
President Donald Trump suggested the US is closer to an agreement to curb Iran's nuclear activities, prompting a sell-off in oil. "I think we're getting close to maybe doing a deal," Trump said in Qatar at an event with business leaders on Thursday. "You probably read the story that Iran has sort of agreed to the terms."
/jlne.ws/433neME
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Ho Chi Minh Stock Exchange Launches New Trading System With Integrated CSD Solution From CMA
Mondovisione
The Ho Chi Minh Stock Exchange (HOSE) has officially launched its next-generation trading platform, marking a major milestone in the modernization of Vietnam's capital market infrastructure. A key component of this transformation is the successful deployment of a Central Securities Depository (CSD) solution delivered by CMA Small Systems AB to the Vietnam Securities Depository and Clearing Corporation (VSDC).
/jlne.ws/43wnpju
Changes to the Executive Board of SIX
BME-X
SIX today announced that the Board of Directors has made the following appointments to the Group Executive Board: Tomas Kindler was appointed as Head Exchanges and member of the Executive Board effective June 1, 2025. He has held this role on an interim basis since January 1, 2025, following the appointment of Bjorn Sibbern as CEO. Rafael Moral Santiago was appointed as Head Securities Services and member of the Executive Board effective June 1, 2025. He will succeed Jose Manuel Ortiz, who will return to his previous role as Head Clearing and Repo Operations following his interim leadership of the Business Unit. Fabienne-Anne Rehulka, General Counsel SIX, was appointed as a full member of the Executive Board as of April 1, 2025.
/jlne.ws/3GQid1h
SIX appoints exchanges head in executive reshuffle; Two current staff will join the executive board, as well as Rafael Moral Santiago, who steps up following a senior role at HSBC in Hong Kong.
Fergus Horsfall - CityWire Switzerland
SIX announced three executive board appointments today. Tomas Kindler will become head of exchanges and join the executive board from the start of June. Kindler had already been interim exchanges head since January, following the appointment of Bjorn Sibbern as CEO. Rafael Moral Santiago will become head of securities services and a member of the executive board from the same date. Jose Manuel Ortiz, who headed this business unit on an interim basis after the departure of Javier Hernani, will return to his previous role as head of clearing and repo operations.
/jlne.ws/3ZeLh8Q
SIX Announces Successful CHF 250 Million Digital Bond Issuance
BME-X
SIX, the leading operator of the Swiss and Spanish financial market infrastructures, today confirmed the successful issuance of a CHF 250 million digital bond. Featuring a 1.00% per annum coupon and a maturity in 2032, the bond attracted significant investor interest and will be listed at SIX Swiss Exchange. The net proceeds from the bond will be used for general corporate purposes which may include the refinancing of existing debt and the financing of the acquisition of Aquis Exchange Plc, as announced by the Issuer on 11 November 2024.
/jlne.ws/3GWqrF6
Cboe Expands Data Vantage Sales Team to Strengthen Asia Pacific Presence
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced the continued international expansion of its Data Vantage business with the hires of Junichi Nakagawa and Samuel Zou as Sales Directors in Asia Pacific. Mr. Nakagawa will be based in Japan and focused on market data sales, while Mr. Zou, based in Singapore, will lead efforts to grow Data Vantage's analytics and indices businesses in the region. These strategic hires reflect the growing demand from Asia Pacific investors for Cboe's leading data and access services, particularly as they seek greater exposure to U.S. and European capital markets.
/jlne.ws/430Fgz3
Clara-Christina Streit elected as Chairwoman of the Supervisory Board
Deutsche Boerse Group
Martin Jetter resigned at the end of the Annual General Meeting / Jean Pierre Mustier joined the Supervisory Board. The Supervisory Board of Deutsche Börse AG has elected Clara-Christina Streit (56) as its new Chairwoman following the company's Annual General Meeting. She succeeds Martin Jetter (66) who, as announced in September, resigned from the Supervisory Board at the end of today's Annual General Meeting. Martin Jetter had been a member of the Supervisory Board since 2018 and had chaired it since 2020.
/jlne.ws/4dekGyo
European Stability Mechanism selects Eurex Clearing for voluntary clearing of interest rate swaps
Deutsche Borse Group
The ESM's decision to voluntarily clear OTC interest rate swaps underlines the importance of central clearing for financial stability and efficiency. This contributes to the objectives of EMIR 3.0 and strengthens the EU clearing ecosystem. Clear support for Eurex Clearing's efforts to build an alternative liquidity pool within the EU. The European Stability Mechanism (ESM) has selected Eurex Clearing to voluntarily clear over-the-counter (OTC) interest rate swaps, demonstrating a clear commitment to strengthening the EU financial ecosystem. This decision recognizes the critical role of central clearing in promoting financial stability and actively supports Eurex Clearing's efforts to enhance the strong alternative liquidity pool within the EU, thereby advancing the European sovereignty agenda.
/jlne.ws/3YKFLe6
Eurex leads the way in seamless EMIR 3.0 AAR transition, empowering clients for future growth
Jens Quiram, Global Head of Sales and Marketing - Eurex
With less than two months to go before the EMIR 3.0 active account requirement (AAR) comes into force, the clearing industry is in a good place to hit the June 24 start date in a state of compliance. From then on, EU market participants that fall under the clearing obligation must have an "active" account for OTC interest rate derivatives (IRD) in euro and zloty, as well as short-term interest rate (STIR) derivatives in euro with a central counterparty (CCP) based in the EU. This will mark a significant moment in the evolution of European clearing markets, with increased systemic safeguards, as well as a framework for greater transparency and innovation to thrive.
/jlne.ws/3FgvU91
Strong start of the year with growth of non-volume-related revenue, record FICC trading volumes and exceptional market volatility.
Euronext
Euronext, the leading European capital market infrastructure, today publishes its results for the first quarter 2025 using the new, simplified reporting framework.
/jlne.ws/43viHT7
HKEX Welcomes Further Swap Connect Enhancements
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) welcomes the joint announcement today (Thursday) from the Securities and Futures Commission (SFC), the Hong Kong Monetary Authority (HKMA) and the People's Bank of China to further enhance Swap Connect, enabling international investors to better manage the interest rates risk of their RMB assets.
/jlne.ws/4dh2Meq
Intercontinental Exchange Chair & CEO Jeffrey C. Sprecher to Present at the Bernstein 41st Annual Strategic Decisions Conference on May 28
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, announced today that Jeffrey C. Sprecher, Chair and CEO, will present at the Bernstein 41st Annual Strategic Decisions Conference. The presentation will take place on Wednesday, May 28 at 2:30 p.m. ET. The presentation will be available live and in replay via webcast and can be accessed in the investor relations and media section of ICE's website at http://ir.theice.com/.
/jlne.ws/43mCvah
Nasdaq Applauds Signing of Senate Bill 29, Strengthening Texas' Standing as a National Leader in Corporate Governance and Innovation
Stock Titan
Nasdaq (NDAQ) has expressed strong support for Texas Senate Bill 29, which was signed into law by Governor Abbott. The legislation codifies the Business Judgment Rule and aims to enhance predictability in corporate governance litigation. Nasdaq's Executive Vice Chairman Ed Knight participated in the signing ceremony alongside Texas officials.
/jlne.ws/4kg5fYN
Nasdaq Announces 2025 Annual Meeting of Shareholders
Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ) has scheduled its 2025 Annual Meeting of Shareholders for June 11, 2025, at 8:00 AM ET. The virtual meeting website can be accessed 15 minutes prior to the meeting start by visiting: www.virtualshareholdermeeting.com/NDAQ2025. Shareholders of record as of April 14, 2025 will be eligible to vote and participate in the Annual Meeting. Nasdaq's 2025 Proxy Statement and 2024 Annual Report on Form 10-K are available at ir.nasdaq.com or proxyvote.com. The Proxy Statement contains information on voting and virtual attendance procedures.
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QuayStreet wins INFINZ Chapman Tripp Diversified Growth Fund Manager of the Year
NZX
QuayStreet Asset Management (QuayStreet) has been awarded the Chapman Tripp Diversified. Growth Fund Manager of the Year at the 2025 INFINZ Awards, recognising outstanding long-term performance and excellence in portfolio management. The award, presented at the INFINZ Awards on 13 May, follows the success of QuayStreet winning the Morningstar Award 2025 Fund Manager of the Year - KiwiSaver New Zealand in March this year, and in 2024.
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SGX RegCo consults on measures in line with a more disclosure-based regime
SGX
In line with an approach that adopts a pro-enterprise stance alongside measures to strengthen investor confidence, Singapore Exchange Regulation (SGX RegCo) is proposing regulatory changes towards a more disclosure-based regime. This is one part of recommendations announced by the Equities Market Review Group (Review Group) in February 2025.
/jlne.ws/4j3J8DW
What Tokyo Stock Exchange's reforms mean for investors: 4 things to know; Market restructuring accelerates with aim to boost attractiveness
Jada Nagumo - Nikkei Asia
The Tokyo Stock Exchange is on a quest to increase its appeal and competitiveness through a series of reforms as it seeks to broaden its investor base and encourage "healthier" transactions. The market restructuring comes on the back of Japan's declining population and cash-loving society where stock trading has carried a negative stigma for decades.
/jlne.ws/4jaaVTt
TMX Group Consolidated Trading Statistics - April 2025
TMX
TMX Group Limited today announced April 2025 trading statistics for its marketplaces - Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha), including Alpha-X & Alpha DRK, and Montréal Exchange (MX).
/jlne.ws/45aSEBR
CME STP Notices: May 12, 2025
CME Group
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EBS Market on CME Globex Notice: May 12, 2025
CME Group
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CME Globex Notices: May 12, 2025
CME Group
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | BlockFills and Definitive Finance Partner, Enhancing BlockFills Automated Trade Execution Capabilities for DeFi, On-Chain Transactions
BlockFills
BlockFills, a premier destination for digital asset trading and market technology leveraged by institutions and professional traders, and Definitive Finance, a leading institutional-grade on-chain trading platform, announced that BlockFills has deployed Definitive's advanced on-chain execution platform to enhance its automated trade execution capabilities on behalf of institutional and venture capital (VC) clients and expand the variety of tokens BlockFills can trade on behalf of its clients. The partnership brings new benefits to clients of both firms.
/jlne.ws/3YKXHFm
Broadridge Announces New Patent on Large Language Model Orchestration of Machine Learning Agents
Broadridge Financial Solutions Inc.
Broadridge Financial Solutions Inc. (NYSE:BR) has been awarded a new U.S. patent on its large language model (LLM) orchestration of machine learning agents. These patented methods and systems are behind BondGPT, Broadridge's award-winning GenAI application first demonstrated in the market in the LTX e-trading platform, a Broadridge subsidiary. BondGPT was released in June 2023, followed by the enterprise version, BondGPT+, in October 2023. These applications provide timely, secure and accurate responses to natural language questions using OpenAI GPT models and the orchestration of multiple AI agents to automatically retrieve and process data from multiple datasets and analytical models simultaneously.
/jlne.ws/45adYYc
Trump asks Apple to stop moving iPhone production to India
Jordan Fabian, Sankalp Phartiyal and Bloomberg via Fortune
President Donald Trump said he's asked Apple Inc.'s Tim Cook to stop building plants in India to make devices for the US, pushing the iPhone maker to add domestic production as it pivots away from China. "I had a little problem with Tim Cook yesterday," Trump said of his conversation with Apple's chief executive officer in Qatar, where he's on a state visit. "He is building all over India. I don't want you building in India." As a result of their discussion, Trump said Apple will be "upping their production in the United States."
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'$500K Bitcoin Would Seal It': Scaramucci Says Crypto Is on the Cusp of Becoming an Asset Class
Helene Braun - CoinDesk
"Three trillion is like a mag 7 stock, 20 trillion is an asset class," said Anthony Scaramucci, founder and CEO of SkyBridge Capital. "So if you tell me that bitcoin can get to $500,000, people will be writing stories that bitcoin is an asset class." That provocative benchmark from Scaramucci set the tone for a spirited conversation at CoinDesk's Consensus 2025 conference, where he joined Jonathan Steinberg, CEO of WisdomTree; Pasqual St-Jean, President and CEO of 3iQ; and Andy Baehr of CoinDesk Indices to discuss whether crypto, particularly bitcoin BTC, has finally become a bona fide asset class.
/jlne.ws/3ESxCgY
Capital Com Reports $656 Billion in Client Trading Volumes in Q1 2025
Financial IT
Capital.com, the high-growth global trading platform and fintech group, today announced strong trading activity in the first quarter of 2025, marking a solid start to the year amid global market volatility and heightened client demand.
/jlne.ws/3F2VyhD
Mexico's Fintech Boom Needs Help from the Government; It won't be easy weaning the populace off cash transactions, but doing so is critical for the country's continued economic development.
Juan Pablo Spinetto - Bloomberg
If I had a dollar for every time I heard someone in Mexico use the phrase "financial inclusion" in recent days, my digital wallet would crash. The nation is belatedly awaking to the urgent need for a deeper and broader banking system, and everyone from the "fintechs" vying to win the race to provide financial services to the government seeking to boost fiscal revenue want to capitalize on the so-called unbanked. The idea of financial inclusion seemed like the only topic that officials and financiers wanted to discuss at the country's annual banking convention near Puerto Vallarta last week, a positive step given Mexico's evident shortcomings in this part of the banking sector. More than 85% of purchases below 500 pesos (about $25) are made in cash and only 3.4% of the population have a savings account with investment options.
/jlne.ws/4kr1IY1
French IT group Atos shelves asset sales to tap into higher military spending; Seventh CEO in four years launches strategy to put 'madness' of past restructurings behind the company
Adrienne Klasa - Financial Times
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Bloomberg Technology: The 10 People in Tech Shaping AI Startups and Venture Capital:A guide to the people you'll be hearing more about in the near future.
Bloomberg Businessweek
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Saudi Arabia, AMD Plan $10 Billion Deployment of AI Gear
Ian King - Bloomberg
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Elon Musk's AI chatbot shared 'white genocide' tropes on X; Grok answered users' queries on completely unrelated matters with responses about South African race relations
Hannah Murphy and Cristina Criddle - Financial Times
/jlne.ws/44KuUoh
US AI laws risk becoming more 'European' than Europe's; An intense battle may now erupt over who has the right to regulate - or deregulate - technology
John Thornhill - Financial Times
/jlne.ws/4mhdDJB
US Mulls Letting UAE Buy Over a Million Leading Nvidia Chips
Mackenzie Hawkins, Jenny Leonard, and Ben Bartenstein - Bloomberg
/jlne.ws/43bDAkV
JPMorgan Chase steps beyond 'walled garden' to settle transaction on public blockchain
Ben Weiss - Fortune
/jlne.ws/4diPcY1
Central bank project shows monetary policy still viable in 'tokenized' system
Michael S. Derby and Marc Jones - Reuters
/jlne.ws/4j52xo7
EU banks want the cloud closer to home amid tariff wars; Fears over US executive orders prompt new approaches to critical third-party risk management
Paulina Pielichata - Risk.net
/jlne.ws/3S7nuDV
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| Cybersecurity | | Top stories for cybersecurity | Coinbase expects up to $400 million hit from cyber attack
Reuters
Coinbase forecast a hit between $180 million and $400 million from a cyber attack that breached account data of a "small subset" of its customers, sending the crypto exchange's shares down 3% in premarket trading on Thursday. The company said it received an email from an unknown threat actor on May 11, claiming to have information about certain customer accounts as well as internal documents.
/jlne.ws/43uOnYK
Coinbase Says Bribed Workers Leaked Data to Hacker Seeking $20 Million in Ransom
Emily Nicolle - Bloomberg
Coinbase Global Inc. said hackers bribed contractors or employees outside the US to steal sensitive customer data and demanded a $20 million ransom, in one of the most high-profile security breaches of a crypto trading platform. The largest US crypto exchange said it won't pay the ransom and estimated the incident could cost the San Francisco-based firm up to $400 million to remedy.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Coinbase's Armstrong Looks to Make More Acquisitions After Deribit Purchase
Sonali Basak and Olga Kharif - Bloomberg
Coinbase Global Inc. Chief Executive Officer Brian Armstrong said the largest US crypto exchange continues to look at mergers and acquisitions, following its $2.9 billion agreement to buy the derivatives exchange Deribit earlier this month. "We are always looking at M&A opportunities," Armstrong said on Bloomberg Television Wednesday. "We have a large balance sheet that can be put to use. Part of the benefit of being a public company is, you have a liquid currency to do that. We are looking at acquisition opportunities, doesn't mean we swing at every pitch. We want it to be the right opportunity."
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Coinbase puts $20 million bounty on crooks who tried to extort firm over stolen customer data
Jeff John Roberts - Fortune
The hunter has become the hunted. After criminals tried to blackmail Coinbase by demanding $20 million in Bitcoin not to spill the details of a data robbery, the crypto giant has turned around and offered the same sum to whoever turns them in. At a time when crypto crime remains rampant, Coinbase's gambit is a bold if unconventional attempt to punish those who carry it out. In a company blog post published on Thursday morning, Coinbase revealed that criminals had bribed overseas customer support agents to hand over records, including customer addresses, phone numbers, government IDs and partial details of bank and Social Security records.
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"Crypto Is Here to Stay," Says Coinbase CEO Brian Armstrong as Exchange Joins S&P 500 While Bitcoin Pulls Back From $105K
Nick Thomas - Benzinga
After an initial burst of momentum off the back of the U.S.-China trade announcement, Bitcoin quickly reversed, shedding its early gains and dipping below Sunday's low. The sharp rejection from $105,900 only 30 minutes after the news broke has left many traders questioning whether this latest leg in Bitcoin's rally is over - or simply pausing before a potential move to all-time highs.
/jlne.ws/43ixdMK
France summons cryptocurrency businesses after kidnappings
AFP
France on Wednesday faced calls to bolster security for cryptocurrency firms, after armed men attempted to snatch the daughter and grandson of the Paymium platform from a Paris street and a spate of similar violent incidents. Paymium urged the authorities "to immediately adopt measures to reinforce the protection of collaborators of companies in the cryptocurrency ecosystem".
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The stablecoin legislation still being pushed in Congress risks sowing the seeds of a financial crisis
Alexandra Thornton - Fortune
Alexandra Thornton is the senior director for financial regulation policy at the Center for American Progress.
Right now, American consumers and businesses alike are experiencing economic pain and massive uncertainty thanks to the Trump administration's policies, including costly tarrifs, and the reckless gutting of government programs and services and rules designed to protect the stability of our financial system. Signs of an economic slump may have abated somewhat, but concern is still warranted. Meanwhile, the value of the U.S. dollar on the world stage continues to fluctuate.
/jlne.ws/4dsYP6I
Stablecoins Bring 'Meaningful Innovation for Global Payments,' Ripple Exec Says
Krisztian Sandor - CoinDesk
Stablecoins are shifting from tools for crypto traders to the backbone of global finance and represent a "meaningful innovation for global payments," Jack McDonald, senior vice president of stablecoins at Ripple, said on Wednesday at Consensus 2025 in Toronto. Speaking at a recent panel alongside crypto exchange Kraken's head of consumer Mark Greenberg, McDonald argued the rise of stablecoins marks an "evolution" in how money moves globally. "It's an alternative way of making a U.S. dollar payment, but doing it in a frictionless, cost-effective way," he said.
/jlne.ws/4kkAamW
Banks Exploring Stablecoin Amid Fears of Losing Market Share, BitGo Executive Says
Krisztian Sandor - CoinDesk
/jlne.ws/3ZeGm7J
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| Politics | | An overview of politics as it relates to the financial markets | A tiny TikTok creator company with no revenue and ties to China plans to buy $300million in Trump's memecoin
Isabel Keane - The Independent
GD Culture Group, a small technology company with ties to China, announced its plans to buy as much as $300 million of $TRUMP - President Donald Trump's memecoin. The firm, which employs eight people, produces short videos for the Chinese-owned social media app, TikTok. While the company recorded no revenue last year, it announced this week that a mysterious stock sale would allow it to invest in Trump's memecoin, The New York Times reported.
/jlne.ws/3GVeEH2
Senators Seek Records on Trump-Linked Firm's Stablecoin Venture
Steven T. Dennis - Bloomberg
Senators Elizabeth Warren and Jeff Merkley are asking World Liberty Financial Inc., the Trump family's crypto project, to preserve records of communications with the Trump administration and to provide copies of communications regarding its new stablecoin, USD1. The Democratic senators are particularly focused on a deal in which an Abu Dhabi firm, MGX, announced it would use $2 billion in World Liberty stablecoin to invest in the cryptocurrency exchange Binance, before President Donald Trump's trip to the Middle East. He plans to visit the United Arab Emirates on Thursday, following stops in Saudi Arabia and Qatar.
/jlne.ws/44zNFdT
Democrats Want Answers From Trump on Binance Founder's Pardon Push; First family's financial ties to Binance are raising concerns about conflicts of interest
Amrith Ramkumar - The Wall Street Journal
Three top Democratic senators are asking the Trump administration to detail its interactions with crypto exchange Binance and billionaire founder Changpeng Zhao as he seeks a presidential pardon, the latest inquiry into potential conflicts of interest in the industry.
/jlne.ws/3EW57Pr
Washington Is Selling Energy Insurance Against Itself. Seriously; A House committee wants to compensate some energy companies if the government derails their projects.
Liam Denning - Bloomberg
The legislating of energy policy in Washington has become so volatile that some folks want to sell insurance against it. Those folks happen to be the politicians in Washington legislating energy policy. If that sounds akin to the world's most ridiculous protection racket, hold on; it is more insidious than that. As House committees release initial drafts of language for President Donald Trump's totemic tax bill, much of the focus this week has been on what they want to cut, especially which clean energy subsidies. There is also, however, a curious addition in the markup from the Energy and Commerce Committee: Section 41007, establishing a "de-risking compensation program." If the name is a monument to blandness, the content somehow manages to be both a backhanded indictment of America's dysfunctional approach to energy and climate change, and a means to inject yet more dysfunction.
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Perry Mehrling on Trump's Echoes of the Nixon Shock; Will history repeat?
Tracy Alloway and Joe Weisenthal - Bloomberg podcast
There's been a lot of talk recently about parallels between Donald Trump's economic policies and the Nixon Shock of the early 1970s. That was when the former president took the dollar off the gold standard, introduced hefty tariffs, and pressured the Federal Reserve to ease monetary policy. The moves sparked stagflation in the US and shook up the global monetary order. Now, given Trump's determination to rebalance the US relationship with global trading partners and his criticism of the Fed, could history repeat itself? On this episode, we speak with Perry Mehrling, professor of international political economy at Boston University's Pardee School of Global Studies, and the author of the book Money and Empire.
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Trump Administration Cancels Scores of Grants to Study Online Misinformation; Federal agencies say that by axing the funding they are protecting the First Amendment. Critics see it as stifling scientific inquiry into sources of harmful online content.
Steven Lee Myers - The New York Times
The Trump administration has sharply expanded its campaign against experts who track misinformation and other harmful content online, abruptly canceling scores of scientific research grants at universities across the country.
/jlne.ws/3GUyKRM
Macron open to deploying nuclear bombers across Europe
Henry Samuel - The Telegraph
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Macron Says EU Must Reinvent Its Relationship With the UK
Samy Adghirni and James Regan - Bloomberg
/jlne.ws/3ZeQkpO
Germany backs Donald Trump goal for Nato to spend 5% of GDP on defence; Foreign minister signals Berlin will commit to 3.5% in 'hard' military spending and 1.5% for infrastructure by 2032
Anne-Sylvaine Chassany and John Paul Rathbone - Financial Times
/jlne.ws/4dt6dis
Kim Jong-un tells North Korean army to prepare for war
Our Foreign Staff - The Telegraph
/jlne.ws/430B963
Saudi King-to-Be Marks Ascent With Gilded Welcome for Trump
Sam Dagher - Bloomberg
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| Regulation & Enforcement | | Stories about regulation and the law. | Trump antitrust cop has a message for companies: 'We're going to be very serious' about illegal competition
Alexis Keenan - Yahoo Finance
One of President Trump's top antitrust cops has a message for US companies: The new administration is going to aggressively pursue illegal competition, especially in industries that significantly impact the pocketbooks of average Americans. "There was, I think, an assumption that the Trump administration was going to be like the Bush administration," the US Justice Department's principal antitrust division deputy, Roger Alford, said during a Tuesday panel discussion at George Washington Law School.
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German regulator 'bewildered' by US plan to scrap audit overseer; Berlin says Republican proposal to shut the PCAOB threatens international co-operation
Stephen Foley - Financial Times
Germany's audit regulator has weighed in on the future of its counterpart in the US, saying Republican plans to overhaul oversight of accounting firms put co-operation between the two countries at risk. Leaders of Germany's Apas said they were "bewildered to learn" about the proposal to scrap the US Public Company Accounting Oversight Board, which was contained in draft legislation published last month.
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SFC and ADGM's FSRA enhances regulatory cooperation on supervision of cross-border investment management activity
SFC
The Securities and Futures Commission (SFC) and the Financial Services Regulatory Authority (FSRA) of ADGM (Note 1) have entered into a Memorandum of Understanding (MoU) to enhance cooperation on supervision of investment managers of collective investment schemes based in either market. The signing of the MoU took place on the sidelines of the annual general meeting of the International Organization of Securities Commissions in Doha, the State of Qatar. The SFC's Chief Executive Officer, Ms Julia Leung, and its Executive Director of Investment Products, Ms Christina Choi, joined FSRA's Chief Executive Officer, Mr Emmanuel Givanakis, at the meeting held yesterday.
/jlne.ws/4jTiLBT
Canadian Investment Regulatory Organization Launches Thought Leadership Webinar Series To Address Evolving Financial Landscape
Mondovisione
The Canadian Investment Regulatory Organization (CIRO) is excited to announce the launch of its new webinar series featuring in-depth conversations with leaders, disruptors, and innovators shaping the future of finance in Canada. Designed to inform, inspire, and engage, the series will explore industry advancements that enhance investor protection, market integrity, and regulatory efficiency. Each episode will offer expert insights into pressing challenges and emerging trends in the financial sector.
/jlne.ws/45idAH8
High Court Strikes Out MMM Deputy Chairman's Suit Against Insider Trading Law
Editor - Business Today
The High Court has struck out a civil suit filed by Dato' Ramesh Rajaratnam, the former Executive Deputy Chairman of Malaysian Merchant Marine Berhad, against the Securities Commission Malaysia (SC) and the Government of Malaysia. Justice Dato' Amarjeet Singh a/l Serjit Singh ruled that the suit filed by Ramesh was an abuse of court process and ordered Ramesh to pay RM5,000 each to the SC and the Government of Malaysia.
/jlne.ws/3GThNac
Joint press release of the PBoC, the SFC and the HKMA on further enriching the product types of Swap Connect to facilitate high-level opening-up of Mainland's financial markets
Hong Kong Monetary Authority
Following the launch of the Mainland and Hong Kong interest rate swap markets mutual access scheme (Swap Connect) on 15 May 2023 as part of the national strategy of steadily advancing the opening-up of Mainland's financial markets, transaction volume under the scheme has been growing steadily.
/jlne.ws/4j5bspE
Statement by Commissioner Summer K. Mersinger on her Departure from the Commodity Futures Trading Commission
CFTC
After careful consideration, long discussions with my family, and lots of prayers, I have decided to step down from my position as Commissioner at the Commodity Futures Trading Commission ("CFTC") at the end of the month, to pursue new opportunities. This decision is not easy, and it breaks my heart to leave the agency that I have grown to love so much over the last five years. It has been a privilege to work and serve at the CFTC in both the first and the current Trump Administrations, doing my part to assist in pursuing the President's important policies.
/jlne.ws/4dh7IQu
Regulation S-P - Back to the Future
Keith Cassidy, Acting Director, Division of Examinations - SEC
The Commission, and the Division of Examinations, has been focused on ensuring the security of customer information for over two decades. In 2000, acting under the authority of the Gramm-Leach-Bliley Act, the Commission adopted Regulation S-P[i] to help safeguard such information. The standards established by Regulation S-P require, among other things, covered institutions to (i) insure the security and confidentiality of customer records and information; (ii) protect against any anticipated threats or hazards to the security or integrity of customer records and information; and (iii) protect against unauthorized access to or use of customer records or information that could result in substantial harm or inconvenience to any customer.[ii]
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Statement on Certain Form N-PORT Data
Office of Public Affairs - SEC
The staff of the Securities and Exchange Commission has determined that certain masked data fields on the publicly available reports on Form N-PORT submitted between Feb. 3, 2025, and May 8, 2025, were inadvertently made public on the SEC's Electronic Data Gathering, Analysis and Retrieval (EDGAR) system. The unmasking occurred as a result of a software update effective Feb. 3, 2025. The masking error has been corrected and did not affect Form N-PORT filings made after May 8, 2025. SEC staff has removed the affected data from the public EDGAR system as displayed on SEC.gov and all affected filers have been informed. The Chairman has directed a comprehensive review of the EDGAR system.
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ASIC proposes to remake three financial advice-related legislative instruments
ASIC
ASIC is seeking feedback on its proposal to remake three legislative instruments relating to financial advice into a single instrument and extend it for a further five years. The legislative instruments are scheduled to sunset on 1 October 2025.
/jlne.ws/43yomI0
FCA Open Finance Sprint 2025: Charting the course for open finance
Simone Plances, Manager, Innovation - FCA UK
We reflect on our recent Open Finance Sprint and map a future of financial services led by adaptability, inclusivity and a user-driven approach. 'This is an evacuation alarm. Please leave the building immediately.' Not exactly the words you want to hear during a breakthrough discussion on the future of financial data sharing. But in many ways, this moment captured the essence of our Open Finance Sprint: resilient, collaborative and relentlessly forward-looking. Undeterred, participants grabbed their ideas and continued brainstorming in the sunshine outside.
/jlne.ws/3EWi1gm
Ad Hoc Press Conference by KATO Katsunobu, Minister of Finance and Minister of State for Financial Services
FSA
I would like to provide an overview of today's G7 Finance Ministers and Central Bank Governors' Meeting, as well as the first day of discussions at the G20 Finance Ministers and Central Bank Governors Meeting, which took place earlier today. First, at the G7 meeting, discussions were held on Ukraine and the global economy. I expressed my strong regret over the United States' implementation of broad-based tariff measures and urged the U.S. to promptly review such measures, which raise serious concerns regarding their compatibility with WTO agreements.
/jlne.ws/3S2BOh3
MAS Proposes to Streamline Prospectus Requirements and Broaden Investor Outreach Channels for IPOs
MAS
The Monetary Authority of Singapore (MAS) is seeking feedback on proposals to streamline prospectus requirements and broaden investor outreach channels for initial public offerings (IPOs). These proposals seek to smoothen the listing process for issuers and widen options to reach out to potential investors.
/jlne.ws/3FiK8Gt
SFC forges regional consensus on regulatory collaboration to combat online scams at IOSCO Annual Meeting
SFC
The Securities and Futures Commission (SFC) steered Asia-Pacific securities regulators to reach an agreement on closer collaboration to combat online investment scams at the 50th International Organization of Securities Commissions (IOSCO) Annual Meeting in Doha, Qatar, this week (Note1). Chaired by the SFC's Chief Executive Officer (CEO) Ms Julia Leung, the IOSCO Asia-Pacific Regional Committee (APRC) met to discuss the emerging trends and risks faced by capital markets in the region. Members exchanged views on the prevalence of deepfake-driven online investment scams and the growing phenomenon of finfluencers.
/jlne.ws/4jXwjwt
Further enriching product types of Swap Connect to facilitate high-quality opening up of Mainland's financial markets
SFC
Following the launch of the Mainland-Hong Kong interest rate swap markets mutual access scheme (Swap Connect) on 15 May 2023 as part of the national strategy to steadily advance the opening-up of Mainland's financial markets, transaction volume under the scheme has been growing steadily. In May 2024, Swap Connect was enhanced to provide more flexibility for offshore institutional investors to manage interest rate risk, and strengthen the appeal of RMB assets to offshore investors. As of the end of April 2025, 20 Mainland dealers and 79 offshore investors had participated in Swap Connect, completing more than 12,000 interest rate swap transactions with an aggregate notional amount of approximately RMB 6.5 trillion.
/jlne.ws/3ZmjfIz
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Fridays Get Hectic as Traders Prep for Weekend News From Trump
Caleb Mutua and Isabelle Lee - Bloomberg
Fridays used to be a slow day for Tony Trzcinka, a portfolio manager at Impax Asset Management, but now it's the busiest time of the week. What used to be a day for thinking about long-term trends has turned into a critical time to prepare portfolios for the kind of market moving news that President Donald Trump has made a habit of delivering over the weekend. Demand for Friday portfolio tweaks has been enough to make trading high-grade corporate bonds on Friday 31% more expensive than it is the rest of the week, according to analysis from Barclays Plc.
/jlne.ws/3ZeGe8o
Retail stock traders bought the dip and now-after an 18% rally-they're taking their gains
Jim Edwards - Fortune
Investors appeared to consolidate their gains from the last few days of trading by engaging in some mild selling today. The S&P 500 rose 0.1% yesterday but S&P futures sunk 0.58% this morning premarket. India's Nifty 50 rose 1.72% today but markets retreated across much of the rest of the globe. The S&P 500 index has risen 18% from its low on April 8, after President Trump tanked stock markets globally by announcing aggressive tariffs on imports to the U.S. This morning, S&P futures declined marginally following small selloffs in Europe, the U.K., and much of Asia. It looks like investors, having enjoyed their gains from the last month, are taking some profits. Who made the gains? Retail traders, according to JPMorgan's Emma Wu and her team.
/jlne.ws/4mhCPj7
Why US-Listed Chinese Stocks Risk Expulsion in Trump's Trade War
Yiqin Shen - Bloomberg
Tariffs aren't the only battleground to keep an eye on in the trade war between the US and China. Access to Wall Street could be used as a lever in the negotiations, leaving almost 300 Chinese companies listed in the US at risk of being removed from American stock exchanges. That includes e-commerce giants Alibaba Group Holding Ltd. and JD.com Inc. While the two countries reached a temporary tariff truce in May, drastically lowering their taxes on each other's exports for 90 days, a final trade deal that resolves their differences could take longer to hash out. In the meantime, a re-escalation of tensions isn't out of the realm of possibility.
/jlne.ws/43gGVPP
Banks are sitting on $500 billion in unrealized losses, and stagflation could cause another Silicon Valley Bank-like crisis
Greg McKenna - Fortune
Banks got caught "chasing yield" and took big losses when the Federal Reserve dramatically hiked interest rates to fight inflation. Those losses are still hanging around, and several experts told Fortune many core issues from the 2023 banking crisis pose a continued threat to the system if economic conditions deteriorate. Just over two years after the collapse of Silicon Valley Bank and First Republic, banks are still taking big losses thanks to high interest rates. That's cause for major concern, several experts told Fortune, especially if President Donald Trump's tariffs lead to the dreaded combination of "stagflation," or rising inflation coupled with slowing growth, putting further pressure on lenders.
/jlne.ws/3GUQTip
Trump's egg price fiction has suddenly become reality
David Goldman - CNN
For months, President Donald Trump has falsely claimed that egg prices are tumbling. It wasn't true then, but it's true now. Egg prices fell 12.7% last month, the biggest monthly decline since 1984, the Bureau of Labor Statistics reported Tuesday. And they could continue to fall this month, too: The USDA reported last week that a dozen large white-shell eggs now cost $3.30 on average, down a whopping 69 cents from a week before.
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'Reverse Yankee' deals hit record as US companies flock to euro debt market; Issuance exceeds EUR40bn thanks to lower borrowing costs and the opportunity to diversify funding sources
Euan Healy and Ian Smith - Financial Times
US companies are tapping Europe's debt market at a record pace, attracted by lower borrowing costs on the continent and the chance to diversify their sources of funding, as uncertainty over President Donald Trump's tariffs triggers big market swings. Strong demand from European debt investors has allowed US non-financial companies to borrow EUR40bn in so-called reverse Yankee deals - in which US firms raise money in the euro-denominated bond market - as of May 9, according to Bank of America data. New deals worth multiple billions of euros have been priced since then.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Denial Won't End Texas Heat Waves or Midwest Storms; The decision by politicians in Washington and Austin to ignore climate change won't help those suffering from its consequences.
Mark Gongloff - Bloomberg
Not to get all middle-school essay on you, but the US heartland - from Texas up to North Dakota and out to the Great Lakes - will be a study this week in the contradictions of climate policy in the Trump 2.0 era: An increasingly hostile nature argues for urgent attention and action while politicians serving the fossil-fuel industry argue the opposite. Nature has the stronger case. Texas is roasting in a record-breaking heat wave this week. The temperature in Laredo, near the Mexico border, was forecast to hit 110 degrees Fahrenheit on Wednesday, making it hotter than Death Valley or the Sahara desert. For cities like Austin and San Antonio, these will be the hottest May days and the earliest string of triple-digit-temperature days on record.
/jlne.ws/3ZlTEPU
Swiss Clean-Energy Startup Produces Diesel From Solar Power; Synhelion says using the power of the sun to make fuel could help decarbonize shipping
Yusuf Khan - The Wall Street Journal
Swiss clean-energy startup Synhelion has used solar-made diesel to power a steamboat, demonstrating a potential means of decarbonizing shipping and aviation. The Lake Lucerne Navigation Co. used Synhelion's solar diesel to power a 110-year-old steamboat across Switzerland's Lake Lucerne, which Synhelion says is a world first. The company used the fuel to heat water in tanks to generate steam to power the vessel. "For us it's a nice showcase but really this is just the starting point," said Philipp Furler, chief executive of Synhelion. The company is aiming to create sustainable fuels for the shipping and aviation industries. The Lake Lucerne test was simply a proof of concept, the company said.
/jlne.ws/4jR8gz7
Microsoft Signs Major Carbon-Removal Deal With Montag's Rubicon
Alastair Marsh - Bloomberg
Microsoft Corp. has agreed to finance the extraction of 18 million tons of carbon dioxide from the atmosphere, in what's set to be one of the largest-ever purchases of carbon removal credits. The cloud computing and AI behemoth has entered into an agreement with Rubicon Carbon, a company run by former Bank of America Corp. executive, Tom Montag, and backed by TPG Inc.'s Rise Climate fund. The deal entails delivery of carbon credits generated from projects that sequester CO2 by planting trees or restoring degraded land, according to a statement on Thursday.
/jlne.ws/45dfTv7
The US buried millions of gallons of wartime nuclear waste - Doge cuts could wreck the cleanup
Andrew Buncombe - The Guardian
In the bustling rural city of Richland, in south-eastern Washington, the signs of a nuclear past are all around. A small museum explains its role in the Manhattan Project and its "singular mission - [to] develop the world's first atomic bomb before the enemy might do the same". The city's high school sports team is still known as the Bombers, with a logo that consists of the letter R set with a mushroom cloud.
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Locals Oppose 'Insane' Plan to Sell 500,000 Acres of Public Lands for Housing in Nevada and Utah; Nevada's congressional delegation, environmental groups, tribes and local officials see the late-night amendment to House Republicans' budget reconciliation bill as a threat to the state's water resources, tribal sovereignty and public engagement.
Wyatt Myskow - Inside Climate News
For years, Nevada's congressional delegation and leading Las Vegas officials have been pushing Congress to pass the Southern Nevada Economic Development and Conservation Act, which would allow tens of thousands of acres of public lands currently managed by the federal government to be sold at auction to cities and developers looking for space to expand. So Republicans on the House Natural Resources Committee might have expected some applause when the committee passed a late-night amendment to last week's budget reconciliation bill that would do just that.
/jlne.ws/3YLXGkB
US EPA sends biofuel-blending volume proposal to White House for review
Stephanie Kelly and Jarrett Renshaw - Reuters
The U.S. Environmental Protection Agency has sent a proposed rule to the White House for review on the amount of biofuels oil refiners must blend into their fuel beginning in 2026. The politically powerful oil and biofuel lobbies have awaited the proposed rule since President Donald Trump took office in January.
/jlne.ws/4j19gzh
Biggest Off-Grid Solar Firm Wins Loan for Nigeria Power Access
Antony Sguazzin - Bloomberg
/jlne.ws/3S8k9V8
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | eToro rises nearly 29% on first trading day in upbeat sign for IPO market
Luisa Beltran - Fortune
Shares of the trading app eToro Group soared 29% on Wednesday after pricing at a higher-than-expected $52. eToro's impressive debut, which many market watchers viewed as a critical test in a fragile IPO climate, is a promising sign for other companies planning to go public in coming months Earlier Wednesday, eToro's stock opened at $69.69, and then hit a high of $74.28-an increase of around 43% from its listing price-before giving back some of those gains. eToro, which has 98.7 million fully diluted shares, closed Wednesday at $67, up about 29%. This translates to a valuation for eToro of $6.6 billion.
/jlne.ws/4iXD6Vn
Commerzbank Says UniCredit Didn't Register to Vote at Meeting
Arno Schuetze - Bloomberg
Commerzbank AG said UniCredit SpA, the Italian rival that's considering whether to make a takeover offer, didn't register its stake to vote at the German lender's annual general meeting. Only 49.6% of Commerzbank's share capital was present on Thursday in Wiesbaden, where the bank is holding the event, Chairman Jens Weidmann said. UniCredit's 9.5% shareholding wasn't among the shares registered, according to a company spokesperson.
/jlne.ws/3FdTHGL
No, You Don't Actually Have a Right to a Bank Account; There is a degree of political agreement over so-called debanking, but no easy answers to the hot topic in Washington.
Rob Copeland, Peter Eavis and Colby Smith - The New York Times
When Brian P. Brooks was a financial regulator during the first Trump administration, he would hear complaints about "debanking" and force himself not to roll his eyes. The expression was being used by representatives of some rather polarizing businesses, such as private prisons and fracking operators, who complained to Mr. Brooks, the acting comptroller of the currency, that their bank accounts were being closed without warning. His reaction boiled down to the free-market equivalent of tough luck. He didn't see it as his job to compel banks to do business with anyone in particular.
/jlne.ws/4j8qD1t
JPMorgan's public blockchain move could set a new standard for institutional finance
Sheryl Estrada - Fortune
Good morning. Many of the world's largest banks are actively developing and piloting blockchain projects, and JPMorgan Chase has made a big move. For years, JPMorgan has quietly built its own blockchain technology, opting for a "walled garden" approach by creating a private network accessible only to its customers. But, as my Fortune colleague Ben Weiss reports, JPMorgan is now venturing beyond those walls. On Wednesday, the bank announced it settled a transaction on a public blockchain, partnering with crypto firms Chainlink and Ondo Finance to make it happen.
/jlne.ws/4mj0vDH
Standard Chartered Set to Open New York Private Markets Unit
Harry Wilson - Bloomberg
Standard Chartered Plc will ramp up its coverage of the world's largest financial sponsors, with a view to more than doubling its income from these clients over the coming years. The London-based bank which has seen its share price roiled in recent weeks by geopolitical uncertainty, said it would be hiring about 25 bankers for a new private markets-focused team, according to a company statement.
/jlne.ws/4mhF7yJ
BlackRock's executive pay wins 67% support at annual meeting
Reuters
Top asset manager BlackRock said on Thursday that 67% of votes cast at its annual meeting were in support of its executive pay, a relatively low level. Proxy adviser Institutional Shareholder Services had recommended investors vote against the pay of top executives including CEO Larry Fink, who was paid $30.8 million in 2024.
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Hedge Fund Fermat Sees 20% Surge in Catastrophe Bond Market
Gautam Naik - Bloomberg
/jlne.ws/4k1fH6U
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Hedge Fund Founder Accused of Bullying, Homophobia in UK Employment Suit; Davide Leone denies making discriminatory comments at work; Moretti sues fund for unfair dismissal and race discrimination
Jonathan Browning - Bloomberg
Italian hedge fund executives who once saw each other as brothers are now embroiled in a London legal fight that surfaces allegations of bullying, homophobia and antisemitism in the office. Davide Leone, founder of the eponymous hedge fund that managed as much as EUR1.5 billion ($1.7 billion), is defending an unfair dismissal lawsuit filed by an ex-partner at the fund, who alleged he regularly used offensive slurs in the workplace. Jacopo Moretti sued the hedge fund when he was fired after being signed off sick for more than a year in June 2023.
/jlne.ws/4jWMzxF
Even with AI, junior bankers still need the grind; Mastery requires showing up, putting in the effort and sometimes staying late
Craig Coben - Financial Times
The rise of artificial intelligence in investment banking has ushered in a familiar ritual of hand-wringing. If machines can automate the grunt work - compiling pitch books, crunching financial models, triangulating data - what happens to the juniors? A recent Financial Times report on AI start-up Rogo's $50mn funding round, led by Josh Kushner's Thrive Capital, has added to the debate. The company claims its tech can replicate some labour-intensive junior tasks in minutes.
/jlne.ws/4dg1nVu
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| Wellness Exchange | | An Exchange of Health and Wellness Information | COVID-19 spikes in Hong Kong, Singapore as new wave spreads
Audrey Wan, Amber Tong and Bloomberg via Fortune
Health authorities in densely-populated Hong Kong and Singapore have warned that COVID-19 cases are spiking, as a resurgent wave spreads through Asia. The virus' activity in Hong Kong is now "quite high," Albert Au, head of the Communicable Disease Branch of the city's Center for Health Protection, told local media this week. The percentage of respiratory samples testing COVID-positive in Hong Kong recently reached its highest in a year. Severe cases-including deaths-also reached its highest level in about a year to 31 in the week through May 3, the center's data shows.
/jlne.ws/43mzLtv
RFK Jr tells Congress 'people shouldn't take medical advice from me'; Health secretary demurs on questions about vaccine stance and defends Republican plans to cut healthcare
Jessica Glenza - The Guardian
The US health secretary, Robert F Kennedy Jr, refused to say whether he would vaccinate his children if he had to choose today, and defended Republicans' proposal to cut healthcare to fund tax cut extensions. Kennedy's back-to-back testimonies before House and Senate committees were his first appearances before lawmakers since his confirmation in February. The secretary was called to discuss Donald Trump's proposed budget, which would impose disproportionately large cuts to scientific enterprises at the health department.
/jlne.ws/3GU01nj
'Boiler Room' Operator Quick Health Charged by US With Fraud
Zachary R Mider - Bloomberg
Quick Health, a Pennsylvania call center, was indicted along with its former chief executive and three other leaders, accused of signing up tens of thousands of customers for cheap, bare-bones health plans using "false, misleading, and deceptive sales practices." Alan Redmond, 42, identified by prosecutors as the "de facto" boss of Quick Health, and Arthur Walsh, 65, the former CEO, were among those charged with wire fraud and conspiracy in an indictment unsealed in federal court in Philadelphia on Wednesday. Quick Health, also known as Seguro Medico LLC, is located just outside Reading, Pennsylvania.
/jlne.ws/3Zi88QM
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's Glut of Coal Locks Market in Vicious Cycle of Decline
Bloomberg News
Chinese coal prices remain locked in a downward spiral due to a persistent glut of the fuel, according to the country's top industry group. The optimism that's taken hold in the wake of China's trade truce with the US doesn't extend to the market for power fuels, with utilities reluctant to buy while inventories are full and prices are falling, said the China Coal Transportation and Distribution Association.
/jlne.ws/4j9winU
Exclusive: Government adds employee tax break to Pisces
Elliot Gulliver-Needham - City AM
The government has introduced legislation for the new 'Pisces' market designed to allow trading for private companies, extending share tax breaks for employees to the platform, City AM can reveal. Pisces-the Private Intermittent Securities and Capital Exchange System-was devised by the previous government as part of an effort to revive UK capital markets.
/jlne.ws/4dpusOy
The rich flocked to Florida. Then property taxes and condo assessments caught them by surprise
Alicia Adamczyk - Fortune
In recent years, an influx of ultra-wealthy individuals have decamped to Florida in search of warmer weather and a smaller tax bill. From Jeff Bezos to Bethenny Frankel, celebrities and billionaires alike have made the move, spurred by the lack of state and estate taxes and the promise of a sunnier lifestyle. But in many cases, the move has brought unpleasant surprises. According to financial advisors, many of their clients are discovering their relocation will not bring the tax-saving bonanza they anticipated. The transplants are facing unexpected expenses, including steep condo assessments, climate change risks, and insurance premiums.
/jlne.ws/3SCxO6Z
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| Miscellaneous | | Stories that don't quite fit under the other sections | Harvard's Magna Carta Copy Turns Out to Be an Original; The school bought the document decades ago for $27.50. British researchers say it is likely one issued in 1300.
Joseph Pisani - The Wall Street Journal
Harvard Law's Magna Carta, bought for $27.50, is now believed to be a genuine version issued by a British king over 700 years ago. Experts authenticated the document after a professor noticed key details online, confirming it as one of 25 known Magna Cartas.
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