| March 28, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
I have to beg for your indulgence. I know there is a lot of political news in the newsletter these days. That is the world we are living in, unfortunately. In fact, yesterday, Mark Carney, the new prime minister of Canada, said that Canada's old relationship with the United States, "based on deepening integration of our economies and tight security and military cooperation, is over," the BBC reported. Just like that, we lost an old friend. Of course, not all of us feel that way.
All of this political news is undermining our markets. As I see each disruption of the norms we are used to, I see new risks develop. For example, attacking big law firms and neutralizing them would be a good way to undermine the Constitution itself. Wilmer Hale is the latest law firm to draw the wrath of President Trump in the form of an Executive Order because of its employment of former FBI Director Robert Mueller. Trump this week also issued a missive against the prominent law firm of Jenner & Block.
Some of you may agree with me here or there on my politically oriented commentary, while others of you may be strongly opposed to my musings. Get as mad at me as you want, if you don't agree with me, just don't ignore me.
That attitude is no way to run a risk management program. What I mean is that this newsletter is about non-price oriented risks. It always has been. That means you have to look at everything, not just the things you like and agree with.
With the baseball season starting yesterday, it seems appropriate to mention the risk that "comes out of left field."
If you close out a particular risk because you don't like the politics of a story, or opinion, you leave yourself open to risk you don't understand. It is like not putting all the inputs or data into an algorithm. You might get an answer, but not the one that is going to give you the best result.
My job as a journalist is not to tell you what to think, but what to think about. What are the inputs that you need to put into your risk management algorithm or system? I am trying to get you to think about the ones that I see. Other journalists are writing stories about the ones they see, which I aggregate for you here in JLN.
We added the politics section after the 2016 election as the first Trump administration began to dominate the market news. We have not found a reason to remove it since then, and some days it seems like politics dominates the newsletter. That is because politics dominates the news, where an indiscriminate political force is at play regularly impacting market activity.
At FIA Boca50, several industry leaders said the volatility in the short term was good for their exchanges or trading firms, but in the long term it could undermine confidence in our markets. The greater the number of attacks on law firms and universities and the more tariffs and other attacks on institutions serving the industry, the more the confidence continues to seep away from our markets.
I did not start this newsletter to see our markets undermined. I am a believer in free markets, with the greatest participation we can get. I am a believer in fair and transparent markets. I am a believer in free speech and free press as essential elements of free markets. With free speech under attack and people being swept off our streets by government agents objecting to things they said or wrote, it is not just the camel's nose under the tent. With the free press under attack, there is a knot of camels' noses under the tent. As Julie Pace, the Associated Press' executive editor, wrote in The Wall Street Journal, "The AP's Freedom of Speech-and Yours."
Dennis M. Kelleher, the co-founder, president, and CEO of Better Markets, issued the following statement in connection with Better Markets' new Fact Sheet, "SEC Chair Nominee Paul Atkins Must Answer for His Anti-SEC Record" ahead of Atkins' confirmation hearing before the Senate Banking Committee this Thursday: "Paul Atkins, President Trump's nominee to be the Chair of the Securities and Exchange Commission (SEC), has a remarkably long and disreputable record of being vigorously if not adamantly opposed to the very reasons the SEC exists. His many actions, including as a former SEC Commissioner from 2002-2008, failed to protect investors and markets and contributed to the catastrophic financial crash of 2008. While Atkins was focused on protecting Wall Street's megafirms as a Commissioner and his many corporate clients thereafter, the value of the stock market fell by 50% between 2007 and 2009; it took ten years for the unemployment rate to return to 2007 levels; and 90% of Americans were poorer in 2016 than they were in 2007 (by an astounding 17% to 35%)."
Here are the headlines from in front of FOW's paywall from some recent stories: SEC's Uyeda calls for 'light-touch' enforcement on artificial intelligence, Crypto pullback hit smaller coins hardest - Kaiko, SEC chair nominee pledges clarity in hearing and ICE partners with Circle to explore use of stablecoin and tokenised products.
FIA Board Chairman and Goldman Sachs Partner Alicia Crighton, along with ICE Fixed Income & Data Services President Chris Edmonds, received a huge boost of support for their Kilt Challenge fundraising for Futures For Kids when Goldman Sachs and Intercontinental Exchange each donated $25,000 to the Mission (Im)possible-themed fundraiser. The total funds raised so far amount to £41,030. While the list of contributors is currently short, it's still early, and last year's Kilt Challenge champion Rama Pillai had greater success earlier in the year, especially during FIA Asia. Crighton and Edmonds announced the $50,000 corporate donations during a pitch before the FIA Hall of Fame presentations in Boca Raton. However, the Hall of Fame pitch elicited a minimal donation response. As we approach IDX in June in London, I'm confident that contributions will pick up. Already the campaign received a donation of $1,000 from former CME CEO Jim McNulty yesterday.
As someone who helped ignite this tradition years ago-starting with journalist Jeremy Grant's original challenge-I've seen firsthand how this playful dare transforms into meaningful impact. The Kilt Challenge has become a hallmark of the IDX Gala, which has raised over £1.7 million for children's charities worldwide. Join the Mission (Im)possible team and donate HERE.
Frank Pusateri has announced the upcoming CTAExpo Chicago, scheduled for September 17, 2025, at the historic Palmer House Hotel. This event marks a significant milestone as the first since the passing of his longtime business partner, Bucky Isaacson, who co-founded the CTA EXPO and the Emerging Manager Forum with Pusateri. The CTAExpo aims to bring together alternative investors and emerging trading talent for a day of networking and insightful discussions, continuing Isaacson's legacy of supporting smaller and emerging fund managers. Registration details are available HERE.
On the Tonight Show, Jimmy Fallon, with the help of an audience member, did a recap of the Sweet 16 NCAA Men's basketball team school mascots in song and the Purdue Boilermakers were the stars.
Eric Cott is starting a new position as senior business development, sales & partnerships at MoneyShow, he shared on LinkedIn. Cott was with the Options Industry Council for 11 years.
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:
- India market regulator proposes limiting derivatives expiry days to Tuesdays or Thursdays from Reuters via Yahoo Finance.
- Interactive Brokers Adds Crypto Tokens Associated With Trump from Bloomberg.
- Robinhood, Moving Beyond Meme Stocks, Wants to Be Your Bank from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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DXfeeds CEO Outlines Vision to Become "One-Stop Shop" for Market Data Services JohnLothianNews.com BOCA RATON, Fla. (JLN) - March 28, 2025- DXfeeds is positioning itself as a comprehensive market data provider by building a versatile technology stack that can serve clients of all sizes, according to CEO Oleg Solodukhin in an interview with John Lothian News at FIA Boca50 in March. Watch the Oleg Solodukhin Video » David Howson - Cboe Watch the David Howson Video » Ryan Moroney - CQG Watch the Ryan Moroney Video »
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U.S. sees large rise in border seizures of eggs, while fentanyl rate falls
Bill Chappell - NPR
With egg prices soaring due to the bird flu outbreak, border officials say they're catching more people attempting to bring eggs into the United States illegally. In fact, sharp increases in egg seizures are outpacing border officials' interceptions of deadly fentanyl. U.S. Customs and Border Protection said this week that seizures of raw eggs have risen by 48% at entry points along the northern and southern borders, compared to last year.
/jlne.ws/4hS2ETy
***** When the marginal profit versus risk is greater on smuggling eggs across the border versus smuggling fentanyl, you know there is a problem.~JJL
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Donald Trump's Greatest Scam of All Is Unfolding Right in Front of Us. You Know Who the Mark Is.
Alexander Sammon - Slate
In January, Delta Air Lines announced its partnership with DraftKings, the mobile gambling app. Delta customers, the airline said, would soon have access to "free gaming." The details remained sparse. Delta was quick to clarify that it would not allow gambling "using real money or miles," but not everyone was convinced. One industry expert told CBS News it was inevitable: "This is going to happen at some point. It's just a question of when." After all, what better place to indulge in behavior like online gambling than a cramped metal capsule, hurtling through the atmosphere, borne aloft by a sector that has been perilously deregulated, in which everything costs more and everything else costs extra? Now the casino will be airborne. Even before the inauguration and the mind-bending first two months of Trump's second presidency, something distinct was in the air, and it wasn't just the planes. All of America feels increasingly like a casino. The rapid legalization of sports gambling in 38 states has put a fine point on a broader unleashing of the economy of vice. Delta's January announcement came right around the same time that Polymarket, the online platform where you can bet on anything, was offering 95-5 odds that the Palisades fire would not be contained by day's end. Everything-our lives, our future-has become a game for profit.
/jlne.ws/4hNQ9s0
***** The line that struck me was "All of America feels increasingly like a casino." That is the kind of thing that has created big anti-gambling, anti-markets movements in the past.~JJL
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These Are the 14 Crypto Bros Who Are Running Our Country
Nitish Pahwad - Slate
You've kinda gotta hand it to the cryptocurrency industry-after experiencing crushing disaster with the collapse of Sam Bankman-Fried's airless empire, plunging from COVID-era ubiquity to widespread A.I.-era mockery, the progenitors of digital funny money bought themselves a spectacular comeback. Specifically, they have now weaseled their way into the halls of power in Donald Trump's White House. Does it matter that the founding ideals for Bitcoin insisted that its worth as a currency was precisely that it operated free of governments and their central banks? Not in the slightest, and I'll tell you why: Before the 2024 election, those in the crypto world viewed Trump's post-insurrection bid as their boldest gamble yet, an existential ploy to save themselves from the Biden administration's dialed-up regulations. After he won, they took the opportunity to change up some financial regulations themselves. Power players like Marc Andreessen and Coinbase's Brian Armstrong have held court at Mar-a-Lago, putting newfangled agenda items in Trump's ear, like a federal stockpile of digital assets, a national crypto council-and, most importantly, brand-new governmental positions devoted to crypto alone, staffed by industry insiders. (It's not a coincidence that Elon Musk's Department of Government Efficiency has a meme coin-referencing acronym.) All this, even though there's not much public appetite remaining for this stuff.
/jlne.ws/3QTdKfW
****** I know the 14 people running the country, and these guys are not them. One runs a soup kitchen, another a park district. Yes, there are many aspects to the country where power rests.~JJL
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Thursday's Top Three
Our top clicked item on Thursday was the Transcript of Summary Judgment Hearing in the Langer, et al. v. CME Group, Inc., et al. class action lawsuit, which was posted to the CME's CMELawsuit.com website. Second was the Defendants' Summary Judgment Presentation Deck in the same case, from the same place. Third was the Plaintiffs' Summary Judgment Presentation Deck in the Langer case.
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| Lead Stories | Canada PM Mark Carney says old relationship with US 'is over'
Jessica Murphy & Ali Abbas Ahmadi - BBC News and Bernd Debusmann - BBC News
Canadian Prime Minister Mark Carney said that Canada's old relationship with the United States, "based on deepening integration of our economies and tight security and military cooperation, is over". Speaking to reporters in Ottawa after a cabinet meeting, Carney said Canadians must "fundamentally reimagine our economy" in the face of US President Donald Trump's tariffs. He said Canada would respond with retaliatory tariffs that will have "maximum impact" on the US.
/jlne.ws/4j7w5Sz
Scamsters Trick India's Retail Investors Out of Millions in Life Savings; India's unprecedented nine-year stock rally has minted millionaires, but has also exposed a darker side of the frenzy.
Alex Gabriel Simon and Chiranjivi Chakraborty - Bloomberg
A torrid nine-year rally in the Indian stock market has minted millionaires, sparked a retail-investing frenzy and, along the way, turned the country into a hotbed for financial scams. Like the one that swindled Saraswata out of $700,000. Making money had seemed so easy at first, like walking into a "gold mine," said Saraswata, a 39-year-old radiologist, who declined to be identified by his full name as the case is being investigated by the police. He'd just send cash over to this firm based in southwestern India and it'd multiply: $370,000 became $500,000, then $1 million, then $2 million, all in the span of a few months. That he knew little about the buy-and-flip strategy didn't matter. The money was too intoxicating. Besides, the firm he thought he was investing with - Geojit Financial Services Ltd. - had shown him the regulatory paperwork it had lined up. "It all seemed very real," he said.
/jlne.ws/3QPxHEv
India's BSE Shares Rally as Rival Delays Changes to Expiry Days
Savio Shetty and Chiranjivi Chakraborty - Bloomberg
Shares of India's oldest stock exchange BSE Ltd. surged the most since September, after its rival bourse deferred a plan that was seen potentially increasing its market share. BSE's stock climbed as much as 18% in Mumbai trading Friday. The National Stock Exchange of India deferred the implementation of its surprise plan to move to Monday expiries from Thursday, after the Securities and Exchange Board of India proposed that equity-derivative expirations should be limited to Tuesday or Thursday.
/jlne.ws/4l6TXYb
US economists fear for future of 'gold standard' statistics amid Doge cuts; Also in today's newsletter, Trump imposes 25% tariff on cars and the government spending Maga voters rely on
Emily Goldberg - Financial Times
Economists are worried about the Trump administration's deep cuts to the federal government - and not just because they're worried about their own jobs. Slashing the federal workforce and research funding threatens the quality and credibility of "gold standard" US statistics, economists have warned. The impact could be felt across Wall Street's $105tn stock and bond markets. The data - from the jobs report to inflation indices - can swing markets in milliseconds. These flagship reports also underpin policies that influence the trajectory of the world's biggest economy.
/jlne.ws/3E6I7wr
Trump's Pick for SEC Faces Sharp Conflict-of-Interest Scrutiny
Lydia Beyoud and Nicola M White - Bloomberg
Paul Atkins, President Donald Trump's pick to lead the Securities and Exchange Commission, is facing an early political test over his strong ties to Wall Street and digital-asset firms. Democratic Senator Elizabeth Warren, speaking just before his Banking Committee nomination hearing Thursday, said she's concerned that Atkins is "thinking about his past and future clients" rather than American families.
/jlne.ws/3Y5yogC
Democrats Fear Trump's Crypto Entity Will Pose Regulatory Conflict; Senators ask financial watchdogs how they plan to oversee the Trump family's cryptocurrency activities
Vicky Ge Huang - The Wall Street Journal
Sen. Elizabeth Warren and four other Democrats warned U.S. financial regulators they might soon confront "an extraordinary conflict of interest": overseeing a cryptocurrency entity controlled by the sitting U.S. president and his family. In a letter sent early Friday to the Federal Reserve's vice chair of bank supervision, Michelle Bowman, and the acting comptroller of the currency, Rodney Hood, the senators pressed for answers on how they intend to regulate World Liberty Financial, the Trump family's crypto project, and the stablecoin the company said this week it plans to launch.
/jlne.ws/3Ea9jKK
A Disregard for the Rules Trickles Down From Trump to His Aides; Many of the people serving in the administration do not have decades of experience in government, or deep knowledge of its rules and why they exist, former officials say.
Julian E. Barnes - The New York Times
President Trump has long had, at best, a cavalier attitude about the handling of classified material. In his first term, he took a photograph of a satellite image of an Iranian launch site that had been included in his daily intelligence brief and posted it on social media.During a meeting in the Oval Office, Mr. Trump shared a tip with the Russian foreign minister from Israeli intelligence about a terror plot - then asked intelligence officials to go on television exonerating him.
/jlne.ws/429iX8C
Jenner & Block Sues to Stop Trump's Executive Order Against Law Firm; President Trump has targeted big law firms that he claims have "weaponized" the legal system.
Michael S. Schmidt, Matthew Goldstein and Devlin Barrett - The New York Times
The law firm Jenner & Block sued the Trump administration on Friday, seeking to stop an executive order that could cripple the firm's ability to represent clients. The lawsuit is the second time that a big law firm targeted by President Trump has decided to fight back in court and will open a new front in the month-old battle Mr. Trump has waged on such firms. The president's orders against white-shoe law firms he perceives as enemies have stripped lawyers of security clearances, barred them from entering federal buildings and discouraged federal officials from interacting with firms.
/jlne.ws/4c8QCnn
Robinhood, Moving Beyond Meme Stocks, Wants to Be Your Bank
Paige Smith - Bloomberg
Robinhood Markets Inc. has moved past its meme-stock days to become known as the go-to trading platform for retail investors of all stripes - crypto zealots, novice financiers and sophisticated speculators alike. Now it's taking it a step further: It also wants to be your bank. Robinhood will roll out checking and savings accounts later this year to its paying "Gold" subscribers, but with a few twists. The Menlo Park, California-based firm aims to be less of a traditional bank for its customers and more of a private banking-like experience, according to Deepak Rao, vice president and general manager of Robinhood Money.
/jlne.ws/3E6Ew1p
Trump Signs Executive Order Against Law Firm WilmerHale on Mueller Ties
Jennifer A Dlouhy - Bloomberg
President Donald Trump on Thursday signed an executive order targeting WilmerHale, marking the latest expansion of the president's campaign against law firms tied to his political enemies or investigations into his actions. Trump is suspending security clearances for WilmerHale employees, restricting its access to federal buildings and ending government contracts that involve the law firm. The president has issued directives focused on Jenner and Block, Perkins Coie and Covington & Burling, though the action on Covington was smaller in scope and affected just one attorney's security clearance. The president rescinded an order targeting Paul Weiss after the firm agreed to dedicate $40 million in pro bono legal services during Trump's term to support his administration's goals.
/jlne.ws/4cbZ31i
Trump Targets WilmerHale, Citing Law Firm's Connection to Robert Mueller; Mr. Mueller, who worked at WilmerHale before retiring in 2021, had investigated the Trump campaign's ties to Russian officials during the president's first term.
Chris Cameron - The New York Times
President Trump moved on Thursday to punish the law firm WilmerHale, where Robert S. Mueller III worked before and after he served as special counsel in the Trump-Russia investigation, expanding his widespread campaign of retribution. In an executive order, Mr. Trump hit the elite firm with many of the same penalties that he had applied to its competitors who had taken on cases or causes he did not like.
/jlne.ws/3DSTA2P
Trump Turmoil Has Macron Eyeing Euro Challenge to Dollar
William Horobin and Alberto Nardelli - Bloomberg
Donald Trump has piqued European leaders' interest in currency markets. After the euro jumped against the dollar, French president Emmanuel Macron quizzed central bank chief Christine Lagarde on the outlook for the exchange rate in private conversations in Brussels last week, according to people briefed on the discussions. Lagarde had been trying to persuade European Union leaders that Trump's return offers opportunities to the bloc, the people said.
/jlne.ws/427WvwG
European Banks Have Best Quarterly Streak Since Financial Crisis
Macarena Muñoz and Michael Msika - Bloomberg
The rally in European banking stocks shows few signs of cooling down after another stellar quarter. The Stoxx 600 Banks Index has surged 25% this year, its best three months since 2020. That's made it the top-performing sector in Europe by far as investors keep increasing their exposure, and strategists see more gains ahead.
/jlne.ws/3Xz722p
Hedge Fund Dymon Hires Ex-Singapore Exchange Senior Executive
David Ramli - Bloomberg
Dymon Asia Capital has hired Lee Beng Hong, the former head of wholesale markets and platforms at Singapore Exchange Ltd., to oversee its treasury, trading and technology functions. Lee will be a partner at the Singapore-based hedge fund, according to a spokesperson for the firm. Dymon Asia manages $4.7 billion in assets.
/jlne.ws/4295oGk
The Trump plan for oil; Some advisers now view the price of the fossil fuel as a crucial anti-inflation tool
Gillian Tett - Financial Times
Six long months ago, when Donald Trump was campaigning to become the 47th president of the United States (remember that?) he promised to deliver a "winning" economy and to slash inflation. It seemed that voters believed him. No longer. This week, the Conference Board released a survey showing that consumer confidence has fallen to "the lowest level in 12 years and well below the threshold...that usually signals a recession ahead". Worse still, voters expect inflation to exceed 6 per cent because of Trump's tariffs - dramatically higher than last year.
/jlne.ws/3FHEIVD
Public markets risk becoming a dumping ground for bad companies; CoreWeave's faltering IPO is a symptom of market enshittification
Craig Coben - Financial Times
Livingston, New Jersey (population 31,330) has always punched above its weight. Its residents have included Seinfeld's Jason Alexander, my novelist brother Harlan, and Genovese crime family capo Ritchie "The Boot" Boiardo, who some say inspired The Sopranos. Its main landmark is the Livingston Mall, which opened to great fanfare in 1972 and has since slid into decline and is facing condemnation. I used to go there as a kid.
/jlne.ws/3FMiZMb
Bitcoin and Bonds: Have MicroStrategy and GameStop Found a Cheat Code for Markets?
Spencer Jakab - The Wall Street Journal
It's all fun and games until someone loses a billion. GameStop, which briefly went from terminal decline to the center of the investing universe four years ago, is back on Wall Street's radar. Instead of being the instrument of inexperienced "YOLO" traders who ambushed hedge funds, it's doing the opposite-raising money from sophisticated investors and leaving its shareholders with the risk of ruin.
/jlne.ws/424s6PI
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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. | Economic turbulence shakes US airlines as travel demand falters
Rajesh Kumar Singh and Doyinsola Oladipo - Reuters
U.S. airlines were flying high less than two months ago on talk of a new golden age, as strong travel demand and tight industry-wide capacity raised the prospect of a multi-year profit boom. But President Donald Trump's broad tariffs and a crackdown on government spending have upended that optimism. Tourists and companies have reduced spending amid rising economic uncertainty, forcing carriers to cut their first-quarter profit forecasts.
/jlne.ws/3FM1Ylh
Chinese Exporters Hunt for Alternatives to 'Irreplaceable' U.S. Buyers; At industry gathering in Shenzhen, factory owners confront the possible end of an era
Yoko Kubota - The Wall Street Journal
Shenzhen, China-One of the most popular events at a Chinese exporters' exhibition last week was a session teaching merchants how to sell more in Russia. Hundreds of attendees listened intently as employees of Russian e-commerce companies explained what Russian consumers like to buy online. Night lights, scented candle sets and educational toys are among the popular goods on one platform-and the cheaper, the better, a presenter said. Audience members snapped photos of the presentation and scanned QR codes to join chat groups to exchange more information.
/jlne.ws/3DWWSlw
Trump tariffs could gross $800 billion in the next decade, CBO head says-but that doesn't account for the backlash
Paolo Confino - Fortune
A recent CBO estimate finds that the tariffs could generate $800 billion over the next 10 years, but that doesn't take into account all the many other effects they could have on the dynamic U.S. economy. Tariffs could lead to price increases, retaliation from other countries, and hamper the Fed's plans to cut interest rates. All of which means any increase in government revenue would come at a cost that may not be worth it. President Donald Trump issued a fresh round of tariffs on Wednesday as he continues his signature trade policy.
/jlne.ws/3RnjMp8
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Macron Says Russia Can't Dictate European Support to Ukraine; European Leaders Gather for Summit on Plan for Ukraine
Ania Nussbaum and Andrea Palasciano - Bloomberg
French President Emmanuel Macron said Wednesday that Russia cannot set conditions on European support to Ukraine as part of US-led negotiations over a possible ceasefire. "Russia can't have a say in the support we give and will give Ukraine," he said. "Russia can't dictate the conditions of durable peace." Macron was speaking alongside Ukrainian President Volodymyr Zelenskiy ahead of a summit meeting Thursday with more than 30 European leaders to discuss support for Kyiv.
/jlne.ws/3QSnJCc
Putin suggests temporary administration for Ukraine, Russian news agencies report
Reuters
Russian President Vladimir Putin suggested Ukraine could be placed under a form of temporary administration to allow for new elections and the signature of key accords with the aim of reaching a settlement in the war, Russian news agencies reported early on Friday. Putin, speaking in the northern port of Murmansk, also said he believed U.S. President Donald Trump, who has improved ties with Russia, sincerely wanted to end the more than three-year conflict.
/jlne.ws/4c5NGYC
Ukraine-Russia war latest: British military delegation to be sent to Kyiv as part of 'reassurance force'; It comes as Emmanuel Macron hosts a 'coalition of the willing' leaders at the summit in Paris
Archie Mitchell, Rachel Clun, Sam Kiley - The Independent
Emmanuel Macron has announced that a British-French military delegation will be sent to Ukraine to scout Kyiv's needs and what can be done to support its army - and that troops would be deployed as a "reassurance force" to uphold any full ceasefire agreed with Russia.Chiefs of staffs from both countries being tasked with putting together a team and meeting Ukrainian counterparts, the French president said.
/jlne.ws/423euUP
Putin calls to remove Zelensky, 'finish off' Ukrainian troops
AFP
Russian President Vladimir Putin called Friday for a "transitional administration" to be put in place in Ukraine and vowed his army would "finish off" Ukrainian troops, in hardline remarks as US President Donald Trump pushes for a ceasefire. A rapprochement between Washington and Moscow since Trump's return to office and the US leader's threats to stop supporting Kyiv have bolstered Putin's confidence more than three years into an offensive that has killed tens of thousands on both sides.
/jlne.ws/441au9X
US pushes for expansive new deal to control Ukraine's minerals and energy
Latest draft sent to Kyiv steps up demands and offers no security guarantees
Christopher Miller and Paola Tamma - Financial Times
The US is pushing for a sweeping new deal to control Ukraine's critical minerals and energy assets, while offering Kyiv no security guarantees in return, in an aggressive expansion of its previous demands. The new draft deal sent to Kyiv on Sunday and seen by the Financial Times goes well beyond an initial joint economic accord hammered out last month, as part of US President Donald Trump's efforts to end Russia's invasion of Ukraine and recoup billions of dollars' worth of military assistance.
/jlne.ws/43wcTJI
As protections expire, Ukrainians who escaped war face an uncertain future
Sergio Martinez-Beltran - NPR
Standing outside the Ukrainian American Community Center, Oleksii Chyrka's anxiety is increasing. "We are uncertain; we have no idea what to do next," Chyrka tells NPR through a Ukrainian interpreter. As soon as this week, things could drastically change for Chyrka who, along with his wife, and three kids, could lose his legal status in the U.S. after living here since 2023. That could also mean he will lose his work permit, and his jobs as a cabinet maker and FedEx driver.
/jlne.ws/3E01SWD
Middle East Conflict
Food is running out in Gaza nearly a month into Israeli blockade
Aya Batrawy - NPR
DUBAI, United Arab Emirates - Food stocks in the Gaza Strip are dwindling and there are only five days of flour left to keep bakeries running as Israel's nearly monthlong blockade threatens to plunge the territory's 2 million people into hunger, the World Food Programme said Thursday. Other aid groups also say their supplies are depleting at alarming rates due to Israel's blockade, raising fears that deaths from malnutrition and starvation could return to Gaza after a two-month-long ceasefire had brought much needed relief and thousands of trucks carrying aid.
/jlne.ws/3FL2rUR
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | BME welcomes eleven new companies and three new partners to the Pre-Market Environment, its accelerator for stock market listings
BME
BME's Pre-Market Environment (EpM) welcomes fourteen new participants today. This training and networking programme is aimed at high-growth companies, which are gradually helped by stock market professionals and their partners to understand how to become a listed company and develop the transparency and governance habits required by the stock market. With these new additions, BME's stock market listing accelerator now has 31 companies and 32 partners, which are firms specialised in the markets.
/jlne.ws/4l6aPOC
An Evening Honouring Market Excellence: JSE announces Winners of the 23rd Annual Spire Awards
JSE
Attended by some of the country's leading market participants, the Spire Awards are dedicated to recognising the outstanding achievements of institutions that are changing the face of South African capital markets. At this year's awards, both Standard Bank and Rand Merchant Bank (RMB) were the top recipients of awards across various categories taking home 11 awards respectively. Among these, Standard Bank secured both Best Forex House and Best Market Making Team: Interest Rate Derivatives, while RMB was named Best Fixed Income & Forex House, Best Bond House, and Best Interest Rate Derivatives House.
/jlne.ws/3FEEM8j
SIX Financial Information France gets a score of 81/100 for its "index de l'egalite professionnelle 2025" (professional equality index for the fiscal year 2024)
SIX
The French subsidiary of Swiss group SIX, SIX Financial Information France SA, has received, for the fiscal year 2024 (reference period from 01/01/2024 to 31/12/2024), a score of 81/100 under the professional equality between women and men chapter, delivered by the Ministere du Travail, de l'Emploi et de l'Insertion.
/jlne.ws/42dJdPd
Hong Kong derivatives trading surges to record on turbulent markets, hedge fund interest
Summer Zhen - Reuters
Big swings in stock markets and hedge fund activity have propelled Hong Kong's derivative trading to unprecedented highs. The number of outstanding futures and options contracts on the city's bourse has reached 22 million so far this year, surpassing the record set in 2024 by 70% in less than three months. Analysts and investors attribute the sharp rise in the use of derivatives this year to the craze around Chinese technology firms and the growing use of hedging tools by long-short funds to navigate geopolitical and tariff uncertainties.
/jlne.ws/3FHy9lX
SET Announces Today's Night Trading Session Closure For DRx And TFEX Also Closes Its Night Session
Mondovisione
SET announces today's night trading session closure for DRx and TFEX also closes its night session (March 28, 2025).
/jlne.ws/41QiMAb
Performance Bond Requirements - Metal Margin - Effective March 28, 2025 [Corrected Link]
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on March 28, 2025.
/jlne.ws/4l7uoGt
Performance Bond Requirements: Agriculture, Energy and Rates - Effective March 28, 2025
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on March 28, 2025.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Efforts to Weed Out Fake Users for Online Advertisers Fall Short; Companies that claim to help brands avoid serving digital ads to bots regularly miss nonhuman traffic
Patience Haggin - The Wall Street Journal
Brands are spending billions of dollars on ads without knowing for sure that they are actually being shown to humans. The companies they pay to help figure that out are struggling with the task. At least 40% of web traffic is made up of fake users, or computerized bots, according to cloud-services provider Cloudflare. And that share is expected to grow with the proliferation of artificial-intelligence systems that regularly scan the web for data to ingest.
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Blackstone-Backed Software Firm ISN Mulls $6 Billion Sale
Ryan Gould - Bloomberg
ISN Software Corp. is exploring options including a sale that could value the compliance software firm at $6 billion or more including debt, according to people familiar with the matter. Dallas-based ISN, which is backed by Blackstone Inc.'s growth equity arm, is talking to investment banks about a potential sale of all or part of the company that could take place as soon as this year, the people said. The company has already attracted takeover interest from industry players and other private equity firms, they said.
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Republic Bank Selects DNA From Fiserv To Drive Digital Transformation - Core Banking Solution Delivers Enhanced User Experience And Customer Loyalty To Power Growth
Mondovisione
Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology, today announced that Republic Bank & Trust Company (Republic Bank) has chosen the Fiserv award-winning DNA platform to enhance the company's banking system capabilities and drive operational efficiencies to realize their digital transformation goals. With over $6 billion in assets and 47 banking centers, Republic Bank, a community bank headquartered in Louisville, Kentucky, selected DNA due to the platform's advanced technology, real-time continuous processing and comprehensive functionality that streamline processes, reduce manual workloads and enhance overall productivity.
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How Signal Became Washington's Favorite Messaging App; Downloads of encrypted app surged in the past week after the Atlantic published texts among White House officials detailing a military strike
Sam Schechner and Robert McMillan - The Wall Street Journal
Meredith Whittaker spent her first few years running Signal preaching the encrypted-messaging app's benefits for sensitive conversations, regardless of whether users had anything to hide. This week her pitch got a lot easier. Signal attracted a wave of users after the Atlantic published the details of a group chat in which Defense Secretary Pete Hegseth shared attack plans with a group that included key members of the Trump administration, including the vice president, as well as the magazine's editor in chief.
/jlne.ws/4kYg7vE
The New Billionaires of the AI Boom; The rush into artificial intelligence has minted fortunes worth a collective $71 billion for 29 founders.
Biz Carson, Tom Maloney and Dylan Sloan - Bloomberg
The sums of money that the artificial intelligence boom has created in the span of a few years border on unthinkable. OpenAI, which debuted ChatGPT in late 2022, is poised to become one of the world's most valuable startups with a $300 billion valuation. Anthropic, created in 2021 by a team of former OpenAI employees, is worth more than $60 billion. Safe Superintelligence launched in October and has already notched a $32 billion valuation. This vast wave of enthusiasm has also minted a new generation of billionaires.
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Why hasn't AI taken your job yet? New research shows ChatGPT's inability to cope with 'messy' multitasking is still protecting some human workers
John Burn-Murdoch - Financial Times
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Taiwan accuses Chinese chipmakers of illegally poaching engineers; Beijing's semiconductor champion SMIC accused of posing as Samoa entity to evade foreign investment restrictions
Kathrin Hille - Financial Times
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| Cybersecurity | | Top stories for cybersecurity | How Trump Team's Signal Chat Violated Security Norms
Peter Blumberg - Bloomberg
President Donald Trump and top administration officials are facing a firestorm of criticism after the editor of the Atlantic magazine revealed that the officials had inadvertently included him in a group texting thread about a US military operation in Yemen. Much of the controversy is over why the officials were discussing highly sensitive matters on Signal, a commercial messaging app that is off-limits for US officials to exchange sensitive or classified information, despite its reputation for enhanced security.
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Coinbase shares its 'best lock' with crypto rivals in bid to fight hackers industry wide
Jeff John Roberts - Fortune
It's an unfortunate fact for the crypto industry that one of its biggest claims to fame is its massive security breaches, including the hack last month that looted the Bybit exchange of $1.5 billion in Ethereum. As part of an ongoing bid by leading industry players to improve this situation, Coinbase on Thursday announced it was sharing a package of its cutting edge security technology.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto Exchange Revolut Disrupts Itself By Cutting Fees 96%
Javier Paz - Forbes
Want to buy Bitcoin? Crypto trading fees run the gamut. PayPal and rival Cash App charge their tens of millions of users as much as 150 basis points (1.5%) fee plus unspecified spread to buy $1,000 worth of bitcoin. Coinbase, the largest crypto exchange by assets, charged its tens of millions of users an average of 143 basis points in transaction fee and spread and generated $1.35 billion in retail trading revenue for Q4 2024. By contrast traditional securities broker Robinhood charges no fee or commission at all.
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SEC Closes Crypto.com Investigation with No Action; SEC Will Not Pursue Enforcement Action Following its Wells Notice to Crypto.com in 2024
Crypto.com
The U.S. Securities and Exchange Commission (SEC) has informed Crypto.com that it has officially closed its investigation into Crypto.com and will file no enforcement action against the Company. This follows Crypto.com receiving a Wells notice from the SEC and Crypto.com filing suit against the SEC in October 2024. Crypto.com previously dropped its lawsuit against the SEC in December 2024.
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The Town That Went Crazy for Crypto; In San Pedro, Argentina, 16,000 people, a fifth of the population, signed up for a cryptocurrency exchange where everyone won. Until they didn't.
David Segal - The New York Times
At a backyard barbecue in San Pedro, Argentina, last May, Rafael Flaiman spotted a friend wearing a light blue blazer that looked a little too snazzy for the occasion. He needled the guy a bit. What's with the jacket? Mr. Flaiman asked. "La China pays," the friend replied, with a triumphant smile. La China? Mr. Flaiman grew up in San Pedro, a struggling riverside town of 70,000, and for 16 years he's been a reporter at La Opinion, the local newspaper. But he'd never heard of someone named La China - Spanish for the Chinese woman - and had no idea why she'd bought a nifty new blazer for his buddy. A handful of the 20 people at the barbecue, it turned out, knew all about this mysterious figure and were eager to explain the singular way she'd earned them money.
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Galaxy Digital profit falls, misses estimates on settlement costs
Luke Juricic - Investing.com
Galaxy Digital Holdings Ltd (TSX:GLXY) reported a decline in fourth-quarter profit, missing analyst expectations as settlement costs weighed on its bottom line. The digital asset and blockchain company's stock fell 3.5% following the announcement. Galaxy Digital posted net income of $174.5 million for the fourth quarter, down from $301.5 million in the same period last year and below the $259.3 million analysts had forecast. The company attributed the lower profit to a $166 million accrued legal provision related to a settlement with the New York attorney general.
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BlackRock Launches Bitcoin ETP in Europe, Marking Key Step for Institutional Adoption Despite Modest Inflows
Ayesha Aziz - CoinMarketCap
BlackRock has launched its iShares Bitcoin exchange-traded product (ETP) in Europe, marking a significant moment for Bitcoin's institutional adoption in the region. The product began trading on March 25 on major European exchanges, including Xetra, Euronext Amsterdam, and Euronext Paris. However, analysts believe that the demand for the ETP in Europe will be lower compared to the U.S. market, where BlackRock's iShares Bitcoin Trust ETF has experienced significant inflows. In fact, BlackRock's U.S. ETF has captured over 50% of the market share for spot Bitcoin ETFs, with its holdings valued at $49 billion as of March 27, 2025.
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| Politics | | An overview of politics as it relates to the financial markets | Trump Could Hand China a 'Strategic Victory' by Silencing Voice of America; Generations of Chinese, including our columnist, turned to U.S. government-run outlets for an education in democracy, rights and the English language.
Li Yuan - The New York Times
In December 1967, when he arrived at a snowy farm on China's northeastern border with the Soviet Union, Xu Chenggang carried with him an electron tube to help him assemble a radio. Mr. Xu, a 17-year-old Beijing native, would spend the next 10 years there, living in a horse stable and subjected to re-education and persecution for his anti-revolutionary thinking. One thing that got him through the cold, dark decade was the tube radio that brought him Voice of America programs.
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Trump's Team Signal Chat Exposed US Spycraft to Adversaries
Natalia Drozdiak and Jamie Tarabay - Bloomberg
President Donald Trump dismissed the disclosure of Houthi attack plans in a Signal chat as a "glitch" with no impact on national security. Intelligence experts argue that it gave foreign adversaries priceless insight into US spycraft far beyond the obvious. While Defense Secretary Pete Hegseth's message detailing the impending operation against the Houthis, a militant group in Yemen, has faced the most scrutiny, experts point to other messages in the chat that got little attention but were also revealing.
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Elon Says Government Will 'go After' People 'pushing the Propaganda' About Tesla; The Tesla CEO blamed attacks on Tesla vehicles and dealerships on the "far left"
Charisma Madarang - Rolling Stone
As Tesla CEO Elon Musk leads President Donald Trump's relentless purge of the federal government's workforce via his so-called Department of Government Efficiency (DOGE), a string of attacks and vandalism have hit vehicles and dealerships bearing the automaker's logo. Musk and several DOGE top aides sat down with Fox News host Bret Baier on Thursday, pitching to America their supposed earnest efforts to cut costs and reduce government waste. The conversation eventually led to Musk addressing the recent vandalization of Tesla property across the country, with Musk backing earlier statements from Trump and Attorney General Pam Bondi condemning the attacks and threatening legal action. On Monday, the FBI announced that it has created a task force to "crack down on violent Tesla attacks."
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Skadden, a Top Law Firm, Is in Talks to Avert an Executive Order; The discussions come as President Trump has taken aim at WilmerHale, another big law firm. Other major firms are said to be trying to cut deals with the White House.
Michael S. Schmidt, Ben Protess, Matthew Goldstein, Jessica Silver-Greenberg and Maureen Farrell - The New York Times
The elite law firm Skadden, Arps, Slate, Meagher & Flom has had discussions with President Trump's advisers about a deal to avert the type of executive order that the White House has been imposing on many of its competitors, according to five people briefed on the matter who were not authorized to speak publicly about private conversations.
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Inside the Law Firm That Decided to Fight Back Against Trump's Attack; Perkins Coie's biggest clients-including Amazon and Boeing-are staying despite executive order targeting firm, which has Democratic ties
Dana Mattioli and Erin Mulvaney - The Wall Street Journal
When President Trump signed an executive order attacking Perkins Coie, the white-shoe law firm did what its rivals have not. It fought back. And so far its biggest clients and superstar lawyers are standing with it. "The dishonest and dangerous activity of the law firm Perkins Coie has affected the country for decades," began Trump's March 6 order. It sought to cripple a firm that had deep Democratic ties and had tangled with Trump. The order stripped Perkins employees of security clearances, limited their access to federal buildings and instructed agencies to end federal contracts that used the firm.
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Elon Musk 'pressured' Reddit CEO to remove DOGE posts
James Liddell - The Independent
Elon Musk allegedly lobbied Reddit's CEO Steve Huffman to remove content critical of his Department of Government Efficiency, sources say. Musk, who has previously touted himself as a "free speech absolutist," said he purchased X in 2022, in part, to reinstate accounts that had been banned for posting hateful content. As Musk publicly rallied against dozens of Reddit communities blocking links from X over his Sieg Heil controversy in January, sources told The Verge that the tech billionaire was also privately messaging Huffman.
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Incoming SEC chair Paul Atkins and his wife have 54 life insurance policies. Why?
Ben Weiss - Fortune
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David Dimbleby: I thought the free market was with us forever - then Trump came along
David Dimbleby, Presenter, Invisible Hands - BBC Radio 4
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Macron's chief of staff Alexis Kohler joins Societe Generale
Reuters
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Bessent opens door to Russian return to major international banking system
Gregory Svirnovskiy - Politico
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Putin Smells Blood in the Water on US Black Sea Deal; Trump should take his own advice and walk away from the table.
Marc Champion - Blomerberg
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Cash Arsenal Allows Erdogan to Weather Worst Crisis in Years
Beril Akman and Tugce Ozsoy - Bloomberg
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| Regulation & Enforcement | | Stories about regulation and the law. | A former Mars Wrigley executive making $200k a year stole $28 million from the company and bought a multi-million dollar home
The Associated Press and Dave Collins via Fortune
Before his arrest Wednesday, Paul Steed was a respected sugar market expert for a subsidiary of famed candymaker Mars Inc. He served on a U.S. trade advisory committee for sweeteners as well as on industry group boards, while giving presentations at conferences.
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US Acting Comptroller Of The Currency Encourages Innovation To Foster Financial Inclusion
Mondovisione
Acting Comptroller of the Currency Rodney E. Hood today discussed financial inclusion in remarks at the National Community Reinvestment Coalition's Just Economy Conference 2025. In his remarks, Mr. Hood encouraged innovative thinking to foster greater financial inclusion in economically disadvantaged communities for both consumers and small businesses, particularly using financial technology tools. He highlighted the importance of homeownership in building generational wealth and the work of the OCC's Project REACh to support financial inclusion.
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BCSC alleges wash trading by Toronto securities lawyer
BCSC
Vancouver - The BC Securities Commission is alleging that a Toronto lawyer directed a wash trade to artificially lower the share price of a B.C.-based company. In January 2024, Shimshon Refoel (Shimmy) Posen, a securities lawyer who lives in Ontario, was working for a law firm that had the B.C. company as a client. The company, which is listed on the Canadian Securities Exchange (CSE), wanted to sell 10 million shares in a private placement for $0.03 a share.
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SEC Votes to End Defense of Climate Disclosure Rules
SEC
The Securities and Exchange Commission today voted to end its defense of the rules requiring disclosure of climate-related risks and greenhouse gas emissions. SEC Acting Chairman Mark T. Uyeda said, "The goal of today's Commission action and notification to the court is to cease the Commission's involvement in the defense of the costly and unnecessarily intrusive climate change disclosure rules." The rules, adopted by the Commission on March 6, 2024, create a detailed and extensive special disclosure regime about climate risks for issuing and reporting companies.
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Statement Regarding Climate-Related Disclosures Rule Litigation: The Commission has Left the Building
Commissioner Caroline A. Crenshaw - SEC
Today, the SEC purports to walk away from the Climate-Related Disclosures Rule.[1] In building the rule, we journeyed up a mountain. The Commission spent at least four years taking input - we issued requests for information, made a proposal, opened and reopened comment periods when stakeholders asked for more time or the ability to provide more input, reviewed thousands of comment letters, carefully balanced the interest of investors, markets and issuers, and dutifully tailored a final rule in-line with our mission and our statutory authority.[2] It was an arduous process that led to a sound and strong result.
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Remarks at the SEC Roundtable on Artificial Intelligence in the Financial Industry
Commissioner Caroline A. Crenshaw - SEC
Good morning and welcome to the agency.[1] I'm going to do something that I never do. I'm going to take credit for the idea behind these roundtables. I can't take credit for anything beyond that. All of the credit for the hard work, preparation and planning goes to my colleagues in DERA and Exams and elsewhere at the agency - chief among them Rob Fischer, Jill Henderson and Hane Kim. The staff served as the architects who drew up the vision for today's panels and brought the idea to fruition. And then the deep knowledge and practical input on AI - the expertise that will hopefully make today a fruitful exercise - that comes from our esteemed panelists and moderators. So, really, I did close to nothing. But I will take credit for the original idea.
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Artificial Fears and Human Intelligence: Remarks at the SEC Roundtable on Artificial Intelligence in the Financial Industry
Commissioner Hester M. Peirce - SEC
Thank you to staff from DERA and from all over the building for organizing this roundtable and thank you to all the panelists today for their participation in what I expect will be an enlightening and productive discussion. As we know, the securities industry has a long history of embracing new technologies to achieve greater efficiencies and lower costs: ticker, telephone, terminal, and now artificial intelligence. I look forward to hearing from the panelists about their deployment of AI, the benefits enjoyed, and the risks encountered.
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SEC Announces Dismissal of Civil Enforcement Action Against Kraken
SEC
The Securities and Exchange Commission today filed a joint stipulation with Payward Inc. and Payward Ventures Inc., together known as Kraken, to dismiss, with prejudice, the Commission's ongoing civil enforcement action against it.
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SEC Announces Dismissal of Civil Enforcement Action Against Cumberland
SEC
The Securities and Exchange Commission today filed a joint stipulation with Cumberland DRW LLC to dismiss, with prejudice, the Commission's ongoing civil enforcement action against it.
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SEC Announces Dismissal of Civil Enforcement Action Against Consensys Software Inc.
SEC
The Securities and Exchange Commission today filed a joint stipulation with Consensys Software Inc. to dismiss, with prejudice, the Commission's ongoing civil enforcement action against it.
/jlne.ws/3RtFDv6
ASIC bans Queensland adviser from being involved in financial services for five years
ASIC
ASIC has banned Queensland based financial adviser Grant Richard Thomson from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business (with some limited permissions described below).
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ASIC remakes relief instrument for 31-day notice term deposits
ASIC
ASIC has remade a legislative instrument that gives relief for 31-day notice term deposits, with minor amendments to pre and post-maturity notice settings. This follows recent consultation with industry.
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ASIC to allow instrument for business introduction and matching services relief to expire
ASIC
ASIC will allow ASIC Corporations (Business Introduction Services) Instrument 2022/805 (the Instrument) to expire on 1 April 2025. The Instrument provided conditional relief from the fundraising, financial product disclosure, hawking, and advertising requirements in the Corporations Act 2001 (the Act) that would apply to a person making, or calling attention to, offers through a business introduction service, of interests in managed investment schemes. The Instrument does not provide relief from the Australian financial services (AFS) licensing requirement.
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ESMA makes recommendations for the supervision of STS securitisations
ESMA
The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, published its Peer Review Report on National Competent Authorities' (NCAs) supervision of Simple, Transparent and Standardised (STS) securitisations. The Report looks into and provides recommendations on the supervisory approaches adopted by selected NCAs when supervising STS securitisation transactions and the activities of their originators, sponsors and securitisation special purpose entities.
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On the right track: Connecting consumers, products and growth; Speech by Nikhil Rathi, chief executive, at the JP Morgan Pensions and Savings Symposium 2025.
FCA UK
Introduction
I was interested to read Karen's recent comments about, in her words, the UK's 'slow motion train crash' on retirement savings. An image that made me sit up - though probably not advisable reading thundering out of Waterloo this morning! When I consider that picture as a regulator, I'm drawn to the tracks to find answers. And what do they show us? Pensions, savings, mortgages, housing wealth - each sitting on their own line, with their own ticketing system, timetable, and rules.
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International Forum of Independent Audit Regulators published the Report on 2024 Survey of Inspection Findings
FSA Japan
The International Forum of Independent Audit Regulators (IFIAR) released "Survey of Inspection Findings 2024", a report on the results of its 13th annual survey of audit inspection findings identified by IFIAR member audit oversight bodies. The Certified Public Accountants and Auditing Oversight Board has participated in the task force to prepare the report, and will continue to contribute to the project.
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Comments By Monetary Authority Of Singapore On Allegations Of Improper Conduct By United Overseas Bank
Mondovisione
In response to media queries regarding allegations by Mr Koh Kien Chon (Ken Koh) of improper conduct by United Overseas Bank, the Monetary Authority of Singapore (MAS) would like to clarify that we had responded to Mr Koh on 28 February and 17 March 2025, that the matter he had raised was being looked into. Any suggestion that MAS has not responded or is not following up is false. Allegations of any legal or regulatory breach will be looked into.
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"Crafting an Insurance Industry that Serves all Singaporeans Well" - Keynote Address by Mr Lim Tuang Lee, Assistant Managing Director (Capital Markets), Monetary Authority of Singapore, at the Life Insurance Association, Singapore (LIA) Annual Luncheon on 27 March 2025
MAS
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SFC proposes enhancements to targeted tools to address corporate misconduct
SFC
The Securities and Futures Commission (SFC) today began a consultation on various proposed enhancements to the Securities and Futures (Stock Market Listing) Rules (SMLR) for IPO cases and post-IPO matters, with a view to improving regulatory efficiency in Hong Kong's listing market and providing broader protection for the investing public against imminent financial harm (Note 1).
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SFC welcomes appointment and re-appointment of Non-Executive Directors
SFC
The Securities and Futures Commission (SFC) welcomes the Financial Secretary's appointment of Mr Tony Tang Xiaodong and re-appointment of Mr Michael Wong Yick Kam as Non-Executive Directors, respectively for a term of two years (Note 1).
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SSAB Probed by Swedish Financial Regulator; The $3.33 billion impairment included goodwill related to SSAB's acquisitions of Ipsco and Rautaruukk
Dominic Chopping - The Wall Street Journal
SSAB said the Swedish Financial Supervisory Authority has opened a review into a goodwill impairment that the steelmaker disclosed in the fourth quarter of 2022. The 33.3 billion Swedish kronor ($3.33 billion) impairment included goodwill related to SSAB's acquisitions of Ipsco and Rautaruukki, which were completed in 2007 and 2014, respectively. Part of that impairment was questioned by The Swedish Accounting Standards Board, and SSAB said that following talks with the board during 2023 and 2024, the case has now been referred to the FSA.
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Four individuals arrested for suspected fraud and money laundering offences; The FCA, supported by the City of London Police, conducted an operation in London and Oxfordshire.
FCA UK
On 20 March, more than 20 FCA and City of London Police officers searched three addresses across London and Oxfordshire. Four individuals, suspected of offences including fraud by false representation and money laundering, were arrested. All suspects were interviewed under caution by the FCA and released on bail. The FCA's investigation into the case is ongoing.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Gold rises to record as trade-war concerns drive haven demand
Sybilla Gross - Bloomberg
Gold (GC=F) rose to a record amid concerns about a widening trade war after President Donald Trump pushed ahead with US tariffs on all auto imports. Bullion gained as much as 0.9% on Friday to top $3,085 an ounce, beating the previous record set a day earlier. It was on track for a fourth weekly gain, with prices supported by growing haven demand.
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AT1 Demand Is So Strong That Risk of Skipped Calls Is Rising
Ronan Martin - Bloomberg
Demand for the riskiest type of bank debt has been so strong lately that issuers have been able to sell the securities on favorable terms. Deutsche Bank AG just reminded investors of the added risk that creates. It was touch and go whether the German lender would redeem an Additional Tier 1 note it had issued in 2014. In the end, it opted not to, breaking with convention, though that worked out fine for bondholders - under the terms of the bond, its coupon now doubles.
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Macro Traders From New York to Hong Kong Primed for Tariff Day
Vinícius Andrade, Carter Johnson and Michael Mackenzie - Bloomberg
From New York to London and Hong Kong, investors are cutting back risk ahead of next week's tariff announcements, while keeping cash ready to pounce the moment opportunities arise. All around the world, money managers say they're turning neutral, stepping back or de-risking their portfolios. Volumes in Treasuries have fallen as traders refrain from taking big positions, with some looking to options trades for insurance before President Donald Trump unveils so-called reciprocal levies next week.
/jlne.ws/4lp43nF
The Last Time Investors Really Got Excited for Tech Infrastructure; Remember the Telecom Bubble?
Tracy Alloway and Joe Weisenthal - Bloomberg
One of the biggest questions hanging over the market right now is whether or not the seemingly unlimited appetite for more AI data center spending is slowing down or not. This type of tech infrastructure has been a massive sectoral winner over the last few years. But of course, this isn't the first time investors have gotten excited about this type of trade. The late 1990s and early 2000s are often remembered as being the time of a "tech bubble" or "dot-com bubble," but one specific aspect was the buildout in broadband infrastructure, or what became known as the telecom bubble. So what was that all about? Why were investors so optimistic? And how did it end? At our recent live episode in Washington DC, we spoke with Blair Levin, policy adviser to New Street Research. He was the chief of staff at the FCC during the telecom deregulation of the 1990s, and in the early 2000s went to work on Wall Street. He tells us about differences and similarities between then and now, plus the signs of when the ride is coming to an end.
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The evolution of futures algos: Moving beyond generic execution
Liquidnet via The Trade
Futures trading has long been overshadowed by equity markets in algorithmic innovation with early execution strategies often failing to address the unique nature of futures markets. However, post-crisis disruptors have transformed the landscape, and intelligent automation represents unbounded potential for traders, writes Mike du Plessis, global head of listed derivatives at Liquidnet.
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Boomers are in big trouble if the stock market keeps sliding
Theron Mohamed - Business Insider
Baby boomers' dreams of a comfy retirement are in jeopardy as a flagging stock market threatens to spoil their plans. The benchmark S&P 500 index dropped 10% between February 19 and March 13 - a seven-month low - fueled by fears that the Trump administration's policies could tip the economy into recession. It's still in the red for 2025.
/jlne.ws/3FKLlGA
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | US Weather Service Merges Units as Staffing Pressure Rises
Lauren Rosenthal and Brian K Sullivan - Bloomberg
The US National Weather Service will merge two of its largest forecasting units as it prepares for the loss of as many as 1,000 staffers. Employees were encouraged to take early retirements as a handful of consolidations were announced during an all-hands meeting at the agency on Thursday with Director Ken Graham, according to people familiar with the matter who weren't authorized to speak publicly.
/jlne.ws/4l0LKol
Rio Tinto Talks With Congo Over Developing Prize Lithium Deposi
William Clowes, Thomas Biesheuvel and Michael J. Kavanagh - Bloomberg
Rio Tinto Group has held talks with the Democratic Republic of Congo about developing one of the world's biggest hard rock lithium deposits, in the latest sign of the miner's enthusiasm for the battery metal. The conversations in recent weeks with Congolese authorities focused on Rio getting involved in transforming the Roche Dure resource into a lithium mine, according to people familiar with the matter. The discussions are at a preliminary stage and might not result in any agreement, the people said.
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Mining Company Seeks Trump Support to Shortcut Access to Seabed Metals; Mining companies and the Trump administration want the metals to boost manufacturing. Environmentalists and some countries worry industrial mining would harm oceans.
Eric Lipton - The New York Times
The long-running battle over whether to allow Pacific Ocean seabed mining took an unexpected turn Thursday when a company disclosed it had been confidentially negotiating a plan with the Trump administration to circumvent a United Nations treaty and obtain authorization from the United States to start mining in international waters. The proposal, which drew immediate protests from environmental groups and diplomats from some countries, represents a radical shift in the contentious debate over accessing deposits on the sea floor that contain copper, cobalt, manganese and other metals that are needed for electric-car batteries.
/jlne.ws/42m4szw
Could Scotland have Europe's lowest electricity bills?
Kevin Keane - BBC Scotland
The boss of one of the UK's biggest energy providers says people living in Scotland could have the cheapest electricity in Europe. He argues that if prices were based on local generation, the high levels of renewable energy being produced in Scotland would keep bills low. But rival electricity firms say zonal pricing would create a postcode lottery and could lead to major infrastructure projects currently planned for Scotland being switched to other parts of the UK.
/jlne.ws/4iOz2rt
University of Michigan Scraps DEI Program Amid Trump Pressure
Janet Lorin - Bloomberg
The University of Michigan is scrapping its once-vaunted program for diversity, equity and inclusion as the Trump administration pressures colleges to abandon such efforts and after months of criticism over its cost and effectiveness. The school said it would discontinue its so-called DEI 2.0 plan effective immediately, according to a statement on Thursday. It will instead increase investments in "student-facing programs," such as financial aid, mental health resources and pre-professional counseling.
/jlne.ws/3RuUnKd
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Deutsche Bank Names Akram CFO; Sewing Contract Extended to 2029
Arno Schuetze and Jennifer Surane - Bloomberg
Deutsche Bank AG said Morgan Stanley's Raja Akram will replace Chief Financial Officer James von Moltke as part of a raft of leadership changes at Germany's largest bank. Akram, Morgan Stanley's deputy CFO, will join Deutsche Bank in October and take on his new role sometime next year after a transition period, the firm said in a statement Thursday. The bank also extended Chief Executive Officer Christian Sewing's contract by three years, through April 2029.
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UBS Should Consider Relocating as 'Plan B,' Autonomous Says
Laura Noonan - Bloomberg
UBS Group AG should see relocating its headquarters as a "plan B" in the Swiss capital debate rather than relegating it to an obscure corner of internal discussions, Autonomous Research said. "What is at stake here for UBS is a potentially very detrimental turn of the regulatory landscape in Switzerland," Autonomous's Stefan Stalmann wrote in a note dated Thursday. "In our view, relocation is not plan A for the time being, but we believe it is clearly prudent for it to be promoted from plan D to plan B in the UBS strategy department."
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Fidelity International's Stephen Whyman departs after seven years; Prior to joining Fidelity in 2018, Whyman served stints at BlackRock, ABN AMRO and Bear Stearns in various fixed income trading roles.
Annabel Smith - The Trade
Fidelity International's head of debt capital markets for EMEA is set to leave the buy-side firm, The TRADE can reveal. According to an update on his social media, Stephen Whyman is leaving Fidelity after seven years to pursue another "entrepreneurial path". "Leaving Fidelity has been one of the hardest decisions I've made, but I feel the time is right to pursue a more entrepreneurial path outside of the company," he said in his update.
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Active ETFs: a lifeline for Europe's struggling asset managers? Growth has been rapid, but from a low base, and big US rivals already dominate the market
Emma Dunkley - Financial Times
Throughout the past four decades, the central plank of Jupiter Asset Management's pitch to prospective clients has been the ability of the British group's fund managers to pick investments that outperform markets. But in recent years, the very premise of so-called active management has been severely tested by the rise of index tracking, a concept popularised by large US-based groups. It promises returns that almost match those of an index, but at a much lower cost than stock picking.
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Blackstone Buyout Fund Is Closing Late and Below Earlier Goals
Dawn Lim - Bloomberg
Blackstone Inc.'s protracted campaign to raise cash for its flagship buyout fund is finally grinding to a close, beyond schedule and billions of dollars short of initial expectations. The firm, which began seeking capital in 2022, told investors it will have wrapped up fundraising around the end of March with a little more than $21 billion, according to people familiar with the matter, who asked not to be identified discussing confidential details. Buyout funds that closed in the past year took about half as much time on average.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Want to Be a Better Leader at Work? Be a More Empathetic One
Aman Kidwai - Newsweek
The working world is undergoing a wide and constant shift. Technology advancements, the proliferation of remote work and changes in external conditions have altered so many elements of company strategy. This climate demands a new skill set of leaders-that they be adaptable and emotionally intelligent. "Emotional intelligence is a foundational leadership skill set that requires individuals to embrace self-awareness, regulate their responses, be accepting of feedback and learn from their mistakes," Kate Duchene, CEO of RGP, a talent strategy consulting firm, told Newsweek via email. "Empathy is certainly a very big part of that, yet these types of soft skills were overlooked as leadership qualities for a long time."
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The Big Question: what will happen to office jobs in the age of AI? The automation of low-level tasks or entry-level roles could change the way future professionals are trained
FT reporters
The world of work is in constant change and no development may prove more disruptive than the arrival of artificial intelligence. A recent report by McKinsey estimates that in the next five years, between 400-800mn people around the world could find their jobs displaced by new technology such as generative AI. As Sarah O'Connor writes in her column this week, white-collar work is most likely to be affected, especially roles currently filled by junior and entry-level colleagues.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Trump team revokes $11 billion in funding for addiction, mental health care
Brian Mann - NPR
State and county public health departments and nonprofit groups are reeling after the Trump administration announced abrupt cancellation and revocation of roughly $11.4 billion in COVID-era funding for grants linked to addiction, mental health and other programs. "This is chopping things off in the middle while people are actually doing the work," said Keith Humphreys, an addiction policy researcher at Stanford University, who also volunteers doing harm reduction work with people in addiction. He warned the move could trigger layoffs and treatment disruptions. "Services will be dropped in the middle. Bang, the clinic is closing. It's a brutal way to make these cuts," Humphreys said.
/jlne.ws/3Y92WOC
RFK's 'Wellness Farms' Idea Is More Serious Than It Sounds; The MAHA head thinks addiction and mental health can be cured with fresh air and hard work.
E.J. Dickson - The Cut
It was in June 2023 that then-presidential candidate, now-secretary of Health and Human Services Robert F. Kennedy Jr. first unveiled his plan for solving America's addiction crisis. At a NewsNation town hall, later edited into a campaign video featuring stock footage of a young white woman in a plaid shirt caressing a plant, Kennedy proposed opening what he called "healing camps": farms in rural areas where American children addicted to drugs, as well as those taking prescribed psychiatric medications, like SSRIs and Adderall, could detox while growing organic foods and communing with nature - places where they could "find themselves again and come back and become contributing members of society."
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | MUFG Expects Revenue Lift From More China Firms Going Abroad
Bloomberg News
Mitsubishi UFJ Financial Group Inc. expects a revenue boost in its China corporate and investment banking business as more local firms are planning to again expand outside their home country. Many MUFG customers in China are now seeking M&A targets or broadening their network overseas after reviewing such strategies, Benjamin Lam, the division chief for corporate and investment banking at MUFG Bank (China) Ltd., said in an interview. Lam said he's targeting double-digit revenue growth within his division in the 2025 and 2026 fiscal years as investor appetite grows in China. The firm declined to comment on how that compares to prior periods.
/jlne.ws/4j8dQwm
China Tightens Rules on Alumina Expansion to Tackle Overcapacity
Bloomberg News
China tightened rules on building new alumina plants, in a bid to tackle overcapacity that has caused a plunge in prices in the world's top metals market. Companies won't be allowed to build new alumina plants in heavily polluted areas, according to an aluminum industry development plan for 2025-2027 issued by the Ministry of Industry and Information Technology on Friday. Alumina is made from bauxite, which is usually imported, and is the key feedstock for aluminum, the most widely used metal.
/jlne.ws/4iG3mUY
China gives IPOs the green light
FT Podcast
US President Donald Trump's auto tariffs hit carmaker shares and Chinese financial authorities have told some companies they can start launching mainland initial public offerings. Plus, protesters in Turkey are worried about the future of their democracy.
/jlne.ws/41SXTo4
Germany got $1 trillion for free, Deutsche Bank chairman says
Arno Schutze and Bloomberg via Fortune
Germany is getting EUR1 trillion ($1.1 trillion) in additional funding virtually for free after bond markets reacted positively to its "historic" spending bill, Deutsche Bank AG Chairman Alexander Wynaendts said.
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'You have to be really intelligent to be a farmer'
Ruth Bradley - BBC Somerset
Bridgette Baker, 24, is the fifth generation of her family to farm at Windmill Farm near Yeovil
"I reckon my schoolfriends think I'm mad. They probably thought I would give up - but I haven't." Bridgette Baker is a 24-year-old, fifth-generation farmer who farms alongside her dad and grandad in the gently sloping fields of south Somerset. It's a beef and arable farm, with a few lambs and pigs for their meat business selling to local customers. With some farmers angry with the government over inheritance tax rules and changes to farm payments, why would a young person want to stay in the industry these days?
/jlne.ws/4j5DmlJ
How Europe can make it easier for start-ups to scale; Entrepreneurs and investors are rallying behind a call for a voluntary pan-European legal framework for fledgling companies
Brent Hoberman - Financial Times
The future is written by entrepreneurs. Europe needs more of them to choose it as a place to grow and scale in a world of shifting alliances and economic challenges. Yet, a recent investment experience highlighted a critical weakness in achieving that: the fragmented and burdensome regulatory environment that stifles not just our start-ups but innovation and growth across the entire European economy.
/jlne.ws/41MgCBw
US beef sales to China skid after Beijing lets export registrations lapse
Tom Polansek - Reuters
U.S. beef sales to China have taken a dive, U.S. government data showed on Thursday, after Beijing allowed the expiration of registrations that had permitted exports from hundreds of American meat facilities. A tit-for-tat tariff dispute has also raised duties on U.S. meat and other goods shipped to China, making the products less attractive to Chinese buyers. The spat adds new strains to relations between the countries that had already reached historic lows in recent years.
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