| May 28, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Cboe Global Markets announced that Global President Dave Howson will depart the company on August 1, 2025, to return to the UK after spending three years in Chicago. Following his departure, the recently hired CEO, Craig Donohue, will assume the additional title of president.
Cathy Clay, EVP and global head of derivatives, will expand her responsibilities to include oversight of the Cboe Data Vantage business. At the same time, Chris Isaacson, EVP and chief operating officer, will add cash equities, global FX, and clearing to his current portfolio, overseeing technology, operations, and risk.
A recent episode of "The Ezra Klein Show" titled "The Growing Scandal of $TRUMP" explores the escalating scandal surrounding Donald Trump and his family's involvement in the cryptocurrency world. The discussion, featuring the investigative reporter Zeke Faux, highlights how Trump's post-presidency ventures have shifted from relatively benign projects, like the release of Trump-themed NFTs that generated around $20 million, to more complex and potentially corrupt crypto dealings. These include partnerships with foreign investors, attempts to launch stablecoins, and ambitions to dominate Bitcoin mining, all while Trump remains a central political figure and potential regulator of the industry.
During Trump's first term, his administration was largely skeptical of crypto, with regulatory agencies like the SEC initiating lawsuits against major crypto companies. However, after leaving office and facing financial pressures, Trump became more open to crypto endorsements and projects, culminating in high-profile NFT sales and events at Mar-a-Lago. This period also saw a broader cultural boom in crypto, with celebrities and mainstream advertising pushing digital assets, even as the Biden administration's SEC, led by Gary Gensler, began cracking down on the industry, labeling many crypto assets as unregistered securities and launching significant lawsuits.
As regulatory scrutiny increased, crypto industry leaders recognized the need for political influence and began funneling substantial donations into campaigns, aiming to sway policy in their favor. Figures like David Bailey of Bitcoin Magazine orchestrated lobbying efforts to align Trump with Bitcoin advocates, even aiming to have the U.S. government invest in Bitcoin to drive up its price. This marks a dramatic shift from the original anti-establishment ethos of cryptocurrency to a strategy focused on leveraging political power and government resources to benefit early investors and industry insiders, raising serious questions about conflicts of interest and the integrity of both the political and financial systems.
I'll be attending the 14th Risk Management and Trading Conference (RMTC) in Santa Fe, Mexico City, from August 20-23, 2025. This event has become the largest gathering for risk management and trading professionals in Mexico and Latin America, attracting over 1,200 executives from banks, hedge funds, asset managers, fintech companies, insurance companies, and pension funds, as well as participants from the US and around the world. The conference features a diverse lineup of global speakers, practical workshops, and sessions on topics such as AI, quantum computing, ESG, DeFi, regulation, and the impact of geopolitics on financial markets.
While I'm there, I'll be shooting the JLN Industry Leader video series, interviewing key figures, and capturing insights from the event. RMTC provides an opportunity to connect with decision-makers, participate in interactive roundtables, and explore the latest trends shaping the future of finance in the region. For anyone involved in risk management and trading, it's an opportunity to learn, network, and engage with some of the most influential voices in the industry. You can learn more HERE.
CFTC Commissioner Christy Goldsmith Romero delivered her farewell remarks and discussed the future of financial services regulation at the Brookings Institution on Tuesday, May 27, 2025.
Save the date for the STAC Classic Annual Golf Outing on Monday, August 18, 2025, at the scenic Ridgemoor Country Club in Harwood Heights, just north of Chicago. Spectator passes will be available for members and non-members to enjoy the playoff hole, open bar, great food, and more, with registration opening soon.
Here are the headlines from in front of FOW's paywall from some recent stories: CFTC's Romero calls for 'steady, consistent path' amid deregulation, False positives in trade surveillance causing 'alert fatigue' - Eventus, OPINION: MiCA compliance coming into focus, but firms may be missing the bigger picture, ANALYSIS: Firms stress concerns about approval process for perpetual futures and ANALYSIS: Recent vol relaxed because 'no-one got taken out' - Miami International.
Marc Hochstein has started a new position as a vice president and editor on the research team at Galaxy, he shared on LinkedIn. He left CoinDesk in December 2024 as deputy editor-in-chief for features, opinion, ethics, and standards.
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:
- Crypto Is About to Cause the Next Great American Financial Crisis from Slate.
- Hong Kong Bourse Plans to Start Zero-Day Options in 2026 from Bloomberg.
- Investors Pile Into ETFs at Record Pace Despite Market Turmoil from The Wall Street Journal. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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From Pinewood Derby to Pixel Wars: How Scouting America's Three Fires Council Navigates TikTok and Tradition JohnLothianNews.com Ron Wentzell, Scout Executive/CEO of Illinois' Three Fires Council of Scouting America, has a 98% problem. Not a crisis, but a bragging right: 98% of Scouting alumni say the program made them better parents, citizens, and employees. "It gave them an edge," says Wentzell, referencing "The Scouting Edge," a new study touting Scouting America's enduring relevance. But in an era of TikTok and Fortnite, his real challenge is convincing Gen Z that knot-tying beats TikTok challenges. Watch the Ron Wentzell Video » Kevin "Lex" Luthringshausen - Tradier Watch the Kevin "Lex" Luthringshausen Video » Megan Morgan - Belvedere Trading Watch the Megan Morgan Video »
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Cantor Fitzgerald Agrees to Buy UBS Hedge Fund Unit O'Connor
Todd Gillespie and Noele Illien - Bloomberg
Cantor Fitzgerald LP agreed to buy UBS Group AG's O'Connor unit, ending more than three decades of ownership by the Swiss bank and placing the hedge fund back in control of one of its early founders. The deal includes O'Connor's six investment strategies with about $11 billion in assets under management, according to a statement Wednesday. Additional terms of the agreement weren't disclosed, but Bloomberg News has previously reported that the talks included a revenue-sharing proposal.
/jlne.ws/3Zy1VjN
***** One of the crown jewels of derivatives goes to Cantor Fitzgerald.~JJL
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Tuesday's Top Three
Our top clicked story Tuesday was America's rising 'moron premium', from the Financial Times. Second was Jane Street Earns $2.3 Billion Riding India Options Trading Wave, from Bloomberg. Third was a tie between "Inside the ICE House" episode 472, features Axis Capital CEO Vince Tizzio and CFTC Staff Issues Advisory on Market Volatility Controls, from the CFTC.
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| Lead Stories | Cboe Global Markets Announces Departure of Global President Dave Howson
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced that Dave Howson, Executive Vice President and Global President, will be stepping down from the role effective August 1, 2025. Howson will be returning home to the UK after spending three years in Chicago in his role as Global President. Cathy Clay, EVP and Global Head of Derivatives, and Chris Isaacson, EVP and Chief Operating Officer, are expanding their global leadership roles within the company. In addition to her current role overseeing the Global Derivatives business consisting of equity and index options and futures, Clay's responsibilities will be expanded to provide oversight of the Cboe Data Vantage business.
/jlne.ws/4dB9Kex
Sell Your Crypto on the Stock Exchange; SharpLink, Mango Markets, DJ D-Sol and the Trumpcoin dinner.
Matt Levine - Bloomberg
Crypto treasury companies
Last Tuesday, SharpLink Gaming Inc. was an online marketing company for sports betting with a stock price of about $2.91 per share and an equity market capitalization of about $2 million. It was listed on the Nasdaq, but only barely; a few weeks ago it had to do a reverse stock split to stay above Nasdaq's $1 minimum stock price, and it also didn't meet Nasdaq's minimum $2.5 million shareholders' equity requirement. So on Tuesday it announced a stock offering, raising $4.5 million at $2.94 per share, with a use of proceeds of "regaining compliance with Nasdaq's minimum requirement for total stockholders' equity." Though it added: "We may elect to use a portion of the proceeds to acquire crypto currencies in connection with execution of the potential treasury strategy we currently have under consideration."
/jlne.ws/44X95Su
Asia's $7.5 Trillion Bet on US Assets Is Suddenly Unravelling; Trump's policies are turning US markets from a haven into a source of volatility and pain.
Ruth Carson, Masaki Kondo, Rebecca Choong Wilkins, and Diana Li - Bloomberg
For decades, Asia's export powerhouses had a simple financial strategy: Sell goods to the US, then invest the proceeds in American assets. That model is now facing its biggest threat since the 2008 global financial crisis as Donald Trump tries to remake global trade and the US economy - upending the logic behind $7.5 trillion of investments from Asia. Some of the world's biggest money managers say an unwind is just getting started.
/jlne.ws/45tLZ61
Bitcoin price surge encourages more companies to acquire crypto; Many digital asset firms are trying to emulate software group Strategy's success
Philip Stafford - Financial Times
A huge rally in the price of bitcoin is encouraging digital asset companies to tap capital markets for funds to buy cryptocurrencies, taking advantage of buoyant investor demand. Bitcoin's 50 per cent jump from its early April lows to an all-time high of $111,965 last week is sparking a rush to list vehicles offering to sell shares and debt while promising to build large crypto reserves. On Tuesday the media company run by Donald Trump's family confirmed plans to raise $2.5bn to buy cryptocurrencies. The number of listed companies holding bitcoin has jumped from 89 at the start of April to 113, according to BitcoinTreasuries.net, holding just over 800,000 bitcoin worth around $88bn.
/jlne.ws/3STuzIy
Citadel Securities profits jump 70% on surge in trading revenues; Ken Griffin's market-making firm benefited from tumult in early 2025
Eric Platt - Financial Times
Citadel Securities' profits jumped nearly 70 per cent in the first quarter to $1.7bn, as the high-speed trading firm benefited from a surge of volatility across financial markets as Donald Trump took office. The company reported net trading revenues of $3.4bn in the first three months of 2025, up 45 per cent from the same period a year earlier, according to a document seen by the Financial Times. Both revenues and profits were records for the market maker.
/jlne.ws/4dCwTgI
Conflict of Interest? Incoming CFTC Chair Has Deep Ties with Crypto and Prediction Markets
Arnab Shome - Finance Magnates
Brian Quintenz, whom US President Donald Trump nominated to be the next Chairman of the Commodity Futures Trading Commission (CFTC), disclosed $3.4 million in assets, along with deep ties to the crypto industry and prediction markets.
Active Roles in Crypto and Prediction Markets
Quintenz, who served as a CFTC Commissioner from 2017 to 2021, is currently the Global Head of Crypto Policy at a16z, the crypto arm of the venture capital firm Andreessen Horowitz. He will resign after the US Senate confirms him as the CFTC Chair. He is also a board member at Kalshi, a US-based prediction market, and owns stock and unvested stock options in the firm. He also holds stock and vested stock options in the finance and lending brokerage Next Level Derivatives
/jlne.ws/43NGhdU
Trump's CFTC Pick Discloses $3.4 Million in Assets, Crypto Ties
Nicola M White, Lydia Beyoud, and Bill Allison - Bloomberg
Brian Quintenz, the crypto lobbyist President Donald Trump nominated to serve as chair of the US Commodity Futures Trading Commission, disclosed assets worth at least $3.4 million and positions in key industry groups. Quintenz, who served as a CFTC commissioner from 2017 to 2021, revealed his financial and professional holdings in paperwork released this week by the Office of Government Ethics. Nominees disclose the value of their holdings in broad ranges.
/jlne.ws/3Z7GlTk
Wall Street Can't Beat Michael Saylor's Runaway Crypto Engine
Vildana Hajric - Bloomberg
Wall Street keeps inventing new ways to ride the digital-currency boom - from amped-up ETFs and tokenized funds to structured products - and crypto competitors keep circling. But the trade still delivering the biggest rewards belongs to Michael Saylor. His firm, now branded as Strategy, formerly known as MicroStrategy Inc., pioneered the original capital-markets hack in this era of retail speculation. The playbook? Sell stock and debt. Use the proceeds to buy Bitcoin. Watch the market rip. Then do it all over again.
/jlne.ws/3Fvlz9o
Trump Media is the latest firm to buy billions worth of Bitcoin
Niamh Rowe - Quartz
Trump Media & Technology Group has tapped investors for $2.5 billion to fund a cryptocurrency reserve. Institutional investors have bought shares in the firm under a private placement, the Trump family's media company announced Tuesday, with the proceeds set to be invested in Bitcoin. Around 50 investors purchased $1.5 billion worth of common shares, with a further $1 billion raised via convertible bonds. Shares in TMTG dropped almost 14% following the announcement.
/jlne.ws/3Z7kbAt
Michael Saylor issues stern advice to companies
Anand Sinha - TheStreet
Strategy (Nasdaq: MSTR), earlier known as MicroStrategy, co-founder and executive chairman Michael Saylor thinks companies posting on-chain proof-of-reserves is a "bad idea." Strategy that began acquiring Bitcoin as a primary treasury asset in 2020 is the world's largest public corporate BTC holder. It holds 580,250 BTC worth $63 billion on its balance sheet.
/jlne.ws/4dAu4gd
DJT Stock Rebounds Slightly. Trump's Control of Truth Social Weakens.
Matt Peterson - Barron's
President Donald Trump's control of the publicly traded media company that bears his name is weakening as a result of the company's plan to pursue a new stake in Bitcoin. Trump Media & Technology Group, the owner of social-media network Truth Social, on Tuesday disclosed plans to issue $1.5 billion worth of new stock and $1 billion in convertible notes, with the proceeds to be invested in Bitcoin. The new shares would dilute the present owners, including shares held by the Trump family, pushing its share of the stock-and the votes that come with it-below 50% for the first time.
/jlne.ws/4jonkmL
The Fallacy of Market Narratives; When something happens to cast doubt on a particular story, there is money to be made.
John Authers - Bloomberg Opinion
Getting the Story Straight
Humans think in terms of narratives. We're hot-wired to do so; condense something complicated into a story, and we understand it more easily. That raises the risk of over-simplification and narrative fallacy - a notion from Nassim Taleb - in which we grab hold of a version of events and allow it to color incoming data. Much market analysis is about comprehensible stories, without fallacy. It's not easy. Any good tale, even if it's untrue, can change prices - and thereby the economy surrounding it - if enough people believe it.
/jlne.ws/4jiZxEJ
Trump Says Fannie Mae to Keep US Guarantee as Public Firm
Derek Wallbank - Bloomberg
President Donald Trump said that the US government would retain guarantees and an oversight role over Fannie Mae and Freddie Mac even as he pursues a public offering for the mortgage giants. "I am working on TAKING THESE AMAZING COMPANIES PUBLIC, but I want to be clear, the US Government will keep its implicit GUARANTEES, and I will stay strong in my position on overseeing them as President," Trump wrote Tuesday night in a post on his Truth Social platform.
/jlne.ws/3FtEj9o
Sergey Brin gave a $500 million donation to his own nonprofit
Rachel Hosie - Yahoo Finance
The biggest chunk of Google cofounder Sergey Brin's recent gift of Alphabet stock worth almost $700 million went to his nonprofit called Catalyst4, Bloomberg reported. The transfer of just over 4 million Alphabet shares was revealed in a Securities and Exchange Commission filing last week that did not disclose the recipients. A spokesperson for Brin's family office, Bayshore Global, said the shares were given to three philanthropic organizations, Bloomberg reported on Saturday.
/jlne.ws/4mBFPXB
Saudi Arabia seeks to use financial might to muscle into global AI industry; PIF-backed Humain courts US tech investors and plans $10bn venture fund
Andrew England and Ahmed Al Omran - Financial Times
Saudi Arabia's new state-owned artificial intelligence company will seek investment from top US tech companies and will launch a $10bn venture capital fund as it leads the kingdom's effort to become a global AI hub. Tareq Amin, chief executive of Humain, told the Financial Times he was in talks with American groups including OpenAI, Elon Musk's xAI and Andreessen Horowitz about its ambitious plans.
/jlne.ws/3Hf0mRO
Hidden Road Launches Digital Asset Swaps Prime Brokerage for the United States Market; New Product Launch Expands Suite of Prime Brokerage Solutions and Fulfills Growing U.S. Demand for Digital Asset Swaps
Hidden Road Partners
Hidden Road today announced the launch of its digital asset swaps prime brokerage capabilities for the United States market. U.S.-based institutional clients will now be able to execute cash-settled OTC swaps across dozens of the most prominent digital assets. The new OTC swaps product is offered from the Group's FCA-regulated entity, Hidden Road Partners CIV UK Ltd. With this launch, Hidden Road will also offer various cross-margining and financing services in digital assets.
/jlne.ws/4dM2OLF
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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. | China rare-earth controls could starve EU factories in days, chamber warns; Survey highlights fading faith in world's No. 2 economy ahead of trade chief talks
Wataru Suzuki - Nikkei Asia
China's export controls on rare-earth minerals threaten to halt production at European manufacturers within days, the European Union Chamber of Commerce in China warned on Wednesday. China tightened controls on critical minerals as it steeled itself for a trade war with the U.S. It imposed export restrictions on seven rare-earth elements and magnets used in a wide range of industrial products, including electric vehicles and weapons, in early April -- shortly after U.S. President Donald Trump announced "reciprocal" tariffs.
/jlne.ws/44Skkvp
Wall Street Bets the Worst of Trump's Trade War Is Behind It; Dow gains more than 700 points after the U.S. and EU made progress on trade talks
Hannah Erin Lang - The Wall Street Journal
Wall Street is betting that the worst of President Trump's trade war is in the rearview mirror. The latest example came Tuesday, when news of easing trade tensions between the U.S. and the European Union powered a 2% increase in the S&P 500. It was the largest single-day gain since May 12, when a rollback of tariffs between the U.S. and China spurred an even larger market rally. While corporate earnings and bond-market jitters have prompted stock swings in recent weeks, trade policy remains the key driver of day-to-day market action. Investors have eagerly greeted any signs of easing tensions by driving markets higher, hopeful that the U.S. will eventually be able to strike deals with little lasting damage to the economy or corporate profits.
/jlne.ws/43FmOet
US banks held $2.2trn of USTs on eve of tariff turmoil; AFS holdings hit record $1.04 trillion days before Trump's tariff announcement pushed Treasury yields higher
Joshua Walker - Risk.net
As of March 31, just days before US President Donald Trump's tariff announcement sparked a sharp selloff in government bonds, the largest US banks held $1.77 trillion in US Treasuries marked at fair value - exposing them to balance sheet pain. The figure, which includes securities classified as available-for-sale (AFS) and held-for-trading (HFT), rose 1% in the first quarter across 53 banks analysed by Risk Quantum, driven by a $21.4 billion jump in AFS holdings.
/jlne.ws/4kHDTeA
Trump Loses Another Battle in His War Against Elite Law Firms; A judge struck down an executive order targeting WilmerHale, in the latest victory for the handful of firms that have fought back against a Trump administration crackdown.
Zach Montague - The New York Times
President Trump's campaign of retribution against elite law firms that have resisted his efforts to subjugate them is, so far, not going well. On Tuesday, a judge struck down his executive order seeking to crush WilmerHale, one of several firms the president says have wronged him or have done work for his political opponents. The decision was the latest in an unbroken string of victories for the handful of firms that have sued to stop him.
/jlne.ws/3HfG2zJ
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Now Is the Moment to Pressure Putin, Not Appease Him; As the US grows frustrated with peacemaking efforts, Europe needs to step up its support for Ukraine's defense.
The Editorial Board - Bloomberg
From Istanbul to the Vatican to the Oval Office, everyone seems to want peace in Ukraine - except Vladimir Putin. The Kremlin says it prefers to end the brutal war it launched in 2022 through "political and diplomatic means," but that's like a pickpocket claiming to prefer charity: The bluff only works if others fall for it. Ukraine's Western allies shouldn't.
/jlne.ws/3Z5nUyv
Trump should build millions of cheap drones, not Golden Dome; Forget Trump's hugely expensive, impractical Golden Dome shield. Drones are the future of warfare.
Max Boot - The Washington Post (opinion)
The future of war has arrived in Ukraine. That country's defenders are able to hold back a Russian advance, even though the Russians have a manpower advantage of as much as 5-to-1 along some parts of the front line, largely by using drones. By some estimates, unmanned aerial systems are now inflicting 70 percent of all casualties on both sides, reducing traditional weapons such as tanks and artillery almost to irrelevance. The war has also ushered in the use of ground-based and sea-based drones - indeed, using the latter, Ukraine managed to defeat Russia's Black Sea Fleet.
/jlne.ws/3SrKuO9
Ukraine has accused China of supplying key equipment and supplies to Russian defense manufacturing facilities
Tom Porter - Business Insider
A Ukrainian intelligence official has accused China of supplying resources to Russian military production facilities. Speaking to Ukrinform state news agency, military intelligence chief Oleh Ivashchenko said Ukraine had "confirmed data" that China was supplying 20 Russian factories. "There is information that China supplies tooling machines, special chemical products, gunpowder, and components specifically to defense manufacturing industries," he said.
/jlne.ws/3SrxLei
Donald Trump warns Vladimir Putin he is 'playing with fire' in Ukraine; Possible additional sanctions on Moscow are gaining support in Washington as frustration over war grows
Guy Chazan - Financial Times
US President Donald Trump has warned Vladimir Putin he is "playing with fire" after Russia launched some of its biggest drone and missile attacks on Ukraine since its full-scale invasion began in early 2022. "What Vladimir Putin doesn't realise is that if it weren't for me, lots of really bad things would have already happened to Russia, and I mean REALLY BAD," Trump said in a post on Truth Social. "He's playing with fire!"
/jlne.ws/4mALgGf
Russia chides Germany's Merz over remarks on long-range attacks
Dmitry Antonov - Reuters
Russia said on Tuesday that remarks by German Chancellor Friedrich Merz about long-range Ukrainian strikes into Russia with European weapons suggested that a decision allowing such attacks had been made long ago but kept secret. Merz said there were no longer any range restrictions on the weapons supplied to Ukraine by Britain, France, Germany and the United States, and that Ukraine could now do "long range fire".
/jlne.ws/43xBmwB
Germany to Help Kyiv Build Long-Range Missiles to Hit Russia
Michael Nienaber and Olesia Safronova - Bloomberg
Chancellor Friedrich Merz announced Germany will work with Ukraine to produce long-range weapons, intensifying cooperation with the war-battered nation as European allies pile pressure on Russia to engage in talks to end the war. The German leader, who this week said there were "absolutely no range limits" on Ukrainian forces making deep strikes into Russian territory, spoke after meeting with Ukrainian President Volodymyr Zelenskiy in Berlin. He called the Kremlin's assault on Kyiv in the past week a "slap in the face" to diplomatic efforts to engage Moscow.
/jlne.ws/43Ayv5S
Zelenskiy Says Kyiv Needs $30 Billion to Boost Arms Output
Daryna Krasnolutska and Volodymyr Verbianyi - Bloomberg
/jlne.ws/3SoaxWo
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | TradeStation Securities Joins CME Group's XRP Futures Launch, Expanding Its Crypto Derivatives Offering; New XRP futures contracts offer capital-efficient access and precision for digital asset traders
TradeStation Securities, Inc.
TradeStation Securities, Inc. ("TradeStation"), an award-winning, self-clearing online brokerage firm for trading stocks, options, futures, and options on futures, today announced it has added CME Group's new XRP futures contracts to its suite of offerings. With this addition, TradeStation continues to expand its suite of cryptocurrency derivatives, offering eligible clients access to both micro-sized (2,500 XRP) and large-sized (50,000 XRP) XRP futures contracts.
/jlne.ws/45swNpF
Athens Stock Exchange Sponsors Erste Group's CEE Equity Conference 2025; 11 ATHEX-Listed Companies Participate in One of the Region's Leading Investment Events
ATHEX Group
The Athens Stock Exchange (ATHEX) is proud to sponsor the CEE Equity Conference 2025, organized by Erste Group - one of the most prominent investment gatherings in the Central and Eastern Europe (CEE) region. The event takes place from May 26 to 29, 2025, at the Hotel Westin, in Warsaw. Bringing together listed companies and institutional investors from across the region, the conference offers valuable opportunities for networking and one-on-one meetings that foster cross-border investment and collaboration.
/jlne.ws/4mAJftG
BME nominates COX, EV Motors, Bytetravel and Optare Solutions for the European Small & Mid-Cap Awards
BME-X
The European Commission, European Issuers and FESE, through these awards, seek to boost the visibility of small and medium-sized listed companies. During the first day of the Medcap 2025 Forum, BME announced the four companies that will represent the Spanish markets in the European Small & Mid-Cap Awards. For more than ten years, these awards, organised by the European Commission, European Issuers and FESE, have promoted the entry of small and medium-sized companies into the financial markets and have encouraged good practices among companies of this size.
/jlne.ws/4dCNYam
Change in CORE User Interface URL - NR Environment - Effective May 28, 2025
CME Clearing
As previously communicated in advisory 25-058, CME has enhanced the CME CORE web-based user interface. In conjunction with the change, a new URL link to access this site is now live to access the CORE service in the test ("New Release" or "UT") environment, while the old URL has been deprecated. The production site for CME CORE is not impacted by the change, but please review the above advisory if you are a user of the CORE user interface in production.
/jlne.ws/4dyh9ew
Regularity Approvals for Copper Brands
CME Group
/jlne.ws/3Fu1Man
FTSE Mondo Visione Exchanges Index Hits Record Closing High, Surpasses 100,000 Points
Mondovisione
Marking a historic milestone, the FTSE Mondo Visione Exchanges Index closed at 100,097.04 on Tuesday, surpassing the 100,000-point threshold for the first time. This record-breaking achievement underscores the growing strength and performance of the global exchanges and trading venues sector.
/jlne.ws/3SoWL5T
FTSE UK Index Series - Indicative Annual Review Changes June 2025
LSEG
FTSE Russell, the global index provider, advises of the following indicative changes to the FTSE 100 and FTSE 250, based on data as of Friday 23rd May 2025.
/jlne.ws/45traaQ
Trader Alert 25-16: MEMX Options Released Updated Versions of its MEMO SBE, MEMO FIX, and FIX Drop Specifications
MEMX
On Friday, May 23, 2025, MEMX Options released new versions of its MEMO FIX, MEMO SBE, and FIX Drop Specifications in advance of enabling linkage. Version 1.10 can be found here using the "upcoming version" link.Release dates for the MEMX Options Development Environment (MODE) and Production Environment to follow. Updates are listed in the specification Errata included in the download.
/jlne.ws/4kC8gmn
SIX Chairman Thomas Wellauer to conclude term at AGM 2026
SIX
Thomas Wellauer, Chairman of the Board of Directors of SIX Group, has informed the Board that he will not stand for re-election at the Annual General Meeting in 2026. Thomas Wellauer assumed the chairmanship of SIX in 2020 with the mandate to position SIX strategically and operationally for the future. Under his leadership, the company delivered a new strategy focused on innovation and growth, and operating profitability improved substantially during his tenure. The Board also built a more dynamic and diverse management team, with nine out of ten Executive Board members appointed since 2020, including a new CEO with an international track record in capital markets leadership.
/jlne.ws/4mA5boV
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Eventus, Datos Insights release new trade surveillance report highlighting increased AI adoption, rising demand for cross-asset, holistic surveillance strategies
Eventus; Datos Insights
Eventus, a leading provider of comprehensive, at-scale trade surveillance and financial risk solutions, and Datos Insights, the leading research and advisory partner to the banking, insurance, securities and payments industries, today released a comprehensive new research report: "The Trade Surveillance Revolution: Compliance Shifts and Cutting-Edge Tech Shake-Up Transforming the Surveillance Function." The Datos Insights report, commissioned by Eventus, provides an in-depth look at how global financial institutions are modernizing their surveillance functions with AI, cross-asset correlation and adaptive data strategies.
/jlne.ws/45tlNbG
Telegram Set to Raise $1.5 Billion in Bond Issue Despite CEO's Legal Woes; Messaging app wins backing from Citadel among others amid French allegations that it failed to help police fight crime
Sam Schechner and Ben Dummett - The Wall Street Journal
When messaging app Telegram was pitching a bond sale in the U.S. earlier this month, its chief executive was stuck in France facing a criminal investigation. That hasn't stopped the company from winning over investors. Telegram on Wednesday is set to raise at least $1.5 billion in a bond issue, according to people familiar with the matter, winning support from both new and existing backers.
/jlne.ws/3HeppEm
ChatGPT Wrote Nvidia's Wild Story
Spencer Jakab - The Wall Street Journal
You know a company's earnings are a big deal when CNBC displays an on-air countdown clock in the run-up to the results. In the last two-and-a-half years, Nvidia has gone from a fairly successful chip maker to the most-followed company on the planet-and briefly, the most-valuable one. Another positive earnings surprise this afternoon would be its 10th in a row. That makes Wall Street's use of the word "surprise" questionable. Even more of a head-scratcher is what has happened to Nvidia's customers during that streak, which dates to the unveiling of ChatGPT in November 2022. Investors sometimes take things that are almost certainly true and spin them into a story that might not be-sort of like large language models themselves.
/jlne.ws/3HdznpL
BlockFills, Balmoral Partners Investment Management Team Up to Introduce Digital Asset Collateralized Lending Fund
BlockFills
BlockFills, a premier destination for digital asset trading and market technology leveraged by institutions and professional traders, and Balmoral Partners Investment Management, a leading global investment manager, announced a strategic partnership to introduce a new digital asset collateralized lending fund, the Balmoral BlockFills Fund. Scheduled to launch in June, it is a segregated sub-fund of the Balmoral Global Fund PCLP.
/jlne.ws/3FujLxp
DeepSeek Unveils Update to R1 Model as AI Race Heats Up
Luz Ding - Bloomberg
DeepSeek said it has upgraded the R1 artificial-intelligence model that helped propel the Chinese startup to global prominence earlier this year. DeepSeek completed what it described as a "minor trial upgrade" and told users they can start testing it, according to a company representative's post in an official WeChat group on Wednesday. The Hangzhou-based startup stunned the global tech industry in January when it unveiled R1, an AI model that outperformed Western players on several standardized metrics, purportedly at a cost of just several million dollars. That triggered a rout in global tech stocks as investors questioned whether leading firms would still need to spend significant amounts to build AI services.
/jlne.ws/4dzweMS
Fenergo Launches FinCrime Operating System With Agentic AI Layer to Supercharge Productivity
Fintech Finance News
Fenergo has today launched its FinCrime Operating System (OS), an evolution of its existing solutions to become the single unifying platform across the Client Lifecycle. It leverages trusted Agentic AI to empower financial institutions to overcome spiraling operational costs and rising compliance demands enhanced by geopolitical tension and regulatory flux.
/jlne.ws/4kDD4Dm
AI developers should be philosophers as much as technologists; MIT research finds that philosophy is what truly determines AI success.
Joe McKendrick, Contributing Writer - ZD Net
/jlne.ws/4k7zgui
Databricks competitor Chalk raises $50 million series A
Anna Tong - Reuters
/jlne.ws/4dFvO7R
Prometheum Expands End-to-End Blockchain Securities Infrastructure with SEC-Registered Digital Transfer Agent and Primary Issuance Broker-Dealer; Addition of Prometheum Coinery and acquisition of ProFinancial enhances full lifecycle support for blockchain-based securities
Prometheum Inc.
/jlne.ws/43MYCb0
Broadridge taps Novisto for sustainability data management and reporting
Anna Reitman - Finadium
/jlne.ws/3FeEVjb
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| Cybersecurity | | Top stories for cybersecurity | Czech Republic says China was behind cyberattack on ministry, summons ambassador
Reuters
The Czech Republic said on Wednesday China was responsible for a "malicious cyber campaign" targeting a network used for unclassified communication at the Foreign Affairs ministry, and summoned the Chinese ambassador to condemn the incident. The attacks have been ongoing since 2022 and were perpetrated by the cyber espionage actor APT31, which the Czech Republic, an EU state and NATO member, said was publicly associated with the Chinese Ministry of State Security.
/jlne.ws/3Z5pBfl
NATO Floats Cybersecurity to Be Included in New Spending Target
Donato Paolo Mancini, Andrea Palasciano, Daniel Basteiro, and Jasmina Kuzmanovic - Bloomberg
NATO proposed including expenditures on cybersecurity and activities related to border and coastal security to qualify for the military alliance's new defense-related spending target of 1.5% of GDP. NATO started negotiations with countries on what will be allowed under its new spending target that it plans to adopt at a June summit, according to a document shared with member countries and people familiar with the matter. The total spending target will be 5% of GDP, with 3.5% on hard defense expenditures and 1.5% on defense-related outlays.
/jlne.ws/43Bc6Wb
Cyberattack Surge Creates Opportunity for Insurers, Prompts Rethink on Premiums
Maggie Shiltagh and Chloe Meley - Bloomberg
A recent surge in high-profile cyberattacks is offering an opportunity for insurers including Munich Re AG and Chubb Ltd. to cash in from a rapidly expanding market - and prompting a rethink on premiums. As artificial intelligence makes attacks more widespread and devastating, Munich Re expects the global cyber insurance market to reach $16.3 billion in 2025, up from $15.3 billion in 2024. Global premium volume is expected to more than double to around $30 billion by 2030, growing at an average annual rate of more than 10%.
/jlne.ws/3Sp7GMT
North Korea Infiltrates U.S. Remote Jobs-With the Help of Everyday Americans
Robert McMillan and Dustin Volz - The Wall Street Journal
Christina Chapman looked the part of an everyday American trying to make a name for herself in hustle culture. In prolific posts on her TikTok account, which grew to more than 100,000 followers, she talked about her busy life working from home with clients in the computer business and the fantasy book she had started writing. She posted about liberal political causes, her meals and her travels to see her favorite Japanese pop band. Yet in reality the 50-year-old was the operator of a "laptop farm," filling her home with computers that allowed North Koreans to take jobs as U.S. tech workers and illegally collect $17.1 million in paychecks from more than 300 American companies, according to federal prosecutors.
/jlne.ws/43NogMN
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| Cryptocurrencies | | Top stories for cryptocurrencies | Second Suspect Surrenders in Alleged New York Crypto Kidnapping Case; Wealthy trader said he was held captive for three weeks in Manhattan townhouse
James Fanelli - The Wall Street Journal
Two crypto investors face kidnapping charges for allegedly holding a wealthy trader captive in a Manhattan townhouse for three weeks for his bitcoin, law-enforcement officials said Monday. The New York case is one of a raft of alleged abductions around the world this year linked to cryptocurrency, a trend that has rattled executives and their families, as well as individuals who have large, publicly disclosed holdings.
/jlne.ws/4k9QaII
GameStop buys bitcoin worth $513 million in crypto push
Reuters
GameStop (GME) has purchased bitcoin (BTC-USD) worth about $513 million, the company said on Wednesday as the ailing video game retailer looks to capitalize on the growing adoption of cryptocurrencies globally. GameStop said in a filing it acquired 4,710 bitcoins, although it did not disclose the period for the purchases. The world's largest cryptocurrency was trading down 0.7% at $108,903 by 7 a.m. ET.
/jlne.ws/43jhrCH
Jack Dorsey's Block Plans Bitcoin Payments on Square Terminals
Emily Mason - Bloomberg
Block Inc. is launching a feature to allow businesses that use the company's Square point-of-sale terminals to accept payment in Bitcoin, according to a statement from the company. The Bitcoin payments feature is expected to start rolling out in the second half of 2025 and reach all eligible sellers in 2026, subject to regulatory approvals, according to the statement. When a customer wants to pay with Bitcoin, they will need to scan a QR code at checkout to initiate the payment, which will be facilitated via the Lightning Network.
/jlne.ws/3FqPy2s
FCA seeks further views on stablecoins and crypto custody; The FCA has published proposals for issuing stablecoins, crypto custody and financial resilience of cryptoasset firms, to support a safe, competitive sector.
FCA
The latest milestone on the road to crypto regulation, the proposals are the result of extensive engagement through roundtables and feedback on previous discussion papers.
Stablecoins are cryptoassets that aim to maintain a stable value by referencing 1 or more fiat currencies. Stablecoins have the potential to drive efficiency in payments and settlement using blockchain technology, with particular benefits for cross-border transactions. The FCA's proposed rules aim to ensure regulated stablecoins maintain their value. They also mean that customers should be provided with clear information on how the backing assets are being managed.
/jlne.ws/44WKHAo
Stablecoins and monetary sovereignty: the ball is in Europe's court; Asset-backed digital currencies should not be regulated or regarded as the same as central bank money
Ignazio Angeloni - Financial Times
Paul Volcker's famous judgment against financial innovation sounds exaggerated today. In late 2009, the former Federal Reserve chair quipped that "the most important thing banks invented is the ATM". But 15 years on, our spending routines are less cumbersome, time consuming and boring than they ever were, thanks to the fortunate marriage of digital and payment technologies.
/jlne.ws/4dyt4ZO
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| Politics | | An overview of politics as it relates to the financial markets | Jamie Dimon warned Trump's agenda would push U.S. allies toward China-Greenland already says it may 'look elsewhere' for mining investment
Eleanor Pringle - Fortune
Foreign governments are beginning to shop around when it comes to drumming up investment, potentially stepping away from ties with Donald Trump's America. The White House's foreign policy under President Trump has raised eyebrows for a range of reasons, whether it's been renaming the Gulf of Mexico to the Gulf of America, claiming Canada will be adopted as the 51st state, or making bids to bring Greenland under its control. And that's before you consider tariffs.
/jlne.ws/4kIsJpX
Only Two Companies Make Parachutes for U.S. Troops. Deportations Would Crush One.; Immigrants from Ukraine and Nicaragua, who keep factory in North Carolina humming, are among 1.8 million workers with temporary legal protections
Ruth Simon - The Wall Street Journal
Inside two low-slung brick buildings nestled here in the Blue Ridge Mountains, dozens of employees churn out parachutes for U.S. soldiers. Cutting and sewing the fabric is precise work with little margin for error. To make the main canopy for the MC-6, a parachute used mostly by the U.S. Army and Marines, takes 27 steps. One single skipped stitch, among thousands, is considered a major defect. Many of the employees have worked at these sewing machines for years. About a quarter of the staff are immigrants living and working under temporary legal protections that have come under fire from the Trump administration. The Supreme Court on May 19 allowed the administration to strip such protections for about 350,000 Venezuelans living in the U.S.
/jlne.ws/4kIS57c
Musk Says He's 'Disappointed' That Trump Tax Bill Raises Deficit
John Harney - Bloomberg
Elon Musk expressed dissatisfaction with President Donald Trump's giant tax bill, saying it undercut his efforts to slash government spending. Musk, who has announced he's stepping back from his Department of Government Efficiency - a body that quickly became an exponent of the second Trump administration's vision - told CBS News in an interview that he was "disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing."
/jlne.ws/3SoDphm
As Trump targets foreign enrollment, this Chicago university could be hardest hit
Brandon Dupre - Crain's Chicago Business
Any diminishment in a school's ability to enroll students, particularly as more regional colleges struggle to attract students amid climbing tuition, imperils their ability to balance the books. More than half - 51% - of Illinois Tech's 6,571 student body are international students, according to an analysis by The New York Times. That's good enough for the highest percentage of international students in the country, according to the Times. Just behind Illinois Tech is Carnegie Mellon with 44% of its more than 14,000 student body being international students and Stevens Tech, whose international students make up 42% of its 7,461 total student body.
/jlne.ws/4kATAEb
Trump Pardoned Tax Cheat After Mother Attended $1 Million Dinner; Paul Walczak's pardon application cited his mother's support for the president, including raising millions of dollars and a connection to a plot to publicize a Biden family diary.
Kenneth P. Vogel - The New York Times
As Paul Walczak awaited sentencing early this year, his best hope for avoiding prison time rested with the newly inaugurated president. Mr. Walczak, a former nursing home executive who had pleaded guilty to tax crimes days after the 2024 election, submitted a pardon application to President Trump around Inauguration Day. The application focused not solely on Mr. Walczak's offenses but also on the political activity of his mother, Elizabeth Fago.Ms. Fago had raised millions of dollars for Mr. Trump's campaigns and those of other Republicans, the application said. It also highlighted her connections to an effort to sabotage Joseph R. Biden Jr.'s 2020 campaign by publicizing the addiction diary of his daughter Ashley Biden - an episode that drew law enforcement scrutiny.
/jlne.ws/4kCdEWG
Trump Loses Another Battle in His War Against Elite Law Firms
Zach Montague - The New York Times
President Trump's campaign of retribution against elite law firms that have resisted his efforts to subjugate them is, so far, not going well. On Tuesday, a judge struck down his executive order seeking to crush WilmerHale, one of several firms the president says have wronged him or have done work for his political opponents. The decision was the latest in an unbroken string of victories for the handful of firms that have sued to stop him.
/jlne.ws/3HfG2zJ
DOJ asks Supreme Court to allow rapid deportations to countries where immigrants have no ties; The administration is challenging a judge's ruling that blocks the deportations unless certain procedures are followed.
Josh Gerstein - Politico
/jlne.ws/452UGnT
Vladimir Putin says Russia needs to 'strangle' Western tech companies still operating in his country
Marco Quiroz-Gutierrez - Fortune
/jlne.ws/3FqLwak
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| Regulation & Enforcement | | Stories about regulation and the law. | Watchdog Probes Illegal Use of Starlink Service in South Africa
Loni Prinsloo - Bloomberg
A South African regulator started a probe into allegations that Elon Musk-led SpaceX's Starlink internet-satellite service was operating in the country illegally. The Independent Communications Authority of South Africa has formally engaged with SpaceX and is awaiting a response, it said in a statement Wednesday.
/jlne.ws/4dEkGIf
Farewell Remarks by CFTC Commissioner Christy Goldsmith Romero: The Future of Financial Services Regulation
The Brookings Institution, Washington, D.C. - CFTC
I have been reflecting on my public service under four Presidents and today I am feeling nostalgic. I have had such a good run. I want to express my gratitude to so many. First and foremost, I'm grateful to my wife and children. I am grateful to President Biden and President Obama for believing and trusting in me with three Presidential nominations. I'm grateful to those Senators in both parties who have actively supported me and unanimously confirmed me twice. I am grateful to the leaders with which I have had the privilege to serve, including my fellow Commissioners. I am also grateful to all my staff, the hundreds of people who have worked for me and put their trust in my leadership.
/jlne.ws/4mF49rS
SEC's Division of Investment Management to Host Third Annual Conference on Emerging Trends in Asset Management
SEC
The Securities and Exchange Commission's Division of Investment Management announced it will host the third annual Conference on Emerging Trends in Asset Management on Thursday, June 5, 2025. The conference will bring together a variety of asset management industry participants, regulators, and academics to discuss emerging trends in asset management. The full agenda, with a list of speakers, is available at the conference's webpage.
/jlne.ws/3STioeO
SEC Charges Massachusetts Resident and his Companies with Stealing Investors' Money
SEC
On May 15, 2025, the Securities and Exchange Commission charged Massachusetts resident Christoper Aubin and his Rhode Island-based companies, Anchor State Capital LLC, formerly known as Anchor State Investments LLC, and Anchor State Properties LLC (collectively, Anchor State), with fraud for making false and misleading statements in connection with the sale of Anchor State securities. According to the Commission's complaint, the defendants raised an estimated $2.5 million from at least 24 investors. The complaint also alleges that defendants used investor money to make payments to earlier investors and to pay Aubin's own business and personal expenses.
/jlne.ws/43NMCGe
Unicoin, Top Executives Charged in Offering Fraud That Raised More than $100 Million from Thousands of Investors
SEC
On May 20, 2025, the Securities and Exchange Commission charged New York City-based Unicoin, Inc. and four of its top executives-CEO and Board Chairman Alex Konanykhin; Silvina Moschini, former president, former board chairwoman, and current board member; former Chief Investment Officer Alex Dominguez; and General Counsel Richard Devlin-for false and misleading statements in an offering of certificates that purportedly conveyed rights to receive crypto assets called Unicoin tokens and an offering of Unicoin, Inc.'s common stock.
/jlne.ws/43un4g8
ASIC sues Blockchain Global former director for multiple directors' duties breaches
ASIC
A former director of Blockchain Global Ltd (in liquidation), Mr Liang (Allan) Guo, will face Court on allegations relating to multiple breaches of his directors' duties.
ASIC has brought civil penalty proceedings in the Federal Court relating to Mr Guo's involvement in Blockchain Global's operation of a cryptocurrency exchange platform, known as the ACX Exchange, which collapsed in around December 2019 when customers began being unable to withdraw funds or cryptocurrency from their ACX Exchange accounts. The liquidators of Blockchain Global estimate that the company owes over $20 million in unsecured creditor claims to former customers of the ACX Exchange.
/jlne.ws/3HfBPvV
ASIC cancels AFS licence of Spectre Financial Group for competency failures
ASIC
ASIC has cancelled the Australian Financial Services (AFS) licence of Spectre Financial Group Australia Pty Ltd (Spectre), which had been suspended since May 2024.
ASIC cancelled the AFS licence because it found Spectre had failed to maintain the organisational competence to provide the financial services covered by its licence. This included failure by Spectre to appoint sufficient responsible managers with the appropriate knowledge and skills to provide general financial product advice and deal in derivatives and foreign exchange contracts.
/jlne.ws/4dHOfsI
Trusting trustees with our $4 trillion in superannuation
ASIC
Keynote address by ASIC Commissioner Simone Constant at the Consumer Rights Forum, Adelaide on 27 May 2025.
/jlne.ws/43PwjJ5
FCA seeks further views on stablecoins and crypto custody
FCA UK
The FCA has published proposals for issuing stablecoins, crypto custody and financial resilience of cryptoasset firms, to support a safe, competitive sector. The latest milestone on the road to crypto regulation, the proposals are the result of extensive engagement through roundtables and feedback on previous discussion papers. Stablecoins are cryptoassets that aim to maintain a stable value by referencing 1 or more fiat currencies. Stablecoins have the potential to drive efficiency in payments and settlement using blockchain technology, with particular benefits for cross-border transactions. The FCA's proposed rules aim to ensure regulated stablecoins maintain their value. They also mean that customers should be provided with clear information on how the backing assets are being managed.
/jlne.ws/44WKHAo
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Weak Auction Keeps Pressure on Japan to Reduce Long-Bond Supply
Mia Glass and Ayai Tomisawa - Bloomberg
Japanese sovereign bonds fell after an auction of 40-year debt met the weakest demand since July, adding pressure on the government to reduce issuance of such securities. The 40-year yield rose 5 basis points following the sale, to 3.335%. Yields on this maturity and the 30-year tenor last week reached the highest on record after the softest demand since 2012 at an auction of 20-year bonds.
/jlne.ws/3Z4tiSF
Gen Z, Don't Be Fooled By GenAI Financial Advisers; The technology is a shiny new tool aimed at wooing young investors, but real people have a huge advantage over their digital counterpart.
Erin Lowry - Bloomberg
The wealth management industry is prepared to court its newest potential clients: Gen Z. Instead of trotting out older professionals with decades of experience, companies are utilizing generative AI to develop digital assistants. These new "experts" even come with the ability to use slang to appear relatable and relevant to their target demographic. Embracing the newest technology is yet another cultural shift in the financial services landscape that disrupts some of the norms in the industry. We've seen it with the development of robo-advisers and the rise of "finfluencers."
/jlne.ws/44SnXl1
Look at JGBs, they're the captain now; Ground zero for the global duration dump
Robin Wigglesworth - Financial Times
Uh-oh.
A closely watched auction of 40-year Japanese government debt has drawn the lowest demand in 10 months as concerns mount over the world's third-biggest bond market. Demand for the government's offer on Wednesday of about $3.5bn of 40-year notes attracted a bid-to-cover ratio - the number of bids received against securities offered - of 2.2, the lowest level since July 2024 and a reflection of what some traders have called a "buyers' strike" among Japanese life insurers and other domestic participants.
/jlne.ws/3SWB4u8
Bunds' hedging role for euro swaps still in question; Dealers seek ultimate hedge for euro swaps amid EGB rush following Trump tariffs
Rebekah Tunstead - Risk.net
Towards the end of last year, the question on many European rates traders' lips was: what is the most effective hedge for euro interest rate swaps? Previously, the answer to the question was the German government bond and its related futures contract. That assumption, however, was challenged after the fixed leg of 10-year euro interest rate swaps started trading below the nominal yield on the German bund for the first time in history in November 2024.
/jlne.ws/3Sm3JZt
To beat their enemy, have active managers become their enemy? Well, kinda, maybe, maybe not
Robin Wigglesworth - Financial Times
Last week we covered Goldman Sachs' latest report on hedge funds, which are gleefully shorting again. It's time we turned to the investment bank's latest report on mutual funds, which contained this interesting nugget: "Active share" is a percentage measure of the overlap of a fund's holdings and its benchmark. The higher it is, the more the fund diverges from the positions and the weightings of its underlying index. A fund that has a 0 per cent active share is the perfect passive index fund, while one with a 100 per cent active share has zero in common with its benchmark.
/jlne.ws/43AvUZA
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | US Fund Managers Put on Notice by $65 Billion Dutch Investor
Frances Schwartzkopff - Bloomberg
Dutch pension fund PME is issuing a blanket warning to US money managers, amid concerns America's investment industry is caving in to pressure from the Trump administration to abandon basic principles of stewardship. They "aren't condemning what Trump is doing and how he is operating and how he is handling issues like climate change and demolishing the judiciary," Daan Spaargaren, senior strategist for responsible investing, said in an interview. "We are worried about that."
/jlne.ws/4kiDCPt
This startup wants to make more climate-friendly metal in the US; Magrathea's new electrolyzer can make magnesium using electricity.
Casey Crownhart - MIT Technology Review
A California-based company called Magrathea just turned on a new electrolyzer that can make magnesium metal from seawater. The technology has the potential to produce the material, which is used in vehicles and defense applications, with net-zero greenhouse-gas emissions. Magnesium is an incredibly light metal, and it's used for parts in cars and planes, as well as in aluminum alloys like those in vehicles. The metal is also used in defense and industrial applications, including the production processes for steel and titanium.
/jlne.ws/4jniTZg
Colorado River basin has lost nearly the equivalent of an underground Lake Mead; Reservoir lost 27.8m acre-feet of groundwater in 20 years, study finds, vanishing 'twice as fast as surface water'
Lois Beckett - The Guardian
The Colorado River basin has lost 27.8m acre-feet of groundwater in the past 20 years, an amount of water nearly equivalent to the full capacity of Lake Mead, the largest reservoir in the United States, a new study has found. The research findings, based on Nasa satellite imagery from across the south-west, highlight the scale of the ongoing water crisis in the region, as both groundwater and surface water are being severely depleted.
/jlne.ws/3Hv4r48
Central Bankers Bow to Political Winds When It Comes to Climate, Study Shows
Alastair Marsh - Bloomberg
Central bank independence is about more than just interest rates. According to researchers at University of California, Berkeley, and University College London, central bank policy on climate topics is closely correlated with - and influenced by - national politics. In fact, national politics weigh more heavily than science and financial data, they found. "We find limited evidence that climate-related economic risks are associated with central bank behavior," Esther Shears, deputy chief economist at the State of California's Division of Petroleum Market Oversight, said in an interview.
/jlne.ws/3FtF8iu
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Robinhood Expands Desktop Trading Platform to UK Customers
Meg Short - Bloomberg
Robinhood Markets Inc. has expanded its desktop trading platform to UK investors as the US broker seeks to take on the country's more established investment companies. The brokerage, which launched its trading app in the UK early last year, said its Robinhood Legend desktop service will start rolling out to British customers from Wednesday.
/jlne.ws/3STfvL0
Jefferies hires new head of Asia distressed trading and credit analytics; Incoming individual has previously worked at Morgan Stanley and China Merchants Securities.
Natasha Cocksedge - The Trade
Vivian Li has joined Jefferies as head of Asia distressed trading and credit analytics, in a push to bolster the firm's fixed income offering, The TRADE can reveal. Li will be based out of Hong Kong and brings over a decade of industry experience to her new position, with expertise covering sovereign, investment grade and high yield corporate credit and financials.
/jlne.ws/4kHpI9f
UniCredit to Double Stake in Greece's Alpha Bank to Around 20%
The deal will generate additional net profit of around EUR180 million a year, UniCredit said
Adam Whittaker and Elena Vardon - The Wall Street Journal
UniCredit said it would double its stake in Alpha Bank to around 20%, deepening a partnership with one of Greece's largest lenders at a time when its expansion efforts are facing roadblocks. The Italian bank has been on a buying spree in recent months under Chief Executive Andrea Orcel, though its approach for Commerzbank in Germany has been met with political opposition while its unsolicited takeover bid for Banco BPM at home has also drawn Rome's involvement.
/jlne.ws/4dC1Qlb
Cerberus Boosts Polish Bank Presence by Buying Citi's Retail Operations
Konrad Krasuski - Bloomberg
Cerberus Capital Management LP's Polish unit agreed to acquire the consumer business of Citigroup's Bank Handlowy SA, increasing its footprint in the nation's banking industry. Cerberus's VeloBank SA will pay as much as 532 million zloty ($142 million) for Handlowy's retail operations with 8.9 billion zloty of assets in the deal expected for completion in mid-2026, both lenders said in statements. The disposal, sought since 2021, will help Handlowy to focus solely on corporate and investment banking.
/jlne.ws/3Sp8eCr
As agentic AI comes into play, buy side weighs outsourced options; Asset managers wanting to use sophisticated forms of AI must square their interest in the tool with mounting cost pressures.
Eliot Raman Jones - Waters Technology
One of the first fields impacted by ChatGPT after its release in November 2022 was coding. To an experienced quant, long stacks of code across a variety of different coding languages had traditionally been a time sink, if not a barrier. Large language models (LLMs) like OpenAI's GPT-4, Codex, and Google's Codey let quants convert natural-language requests into usable code and check its accuracy.
/jlne.ws/43xscQz
Hedge Fund Gavea Shifts Investment Focus Due to Rising Volatility
Leda Alvim, Felipe Saturnino, and Cristiane Lucchesi - Bloomberg
Gavea Investimentos Ltda., the hedge fund created by former Brazil central bank chief Arminio Fraga, adjusted its equity team and investment focus in response to rising market volatility. Instead of choosing stocks based mostly on an analysis of individual companies, a so-called bottom-up approach, the alternative-investment firm is now prioritizing a more macroeconomic and international focus, according to people familiar with the matter.
/jlne.ws/4kgluFW
KKR Is Fighting Private Equity's Battle for the UK Stock Market; It would be highly unusual, and symbolic, for the US buyout firm to lose a UK deal to a stock-based bid from a London-listed company. But it might just happen.
Chris Hughes - Bloomberg
/jlne.ws/4kBBhP4
Blackstone Buys $5 Billion in Private Equity Stakes From New York Pensions
Marion Halftermeyer and Martin Z Braun - Bloomberg
/jlne.ws/4dFzl67
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Smartsheet Signs Partnership With CDW Corporation to Expand Reach of Collaborative Work Management Platform
Smartsheet
Smartsheet, the AI-powered enterprise-grade work management platform, today has signed a multi-year strategic reseller partnership with CDW Corporation that is expected to simplify purchasing for customers and drive Smartsheet adoption at scale. Smartsheet has ambitious growth targets for its partner business, and this deal further signifies its commitment to working with the industry's best companies to unlock new markets and increase its customer presence.
/jlne.ws/43zO4uO
Job Interviews Enter a Strange New World With AI That Talks Back
Jo Constantz - Bloomberg
For better or worse, the next generation of job interviews has arrived: Employers are now rolling out artificial intelligence simulating live, two-way screener calls using synthetic voices. Startups like Apriora, HeyMilo AI and Ribbon all say they're seeing swift adoption of their software for conducting real-time AI interviews over video. Job candidates converse with an AI "recruiter" that asks follow-up questions, probes key skills and delivers structured feedback to hiring managers. The idea is to make interviewing more efficient for companies - and more accessible for applicants - without requiring recruiters to be online around the clock.
/jlne.ws/4jpzICW
Career Development Gaps Frequently Drive Employee Turnover
Roy Maurer - SHRM
Employee turnover continues to be driven by preventable reasons that highlight the need for organizations to address core areas of employee dissatisfaction. Reasons related to career pathways remained the leading cause of turnover in 2024, according to Work Institute's annual analysis of tens of thousands of exit interviews across a range of industries.
/jlne.ws/4kKgbOV
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| Wellness Exchange | | An Exchange of Health and Wellness Information | CDC ends Covid vaccine recommendation for healthy kids and pregnant women; Health and Human Services Secretary Robert F. Kennedy Jr. - a Covid vaccine critic - made the announcement on X.
Berkeley Lovelace Jr. and Erika Edwards - NBC News
The Centers for Disease Control and Prevention will no longer recommend routine Covid shots for healthy children and pregnant women, Health and Human Services Secretary Robert F. Kennedy Jr. announced Tuesday. "We are now one step closer to realizing @POTUS's promise to Make America Healthy Again," he said in a post on X. Kennedy said the vaccine would no longer be recommended for "healthy pregnant women," but it was unclear who would qualify. The CDC lists pregnancy as a condition that puts people at high risk for Covid complications.
/jlne.ws/4myLkWX
I'm an oncologist. Here are 11 science-based ways to reduce your cancer risk; About 40 percent of cancer cases are considered preventable. Try these lifestyle changes to stay healthy.
Mikkael A. Sekeres, MD - The Washington Post
Many of us have been personally affected by cancer - including me. I'm an oncologist, and my own family history is one of the reasons I decided to specialize in caring for people with cancer and in conducting cancer research. My mom has lung cancer, and several relatives from both my mom and my dad's side were also diagnosed with cancers. It's no wonder I worry about cancer affecting me one day.
/jlne.ws/4mOlJK2
You're being lied to about protein; Yes, protein builds muscle. No, you don't need as much as lifting influencers say.
Marina Bolotnikova - VOX
If you've spent any time on the internet over the last several years, you may have noticed the profusion of two closely linked trends - one very positive, the other its warped refraction. Lots of Americans have taken up weightlifting, and partly as a result, protein maximalism has become the macronutrient fad du jour, like the low-fat diets of the 1980s and low-carb in the early 2000s. With the encouragement of fitness YouTubers, social media influencers, and even some opportunistic dietitians, the people are pouring "ultra-filtered" high-protein milk over their protein cereal, dumping protein powder into homemade cookie dough, and rediscovering their taste for meat, not that it had ever really been forgotten.
/jlne.ws/43B3jn9
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Hong Kong Bourse Plans to Start Zero-Day Options in 2026
Savio Shetty - Bloomberg
Hong Kong's stock exchange is seeking to launch options that expire within a day as early as the first half of 2026, bringing to the Asian hub an instrument that has driven a boom in US derivatives in recent years. Hong Kong Exchanges & Clearing Ltd. is planning to start offering "zero-days to expiry" contracts on the Hang Seng Index, according to people familiar with the matter who asked not to be named because the matter is private. The bourse has been consulting with market participants and the feedback has been positive, they added.
/jlne.ws/3SjA0jQ
SC upholds ICICI Securities delisting, dismisses plea over valuation; The Supreme Court rejected investor Manu Rishi Gupta's challenge to ICICI Securities' delisting and merger with ICICI Bank, calling the valuation process fair
Rimjhim Singh, New Delhi - Business Standard
The Supreme Court on Wednesday dismissed a petition by investor Manu Rishi Gupta, upholding the delisting of ICICI Securities and clearing the way for its full merger with ICICI Bank. Gupta had challenged the share valuation process, claiming that the reverse book building (RBB) method could have secured a better price for shareholders, according to The Economic Times. ICICI Securities was officially delisted in March 2024, becoming a wholly owned subsidiary of its promoter, ICICI Bank. The move was part of a broader merger scheme that had already received shareholder approval.
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Doing Business in China Is Getting Harder, but Its Exports Are Hard to Resist; European companies operating in China say the market has become increasingly challenging because of weak economic demand and opaque government rules on business.
Keith Bradsher - The New York Times
European companies, many of which have operated in China for decades, are finding it increasingly difficult to do business in the country, another sign of how China's weak domestic economy and opaque regulations are testing even longstanding multinational business ties.
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EU Aims to Cut Red Tape, Boost Funding to Lure Tech Startups; Officials want to simplify labor and tax laws so startups can launch rapidly in Europe
Mauro Orru - The Wall Street Journal
The European Union set out plans to slash regulation and set up a special fund to attract tech startups as the bloc plays catchup with the U.S. on financing and innovation. The European Commission, the EU's executive arm, said regulatory fragmentation across the EU's 27 countries and inadequate financing were holding back growth for startups. Officials now hope to lower the administrative burden and launch a new fund to make it easier for startups to set up shop in the EU.
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Milei Intervenes in Currency Market Despite Letting Argentine Peso Float
Ignacio Olivera Doll - Bloomberg
After pledging a free-floating currency a month ago, Argentina's government has intervened in the market to influence the peso's value, a move that stands in sharp contrast to its commitments to the International Monetary Fund. The central bank Friday confirmed it sold $409 million in futures contracts on April 30 - nearly 14% of total open interest reported that day on the local A3 futures market - confirming what many investors had been suspecting for weeks. Looking to stabilize the market, the central bank lowered implied rates and facilitated cheaper Treasury financings ahead of key debt auctions.
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New York firm nears deal to buy Wacker Drive skyscraper
Danny Ecker - Crain's Chicago Business
An East Coast real estate firm known for buying distressed malls is in talks to buy one of Chicago's tallest skyscrapers after a deal that two local real estate developers had to purchase it fell apart. Great Neck, N.Y.-based Kohan Retail Investment Group has an agreement with the lenders that control the 65-story office tower at 311 S. Wacker Drive to acquire the property, according to sources familiar with the matter. The negotiations for the 1.3 million-square-foot recently emerged after the breakdown of a deal earlier this year to sell it to a joint venture of Murphy Development Group CEO John Murphy and InSite Real Estate Managing Director Gerald Kostelny for close to $70 million, sources said.
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