| June 27, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
I loved my trip to Scotland and London. However, the trends may be against me.
Some people I talked to in London and Scotland expressed a lack of interest in traveling to the U.S., given some of the horror stories about how U.K. citizens and others are being handled as they attempt to enter the country. News reports show that eight foreigners have died while in ICE custody recently, including a Canadian citizen who had been in the U.S. since 1991 and had a drug conviction for selling pills and had been arrested recently for having some marijuana on him.
It appears that the interest goes both ways, but for other reasons. Heathrow Airport has warned of weakening demand for US business travel, citing economic uncertainty in the United States as a key factor making the transatlantic market "more challenging," the Financial Times reported. While leisure travel and overall passenger numbers are forecast to rise slightly to 84.2 million in 2025, the UK's largest airport noted "early signs of softness" on business-heavy US routes, attributing the trend to concerns over the US economic outlook rather than geopolitical issues. Despite strong growth in long-haul and cargo traffic, Heathrow expects a 3% drop in operating profits due to higher costs, including increased National Insurance contributions. The airport continues to monitor traffic trends closely while pursuing expansion and infrastructure improvements.
After four decades of traumatizing users with its iconic blue screen of death, Microsoft has decided it's time for a makeover-out with the blue, in with the black. Yes, the company that brought you countless "Recovery" messages at the least convenient moments is now rolling out a black screen of death, because apparently, nothing says "progress" like a new shade of existential dread. This sleek update comes hot on the heels of last year's CrowdStrike-induced meltdown, which left airlines, hospitals, and banks scrambling as 8.5 million Windows machines crashed harder than a demo at a tech conference. Microsoft claims this new look will streamline your next catastrophic system failure and get you back to work in just two seconds-because who doesn't want their digital misery delivered faster and in a more stylish color palette? Source:The Independent
The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac, the nation's largest mortgage finance firms, to consider cryptocurrency holdings as assets in mortgage risk assessments-a significant policy shift under the Trump administration aimed at integrating digital currencies into mainstream finance, The New York Times reported. FHFA director William Pulte's order allows borrowers to count crypto assets held on U.S.-regulated exchanges toward mortgage reserves, potentially making it easier for crypto holders to qualify for home loans without liquidating their assets and triggering taxes. This move aligns with President Trump's goal to make the U.S. "the crypto capital of the world". It comes as more Americans use digital currencies for down payments and as collateral, with new fintech startups like Milo offering mortgages backed by Bitcoin
While advocates see this as expanding homeownership opportunities, especially for younger and diverse buyers, critics warn of the risks associated with tying volatile, lightly regulated crypto assets to the housing market. The new policy requires Fannie and Freddie to develop risk mitigation strategies and only accept crypto assets that can be verified on U.S.-regulated exchanges. Meanwhile, companies are also helping homeowners tap their home equity to buy Bitcoin, further blending the worlds of real estate and digital assets. Consumer advocates urge caution, noting the potential dangers of using home equity to invest in cryptocurrencies, but industry leaders argue that the changes reflect evolving financial strategies and growing demand for crypto-backed transactions.
Former CFTC Chairman Rostin Behnam, now a Georgetown University fellow, joined 'Money Movers' on CNBC to discuss America's stablecoin framework, the GENIUS ACT, and crypto regulation.
I told you yesterday that the link for the CMELawsuit.com website no longer worked and instead prompted a request for a username and password. However, many of you had to try it yourselves and click on it, making it the most clicked link of the day. For the record, I did click on it more than once, just to double-check it.
Here are the headlines from in front of FOW's paywall from some recent stories: Coinbase plans first 'perpetual-style' futures next month,
ICAP's Mike du Plessis leaving industry for teaching role, CME plans September launch of US Treasuries and futures platform and FOW extends deadline for Asia Pacific Awards 2025.
Andy Bose has rejoined S&P Global Commodity Insights as head of strategy and business management, he shared on LinkedIn.
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:
- Citadel Securities Blasts IEX Group's Options Proposal as 'Self-Serving', Harmful for Retail Investors from Traders Magazine.
- Wall Street Remains Calm, Shrugging Off Fed Risk from Barron's.
- Wall Street Pitches Sci-Fi ETFs for Robots, UFOs, Quantum Bets from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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DRW's Don Wilson Says 24/7 Collateral Mobility and Tokenization Are Essential for Market Evolution JohnLothianNews.com LONDON, UK-(JLN)-June 27, 2025-The future of financial markets hinges on real-time collateral movement and native tokenization, according to Don Wilson, founder and CEO of DRW. Speaking at FIA IDX in London, Wilson emphasized that as markets shift to 24/7 trading, the ability to move collateral and variation margin instantly is "essential" to avoid injecting "significant additional risk into the financial system." He warned, "If you move to 24/7 markets and you can't move collateral or variation margin 24/7 and instantaneously, you inject significant additional risk into the financial system. So I think that it's essential and it needs to go hand-in-hand with that evolution." Watch the Don Wilson Video » Brian Saldeen - Sterling Trading Watch the Brian Saldeen Video » Meaghan Dugan - Cboe Watch the Meaghan Dugan Video »
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'Americans Are Not Prepared' Says Harvard Economist About China's De-Dollarization - 'Interest Rates Are Going To Be Higher For A Very, Very Long Time'
Kevin Vandenboss - Benzinga
The global role of the U.S. dollar is shifting, and the consequences for interest rates and the American economy could be long-lasting. That's the warning from Kenneth Rogoff, a professor of economics at Harvard University and former chief economist at the International Monetary Fund. In a recent interview with CNBC, Rogoff said the U.S. is entering a new era of fiscal and monetary pressure, driven in part by a long-building move away from the dollar in global markets-particularly in Asia.
/jlne.ws/4exSjMw
***** De Dollar sounds like it came from Chicago.~JJL
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Gold glitters as mistrust spreads; Calls for European governments to repatriate the bullion they store in the US are a sign of something bigger
Gillian Tett - Financial Times
A decade ago, I asked officials at the New York Federal Reserve if I could peek at their gold reserves. They refused point blank. The reason? Fed officials have long taken pride in having the world's biggest gold vault, dug 80ft down into Manhattan's bedrock. But they prefer to keep it discreet, partly because many of the vault's 507,000 bars belong to countries such as Germany and Italy. Silence was literally golden.
/jlne.ws/4lr6pkR
***** Where did you put my gold? Why did you put it there? Are you insane?~JJL
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Bill Moyers, a Face of Public TV and Once a White House Voice, Dies at 91; He was a renowned television correspondent and commentator who also had long ties with Lyndon B. Johnson, including as his press secretary.
Janny Scott - The New York Times
Bill Moyers, who served as chief spokesman for President Lyndon B. Johnson during the American military buildup in Vietnam and then went on to a long and celebrated career as a broadcast journalist, returning repeatedly to the subject of the corruption of American democracy by money and power, died on Thursday in Manhattan. He was 91.
/jlne.ws/3ZUiYwN
****** Bill Moyers was a great example of a principled second act to his career. I admired his work as a journalist greatly.~JJL
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Thursday's Top Three
Our top clicked item on Thursday was the page for the LANGER V. CME GROUP, INC. Class Action Lawsuit, which requires a login and password. Second was Yahoo Finance Expands Global Coverage with New UK-Based Programming and 24/5 Market Data, from Yahoo. Third was Rethinking risk in the municipal bond and housing market, by Christopher Edmonds on LinkedIn.
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| Lead Stories | Crypto's Audacious Bid to Rebuild Stock Market on the Blockchain
Olga Kharif - Bloomberg
First, they came for the currency market. Then, the money market. Now, crypto's big disruptors are targeting the multi-trillion-dollar heart of global capitalism: the stock market. Dismissed as a fringe fantasy years ago after a regulatory backlash and the collapse of early projects, the first attempts by the digital-asset industry to put shares on the blockchain fizzled out. This time, a new cohort of players - from crypto giants Coinbase Global Inc. and Kraken to retail favorite Robinhood Markets Inc. - is making a fresh run at rewiring the very plumbing that governs equities around the world. The ambition is predictably audacious from a crypto community built to gut out the middlemen and outsmart the regulator. The promise: a financial system where trading Apple Inc. or Tesla Inc. stock is as fast and easy as sending a text message. No more extended settlement periods. Just instant, cross-border transactions, around the clock, five, or even seven, days a week.
/jlne.ws/3HVEmMa
The A.I. Frenzy Is Escalating. Again.; Companies like OpenAI, Amazon and Meta have supersized their spending on artificial intelligence, with no signs of slowing down.
Cade Metz - The New York Times
Silicon Valley's artificial intelligence frenzy has found a new gear. Two and a half years after OpenAI set off the artificial intelligence race with the release of the chatbot ChatGPT, tech companies are accelerating their A.I. spending, pumping hundreds of billions of dollars into their frantic effort to create systems that can mimic or even exceed the abilities of the human brain.
/jlne.ws/4nnAzr9
In Pursuit of Godlike Technology, Mark Zuckerberg Amps Up the A.I. Race; Unhappy with his company's artificial intelligence efforts, Meta's C.E.O. is on a spending spree as he reconsiders his strategy in the contest to invent a hypothetical "superintelligence."
Mike Isaac and Cade Metz - The New York Times
In April, Mark Zuckerberg's lofty plans for the future of artificial intelligence crashed into reality. Weeks earlier, the 41-year-old chief executive of Meta had publicly boasted that his company's new A.I. model, which would power the latest chatbots and other cutting-edge experiments, would be a "beast." Internally, Mr. Zuckerberg told employees that he wanted it to rival the A.I. systems of competitors like OpenAI and be able to drive features such as voice-powered chatbots, people who spoke with him said. But at Meta's A.I. conference that month, the new A.I. model did not perform as well as those of rivals. Features like voice interactions were not ready. Many developers, who attended the event with high expectations, left underwhelmed.
/jlne.ws/3IksYJC
Fed chief Powell is starting to worry about the reliability of economic data
Christine Ji - Business Insider
For a Federal Reserve operating with a data-driven approach to monetary policy, what happens when the data is wrong? The chair, Jerome Powell, has been receiving rising pressure from President Donald Trump - and more recently, other Fed officials - to cut rates, but there's another issue that Powell's worried about: the quality of economic data collected by the Bureau of Labor Statistics. Economists have been raising concerns about this topic for the past few months, and Powell voiced his own concerns on Tuesday during his testimony to Congress.
/jlne.ws/4nn5Zhj
SEC, Ripple wants to settle crypto lawsuit, but US judge rebuffs them
Jonathan Stempel - Reuters
A federal judge on Thursday rejected an unusual joint motion by Ripple Labs and the U.S. Securities and Exchange Commission to endorse the cryptocurrency company's reduced $50 million fine to settle a civil lawsuit over the sale of unregistered securities. U.S. District Judge Analisa Torres in Manhattan chastised both sides for claiming that their settlement in March should excuse Ripple from honoring her permanent injunction against violating the law.
/jlne.ws/3GgI7v3
A Recipe for Doubling Your Stock Returns, Again and Again; Time is the secret ingredient of investing, a market veteran says. Over many decades, diversified stock index funds have produced extraordinary results.
Jeff Sommer - The New York Times
Forget about the upheaval in the Middle East. Don't dwell on Russia's war with Ukraine, U.S. tariffs and the budget deficit - or just about anything else that has been dominating news coverage and threatening to undermine the markets. These issues are critical right now, undeniably. But history suggests that they will be irrelevant in your investing life, if your horizon is long enough.
/jlne.ws/4notmH6
Citadel Securities Blasts IEX Group's Options Proposal as 'Self-Serving', Harmful for Retail Investors
Anna Lyudvig - Traders Magazine
Citadel Securities has submitted a letter to the US Securities and Exchange Commission urging the agency to reject IEX Group's proposal to launch a new options exchange. The letter warns that IEX's planned quote-cancellation mechanism combined with an intentional execution delay would "result in fundamentally unfair and unlawful quoting practices" that could "strip away investor protections" and create "illusory quotations" designed to mislead market participants.
/jlne.ws/3TNUhys
Fidelity Investments, Nasdaq Ventures, Robinhood among investors in Bruce Markets' ATS; Capital is set to go towards Bruce Markets' development of its overnight trading platform.
Claudia Preece - The Trade
Broker-dealer Bruce Markets' Alternative Trading System (ATS) offering has announced a new strategic investment round, led by leading industry players including Fidelity Investments, Nasdaq Ventures, and Robinhood. Other investors include: Apex Fintech Solutions, NH Investment and Securities, PEAK6 Investments, tastytrade, and Webull. Gary Offner, head of Nasdaq Ventures, said: "As capital flows become increasingly global and investors seek access to markets across all time zones, extending trading capabilities beyond traditional hours represents a significant evolution in market structure.
/jlne.ws/40f9EUD
Wall Street buoyed by Lutnick's 10-deal pipeline, but analyst warns the calm may merely be the 'eye of the storm'
Eleanor Pringle - Fortune
Markets have entered a period of relative calm despite recent volatility driven by geopolitical tensions and President Trump's tariffs. The S&P 500, Nasdaq, and FTSE 100 all posted modest gains and are nearing their all-time highs. Investors were cheered by U.S. Commerce Secretary Lutnick statements about imminent trade deals the White House is prepared to sign with key partners. Analysts caution that this may just be a temporary lull before renewed uncertainty around the upcoming tariff deadline. Despite the macroeconomic factors swirling over Wall Street, a relative calm has descended across markets. At the time of writing, the S&P 500 is up 0.8% over the past day, the Nasdaq was up 1% and the FTSE 100 up 0.5% in early trading this morning. S&P futures were up 0.23% this morning, premarket.
/jlne.ws/4kaWjU4
Why Mark Zuckerberg and Meta Can't Build the Future; Here's how absolute power trapped Facebook's parent company-and how Steve Jobs broke free.
Howard Yu - INC. (opinion)
Last week, a notification flashed. "Add your email address for extra security," my phone chirped. It was from WhatsApp. I stared at the screen, a single question forming in my mind: Security? Or surveillance? I tapped "No." The feeling wasn't anger. It was a cold, familiar déjà vu. Just days earlier, Meta had finally confirmed it: Ads were coming. Mark Zuckerberg had broken his word. Again.
/jlne.ws/3I35TLx
CZ Urges Crypto Exchanges to Add Inheritance Tools - 'Every Platform Should Have a Will Function'
David Okoya - Benzinga
Binance founder and former CEO Changpeng "CZ" Zhao has urged the cryptocurrency industry to take a more conscious approach to tackling inheritance issues. Zhao said last week that cryptocurrency exchanges should have tools to ensure proper asset distribution in the event of unexpected death. "This is a topic people avoid, but the fact is, humans cannot live forever yet," he said. "Every platform should have a 'will function'-so that when someone is no longer around, their assets can be distributed to designated accounts according to specified proportions. It's a feature everyone (who have assets on a platform) will need once."
/jlne.ws/3ZUVxnc
Trump's World Liberty Gains Another International Crypto Partner
Teresa Xie - Bloomberg
World Liberty Financial Inc. is entering into a partnership with an arm of Re7 Capital, a decentralized-finance hedge fund based in London that is set to receive up to $10 million in investment from Hong Kong family office VMS Group. No financial terms were disclosed. The Trump family affiliated decentralized finance platform plans on launching a USD1 stablecoin vault on Euler and Lista with Re7 Labs, the innovation arm of Re7 Capital, according to a joint statement between World Liberty Financial and Re7. The move is a part of a larger initiative to scale World Liberty's USD1 on Binance's BNB Chain, the decentralized blockchain ecosystem of the world's largest crypto platform.
/jlne.ws/3FXCyBK
Wealthy Silicon Valley Investors In Line for $17 Billion Windfall in GOP Tax Bill
Ben Steverman - Bloomberg
Silicon Valley's favorite tax break may be getting an upgrade. Venture capitalists, along with successful tech founders and early startup employees, already pay no taxes on billions of dollars of gains annually, thanks to a lucrative and complicated provision called Qualified Small Business Stock, or QSBS. Now the carve-out could get even more generous in changes included in Senate Republicans' proposed tax and spending bill moving through Congress.
/jlne.ws/4kdiol5
How to Avoid Bank Safety's Death by Many Cuts; The financial industry senses the time is right to push back against the regulatory agenda.
Paul J. Davies - Bloomberg
The Federal Reserve is aiming to lessen the costly fluctuations in bank capital demands created by its annual stress tests. But big lenders are pushing for more relief while the central bank is politically weakened and some board members seem keen to please the White House. The Fed must be careful not to give away too much bit by bit by tackling several different regulatory changes in a piecemeal way. A gathering of industry leaders and regulators next month to discuss an integrated review of large banks' capital requirements, which was announced by the Fed on Thursday, is the place to start.
/jlne.ws/46hk9u9
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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. | Trump tariffs live updates: Trump says US, China framework 'signed' as Bessent targets Labor Day for key deals
Yahoo Finance
The US and China stepped closer to a full tariff and trade deal on Thursday, making a pact to formally cement the informal trade understanding reached in Geneva talks in May. "We just signed with China yesterday," Trump said during an unrelated event at the White House, though he did not provide further details. China said "both sides have confirmed further details on the framework."
/jlne.ws/4lrkDlI
As Trump touts tariff deal, China pitches itself as global trade leader; As the U.S. and China finalized a trade agreement, Beijing pitched itself at the "Summer Davos" summit as an antidote to global economic "confusion and anxiety."
Christian Shepherd - The Washington Post
On the same day China and the United States were finalizing a framework to guide negotiations in their bitter tariff dispute, Chinese Premier Li Qiang was making his pitch for Beijing as the solution to global trade volatility unleashed by Washington. At the opening of an annual confab of foreign officials, business executives and scholars organized by the World Economic Forum here this week, Li likened the "confusion and anxiety" in the global economy to the 2008 global financial crisis and vowed that China was here to help.
/jlne.ws/4ka6yrW
Von der Leyen Says EU Will Be Ready If US Trade Talks Break Down
Jorge Valero, Michael Nienaber, and Samy Adghirni - Bloomberg
The European Union is prepared for all eventualities in its trade negotiations with the US, including for a breakdown in talks, Ursula von der Leyen said, after discussing the latest proposals from the Trump White House with the bloc's leaders. The European Commission president said at a press conference in the early hours of Friday that her team is still assessing the latest US tariff offer.
/jlne.ws/4l6eCvc
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Russia Seizes Key Lithium Field in Challenge for U.S.-Ukraine Minerals Deal; The capture highlights a core problem in the agreement: The more territory Moscow grabs, the fewer resources Kyiv can offer to Washington.
Constant Meheut - The New York Times
Russian forces have seized control of a valuable lithium deposit in the Donetsk region of eastern Ukraine, depriving the country of a critical asset that could have helped support a new economic partnership with the United States. The deposit, just outside the Shevchenko village in western Donetsk, was captured in recent days, according to battlefield maps from independent groups tracking Russian advances through geolocated combat footage. Moscow's troops seized it as part of their summer offensive, which has achieved steady gains across Donetsk.
/jlne.ws/445SgUz
Ukraine to seek EU sanctions against Bangladesh over Russia-stolen grain import
Yana Prots - The Kyiv Independent
Ukraine is preparing to request European Union sanctions against Bangladeshi entities over importing wheat stolen from Russian-occupied Ukrainian territories, Ukraine's ambassador to India told Reuters. In comments for Reuters published on June 27, Oleksandr Polishchuk said that Bangladesh had failed to respond to Ukrainian diplomatic appeals to stop the trade, prompting Kyiv to escalate the matter to the EU level. "It's a crime," Polishchuk told Reuters. "We will share our investigation with our European Union colleagues, and we will kindly ask them to take the appropriate measures."
/jlne.ws/3I3RQ8p
Middle East Conflict
Israel's War With Iran Has Reordered the Middle East-but Not as Expected
Israel's military success against Iran undermines one incentive for Saudi normalization and raises concerns about its growing power
Stephen Kalin and Summer Said - The Wall Street Journal
The Middle East is undergoing a dramatic realignment-just not the one U.S. and regional leaders envisioned less than two years ago. Before the Hamas-led attacks of Oct. 7, 2023, years of painstaking negotiations brought Saudi Arabia to the cusp of a landmark deal for diplomatic recognition of Israel. That would have solidified an Israeli-Arab coalition against Iran, locked in U.S. support for Saudi security and opened the door to greater acceptance of Israel in the Arab and Muslim worlds.
/jlne.ws/46fq7f0
US Energy Chief Says Goal for Iran Is Making a Peace Deal
Ari Natter - Bloomberg
US Energy Secretary Chris Wright hedged when asked about a US "maximum pressure" campaign against Iran, shifting the focus of his answer to looking toward a peace deal. In an interview on Bloomberg Television, Wright was asked if "maximum pressure" was still on the table for the administration, referring to policy oft-cited by US President Donald Trump. Wright replied by saying "the goal right now, of course, is to get a peace deal."
/jlne.ws/4nkWEq6
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Abaxx Announces Digital Title Pilot to Unlock the Collateral Value of Physical Commodities Through its Integrated Market Infrastructure
Abaxx
Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) ("Abaxx" or the "Company"), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, "Abaxx Exchange" and "Abaxx Clearing"), and producer of the SmarterMarkets Podcast, today announced it intends to conduct a pilot transaction to finance margin with physical gold using its ID++ Technology to create real-time digital documents of title. This pilot will demonstrate the use of Abaxx's Private Digital Title, a cryptographically-secured document of title for physical gold held at Abaxx Spot, to finance cash margin requirements for a gold futures position. By unlocking the collateral value of real-world assets, the initiative advances Abaxx's broader effort to modernize collateralization and increase capital efficiency across commodity markets, including the unique ability to move real-time collateral privately through a federated network.
/jlne.ws/3ZQrpt3
Japan bourse CEO Yamaji says market reform is 20% of the way there; Japan no longer 'a sleepy country,' as JPX chief gives decade-long efforts an extra push
Lisa Kim and Jada Nagumo - Nikkei Asia
At 11 a.m. on a rainy day in June, the chief executive officer of the Japan Exchange Group (JPX) had already logged around 6,000 steps on his smartwatch walking inside the office in Nihonbashi Kabutocho, Japan's Wall Street. The steps are one indication of the industry veteran's packed days driving market reform.
/jlne.ws/4lvCEzC
Tradeweb Introduces T-bill Trading on ICD Portal
Tradeweb
Tradeweb Markets Inc. (Nasdaq: TW), a leading global operator of electronic marketplaces for rates, credit, equities, and money markets, today announced the launch of direct U.S. Treasury bill (T-bill) trading for corporate treasurers via direct connection between its ICD Portal and its institutional trading platform. Corporate treasurers using ICD Portal can now trade T-bills through Tradeweb's institutional trading platform, allowing them to manage T-bill investments seamlessly alongside other core investment options on ICD Portal-including money market funds, separately managed accounts, bank deposits, and bond funds-through a single, integrated solution.
/jlne.ws/3FXs1Xe
ASX welcomes ASIC inquiry panel appointments
ASX
ASX acknowledges today's announcement by the Australian Securities and Investments Commission (ASIC) of the appointment of panel members to examine the frameworks and practices within ASX Group in relation to governance, capability and risk management.
/jlne.ws/3Gh024O
Changes to the Madrid Stock Exchange General Index for the Second Half of 2025
BME-X
The index will be composed of 110 stocks after the additions of HBX Group and Prisa and the exclusion of Corporación Financiera Alba, Lar Espana and Urbas. The Management Committee of the Madrid Stock Exchange General Index (IGBM) has decided at the ordinary Index review meeting that both the IGBM and the Total Index will consist of 110 listed companies in the second half of 2025, following the additions of HBX Group and Prisa and the deletions of Corporacion Financiera Alba, Lar Espana and Urbas.
/jlne.ws/3GlxGX3
Limited-Time "Stock Exchange" Establishment Coming Soon to KidZania Tokyo
JPX
Tokyo Stock Exchange, Inc. (TSE) and KCJ GROUP INC. (KCJ GROUP), which produces activities and operates the children's job and social experience facility KidZania, will open a limited-time "Stock Exchange" establishment at KidZania Tokyo from Tuesday, July 22, 2025, to Monday, July 28, 2025.
/jlne.ws/3GjcQaL
LME Clear Margin Parameters June 25 v2
LME
LME Clear Members are advised that new SPAN1 margin parameters have been set.
/jlne.ws/44gMrT2
Interim Revision of the LuxX Index on 1 July 2025
LuxSE
In accordance with the rules governing the LuxX index, the executive committee of the Luxembourg Stock Exchange has decided to rebalance the LuxX index (base 1,000 as at 04/01/1999).
/jlne.ws/45KFVGC
Nasdaq to Hold Second Quarter 2025 Investor Conference Call
Nasdaq
Nasdaq (Nasdaq: NDAQ) has scheduled its second quarter 2025 financial results announcement. Senior management will be available for questions from the investment community following prepared remarks. All participants can access the conference via webcast through the Nasdaq Investor Relations website at http://ir.nasdaq.com/.
/jlne.ws/46gpn9u
Request for proposal - Market making of the Adjusted Interest Rate S&P/TSX 60 Total Return Index Futures
TMX
Bourse de Montreal Inc. (the "Bourse") is issuing a Request for Proposal ("RFP") for the market making of the Basis Trade on Close of the Adjusted Interest Rate S&P/TSX 60 Total Return Index Futures (symbol: BAF). This RFP is intended for approved participants and foreign approved participants, as well as their eligible clients, interested in submitting proposals outlining their abilities and commitment towards market making activities for the designated contracts. The market making requirements and the conditions of the program are indicated in the attached RFP.
/jlne.ws/44r1r0M
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Numerix strikes Hundsun deal as China pushes domestic tech; Homegrown tech initiative - 'Xinchuang' - a new challenge for foreign vendors
Karen Lai - Risk.net
Tech vendor Numerix has announced a tie-up with China's Hundsun Technologies in a deal that aims to give China's banks, hedge funds and asset managers access to new derivatives pricing and risk management tools.
/jlne.ws/44BVNtU
Artificial Intelligence
A.I. Is Starting to Wear Down Democracy; Content generated by artificial intelligence has become a factor in elections around the world. Most of it is bad, misleading voters and discrediting the democratic process.
Steven Lee Myers and Stuart A. Thompson - The New York Times
Since the explosion of generative artificial intelligence over the last two years, the technology has demeaned or defamed opponents and, for the first time, officials and experts said, begun to have an impact on election results. Free and easy to use, A.I. tools have generated a flood of fake photos and videos of candidates or supporters saying things they did not or appearing in places they were not - all spread with the relative impunity of anonymity online. The technology has amplified social and partisan divisions and bolstered antigovernment sentiment, especially on the far right, which has surged in recent elections in Germany, Poland and Portugal.
/jlne.ws/45KGgZM
Who needs Accenture in the age of AI?; The self-styled reinvention powerhouse faces its toughest job yet-remaking itself
The Economist
Who is consulting good for? Consultants, obviously. Chief executives, who can blame failure on bad outside advice and take credit for successful counsel. Also, for the industry's one listed behemoth, its shareholders. Between the start of 2015 and the end of 2024 Accenture, which split off from its accounting sibling in 2000 and went public a year later, generated a total return (including dividends) of around 370%, handily outdoing not just the s&p 500 index but also Goldman Sachs and Morgan Stanley, rival redoubts of advisory smugness. As America's stockmarket climbed to an all-time high in February, the firm was worth $250bn, more than either investment bank.
/jlne.ws/4kc8osa
Global AML/KYC Spending Seen Rising 12.3% to $2.9 Billion in 2025
Press Release via Traders Magazine
London and New York, June 24, 2025 - Global spend on Anti-Money Laundering (AML)/ Know-Your-Customer (KYC) data & services is projected to total a record $2.9 billion in 2025, according to a new research report published today by Burton Taylor Consulting.
/jlne.ws/3GgyWe7
AI returns have not yet justified investment mania; The hope (and hype) is as powerful as ever but it is hard to see where the needed revenues will come from
Richard Waters - Financial Times
A year ago, the generative AI mania sweeping through Silicon Valley and Wall Street faced a serious reality check.In a widely quoted note, Goldman Sachs' head of equity research, Jim Covello, questioned whether the companies planning to pour $1tn into building generative AI would ever see a return on the money. A partner at venture capital firm Sequoia, meanwhile, estimated that tech companies needed to generate $600bn in extra revenue to justify their extra capital spending in 2024 alone - around six times more than they were likely to produce.
/jlne.ws/3Tbhr1N
Blockchain
SoFi to Launch Blockchain Remittances With Stablecoins as Crypto Returns to Platform
Krisztian Sandor - CoinDesk
U.S.-based fintech platform SoFi (SOFI) said on Wednesday it will introduce international remittances through blockchain and stablecoins and allow users to invest in cryptocurrencies this year, making good on its promised digital asset push. The upcoming remittance service will let users send U.S. dollars and select stablecoins to recipients abroad with "well-known" blockchain networks processing the transactions, allowing funds to be sent around the clock, converted into local currencies and deposited quickly into recipients' accounts, according to the press release.
/jlne.ws/3HVT0TF
Ripple Integrates Wormhole With XRP Ledger to Power Institutional Multichain Moves
Margaux Nijkerk - CoinDesk
Ripple is pushing deeper into multichain interoperability with the integration of Wormhole, a leading cross-chain messaging protocol, with the XRP Ledger (XRPL) and its EVM-compatible sidechain. The move, announced Thursday, aims to support institutional demand for seamless movement of crypto assets, including stablecoins and tokenized real-world assets, across multiple blockchain networks, without added friction or fragmentation.
/jlne.ws/4kvEvUd
Tokenization
Solana-Focused Upexi to Tokenize Shares; Added 56K SOL to Holdings
Krisztian Sandor - CoinDesk
Nasdaq-listed Upexi (UPXI), a consumer-goods company with a crypto treasury strategy focused on Solana SOL, said on Thursday it will tokenize its SEC-registered shares on the Solana network. The firm has tapped Opening Bell, the tokenized equity issuance platform developed by digital asset manager Superstate and initially available on Solana.
/jlne.ws/3ZQvEoC
Real-World Asset Tokenization Market Has Grown Almost Fivefold in 3 Years
Jamie Crawley - CoinDesk
The real-world asset (RWA) tokenization market has grown by 380% in just three years, reaching $24 billion this month in a sign that traditional finance is finding benefits from embracing blockchain technology, according to a report from RedStone, Gauntlet and RWA.xyz. "Asset tokenization has decisively transitioned from experimental pilots to scaled institutional adoption in 2024-2025," the Real-World Assets in On-chain Finance Report concluded.
/jlne.ws/4lsjKcM
Payments
Crypto exchange Kraken debuts peer-to-peer payments app Krak
Hannah Lang - Reuters
Crypto exchange Kraken on Thursday launched a peer-to-peer payments app that enables users to send and receive funds - in both cryptocurrency and fiat currency - across more than a hundred countries. The move is a bid to expand Kraken's offerings beyond its digital asset trading business, and puts the firm in competition with PayPal, Venmo and Block's CashApp.
/jlne.ws/46e79Wc
Crypto Exchange Kraken Unveils 'Krak,' Its New All-in-One Global Money App
Ian Allison - CoinDesk
Cryptocurrency exchange giant Kraken introduced a blockchain-powered global money app called Krak that allows users to instantly transact across borders for almost no cost, while also earning competitive rewards on their account balances. Krak is designed to fix the outdated norms of legacy finance, Kraken said, blending crypto technology with the exchange's trusted network of banking relationships and payment partnerships. The app will allow users to send funds peer-to-peer across 110 countries and using 300-plus assets, spanning cryptocurrencies, stablecoins and fiat currencies without inserting bank details or crypto wallet addresses, according to a press release.
/jlne.ws/4l6dd7U
Singapore establishes new entity to govern national payment schemes
GlobalData
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have incorporated a new entity to administer and govern national payment schemes. The entity, named the Singapore Payments Network (SPaN), is in line with the MAS' and ABS' previously stated objectives to consolidate the management of the country's payment systems.
/jlne.ws/4lwlCRV
Technology Firms
Exegy Redefines Market Data with Nexus: One Platform, Zero Trade-offs
Exegy Press Release via Traders Magazine
Exegy, a leading provider of market data, trading technology and managed services for the capital markets, today announced the launch of Nexus, a breakthrough market data platform that eliminates the long-standing trade-offs between performance, scale, and cost. Built to meet the demands of today's high-volume, high-volatility trading environments, Nexus replaces fragmented, server-heavy feed handler deployments with efficient FPGA-based appliances and network interface cards. Nexus delivers consistent low-single-digit microsecond performance, consumes a single CPU core on client servers, and reduces datacenter footprint by more than 40%.
/jlne.ws/45LoaqI
Microsoft says goodbye to the Windows blue screen of death; The software giant's blue screen of death dates to the early 1990s, according to longtime Microsoft developer Raymond Chen.
Samantha Subin - CNBC
It's a bittersweet day for Windows users. Microsoft is scrapping its iconic "blue screen of death," known for appearing during unexpected restarts on Windows computers. The company revealed a new black iteration in a blog post on Thursday, saying that it is "streamlining the unexpected restart experience." The new black unexpected restart screen is slated to launch this summer on Windows 11 24H2 devices, the company said. Microsoft touted the updates as an "easier" and "faster" way to recover from restarts.
/jlne.ws/45DJ1Mu
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| Cybersecurity | | Top stories for cybersecurity | German data protection official wants Apple, Google to remove DeepSeek from the country's app stores.
Ram Iyer, Ivan Mehta - TechCrunch
A German data protection official has reported Chinese AI app DeepSeek to Apple and Google, saying the app transfers users' information to China illegally. Meike Kamp, Berlin's Commissioner for data protection and freedom of information, told the companies that DeepSeek did not provide "convincing evidence" that users' data was protected as required by EU laws.
/jlne.ws/46jbHdP
The Age of Integrity; We need to talk about data integrity.
Schneier on Security blog
Narrowly, the term refers to ensuring that data isn't tampered with, either in transit or in storage. Manipulating account balances in bank databases, removing entries from criminal records, and murder by removing notations about allergies from medical records are all integrity attacks. More broadly, integrity refers to ensuring that data is correct and accurate from the point it is collected, through all the ways it is used, modified, transformed, and eventually deleted. Integrity-related incidents include malicious actions, but also inadvertent mistakes.
/jlne.ws/4nFzgnJ
SafePay Ransomware: What You Need To Know
FORTRA
What is the SafePay ransomware? SafePay is a relatively new ransomware threat that was first observed around September 2024. Like other ransomware, SafePay encrypts victims' files so they cannot be accessed, and then demands the payment of a cryptocurrency ransom for their recovery. As part of a "double extortion" tactic, the hackers behind SafePay also steal data from affected organisations and threaten to publish it on their dark web leak site if a ransom is not paid.
/jlne.ws/46e1P5a
Themis Unveils Intelligent Customer Risk Calculator to Simplify Compliance Processes
Fintech Finance News
Themis has launched its new Customer Risk Calculator - an intelligent, AI-powered solution designed to help organisations better understand, prioritise and manage customer risk with speed, clarity and consistence. Developed in collaboration with existing clients, this innovation marks a step-change in compliance by automating and customising risk scoring across key dimensions including Customer Risk, Jurisdiction Risk, Product & Transaction Risk, Delivery Channel Risk, and Screening results - enabling firms to stay ahead of threats while maintaining a robust audit trail.
/jlne.ws/4kWNJtv
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bakkt's Jump Into Bitcoin As A Treasury Strategy Distracts From Liquidity Angst
Seeking Alpha
Bakkt (BKKT) is pivoting into buying and holding Bitcoin (BTC) on its balance sheet as part of an updated investment policy that could also see the embattled crypto firm allocate capital in other digital assets. Investing in BTC as part of a corporate treasury strategy has been all the rage in 2025, popularized by Michael Saylor's MicroStrategy (MSTR). The ongoing BTC rally has sparked a rush of companies emulating MSTR. BKKT's push into BTC as corporate treasury distracts from its underlying operations and ramping negative free cash flow profile that has dramatically slimmed its liquidity and threatens to push the company into further angst.
/jlne.ws/44j1AmO
Crypto gains foothold in Bolivia as small businesses seek currency alternatives
Lucinda Elliott - Reuters
In the busy shopping district of the Bolivian city of Cochabamba, ATMs let shoppers swap coins for cryptocurrency, beauty salons offer cut-price deals if you pay in Bitcoin, and people use Binance accounts to buy fried chicken. Bolivians are facing a rising economic crisis, with reserves of dollars near zero, inflation at 40-year highs and fuel shortages causing long lines at the pump. The country's currency has lost half its value on the black market this year, even as the official exchange rate has been held artificially steady by government intervention.
/jlne.ws/3GiYkQo
'Bitmama' jailed in Russia for stealing cryptocurrency worth £17m
Kieran Kelly - The Telegraph
A Russian mother has been jailed for seven years after scamming victims out of £17 million worth of Bitcoin. Valeria Fedyakina, known as "Bitmama", posed as a cryptocurrency expert with global offices, promising to make millions for investors, prosecutors said. Instead, Ms Fedyakina emptied her clients' accounts in a ruthless pyramid scheme that left four victims 2.2 billion roubles, or at the time about £17 million, out of pocket in the space of 60 days in 2023.
/jlne.ws/3IgWIai
Hong Kong Sets Out Plan to Regulate Crypto, Encourage Tokenization
Camomile Shumba - CoinDesk
Hong Kong's government released its second major policy statement on digital assets, underlining its pledge to set the region up as a global hub for the industry and saying it plans to establish a regulatory regime that puts risk management and investor protection center stage. The framework will be overseen by the Securities and Futures Commission and apply to custodians, digital asset service providers, exchanges and stablecoins, the government said Thursday. Public consultations on the licensing regimes will start shortly, it said.
/jlne.ws/44C79hw
Small crypto trading prodigy nets $1.5M using unorthodox strategy
Arijit Sarkar - CoinTelegraph
A little-known crypto trader has turned $6,800 into $1.5 million in profit while accounting for over 3% of maker-side liquidity on a major crypto exchange. Market observer Adverse Selectee highlighted a small trading account holding less than $200,000 in equity on Thursday. Over the past two weeks, the account recorded a trading volume of $1.4 billion and has consistently ranked among the top contributors to the exchange's total maker volume.
/jlne.ws/4lcBrNJ
UAE fund buys $100 million of Trump's World Liberty tokens
Tom Wilson - Reuters
A United Arab Emirates-based fund has bought $100 million worth of digital tokens issued by World Liberty Financial, the crypto venture of U.S. President Donald Trump's family, becoming its largest publicly known investor. Aqua 1 Foundation said in a statement on Thursday its purchase of the tokens, known as $WLFI, sought to speed up the creation of a "blockchain-powered financial ecosystem" with stablecoins and tokenised traditional assets at its heart.
/jlne.ws/3T9q7pk
Exclusive: Crypto giant Galaxy raises $175 million for first venture fund
Leo Schwartz - Fortune
/jlne.ws/4lw6C6p
Bitcoin
Bitcoin Illiquid Supply Climbs to Over 14M BTC, Reflects Strong HODL Trend
James Van Straten - CoinDesk
Bitcoin's BTC illiquid supply has surged to 14.37 million BTC, jumping from 13.9 million BTC at the start of 2025, according to Glassnode data. With bitcoin's current circulating supply standing at approximately 19.8 million, this means over 72 percent of all mined BTC is now classified as illiquid. Illiquid supply refers to the portion of BTC held by entities with minimal spending behavior, such as long-term investors and cold wallet holders. These coins are effectively taken out of the market, reducing the amount available for trading.
/jlne.ws/46iFl2W
Trump Establishes Strategic Bitcoin Reserve, Shifts U.S. Digital Asset Strategy
AI Invest Coin World
Sunday, Jun 22, 2025
President Donald J. Trump has signed an executive order to establish a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile, marking a significant shift in the nation's digital asset strategy. This initiative aims to position the U.S. as a leader in the digital assets sector by utilizing confiscated Bitcoin as a sovereign asset. The move is part of a broader effort to integrate cryptocurrencies into the nation's financial strategy, with the reserve designed to manage the nation's digital asset holdings seized in criminal and civil forfeiture proceedings. The Bitcoin held in the reserve will not be sold and will be maintained as reserve assets of the United States, utilized to meet governmental objectives in accordance with applicable law.
/jlne.ws/3ZQXr8g
Bitcoin Treasury Corporation Acquires 292 BTC, Prepares for Toronto Trading Debut
James Van Straten - CoinDesk
Bitcoin Treasury Corp. (BTCT), a provider of institutional lending and liquidity services, said it bought 292.80 bitcoin BTC for C$43 million ($31.6 million), launching an accumulation strategy aimed at building a robust digital asset treasury. The Toronto-based company said it viewed bitcoin as both a long-term reserve asset and a crucial part of its revenue model, planning to use the holdings to support its institutional loans business.
/jlne.ws/45LDjs4
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| Politics | | An overview of politics as it relates to the financial markets | U.S. Administration
Give Trump the Nobel Peace Prize - before he bombs Oslo; Has there ever been a more belligerent peacemaker than the American president?
Dana Milbank - The Washington Post (opinion)
Two days after dropping bunker-buster bombs on Iran, President Donald Trump strode onto the South Lawn and deployed another weapon from his armory: the f-bomb. Scolding Iran and particularly Israel for continuing their attacks on each other after a Trump-imposed ceasefire, the president told reporters that the two countries have "been fighting so long and so hard, that they don't know what the f--- they're doing. Do you understand that?"
/jlne.ws/3IgSrUi
Trump: I'll make Spain pay for Nato spending snub
Joe Barnes - The Telegraph
Donald Trump said on Wednesday that he would make Spain "pay twice as much" in trade tariffs after it refused to honour a Nato agreement to increase defence spending to 5 per cent of GDP. The US president singled out Spain for declining to meet the target and said he would seek to punish the Mediterranean country in trade negotiations unless it changed course. His threat came after Nato's 32 member states agreed to submit annual plans showing a "credible, incremental path" to the 5 per cent goal, at the alliance's annual summit in The Hague.
/jlne.ws/45KI2u2
Exclusive-Trump plans executive orders to power AI growth in race with China
Valerie Volcovici and Jarrett Renshaw - Reuters
The Trump administration is readying a package of executive actions aimed at boosting energy supply to power the U.S. expansion of artificial intelligence, according to four sources familiar with the planning. Top economic rivals U.S. and China are locked in a technological arms race and with it secure an economic and military edge. The huge amount of data processing behind AI requires a rapid increase in power supplies that are straining utilities and grids in many states.
/jlne.ws/4l65pTF
US Treasury asks Congress to scrap foreign revenge tax in Trump bill; Scott Bessent says deal with G7 would stop global minimum taxes from applying to American companies
Claire Jones, Stephen Foley and Emma Agyemang - Financial Times
The US Treasury department has called on Congress to scrap a provision in Donald Trump's flagship budget bill that would allow Washington to raise taxes on foreign investments, reversing a plan that had spooked Wall Street. Treasury secretary Scott Bessent said on Thursday that the measure was no longer needed because he had secured concessions for US companies to the new OECD global minimum tax regime.
/jlne.ws/4lsvsUz
U.S. Congress
How a GOP accounting maneuver hides $3.8 trillion in red ink from Trump's 'big, beautiful bill'
Ben Werschkul - Yahoo Finance
As Senate Republicans barrel toward votes in the coming days on President Trump's Big Beautiful Bill, they are using a controversial budget maneuver to hide $3.8 trillion in red ink. This Senate-preferred accounting approach is known as using a "current policy baseline" and takes the stance that extending current tax rates should be counted as having zero cost even if they are set to expire. What doesn't change is the underlying fact that those changes are projected to add trillions to the national debt if they become law.
/jlne.ws/3TfiFsL
House Plans Single Vote to Move Genius and Clarity Crypto Bills
Lydia Beyoud, Yash Roy, and Steven T. Dennis - Bloomberg
House Republicans aim to get the Senate's landmark stablecoin legislation - known as the Genius Act - to President Donald Trump's desk for signature as soon as the week of July 7, according to people with direct knowledge of the strategy. Their strategy, subject to change, would also allow the House to bring its crypto market-structure bill - known as the Clarity Act - to a full floor vote. The plan calls for the two separate measures to advance in a single procedural vote, the people said, asking not to be identified discussing behind-the-scenes legislative efforts.
/jlne.ws/4lr60Pn
Other U.S. Politics
MAGA Doesn't Mean Making Profits Great Again; Big Business and Trump's populists are waking up to the fact they dislike each other.
John Authers - Bloomberg
Corporate America's profits are slipping. Last week, the Bureau of Economic Analysis confirmed that corporate post-tax profits dropped in the first quarter by 3.3% - by far their biggest fall since the pandemic. When companies make less money, it's often a harbinger of an economic slowdown. In this case, it also raises the more profound question of whether the Trump 2.0 agenda is deliberately aimed at companies' bottom line.
/jlne.ws/4kbMoO8
Eric Trump opens door to political dynasty; 'If there's one family that hasn't profited off politics, it's the Trump family,' president's son says in an interview
Alex Rogers - Financial Times
Eric Trump has said that "the political path" for a family dynasty "would be an easy one", opening the door for another Trump to seek office after his father leaves the White House. His comments came in a wide-ranging Financial Times interview, in which the co-executive vice-president of the Trump Organization discussed his international real estate dealings, hit back at criticism that the family is seeking to profit from the presidency and echoed his father's claims about political persecution.
/jlne.ws/4ep8f3z
Canada
Mark Carney faces a separatist push in Canada's oil-rich west; Alberta's premier Danielle Smith says voters 'have had enough'
Ilya Gridneff - Financial Times
Roger Bablitz leans under the bonnet to fix his 1976 purple Chevrolet Stepside pick-up truck, while an American flag billows in the wind nearby. "Donald Trump, he's a good guy. I don't mind him," he said. But Bablitz, a 54-year-old single manual labourer, is not in the US. He is in High River, a small town in southern Alberta.
/jlne.ws/3TRccnX
United Kingdom
Starmer offers major concessions on benefit cuts after crisis talks with Labour rebels; In a letter to MPs, work and pensions secretary Liz Kendall said personal independence payments would be protected
Archie Mitchell - The Independent
Sir Keir Starmer has caved to a Labour rebellion and offered major concessions to his backbenchers on his planned benefit cuts. In a screeching £1.5bn U-turn, people currently receiving personal independence payment (PIP) will be protected in a move the prime minister hopes will spare him a humiliating defeat on Tuesday. Adjustments to Universal Credit will also see existing claimants' incomes protected, work and pensions secretary Liz Kendall confirmed in a letter overnight.
/jlne.ws/4k9Fmti
UK launched huge operation to find suspected Russian double agent in MI6; Exclusive: Operation Wedlock lasted up to 20 years and took MI5 teams across world amid panic about 'another Philby'
Nick Hopkins and Anna Isaac - The Guardian
Britain's spy chiefs were forced to launch one of the most sensitive and risky investigations since the cold war over fears a senior officer at the foreign intelligence service MI6 was a double agent for Russia. The extensive hunt for the alleged mole, called Operation Wedlock, was run by MI6's sister agency, MI5, which deployed a team of up to 35 surveillance, planning and desk officers, who travelled across the world.
/jlne.ws/4lr4oVP
European Union
Reeling from Trump rebukes, Europe weighs deeper ties with China
Didi Tang and Sam McNeil - Associated Press
Jilted, betrayed, dumped, or defiant. It's hard to describe the European Union after relentless attacks from its once-dependable ally, the United States. The threat from Donald Trump's second administration against Greenland, its sweeping tariff plans and courtship of Moscow have firmed up some European leaders' vows to reduce their reliance on America.
/jlne.ws/4k96oRx
Planned Belgrade Trump Tower Slammed by Europe Heritage Watchdog
Misha Savic - Bloomberg
Serbia must protect its monuments and defy plans by Donald Trump's son-in-law to raze downtown blocs in the nation's capital to make way for a large real estate project, said Europe's top cultural heritage organization. Jared Kushner's Affinity Partners wants to build a luxury hotel and residences on the site of the Balkan nation's former defense headquarters in Belgrade, badly damaged by NATO bombing in 1999 during the Kosovo War.
/jlne.ws/3G1l1IR
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| Regulation & Enforcement | | Stories about regulation and the law. | Vietnam Passes Law to Support Troubled Banks, Tackle Bad Debt
Nguyen Kieu Giang - Bloomberg
Vietnam's parliament passed a revised law on credit institutions, bolstering the central bank's authority to ensure the safety of the banking system while offering long-awaited legal clarity for commercial lenders to resolve non-performing loans. Under the legislation, which was approved by the National Assembly Friday and takes effect from Oct. 15, the State Bank of Vietnam is authorized to provide special unsecured loans with zero lending rates to troubled banks - a power previously held by the Prime Minister.
/jlne.ws/4ka3HPG
SEC Publishes Data on Broker-Dealers, Mergers & Acquisitions, and Business Development Companies
SEC
The Securities and Exchange Commission's Division of Economic and Risk Analysis (DERA) has published new reports and data on broker-dealers, mergers and acquisitions (M&A), and business development companies (BDCs). Today's reports provide the public with information about the changes in broker-dealer and M&A activity over time. In addition, the BDC data allow the public to conduct its own analysis of data filed with the Commission.
/jlne.ws/44BtP1j
Remarks at the Executive Compensation Roundtable
Paul S. Atkins, Chairman - SEC
Good afternoon. Welcome to all of you attending in person or watching and listening online to today's roundtable on executive compensation. I thank the very distinguished group of moderators and panelists who have assembled here today for volunteering their time to contribute their thoughts on this important topic. As one of the enumerated disclosure items in Schedule A to the Securities Act of 1933,[1] the requirement to provide executive compensation information is as old as the federal securities laws themselves. Over the past ninety years, the Commission has adopted numerous rules requiring more and more information about executive compensation. Some of these rules have come about from Congressional mandates, while others have not. I have been at the SEC in one role or another for a couple of these changes, including the 1992 rulemaking initiated by Chairman Richard Breeden that created the "summary compensation table"[2] and the 2006 rulemaking that introduced "compensation discussion and analysis" and added other compensation tables.[3]
/jlne.ws/4lryTLp
Remarks at the Executive Compensation Roundtable
Commissioner Mark T. Uyeda - SEC
Thank you, Chairman Atkins, for convening today's roundtable. I look forward to engaging in a dialogue with panelists and commenters on whether the executive compensation disclosure framework can be improved. Already, the Commission has received a number of public comment letters on executive compensation, which I found helpful in preparation for today's roundtable.[1] At the outset, the Commission has no authority to set or limit compensation paid at public companies, whether with respect to executives, workers, or contractors. SEC disclosures should not drive executive compensation decisions or seek to influence compensation practices. Moreover, it is inappropriate to use SEC regulations with the intent of addressing desired political or social outcomes with respect to income and wealth inequality in the United States. To the contrary, executive compensation disclosures should provide information material to an informed investment or voting decision.
/jlne.ws/40q7P77
Statement at the Executive Compensation Roundtable
Commissioner Caroline A. Crenshaw - SEC
Executive compensation never fails to be a hot topic. It is an issue consistently and prominently invoked in discussions of corporate responsibility and governance. And, it stands out among those topics that marry capital formation to shareholder rights and engagement.
/jlne.ws/4kZx6gH
Spare the Trees So Investors Can See the Forest: Remarks before the Executive Compensation Roundtable
Commissioner Hester M. Peirce - SEC
Good afternoon. Thank you to Chairman Atkins for convening today's roundtable and thank you to the moderators and panelists for joining us to discuss this important topic. On a recent trip to Alaska, one of the most striking sights was the rich forests of Sitka spruces clustering on steep mountainsides climbing up from the sea. I quickly stowed my binoculars in favor of taking in the whole scene. Absent a distinguishing feature-a different tree type, an intriguing root system, a bald eagle perched on its branches, or a bear lurking in its shade-the grandeur of the forest is lost when focusing on any one tree. Trying not to lose sight of the forest for the trees in beautiful Alaska brings me back to the ugly reality of executive compensation disclosure. Over the years, executive compensation disclosure has become increasingly unwieldy and expensive and decreasingly useful. The SEC's rules focus excessively on random trees rather than giving a realistic view of the forest. They direct readers' attention to a set of executive compensation items that, largely, entertain the onlooker rather than educate the investor. Preparing the lengthy and complex disclosures eats up lots of resources-management time and attention, attorneys' and accountants' billable hours, and even trees as pages of disclosures pile up-and distort corporate decision-making.
/jlne.ws/3I10G74
SEC Charges New Hampshire Resident with Multimillion Dollar Fraud in Real Estate Investment Schemes
SEC
On June 26, 2025, the Securities and Exchange Commission charged Manchester, New Hampshire resident Robynne Alexander with defrauding investors through real estate investment schemes resulting in investor losses of at least $3 million. According to the SEC's complaint, from 2018 through 2024, Alexander solicited investors to buy securities in real estate investment projects for multiple properties in New Hampshire and Massachusetts, that she represented she would buy, renovate and sell for a profit. But Alexander defrauded investors by instead using a substantial amount of investor money to pay fictitious investment returns to certain favored investors, to repay some investors and lenders in unrelated projects, and as her primary means of paying her personal expenses.
/jlne.ws/44A3Xmu
Court Grants Partial Summary Judgment in Fraudulent Offering Case Against Cannabis Company, CEO, and Others
SEC
On June 16, 2025, the U.S. District Court for the Central District of California granted the SEC partial summary judgment against American Patriot Brands, Inc. ("APB"), a cannabis cultivation and distribution company; CEO Robert Y. Lee; COO Brian F. Pallas; alleged former executive J. Bernard Rice; and APB subsidiaries Urban Pharms, LLC, DJ&S Property #1, LLC, and TSL Distribution, LLC (collectively, the "Defendants"). The SEC previously charged these Defendants for their alleged participation in a long-running scheme in which they raised more than $30 million from more than 100 investors and siphoned off millions of those funds to enrich themselves.
/jlne.ws/44CgWUO
ASIC gives further relief for licensees under the reportable situations regime
ASIC
ASIC has provided Australian financial services and credit licensees additional targeted relief under the reportable situations regime in response to feedback from industry.
/jlne.ws/3I1DJ3G
ASIC seeks orders compelling large proprietary companies in the GFG Alliance Group to lodge outstanding financial reports
ASIC
ASIC has taken action in the Supreme Court of NSW against Liberty Primary Metals Australia, Tahmoor Coal and Liberty Bell Bay for their failure to lodge annual financial reports with ASIC. Large proprietary companies with a financial year ending 30 June are required to lodge their annual reports with ASIC by 31 October each year.
/jlne.ws/4nt2qWY
Former CBL Group CFO ordered to pay penalty and costs for continuous disclosure breaches
FMA
Former CBL Group Chief Financial Officer (CFO), Carden Mulholland, has been ordered to pay a pecuniary penalty of $641,250 for breaches of the continuous disclosure requirements in the Financial Markets Conduct Act 2013 (FMCA), in proceedings brought by the Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko. He has also been ordered to pay agreed costs of $606,216.53. CBL Corporation Limited (CBLC) publicly listed in October 2015, and the contraventions occurred over a five-month period in the lead up to its subsequent collapse in February 2018. The High Court's penalty decision follows a nearly six-week trial in the Auckland High Court before Justice Gault, which commenced in late June 2024 and concluded in early August 2024.
/jlne.ws/44ljlSB
Statement by the FMA on Senior Trust Retirement Village Income Generator Limited
FMA
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko is aware of several news articles over the last few days which refer to its recent engagement with Senior Trust. Margot Gatland, Head of Enforcement at the FMA says, "In November 2024 the FMA - Te Mana Tatai Hokohoko opened an investigation into Senior Trust Retirement Village Income Generator Limited (STIG), which is ongoing. The scope of the investigation includes considering disclosures made by STIG in its previous product disclosure statement (PDS) and associated advertising material and whether those disclosures complied with Parts 2 and 3 of the Financial Markets Conduct Act 2013."
/jlne.ws/4kb9XXi
FCA secures guilty plea from John Burford in £1m investor fraud scheme
FCA
John Burford has pleaded guilty in a £1m investment fraud case, following a prosecution brought by the FCA. As sole director of Financial Trading Strategies Limited, Mr Burford promoted a paid-for subscription service through its website to offer daily trade alerts with investment advice, and the opportunity to invest in three self-named 'tramline' funds.
/jlne.ws/444DlKh
MAS Imposes Composition Penalties against Five Major Payment Institutions
MAS
The Monetary Authority of Singapore (MAS) has imposed composition penalties amounting to S$960,000 in total on five Major Payment Institutions (MPIs), which are licensed to provide cross-border money transfer services, for breaches of MAS' Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements.
/jlne.ws/45PrfGh
FSTB and SFC consult on proposed regimes to regulate virtual asset dealers and custodians
SFC
The Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) today launched a joint consultation to introduce regulatory regimes for virtual asset (VA) dealing and custodian service providers. The proposed regimes extend Hong Kong's efforts in fostering a secure, robust and globally competitive VA ecosystem, guided by the Government's latest policy statement on digital asset development. They also drive progress along the SFC's ASPIRe roadmap by attracting qualified participants to the city and enhancing investors' choice, while integrating Hong Kong's VA liquidity with the world's (Note 1).
/jlne.ws/4ka3RGM
New speech by Kelvin Wong: Keynote speech at 11th Investor Relations Awards Ceremony
SFC
A speech titled "Hong Kong: A City of Financial Tales" delivered by Dr Kelvin Wong today at the Hong Kong Investor Relations Association's 11th Investor Relations Awards Ceremony is now posted on the SFC website.
/jlne.ws/4lu9jFI
New position limits for key exchange-traded derivatives to take effect
SFC
The Securities and Futures Commission (SFC) announced today that with effect from 2 July 2025, the position limits for the futures and options contracts of Hang Seng Index, Hang Seng China Enterprises Index and Hang Seng TECH Index will be increased by 50%, 108% and 43% respectively to 15,000, 25,000 and 30,000 position delta (Note 1).
/jlne.ws/446gMoC
Clarification on news reports
SEBI
Various news reports have appeared in media regarding Securities and Exchange Board of India (SEBI)raids in the matter of pump and dump scam. It is hereby clarified that SEBI has conducted search and seizure operations at multiple locations in the month of June 2025 in connection with pump and dumping certain scrips and has seized incriminating evidence. Investigation in the matter is under progress.
/jlne.ws/45F3ksV
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Milford defaults on exclusive multi-year copper cathode sales contract with Gerald Group
Gerald Group
Further to Milford Mining Company Utah LLC ("Milford") breaching and wilfully defaulting on its obligations to Gerald Group ("Gerald") under the binding long-term contract for the supply of copper cathode, Gerald believes that Milford is now selling copper cathode to third parties in breach of this exclusive contract.All parties are on notice that Milford in supplying anyone is in breach of its legal obligations and any party purchasing copper cathode from Milford are on notice and do so at their risk.
/jlne.ws/4l9rIba
NY Fed's push for repo haircuts gets a tepid response; New risk management standards could make it harder to finance US Treasury purchases
Rebecca Baird-Remba - Risk.net
An effort by the Federal Reserve Bank of New York to persuade banks to apply haircuts to non-cleared bilateral repo transactions elicited a tactfully noncommittal response from speakers at an industry conference this week.
/jlne.ws/4kZcu8j
Tradeweb adds T-bill trading to ICD Portal; New offering is the first development ahead of future corporate treasurer workflow integration; launch follows Tradeweb's acquisition of ICD in 2024.
Natasha Cocksedge - The Trade
Tradeweb has expanded its offering for corporate treasurers, through the launch of direct US Treasury bill (T-bill) trading on its ICD Portal. The move will allow T-bill trading to be available through a direct connection between the firm's ICD Portal and its institutional trading platform. The offering is expected to provide a single integrated solution to help corporate traders using the Portal to manage T-bill investments alongside other core investment options, such as money market funds, separately managed accounts, bank deposits and bond funds.
/jlne.ws/4nuXdxV
JPMorgan sees tariff-induced US 'stagflationary' slowdown in 2025
Davide Barbuscia - Reuters
U.S. trade policies will likely slow down global economic growth and rekindle inflation in the United States, where there is a 40% probability of a recession in the second half of this year, JPMorgan (JPM) analysts said on Wednesday. U.S. economic growth is expected at 1.3% this year, down from a 2% forecast at the beginning of 2025, with higher U.S. tariffs seen as adding negative shocks to the economy, the bank said in a mi-year outlook research note. "The stagflationary impulse from higher tariffs has been the impetus for our lowered GDP growth outlook for this year," it said. "We still view recession risks as elevated."
/jlne.ws/4lucdKx
BoE urged to curb bond sales investors say could 'reignite' sell-off; 'Quantitative tightening' is driving up borrowing costs and piling pressure on public finances, according to fund managers
Ian Smith and Sam Fleming - Financial Times
The Bank of England is facing growing calls to scale back its bond-selling programme this year as investors warn it risks pushing up borrowing costs further and adding to pressure on a weakening UK economy. The central bank is shrinking its portfolio of bonds accumulated during bursts of quantitative easing over the past decade and a half, as it attempts to bring its balance sheet back to a more normal size.
/jlne.ws/4lqJFS3
The rollercoaster ride of Britain's financial markets; The FT30 celebrates its 90th birthday next week - and the UK's oldest continuous stock index has quite a story to tell
John Plender - Financial Times
Few investors today pay much attention to the UK's FT30 index, if indeed they know about it at all. Its protracted erosion in status has been accentuated by the widely perceived decline of London's stock markets following the financial crisis and Brexit. Yet anyone who owned a portfolio of equity shares 50 years ago will vividly recall being mesmerised by the index's day-to-day gyrations in the vertiginous 1970s bear market - the worst in living memory. Back then, the popularly known FT Index, which celebrates its 90th anniversary on Tuesday, was the exclusive focus of attention for market performance.
/jlne.ws/4lcNf2v
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Sierra Club Drops BlackRock as Asset Manager, Citing Climate Risk
Olivia Raimonde - Bloomberg
Sierra Club Foundation, the fiscal sponsor for one of the US's largest environmental organizations, is pulling money from BlackRock Inc., citing the asset manager's "refusal" to "address the systemic financial implications of the climate crisis" in its investment decisions.
"Climate risk is financial risk," said Paul Rissman, an emeritus board member of the Sierra Club Foundation, in an announcement on Wednesday. BlackRock has failed to "support real-world decarbonization through stronger stewardship practices" he said.
/jlne.ws/4envdYV
Trump Joins the Opposition to Vermont's Climate Superfund Act, Calling it 'Burdensome' and 'Ideologically Motivated'; Vermont Democrats prepare for a long fight in federal court, but they believe making oil companies pay for past greenhouse gas emissions will eventually pass legal muster.
Nina Sablan - Inside Climate News
Vermont's Climate Superfund Act became law last summer. New York followed its lead in December. Four days later, the Chamber of Commerce and the American Petroleum Institute sued Vermont for abusing its power and putting an unreasonable burden on the industry. On May 1, the Trump Department of Justice sued both Vermont and New York to block enforcement of climate superfund laws, which seek to hold major fossil fuel companies accountable for their share of the emissions that have contributed to the increasing scale of costly climate disasters between 1995 and 2024.
/jlne.ws/4ep6EKT
Republicans Propose a New Way to Scrap Fuel Economy Rules: No Fines; For 50 years, automakers have had to increase the fuel efficiency of their vehicles or pay fines. The Republican megabill would set those penalties to $0.
Brad Plumer and Jack Ewing - The New York Times
Republicans in the Senate are considering a measure in President Trump's big domestic policy bill that would essentially nullify the fuel efficiency rules for cars and light trucks that have been in place for nearly 50 years. The provision would eliminate fines for any automaker that failed to comply with federal Corporate Average Fuel Economy standards, which were created by Congress in 1975. Over time, those efficiency rules have gotten stricter, pushing automakers to improve the mileage of their cars and trucks and to introduce innovations like the Toyota Prius hybrid.
/jlne.ws/40o6k9u
Inside a plan to use AI to amplify doubts about the dangers of pollutants; Risk analyst Tony Cox's work has been backed by industry, but some health experts are alarmed
Dharna Noor - The Guardian
An industry-backed researcher who has forged a career sowing doubt about the dangers of pollutants is attempting to use artificial intelligence (AI) to amplify his perspective. Louis Anthony "Tony" Cox Jr, a Denver-based risk analyst and former Trump adviser who once reportedly claimed there is no proof that cleaning air saves lives, is developing an AI application to scan academic research for what he sees as the false conflation of correlation with causation.
/jlne.ws/46gAwak
From shortage to surplus: India pours record rice crop into ethanol
Rajendra Jadhav - Reuters
India is allocating record rice volumes for ethanol production as it struggles with unprecedented inventories that are likely to swell further with the arrival of the new season crop, a reversal from earlier shortages that led to export curbs. Turning more rice to ethanol is helping to reduce rice stocks in the world's biggest producer and exporter of the grain and keeping India's ambitious ethanol blending programme on track despite a drop in supplies of traditional feedstock sugar cane.
/jlne.ws/44hc9Xr
Exclusive-US allows ethane to be loaded and shipped to China, but not unloaded, letter says
Karen Freifeld - Reuters
The U.S. sent letters to Enterprise Products and Energy Transfer on Wednesday informing the companies they could load ethane on vessels destined for China but could not unload the ethane in China without authorization, according to a person familiar with the matter and copy of one letter. The letters from the U.S. Department of Commerce follow a licensing requirement imposed several weeks ago on the companies' exports of ethane to China, which halted shipments and led to vessels anchoring in or hovering around the U.S. Gulf Coast.
/jlne.ws/44hcARz
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | BlackRock Launches New Global Government Bond Hedged ETF
Mallika Mitra - ETF.com
BlackRock launched a new exchange-traded fund Thursday designed to offer investors exposure to a globally diversified portfolio of government bonds. The iShares Global Government Bond USD Hedged Active ETF (GGOV) uses a currency hedge on the non-U.S. bonds that seeks to raise the yield on those exposures when the U.S. policy rates are elevated relative to their global counterparts, according to a press release. GGOV is managed by the BlackRock Tactical Asset Allocation team, and its benchmark index is the Bloomberg Global Treasury USD Hedged Index. The expense ratio is 0.39%.
/jlne.ws/44y9UQV
Captrust Expands its Crypto Investing Capabilities, Forges Partnership with EagleBrook; The move reflects growing interest in crypto assets among wealth managers.
David Wignall - Barron's
Investing in cryptocurrencies may soon become easier for wealth advisors at Captrust Financial Advisors, a fast-expanding firm with over $1 trillion in client assets under administration. On Thursday, EagleBrook, a firm which offers crypto investment tools for wealth managers, announced its partnership with Captrust. The deal will allow Captrust's advisors access to EagleBrook's platform-and should pave the way for them to invest more broadly in crypto assets.
/jlne.ws/3ZS9CSp
Navigating banking platform modernisation: How to fuse reliability with innovation; Watch this webinar, in association with FIS, to learn how FIs should navigate wider banking platform modernisation.
FINRA
The phrase "core modernisation" has become outdated. Long gone are the days when banks would simply rip and replace their core infrastructures. Instead, institutions are now focussed on modernising their entire banking platforms and the surrounding technology - to extract greater value from their investments, while innovating for tomorrow.
/jlne.ws/4ki0VIn
Hedge Funds
Hedge funds scale back steepener positions as risks rise; Uncertainties around US Treasury issuance and timing of rate cuts see investors trim 'consensus' trade
Rebecca Baird-Remba and Lukas Becker - Risk.net
For months, macro hedge funds have been betting that the US Treasury yield curve will continue to steepen. But with the steepening trend easing amid uncertainties around the US budget bill and rate cut timings, a number of macro funds have unwound their positions, or even moved into tactical flattening trades.
/jlne.ws/44Cpf2T
This Hedge Fund Legend Made 30% Returns for 30 Years-By Breaking the No. 1 Rule of Investing
Nick Thomas - Benzinga
Stan Druckenmiller's path to becoming one of history's most successful hedge fund managers reads like a case study in unconventional career pivots. Starting as an English major who dreamed of becoming a professor, Druckenmiller didn't discover economics until his junior year-and only then because he wanted to better understand the newspaper.
/jlne.ws/4l6a7Rl
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | H-1B Middlemen Bring Cheap Labor to Citi, Capital One
Eric Fan, Marie Patino - Bloomberg
Silicon Valley's hunger for innovation has made H-1B visas a pipeline for top global talent in science and engineering. Yet new data obtained by Bloomberg News shows a broader array of businesses, including banks and telecommunication companies, are also among the largest H-1B employers.
/jlne.ws/45F1Ajn
The Golden Age for Employers Is Ending; Business will have to adjust to a world in which immigrants are much rarer, and jobs are harder to fill.
Adrian Wooldridge - Bloomberg
For as long as most of us can remember, business has been able to call on a ready supply of foreign workers. The giants of Silicon Valley, farmers and food processors, hotels and restaurants, housebuilders and megastores: All have dealt with labor shortages by recruiting immigrants. One result has been an astonishing demographic transformation: 16% of the British population, 20% of the Swedish population, 19% of the German population and 14.3% of the US population were born abroad.
/jlne.ws/3Gj9Aw8
Call Center Workers Are Tired of Being Mistaken for AI; As more workers are asked by strangers if they're bots, surreal conversations are prompting introspection in the industry about what it means to be human.
Morgan Meaker - Bloomberg
By the time Jessica Lindsey's customers accuse her of being an AI, they are often already shouting. For the past two years, her work as a call center agent for outsourcing company Concentrix has been punctuated by people at the other end of the phone demanding to speak to a real human. Sometimes they ask her straight, 'Are you an AI?' Other times they just start yelling commands: 'Speak to a representative! Speak to a representative!'
/jlne.ws/44DJBc4
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| Wellness Exchange | | An Exchange of Health and Wellness Information | What to Know About the Vaccine Preservative Thimerosal; A C.D.C. advisory committee on Thursday voted against flu shots that contain the ingredient.
Teddy Rosenbluth - The New York Times
An expert panel that advises the Centers for Disease Control and Prevention on vaccines voted Thursday to no longer recommend annual flu shots that contain the preservative thimerosal. The move gives credence to the long debunked theory that the ingredient - which has been used in vaccines for nearly a century - is linked to neurodevelopmental problems. Medical experts said the decision also represents a jarring departure from the Advisory Committee on Immunization Practices history of making decisions based on strong scientific data. "A.C.I.P. makes recommendations based on scientific evidence as much as possible," said Dr. Cody Meissner, an expert in pediatric infectious disease epidemiology and voting member of the panel. "There is no scientific evidence that thimerosal has caused a problem," he added.
/jlne.ws/3I3dERE
I've Heard Receipts Are Toxic. Is It Safe to Touch Them?; The chemicals in receipts have been linked with reproductive issues. We asked experts whether you should worry.
Isobel Whitcomb - The New York TImes
Q: I've seen claims online that paper receipts contain toxic chemicals. Should I avoid touching them? In a video on TikTok, Dr. Tania Elliott, a social media influencer with a medical background, grasps a Whole Foods receipt with a large pair of wooden tongs. "Don't touch this," she says, explaining that most paper receipts contain a "toxic" chemical called bisphenol A, or BPA, which is easily absorbed through the skin and linked to health issues like infertility, hormone imbalances and certain cancers. Such claims are made all over the internet. And many of them are not totally wrong, experts say. Until recently, most paper receipts in the United States did contain BPA, a known hormone disruptor, and skin exposures have been linked to fertility issues, insulin resistance and more.
/jlne.ws/4neFxX0
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Australia sues China-linked rare earths investors
Christine Chen - Reuters
Australia is suing a Chinese-linked company and a former associate over a breach of foreign investment laws linked with rare earths miner Northern Minerals, the national treasurer said on Thursday, adding it was the first case of its kind. Indian Ocean International Shipping and Service Company was one of five foreign investors with ties to China subject to an order by Treasurer Jim Chalmers to divest shares on national interest grounds in June last year.
/jlne.ws/44AUtY6
China's collateral demands curbing emerging countries' ability to manage finances, study shows
Duncan Miriri - Reuters
China's practice of securing its loans to low-income nations through commodity revenue streams and cash held in restricted escrow accounts is curbing their ability to manage their finances effectively, a study published on Thursday showed. China has lent hundreds of billions of dollars for infrastructure and projects in developing countries, but has been criticised for using earnings of commodity exports from borrower nations as security for the loans, sometimes arranged during times of economic strife for the borrower.
/jlne.ws/3FZb6DF
Risky Credit Product That Burned Investors in Brazil Beckons Once Again
Fernando Travaglini - Bloomberg
A risky investment product that lets individuals take a stake in Brazil's vast agribusiness industry is back in the spotlight after a brutal year of losses marked by farm bankruptcies and defaults. Known as Fiagros, the credit instruments operate like a closed-end fund, pooling capital primarily from retail investors and allocating it to a range of agricultural assets, typically receivables. Since launching in 2021, they grew to manage as much as 44.7 billion reais ($8.1 billion) worth of assets and financing everything from food giants such as JBS NV and BRF SA to small, rural producers.
/jlne.ws/4nnt6s7
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| Miscellaneous | | Stories that don't quite fit under the other sections | Anna Wintour to Step Down as Editor-in-Chief of US Vogue
Bloomberg
Anna Wintour, the longtime editor of Vogue magazine, said the Condé Nast publication is seeking a new head of American editorial content. The person filling the newly created position will take over daily editing duties of a magazine that's considered a trendsetter in the fashion industry. Wintour, who serves as chief content officer for Condé Nast and global editorial director of Vogue, took on expanded duties after a company reorganization four years ago, the company said in an email. Other markets, including Japan, the UK and France, already have appointed dedicated heads of editorial content. Bloomberg's Tiwa Adebayo joined Francine Lacqua to discuss Wintour's decision to step down from her role as editor-in-chief of American Vogue after 37 years.
/jlne.ws/3TIKPMT
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