| March 27, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
In the Langer, et al. v. CME Group, Inc., et al. class action lawsuit, the plaintiffs and defendants' summary judgement presentations, along with a transcript of the summary judgment hearing on January 31, 2025, were posted to the CME's CMELawsuit.com website. You can see the various presentations here: Transcript of Summary Judgment Hearing, Defendants' Summary Judgment Presentation Deck, Plaintiffs' Summary Judgment Presentation Deck.
As the hearing started, attorney Art Hogan of Skadden, Arps, Slate, Meagher & Flom, LLP began on behalf of the CME Group, though he was a little confused about who he was representing, as he said of his and his fellow attorney's representation of the CME: "We're proud to represent the Chicago Mercantile Exchange Group and the Chicago Board of Trade."
Acting CFTC Chairman Caroline D. Pham will speak at the FIA Roundtable Luncheon on March 27, 2025, at 11:00 p.m. (USA/EST) and March 28, 2025, at 12:00 p.m. (Tokyo/UTC+9). The event will be held at Greenberg Traurig, located in the Meiji Yasuda Seimei Building, 21F, 2-1-1 Marunouchi, Chiyoda-ku, Tokyo 100-0005.
She will also be speaking at the ISDA Japan Member Luncheon Roundtable on March 26, 2025, at 11:30 p.m. (USA/EST) and March 27, 2025, at 12:30 p.m. (Tokyo/UTC+9). The event will take place at the Linklaters Tokyo Office, located in the Meiji Yasuda Building, 10F, 1-1, Marunouchi 2-chome, Tokyo, 100-0005.
Meanwhile, CFTC Commissioner Kristin N. Johnson will deliver the keynote address at the Governing Data Symposium, a collaborative event between the University of Iowa Innovation, Business & Law Center and the Yale Journal of Law & Technology, on March 29, 2025, at 1:15 p.m. (EDT). The event will be held at Yale Law School, located at 127 Wall Street, New Haven, CT 06511.
The NIBA's 2025 Compliance Officers Group meeting will take place on Wednesday, April 16, from 2:00 to 5:00 p.m., with a reception following the session. The event will be held at Paul Hastings LLP, 71 S. Wacker Dr., Ste. 4500, Chicago, IL. The session will cover key topics such as the retailization of the markets, including event contracts, crypto, and FX, NFA supervision of firm compliance with trends in enforcement, and NFA communications, recordkeeping, and supervision. Registration is now open for attendees to secure their spot. For more information, contact Katie Tervin at ktervin@zaner.com or Melinda Schramm at melinda@futuresrep.com.
The Warsaw Stock Exchange Group announced it has achieved record-breaking performance in 2024, generating PLN 464.8 million in revenue, a 4.5% increase year-over-year, despite challenging macroeconomic and geopolitical conditions. Investor activity remained robust on the exchange, with GPW Main Market EOB equity turnover surging 20.7% to PLN 331.4 billion, making it a standout performer in Europe with a 26.8% increase in euro-denominated turnover-the highest percentage growth among exchanges with annual turnover exceeding EUR 2 billion. The exchange maintained strong financial health with adjusted EBITDA growing 2.2% to PLN 163.7 million and adjusted net profit rising 2.1% to PLN 157.7 million, while also boasting the second highest velocity ratio (39.1%) among European Economic Area exchanges.
Richard R. Best, the former director of the SEC's Division of Examinations from March 2022 to September 2024, passed away on March 12, 2025, the SEC Historical Society shared on LinkedIn.
Get ready to start hoarding toilet paper again. Bloomberg reports that the "Trump Tariffs on Canada Lumber Risk Pinching Toilet Paper Supply." This tariff thing is turning into a real bummer.
Here are the headlines from in front of FOW's paywall from some recent stories: Kaizen hires two board directors to drive North America plans, OTC markets improved in 2024 driven by technology - Parameta, ANALYSIS: Education key to international retail expansion efforts, BMLL partners with Exegy to boost options analytics, ANALYSIS: Indian margin reforms leave 'open questions' ahead of deadline and This time (something) is different: why 2025 is the year to reassess UK markets.
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:
- Long-Dated Box Spreads: A Better Way to Buy a Home from Cboe.
- "More Record Years Ahead" for ETF Assets from Traders Magazine.
- US Stock Market Liquidity Drying Up as Trade War Concerns Mount from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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 Cboe's Howson Outlines Global Expansion Strategy, Highlights 24/5 Trading and Retail Growth JohnLothianNews.com BOCA RATON, Fla. (JLN) - March 27, 2025 - David Howson, EVP and global president of Cboe Global Markets, outlined the exchange's vision for global expansion and product innovation in an interview with John Lothian News at FIA Boca50 in March. Howson emphasized Cboe's focus on meeting customer demand for 24/5 trading capabilities. "Our customers internationally are coming to us saying we want trading in daylight hours," Howson said. "We need to be engaged in the market structure debate, something that we need to solve to achieve that goal and meet our customers' needs." Watch the David Howson Video »
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Coming to a store near you: double-digit coffee price hikes
May Angel, Marcelo Teixeira and Jessica DiNapoli - Reuters
If your favourite coffee beans have vanished from the shelves, don't worry - they will return soon. The bad news is they will be up to 25% more expensive. Roasters such as Lavazza, Illy, Nestle (NSRGY) and Douwe Egberts maker JDE Peet's are currently in talks with retailers about passing on costs from a near doubling of arabica coffee prices over the past year, according to eight industry sources.
/jlne.ws/4j2d4Bv
****** If there was anything that could cause a revolution, it would be coffee rationing.~JJL
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Sam Bankman-Fried Moved to Oklahoma Prison Transit Facility; The convicted cryptocurrency tycoon was at a transit facility in Oklahoma City that often houses inmates being moved across the country
Alexander Osipovich - Bloomberg
Disgraced cryptocurrency tycoon Sam Bankman-Fried has been removed from the federal jail in New York City where he has been held since August 2023, after officials started the process of transferring him to a prison where he will continue serving his fraud sentence. The Federal Bureau of Prisons website showed early Thursday that Bankman-Fried was at a transit facility in Oklahoma City that often houses inmates being moved across the country. Until Wednesday, he had been at the Metropolitan Detention Center in Brooklyn, where he recently recorded an unsanctioned jailhouse video interview with Tucker Carlson, part of a long-shot bid to win a pardon from President Trump.
/jlne.ws/42jmlyQ
****** The video connections in Oklahoma are not nearly as good as in Brooklyn, I bet.~JJL
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Wednesday's Top Three
Our top clicked item Wednesday was the notice for the CFTC Self-Reporting, Cooperation, and Remediation Advisory: A Game-Changer, an L&C Division Webinar from the CFTC, which takes place today from 10:00 a.m. - 11:00 a.m. ET. Second was The Art of the Deal Meets a Four-Power Axis, an opinion piece from Andreas Kluth in Bloomberg. Third was ICE plans first battery metal futures in challenge to CME, from FOW.
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| Lead Stories | ICE, Circle to Explore Using USDC Stablecoin
Teresa Xie - Bloomberg
Intercontinental Exchange Inc., parent of the New York Stock Exchange, is joining with Circle Internet Financial Ltd. to explore the use of the crypto firm's USDC stablecoin, as well as tokenized money market funds, to develop new products. "We believe Circle's regulated stablecoins and tokenized digital currencies can play a larger role in capital markets as digital currencies become more trusted by market participants as an acceptable equivalent to the US dollar," Lynn Martin, president of the NYSE, said in a statement Thursday.
/jlne.ws/4l50cfd
Robinhood, Moving Beyond Meme Stocks, Now Wants to Be Your Bank
Paige Smith - Bloomberg
Robinhood Markets Inc. has moved past its meme stock days to become known as the go-to trading platform for retail investors of all stripes - crypto zealots, novice financiers and sophisticated speculators alike. Now it's taking it a step further: It also wants to be your bank. Robinhood will roll out checking and savings accounts later this year to its paying "Gold" subscribers, but with a few twists. The Menlo Park, California-based firm aims to be less of a traditional bank for its customers and more of a private banking-like experience, according to Deepak Rao, vice president and general manager of Robinhood Money.
/jlne.ws/3FJYWOs
Robinhood Customers Are Growing Up, and the Brokerage Wants to Keep Them; Brokerage that rode the meme-stock wave is rolling out financial services for a more mature set
Hannah Erin Lang - The Wall Street Journal
Robinhood, the digital brokerage that channeled the meme-stock and crypto craze, is angling to keep its youthful clientele as they graduate from YOLO investing to estate planning. The company said Wednesday it plans to roll out many new services, from wealth-management tools and bespoke investment portfolios to bank accounts. All of them cater to Americans as they age, earn more money and navigate more complicated financial lives. Robinhood customers' median age has climbed to 35 years old from 31 over the past five years.
/jlne.ws/4j7jEGl
Commodity traders complain about cost of Trump 'tweet-driven' uncertainty; Trafigura 'semi-seriously' looks at changing traders' hours to match president's social media output
Leslie Hook, Tom Wilson and Camilla Hodgson - Financial Times
US President Donald Trump's "tweet-driven" uncertainty is imposing extra costs on commodity traders, slowing their investment plans and even prompting some European houses to consider changing their working hours to align with Trump's social media output. Trump's frequent messages on X and his own Truth Social platform - often sent at odd hours - have sparked volatility in commodities markets over recent weeks and left traders scrambling to react. Richard Holtum, Trafigura's newly appointed chief executive, said he was "semi-seriously" considering changing traders' working hours in Geneva to 2pm to midnight.
/jlne.ws/3QTWzLf
Businesses Sound Alarm Over GOP's Corporate-Tax Idea; As lawmakers consider limiting corporations' state and local tax deductions, companies warn of a backdoor tax hike
Richard Rubin - The Wall Street Journal
Congressional Republicans may consider capping corporations' ability to deduct state and local taxes from federal taxable income, and business lobbyists are rallying to fight the potential change, which would raise hundreds of billions of dollars over a decade. Repealing or curbing the corporate state and local tax deduction (C-SALT, in tax shorthand) would parallel today's $10,000 cap on SALT deductions for individuals and raise money to pay for tax cuts in the major legislation Congress is assembling this year.
/jlne.ws/3RrrtKY
JPMorgan Was Victim of 'Brazen Fraud,' US Says in Charlie Javice Closing Arguments
Bob Van Voris and Jazper Lu - Bloomberg
Charlie Javice committed "brazen fraud" when she sold her student-finance company Frank to JPMorgan Chase & Co. based on inflated user numbers, a federal prosecutor said during closing arguments at the startup founder's trial. The trial of Javice, 32, and her co-defendant, former Frank chief growth officer Olivier Amar, began to wrap up Wednesday after more than a month of testimony in Manhattan federal court. The two are charged with lying and creating fake data showing Frank had more than 4.25 million customers, when it actually had fewer than 300,000, to convince JPMorgan to buy the company at a higher price.
/jlne.ws/3DU71iV
Fed Urged to Explore Hedge Fund Bailout Tool for Basis Trade
Alex Harris - Bloomberg
The Federal Reserve should consider setting up an emergency program that would close out highly leveraged hedge-fund trades in the event of a crisis in the $29 trillion US Treasuries market, according to a panel of financial experts. Any vicious unwinding of a swath of the estimated $1 trillion in hedge fund arbitrage bets would not only hamper the Treasuries market, but others as well - requiring Fed intervention to assure financial stability. When the US central bank did that in March 2020, during the initial Covid crisis, it engaged in massive outright purchases of Treasury securities, to the tune of about $1.6 trillion over several weeks.
/jlne.ws/3FFHN8F
Musk's War on Delaware Spurs Law Pushed by Private Equity
Sabrina Willmer - Bloomberg
The lobbying powerhouse for the private equity industry was rewarded Tuesday night when a controversial bill overhauling Delaware's corporate law was passed, potentially making it harder for shareholders to beat companies and executives in court - a long-simmering campaign reignited by Elon Musk. A team of five lobbyists hired by the American Investment Council, which is funded by the likes of Blackstone Inc. and KKR & Co., had pressed lawmakers to support the measure. The "billionaires' bill," as some detractors called it, eased the standards for insider deals involving controlling shareholders and for rich compensation packages for founders like Musk. An army of professional influencers had been "swarming the statehouse," as one legislator put it.
/jlne.ws/3FFAZrj
ADM to Cut CEO's Bonus After Accounting Scandal Hit Shares
Nicola M White and Michael Hirtzer - Bloomberg
Archer-Daniels-Midland Co. plans to slash Chief Executive Officer Juan Luciano's annual cash bonus and laid out a new policy to claw back long-term awards in a bid to "ensure accountability" more than a year after an accounting scandal sent the commodity-trading giant's shares tumbling. Luciano is due to receive a 2024 bonus of about $1.2 million, less than half of his target of nearly $3 million, according to a securities filing. That brings his total compensation to roughly $21.6 million, down from $24.4 million in the previous year.
/jlne.ws/4hZSiRG
No need for repo clearing 'cannon' in Europe, says industry; Observers question rationale for a clearing mandate, calling for clearer incentives
Samuel Wilkes - Risk.net
Mandatory central clearing has been an effective weapon in regulators' arsenal to reduce systemic risks revealed by the financial crisis. As the US places perceived threats in the US Treasuries market between the crosshairs of an ongoing clearing reform, Europe's rule-setters are wondering whether it's worth doing the same. Industry sources, however, are cautioning that a potential mandate in Europe would be eliminating a threat that appears less alarming compared to previous targets.
/jlne.ws/4iOuTUk
HSBC fired investment bankers on bonus day and gave them no bonuses; Lender is taking a tougher approach to costs under new chief executive Georges Elhedery
Kaye Wiggins and Ortenca Aliaj and Ivan Levingston - Financial Times
HSBC fired investment bankers on the day they were due to learn their bonus figures and gave no bonuses to many it let go, in a sign of how the bank is taking a more ruthless approach to costs under new chief executive Georges Elhedery. The London-based lender told staff in its UK investment banking business last month that they were losing their jobs, having said in January it would shut its mergers and acquisitions advisory work and its equity capital markets business outside of Asia and the Middle East. Those conversations took place just as bankers expected to learn how much they would receive in bonuses for work done in the calendar year 2024, three people with knowledge of the matter said. But bankers at vice-president level and above within HSBC's investment banking unit who had their employment terminated as part of the restructuring received no bonus, the people said.
/jlne.ws/41KiYAS
European oil traders weigh Russia return in market reshaped by war; Commodity houses face battle from trading network that has served Moscow since invasion
Tom Wilson - Financial Times
European oil traders are weighing when to re-enter Russia's markets with some predicting Moscow will seek to maintain increased control of its oil exports even if western sanctions are lifted. After Europe's powerful commodity houses, including Vitol, Trafigura and Gunvor, ceased trading most Russian oil after the invasion of Ukraine, Moscow was forced to rely on new intermediaries to move crude and petroleum to buyers in Asia, Africa and the Middle East.
/jlne.ws/4iKonOw
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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's Trade War Is Entering a New Phase. Farmers Are on the Front Lines.
U.S. agriculture exports are at high risk for retaliation when reciprocal tariffs start on April 2.
Joe Light - Barron's
Rural America sent Donald Trump back to the White House. Now, Trump's new trade war is putting its loyalty to the test. At the front lines are farmers like John Airy, who farms more than 1,000 acres of soybeans and corn in Central City, Iowa. Rising costs for everything from labor to fertilizer and a 20% drop in soybean prices challenged his business last year, though he says he managed to break even. This year, tariffs will probably produce new pressure on his bottom line as Trump wages economic warfare against the country's largest trading partners, which also happen to be the biggest buyers of U.S. farm goods. "Nobody is expecting to get rich this year. That's for sure," Airy says.
/jlne.ws/42lpgXK
Trump is now trying to block Canada's efforts to boost Europe ties; Trump threatens 'large scale tariffs' against Canada and EU if they ally in trade war
Jamie Chisholm - MarketWatch
U.S. President Donald Trump threatened to levy additional tariffs on Canada and the European Union if they worked together in response to his trade war. In an early-hours post on Truth Social, Trump said: "If the European Union works with Canada in order to do economic harm to the USA, large scale Tariffs, far larger than currently planned, will be placed on them both in order to protect the best friend that each of those two countries has ever had!"
/jlne.ws/41O4Nee
Trump barrels forward with tariffs for 'Dirty 15' trading partners; New taxes on imports from countries that sell more to the United States than they buy may not undo trade imbalances, analysts say.
David J. Lynch and Jeff Stein - The Washington Post
The nations that President Donald Trump is expected to target with new tariffs next week share one thing in common: They all sell more goods to the United States than they buy from it. But the similarities stop there. The nations that the president could hit with new "reciprocal" tariffs on April 2 - which account for nearly 90 percent of the $3.3 trillion in merchandise that the United States imported last year - range from tiny Switzerland to China, the world's second-largest economy.
/jlne.ws/4iHEE6z
Trump's Tariffs on Autos Would Hit Europe Hard; The levies could hurt European automakers when the industry is already struggling, especially in Germany, Europe's biggest economy.
Jeanna Smialek and Melissa Eddy - The New York Times
After months of threats, the White House unveiled plans on Wednesday to impose tariffs on automobiles imported to the United States, a plan that is likely to hit car companies across the European Union hard. The move - which would place a 25 percent tariff on all cars not built in the United States - could ramp up pressure on Europe to respond with countermeasures.
/jlne.ws/4j5ENAv
Trump Tariffs on Canada Lumber Risk Pinching Toilet Paper Supply
Mathieu Dion and Thomas Seal - Bloomberg
President Donald Trump's promised tariffs on softwood lumber risk disrupting the supply chain for something nobody wants to be caught without: toilet paper. The Trump administration plans to almost double duties on Canadian softwood lumber to 27%, with the possibility of additional levies pushing the rate to more than 50%. While Trump advocates for new tariffs partly to bolster US manufacturing, they may also hit the availability of northern bleached softwood kraft pulp, or NBSK, a key component in making toilet paper and paper towels.
/jlne.ws/4iUHN2Y
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Ukraine's Zelenskiy says he wants America to be strong, vows to counter Russian narratives
Reuters
Ukrainian President Volodymyr Zelenskiy said on Wednesday that he wanted the United States and Kyiv's other Western allies to remain strong in countering Russia's demands and narrative in its three-year war on his country. But Zelenskiy said that pro-Kremlin comments by Washington were weakening U.S. pressure on Russia and bringing peace no closer in the biggest conflict in Europe since World War Two. Zelenskiy, interviewed by a panel of European journalists in Paris on the eve of a meeting of European leaders, said he had agreed to proceed with ceasefire talks to ensure a resumption of U.S. aid and intelligence sharing.
/jlne.ws/3DW6tJu
Keir Starmer Launches Outspoken Attack On Vladimir Putin As Ukraine Peace Talks Drag On; The prime minister will say the Russian president "needs to show he's willing to play ball" to bring the conflict to an end.
Kevin Schofield - The Huffington Post
Keir Starmer will launch an outspoken attack on Vladimir Putin on Thursday as talks to end the war in Ukraine drag on. The prime minister will say the Russian president "needs to show he is willing to play ball" as the US tries to broker a truce. Donald Trump accused Russia of "dragging their feet" after Putin said he was only willing to accept a ceasefire in the Black Sea if certain sanctions are lifted. Putin has also refused to sign up to a complete 30-day truce in the war, even though Ukraine has agreed to it.
/jlne.ws/4hLDPsg
No peace deal until you return our thousands of abducted children, Ukraine tells the Kremlin
Sabrina Penty - Daily Mail
Kyiv has told the Kremlin that there will be no peace unless Russia returns thousands of abducted children, a Ukrainian government adviser has revealed. Speaking to The Times, Daria Zarivna - an adviser to the Ukrainian president's chief of staff, Andriy Yermak - said: 'Our openness to engage in peace talks should not be confused with compromising on key issues'. Her remarks come after the US wrapped up three days Ukrainian and Russian delegations in Saudi Arabia earlier this month on prospective steps toward a limited ceasefire, with Zarivna being part of the Ukrainian delegation in Jeddah.
/jlne.ws/4j3aPNw
As Trump cuts funding, Ukrainians wonder who will answer for kids abducted in war
Max Hunder - Reuters
When he learned that U.S. President Donald Trump had suspended funding for a Yale University research project into Russia's abduction of children from Ukraine, Volodymyr Sahaidak wondered if the perpetrators would ever be brought to justice. Sahaidak was running a rehabilitation centre for more than 50 children in the southern city of Kherson when Russian forces invaded Ukraine in February 2022.
/jlne.ws/3DXePR0
EU says 'unconditional withdrawal' of Russia from Ukraine is a precondition to amend sanctions
Julia Payne and Jan Strupczewski - Reuters
The withdrawal of all Russian forces from Ukraine would be one of the main conditions to lift or amend EU sanctions, the European Commission said on Wednesday. The United States reached separate deals on Tuesday with Ukraine and Russia to pause their attacks at sea and against energy targets, with Washington agreeing to push to lift some sanctions against Moscow.
/jlne.ws/41ZdhOh
Russia detains billionaire Vadim Moshkovich; Founder of one of Russia's largest agricultural companies held by authorities
Courtney Weaver - Financial Times
Russian authorities have detained billionaire Vadim Moshkovich, the first time that such a high-profile Russian businessman has been held by authorities since the 2022 Ukraine invasion. Moshkovich, the founder of one of the country's largest agricultural holdings Rusagro, was detained as part of an investigation into fraud and abuse of power, according to the state newswire Tass.
/jlne.ws/4cck6B0
Middle East Conflict
An unrestrained Israel is reshaping the Middle East; Its quest for hegemony will strain domestic cohesion and foreign alliances
The Economist
Ten years and a lifetime ago, Binyamin Netanyahu offered a stark vision of the future. Israel's prime minister told a parliamentary committee that there could never be peace with the Palestinians. "I'm asked if we will forever live by the sword," he said. "Yes." His words were a source of controversy, not least among the leaders of the Israel Defence Forces (idf), who did not think the government should give up on diplomacy. Yet today Mr Netanyahu's vision is an almost unquestioned reality. It has remained so even though Israel has reversed the sense of peril it felt immediately after Hamas, a Palestinian militant group, went on a rampage across southern Israel on October 7th 2023, killing more than 1,100 people and kidnapping 250 more.
/jlne.ws/4hM2pJt
US appears to be significantly increasing its military presence in the Middle East; The US has extended the deployment of the USS Harry S Truman carrier strike group in the Red Sea, while another is heading to the Middle East. At least five B-2 stealth bombers have also been deployed to Diego Garcia, a British military base used by the US in the Indian Ocean.
Alistair Bunkall - Sky News
The United States appears to be significantly increasing its military presence in the Middle East with the deployment of highly sophisticated aircraft and a second aircraft carrier to the region. In recent days, at least five B-2 stealth bombers have deployed to Diego Garcia, a British military base used by the US in the Indian Ocean. More are reportedly en route.
/jlne.ws/3XyeevQ
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Stock Exchange of Thailand partners with Google on AI search solution; New offering is set to enhance Thailand's capital markets through streamlining the stock exchange, further democratising access to market data, facilitating equity issuance, and preserving market integrity.
Claudia Preece - The Trade
The Stock Exchange of Thailand (SET) has unveiled plans to develop and deploy a new AI-driven search solution across its workflows, in collaboration with Google Cloud. The new offering, named ATLAS - Automated Thai Listed Company AI-Info System - is powered by generative AI and includes advanced information processing and retrieval capabilities. The move is set to enhance Thailand's capital markets through streamlining the stock exchange, further democratising access to market data, facilitating equity issuance, and preserving market integrity.
/jlne.ws/4caEnXu
ICE and Circle Sign MOU to Explore Product Innovation Based on Circle's USDC and USYC Digital Assets
Intercontinental Exchange Inc.
Intercontinental Exchange Inc. (NYSE:ICE), a leading global provider of technology and data, and Circle Internet Group, Inc., a global financial technology company and stablecoin market leader, today announced an agreement whereby ICE plans to explore using Circle's stablecoin USDC, as well as tokenized money market offering US Yield Coin (USYC), to develop new products and solutions for its customers. "ICE's reputation and global network across markets offer a unique pathway for Circle to integrate USDC into major new use cases, and we are thrilled for the opportunity to innovate together," said Jeremy Allaire, Co-Founder and CEO of Circle.
/jlne.ws/3FL6G2M
BME welcomes eleven new companies and three new partners to the Pre-Market Environment, its accelerator for stock market listings
BME-X
BME's Pre-Market Environment (EpM) welcomes fourteen new participants today. This training and networking programme is aimed at high-growth companies, which are gradually helped by stock market professionals and their partners to understand how to become a listed company and develop the transparency and governance habits required by the stock market. With these new additions, BME's stock market listing accelerator now has 31 companies and 32 partners, which are firms specialised in the markets.
/jlne.ws/4l6aPOC
EBS Market on CME Globex Notice: March 27, 2025
CME Group
SIX Launches SIX Bulk API to Transform Financial Data Management
SIX
SIX, a leading provider of financial services and market infrastructure, is proud to announce the launch of its new SIX Bulk API solution. This innovative API is designed to seamlessly feed and update databases at speed by providing instant and controlled access to high volumes of financial data, making security master management easier than ever before.
/jlne.ws/4hMlcod
SGX-ST Listings Disciplinary Committee reprimands Lorenzo International Limited, Executive Director and former Deputy Chairman Lim Pang Hern and former CFO Teo Kok Meng
SGX
/jlne.ws/4l4UUAn
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | BSO acquires InterCloud: A strategic move to strengthen high-performance Cloud Connectivity
BSO
BSO, a leading provider of connectivity and infrastructure solutions with a worldwide presence, announces the acquisition of InterCloud, a key player in direct connectivity services for public and private Cloud environments. Approved by the Commercial Court of Paris, as part of judicial reorganization proceedings, this acquisition offers BSO a strategic opportunity to strengthen its position in the Cloud connectivity market while ensuring uninterrupted service for InterCloud's customers. BSO's proposal was selected over competing offers, based on its ability to maintain seamless service for InterCloud's clients while integrating innovative technologies that bring significant added value. This acquisition is a major milestone in BSO's growth strategy, strengthening its ability to support businesses requiring high-performance, secure and scalable Cloud connectivity.
/jlne.ws/43YhG6J
Exegy Supports BMLL's Recent Addition Of Historical US OPRA Options Data; BMLL historical options data to complement Exegy's real-time OPRA data; Collaboration cements existing partnership and paves road for continuing integration, providing excellent data and services for global market participants
BMLL
BMLL Technologies (BMLL), the leading, independent provider of harmonised, Level 3, 2 and 1 historical data and analytics to the world's financial markets, and Exegy, the only firm delivering comprehensive, front-office solutions for market data and trading across latency spectrum, today announced that it has expanded its partnership for historical OPRA options data. In a move designed to enhance OPRA options trading, Exegy and BMLL Technologies have deepened their partnership, delivering a unified data stream that seamlessly bridges real-time and historical market data. This collaboration is the logical next step in Exegy's existing partnership with BMLL, which started in Q3 2023 after the release of its latest ticker plant platform.
/jlne.ws/4l5JUCA
BMLL and Exegy partner on unified data stream; Specifically, the collaboration combines BMLL's historical data with Exegy's real-time OPRA data.
Claudia Preece - The Trade
BMLL Technologies and Exegy have enhanced their established partnership to deliver a unified data stream for historical OPRA options data. The two firms began their partnership in Q3 2023 with the release of Exegy's latest ticker plant platform. Paul Humphrey, chief executive of BMLL, said: "This [partnership] means that if clients are backtesting historical data and find alpha, they can quickly and efficiently replicate that format in the real-time world.
/jlne.ws/426MmjJ
Clearwater Analytics Boosts Technology Leadership with Appointment of Sarang Kulkarni as New VP of Engineering, Data Platform
Clearwater Analytics
Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, has welcomed Sarang Kulkarni as its new Vice President of Engineering, Data Platform. In this role, Kulkarni will spearhead the innovation and expansion of Clearwater's data infrastructure, which is essential for powering its front-to-back investment management platform serving asset managers, insurers, corporations and government leaders globally. Sarang Kulkarni brings more than 25 years of expertise in the software industry, where his efforts in leading the development of high-availability data platforms, particularly in the fintech and e-commerce sectors, were integral to company growth. His previous positions as Senior Director of Engineering, Data Platform at Robinhood Markets and Senior Director of Engineering, Data Infrastructure at eBay, and as a named inventor on over 10 patents, position him as a valuable asset to Clearwater's technology and innovation strategy.
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Fintech Sandbox Appoints Tom Mallon as Data Partner Manager; Technology Professional and Financial Services Leader Joins Nonprofit to Power Innovation in Fintech by Supporting Founders with Data Access
Fintech Sandbox
Fintech Sandbox, a nonprofit that provides early-stage fintech startups around the world with free access to critical datasets and infrastructure through its Data Access Residency, announced the appointment of Tom Mallon as the organization's new Data Partner Manager. Prior to Fintech Sandbox, Mallon was the Vice President of Futures Markets at FreightWaves, a leading provider of global supply chain market intelligence. As Fintech Sandbox's Data Partner Manager, Mallon will lead the nonprofit's efforts to provide data access and technology expertise to the early-stage startups admitted to the Data Access Residency from around the world. He will leverage his knowledge of data and extensive financial services experience to engage with the nonprofit's over 40 current data partners, and recruit new data partners. He will also work to identify and meet the emerging data needs of Fintech Sandbox startups in order to help them build and scale their fintech products.
/jlne.ws/4hOaBci
A new data analytics studio born from a large asset manager hits the market; Amundi Asset Management's tech arm is commercializing a tool that has 500 users at the buy-side firm.
Wei-Shen Wong - Waters Technology
Amundi Technology, the tech arm of Amundi-one of Europe's largest asset management firms with over EUR2.2 trillion ($2.4 trillion) in assets under management-is working to commercialize its internal data platform, Alto Studio. One challenge the industry faces is that teams of researchers, quants, and financial analysts may want to use artificial intelligence, but their firms have yet to provide them with a way to do that safely and easily. To address this, Amundi Technology created Alto Studio
/jlne.ws/4233xm3
Trump Says He's Open to a China-Tariff Cut to Secure TikTok Deal
Jennifer A. Dlouhy and Stephanie Lai - Bloomberg
/jlne.ws/43tNHU3
UK fintech investors sharpen focus on likely 'winners'; Finding funding is becoming tougher, with a shift to quality over quantity of start-ups
Sally Hickey - Financial Times
/jlne.ws/4iRsQPy
Quincy Data Launches Transatlantic Signal Feeds
The Realization Group
/jlne.ws/3Y98Dw3
OpenAI Expects Revenue Will Triple to $12.7 Billion This Year
Bailey Lipschultz and Shirin Ghaffary - Bloomberg
/jlne.ws/4l6W52c
CoreWeave Is Planning to Cut IPO Size to $1.5 Billion
Ryan Gould and Bailey Lipschultz - Bloomberg
/jlne.ws/4c3T7Hy
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| Cybersecurity | | Top stories for cybersecurity | The Quantum Apocalypse Is Coming. Be Very Afraid; What happens when quantum computers can finally crack encryption and break into the world's best-kept secrets? It's called Q-Day-the worst holiday maybe ever.
Amit Katwala - Wired
ONE DAY SOON, at a research lab near Santa Barbara or Seattle or a secret facility in the Chinese mountains, it will begin: the sudden unlocking of the world's secrets. Your secrets. Cybersecurity analysts call this Q-Day-the day someone builds a quantum computer that can crack the most widely used forms of encryption. These math problems have kept humanity's intimate data safe for decades, but on Q-Day, everything could become vulnerable, for everyone: emails, text messages, anonymous posts, location histories, bitcoin wallets, police reports, hospital records, power stations, the entire global financial system.
/jlne.ws/426SCIo
Australian AI startup creates 'perfect victims' to bait scammers; Apate.ai bots keep swindlers tied up while eliciting information
Shaun Turton - Nikkei Asia
A man calling himself Dayton phones saying he's from Amazon. He informs the person on the line there has been suspicious activity on his account: someone paid $999.98 for a MacBook Pro to be delivered to San Diego, California. "You for real, mate?" comes the response. "I'm in Sydney, not bloody California. I mean, no, I definitely didn't buy anything like that. Are you serious?"
/jlne.ws/4l6etIt
German outlet reportedly finds Trump officials' private contact info online
Ashleigh Fields - The Hill
The German news outlet, Der Spiegel, reportedly found private contact information for Defense Secretary Pete Hegseth, Director of National Intelligence Tulsi Gabbard and national security adviser Mike Waltz, who were involved in the Signal group chat security breach. The news site's report said each individual's email address and phone number were readily available on the dark web, according to a Wednesday report.
/jlne.ws/4caSBI3
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| Cryptocurrencies | | Top stories for cryptocurrencies | Trump Family Venture Plunges Deeper Into Crypto With New 'Stablecoin'; World Liberty Financial to launch a token backed by U.S. government debt
Vicky Ge Huang - The Wall Street Journal
The Trump family's World Liberty Financial is launching a stablecoin, its latest bid to capitalize on a crypto-market revival kindled by the president's election. World Liberty's USD1 will be backed by short-term U.S. Treasurys, U.S. dollar deposits, and other cash equivalents, the company said Tuesday. The token will be issued on the Ethereum network and a blockchain created by Binance, the crypto exchange that has sought to forge closer ties to the president's family.
/jlne.ws/41Voak4
Interactive Brokers Adds Crypto Tokens Associated With Trump
Emily Mason - Bloomberg
Online brokerage Interactive Brokers Group Inc. is adding four cryptocurrencies to its trading platform that have been highlighted during President Donald Trump's embrace of the digital-asset sector. Customers will have access to Solana, Cardano, XRP and Dogecoin tokens on the same platform they use for stocks, options, futures, currencies, bonds and mutual funds, the Greenwich, Connecticut-based company said in a statement Wednesday. The firm already offers Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
/jlne.ws/4jbhZ2B
GameStop Stock Drops. The Meme Stock Is Selling $1.3 Billion of Notes to Buy Bitcoin.
Janet H. Cho - Barron's
GameStop announced plans for a private offering of $1.3 billion in convertible senior notes, aiming to use the proceeds for general corporate purposes, including to invest in Bitcoin. Shares of the videogame retailer and meme stock were down 6.7% in Thursday's premarket, having closed up nearly 12% on Wednesday, as investors digested its cryptocurrency plans.
/jlne.ws/3FJYZK7
Crypto Saw a Savior in Trump. His Personal Ventures Are Undermining It Instead.
Amit Seru - Barron's (commentary)
For years, crypto advocates have pushed for legitimacy in the U.S., fighting off regulators and lobbying for friendlier policies. When Donald Trump signaled his support for crypto on the campaign trail, many saw it as a turning point. Here was a major-party presidential candidate promising a crackdown on regulators, vowing to free jailed industry leaders, and embracing crypto as a key piece of his economic agenda. Investors cheered, crypto assets surged, and the narrative took hold: Trump would be the savior of American crypto.
/jlne.ws/4hSBJqL
Trump's SEC pick pledges 'rational' crypto regulations
Reuters
Paul Atkins, President Donald Trump's pick to run the U.S. Securities and Exchange Commission, pledged on Wednesday that regulations under his leadership would benefit the crypto sector and prevent politics from "stifling" capital formation, according to prepared testimony made public by the Senate. "A top priority of my chairmanship will be to work with my fellow Commissioners and Congress to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach," Atkins said in written remarks.
/jlne.ws/4j23kqV
The sane person's guide to crypto investing
Jeff John Roberts - Fortune
There have always been plenty of reasons for prudent investors to steer clear of the crypto markets. Most obviously, there are the rampant, ongoing, and widely publicized scams. These contribute to bouts of wild volatility that have led the entire market to plummet more than 80% on numerous occasions. There is also crypto's precarious legal status: The latest big rally, which saw Bitcoin hit $109,000 in January, fueled by President Trump's promises of lighter regulation, underscores how an asset designed to exist outside government remains, ironically, highly subject to political whims.
/jlne.ws/4ccL1N6
Banks' Spot Crypto Holdings Continue to Collapse as Firms Move to ETPs
Camomile Shumba - CoinDesk
/jlne.ws/3DVM0Ew
Crypto Exchange Bitso Launches Stablecoin Business, Eyeing LatAm Cross-Border Payments
Krisztian Sandor - CoinDesk
/jlne.ws/426NGTE
99% of Crypto Tokens Are Going to Zero: Fund Manager
Tom Carreras - CoinDesk
/jlne.ws/425W59S
Bitcoin and XRP Prices Fall. Why Trump's Tariffs Are Hurting Cryptos.
George Glover - Barron's
/jlne.ws/4iJmi5l
Is bitcoin driving a green transformation, or fueling a mirage?
Maximilian Gill, Jona Stinner, Marcel Tyrell - Bulletin of the Atomic Scientists
/jlne.ws/4j32xFt
Tether To Buy a 30% Stake in Italian Media Company Be Water
Tommaso Ebhardt and Anna Irrera - Bloomberg
/jlne.ws/42jxa3V
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| Politics | | An overview of politics as it relates to the financial markets | This Billionaire Democrat Is Ready to Brawl; Illinois Governor JB Pritzker thinks voters want a fighter. Can he be that guy?
Patricia Lopez - Bloomberg
President Donald Trump has not yet completed 100 days in office, but for Democratic governors, the shadow primary for 2028 is underway as they test messages and search for ways to flip the script from the defeatism of their party in Congress. Into this fray has stepped Illinois Governor JB Pritzker, a progressive billionaire pitching his potent combination of working-class issues, sharp business sense and reputation as a good-natured brawler.
/jlne.ws/4iFWeb7
Hegseth Comes Under Scrutiny for Texting Strike Details as Fallout Grows; Republicans react with concern about new details on posts about weapons used and timing of Yemen attack
Michael R. Gordon, Nancy A. Youssef and Lindsay Wise - The Wall Street Journal
Defense Secretary Pete Hegseth came under increasing scrutiny after more details emerged Wednesday showing that he posted plans of an imminent military strike against Houthi militants, including the timing and weapon systems, on an unclassified group chat used by senior administration officials.
/jlne.ws/3QQ3yVr
Using Starlink Wi-Fi in the White House Is a Slippery Slope for US Federal IT
Lily Hay Newman - Wired
The ad hoc addition to the otherwise tightly controlled White House information environment could create blind spots and security exposures while setting potentially dangerous precedent.
/jlne.ws/4iK1qek
Congress Isn't Just Standing By As Trump Abuses His Power. It's Doing Something Far Worse.; This has to be one of the most troubling developments of Trump 2.0.
Dahlia Lithwick and Mark Joseph Stern - Slate
One of the bleak ironies of our ongoing constitutional crisis is that federal courts are attempting to do a job that would, ideally, be performed by Congress-and rather than show gratitude, congressional Republicans are furious at them. As Donald Trump breaks the bounds of his legal authority and collapses the constitutional separation of powers between ostensibly co-equal branches of government, time after time it is the judges who've stepped in to impose limits. A functioning Congress should be thanking these judges for performing the basic oversight duties that fall, first and foremost, to the legislative branch. Instead, Republican leaders are now openly threatening imminent revenge.
/jlne.ws/4iOfvHy
What Is Signal and Why Were Trump Officials Using It to Plan a Military Strike?; National-security experts say discussing classified information on a widely used app like Signal would be a serious breach of procedures
Sam Schechner and Dustin Volz - The Wall Street Journal
Signal, the favorite chat app for spies and journalists, got an unusual kind of endorsement this week after U.S. national-security officials were revealed to be using Signal to share information about a pending U.S. military strike, and mistakenly included a journalist in the chat. Here's what you need to know about Signal and the rules governing how federal officials communicate:
/jlne.ws/3DVHyFO
The country's most powerful institutions are bowing to Trump. The Atlantic just backed him into a corner.
Irie Sentner - Politico
Over the past two months, President Donald Trump and the people in his orbit have used bullying, misdirection and brute force to bring some of the nation's oldest and most powerful institutions to heel. That playbook didn't work on The Atlantic.
/jlne.ws/4c6ZNoc
How to Enter the US With Your Digital Privacy Intact; Crossing into the United States has become increasingly dangerous for digital privacy. Here are a few steps you can take to minimize the risk of Customs and Border Protection accessing your data.
Andy Greenberg and Matt Burgess - Wired
/jlne.ws/3FJGkOr
Europe Confronts Reality That Vance's Hostility Is More Than Just a Show; Vice president has taken an aggressive stance, sparking fears for the trans-Atlantic alliance
Daniel Michaels, Laurence Norman and Matthew Dalton - The Wall Street Journal
/jlne.ws/4caVrNd
Danish PM to Greenlanders: 'You have not been cowed' by Trump; On the eve of a visit from JD Vance and other American officials, Denmark's PM cautions Greenlanders that President Donald Trump's interest in Greenland "is not going away."
Seb Starcevic - Politico
/jlne.ws/4iFN5PP
Swiss party plans curb on UBS investment bank as trade-off on capital rules
Ariane Luthi - Reuters
/jlne.ws/4ljVDxM
Europe Needs More Than Money to Defend Itself; Bigger military budgets are coming. But how governments spend the windfall is as important as how much.
The Editorial Board - Bloomberg
/jlne.ws/4caMSBS
Is Turkey's Declining Democracy a Model for Trump's America?; After purging the judiciary, cracking down on the media, and jailing political opponents, President Recep Tayyip Erdogan faces protests on a scale not seen in a decade.
Isaac Chotiner - The New Yorker
/jlne.ws/4hStSJr
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| Regulation & Enforcement | | Stories about regulation and the law. | A Positive Step to Improve the FRTB in the EU
Scott O'Malia - ISDA
As the Basel III capital reforms are finalized for implementation in key jurisdictions, ISDA is maintaining a laser focus on making sure the rules are robust and risk-appropriate. Simply put, if capital requirements are set disproportionately high, this will have serious consequences for the thousands of companies that rely on banks for financing and hedging solutions. When it comes to the Basel III market risk framework, known as the Fundamental Review of the Trading Book (FRTB), most regulators have deviated from the global standards when drafting their rules, which suggests there may be flaws in the original calibration. Rectifying those flaws is a step in the right direction, which is why we welcome the European Commission's (EC) consultation, launched this week, to gather feedback on possible changes to the FRTB.
/jlne.ws/4j46ppS
Ex-UBS Trader Tom Hayes Manipulated Libor to Boost Profit, SFO Says
Upmanyu Trivedi - Bloomberg
Ex-UBS Group AG star trader, Tom Hayes, agreed to manipulate and rig Libor to dishonestly boost profits, prosecution lawyers said asking the UK's top court to reject attempts to overturn his conviction. The Supreme Court appeal over the conviction of Hayes and ex-Barclays Plc trader Carlo Palombo for rigging Libor and Euribor will come to an end on Thursday. The judges will have to weigh whether Britain's first and most high profile criminal trial over rate rigging was unfair.
/jlne.ws/43sroOH
Ex-Nasdaq Worker Charged With Insider Trading by Swedish Police
Charles Daly - Bloomberg
A former employee at the Nasdaq Inc. stock exchange in Stockholm has been charged with serious insider trading offenses by Swedish police, alongside three other suspects. Sweden's Economic Crime Authority raided the Nordic region's biggest exchange in the fall of 2023 to collect evidence for an investigation centered on a series of trades going back as far as 2019. The criminal share activity resulted in profits of about 4.4 million kronor ($437,000), according to a statement on Thursday.
/jlne.ws/4c6V3PJ
Consumer Bureau Seeks to Undo Settlement and Repay Mortgage Lender; The Consumer Financial Protection Bureau wants to return a $105,000 penalty it collected last fall when it resolved a discrimination lawsuit.
Stacy Cowley - The New York Times
Under President Trump, the Consumer Financial Protection Bureau has dropped nearly a dozen enforcement cases brought during the Biden administration, ending lawsuits against banks and lenders for a variety of financial practices that the watchdog agency no longer considers illegal. But on Wednesday, the bureau went a step further: It is seeking to give back $105,000 that a mortgage lender paid to settle racial discrimination claims last fall.
/jlne.ws/41PeQ2F
Remarks at the SEC Roundtable on Artificial Intelligence in the Financial Industry
Mark T. Uyeda, Acting Chairman - SEC
Artificial intelligence involves the use of interrelated technologies to accomplish tasks that previously required human intelligence. However, the incorporation of technology into the financial markets is not new.[2] From stock ticker machines to telephones to computerized networks, the U.S. financial markets have consistently advanced using technological innovations. Our ability to innovate is a fundamental reason why our cost of capital tends to be the lowest in the world and why our capital markets are unmatched in terms of their size, depth, and liquidity. During the SEC's 90-plus year history, it has consistently dealt with technological changes affecting the financial markets.
/jlne.ws/3RbIGIB
Miles To Go: Remarks before The Digital Chamber's 8th Annual DC Blockchain Summit
Commissioner Hester M. Peirce - SEC
Other Frost poems might better capture the season: spring's flowers are upon us, and crypto winter has given way to a sometimes too ebullient season. Nevertheless, Frost's desire to pause the journey to watch the falling snow cover the forest floor resonates with me; I would like the luxury of stopping for a moment or more to watch and think in quiet solitude about what a beautiful regulatory framework would look like. But I have promises to keep and miles to go before I sleep, so I am pondering in public, as the Commission and its staff are working on building the framework. I invite you to join us in determining how to get from regulatory desolation to a place where the crypto industry can blossom without the weeds of fraud, grift, and market manipulation.
/jlne.ws/3DUW14O
Mansa Group director pleads guilty to criminal charges
ASIC
Mr Krishnakumar Sitaram Agrawal, the current and former director of 27 companies which are collectively known as the Mansa Group, has pleaded guilty in the Sydney Downing Centre Local Court to criminal charges following an ASIC investigation. Mr Agrawal pleaded guilty to one count of using false documents to obtain a financial advantage contrary to the Crimes Act NSW and one count (and admitted guilt to a further count) of using his position as director dishonestly to gain advantage and cause detriment contrary to the Corporations Act.
/jlne.ws/4i81nrH
Ontario Securities Commission Announces New Members Of Its Investor Advisory Panel
Mondovisione
The Ontario Securities Commission (OSC) today announced four new members of its independent Investor Advisory Panel (IAP) following a public application process. The IAP is an important voice for investors in the regulatory process, and new members were selected to ensure that the IAP continues to represent a broad range of relevant experience, skills, knowledge and perspectives.
/jlne.ws/3FKjGFE
Scam alert: Consumers warned about scammers impersonating ASIC requesting funds transfers
ASIC
ASIC warns consumers about a scam impersonating ASIC.
/jlne.ws/425TvR8
FSA Weekly Review No.629
FSA
/jlne.ws/4c7p2H1
MAS Proposes a Regulatory Framework for Retail Private Market Investment Funds
MAS
The Monetary Authority of Singapore (MAS) is seeking feedback on a proposed regulatory framework for retail investors to invest in private market investment funds, providing them with a wider set of investment choices.
/jlne.ws/3XAUqI9
Court further adjourns insider dealing hearing against Wong Pak Ming
SFC
The Eastern Magistrates' Court has further adjourned the insider dealing case against Mr Wong Pak Ming to 25 April 2025 for mention in the criminal proceedings commenced by the Securities and Futures Commission (SFC) (Notes 1 and 2). Wong is charged with the offence of insider dealing involving the shares of Transmit Entertainment Limited (formerly known as Pegasus Entertainment Holdings Limited) (Pegasus). He allegedly counselled or procured another person to deal in the shares of Pegasus around 25 August 2017 to 17 October 2017 while he was the chairman and the controlling shareholder of Pegasus and having information which he knew was inside information in relation to Pegasus.
/jlne.ws/4hHYQnz
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | UK to Sell More Off-the-Run Gilts in New Bond Sale Strategy
Greg Ritchie - Bloomberg
The UK is shifting its bond sale plans to include off-the-run gilts, stepping up efforts to ease dislocations in the market and to tap lower yields. The Debt Management Office said tenders for securities that are not part of its main sales program will start in the new fiscal year beginning in April. Until now, the debt agency has only done this on an ad-hoc basis to meet market demand, typically for short-maturity, low-coupon bonds that investors complained became expensive to buy.
/jlne.ws/4c5j9ud
Trump Risks Ending Years of Disinflation, Ex-Fed Vice Chair Says
S'thembile Cele, Ntando Thukwana, and Alister Bull - Bloomberg
US President Donald Trump's trade war risks turning powerful influences that helped ease inflation over decades in the opposite direction. "Some of the forces that helped the disinflation in the 1990s and the 1980s and the 2000s will be going into reverse," Donald Kohn, a former vice chairman of the Federal Reserve, said on Thursday. The dollar and European stocks fell after Trump announced 25% tariffs on auto imports and pledged harsher punishment for the EU and Canada if they join forces against the US. Investors worry that higher prices as a result of the tariffs may limit Fed interest-rate cuts.
/jlne.ws/43XQODQ
Copper's Hottest Trade Risks Painful End If US Tariffs Arrive Early
Mark Burton, Jack Farchy, and Yvonne Yue Li - Bloomberg
Traders who have been paying dearly to ship copper to America before US President Donald Trump imposes import tariffs on the metal now face a high-stakes race to get shipments there in time. The global copper market was turned on its head in January when Trump first talked about imposing tariffs on imported copper. Now, there's fresh angst after Bloomberg reported that the US administration aims to introduce levies within weeks instead of months as had been widely anticipated.
/jlne.ws/4hNceqI
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | She Inspired Laws to Hold the Fossil Fuel Industry Accountable. Now She's a Target.; A conservative group is suing for emails of a law professor who helped create legislation to force oil, gas and coal companies to pay for climate damage.
Coral Davenport - The New York Times
Fresh out of law school in 2022, Rachel Rothschild wrote a memo laying out the legal justification for a new strategy to fight climate change: States could force oil and gas companies to pay for the damage caused by extreme floods and wildfires that are made worse by the use of their products. Ms. Rothschild's work was foundational. It provided the basis for the nation's first "climate superfund" laws, which were passed in New York and Vermont last year and could be adopted by as many as six more states as soon as this year. If implemented, they could cost oil companies billions of dollars.
/jlne.ws/42b4d9n
Italy and France Call for Changes to Europe's Carbon Border Levy
John Ainger and Ewa Krukowska - Bloomberg
Italy led calls for changes to the European Union's landmark carbon border levy to reduce the administrative burden on member states and prevent an exodus of industries. The bloc is rolling out its Carbon Border Adjustment Mechanism, which will slap a fee on carbon-intensive imports in an effort to stop EU companies fleeing its strict climate rules. But CBAM will also phase out free carbon allowances for EU emitters, sparking complaints that it will make their exports more expensive.
/jlne.ws/42eAzjA
US could see return of acid rain if pollution rules are quashed, says scientist who first discovered it; Gene Likens, who first identified acidic rainwater in 1960s, said the Trump administration's 'rollbacks are alarming'
Oliver Milman - The Guardian
The US could be plunged back into an era of toxic acid rain, an environmental problem thought to have been solved decades ago, due to the Donald Trump administration's rollback of pollution protections, the scientist who discovered the existence of acid rain in North America has warned. A blitzkrieg launched by Trump's Environmental Protection Agency (EPA) on clean air and water regulations could revert the US to a time when cities were routinely shrouded in smog and even help usher back acid rain, according to Gene Likens, whose experiments helped identify acidic rainwater in the 1960s.
/jlne.ws/4l29OXU
Catastrophe Experts Tap AI to Tackle Soaring Insured Losses; With annual insured disaster losses of $150 billion now "the new normal," insurers are hoping technology can help turn the tide.
Gautam Naik - Bloomberg
Insurers are betting on a suite of new AI-driven techniques to better predict surging losses from climate-driven weather catastrophes ranging from unprecedented wildfires to hurricanes and floods. Less than three months into the year, natural disasters are already causing major economic disruption around the world, including recent fires across Los Angeles, an economy-denting cyclone in Australia, floods in Jakarta and a giant storm that left dozens dead in the US. According to a recent report by broker Gallagher Re, annual insured catastrophe losses of $150 billion have become "the new normal."
/jlne.ws/425XQnu
China's Envoy Sees Climate Fight Advancing Even Without US
Bloomberg News
China's top climate envoy said the world's transition to clean energy will continue, even as the US's second withdrawal from the Paris Agreement puts unprecedented stress on the fight against global warming. The Trump administration's exit from the United Nations-led process has created the "most challenging moment" for negotiations since they started in 1990, Liu Zhenmin, China's special envoy for climate change, said at the Boao Forum in Hainan. But the multilateral process must continue, he said.
/jlne.ws/4iIGFzp
As Offshore Wind Struggles Under Trump, There's Still Room for Progress; A Q&A with a former Massachusetts energy official about wind's hard times and preparing for a better future.
Dan Gearino - Inside Climate News
The U.S. offshore wind industry felt a malaise even before President Donald Trump returned to office in January and signed an order that froze development of new projects. This halt to new offshore wind leases followed a multi-year stretch in which the industry struggled with high interest rates, difficulty obtaining parts and an accident last year in which a turbine blade broke at the Vineyard Wind 1 project and dropped debris into the ocean south of Martha's Vineyard.
/jlne.ws/4l4Q0mP
TotalEnergies tightens emissions targets despite aims to sell more gas
America Hernandez - Reuters
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Sweden to Offer Government Loans for New Nuclear Power
Jonas Ekblom - Bloomberg
/jlne.ws/42l2Kyk
UBS Efforts to 'Water Down' DEI Policy Slammed by Proxy Adviser
Noele Illien - Bloomberg
/jlne.ws/4i85a8p
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Jefferies Profit Drops on Pullback in Deals, Capital Markets
Katherine Doherty - Bloomberg
Jefferies Financial Group Inc.'s fiscal first-quarter earnings declined amid a drop in investment-banking and capital-markets revenue, with activity hurt by uncertainty around US policy and geopolitics. Total revenue slipped 8.4% to $1.59 billion in the three months through February, the New York-based firm said in a statement Wednesday. The results mark a reversal from a year ago, when momentum in trading and deals was starting to build.
/jlne.ws/4l8JlIs
NatWest Settles Dispute With Farage That Led to CEO's Ouster
William Shaw and Jennifer Surane - Bloomberg
NatWest Group Plc has settled a yearslong dispute with Nigel Farage, a prominent Brexit campaigner and Member of Parliament, over the bank's decision to shutter his account. The terms of the settlement are confidential, NatWest said in a statement, which noted the bank had also apologized to Farage. Sky News first reported the dispute had been resolved.
/jlne.ws/4c9InYj
Robinhood pushes into banking with 4% APY savings account, launches wealth management
Jeff John Roberts - Fortune
Robinhood made its name as a stock trading app but, in recent years, the company has been making a concerted push to become a full-fledged financial services firm akin to Fidelity or Charles Schwab. On Wednesday, it took another step toward that goal by announcing Robinhood Banking, a service that provides "traditional checking and savings accounts with luxury benefits," as well as a wealth management product called Robinhood Strategies.
/jlne.ws/3XyyTQk
US Banks Finance Their Own Competition to Tune of $1 Trillion
Yizhu Wang and Weihua Li - Bloomberg
One of American banks' fastest-growing businesses is lending to the very companies trying to grab their market share. Traditional bank lending to non-bank financial institutions like private equity firms, hedge funds and private credit shops more than doubled in the past five years, according to data analyzed by Bloomberg. That 16% annualized rate far surpassed their lending to categories including agriculture, credit cards, commercial and industrial companies as well as foreign governments, the data show.
/jlne.ws/4iZ904q
Hundreds of Lloyds Bankers Head Back to School to Learn AI
Aisha S Gani - Bloomberg
Lloyds Banking Group Plc has teamed up with the University of Cambridge to train 300 senior staff in artificial intelligence as part of the bank's technology shake-up. The first group of leaders from the British bank are starting to take the 80-hour course this month in order to adopt an "AI-first" mindset, Rohit Dhawan, head of AI and advanced analytics at Lloyds, said in an interview with Bloomberg News.
/jlne.ws/3E4HP9l
Don't Punish UBS for Doing the Right Thing; In emergency mergers that governments demand, banks shouldn't have to face asymmetric risks.
Marc Rubinstein - Bloomberg
When UBS Group AG acquired Credit Suisse in March 2023, its board of directors thought they were doing their duty. They'd initially concluded that a merger of the two firms wasn't desirable, but after Credit Suisse suffered a major drop in its stock price and a substantial wave of deposit and net asset outflows a few weeks later, they were urged to reconsider. Swiss officials told the board that a takeover of Credit Suisse by UBS was the government's preferred option. The alternative: widespread panic in financial markets and banking systems around the world.
/jlne.ws/3Xx95UF
Cliff Asness's AQR Slams Buffer-ETF Boom on 'Investment Failure'
Denitsa Tsekova - Bloomberg
/jlne.ws/3QPH1bu
BlackRock Sees Outcome ETFs Jumping to $650 Billion by 2030
Isabelle Lee - Bloomberg
/jlne.ws/3Y1tTnq
Janus Henderson Starts ETF That Gives Global Access to US CLOs
Amedeo Goria - Bloomberg
/jlne.ws/4chcWeD
Hedge funds flock to hybrids to trade macro uncertainty; Firms repurpose structure made popular by Trump trades last year
Helen Bartholomew - Risk.net
/jlne.ws/3XuHUtK
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | "The Manager's Job," 50 Years Later
Adi Ignatius - Harvard Business Review
This year marks the 50th anniversary of Henry Mintzberg's classic article "The Manager's Job: Folklore and Fact." The essay, which sought to debunk some of the myths about what makes a good manager, won what was then called the McKinsey Award, given annually to the year's best article in Harvard Business Review. A lot has changed over the last five decades, so we decided to reconnect with Mintzberg-who at age 85 remains active in the field from his faculty post at McGill University in Montreal-to get his thoughts on the state of management today. Mintzberg spoke with HBR Editor at Large Adi Ignatius on February 24, 2025, and this is an edited transcript of that conversation.
/jlne.ws/41OofHJ
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Why the Human Brain May Power the Next Tech Revolution; On this episode of Primer, we explore the world of biocomputing, where scientists are blurring the lines between the biological and synthetic.
David Rovella - Bloomberg
Scientists long have warned we'll eventually reach the physical limits of what silicon chips can do. Beyond the energy required to power an ascendant artificial intelligence industry and endless landscapes of data farms, semiconductors are limited by the number of transistors we can jam onto them. Eventually they're going to run out of room. So in order to develop a new level of technology, researchers have turned inward.
/jlne.ws/3RmG62h
What Happens to Your Brain When You Retire?; It's challenging to stay mentally sharp and healthy through the major transition. Careful planning is key.
Mohana Ravindranath - The New York Times
For the millions of Americans who retire each year, stopping work might seem like a well-deserved break. But it can also precipitate big changes in brain health, including an increased risk of cognitive decline and depression. Before retiring, you're getting up in the morning, socializing with co-workers and dealing with the mental challenges of your job, said Ross Andel, a professor at Arizona State University who studies cognitive aging and retirement. "All of a sudden, after 50 years, you lose that routine."
/jlne.ws/43XgfWc
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | The European Union just issued a dire warning to its 450 million citizens: Stockpile supplies and prepare for disaster
The Associated Press via Fortune
BRUSSELS - The European Union on Wednesday urged citizens across the continent to stockpile food, water and other essentials to last at least 72 hours as war, cyberattacks, climate change and disease increase the chances of a crisis.
/jlne.ws/421PugI
Hong Kong Lures Investment Firms Ardian, Arga Seeking Expansion
Echo Wong and Diana Li - Bloomberg
Two investment firms are setting up offices in Hong Kong to attract money from the region, the latest sign of renewed financial activity in the city following government efforts to defend the financial hub's status. Paris-based Ardian SAS is opening an outlet to cater to the rising demands from clients including family offices from China, according to people familiar with the matter, who requested not to be named because the information is private. The firm also wants to be closer to sovereign wealth funds and insurers in the region, one of the people added.
/jlne.ws/4l6MKra
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| Auditions | | Explore a space for creative trading stories where you can find and share unique works like screenplays, television scripts, poetry, and more, all inspired by the world of finance and trading. |
THE OPENING BELL - Final Draft
By Daniel F. Sullivan
Quinn pours Jack a shot of Jameson. The TV above the bar is showing a rebroadcast of the news from the night before, the 1976 Democratic National Convention, Governor Carter delivering his acceptance speech as the Democratic presidential nominee.
JIMMY CARTER
(on TV)
With this kind of united Democratic Party, we are ready and eager to take on the Republicans, whichever Republican party they decide to send against us in November.
JACK FARRELL
(mutters, as he downs his shot)
Bullsh*t.
JIMMY CARTER
(on TV)
Nineteen seventy-six will not be a year of politics as usual. It can be a year of inspiration and hope, and it will be a year of concern, of quiet and sober reassessment of our nation's character and purpose.
JACK FARRELL
Goddamn peanut farmer. Can you believe this garbage?
JIMMY CARTER
(on TV)
And I guarantee you that it will be the year when we give the government of this country back to the people of this country.
QUINN
(turns down TV volume)
He's a nuclear engineer, Jack. Pretty smart, if you ask me.
JACK FARRELL
All politicians are the same. I don't give a damn if he's a nuke engineer or a ditch digger.
(puts his glass out for a refill)
QUINN
Jack, my good friend, you've had enough.
JACK FARRELL
Yes, I've had enough of this bullshit.
(points to the TV screen with his empty shot)
About time we elect someone with balls.
QUINN
You're right, Jack. How's the family?
JACK FARRELL
Don't change the subject on me.
QUINN
I'm not, I'm just asking. How's your daughter? Haven't seen her for a while.
JACK FARRELL
She's on a sophomore semester abroad at University College London, for mathematics. I couldn't be more proud of her. One of these days she's gonna take the Philly floor and turn it upside down.
QUINN
Like you, huh Jack?
JACK FARRELL
Oh, better than me. Mark my words. Micki Farrell is going to take the industry by storm. She'll be the Queen of the Market. You'll see ...
Stay tuned for the rest of the script of The Opening Bell.
Read the whole episode HERE and the complete script to date HERE.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Everyone Has a Substack. What Could Possibly Go Wrong?
Jessica Karl - Bloomberg
Substack is revolutionizing newsletters by breathing new life into a familiar yet tired formula, similar to how podcasts transformed radio. Now, writers can enhance their words with audio, video, events, merch and more. But with such a dynamic product comes risks. Given its myriad use cases and pockets of hyper-specific knowledge, Substack is also a place ripe for false narratives to spread. Without proper guardrails, the platform is headed for the same pitfalls we've seen with podcasting: Anyone can start one, and there is little to no accountability for what is going out to the public.
/jlne.ws/4caKpr6
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