| March 05, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Congratulations to Justin Llewellyn-Jones, who will become CEO of Trading Technologies International on March 31, replacing Keith Todd, who will stay on as deputy chairman, TT announced today. Llewellyn-Jones joined the company as COO in January 2024 after a 30-year career in fintech and financial services.
Former Treasury Secretary Robert Rubin criticized President Donald Trump's economic policies, calling them the greatest source of uncertainty he has seen in his 60-year career, Bloomberg reported. Speaking at the Bloomberg Invest conference, Rubin warned that Trump's tariffs and policy unpredictability are undermining business confidence, increasing inflation risks, and threatening U.S. global credibility by violating treaty commitments. He argued that tariff hikes on imports from Mexico, Canada, and China would weaken economic growth while providing only modest revenue gains. Meanwhile, Lazard Inc. President Ray McGuire echoed these concerns, noting that business leaders are holding back trillions in capital, waiting to see the long-term effects of these economic shifts.
Rubin also warned that Trump's fiscal policies, including potential permanent tax cuts, could deepen the deficit, a view shared by economists like Ray Dalio, who predicts a debt crisis within three years. He argued that protectionist measures dismantle the post-WWII global economic framework, making the U.S. less productive and less competitive. Treasury yields have already dropped due to slowing economic growth concerns, and Rubin cautioned that approaching economic policy through tariffs, rather than strategic agreements, would further erode stability.
The New York Times journalist Diana Henriques, author of The Wizard of Lies, joins hosts Ronan Ryan and John Ramsay in IEX's "Boxes and Lines Podcast" to discuss Bernie Madoff's rise in electronic trading and the $65 billion fraud he executed over decades. Madoff, once a respected Wall Street figure and a former NASDAQ chairman, used his sterling reputation to orchestrate the largest Ponzi scheme in history, deceiving investors and regulators alike. In the first episode of a two-part deep dive, Henriques, the first journalist to interview Madoff in prison, shares insights into how he manipulated finance's biggest names and kept them invested in his scheme. Having also played herself in the HBO adaptation starring Robert De Niro, she brings a unique perspective on Madoff's charm, deception, and the systemic failures that let him operate unchecked for so long.
The SEC Historical Society shared on LinkedIn that "This week in 1973, Congressman John Moss introduced legislation eliminating fixed commission rates on exchanges. Although unsuccessful, this was the first in a series of steps taken by Congress and the Commission that after May 1, 1975, transformed the structure of the equities markets."
The Wall Street Journal did its best not to call U.S. Vice President JD Vance an idiot for insulting two stalwart U.S. allies during an television interview with FOX's Sean Hannity. Vance was commenting on the U.S. proposal for a minerals deal with Ukraine and said, "That is a way better security guarantee than 20,000 troops from some random country that hasn't fought a war in 30 or 40 years." In an editorial titled "JD Vance's Forgotten Wars," the Journal suggested that "Maybe next time don't insult stalwart allies during a TV interview." The Journal's editorial reminded readers that British troops fought alongside Americans in Iraq and Afghanistan, losing 636 soldiers. France, though absent from Iraq, deployed 70,000 troops to Afghanistan over 13 years, with 89 casualties.
On March 21, 2025, Nick Spencer-Skeen, Tim Jardine, and more than 500 participants, including celebrities and sports personalities, will join March of the Day 2-a walk starting at Arsenal and passing through Chelsea, Fulham, and QPR. This event supports an underfunded cause, The Darby Rimmer MND Foundation. and donations are greatly appreciated. You can support Nick's efforts HERE.
Here are the headlines from in front of FOW's paywall from some recent stories: Trading Technologies appoints Llewellyn-Jones as new chief, Trade body calls for 'deeper analysis' on non-bank leverage, ANALYSIS: European debt market to use ESTR, Euribor for a while, Voluntary carbon credits less efficient than traditional markets - research, Eurex volumes up 12% in February with growth in all asset classes and European regulator eyes 'no action relief' like the US - Ross.
Renato Mariotti will be speaking this week at the ABA White Collar Crime Institute in Miami, along with his Paul Hastings partners Brad Bondi and Adam Fee, he shared on LinkedIn. I did not know that white collar crime still existed.
Cedric Bodley, a veteran Scouting executive I came to know through my work with The Pathway to Adventure Council, specifically my work on STEM, has been hired by the Helen Hayes Hospital Foundation as executive director. Congratulations, Cedric, on your post-Scouting career move.
Kevin Street has been promoted to lead associate principal at OCC, he shared on LinkedIn.
Katy Pritchard has been promoted to vice president of marketing at Eventus, she shared on LinkedIn.
Sean Ristau is starting a new position as head of channel partnerships at InvestiFi, he shared on LinkedIn.
Laura Diorio is starting a new position as head of NYSE Social at ICE, she shared on LinkedIn.
Andrew Castello has been promoted to senior vice president, head of client operations at FIA Tech, he shared on LinkedIn.
Maggie Sklar is back in Washington, DC as principal and CEO at Sklar Strategies LLC, she shared on LinkedIn. She is advising and helping financial market and banking clients.
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:
- VIX Futures Curve Sends Distress Signal as Equities Slump from Bloomberg.
- Is investing becoming more like gambling? Yes or no? Betting on the new retail trading craze. from MarketWatch.
- Euronext plan to consolidate ETF trading venues sparks scepticism from the Financial Times ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Trump Administration Walks Back Firing Federal Workers After Ruling
Ari Natter - Bloomberg
The Trump administration is walking back a directive ordering federal agencies to cut probationary employees after a judge last week ordered a pause to the mass terminations. The Office of Personnel Management issued revised guidance Tuesday that clarifies the administration is not directing agencies to terminate probationary workers, who are employees that have typically been in their current positions for less than one year.
/jlne.ws/3F00SSo
***** A pause of mass terminations is nice, so they can clean up all the blood spilled.~JJL
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The IRS is drafting plans to cut as much as half of its 90,000-person workforce, AP sources say
Fatima Hussein - Associated Press
The IRS is drafting plans to cut its workforce by as much as half through a mix of layoffs, attrition and incentivized buyouts, according to two people familiar with the situation. The people spoke Tuesday on condition of anonymity because they weren't authorized to disclose the plans.
/jlne.ws/3XtzgM5
***** If you were to ask me how to weaken the U.S., almost every move the Trump administration has made in firing people would be on the list, especially this one. It is going to be hard to pay for those billionaire tax cuts if there are fewer taxes collected. ~JJL
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The SALT Deduction Cap Is Due to Expire. How Taxpayers Can Prepare for What's Next.; Whether the deduction limit is raised, eliminated or extended, there are steps taxpayers can take to minimize their tax burden
Debbie Carlson - The Wall Street Journal
As Congress debates tax policy this year, the state and local tax-deduction cap is in the crosshairs. The SALT deduction cap is set to expire at year's end, along with a host of other tax-policy changes enacted as part of the Tax Cuts and Jobs Act of 2017. Currently, households that itemize may deduct up to $10,000 of property, sales or income taxes paid to state and local governments.
/jlne.ws/4kjitoN
****** There are some governors who are holding their breath and turning bluer waiting to see how this turns out.~JJL
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Gutting the Weather Service Would Be an Insurance Calamity; Homeowners need more help with disaster preparedness and recovery, not less.
Mark Gongloff - Bloomberg Opinion
A bonfire smoldering in the US home-insurance market just got a few splashes of kerosene from President Donald Trump and Co-President Elon Musk. By wreaking havoc on the disaster-preparedness functions of the US government at a time of growing climate chaos, they're making whole communities more vulnerable to catastrophes. Late last week, as part of Trump and Musk's "hack first, ask questions later" approach to government efficiency, the National Oceanic and Atmospheric Administration laid off at least 880 of its 12,000 workers. Many more layoffs are probably coming; former NOAA official Andrew Rosenberg has suggested a 50% staff reduction is Trump's ultimate aim.
/jlne.ws/4hpQFfP
***** You know those nice radar maps you see on the nightly news or your weather app? You can forget them. You are going have to go back to reading your home weather station and barometer to predict the weather.~JJL
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Tuesday's Top Three
Our top read story Tuesday was Social Security has never missed a payment. DOGE actions threaten 'interruption of benefits,' ex-agency head says, from CNBC. Second was Trump halts all military aid to Ukraine after White House clash with Zelensky, from The Independent. And third was Trump's Blowup With Zelenskiy Spurs Taiwan to Rethink US Tactics, from Bloomberg.
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| Lead Stories | SEC Agrees to Drop Enforcement Suit Against Cumberland DRW, Firm Says
Cheyenne Ligon - CoinDesk
The U.S. Securities and Exchange Commission (SEC) has agreed to drop its enforcement case against Cumberland DRW, the crypto trading arm of Chicago-based trading firm DRW, according to a Tuesday announcement from the company. The SEC sued Cumberland DRW last October, accusing the firm of acting as an unregistered securities dealer and alleging it sold more than $2 billion in unregistered securities, naming tokens like Polygon (POL), Solana (SOL), Cosmos (ATOM), Algorand (ALGO) and Filecoin (FIL) as a "non-exhaustive" list of tokens the agency considered to be securities.
/jlne.ws/3XtDm6V
Goldman, JPMorgan Among Banks Offering More Russia-Linked Trades
Kerim Karakaya and Sujata Rao - Bloomberg
Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. (JPM) are among banks that have been acting as brokers to facilitate growing investor demand for ways to trade Russian-related assets. Both banks have reached out to investors in recent weeks offering ruble-linked derivative contracts - a trade that's allowed under Western sanctions because there's no physical Russian asset and it doesn't involve any Russian nationals, according to people familiar with the matter.
/jlne.ws/3D7jteX
Private Markets Fail to Police Conflicts of Interest, UK Finds
Laura Noonan - Bloomberg
Valuations in the rapidly-growing private markets arena can suffer from unmitigated conflicts of interest, poor record-keeping and smoothing of volatility, the UK's top financial regulator warned. Valuation committee minutes' failed to record how decisions are reached on multiple occasions, the Financial Conduct Authority's probe found, and "vague" rationales were recorded for key changes to appraisal models, such as the discount rate. A failure to adequately identify and manage conflicts of interest was a recurring theme across the report on practices at the 36 unnamed private equity, venture capital, private credit and infrastructure managers and advisers.
/jlne.ws/4i14ceE
Commissioner Hester Peirce Announces Crypto Task Force Staff
SEC
The Securities and Exchange Commission today announced the members of the Crypto Task Force staff, which is advising the Commission on matters related to crypto. The task force is composed of staff from the Acting Chairman's office and other divisions and offices across the Commission. SEC Commissioner Hester Peirce said, "The Crypto Task Force exhibits deep expertise and an enthusiastic commitment to identifying-with the help of other talented staff across the Commission and interested members of the public-workable solutions to difficult crypto regulatory problems."
/jlne.ws/4h7QSnD
Trading Technologies Promotes Justin Llewellyn-Jones to CEO, Keith Todd to Deputy Chairman
Trading Technologies
Trading Technologies International, Inc. (TT), a global capital markets platform services provider, today announced the promotion of Justin Llewellyn-Jones to CEO, effective March 31. After three decades of experience in fintech and financial services, Llewellyn-Jones joined Trading Technologies as Chief Operating Officer in January 2024. Current CEO Keith Todd will remain on the Board of Directors and be appointed Deputy Chairman.
/jlne.ws/4ihJqaE
Google Starts 'Silently' Tracking Your Phone-How To Stop It
Zak Doffman - Forbes
Google Chrome is about to make a huge tracking change. We await a global prompt to say no to cookies within the world's most popular browser - albeit we will need to use private browsing for some of the new protections. But while all that's going on, here's a nasty new surprise for Android users who it seems will be tracked anyway. A new Trinity College, Dublin study warns Google starts tracking your phone as soon as it's powered on, through "cookies, identifiers and other data that Google silently stores on Android handsets," through the default apps that are pre-installed. The researchers warn "no consent is sought for storing any of this data and there is no opt out." They also claim "this study is the first to cast light on the cookies etc stored by pre-installed Google apps."
/jlne.ws/43oAFau
Hong Kong boosts yuan hub status by expanding mainland China bond collateral initiative
South China Morning Post
Hong Kong will expand the use of mainland Chinese bonds as collateral to obtain yuan liquidity, furthering efforts to enhance the currency's internationalisation and the city's role as an offshore yuan hub. CMU OmniClear, a wholly owned subsidiary of the Exchange Fund managed by the Hong Kong Monetary Authority, and Hong Kong Exchanges and Clearing (HKEX) signed a memorandum of understanding (MOU) on Tuesday that would allow the two entities to enhance cooperation in many areas.
/jlne.ws/4hZ8CTk
ByteDance to Buy Back US Staff Shares at $312 Billion Valuation
Bloomberg
ByteDance Ltd. plans to buy back employee stock at a valuation of about $312 billion, a significant markup from previous levels that reflects a brightening outlook for Chinese tech shares. TikTok's owner is offering US staff about $189.90 a share, according to a person familiar with the deal. That's up from about $181 in a similar proposal from about six months ago, the person said, asking not to be identified discussing an internal decision.
/jlne.ws/4iqonlU
India's NSE Moves Derivatives Expiry in Surprise Shift
Savio Shetty - Bloomberg
India's largest bourse, the National Stock Exchange of India Ltd., unexpectedly changed the expiration day for its listed equity derivatives to Mondays from Thursdays. Starting April 4, all monthly, quarterly and semi-annual futures and options on indexes and stocks will expire after the market close on the last Monday of the expiry month, according to an exchange circular late Tuesday. Weekly contracts on the benchmark NSE Nifty 50 Index - the only NSE weeklies remaining after recent curbs from the regulator - will mature on the Monday of the expiry week.
/jlne.ws/4bqgISo
Norway's oil fund to allocate billions to long-short equity hedge funds; Norges Bank Investment Management to give $250mn mandates to external managers
Mary McDougall, Calum Kapoor and Costas Mourselas - Financial Times
Norway's $1.8tn sovereign wealth fund has made its first investment with an external hedge fund betting on rising and falling stock prices, and plans to allocate billions of dollars more to this strategy as it tries to boost returns. Norges Bank Investment Management, which runs the giant oil and gas fund and is headed by former hedge fund boss Nicolai Tangen, told the Financial Times it had invested in a long-short strategy in January and was looking to give mandates of about $250mn to other such managers.
/jlne.ws/4h9HeAV
Private equity industry shrinks for the first time in decades; Assets under management fell 2% last year as investors pulled back from sector
Antoine Gara and Alexandra Heal - Financial Times
Private equity assets under management fell last year for the first time in decades as investors confronting a $3tn backlog of ageing and unsold deals pulled back from committing new funds to the sector. Buyout firms managed $4.7tn in assets as of June last year - down about 2 per cent from 2023, according to a report from consultancy Bain & Co.
/jlne.ws/4h4R8Uo
Can hedge funds prosper without their star trader founders? Two of the biggest names in global macro trading, Alan Howard and Chris Rokos, embody differing approaches to legacy
Costas Mourselas and Harriet Agnew - Financial Times
In late 2019, hedge fund trader Chris Rokos convened his top portfolio managers at the firm's Mayfair offices. Performance at his four-year-old hedge fund Rokos Capital Management had been poor, and it was time for the firm's mercurial founder to take matters into his own hands. Rokos told his assembled lieutenants that all key investment decisions would now go through him and they would no longer be able to manage their own money. RCM saw this as a necessary strategic shift to better encourage collaboration, but several of those portfolio managers departed in the months following.
/jlne.ws/41tCujC
Trump, the GOP and DOGE have launched their attack on Social Security. You should start worrying now
Michael Hiltzik - Los Angeles Times
Perhaps the most frequently cited quote from Donald Trump relevant to his purported efforts to root out government waste has been "we're not touching Social Security," or variations thereof. I expressed skepticism about this pledge shortly after the election by listing all the oblique ways the Trump administration could hack away at the program. It gives me no pleasure to update my observation with the words, "I told you so."
/jlne.ws/4bv2OOT
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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 Energy Tariffs Are Set to Spark a Redrawing of Oil Flows
Devika Krishna Kumar, Alex Longley, and Jack Wittels - Bloomberg
The world's supply lines for cargoes of oil and fuel, which typically criss-cross the globe, are about to get redrawn thanks to US President Donald Trump's sweeping tariffs. Crude from Mexico, which supplies US Gulf refiners, will be diverted away, said Isabelle Gilks of consultant Wood Mackenzie Ltd. And if the duties endure, tariff-free Latin American oil grades from places like Brazil will start to head to the US in greater quantities, along with possibly more supplies from the Middle East, said Kitt Haines, an analyst at Energy Aspects Ltd.
/jlne.ws/4ikpALy
How Do Tariffs Work? Who Pays, Who Collects and More
Augusta Saraiva and Enda Curran - Bloomberg
US President Donald Trump has rattled economies and markets with punitive tariffs on goods from the nation's largest trade partners. So far he's implemented 25% duties on most Canadian and Mexican imports and raised levies on those from China to 20%. The moves bring American import duties to their highest average level since 1943, according to the Budget Lab at Yale University, and Trump has indicated more hikes may follow. Here's how tariffs work - including who actually pays them and how the revenue is collected.
/jlne.ws/3QL9NtO
Reeves warns trade war will harm UK's economy even if it avoids tariffs; Chancellor says growth and inflation will be hit by fallout from global friction
Sam Fleming - Financial Times
The UK economy will be dented by slowing global trade and higher costs as a result of rising tariffs even if it escapes being hit directly by new US levies, chancellor Rachel Reeves has said. "I don't want to see tariffs increased," Reeves said at an event hosted by Make UK, a lobby group. "Even if tariffs are not applied to the UK, we will be affected by slowing global trade, by a slower GDP growth and by higher inflation than would otherwise be the case."
/jlne.ws/3DiQi8y
Trump doesn't seem to know why he launched a giant trade war; The president's reasons for imposing tariffs on Canada and Mexico keep changing (and none make sense).
Eric Levitz - Vox
Donald Trump just imposed a 25 percent tariff on virtually all goods produced by America's two largest trading partners - Canada and Mexico. He simultaneously established a 20 percent across-the-board tariff on Chinese goods. As a result, America's average tariff level is now higher than at any time since the 1940s.
/jlne.ws/4kFzdqv
Trump's Most Inexplicable Decision Yet; The tariffs are real, and they are spectacularly foolish.
Rogé Karma - The Atlantic
If you were setting out to design a trade policy that would harm the American economy while undermining political support for its leadership, you might come up with something like the tariffs that Donald Trump just imposed on Canada, China, and Mexico. The new tariffs will raise prices for American consumers, weaken the American auto industry, and prompt severe retaliation from America's top trading partners. With respect to China, a case can be made that tariffs would promote U.S. national security and domestic industry if they were targeted and well designed. But Trump's blanket 20 percent tariff on all Chinese imports is neither.
/jlne.ws/3QLhyj7
Trump will 'probably' cut Mexico and Canada tariffs - US commerce chief
Peter Hoskins - BBC News
US Commerce Secretary Howard Lutnick has said President Donald Trump will "probably" announce a deal to reduce tariffs on Canada and Mexico on Wednesday. "Both the Canadians and Mexicans were on the phone with me all day today trying to show that they'll do better" on reducing the flow of the synthetic opioid fentanyl into the US, Lutnick said in an interview with Fox Business Network. But Canada's Minister of Foreign Affairs Melanie Joly told the BBC's Newsnight that her office had not been contacted about the plan.
/jlne.ws/41tvNy0
Trump to Decide on Canada, Mexico Relief Today, Lutnick Says; Commerce Secretary sees relief for USMCA compliant goods; Trump had slapped 25% tariffs on Mexico, most Canada goods
Stephanie Lai, Enda Curran, and Josh Wingrove - Bloomberg
/jlne.ws/4h9Xula
US hints at possible tariff carve-outs for car industry; Trump expected to announce decision on potential exemptions from Canada and Mexico tariffs on Wednesday
Maxine Kelly - Financial Times
/jlne.ws/4iqSOsw
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Zelensky Issues a Tacit Apology; Will Trump now take yes for an answer and lift his arms embargo on Kyiv?
The Editorial Board - The Wall Street Journal
Volodymyr Zelensky took a major step on Tuesday toward mending ties with President Trump, issuing what amounts to a tacit apology for what he called last Friday's "regrettable" White House slugfest. The question now is whether Mr. Trump will take yes for an answer and put comparable pressure on Vladimir Putin to negotiate a durable peace.
/jlne.ws/4hbCv1z
Zelenskiy calls Trump clash regrettable: 'it's time to make things right'
Max Hunder and Olena Harmash - Reuters
Ukrainian President Volodymyr Zelenskiy said he regretted last week's Oval Office clash with Donald Trump and wanted to "make things right", in a fulsome statement on Tuesday issued a day after Trump halted military aid to Kyiv. In his statement, Zelenskiy said he supported peace negotiations and was ready to sign a deal giving the United States access to Ukrainian minerals, which he had left on the table when he abandoned a visit to Washington after an Oval Office argument with Trump on Friday.
/jlne.ws/4hbNtUG
Zelenskyy says Ukraine prepared to sign US minerals deal 'at any time'; Conciliatory statement comes after White House clash led to abandonment of plan to sign agreement
Christopher Miller - Financial Times
Volodymyr Zelenskyy has said that Ukraine remains committed to signing a minerals deal with the US "at any time and in any convenient format", in a conciliatory gesture after plans to sign the agreement collapsed last week. In a post on X on Tuesday, the Ukrainian leader expressed regret over his clash at the White House with US President Donald Trump and his vice-president JD Vance on Friday, which led to plans to sign a deal over Ukraine's minerals being abandoned. "Our meeting in Washington, at the White House on Friday, did not go the way it was supposed to be," Zelenskyy wrote.
/jlne.ws/3Xsk2a9
Trump's pause on Ukraine aid is like the U.S. switching sides in WWII, expert says
Alexander Smith - NBC News
President Donald Trump's decision to pause American military aid to Ukraine is handing Russia's Vladimir Putin the upper hand on the battlefield and in geopolitical negotiations, former officials and experts warned Tuesday. The White House said the defense assistance was being reviewed to make sure it was contributing to the administration's goal of being "focused on peace."
/jlne.ws/4h6XUsS
US cuts off intelligence sharing with Ukraine; Fresh blow to embattled government in Kyiv as Trump administration shifts on conflict
Christopher Miller, Lucy Fisher, Henry Foy and Ben Hall and Fabrice Deprez - Financial Times
The US has cut off intelligence sharing with Kyiv in a move that could seriously hamper the Ukrainian military's ability to target Russian forces. The step follows the decision on Monday by the Trump administration to suspend military aid deliveries to Ukraine and comes after a dramatic breakdown in relations between the US president and Ukraine's Volodymyr Zelenskyy.
/jlne.ws/4i4TGmy
US military aid pause leaves Ukraine vulnerable to Russian air attack; Ukrainian intelligence worries that Russia is prepared to unleash waves of drones and missiles.
Jamie Dettmer - Politico
The U.S. halt in sending military aid to Ukraine could leave the country vulnerable to aerial attacks just as Russia is gearing up for a massive increase in drone and missile strikes. Ukraine has a reported six MIM-104 Patriot missile batteries - used to protect some of the country's highest priority targets. The Patriot, with a range of about 160 kilometers, is one of the few systems Ukraine operates that can hit distant targets and knock down Russian ballistic missiles like the Kh-47M2 Kinzhal hypersonic missile.
/jlne.ws/41FSn81
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group Reports Record Monthly ADV of 33.1 Million Contracts in February, with Growth Across All Asset Classes
CME Group
CME Group, the world's leading derivatives marketplace, today reported its February 2025 market statistics set a new monthly average daily volume (ADV) record of 33.1 million contracts, an increase of 12% year-over-year. In addition, its deeply liquid interest rate complex reached a monthly ADV record of 19.2 million contracts, driven by record monthly U.S. Treasury futures and options ADV of 13 million contracts and a 15% increase in SOFR futures volume. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
/jlne.ws/3XrStOd
Farmer sentiment rises as current conditions improve on U.S. farms
CME Group
U.S. farmer sentiment continued its upward trend in February, as the Purdue University/CME Group Ag Economy Barometer rose 11 points from the previous month to a reading of 152. The boost was primarily driven by the stronger sentiment among producers, with the Current Conditions Index climbing 28 points to 137 - marking a significant rebound from its low of 76 in late summer and early fall 2024. In contrast, the Future Expectations Index saw only a modest increase, rising 3 points to 159. The recent upswing in sentiment reflects a combination of factors, including a sharp recovery in crop prices, expectations for disaster payments authorized by Congress and continued strength in the U.S. livestock sector. Despite the notable improvement in current conditions, farmers remain more optimistic about the future, as the Future Expectations Index continues to outpace the Current Conditions Index by 22 points. This month's survey was conducted between Feb. 10-14.
/jlne.ws/3QJdUWX
LSEG appoints Steve John as Chief Corporate Affairs and Marketing Officer
LSEG
LSEG today announces that Steve John has been appointed Chief Corporate Affairs and Marketing Officer. Steve joins the LSEG Executive Committee, reporting to David Schwimmer effective 1 April 2025. Based in London, Steve will lead LSEG's marketing, communications, government relations & regulatory strategy and sustainability teams. Steve has held senior brand marketing, communications and corporate affairs roles in a range of firms and sectors. Most recently he was the chief communications and brand officer at HSBC Group plc. Prior to HSBC he was the chief communications officer of McKinsey & Company.
/jlne.ws/3DePim3
CCP Global Held Industry Meetings in Frankfurt
The Global Association of Central Counterparties
The Global Association of Central Counterparties held meetings with regulators and an internal workshop on the 26th and 27th of February 2025, during a week which included the ECB-Chicago Fed-Bundesbank conference and the Eurex Derivatives Forum. CCP Global members had the pleasure of discussions with representatives from the Bank of England, De Nederlandsche Bank, the European Central Bank, and the European Securities and Markets Authority. CCP Global was delighted to present and discuss plans for the CCP Global International Default Simulation 2025 within the European Systemic Risk Board's Clearing Expert Group context.
/jlne.ws/41JKHlj
February 2025 figures at Eurex
Eurex
Eurex, Europe's leading derivatives exchange and - along with Eurex Clearing - one of the leading central counterparties globally, reported a 12 percent increase in total trading volume for February, reaching 173.0 million contracts compared to 154.6 million contracts in the same month last year. This growth was mainly fueled by a 25 percent rise in equity derivatives, which surged from 19.9 million to 24.9 million contracts. Interest rate derivatives experienced a 14 percent increase, climbing to 88.3 million contracts. Additionally, index derivatives rose by 3 percent, from 57.1 million to 58.8 million contracts.
/jlne.ws/3Dmf9bD
Intercontinental Exchange Reports February 2025 Statistics
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today reported February 2025 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
/jlne.ws/43okJVB
NYSE President Martin Sees 'More Normal' IPO Market In 2025
Bailey Lipschultz - Bloomberg
The market for US initial public offerings should look a lot more like the years prior to the pandemic-fueled boom, according to the head of the New York Stock Exchange. First-time share sales in the US could raise about $50 billion this year, NYSE Group President Lynn Martin said at the Bloomberg Invest conference in New York on Tuesday. US regulators should start publishing companies' IPO filings in the coming weeks after a regulatory quiet period that allows firms to get their full-year financial reports audited, Martin said.
/jlne.ws/41p95Hx
New Product Summary: Initial Listing of the Soybean Oilshare Futures and Options on Soybean Oilshare Futures Contracts - Effective March 31, 2025
CME Group
Initial Listing of the Soybean Oilshare Futures and Options on Soybean Oilshare Futures Contracts.
/jlne.ws/3DhUPrS
New Product Summary: Initial Listing of the Southern Yellow Pine (Fastmarkets) Futures and Options on Southern Yellow Pine (Fastmarkets) Futures Contracts- Effective March 31, 2025
CME Group
Initial Listing of the Southern Yellow Pine (Fastmarkets) Futures and Options on Southern Yellow Pine (Fastmarkets) Futures Contracts.
/jlne.ws/41o7Wji
March 2025 Eligible Corporate Bonds, ETFs, and Stocks- Effective March 04, 2025
CME Group
/jlne.ws/3F3cc01
EEX Press Release - EEX Group Monthly Volumes - February 2025
EEX
Monthly Volume Report, EEX Group News, Monthly Volume Report
/jlne.ws/4i5wOTZ
FTSE China Index Series Quarterly Review - Q1 2025
LSEG
FTSE Russell, a leading global index provider, has today announced the results of the FTSE China Index Series quarterly review for March 2025.
/jlne.ws/3Dmg1Nr
Nasdaq Reports February 2025 Volumes
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for February 2025 on its Investor Relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics.
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February 2025 Monthly Volume Data
OCC
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SIX and FISD: Strengthening the Financial Information Value Chain
SIX
With Marc Berthoud, Head Exchange Data Strategy, a representative of SIX has recently been appointed as FISD Executive Committee Member. In a recent interview, both Marc and Berta Ares Lombán, Head Program & Innovation Office, Financial Information, present the activities of this industry association and explain the rationale behind the involvement of SIX in FISD.
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TMX Group Announces Revised Trends on Morningstar DBRS Credit Ratings; Morningstar DBRS has revised all credit rating trends on TMX Group to Stable from Negative, confirms rating of AA (low) and R-1 (middle)
TMX
TMX Group Limited (TMX Group) today announced that DBRS Limited (Morningstar DBRS) has revised the trend on all credit ratings of TMX Group to Stable from Negative as a result of the progress made in deleveraging following the January 2024 acquisition of VettaFi Holdings LLC (TMX VettaFi). Morningstar DBRS also confirmed the Long-Term Issuer Rating and the Senior Unsecured Debt credit rating of TMX at AA (low), as well as its Commercial Paper (CP) credit rating at R-1 (middle).
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New CDR Options Classes
TMX
Bourse de Montreal Inc. (the Bourse) and Canadian Derivatives Clearing Corporation (CDCC) hereby inform you that at the opening of trading on Monday March 3, 2025, the following new CDR options classes are listed:
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Moscow Exchange Trading Volumes in February 2025
MOEX
In February 2025, total trading volumes across Moscow Exchange's markets was RUB 132.5 trln.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Beyond SaaS: The Evolution of Software in a Cloud-Native Era
Mela Partners
The traditional SaaS model once the disruptive force in software delivery now faces an existential challenge. While many still tout SaaS as the panacea for business efficiency, the reality is more complex. In a recent video discussion, industry experts argued that clinging to the old subscription model may soon be a liability rather than an asset.
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Bridgewater CEO Says Firm's AI Fund 'Comparable' to Human Ones
Siddharth Vikram Philip - Bloomberg
Bridgewater Associates Chief Executive Officer Nir Bar Dea said a fund it launched last year that uses machine learning and AI to make decisions has delivered performance that's "comparable" to the firm's human-led strategies. Bridgewater set up the $2 billion fund last year, and since then it has generated "unique alpha that is uncorrelated to what our humans do," Bar Dea said Tuesday at the Bloomberg Invest conference in New York, though he didn't say specifically how much it has returned to date.
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Turing Award Goes to 2 Pioneers of Artificial Intelligence; Andrew Barto and Richard Sutton developed reinforcement learning, a technique vital to chatbots like ChatGPT.
Cade Metz - The New York Times
In 1977, Andrew Barto, as a researcher at the University of Massachusetts, Amherst, began exploring a new theory that neurons behaved like hedonists. The basic idea was that the human brain was driven by billions of nerve cells that were each trying to maximize pleasure and minimize pain. A year later, he was joined by another young researcher, Richard Sutton. Together, they worked to explain human intelligence using this simple concept and applied it to artificial intelligence. The result was "reinforcement learning," a way for A.I. systems to learn from the digital equivalent of pleasure and pain.
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Turing Award winners warn over unsafe deployment of AI models; Two pioneers of reinforcement learning have won the $1mn prize from the Association for Computing Machinery
Cristina Criddle and Melissa Heikkilä - Financial Times
Two pioneers of reinforcement learning, a scientific technique that has been fundamental to the artificial intelligence boom, have warned against the unsafe deployment of AI models after winning this year's Turing Award. Andrew Barto, a professor emeritus at the University of Massachusetts, and Richard Sutton, a professor at the University of Alberta and former research scientist at DeepMind, have won the $1mn prize from the Association for Computing Machinery for developing the groundbreaking method.
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Startup aiming to build AI models for chemistry adds two AI 'godfathers' to advisory panel as it grabs top research talent from Google
Jeremy Kahn - Fortune
A U.K. startup aiming to use AI to discover new chemicals and materials has signed up two "godfathers of AI," as well as a leading AI policy advisor and a renowned materials science researcher, as advisors. It has also quietly hired a clutch of AI talent away from Google and its sister companies. CuspAI, which was founded last year and is based in Cambridge, England, has appointed both Geoffrey Hinton, the former Google AI researcher who shared a Nobel Prize in Physics last year for his pioneering work on artificial neural networks, and Yann LeCun, another AI luminary who serves as the chief AI scientist at Meta, to its scientific advisory board.
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Microsoft's $13 Billion OpenAI Tie-Up Cleared by UK Watchdog
Upmanyu Trivedi - Bloomberg
Microsoft Corp.'s $13 billion investment into OpenAI Inc. was cleared by the UK's antitrust watchdog, ending months of uncertainty over the tie-up. The Competition and Markets Authority said that the 2023 deal doesn't qualify for a full investigation under merger rules. The CMA said in 2023 it intended to look at whether the partnership gave either of the two firms more control and influence over another.
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Judge Denies Musk's Request to Block OpenAI's For-Profit Plan; The court said that Elon Musk could proceed with other parts of a lawsuit he brought against OpenAI last year.
Cade Metz - The New York Times
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AI copyright wars need a market solution; Data licensing can support a thriving ecosystem for tech firms and creators
The editorial board - Financial Times
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Trump Calls for End to $52 Billion Chips Act Subsidy Program
Mackenzie Hawkins - Bloomberg
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Malaysia is buying Arm's blueprints for $250 million to realize its ambitions to be a 'non-aligned' chip player
Lionel Lim - Fortune
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Chinese firms get Blackwell chips by ordering through nearby countries, defying U.S. bans
Jowi Morales - Tom's Hardware
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| Cybersecurity | | Top stories for cybersecurity | Hackers launder most of Bybit's stolen crypto worth $1.4B
Lorenzo Franceschi-Bicchierai - TechCrunch
The hackers who stole around $1.4 billion in cryptocurrency from crypto exchange Bybit have moved nearly all of the robbed proceeds and converted them into Bitcoin, in what experts call the first phase of the money-laundering operation. On February 21, Bybit said that a "sophisticated attack" on one of the company's wallets resulted in the theft of 401,346 Ethereum, worth around $1.4 billion at the time, in what is the largest crypto theft in history and possibly the largest heist of any kind ever. Blockchain monitoring firms and researchers, as well as the FBI, have accused the North Korean government of being behind the hack.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Trump's Crypto Advisers Weigh Paths to a National Stockpile; The president wants bitcoin, ether and three tokens in a stockpile similar to the gold reserve
Amrith Ramkumar - The Wall Street Journal
President Trump wants to build a federal cryptocurrency reserve. His subordinates are starting by counting up crypto the government already holds. The president said Sunday he wanted bitcoin, ether and three smaller tokens in a stockpile similar to the country's gold reserve. That addressed one debate in the industry over whether such a stockpile should only hold bitcoin, the largest cryptocurrency by market value, or include more volatile assets.
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Crypto Is Hugely Popular. Coinbase Global Could Be a Takeover Candidate.
Steven M. Sears - Barron's
Wall Street essentially owns much of the world. And until about six weeks ago, it expected world leaders and politicians to be deferential and willing to do almost anything to placate the almighty investor class.
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Backlash to Crypto-Reserve Plan Raises Doubts on Its Prospects
Teresa Xie, Ryan Weeks, and Muyao Shen - Bloomberg
There are many questions swirling around Washington and the crypto market regarding how exactly the Trump administration will attempt to execute on the president's plan for a strategic cryptocurrency reserve. Yet one important point is clear: The US would have to acquire three of the tokens that he wants included in the stockpile. And that's causing backlash among both supporters and critics of the notion that the government should be invested in digital assets.
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The Strategic Crypto Swindle; A bitcoin reserve would be a government-backed grift.
James Surowiecki - The Atlantic
In the months between Donald Trump's election and his inauguration, cryptocurrency prices soared on speculation that the president would appoint crypto-friendly regulators and set up a "strategic bitcoin reserve." Trump has delivered on the regulatory front: The Securities and Exchange Commission has a new pro-crypto commissioner and has dropped or paused lawsuits against crypto exchanges. Trump also issued an executive order in his first week calling for an evaluation of the "potential creation and maintenance of a national digital asset stockpile." Still, crypto prices fell sharply after he took office; the slide has intensified in the past couple of weeks. And that has caused considerable discontent among Trump's major backers in the industry. So, in what certainly looked like an attempt to halt the drop, Trump took to social media over the weekend and promised that a "Crypto Strategic Reserve" would soon be on the way, and that the government would be filling it with not only bitcoin and ether (the two biggest crypto assets) but also more speculative assets such as ripple, solana, and cardano.
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Donald Trump's Not-So-Strategic Crypto Reserve
Joel Khalili - Wired
Donald Trump provoked a riot of cryptocurrency trading and accusations of favoritism on Sunday after identifying several coins that may feature in a future US strategic crypto reserve. Alongside bitcoin, Trump said that XRP, solana, cardano, and ether will be considered for inclusion.
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Trump's Crypto Reserve Has a Problem. Red States Don't Want It.
Joe Light - Barron's
President Donald Trump's goal to create a crypto strategic reserve has a major problem. Any attempt will most likely require Congress to pass a bill, and Republican-led efforts in red states to create a similar fund are failing.
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Senate Votes to Repeal Biden-Era Crypto Tax Rule; Cruz calls effort a 'powerful statement of the importance of crypto'
Richard Rubin - The Wall Street Journal
The rule required the decentralized finance platforms, or DeFi, to report detailed information on customers to the IRS, starting for tax year 2027. The rule was designed to improve tax compliance and create parity with centralized crypto exchanges and stock brokerages.
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Crypto firms offer no easy way to pass on your Bitcoin-it's time for that to change
Jason Karsh - Fortune
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| Politics | | An overview of politics as it relates to the financial markets | A Speech Long on Gloating, Short on Plans; Presidents typically use addresses to Congress to lay out a policy agenda. Donald Trump mostly ripped into his predecessor and trolled Democrats.
Nia-Malika Henderson - Bloomberg
It was one of the most contentious speeches given to Congress by an American president, lots of sizzle but little substance. For an hour and 40 minutes Tuesday night, President Donald Trump ripped his predecessor, gloated about his electoral victory and dared Democrats to do anything other than sit through his joint address to a bitterly divided Congress. Mostly, Democrats sat, though some walked out and Texas Representative Al Green was tossed for challenging Trump's claim of a sweeping electoral mandate. Republicans cheered as Trump conjured up his own reality, often based on faulty polls. The spectacle mirrored the country, which is also starkly divided along partisan lines, with Democrats unsure of the way forward and Republicans largely in lockstep with Trump.
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Donald Trump's fabulist address; US president's speech to Congress was pure personalism, not ideology
Edward Luce - Financial Times
It is Mardi Gras in New Orleans. Yet no parade could match the carnival in Donald Trump's Tuesday night speech to Congress. As the US president declared himself author of not only the greatest comeback we have ever seen, but will probably ever see, one could almost hear the remnants of the fact-checking community snap their laptops shut. What purpose would it serve to point out that millions of dead centenarians are not receiving social security cheques, or that America has spent nowhere close to $350bn on Ukraine? It would be equally futile to compare Trump's address to any by his predecessors, including those he gave in his first term. This was in a category of one. In addition to being the longest by a mile in modern history, Trump's speech was a fever dream of extravagant promises. His pledge to cover America with a "golden dome" modelled on Israel's "iron dome" would use up every gold bar in Fort Knox. A few minutes earlier, Trump had promised to balance the federal budget. Was his pledge to take Greenland "one way or another" a threat or a fantasy? Ditto for the Panama Canal.
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What Trump Said About the US Economy, Fact-Checked; Outlining goals for his second term, the president asserted his opinion on topics such as tariffs that aren't supported by economic indicators and research.
Mark Niquette - Bloomberg
President Donald Trump spoke Tuesday before a joint session of Congress to outline his vision for a second term that started only six weeks ago and has already resulted in an upheaval of the federal workforce, disintegration of relationships with allies and a trade war. With his party controlling both chambers of Congress and Democrats largely on the sidelines and divided in their approach, Trump is poised to drive home his agenda of tariffs, tax breaks and spending cuts. Earlier Tuesday, his administration slapped 25% levies on goods from Mexico and Canada and layered another 10% duty on China on top of an identical hike a month before.
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Trump Wants to 'Take Back' the Panama Canal. Why That's Not So Simple
Peter Millard - Bloomberg
President Donald Trump has called for the US to retake control of the Panama Canal unless the cost of passage for naval and merchant ships is slashed. Trump's refusal to rule out the use of force is a throwback to the 19th century era of gunboat diplomacy. While it remains unclear whether Trump is simply posturing, his demand has jolted Latin America, which is less afflicted by territorial disputes than regions such as the Middle East and Asia. It shows a willingness to flout treaties and anger allies to further US interests. It's also a way of confronting China, which Trump has falsely said is operating the Panama Canal.
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In just five days, Trump has set the country back nearly 100 years; The president's new slogan might as well be "We were better off 95 years ago than we are today."
Dana Milbank - The Washington Post (opinion)
With a modesty we have come to expect of him, President Donald Trump informed Congress on Tuesday night that he had already ushered in "the greatest and most successful era in the history of our country." He told the assembled lawmakers that he "accomplished more in 43 days than most administrations accomplished in four or eight years." Armed with a portfolio of fabricated statistics, Trump judged that "the first month of our presidency is the most successful in the history of our nation - and what makes it even more impressive is that you know who No. 2 is? George Washington." Republican lawmakers laughed, whooped and cheered.
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Rumors are flying over Trump's deportations and shopkeepers say it's having a chilling effect on business
Jireh Deng - Business Insider
Since President Donald Trump's second inauguration, McDonald Romain has seen a drop in foot traffic at his Brooklyn grocery store Labay Market. "We had more people in the pandemic," said the 64-year-old business owner, who sells exotic and tropical fruit to customers in Little Caribbean, an Afro-Caribbean neighborhood. Many of his customers come from as far as Delaware searching for a nostalgic taste of home, he said. He estimates that 25% of his customers have stopped walking through his doors since the start of the year due to fears of Immigration and Customs Enforcement raids.
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She co-founded the office that became DOGE. Now, she sees 'irresponsible transformation.'
Sarah Kwon and KFF Health News via Fortune
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GOP Leaders Tell Lawmakers: No More In-Person Town Halls; After several contentious meetings, party chiefs say Republican lawmakers should avoid giving Democrats sound bites
Olivia Beavers - The Wall Street Journal
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Commerce Secretary's Comments Raise Fears of Interference in Federal Data; Howard Lutnick, the commerce secretary, suggested government spending should be excluded from data about U.S. economic output.
Ben Casselman and Colby Smith - The New York Times
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Germany's 'Whatever It Takes' Moment Powers European Markets
Jan-Patrick Barnert, Sagarika Jaisinghani, and Alice Atkins - Bloomberg
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Europe's Defense Budget Rips Through Its Climate-Crisis Buffer; The redirection of billions of euros earmarked to fight the fallout of floods, droughts and cyclones in poorer countries has global implications.
Gautam Naik - Bloomberg
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Europe Is Getting Ready for the End of NATO; If Trump pulled the US out of the alliance, the European allies would no longer follow Washington's lead on foreign policy.
James Stavridis - Bloomberg
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China says it is 'ready for war' with America
Sarah Newey - The Telegraph
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| Regulation & Enforcement | | Stories about regulation and the law. | CFPB Drops Lawsuit Against US Banks Over Alleged Fraud on Zelle
Paige Smith - Bloomberg
The Consumer Financial Protection Bureau dismissed another Biden-era lawsuit, this one targeting some of the world's largest banks for allegedly rushing out a peer-to-peer payment network that then allowed fraud to proliferate. The agency dropped the case against JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. along with the parent company of the consumer payment network Zelle with prejudice, meaning it cannot be reopened, according to a filing Tuesday in US District Court for the District of Arizona.
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Supreme Court Rejects Trump on USAID Foreign-Aid Freeze
Greg Stohr - Bloomberg
The US Supreme Court refused to bolster President Donald Trump's foreign-aid freeze, reinstating a lower court order that requires the quick disbursement of as much as $2 billion owed to contractors for already completed work. Over four dissents, the justices rejected Trump's request to toss out the trial court order, which affects money owed by the US Agency for International Development and State Department. The majority told the trial judge to reset the deadlines for paying the money since his original deadline has now passed.
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CFTC revises self-reporting, cooperation policies
Craig Buchan - Global Investigations Review
One lawyer said while the new guidance is not necessarily a departure from the CFTC's prior approach, it will help practitioners by putting "meat on the bones" of the previous policy.
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SEC Obtains Final Judgment Against Relief Defendant in Offering Fraud Scheme
SEC
On March 4, 2025, the U.S. District Court for the Eastern District of New York entered a final consent judgment against relief defendant Leonard Quartararo. The Commission's complaint, filed on April 27, 2021, alleged that Peter Quartararo engaged in a scheme to defraud investors by claiming that he could sell them shares in well-known privately held companies, which were expected to increase in value when those companies completed their initial public offerings. Peter Quartararo allegedly instructed investors to make out their checks to his father, Leonard, as well as to another private company.
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ASIC charges Brendan Gunn for dealing with money reasonably suspected of being proceeds of crime
ASIC
Brendan Gunn of Camp Hill Queensland, appeared in the Sydney Downing Centre Local Court yesterday charged with one offence against s.400.9.(1) to the Criminal Code alleging that between about 19 March 2020 and 15 May 2020 he dealt with money or other property, it being reasonable to suspect that the money or property was proceeds of crime of $100,000 or more. The maximum penalty at the time of the alleged offences was three years imprisonment or a fine of $37,800 or both.
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Data debate continues as MSP's Niki Beattie recommends regulators pay greater attention to pricing criticisms; As market data prices continue to rise, efficiencies are not being passed on to the rest of the market, said Market Structure Partners' Niki Beattie, speaking at a Plato Partnership event.
Claudia Preece - The Trade
Lack of structure around data disclosures is becoming an increasingly important issue as murkiness feeds confusion when it comes to understanding the entire picture of rising costs, affirmed experts at a Plato Partnership event on 4 March. Specifically, five points were highlighted by Market Structure Partners (MSP) as key areas where both the UK's Financial Conduct Authority and the European Securities and Markets Authority (ESMA) should intervene when it comes to exchanges' data reporting processes.
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Women who Invest with Frances Cook | Jess Learns to Invest Episode 2
FMA (podcast)
Join Jess, a 27-year-old newbie in the world of investing, as she navigates the ups and downs of becoming an investor. Just like you, she's learning the ropes. Each month, Jess will team up with a different expert who will share invaluable insights and tips about investing.
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Growth of private markets requires continued focus on valuations
FCA
The FCA's review of private market valuation processes has found good practice but some room for improvement. Private markets have grown significantly in recent years with the UK continuing to be the largest centre for private market asset management in Europe. Private market assets don't have the frequent trading and regular price discovery present in more liquid public markets, so robust valuation practices are important for fairness and confidence in private markets.
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Oral reply to Parliamentary Question on the tightening of regulations for digital payment token service providers
MAS
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Response to Letter "Cap credit card interest rates to protect the vulnerable from crippling debts" - The Straits Times, 27 February 2025
MAS
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Hershey says ICE cocoa futures market is disconnected from reality
Reuters
Chocolate maker Hershey Co said ICE New York cocoa futures market is disconnected from the reality of the global physical market due to the exchange's actions that led to lack of liquidity and increased volatility. Hershey's Vice President for Procurement Tricia Brannigan told Reuters on Tuesday that high margin calls on ICE's cocoa futures market drove commercial players away, reducing open interest and causing sharp price swings. She asked ICE to investigate speculators' activities for any disruptive behavior.
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Platinum Market Set for Third Year of Major Deficits on Weak Supply; The precious metal is forecast to be in a market deficit of 848,000 ounces in 2025
Joseph Hoppe - The Wall Street Journal
The platinum market is likely to post a third year of deficits in 2025, as supply is stretched. The precious metal is forecast to be in a market deficit of 848,000 ounces in 2025-from prior expectations of 539,000 ounces-on persistently low recycling rates and constrained mining supply, according to a new report from the World Platinum Investment Council.
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One-Time Trafigura CEO Contender Hallouche Is Leaving Trader
Archie Hunter and Jack Farchy - Bloomberg
Hadi Hallouche, head of Trafigura Group's downstream oil division and an executive who was once touted as the firm's future leader, is leaving the company. He is the latest senior departure in a leadership succession process at Trafigura, one of the largest traders of oil, gas and metals, that saw Richard Holtum become the company's third-ever chief executive officer in January.
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VIX Futures Curve Sends Distress Signal as Equities Slump
David Marino and Bernard Goyder - Bloomberg
A rout in the S&P 500 Index has boosted demand for short-term hedges, flipping the Cboe VIX Futures curve into a rare inversion. Traders who had been lining up options to hedge against a steep pullback in the S&P 500 are reaping the benefit. In mid-February, huge volumes of call buying were seen in March-expiry strikes from 20 to 25, and last week more than 260,000 contracts of calls from 55 to 75 were bought.
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In a year of turmoil, diversification is paying off for investors; The benefits of the 'only free lunch' in markets are reasserting themselves
Peter Oppenheimer - Financial Times
At a time when transatlantic trade tensions are mounting, it might seem an inopportune time for investors to diversify their portfolios away from the US to Europe. After all, President Donald Trump has warned he is planning to impose a 25 per cent additional tariff on goods from Europe, raising questions over the fallout on the region's economies and companies.
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We want to talk about niche index methodology tweaks; Reverse clickbait
Robin Wigglesworth - Financial Times
Earlier this week, the London Stock Exchange Group's indexing business FTSE Russell announced some subtle but interesting changes to its rule book. Index methodology might not be everyone's cuppa, but give it a try. From September onwards, its various UK indices will admit companies with dollar and euro-denominated shares, rather than just the sterling-denominated ones permitted by the current regime.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Supreme Court Rules the Clean Water Act Doesn't Actually Require That Water Be Clean
Mark Joseph Stern - Slate
On Tuesday, the Supreme Court substantially weakened federal limitations on raw sewage discharge into nearby bodies of water. Its 5-4 decision will, in practice, free cities to dump substantially more sewage into rivers, lakes, oceans, and bays, degrading water quality standards around the country. The majority achieved the goal by rewriting a key provision of the Clean Water Act that has, for decades, protected Americans against dangerous pollution. With that guardrail gutted, the majority effectively greenlit the mass release of human waste into the nation's water supply. As Justice Amy Coney Barrett explained in dissent, the court "offers nothing to substantiate" its "puzzling" conclusion-nothing, that is, besides evident sympathy for polluters and callous apathy toward those who will suffer from its decision.
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U.S. State Department Shuts Down Pollution Monitoring Abroad; Since 2008, embassies and other diplomatic posts had been publishing data about local air quality. In many countries, it was the only reliable source of such information.
Lisa Friedman and Brad Plumer - The New York Times
What's the air quality in New Delhi, Jakarta or Buenos Aires? Until Tuesday, the United States Embassy in those cities could have told you. But the Trump administration has effectively shut down a global air quality monitoring program, ending more than a decade of public data-collection and reporting from 80 embassies and consulates worldwide. The information has supported research, helped thousands of foreign service officers working abroad to decide if it was safe to let their children play outdoors, and has directly led to air quality improvements in countries like China.
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Voluntary Carbon Markets Found To Be Over 10 Times Less Efficient Than Mainstream Markets, WFE Research Reveals
Mondovisione
The World Federation of Exchanges (The WFE), the global industry association for exchanges and CCPs, has published new research today, the first study examining the dynamics of the primary markets in the Voluntary Carbon Market (VCM). The WFE Research paper analyses a comprehensive dataset of carbon offset projects with vintage years from 1996 until 31 December 2024 across the four major voluntary registries. The paper, titled "The dynamics of global voluntary carbon markets: An empirical analysis of the carbon credits lifecycle", authored by Dr Ying Liu and Dr Pedro Gurrola-Perez, finds:
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In the Market for a Heat Pump? Here's What Trump's Tariffs Mean for You; Expect to pay more for heat pumps, EVs and home batteries as climate-friendly products and components made abroad get more expensive.
Todd Woody - Bloomberg
Decarbonizing your life will get more expensive as President Donald Trump imposes tariffs on the US' top trading partners, spiking the cost of home heat pumps, battery storage systems and electric cars, according to economists. Trump on Tuesday levied 25% tariffs on goods imported from Canada and Mexico, a day after he signed an executive order doubling a tariff on Chinese products to 20%. The administration has said it intends to put a tax on imports from the European Union and collect a 25% tariff on aluminum and steel imports.
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New Yorkers Stressed by Prices Now Face Higher Electricity Bills; Ontario is threatening retaliatory levies on electricity supplied to the state - just as the city's main utility is seeking approval for higher bills.
Arvelisse Bonilla Ramos, Josh Saul, and Augusta Saraiva - Bloomberg
No one expects New York City living to come cheap. But even as rents soar across the five boroughs and egg prices can top $10 per dozen, residents now face the prospect of another cost increase they can't control: a jump in their electric bills. Ontario said Tuesday it will respond to President Donald Trump's tariffs on Canadian imports with 25% levies of its own on power the province sends to New York as well as Minnesota and Michigan. Such costs would likely filter down to customers who already face potential rate hikes early next year from power provider Consolidated Edison Inc.
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UK proposes North Sea tax plan to peg payments to oil and gas prices; Consultation will explore mechanism that would replace controversial 'windfall tax' after 2030
Jim Pickard and Rachel Millard, Simeon Kerr - Financial Times
UK oil and gas drillers face a new tax system after 2030 that would see them pay more if global prices rise, under proposals to overhaul the North Sea duties regime in the wake of the energy crisis. The mechanism would replace the controversial "windfall tax", under plans outlined in a consultation on the future of the North Sea to be published on Wednesday, according to people within the industry and government.
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How Trump Is Fueling the Backlash Against DEI
Simone Foxman and Jeff Green - Bloomberg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman Moves Up Annual Job Cuts, Targets 3% to 5% of Staff
Todd Gillespie - Bloomberg
Goldman Sachs Group Inc. is about to start its annual round of job cuts, moving the exercise to earlier in the year after previous reductions took place in the latter half. The New York-based bank will look to cut between 3% to 5% of staff - broadly in line with prior culls - according to a person familiar with the matter, who asked not to be identified discussing private information. Goldman will focus on reducing vice presidents after it added too many in recent years in relation to its overall hiring, the Wall Street Journal reported earlier, citing people familiar with the matter it didn't identify.
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Goldman Sachs to Target Vice Presidents in Next Round of Cuts; Employees likely to be laid off in annual culling were given hints in the form of small bonuses
AnnaMaria Andriotis - The Wall Street Journal
Goldman Sachs is preparing its annual round of layoffs, this time with a focus on its vice presidents. Goldman CEO David Solomon has told senior executives that the firm hired too many vice presidents in recent years in relation to its overall hiring, according to people familiar with the matter. The cuts are intended to improve the firm's efficiency, which Solomon has made a priority. Hints have been given to vice presidents who are likely to get cut both in the form of poor reviews late last year and small bonuses earlier this year. Employees who left as a result will be counted toward the firm's total goal for layoffs.
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Goldman Sachs' annual culling of underperformers is coming earlier than usual this year
Reed Alexander - Business Insider
Goldman Sachs is moving its annual headcount-cutting ritual from fall to spring this year and will be zooming in on a key constituency for trims: its cohort of vice presidents. The cuts are part of what is known inside Goldman as the annual Strategic Resource Assessment, or SRA, a process the bank has used to cull underperformers that has taken place in the fall in recent years.
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TD Cuts Top US Executive's Bonus in Wake of Laundering Scandal
Christine Dobby - Bloomberg
Toronto-Dominion Bank slashed last year's pay for its top US executive, Leo Salom, in the wake of its historic money-laundering scandal but also said it will grant him $2 million in share-based compensation if the firm hits certain targets in 2025. nSalom, who has led Toronto-Dominion's US division since 2022, saw his variable pay decline 35% in 2024, the bank said in its annual proxy filing Tuesday. His total compensation for the year was $3.5 million, down from $4.6 million a year earlier.
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BNP Paribas former top lawyer fined for slurs against colleagues; Benedict Foster admitted using 'offensive' monikers in French bank's London office
Simon Foy - Financial Times
A former senior lawyer at BNP Paribas has been ordered to pay £31,000 after admitting to creating and using "offensive" nicknames for colleagues while working at the French bank's London office. Benedict Foster, former head of legal for debt and equity capital markets at BNP Paribas in London, was fined £15,000 and directed to pay costs of £16,000 at a Solicitors Disciplinary Tribunal on Tuesday.
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BlackRock Strikes $23 Billion Deal for Ports on Both Sides of Panama Canal; A consortium of investors is buying a majority stake in the ports from CK Hutchison
Jack Pitcher - the Wall Street Journal
A consortium of investors led by BlackRock has agreed to buy majority stakes in ports on both sides of the Panama Canal from CK Hutchison for $22.8 billion, the companies said Tuesday. The deal would bring the key ports under American corporate ownership, from Hong Kong-based CK Hutchison. The Panama Canal is controlled by Panama, but foreign-owned ports on either side have been flagged as a threat by the Trump administration.
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Cathie Wood Sees Trump Era as 'Golden Age' for Wall Street
Isabelle Lee - Bloomberg
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Deutsche Bank taps UBS for new Australian rates trader
Wesley Bray - The Trade
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Andurand's Hedge Fund Erases 2024's Gains After 37% Slump
Saijel Kishan and Nishant Kumar - Bloomberg
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EU think-tank looks to ETFs to boost European defence companies; There has been a surge in interest in weapons makers, but current ETFs offer only global exposure
Emma Boyde - Financial Times
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | More CEOs Are Getting Fired. Blame FOMO Boards; Chief executives are expected to deliver results immediately to boards fearful of missing out in an era of rapid change.
Beth Kowitt - Bloomberg
When Unilever Plc made its surprise announcement last week that it would replace CEO Hein Schumacher, the board was about as blunt as boards tend to get in a corporate press release. "While the Board is pleased with Unilever's performance in 2024, there is much further to go to deliver best-in-class results," said Unilever Chairman Ian Meakin in the announcement. Schumacher would be replaced by current Unilever CFO Fernando Fernandez, who has the ability "to drive change at speed" and capitalize on the company's growth plan "with urgency."
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Texas Reports 13 New Measles Cases as CDC Arrives in State
Jessica Nix - Bloomberg
Texas reported 13 new cases of measles Tuesday even as the US Centers for Disease Control and Prevention is sending a team of epidemiologists and doctors to help the state with the growing outbreak. The state has now reported a total of 159 cases since the outbreak began Jan. 23. That includes the earlier reported death of one child, the first US measles fatality in a decade. Texas officials said 22 people have been hospitalized.
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WHO Should Embrace Change and Get Back to Work; The stakes are too high to forgo US funding.
The Editorial Board - Bloomberg
The World Health Organization's largest laboratory network tests 500,000 patient samples a year to track measles, rubella and a host of other infectious diseases, doing essential work on a global scale. Unfortunately, the entirety of the program's budget comes from the US government - which has just ordered a freeze on all such funding and proposed leaving the WHO altogether. A worsening measles outbreak in Texas offers a particularly poignant rebuke to this decision. But, really, it's a matter of common sense: Weakened surveillance efforts, of the kind the WHO was created to oversee, can only lead to disaster for global health.
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US Tariffs Will Raise Drug Prices for Patients, Sandoz CEO Says
Paula Doenecke and Ashleigh Furlong - Bloomberg
The US shift toward steep tariffs will likely make drugs more expensive and limit access for patients, according to one of the world's largest makers of generic medicines. Most generics and biosimilars in the US contain ingredients made elsewhere or are produced entirely abroad, which will hit consumers immediately, Richard Saynor, the chief executive officer of Sandoz Group AG, said in an interview with Bloomberg TV.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Global vineyard values tumble as falling wine consumption hits industry; Winemakers are battling shifting tastes among younger generations and lower prices caused by oversupply
Alan Livsey - Financial Times
Vineyard values have tumbled as much as a third in the past year as the oversupply of wine weighs down the industry amid sinking global consumption, according to a new report. In its latest wealth report, published on Wednesday, Knight Frank said "few of the world's key vineyard regions remain unscathed" by a drop in demand for wine, adding that consumption has fallen 12 per cent globally from its peak in 2007.
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As World's Priorities Shift, African Leaders Focus on Food Sovereignty; United Nations agriculture fund head sees a shift in focus; Change will foster more local production, trade with neighbors
Antony Sguazzin - Bloomberg
Russia's war with Ukraine and the worldwide shift toward national priorities has pushed African leaders to focus on food self-sufficiency, the head of a United Nations' body said. From increased wheat production in Ethiopia and rice output in West Africa continental leaders are more alive to the threat posed by global trade disruptions than they were previously, said Alvaro Lario, president of the International Fund for Agricultural Development.
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How illegal gold mining is fuelling a chocolate shortage; Ghanaian farmers are ditching cocoa to dig for bullion and driving up global prices
Aanu Adeoye and Susannah Savage - Financial Times
Ghanaian cocoa farmers are abandoning beans for bullion in an illegal gold mining boom that has ravaged the country's cocoa production and helped drive global chocolate prices to historic highs. The cost of cocoa traded in New York trebled between early 2023 and the start of this year but price controls in Ghana, the world's second-largest cocoa producer, have denied farmers that windfall. As a result, many are selling their farms to illegal miners who have decimated swaths of land and poisoned much of the country's water supply.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Barclays Chair's Call Delayed UK Probe Over Staley's Epstein Friendship for Months; Regulator says Higgins spoke of pair's professional connection; Jes Staley is challenging watchdog over finance industry ban
Jonathan Browning and Harry Wilson - Bloomberg
Barclays Plc's chairman assured UK regulators that the bank's former chief Jes Staley had not enjoyed a close relationship with Jeffrey Epstein, causing them to delay an investigation by several months. Jonathan Davidson, the former head of supervision at the Financial Conduct Authority, said Chairman Nigel Higgins told him in a phone call in August 2019 that Staley and Epstein had "no particular" relationship. Davidson faced questions on the third day of a legal showdown in London between the regulator and Staley.
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