| July 09, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
The Chicago Board of Trade Building Museum opened yesterday with a brief ceremony in the hallway outside of Ceres, with speakers from the management company R2, 34th Ward Alderman Bill Conway, and a planning and development staffer from the City of Chicago.
The turnout of industry luminaries included former CBOT Chairman Patrick Arbor, CME Chairman Emeritus Leo Melamed, former Cboe Chairman and CEO William Brodsky, and philanthropy executive Steven Mendes
There was an official ribbon cutting to open the museum, which includes a CBOT-shaped tower of promotional buttons provided by Ryan Carlson of TradingPitHistory.com. The pro-football themed trading jacket from Thomas J. Cashman was prominently displayed next to the two trading floor phones, where you can hear unaccredited audio from The Open Outcry Traders History Project
A Leg To Stand On (ALTSO) is gearing up for its 22nd annual New York and 14th annual Chicago fundraisers this October, inviting supporters to join in the celebration and make a difference. Since its founding, ALTSO has helped transform the lives of over 25,000 children worldwide, and this year's Rocktoberfest promises to be unforgettable. The Chicago event will take place on October 16 at the House of Blues, expecting 750 guests, while the New York event will be held on October 23 at the Hard Rock Times Square with an anticipated 1,500 attendees. Tickets include access to an open bar, delicious food, VIP rooms, and live performances from top Chicago bands such as August Son, ALTSO All Stars, Bad Dads, Blue Sky Highway, and The Operators. When purchasing tickets or choosing a sponsorship, guests can support their favorite band, with set times determined by fundraising totals. ALTSO is proud to have the backing of major exchanges, banks, trading firms, and industry leaders, and welcomes new sponsors with attractive packages that both highlight their company and support children in need. Tickets are available now at altso.org/rocktoberfest, and those interested in sponsorships or more information can contact raymack1999@mac.com. Join ALTSO for a night of music, community, and giving back, and help provide children around the world with a leg to stand on.
Intercontinental Exchange, Inc. (ICE) reported a record-setting first half of 2025, with 1.2 billion futures and options contracts traded across its markets and an average daily volume of 10 million contracts-about 6 million of which were commodity contracts. The period saw all-time highs in several asset classes: 673.4 million energy contracts (including 400.8 million in oil and 250.8 million in natural gas), 10.6 million environmental contracts, and 512.0 million in financials, with 461.9 million specifically in interest rate products. ICE's global benchmarks also posted record volumes, including 211.4 million ICE Brent, 53.5 million ICE Gasoil, 55.3 million ICE WTI, 61.2 million ICE TTF natural gas, 283.3 million ICE Euribor, and 114.0 million ICE SONIA contracts. Overall, trading volumes across ICE's markets rose 24% year-over-year, while open interest climbed 10%, reflecting heightened activity and client engagement in navigating volatile market conditions.
I remember when presidents believed in free markets. President Donald Trump's proposed 50% tariff on copper imports has led to a surge in copper prices to record highs, raising concerns about increased costs across the U.S. economy, Barron's reported. The U.S. imports about half of its copper, which is vital for sectors such as housing, transportation, and especially the expanding electrical infrastructure required for AI and clean energy. Experts warn that the tariffs will increase the costs of construction, electric vehicles, and data centers, potentially fueling inflation and slowing economic growth. With domestic production unable to quickly replace imports, critics argue that such a move is risky and at odds with traditional free-market principles, especially during a period of persistent inflation.
AsiaREC Limited and AEX Holdings Ltd. (Hong Kong) announced on July 7, 2025, the appointment of Guy Melamed as advisor to the board, it shared on LinkedIn. Melamed is the former co-founder and CEO of Exberry and current chairman of Mela Partners.
Here are the headlines from in front of FOW's paywall from some recent stories: European regulator calls for funding overhaul amid shifting role, Singapore Exchange reports monthly futures up, options down, ASX on track for record volume year due to tariff uncertainty, EEX explores more granular guarantees of origin certificates and GFO-X taps Citi, JP, Goldman veteran Sabrina Wilson as COO.
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:
Jane Street Shows Dangers of Finance as Shampoo from Bloomberg.
Jane Street's Lucrative India Trade Highlights Key Market Quirk from Bloomberg.
Jane Street to challenge India ban, says it engaged in basic arbitrage from Reuters. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Trading Technologies Sees Renewed Institutional Crypto Demand, Expands US Equity Options Access, Green Says JohnLothianNews.com LONDON, UK-(JLN)-July 3, 2025-Trading Technologies (TT) is seeing a surge in institutional interest in crypto trading and continued strong demand for advanced risk management and cross-asset trading tools, according to Alun Green, executive vice president and managing director of futures & options, in an interview with John Lothian News at FIA IDX in London. Watch the Alun Green Video » Michael Haigh - Societe Generale Watch the Michael Haigh Video » Nils-Robert Persson - Vermiculus Watch the Nils-Robert Persson Video »
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Goldman Demands an Oath From Junior Bankers to Fend Off Private Equity Poaching
Todd Gillespie - Bloomberg
Goldman Sachs Group Inc. plans to ask junior bankers to confirm their loyalty on a regular basis in a bid to limit advances from talent-hungry buyout firms. The investment bank will ask new analysts to certify every three months that they haven't accepted jobs elsewhere, according to people familiar with the matter, who asked not to be identified discussing the confidential plan. A representative for Goldman Sachs declined to comment.
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***** You shall fear Goldman; you shall serve Goldman and hold fast to Goldman, and by Goldman you shall swear. H/T to Deuteronomy 10:20.~JJL
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The 'Trump Pump': How Crypto Lobbying Won Over a President; The industry's courtship of Donald J. Trump resulted in one of the great lobbying free-for-alls in recent Washington history.
David Yaffe-Bellany and Kenneth P. Vogel - The New York
Just over a year ago, while sitting around a table in an ornate meeting room at Mar-a-Lago, David Bailey and a group of top Bitcoin executives made a pitch to Donald J. Trump. They were looking for a savior. For years, cryptocurrency companies had endured a sweeping crackdown in Washington - a cascade of lawsuits, regulatory attacks and prosecutions that threatened the industry's survival.
/jlne.ws/3TxZeLU
****** Normally with a "Pump" there is a "Dump." We all know who is going to get the "Dump."~JJL
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GOP Senators Had No Idea They Voted For Controversial Gambling Tax
Igor Bobic - HuffPost
The massive tax and spending bill that President Donald Trump signed into law last week contains a provision limiting tax deductions for gambling losses that has professional bettors howling about being driven out of business. The provision surprised many in the industry as well as numerous Republican senators involved in drafting the legislation, who told HuffPost they didn't know how or why it was inserted into the bill. GOP lawmakers were under pressure to pass the bill by Trump's self-imposed July 4 deadline.
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****** Let's see, who would benefit from gambling losses not being tax-deductible anymore?~JJL
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Tuesday's Top Three
Our top clicked item Tuesday was the Chicago Tribune's letters to the editor page containing the letter from Susan Carey of Highland Park commenting on the CME class-action lawsuit. Second was the Chicago Tribune's editorial board's Editorial: Chicago's 'open outcry' traders finally get their day in court against CME Group. And John was right about the story gaining traction: The Telegraph's The 500 best pubs in England was our number three story again on Tuesday.
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| Lead Stories | Top financial watchdog recommends limits on hedge fund leverage; FSB proposes that non-banks provide more disclosure on borrowing amid rising concern the sector could trigger new crisis
Martin Arnold - Financial Times
Hedge funds and other non-bank groups could face limits on the amount of leverage they can use and may have to provide more disclosure to regulators about their borrowing, under plans put forward by the world's financial stability watchdog. The Financial Stability Board (FSB) said on Wednesday that its recommended measures - which follow a consultation announced late last year - were designed to tackle the build-up of leverage in non-banks, which "can be an important amplifier of stress. If not properly managed, it can create risks to financial stability."
/jlne.ws/3TZnMO2
Copper Market in Turmoil as Trump Touts 50% Tariff on US Imports
Katharine Gemmell and Martin Ritchie - Bloomberg
President Donald Trump sowed fresh chaos in metals markets by indicating the US would implement a higher-than-expected 50% tariff on copper imports, spurring a record spike in New York futures and a drop in the global benchmark. The plan, announced in an apparently off-the-cuff comment to reporters, marks the latest twist in a tumultuous period for industrial commodities, as the US leader aims to encourage more mining and smelting at home. He's already raised fees on steel and aluminum imports, while probes into flows of multiple other metals are in train.
/jlne.ws/4krYF0Y
CME debates the meaning of 'trading floor' as $2 billion trial gets underway
Mark Weinraub - Crain's Chicago Business
The $2 billion lawsuit former pit traders have brought against CME Group could be decided on what a jury determines a trading floor is, based on statements lawyers made during opening arguments today in the high-profile class action. The plaintiffs, about 4,000 CME members, claim the exchanges did not honor the core rights traders enjoyed for more than a century in their storied pits as the bulk of the trading volume moved to computer trading accessible to non-members.
/jlne.ws/44EwpTc
Bank of England Warns of Gilts Risk From Hedge Fund Leverage
Greg Ritchie, Tom Rees, and Jennifer Surane - Bloomberg
The growing role of hedge funds in the UK bond market is raising the risk of destabilizing selloffs, the Bank of England said Wednesday, with officials warning the opaque nature of their trading activity exacerbates the threat. Hedge funds are borrowing a record £77 billion ($105 billion) via gilt repo agreements to add leverage to relative-value strategies including the so-called basis trade, the central bank said in its twice-yearly Financial Stability Report. Funds use such strategies in order to exploit price differences between cash bonds and gilt futures.
/jlne.ws/4lkeNDj
America's largest power grid is struggling to meet demand from AI
Laila Kearney - Reuters
America's largest power grid is under strain as data centers and AI chatbots consume power faster than new plants can be built. Electricity bills are projected to surge by more than 20% this summer in some parts of PJM Interconnection's territory, which covers 13 states - from Illinois to Tennessee, Virginia to New Jersey - serving 67 million customers in a region with the most data centers in the world. The governor of Pennsylvania is threatening to abandon the grid, the CEO has announced his departure and the chair of PJM's board of managers and another board member were voted out. The upheaval at PJM started a year ago with a more than 800% jump in prices at its annual capacity auction. Rising prices out of the auction trickle down to everyday people's power bills.
/jlne.ws/4kv6Mdg
ICE Sets New H1 Record With 1.2 Billion Contracts Traded
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data and home of the most liquid energy markets in the world, today announced that the first half of 2025 marked a record for volumes traded across ICE's markets with a record 1.2 billion ICE futures and options contracts traded, with record average daily volume of 10 million contracts, of which approximately 6 million were commodity contracts.
/jlne.ws/40aqC6q
'Sinister scheme': India ban threatens Jane Street's money machine; Allegations of market manipulation and temporary block on activities pose wider risks for Wall Street trader
Krishn Kaushik, Robin Wigglesworth and Chris Kay - Financial Times
India has been a money machine for Jane Street, netting the trading giant more than $4bn in profits in just over two years. But it is now the source of a scandal that is imperilling the Wall Street firm's golden run. The Securities and Exchange Board of India last week accused Jane Street of a "sinister scheme" to manipulate Indian stocks and derivatives, temporarily banned its activities in the country and impounded more than $550mn of "illegal gains" - the most draconian penalty it has ever levied. It is now expanding its probe into the firm's trades in other parts of India's financial markets.
/jlne.ws/4lhyUSi
MarketAxess Sees Next Wave of Electrification in Credit
Shanny Basar - MarketsMedia
Gareth Coltman, global head of trading automation at MarketAxess, the operator of an electronic fixed income trading platform, said the market is on the cusp of the next wave of electrification in credit as the firm looks to further develop its block trading solutions. MarketAxess went live with targeted blocks in the U.S. in May this year, after launching in Europe in the fourth quarter of last year. The firm reported that in May there were strong increases in block trading average daily volume across U.S. credit of 41%, in emerging markets of 24 % and 116% in eurobonds.
/jlne.ws/4kMJtvX
Regulators should limit leverage for 'shadow banks' in core markets, FSB says
Tommy Reggiori Wilkes and Valentina Za - Reuters
Regulators should consider direct limits on leverage used by non-bank financial firms in core markets as well as measures to curb their size, the Financial Stability Board said on Wednesday in a series of recommendations to make 'shadow banking' safer. Non-bank financial institutions, including hedge funds, private credit providers and insurers accounted for $218 trillion, or just under half, of the world's financial assets in 2022, according to the G20's FSB, a group comprising financial regulators and authorities around the world.
/jlne.ws/44nFGjy
London Must Drop Listing 'Snobbishness' to Fix Decline, CBI Says
Sabah Meddings - Bloomberg
The UK should stop looking down on companies seeking a secondary listing in London if it wants to rebuild the stock exchange's waning status, the leader of one of the country's main corporate lobby groups said. "There has been a slight snobbishness about saying we don't want people to have their dual listing, and we only want their primary listing," Rupert Soames, chairman of the Confederation of British Industry, said in an interview. Bringing firms from fast-growing regions like Asia to London would create opportunities for UK investors and boost financial services revenue, he said.
/jlne.ws/407Lknq
Israel Is Now Peerless in the Middle East and Markets Global investors, who are forward-looking by nature, have made the nation's currency, debt and equity the world's top performers. The message is clear.
Matthew A. Winkler - Bloomberg
Anyone wondering how much Israel gained from its 12-day war with Iran can find an answer in financial markets. The nation's currency, debt and equity lead the world in terms of appreciation since the conflict began on June 13, according to data compiled by Bloomberg. Israel's superlative markets follow a military assessment that Iran's alleged nuclear bomb program, suspected of imminent completion, will be dysfunctional for years because of the destruction of uranium enrichment sites, supporting facilities and the elimination of top nuclear scientists by Israel Defense Forces with assistance from the US.
/jlne.ws/46Avhm3
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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 says it was 'too time-consuming' to negotiate trade deals so it was just easier to send letters
Josh Boak - The Associated Press via Fortune
When President Donald Trump last rolled out tariffs this high, financial markets quaked, consumer confidence crashed and his popularity plunged. Only three months later, he's betting this time is different. In his new round of tariffs being announced this week, Trump is essentially tethering the entire world economy to his instinctual belief that import taxes will deliver factory jobs and stronger growth in the U.S., rather than the inflation and slowdown predicted by many economists. On Tuesday, he told his Cabinet that past presidents who hadn't aggressively deployed tariffs were "stupid." Ever the salesman, Trump added that it was "too time-consuming" to try to negotiate trade deals with the rest of the world, so it was just easier to send them letters, as he's doing this week, that list the tariff rates on their goods.
/jlne.ws/3Ign10n
Trump's tariff letter shatters Japan's hopes for a special relationship; Tokyo's emphasis on large FDI and strategic location falls on deaf ears
Ken Moriyasu - Nikkei Asia
WASHINGTON -- When the White House began negotiations after President Donald Trump announced country-by-country "reciprocal" tariffs, Japan was first in line. Japanese trade envoy Ryosei Akazawa met with Trump in the Oval Office in mid-April, and was photographed donning a red "Make America Great Again" hat, signed by the president, signaling optimism. On Monday morning, it was a completely different picture. Japan was the first to receive a letter from Trump declaring the relationship "far from Reciprocal" and announcing a unilateral 25% tariff on all Japanese goods exports to the U.S.
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Russia launches record drone attack on Ukraine after Trump criticizes Putin
Lex Harvey and Kosta Gak - CNN
At least one person has been killed after Russia launched its largest drone attack on Ukraine since the beginning of its invasion, Ukrainian officials said Wednesday, just hours after US President Donald Trump pledged more military support for Kyiv and accused his Russian counterpart Vladimir Putin of throwing "bullsh*t" over peace talks. The massive aerial assault involved 728 drones and 13 missiles, Ukraine's Air Force said, eclipsing the previous record number of 539 drones, set on July 4, by hundreds - but it was largely repelled, with the damage limited.
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White House Weighs Giving Ukraine Another Patriot Air-Defense System; The move would mark the first time Trump has approved providing a major weapons system to Kyiv beyond the number authorized by the Biden White House
Shelby Holliday, Lara Seligman and Robbie Gramer - The Wall Street Journal
President Trump is considering sending an additional Patriot air-defense system to Ukraine after vowing in recent days to strengthen Kyiv against Russian attacks, according to two officials. Trump lashed out at Russian President Vladimir Putin on Tuesday, saying "we get a lot of bulls-t thrown at us by Putin." But the administration hasn't disclosed what additional weapons it is planning to provide Ukraine in response to Putin's rebuff of Trump's calls to halt the three-year-old conflict.
/jlne.ws/4nW1hYj
Putin's Strategy of Paying Lip Service to Peace Falters as Trump Loses Patience: President's remarks during cabinet meeting are latest sign of his displeasure with Russian leader
Matthew Luxmoore - The Wall Street Journal
KYIV, Ukraine-For months, Russia has courted President Trump, deploying flattery, promises of economic cooperation and protestations of its desire for peace in an effort to splinter Western support for Ukraine-all while intensifying its assault on its smaller neighbor. The approach appears to be faltering. Trump, critical of continued Russian airstrikes, says he plans to resume arms shipments to Kyiv. He is considering sending an additional Patriot air-defense system to Ukraine, The Wall Street Journal reported on Tuesday.
/jlne.ws/44Lms6C
Trump told Putin he would 'bomb the s--- out of Moscow' in leaked audio
Kieran Kelly - The Telegraph
Donald Trump claims he threatened to "bomb the s--- out of Moscow" if Russia invaded Ukraine during his first term, according to new leaked audio. "With Putin I said: 'If you go into Ukraine, I'm going to bomb the s--- out of Moscow. I'm telling you I have no choice'," Mr Trump told a group of donors before last year's presidential election. N"And then [Putin] goes, like, 'I don't believe you'. But he believed me 100 per cent."
/jlne.ws/4nzWmMt
Putin's Strategy of Paying Lip Service to Peace Falters as Trump Loses Patience; President's remarks during cabinet meeting are latest sign of his displeasure with Russian leader
Matthew Luxmoore - The Wall Street Journal
For months, Russia has courted President Trump, deploying flattery, promises of economic cooperation and protestations of its desire for peace in an effort to splinter Western support for Ukraine-all while intensifying its assault on its smaller neighbor. The approach appears to be faltering. Trump, critical of continued Russian airstrikes, says he plans to resume arms shipments to Kyiv. He is considering sending an additional Patriot air-defense system to Ukraine, The Wall Street Journal reported on Tuesday.
/jlne.ws/4kx2Xo5
Putin, Undeterred by Trump's Words, Escalates His War Against Ukraine; The Russian leader is convinced that Moscow's battlefield superiority is growing, and that Ukraine's defenses may collapse in the coming months, according to people close to the Kremlin.
Anton Troianovski and Paul Sonne - The New York Times
President Vladimir V. Putin of Russia is brushing aside President Trump's professed disappointment in him and is pushing ahead in Ukraine with renewed intensity, having already priced in the possibility of new U.S. pressure, analysts and people close to the Kremlin said. The Russian leader is convinced that Russia's battlefield superiority is growing, and that Ukraine's defenses may collapse in the coming months, according to two people close to the Kremlin, who insisted on anonymity to speak candidly about sensitive diplomacy. Given Russia's ongoing offensive, they say, Mr. Putin views it as out of the question to halt the fighting now without extensive concessions by Ukraine.
/jlne.ws/4lmsPUV
European Court Holds Russia Responsible for 'Widespread' Rights Violations in Ukraine; In symbolic rulings, Moscow was again blamed for the downing of Flight MH17 in 2014 and for an array of war-related human rights violations, including the transfer of Ukrainian children to Russia.
Nataliya Vasilyeva - The New York Times
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Cboe Europe to Launch Pan-European EBBO Trading Solution for Retail Investors
Cboe
Cboe Europe, operator of the largest pan-European stock exchange by value traded and a division of Global Markets, Inc. (Cboe: CBOE), today announced its plans to launch a retail-focused trading service on its Lit order book designed to enhance execution outcomes for retail investors trading stocks and ETFs across Europe. The service is scheduled to go live on 8 September 2025, subject to receiving the required regulatory non-objections in the Netherlands and the UK.
/jlne.ws/4eB0NlU
Performance Bond Requirements - Metal Margin - Effective July 09, 2025
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below.
/jlne.ws/4653LNv
EEX Press Release - EEX Group: continued growth at trading volumes on core markets in first half of 2025
EEX
EEX Group reports significant trading volume growth in the first half of 2025 across its major asset classes, reaching the highest ever first half-yearly volumes on the EEX power and gas derivatives, as well as the gas spot markets. Over the first six months of the year the Group's global power markets have seen a 16% increase year-on-year, reaching close to 7,000 TWh; while volumes on the natural gas markets showed a strong 26% growth compared to the previous year's first half, with a total of 4,564.2 TWh. Highlights from the other EEX Group markets include the 25% year-on-year volume expansion on the global freight markets, as well as the 49% growth at trading in North American environmental contracts.
/jlne.ws/4eKckiW
Nasdaq Reports June 2025 Volumes and 2Q25 Statistics
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for June 2025, as well as quarterly volumes, estimated revenue capture, number of listings, and index statistics for the quarter ended June 30, 2025, on its Investor Relations website.
/jlne.ws/3Twp82K
Change to the Executive Board of SIX
SIX Group
Christoph Muller will become Head Banking Services and Member of the Executive Board of SIX on October 1, 2025. Christoph Muller joined SIX in 2019 and served as Deputy Head Banking Services, where he leads the Debit, ATM, and TWINT processing business. He brings over 30 years of experience in the banking and payments industry. His professional journey includes leadership positions at Credit Suisse, and UBS, as well as co-founding a fintech startup. Christoph Muller holds an Executive MBA in Management of Technology from the École Polytechnique Fédérale de Lausanne & University of Lausanne and a bachelor's degree in business administration from Zurich University of Applied Science.
/jlne.ws/4lMVORC
SGX Group's stellar growth in June turnover caps FY2025 performance
SGX
Singapore Exchange (SGX Group) today reported double-digit gains in June for both derivatives volume and securities turnover as global markets closed out a volatile quarter, capping a strong performance for the financial year. Derivatives traded volume rose 17% year-on-year (y-o-y) in June to 26.1 million contracts, as daily average volume (DAV) gained 9% y-o-y to 1.3 million contracts. For July 2024 to June 2025 (FY2025), total volume climbed 17% to 315.8 million contracts, with DAV up 17% at 1.3 million contracts.
/jlne.ws/3U1aIHX
MEMX Appoints Ishaan Acharya as Chief Financial Officer
MEMX Press Release via Traders Magazine
MEMX, a technology-driven exchange operator founded by members to benefit all investors, today announced the appointment of Ishaan Acharya as Chief Financial Officer. Acharya is based in New York and will be responsible for MEMX's financial activities including accounting, budgeting, forecasting and strategic planning.
/jlne.ws/44BYFph
TXSE Group Hires Former SEC Acting Director of Trading and Markets David Saltiel
TXSE Press Release via Traders Magazine
TXSE Group Inc, the parent company of the Texas Stock Exchange, announced today that David Saltiel, one of the country's leading experts in market regulation and financial policy, is joining its leadership team as senior managing director of firmwide strategy. Saltiel brings nearly a decade of experience at the U.S. Securities and Exchange Commission (SEC), where he helped shape the policies that underpin today's capital markets.
/jlne.ws/460eVD9
Tokyo Stock Exchange to launch AI document search for investors; Users can obtain disclosure data covering tariff impact on financial results
Saki Akita - Nikkei Asia
The operator of the Tokyo Stock Exchange plans to offer investors a service that uses generative artificial intelligence to gather financial data matching a query. The Japan Exchange Group (JPX) looks to begin the service this year. The AI will scour data from the roughly 4,000 companies listed on TDnet, JPX's disclosures network.
/jlne.ws/461kjFZ
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Former Citadel Quants Raise $36 Million for Fixed-Income Fintech
Paige Smith - Bloomberg
Moment, a financial-technology company founded by former Citadel Securities quantitative traders and researchers, raised $36 million in a new round of funding from firms including Index Ventures and Andreessen Horowitz to further automate fixed-income trading technology. The latest round of fundraising brings Moment's total backing to $56 million, with Lightspeed, Venrock, Neo and Contrary Capital participating in the latest investment, according to a statement Wednesday.
/jlne.ws/4nAlXEZ
Droit updates global regulatory decision-making platform; Droit users - which include Wells Fargo, Goldman Sachs, RBC Capital Markets, UBS, and more - will now benefit from a longer lead time to examine the portfolio impact of rule changes.
Claudia Preece - The Trade
Droit, a technology firm serving institutional clients, has received patent approval for an upgrade to its global regulatory decision-making platform 'Adept', allowing users to evaluate the permissibility of trades and preview the incoming impact of upcoming regulatory changes. Specifically, the upgrade - named 'explore mode' - concerns decision-making across pre- and post-trade controls, allowing for full traceability in each step of traders' transactions.
/jlne.ws/4kqau7Z
Artificial Intelligence
AI to have greatest impact on algo optimisation in equity trading, report finds; Venue selection and broker strategy choices are also expected to see significant impacts, however firms should be aware of AI's challenges, according to a Coalition Greenwich report.
Natasha Cocksedge - The Trade
Algo optimisation is expected to see the greatest impact from AI adoption by buy-side equity firms, a report by Coalition Greenwich has revealed. According to the study, 78% of buy-side equity traders predict that this area will see the most benefits, with 61% also foreseeing impacts on venue selection, and 50% on broker and strategy choices.
/jlne.ws/3U3PmJW
OMB Issuing Updated Guidance on AI Use Cases
Fedmanager.com
The Trump Administration issued updated guidance on artificial intelligence (AI) and how agencies should be reporting use cases of the burgeoning technology. The guidance from the Office of Management and Budget was shared internally but has yet to officially be made public. FedScoop obtained access and reported on the details. According to FedScoop the guidance is similar to that issued by the Biden Administration, but is slimmed down a bit.
/jlne.ws/44m5AV0
Tokenization
Peter Schiff teases tokenized gold offering
Anand Sinha - TheStreet
Veteran fund manager Peter Schiff, well-known for his skepticism of Bitcoin, has finally praised something related to crypto. But he has reserved his praise for the blockchain technology that powers cryptocurrencies for tokenizing gold, not cryptocurrencies themselves. On July 8, Schiff hailed the process of tokenization of real assets to expand liquidity and portability and underlined that gold getting tokenized is where he always said blockchain and crypto would ultimately end up.
/jlne.ws/3Ts1695
BioSig, Streamex to Raise $1.1B for Gold Tokenization Initiative on Solana
Krisztian Sandor - CoinDesk
BioSig Technologies (BSGM), a medical-technology company fresh off a merger with tokenization firm Streamex, said it signed definitive agreements for up to $1.1 billion in financing to fund a gold-backed treasury model and scale its tokenization platform for real-world assets (RWAs) like gold and other commodities. The capital raise includes $100 million in senior secured convertible debentures and a $1 billion equity line of credit. The debentures accrue 4% interest and are convertible into common shares, giving holders the rights to a sizable equity position. Under the equity line of credit, the firm may issue new shares and sell up to $1 billion of common stock to investors for up 36 months.
/jlne.ws/4nAhYs1
Can Tokenized U.S. Stocks Threaten Traditional Exchanges?
Shanny Basar - Traders Magazine
Broker Robinhood is launching its own blockchain to allow users in the European Union to trade tokenized U.S. stocks, with some observers commenting that this will put "immense pressure on traditional exchanges" but another stating that they are "not good products." Galaxy Research said in a note that Robinhood, led by co-founder and chief executive Vlad Tenev, has been one of the most outspoken proponents of blockchains and tokenization.
/jlne.ws/3IcItnd
Connectivity/Data Centers
China Wants 115,000 Nvidia Chips to Power Data Centers in the Desert
Andy Lin, Mackenzie Hawkins, Colum Murphy, James Mayger - Bloomberg
A Bloomberg News analysis of investment approvals, tender documents and company filings shows that Chinese firms aim to install more than 115,000 Nvidia Corp. AI chips in some three dozen data centers across the country's western deserts. Operators in Xinjiang intend to house the lion's share of those processors in a single compound - which, if they can pull it off, could be used to train foundational large-language models like those of Chinese AI startup DeepSeek.
/jlne.ws/3IhyWv4
Payments
Russian firms use netting, gold and crypto in transborder payments, watchdog chief tells Putin
Elena Fabrichnaya and Gleb Bryanski - Reuters
Russian companies are successfully using netting, gold, and cryptocurrency to facilitate international payments, the head of Russia's financial watchdog told President Vladimir Putin on Tuesday. Netting involves banks managing export and import payments through verified agents, with transactions centrally balanced to ensure counterparties receive their funds. International payments for Russian trade nearly stalled in the spring of 2024 as banks in Russia's key trading partners, including China, India, Turkey and the United Arab Emirates, came under the threat of secondary U.S. sanctions.
/jlne.ws/44CMeKa
Colombia Wages War on Cash With New Central Bank Payment Network
Patricia Laya and Andreina Itriago - Bloomberg
Bogotá's largest food market is on the front line of the Colombian central bank's war on cash. Every morning, shoppers swarm Paloquemao for everything from sizzling arepas to ripe avocados and freshly-cut roses trucked in from farms an hour away. Card readers are a rarity. Buyers like 67-year-old retiree José Ramírez hop off city buses with their pockets stuffed with small bills.
/jlne.ws/3Ggcbal
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| Cybersecurity | | Top stories for cybersecurity | How to protect your cell phone number from SIM swap attacks
Zack Whittaker - TechCrunch
It's 2025, and cell phone numbers are ubiquitous. We use our phone numbers to sign up for websites and online services, from retail and banking to social media and health providers. You can use your phone number to reset a forgotten password, and even for receiving two-factor authentication codes for securely logging in to your accounts. But if someone can steal your phone number, they can effectively become you.
/jlne.ws/4lphJi2
US state department tightens cyber security after Marco Rubio impersonation; Imposter used artificial intelligence to pose as the secretary of state and contacted foreign ministers
Guy Chazan - Financial Times
The US Department of State has said it is tightening its cyber security after an imposter used artificial intelligence to impersonate secretary of state Marco Rubio and contact at least three foreign ministers. The department was "aware of this incident and is currently monitoring and addressing the matter", said spokesperson Tammy Bruce.
/jlne.ws/44QLGS2
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| Cryptocurrencies | | Top stories for cryptocurrencies | As Truth Social Business Struggles, Trump Media Goes Big on Crypto; The pivot to crypto highlights the reality of Truth Social, one of President Trump's highest-profile business interests: It doesn't generate much revenue.
Matthew Goldstein - The New York Times
Donald J. Trump has reinvented himself many times over, going from real estate developer to TV personality to world leader. Now his social media company, Trump Media & Technology Group, which is the parent of the president's Truth Social site, is undergoing its own metamorphosis, becoming a major player in the crypto industry. In just the past few months, Trump Media has raised $2.5 billion in cash to invest in Bitcoin and is working to bring crypto-related exchange traded funds, or E.T.F.s, to market.
/jlne.ws/44m1H2n
Crypto Trading Firm Galaxy Expands Institutional Staking With Fireblocks
Ian Allison - CoinDesk
Cryptocurrency trading firm Galaxy Digital (GLXY) is expanding its blockchain staking platform for large institutional customers with help from crypto custody specialists Fireblocks, the companies said Wednesday. With the integration, Galaxy's staking services are now natively accessible to the more than 2,000 of the world's largest financial institutions that use Fireblocks to stake digital assets directly from their Fireblocks custody vaults, the statement said.
/jlne.ws/4lHXLP3
ReserveOne, backed by crypto heavyweights, set to raise over $1 billion in Nasdaq listing
Niket Nishant - Reuters
ReserveOne, a new crypto venture with ties to industry veterans and a former U.S. commerce secretary, will list on the Nasdaq through a merger with blank-check firm M3-Brigade Acquisition V Corp and is expected to raise more than $1 billion. The company will manage a portfolio of cryptocurrencies including bitcoin, ethereum and Solana, while aligning its holdings with the U.S. strategic crypto reserve, it said on Tuesday.
/jlne.ws/4kyEUoO
Robinhood's Tenev confirms EU probe, reaffirms stock tokens on Bloomberg TV
Luke Juricic - Investing.com
Robinhood Markets Inc (NASDAQ:HOOD) CEO Vlad Tenev on Tuesday defended the company's foray into tokenized equity offerings, describing it as a transformative step for capital markets and underscoring efforts to satisfy European regulators. Speaking to Bloomberg TV, Tenev outlined the mechanics of new derivative-based stock tokens that provide exposure to over 200 publicly listed companies in the EU, and pointed to broader ambitions to unlock retail access to private firms in the U.S. and UK.
/jlne.ws/44kR6EJ
Trump-Linked Truth Social Plans Crypto ETF as Digital Asset Franchise Expands
Helene Braun - CoinDesk
U.S. President Donald Trump's Media & Technology Group (NASDAQ: DJT) has filed to list a new crypto exchange-traded fund (ETF) that would track a selection of digital assets, the latest in a string of such efforts tied to the Trump brand. The proposed "Truth Social Crypto Blue Chip ETF" would hold a portfolio of five tokens: bitcoin (BTC), ether (ETH), solana (SOL), XRP (XRP) and cronos (CRO), according to a filing with the SEC. Eighty-five percent of the fund's holdings would be split between bitcoin and ether. Solana would make up 8%, cronos 5% and XRP 2%.
/jlne.ws/4eFLd8t
Trump Media Furthers Push Into Crypto With Third ETF Filing
Vildana Hajric - Bloomberg
Trump Media & Technology Group Corp. is plowing deeper into the cryptocurrencies space with a new filing for an exchange-traded fund that would hold a number of digital assets including Bitcoin, Ether, Solana and others. A Tuesday filing showed the social-media firm owned by President Donald Trump seeking to launch the "Crypto Blue Chip" fund, with the paperwork marking its third ETF filing. The fund, should it launch, would hold Bitcoin, Ether, Solana, Cronos and XRP directly, though nearly three-quarters of it would be comprised of Bitcoin, the largest token in the market. Though ETFs holding Bitcoin and Ether already trade in the US, no such funds hold Cronos or XRP directly.
/jlne.ws/3TuBYhW
Australian Crypto Asset Manager DigitalX Secures Over $13M to Expand Bitcoin Holdings
Francisco Rodrigues - CoinDesk
/jlne.ws/3IgZkFn
When Coffee Shops Buy Bitcoin, Things Get Frothy; Raising cash for cryptocurrency is to corporate treasury what the NFT craze was to art.
Lionel Laurent - Bloomberg (opinion)
Economist Carlota Perez once described the peak frenzy of boom-and-bust investing cycles as the moment when capital gains are copy and pasted, with financiers indulging in "the intense repetition of the same successful recipe" - from building canals to launching dot-com startups. It rarely ends well. Perez was writing over 20 years ago, but it's easy to see the similarities with the latest froth on financial markets: companies that tap capital markets for cash, use that cash to buy cryptocurrency, watch their shares rise and do the whole thing again. What began with Michael Saylor's MicroStrategy Inc. (now just "Strategy"), a software company valued at more than 200 times revenue because of the 597,625 Bitcoin ($64.8 billion) it owns, has now gone viral as hundreds of new and existing businesses build their own cryptocurrency stash.
/jlne.ws/4ePQcnh
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| Politics | | An overview of politics as it relates to the financial markets | Trump's assault on American greatness; In just six months, the US president has made huge strides in advancing his agenda
Martin Wolf - Financial Times
Sometimes one must look at the big picture. On July 4 2026, the US will celebrate its 250th year of independence. The declaration of independence itself stated that: "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness." These ideas were imperfectly realised. A civil war and the civil rights movement were still to come. Yet the birth of the United States of America was to be a hugely significant moment.
/jlne.ws/4lkiUPL
AI voice used to impersonate Marco Rubio in messages to high-level officials, State Department says; At least three foreign ministers, a U.S. governor and a member of Congress all received outreach from the fake Rubio, according to a State Department cable.
Abigail Williams and Kevin Collier - NBC News
An unknown person or group using artificial intelligence impersonated Secretary of State Marco Rubio to contact at least five high-level government officials in mid-June, according to a State Department cable obtained by NBC News. The cable was first reported by The Washington Post. "The actor likely aimed to manipulate targeted individuals using Al-generated text and voice messages, with the goal of gaining access to information or accounts," the memo said.
/jlne.ws/3IBrlHC
U.S. Administration
The Supreme Court Says the President Can Fire People; The Justices nix a lower-court universal injunction that presumed illegality.
The Editorial Board - The Wall Street Journal
Do you hear the Justices now? That's the question for lower court judges after the Supreme Court on Tuesday nixed a universal injunction that had barred the Trump Administration from even attempting to shrink the federal workforce. Federal worker unions challenged a February executive order (Trump v. AFGE) directing agency heads to "promptly undertake preparations to initiate large-scale reductions in force (RIFs), consistent with applicable law." A lower court in May blocked the EO, barring the President's appointees from making plans on how to implement large-scale layoffs.
/jlne.ws/3TulkPl
US farm secretary says 'no amnesty' for farmworkers from deportation
Leah Douglas - Reuters
U.S. Agriculture Secretary Brooke Rollins said on Tuesday that there will be "no amnesty" for agricultural workers as President Donald Trump's administration moves to deport all immigrants in the country illegally. Rollins said the administration wants a 100% American workforce and suggested some people receiving government aid could replace immigrant workers.
/jlne.ws/4eFFTlv
El Salvador says US has jurisdiction over detained migrants
Washington (AFP) - El Salvador has said that the United States has legal jurisdiction over deported migrants being held in the Central American country, court documents show. The assertion clashes with the Trump administration's claims that it has no authority to bring back the migrants jailed in El Salvador's maximum security CECOT prison as they are no longer in US custody. Lawyers for Venezuelans held in the prison submitted the statements as evidence in a US court on Monday in another case challenging President Donald Trump's immigration crackdown.
/jlne.ws/44jbwOu
Trump Administration Seeks to Ban China From Buying U.S. Farms; Officials say adversaries' U.S. farmland ownership can imperil national security; Beijing has dismissed concerns
Patrick Thomas - The Wall Street Journal
The Trump administration has a message for China: Keep off the farm. Agriculture Secretary Brooke Rollins said Tuesday the administration will work with state lawmakers to ban sales of U.S. farmland to buyers from China and other countries of concern, citing national-security interests. Rollins, joined by Defense Secretary Pete Hegseth and Homeland Security Secretary Kristi Noem, said the government is ratcheting up scrutiny on existing land owned by Chinese buyers and is looking at ways to potentially claw back past purchases. "We'll never let foreign adversaries control our land," said Rollins.
/jlne.ws/4ksxOlG
Other U.S. Politics
Musk's Grok chatbot praises Hitler and insults politicians
Peter Hoskins & Charlotte Edwards - BBC News
Elon Musk's artificial intelligence start-up xAI says it is working to remove "inappropriate" posts made by its chatbot, Grok, after users shared how it made positive references to Hitler. Screenshots published on social media show the chatbot saying the Nazi leader would be the best person to respond to alleged "anti-white hate." "Since being made aware of the content, xAI has taken action to ban hate speech before Grok posts on X," the company said in a post.
/jlne.ws/3GCEGyX
US Threatens Harvard Accreditation, Subpoenas Student Data
Akayla Gardner and Greg Ryan - Bloomberg
President Donald Trump's administration is intensifying its fight against Harvard University, warning that its accreditation may be in danger and formally moving to subpoena the school in a bid for information on foreign students. The Department of Education and the Department of Health and Human Services said they had notified the New England Commission of Higher Education that Harvard may be in violation of anti-discrimination laws and failing to meet the commission's accreditation standards, citing antisemitism on campus during pro-Palestinian protests after the start of the Israel-Hamas war.
/jlne.ws/45UxCbg
United Kingdom
Macron says France and the UK will 'save Europe' even though Brexit was all about Britain leaving the EU
Jill Lawless - The Associated Press via Fortune
French President Emmanuel Macron on Tuesday urged Britain to stick close to its neighbors despite its exit from the European Union, saying France and the U.K. will "save Europe" by standing for democracy, law and international order in a dangerous world. On a state visit that mixed royal pageantry with tough political talks on Ukraine and migration, Macron said Europe must strengthen its economy and defenses and reduce its dependence "on both the U.S. and China." Macron's three-day trip, at the invitation of King Charles III, is the first state visit to the U.K. by a European Union head of state since Brexit, and a symbol of the U.K. government's desire to reset relations with the bloc after Britain acrimoniously left the EU in 2020.
/jlne.ws/44l7lBL
Russia
Kremlin's $50 Billion Asset Grab Deepens Russian Economic Woes
Bloomberg News
Asset seizures are surging in Russia, further clouding the outlook for the country's slowing economy even as they help shore up increasingly depleted state coffers. The total value of confiscated property since 2022 has reached 3.9 trillion rubles ($49.5 billion), according to estimates from lawyers at the firm Nektorov, Saveliev & Partners in Moscow, which specializes in corporate law and has closely followed these cases. Over the past 12 months, the total value of seized assets has tripled.
/jlne.ws/44nPASp
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| Regulation & Enforcement | | Stories about regulation and the law. | South Africa's Financial Cop Beefs Up to Take Down Online Scams
Adelaide Changole - Bloomberg
South Africa's financial-markets regulator is ramping up its operations to combat an explosion in online scams. The Financial Sector Conduct Authority will spend 200 million rand ($11 million) over the next 18 months to build up the supervisory muscle to beef up monitoring and enforcement. The investment is the "largest IT reorganization" the FSCA has had to date, Commissioner Unathi Kamlana said in an interview Wednesday. The watchdog is also recruiting experts "with a specific focus on crypto supervision" and the ability to probe "crypto-related scams," he said.
/jlne.ws/4lQ9pYt
Remarks of Commissioner Kristin N. Johnson at George Washington University; Artificial Intelligence in Financial Markets: Enhancing Compliance, Supervision, and Enforcement
CFTC
Thank you to the George Washington University Regulatory Studies Center, Roger Nober, Susan Dudley, and the organizers of today's event for allowing me to join virtually. As many of you are aware, I have spent the last several years engaging regulators and market participants from jurisdictions around the world on issues at the core of today's discussion.[1] How might advances in artificial intelligence (AI) increase inclusion and customer experiences and democratize access to financial services, improve the accuracy and efficiency of financial services, and potentially reduce transaction costs as well as the costs of compliance?
/jlne.ws/3Igi4F3
ASIC proposes to remake disclosure relief for offers of foreign securities and interests to Australian investors
ASIC
ASIC is seeking feedback on its proposal to remake six sunsetting legislative instruments which provide disclosure relief. The relief enables Australian investors to participate in offers that might not otherwise be extended to them. This is due to the time and expense involved in complying with the regulatory requirements in multiple jurisdictions where:
/jlne.ws/4kqs1wL
ASIC proposes updates to Product Disclosure Statements regulatory guide
ASIC
ASIC is inviting industry feedback on proposed updates to Regulatory Guide 168 Disclosure: Product Disclosure Statements (and other disclosure obligations) (RG 168). This is part of our commitment to reducing regulatory complexity, enhancing clarity and improving accessibility for all stakeholders.
/jlne.ws/4kvAgIe
ASIC consults on proposals to facilitate digital disclosure
ASIC
ASIC is consulting on proposals to remake two legislative instruments on digital disclosure due to sunset and update Regulatory Guide 221 Facilitating digital financial services disclosures (RG 221). The electronic disclosure instruments scheduled to sunset on 1 October 2025 are:
/jlne.ws/44SWu1Z
First active ETF cross-listing in Hong Kong underscores the city's status as premier asset and wealth management centre
SFC
The Securities and Futures Commission (SFC) welcomes the first cross-listing in Hong Kong of an actively managed exchange-traded fund (ETF) today. The cross-listing by way of a master-feeder structure was facilitated by the streamlined requirements for eligible ETFs, broadening Hong Kong's product offering by introducing the world's largest active ETF strategy to the city's investors, while demonstrating Hong Kong's competitiveness in attracting overseas ETFs (Note 1).
/jlne.ws/4eFDqI1
Anti-Scam Consumer Protection Charter 3.0
SFC
The Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), the Insurance Authority (IA) and the Mandatory Provident Fund Schemes Authority (MPFA) today announced the launch of the Anti-Scam Consumer Protection Charter 3.0 (the Charter 3.0). This joint effort is fully supported by the Consumer Council, the Hong Kong Association of Banks, the Hong Kong Police Force, and the Office of the Communications Authority.
/jlne.ws/460JGYA
New speech by Julia Leung: Opening remarks at "Anti-Scam Consumer Protection Charter 3.0" launch event
SFC
A speech titled "A New Charter for a Safer Digital Ecosystem" delivered by Ms Julia Leung today at the "Anti-Scam Consumer Protection Charter 3.0" launch event is now posted on the SFC website.
/jlne.ws/44xM5aF
Can vendors and CTAs escape the CFTC's clutches?; Withdrawal of Sef perimeter advisory may provide greater flexibility for new breed of crypto tools
Helen Bartholomew and Janice Kirkel - Risk.net
The question of what constitutes a trading venue has dogged regulators for decades. While the recent trend has been to widen the perimeter, pulling software vendors into regulated territory, the US now seems to be heading down a narrowing path instead. For some operators who were caught up the rules in recent years, the relaxation may come too late to change their course.
/jlne.ws/4lN4ozH
Former regulator urges new approach to AI explainability; Ex-OCC chief Michael Hsu suggests shift from academic analysis to decision-based techniques
Menghan Xiao - Risk.net
Former acting Comptroller of the Currency Michael Hsu has called for banks and regulators to rethink how they handle the explainability challenge around large language models. He wants to see them take a more decision-focused approach that exploits the unique nature of LLMs.
/jlne.ws/4eFWTs4
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Tariff volatility drives investors to actively managed funds
Patturaja Murugaboopathy - Reuters
Global investors are pivoting towards actively managed equity funds this year as market volatility rises on worries over U.S. tariffs and the stock market rally broadens beyond a few mega-cap tech stocks. According to LSEG Lipper data, active equity funds secured a record inflow of $127 billion in the first half of 2025, up 57% over last year, while passively managed equity funds saw a decline of 8%. Passive strategies have dominated in recent years due to their lower fees and consistent outperformance over active peers.
/jlne.ws/4lOwZ7T
Chocolate Makers Burned Again as Shortages Hit Cocoa Powder
Ilena Peng - Bloomberg
Chocolate makers were already grappling with record prices for cocoa butter, which provides that melt-in-your-mouth feel. Now they are also paying up for the powder that lends their product its color and taste. Cocoa powder, used in everything from baking mixes to protein shakes, is now in short supply too. Prices for the key ingredient, produced when cocoa beans are ground, surged about 16% in the US over the past year, and are now trading near a record.
/jlne.ws/3GyOav4
First Leveraged CLO ETF Tests Retail Crowd's Appetite for Risk
Scott Carpenter - Bloomberg
Reckoner Capital Management is testing investors' hunger for a new category of risky bets with an exchange-traded fund that uses leverage to juice returns on collateralized loan obligations. The Reckoner Leveraged AAA CLO ETF (ticker: RAAA) is the first such fund to invest in a variety of top-rated CLO bonds while leveraging up to 50% of that exposure, according to a statement.
/jlne.ws/4kqavc3
Five Things to Know About Record Copper Prices; The metal is used in manufacturing everything from automobiles to mobile phones
David Uberti and Ryan Dezember - Bloomberg
U.S. copper prices vaulted to an all-time high Tuesday after President Trump said Washington will slap imports of the metal with a 50% tax.Front-month futures contracts jumped 13% in a wild end to a trading session that culminated in the largest single-day price surge in records going back to 1968, according to Dow Jones Market Data.
/jlne.ws/4m4B8Vt
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The World Federation of Exchanges calls on UK to remove VAT on carbon credits and classify them as financial instruments
World Federation of Exchanges
The World Federation of Exchanges (WFE), the global industry association for exchanges and clearing houses, has published its response to the UK Government's consultation on Voluntary Carbon and Nature Markets, welcoming the ambition to raise standards and foster market integrity. Exchanges will play a critical role in enabling fair, transparent, and effective carbon and nature markets by providing secure infrastructure for trading, better price discovery, and greater investor protection. The WFE supports the Government's principles-based approach to developing these markets and efforts to align with international standards and best practice.
/jlne.ws/44mdVrJ
How climate change is intensifying hurricanes; The latest science on the link between climate change and natural disasters - and how they may be playing out where you live.
Amal Ahmed - Grist
This is part of the Disaster 101 toolkit, a comprehensive guide to extreme weather preparation, response, and recovery. Extreme weather seems to make the headlines almost every week, as disasters increasingly strike out of season, break records, and hit places they never have before. Decades of scientific research has proven that human-caused climate change is making some disasters more dangerous and more frequent. The burning of fossil fuels like oil, gas, and coal releases carbon dioxide into the Earth's atmosphere, where it traps heat, warms the planet, and alters the conditions in which extreme weather forms. These changes are happening more rapidly than at any time in the last 800,000 years, according to climate records.
/jlne.ws/3IkBTej
China Ramps Up Offshore Wind Projects After Slowdown, GEM Says
Bloomberg News
China has rebuilt a substantial pipeline of offshore wind projects as the sector recovers from a slowdown that followed the end of national subsidies in 2021, according to Global Energy Monitor. The country now has about 28 gigawatts of capacity under construction, compared with around 43 gigawatts in operation, researchers said in a new report. Projects under construction represent about 41% of China's planned development. Globally, work has started on just 2% of such blueprints, researchers said.
/jlne.ws/461CeMK
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Citi Employee Accused of Making Racist Comment Sues for Discrimination
Upmanyu Trivedi - Bloomberg
An ex-Citigroup Inc. employee who lost her job for allegedly saying it was a "nightmare" to work with Indians during a job interview sued the bank alleging she was unfairly dismissed and faced discrimination. Ann Watson, who worked as a senior vice president in the Finance Solutions Group, sued the bank in a London employment tribunal after she was dismissed in 2023 for alleged gross misconduct. She is seeking compensation for being wrongfully dismissed and discrimination because of her disability, sex and age. The bank denied the allegations.
/jlne.ws/4eJeOOz
Fed's SCB proposal would blunt 2025 DFAST relief; Two-year average would raise CET1 component due to weaker 2024 stress test results
Joshua Walker - Risk.net
A Federal Reserve proposal aimed at reducing volatility in stress capital buffers (SCBs) would have raised the Common Equity Tier 1 (CET1) component of the SCB for 20 of the 22 banks in this year's Dodd Frank Act stress tests (DFAST), Risk Quantum analysis shows. Announced on April 17, the proposal would revise the SCB framework by basing the buffer's CET1 component on the average DFAST
/jlne.ws/4lkhx3z
Hedge Funds
India's Kotak seeks to manage $10bn in foreign clients' assets; Financial group aims to double foreign inflows within 3 years, global business head says
Sayan Chakraborty - Nikkei Asia
BENGALURU -- The Kotak Mahindra group, among India's largest asset managers, is aiming to roughly double inflows from foreign clients to $10 billion in three years, amid improved investor sentiment toward emerging markets as Washington's erratic policies take some of the sheen off U.S. stocks. Global investors will eventually ramp up investments in emerging markets like India, but they are first "protecting" their U.S. portfolio, said Shyam Kumar, president and head of Kotak International, the global business unit of the financial services group, which straddles banking, asset management and insurance at home.
/jlne.ws/40BBZo4
Bloomberg and Clearwater partner to enhance investment management workflows; The offering follows a growing demand from clients for more flexibility in how front-office and back-office systems are integrated.
Natasha Cocksedge - The Trade
Bloomberg has partnered with Clearwater Analytics to provide a combined front-to-back investment offering for asset owners and asset managers. The collaboration combines Bloomberg's investment solutions suite with Clearwater's accounting solution and is set to support users in managing costs and reducing risk. Specifically, the offering is expected to eliminate challenges of manual processes and data inconsistencies, and clients will also have access to functionalities including turnkey managed integration, enhanced OTC management, integrated cash management and consistent position and trade data exchanges.
/jlne.ws/407EBtN
Pentwater's Hedge Funds Soar 21% on Billion-Dollar US Steel Bet
Aaron Kirchfeld, Nishant Kumar, and Yiqin Shen - Bloomberg
Pentwater Capital Management's hedge funds that wager on corporate events extended gains in June to deliver some of their best-ever six-month returns, helped by a mega bet on United States Steel Corp.'s tie-up with Nippon Steel Corp. Both Pentwater Event and Merger Arbitrage funds advanced more than 7% in June, bolstering returns for the first half to about 21%, according to people with knowledge of the matter. Positions including in US Steel, Avis Budget Group Inc. and government-backed Fannie Mae and Freddie Mac added to the gains, the people said, asking not to be identified because the details are private.
/jlne.ws/40ERdso
Private Markets
Nasdaq Private Market Names Mike Buono and Phil Germann Co-Heads of Execution
Nasdaq Press Release via Traders Magazine
Nasdaq Private Market (NPM), a leading provider of secondary liquidity solutions for private companies, investors, and employee shareholders, announced today that Mike Buono and Phil Germann have been named Co-Heads of Execution within its Capital Solutions division, effective immediately. Since joining NPM, Mr. Buono and Mr. Germann have been instrumental in building out the execution business and expanding the team's institutional client coverage. They will continue to be based out of the company's New York office and report into Bill Spoor, CFA, Managing Director and Head of Capital Solutions at Nasdaq Private Market.
/jlne.ws/45UDX6y
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Employers hit with exploding misconduct claims-and do a terrible job managing them
Tony Case - WorkLife
Reports of workplace misconduct have hit unprecedented levels over the past decade, even as most organizations are flying blind when it comes to data that could help them manage the problem. Fresh research from HR Acuity reveals that discrimination, harassment and retaliation claims last year reached the highest rate ever recorded by the researchers: 14.7 incidents per 1,000 employees, vs. 11.9 in 2023. The most recent study tracked 284 organizations and 8.7 million employees globally. This is the ninth straight year HR Acuity has issued the report.
/jlne.ws/44OYR61
AI could determine whether you get hired or fired as more managers rely on the technology at work
Megan Cerullo - CBS
Here's a scary thought: Your job security could be in the hands of AI. That's according to a new study from career site Resumebuilder.com, finding that more managers are relying on tools like ChatGPT to make hiring and firing decisions.
/jlne.ws/44w1RnX
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Poor mental health is driving young people out of their jobs. My own journey showed me how to help
Fran Boait - The Guardian (opinion)
Last month, new figures showed that one in four young people in England have a mental health condition. An unwillingness to examine the challenging social and economic conditions - from housing insecurity to financial concerns - means there can be a tendency to explain this rise as a result of overdiagnosis, although there is little evidence for this claim. Clinicians cite the criteria for diagnosis to show that overreporting is not substantiated - if anything, the severity of reported conditions has increased, in part due to a reduced stigma resulting in more people seeking help.
/jlne.ws/44m2yjB
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Bank of Japan wraps up stock divestment, weighs timing to sell ETFs; Central bank's activity in equities market may pause for first time since 2010
Isaya Shimizu - Nikkei Asia
TOKYO -- With the Bank of Japan winding down stock transactions, which have continued in some form since December 2010, the market's focus turns to when and how the central bank disposes of its 76 trillion yen ($520 billion) in ETFs. The BOJ has signaled that the divestment of ETFs will not begin immediately, which would bring the bank's activity in the equities market to a pause for the first time in more than 14 years.
/jlne.ws/4nEd3pZ
Why Dutch Pensions Overhaul Will Reverberate in Swaps Market
Sarah Jacob - Bloomberg
The Netherlands is overhauling pensions to adapt to an aging population and the fact that people no longer remain with the same employer for their entire working lives. The Dutch occupational pension system is the largest in the euro area, with almost EUR1.8 trillion ($2.1 trillion) of assets under management as of the first quarter of 2025. It's embarking on a complex transition from so-called defined-benefit pensions to a new system involving defined contributions.
/jlne.ws/3TPQNff
Why little Lithuania has big plans for space tech
MaryLou Costa - BBC
I'm led through a series of concrete corridors at Vilnius Tech University, Lithuania; the murals give a Soviet-era vibe, and it seems an unlikely location for a high-tech lab working on a laser communication system. But that's where you'll find the headquarters of Astrolight, a six-year-old Lithuanian space-tech start-up that has just raised EUR2.8m ($3.3m; £2.4m) to build what it calls an "optical data highway". You could think of the tech as invisible internet cables, designed to link up satellites with Earth. With 70,000 satellites expected to launch in the next five years, it's a market with a lot of potential.
/jlne.ws/4eCKSDz
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