| February 04, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
CME Group reported a record January 2025 average daily volume (ADV) of 25.7 million contracts, a 2% year-over-year increase, driven by strong performance across key asset classes. Interest Rate derivatives led with 11.7 million contracts, while Equity Index products reached 7 million ADV. Energy and Agricultural sectors hit all-time highs: Energy ADV rose 29% to 3.2 million contracts, and Agricultural ADV surged 35% to 2 million. Cryptocurrency volumes skyrocketed 180%, with Micro Bitcoin and Ether futures up 255% and 223%, respectively. Metals and Foreign Exchange also saw growth, with Metals options hitting a January record of 114,000 contracts.
Notable product highlights included a 54% spike in 10-Year U.S. Treasury Note options and Micro E-mini Equity Index futures comprising 41.5% of Equity Index ADV. Energy options reached an all-time high, led by Henry Hub Natural Gas. Internationally, ADV grew 11%, with EMEA up 12% and Asia up 8%. BrokerTec U.S. Repo notional value climbed 10% to $318.4 billion, while EBS Spot FX surged 21% to $66.5 billion. Customer collateral balances stood at $75 billion (cash) and $177.7 billion (non-cash), underscoring robust institutional participation.
Today we have another video from our FIA Expo 2024 coverage, this one of Ray McKenzie, an industry veteran and legend who works for Quant16 in business development. He spoke about the firm's innovative AI-driven "DNA" platform, which starts out by analyzing five years of data-from capital expenditures to vendor spending-to uncover hidden inefficiencies such as duplicated software costs and underutilized assets, typically delivering 10% savings and sometimes up to 50%. McKenzie emphasized that this real-time, portfolio-based analysis is transforming traditional financial planning.
He also highlighted his dedication to ALTSO, a nonprofit that has provided free prosthetic limbs and mobility care to over 23,000 children in 20 countries since 2005, raising $1 million in 2024. McKenzie's vision calls for a global expansion of ALTSO's life-changing initiatives, ensuring that mobility remains a human right worldwide.
Former CFTC Chairman Heath Tarbert has been promoted to president at Circle, a financial technology company best known as the issuer of USD Coin (USDC), a U.S. dollar-backed stablecoin launched in 2018 through the Centre Consortium co-founded with Coinbase. He previously served as Circle's chief legal officer and head of corporate affairs. He was the chief legal officer at Citadel from 2021 to 2023 and served as CFTC chair from 2019 to 2021.
Here are the headlines from in front of FOW's paywall from some recent stories: UK, German firms still exposed to cyber threats after DORA - report Kraken plans European push after securing Mifid license, Devexperts targets US demand with new futures trading platform, ANALYSIS: Margin rates fell last year on lower volatility - Cumulus9 and ANALYSIS: SIFMA flags 'impossible' deadlines for US Treasury clearing.
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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Women in Listed Derivatives (WILD) is inviting members to attend "Intelligence Isn't Enough" with Carice Anderson on Wednesday, February 19 from 12:00 p.m. to 1:00 p.m. Central Time on Zoom. The event features Carice Anderson, the author of the book "Intelligence Isn't Enough." Anderson will explore the role of emotional intelligence, resilience and interpersonal skills in achieving success. You can go here to register.~SR
Our most read stories from our previous edition of JLN Options were:
- Michael Patrick Dowd: Obituary from the Chicago Tribune.
- What Does it Take to Offer Around the Clock Equities Trading? from Cboe.
- Cboe Announces Plans to Launch 24x5 U.S. Equities Trading from Cboe. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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| Sponsored Content |
Japan's Single Stock Options Markets Primed for Revitalization after Regulatory Improvements
The recent upturn in Japanese stock markets has drawn attention from domestic and overseas investors. Originally listed in 1997, Japan's Single Stock Options (JSSO) market is set for a dynamic revitalization, JSSOs are attracting both domestic and international investors. Together with Nikkei 225 and TOPIX derivatives, JSSOs are poised to be an important part of the Japanese equity derivatives markets.
In 2024, Osaka Exchange (OSE) has made groundbreaking changes:
1. Revised margin rules and dedicated SSO accounts to lower additional margin requirements for certain trades.
2. Expanded the number of eligible underlying assets, including popular stocks favored by retail investors.
3. Created an enhanced market-making environment for individual stock SSOs.
4. Improved rules for setting strike prices, making trading more attractive.
In addition to the existing local and international brokers, with the entry of new brokerage firms, the JSSO market is becoming more accessible to retail investors. This wave of improvements is expected to significantly boost market participation and liquidity.
Investors are encouraged to explore the exciting opportunities in Japan's revitalized SSO market, poised for substantial growth and offering diverse investment prospects. Join the momentum and capitalize on the emerging potential of Japan's Single Stock Options market today!
Click here for the full story!
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Quant16's Ray McKenzie Unveils AI-Driven Financial Analysis Tool at FIA Expo, Touts Cost Savings
JohnLothianNews.com
Ray McKenzie of the financial analytics firm Quant16 outlined the company's artificial intelligence-driven approach to corporate cost optimization during an interview with John Lothian News at the FIA Expo, emphasizing the firm's ability to identify overlooked savings. He was also asked about his work with ALTSO, a charity that provides prosthetics to children worldwide.
Watch the video »
David Brent - Cboe
Watch Video »
Rob Laible - BMLL
Watch Video »
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AI-generated Trump and Musk video dupes MAGA faithful into buying fake Golden Eagles coins
Graig Graziosi - Independent
AI-created likenesses of President Donald Trump and Elon Musk have duped MAGA faithful into buying a gold coin worth just a fraction of what they believed. Videos featuring the likenesses of Trump, Musk, and the CEO of Bank of America convinced some people to buy into the "Golden Eagles Project." The videos assured those who bought in that they'd become "Trump-made millionaires." Victims were asked to purchase the golden eagle pendant and coins and then trade them in at Bank of America for a substantial return. Marine veteran Wesley Skelton, of Pittsburg, California, now owns $2,500 worth of Golden Eagles, and what he believed were Trump silver coins.
/jlne.ws/4jJFhxl
****** This brings up the question, "When is over the top, over the top?"~JJL
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Egg Shortages Are Now Hitting Restaurants, With No Relief in Sight; A carton is now costlier than liquid supplies restaurants use; Stores from New York to Chicago curb sales as bird flu spreads
Michael Hirtzer, Daniela Sirtori, and Jaewon Kang - Bloomberg
American restaurants are falling victim to a national egg shortage that has already plagued grocery stores from New York City to San Francisco and sent prices to $7 a carton. Biscuit Belly, which has 14 locations in six states across the south of the country, has already swapped the type of eggs it buys for cheaper ones. Chief Executive Officer Chad Coulter says he has been able to find large brown eggs for $55 a case, 21% less than the medium white the company normally favors.
/jlne.ws/4hG7pQi
***** How do you hit a restaurant with something they don't have? ~JJL
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Monday's Top Three
Our most-read item on Monday was the obituary for Michael Patrick Dowd in the Chicago Tribune. Dowd had been a member of the Chicago Mercantile Exchange and the Chicago Board of Trade. Second was The Dumbest Trade War Fallout Begins, from the editorial board of The Wall Street Journal. Third was The absurdity of Donald Trump's trade war, an opinion piece from the Financial Times.
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| Lead Stories | Trump Likely to Make Fresh Picks to Head FDIC, CFTC
Saleha Mohsin - Bloomberg
The Trump administration will likely choose fresh nominees to oversee the Federal Deposit Insurance Corp. and Commodity Futures Trading Commission instead of installing the current acting heads of those agencies to permanently lead the regulators, according to a person familiar with the matter. President Donald Trump picked Travis Hill, who had been vice chairman, to serve as acting head of the FDIC on Jan. 20. Former Chairman Martin Gruenberg departed a day earlier. Trump also chose junior CFTC Commissioner Caroline Pham as acting chair of the swaps and derivatives regulator. Pham had been considered as a contender to fill the position on a permanent basis. Other candidates for the permanent chairmanship have included Summer Mersinger, the senior Republican at the CFTC, and Brian Quintenz, a former Republican CFTC commissioner.
/jlne.ws/4jY8RzF
Donald Trump's cuts to renewables risk US energy crisis, warn executives; Country will struggle to meet growing demand from power-hungry AI with fossil fuels alone
Amanda Chu and Jamie Smyth - Financial Times
Donald Trump's restrictions on renewable energy risk sparking an electricity crisis in the US, driving up costs for consumers and handing China an edge in the global artificial intelligence race, industry executives have warned. In his first week in office, the US president ordered a moratorium on offshore wind approvals and reviews of existing wind leases and paused hundreds of billions of dollars of incentives for green energy. The actions have sent shockwaves across an industry that is the cheapest and fastest-growing source of new capacity on the US grid at a time of rising power demand.
/jlne.ws/42IYzNo
Bessent Takes Helm of Consumer Finance Watchdog, Orders Halt to Work; CFPB is told to cease efforts on enforcement actions, active litigation
Dylan Tokar and Ben Eisen - The Wall Street Journal
Treasury Secretary Scott Bessent is ordering a freeze to work at the Consumer Financial Protection Bureau, after being named its acting director by President Trump. In an internal email Monday, Bessent's office directed CFPB staff to cease much of the bureau's work, including on enforcement actions and decisions about active litigation. The email also directs staff to suspend the effective dates for rules that had been completed, but aren't yet in effect.
/jlne.ws/4gqNXG7
Cboe Europe plans trading surge with slew of promotions
Etienne Mercuriali - Global Trading
Cboe Europe has announced several leadership changes within its equities division as it continues to expand its market presence. Cboe Europe is the largest pan-European trading venue by volume, with a 25% market share in cash equities as of January 2025. The exchange has seen continued growth in its trading services, with its periodic auction accounting for 8.8% of all continuous trading in December 2024, up from 5.3% the previous year. Cboe BIDS Europe, the firm's block trading platform, has maintained its position as Europe's largest block trading venue for 33 consecutive months, reaching a record average daily volume (ADV) of EUR575 million in 2024.
/jlne.ws/40C3pte
DeepSeek Is Just the Latest Hedge Fund Innovation; From the telescope to the telegraph to AI, finance has promoted the use of new technology.
Marc Rubinstein - Bloomberg
Hedge funds have long gotten bad press. Criticized for short selling, corporate agitation or destructive greed, their contribution to economic activity isn't always clear. For as long as they have been around, they've been subject to scrutiny over the role they play in society relative to the value they extract. Last week's propulsion of DeepSeek to the top of Apple Inc.'s App Store charts puts a different slant on the popular narrative. DeepSeek shocked the world when it released artificial intelligence models that achieve similar performance to those currently available on the market at a fraction of the cost. While various aspects of the company's story have drawn attention, one particularly notable detail stands out: It was incubated by a hedge fund.
/jlne.ws/4jKJkK4
Some exchanges pocketing nearly £5 billion from 'inexplicable' market data price rises, finds report; Research reveals exchanges are supplementing suffering equity market revenues with soaring market data prices, despite accusation of there being 'no specific costs for producing market data'.
Annabel Smith - The Trade
Exchanges are leveraging an "incumbent advantage" to enforce "inexplicable price rises" in market data pricing, a new report by Market Structure Partners (MSP) has stated. Released on Tuesday, the research entitled 'There is no Market in Market Data' revealed that incumbent venues are supplementing dwindling equity market revenues and volumes with hikes in market data pricing, ultimately leading to what the paper calls "stifling of growth and innovation".
/jlne.ws/4hsciwQ
Exchanges hit back at 'inaccurate' and 'misleading' accusations around market data costs; A report released on Tuesday by Market Structure Partners claims exchanges are leveraging an "incumbent advantage" to enforce "inexplicable price rises" in market data pricing.
Annabel Smith - The Trade
Several exchanges named in a new report exploring the cost of market data have hit back against the findings suggesting they are inaccurate. Released today, the new report by Market Structure Partners (MSP) entitled 'There is no Market in Market Data' revealed findings that suggest incumbent venues are supplementing dwindling equity market revenues and volumes with hikes in market data pricing, ultimately leading to what the paper calls "stifling of growth and innovation".
/jlne.ws/3EmfcEJ
Banks divided over CME's done-away model for UST clearing; Buy side could give thumbs-up if questions on margin protection and guarantee fees are answered
Paulina Pielichata - Risk.net
A new entrant to the market for clearing cash and repo US Treasuries trades could offer a lifeline for buy-side firms looking to separate their clearing and execution providers. But some obstacles remain, including the repo desks of banks that may prefer to keep their existing clearing model. "We are hearing there is an internal conflict between repo desks and futures commission merchants, because repo desks really lean on the sponsored model, where they can combine clearing and financing - that
/jlne.ws/42D4V0V
Trump says he wants Ukraine's rare earth elements as a condition of further support
Zeke Miller - Associated Press
President Donald Trump on Monday indicated that he wants to reach an agreement with Ukraine to gain access to the country's rare earth materials as a condition for continuing U.S. support for its war against Russia. Speaking to reporters in the Oval Office, Trump complained that the U.S. had sent more in military and economic assistance to Ukraine than its European partners, adding, "We're looking to do a deal with Ukraine where they're going to secure what we're giving them with their rare earth and other things."
/jlne.ws/40JrDSv
TD's prop-style trading shop rises up bond rankings; Ascent of bank's bond trading business comes amid electronification changes in US fixed income market structure
Bernard Goyder - Risk.net
A bank market-making business spun out of a proprietary trading firm is rocketing up the rankings of fixed income trading platforms, Risk.net can reveal. Driven by electronification in the US fixed income market, TD Securities Automated Trading has seized on the opportunity to expand its footprint in corporate bonds over the past year. In December 2024, it took the top corporate credit sell-side spot by trade count on MarketAxess, up from 11th place in August 2024 and 13th in December 2023.
/jlne.ws/3QachBj
Corporates eye complex FX hedges as carry costs mount; Leveraged forwards and options-based structures entice treasurers facing rates uncertainty and FX volatility
Joe Parsons - Risk.net
The shake-em-up economic policies trailed by new US president and so-called "disruptor-in-chief" Donald Trump have left corporate treasurers on both sides of the Atlantic nervously eyeing their cost of foreign exchange hedging. FX volatility has spiked amid continued threats by Trump of tough tariffs on Canada, Mexico, China and the European Union. Meanwhile, interest rate differentials between the US and Europe are expected to widen as analysts forecast higher-for-longer rates from the Federal
/jlne.ws/4homkyK
UBS Has Cut 10,000 Jobs Since Credit Suisse Takeover in 2023
Levin Stamm and Noele Illien - Bloomberg
UBS Group AG has cut more than 10,000 roles since it bought Credit Suisse, marking a milestone in the lender's efforts to integrate its former rival. Global headcount stood at 108,648 at the end of last year, UBS said on Tuesday. That's down from a peak of 119,100 at the end of June 2023, when UBS first absorbed Credit Suisse after agreeing to buy it in a historic deal earlier that year.
/jlne.ws/42DVyhh
Court brawl reveals fractious world of investment banking; The decade-long battle between Perella Weinberg and a former partner has reached a public trial
Sujeet Indap - Financial Times
A long-anticipated showdown between some big names on Wall Street finally reached a New York court last week, offering a raw glimpse into the inner workings of high finance. The civil trial is the culmination of a decision a decade ago by the top tier dealmaking shop Perella Weinberg Partners to fire its then-star banker Michael Kramer. PWP claims Kramer improperly launched a rival advisory firm to be staffed by several then-PWP bankers, an alleged violation of non-solicitation restrictions in his employment agreement.
/jlne.ws/4jLixxi
Stock vigilantes might have to work harder to tame Trump; US president likely to take reaction to tariff rises as a win
Katie Martin - Financial Times
The fabled stock market vigilantes are going to have to work much harder than this to tame Donald Trump. Since Trump's re-election, a lot of investors and analysts have clung to the notion that it's OK, the president won't do anything too wild with economic policy because he uses stocks as real-time popularity gauges and will avoid doing anything to upset them. A short, sharp drop in stocks in response to any peculiar announcement would soon force a change of heart, or so the theory goes.
/jlne.ws/4gtYFvs
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Trump says he wants Ukraine's rare earth elements as a condition of further support
Zeke Miller - Associated Press
President Donald Trump on Monday indicated that he wants to reach an agreement with Ukraine to gain access to the country's rare earth materials as a condition for continuing U.S. support for its war against Russia. Speaking to reporters in the Oval Office, Trump complained that the U.S. had sent more in military and economic assistance to Ukraine than its European partners, adding, "We're looking to do a deal with Ukraine where they're going to secure what we're giving them with their rare earth and other things."
/jlne.ws/40JrDSv
UN body reports 'alarming rise' in Russian execution of captured Ukrainian soldiers
Reuters
The UN Human Rights Monitoring Mission has recorded an "alarming rise" in reported executions of Ukrainian soldiers captured by the Russian armed forces during the war in recent months, it said on Monday. The mission in Ukraine said it had received reports of 79 executions in 24 separate incidents since the end of August last year. International humanitarian law prohibits the execution of prisoners of war and the wounded, and regards it as a war crime.
/jlne.ws/42I7ZZI
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| Middle East Conflict | | News about the current conflict in the Middle East that began with the October 2023 Hamas attack on Israel. | Trump and Netanyahu set for pivotal talks on Middle East agenda
Matt Spetalnick and Steve Holland - Reuters
When Benjamin Netanyahu meets U.S. President Donald Trump on Tuesday, the Israeli prime minister is expected to try to turn the page on sometimes tense relations with the Biden White House as the two leaders address the future of the Gaza ceasefire and ways to counter Iran. But Netanyahu, the first foreign leader to be hosted by Trump since his Jan. 20 inauguration, could also come under pressure from the staunchly pro-Israel president whose policy goals for the Middle East may not always coincide with Netanyahu's interests.
/jlne.ws/4hqoBtw
Demolitions in Jenin Signal Israel's New Approach in the West Bank; Israel is determined to crack down on militants, but Palestinians fear escalating destruction
Marcus Walker - The Wall Street Journal
The West Bank is the new battleground in Israel's post-Oct. 7 war. Jenin refugee camp is the front line. On Sunday, Israeli forces razed 23 buildings in Jenin, cutting a swath through the camp with simultaneous explosions that were heard across much of the northern West Bank. The large-scale demolitions resembled a tactic used in Gaza, where the Israeli military created corridors to divide the enclave.
/jlne.ws/42Dcepn
U.S. Readies New $1 Billion Arms Sale to Israel; The planned sale comes weeks after Trump lifted a hold on 2,000-pound bombs for Israel imposed by the Biden administration
Jared Malsin and Nancy A. Youssef - The Wall Street Journal
The Trump administration has asked congressional leaders to approve new transfers of roughly $1 billion worth of bombs and other military hardware to Israel at the same time the White House is working to preserve a fragile cease-fire in Gaza, according to U.S. officials familiar with the sale. The planned weapons sales include 4,700 1,000-pound bombs, worth more than $700 million, as well as armored bulldozers built by Caterpillar, worth more than $300 million, the officials said.
/jlne.ws/410XPSI
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | SET And ICE To Advance Thailand's Carbon Market Development
Mondovisione
The Stock Exchange of Thailand (SET) and Intercontinental Exchange (ICE) have signed a Memorandum of Understanding (MoU) to explore innovative solutions for Thailand's and Asia's emerging carbon markets. The collaboration will leverage both organizations' strengths in data analytics, technology infrastructure, and market operations to assess feasibility, share insights, and design optimal market frameworks. SET President Asadej Kongsiri mentioned that SET envisions carbon credit trading on a transparent platform as a key enabler for Thai and Asian businesses transitioning to a low-carbon economy. This initiative is a core part of our 2025 corporate strategy and aligns with Thailand's national policy framework, particularly the Climate Change Act. The upcoming legislation will introduce carbon taxation, emissions trading, and carbon credits as core pricing mechanisms. SET is committed to studying and evaluating options for developing the required trading infrastructure to ensure a fair, transparent, and reliable carbon trading platform.
/jlne.ws/4aNms8p
European Stock Exchanges' Over-Reliance On Equity Market Data Revenues: Stifling Growth And Innovation - Rising Data Fees To Offset Declining Trading Revenue Burden Market Participants With Surging Costs
Mondovisione
Research by Market Structure Partners (MSP) reveals that European stock exchanges are increasingly turning to market data sales to compensate for adverse market conditions that should have resulted in a downturn in equity market revenues such as declining equity trading volumes, shrinking market share, and a diminishing customer base. This shift has dramatically driven up the cost of equity market data, which is essential for issuers, investors, and market intermediaries to conduct their daily business.
/jlne.ws/3XaojPp
Path To Sustainability: Tehran Securities Exchange Moves Towards Integrity, Transparency - TSE Published The First Sustainability Report Among Iranian Exchanges And Capital Market's Entities.
Mondovisione
The CEO of Tehran Securities Exchange announced on the 57th anniversary of TSE's establishment (3 Feb 2025) that it has taken a significant step towards transparency and sustainable development by publishing its first sustainability report. This report serves as a roadmap for the future, and it also reflects the Exchange's deep commitment to integrating sustainability principles, social responsibility, and effective corporate governance in all aspects of the exchange's activities. Mahmoud Goudarzi, CEO of Tehran Securities Exchange, stated: "Today, sustainability has become one of the fundamental pillars of economic and investment activities. This report provides a clear picture of our commitments to sustainable development, which is presented to all stakeholders."
/jlne.ws/4jI3Mem
SIX launches two new Rolling Futures Indices linked to the IBEX 35 and the SIX Sweden 30 indices
BME-X
SIX has recently launched two new indices, IBEX 35 Rolling Futures Decrement and SIX Sweden 30 Rolling Futures Decrement, which have been licensed to Bank of America. This launch has been driven by client demand and SIX plans to introduce more such products in the future. These two new indices follow the launch of the Swiss Market Index (SMI) Rolling Futures in December 2024.
/jlne.ws/4gmj4CV
Boerse Stuttgart Records January Turnover Of Around EUR 10,5 Billion - Strong Increases In Structured Securities, Equities And Exchange-Traded Products Compared To The Same Month Of The Previous Year
Mondovisione
Boerse Stuttgart is the German exchange of Boerse Stuttgart Group. The European group also operates exchanges in Sweden and Switzerland. Based on the order book statistics, Boerse Stuttgart generated turnover of around EUR 10,5 billion in January, around 23 percent more than in the same month of the previous year. Structured securities made up the largest share of the turnover. The trading volume in this asset class was around EUR 4,1 billion - an increase of around 10 percent compared to the same month of the previous year. Leverage products generated turnover of around EUR 2,9 billion. Investment products contributed around EUR 1,1 billion to the total turnover.
/jlne.ws/3XapUon
CME Group Reports Record January ADV of 25.7 Million Contracts
CME Group
CME Group, the world's leading derivatives marketplace, today reported its January 2025 market statistics reached 25.7 million contracts, the highest January average daily volume (ADV) on record, up 2% year-over-year. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
/jlne.ws/4hKWTXR
Firm Clearing Trade/Group/Allocation ID Transition Project - Phase 1 - Effective February 24, 2025
CME Group
Please be advised that CME Clearing will transition the method for clearing Trade, Allocation Group, and Allocation IDs are generated. Currently CME Clearing assigns up to 10 numeric digits for these IDs, and they are only unique across Trade Date/Firm Exchange/Trading Member Firm ID. With this change, CME Clearing will assign up to 52 alphanumeric character IDs instead; and the IDs would be unique across CME.
/jlne.ws/4hHvWEv
DTCC Announces ComposerX; ComposerX, formerly the Securrency product suite, is designed to facilitate digital assets adoption by streamlining token creation and settlement
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced ComposerX, a comprehensive suite of platforms designed to streamline token creation and settlement with the objective of accelerating digital asset adoption throughout the financial ecosystem. ComposerX is a complete, end-to-end suite for managing digital assets through their full lifecycle - including issuance, distribution, servicing, and reporting. ComposerX provides powerful transaction, account and inventory management capabilities, scalable data management tools, and an open smart contract framework for tokenization that's designed to automate complex financial processes and enable asset discoverability with reconcilable, self-describing data.
/jlne.ws/4hKXed5
Intercontinental Exchange CFO Warren Gardiner to Present at the Bank of America Securities 2025 Financial Services Conference on February 11
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, announced today that Warren Gardiner, CFO, will present at the Bank of America Securities 2025 Financial Services. The presentation will take place on Tuesday, February 11 at 1:00 p.m. ET. The presentation will be available live and in replay via webcast and can be accessed in the investor relations and media section of ICE's website at http://ir.theice.com.
/jlne.ws/4gwoIlH
JPX Monthly Headlines - January 2025
JPX
JPX group companies undertake various initiatives and disseminate information with the aim of providing the most attractive markets to all users. Every month, we showcase the highlights of these efforts in short and concise summaries just for you.
/jlne.ws/3Q5EhWW
Consolidated total income in Q3FY25 stood at Rs 4,807 crores; Consolidated profit in Q3FY25 grew by 22% QoQ to Rs 3,834 crores; Contribution to the exchequer in 9MFY25 was Rs 45,499 crores
NSE
NSE, India's leading exchange, reported a consolidated total income of Rs 4,807 crores for Q3FY25, as against Rs 5,023 crores in Q2FY25 and Rs 3,974 crores in the corresponding quarter of last year. The consolidated revenue from transaction charges for Q3FY25 was Rs 3,445 crores, a sequential decline of 4% QoQ due to a reduction in volumes across cash market and derivatives segment. On a consolidated basis, total expenditure in Q3FY25 declined by 17% QoQ to Rs 1,084 crores.
/jlne.ws/4gq7xT6
NSE Academy and National Institute of Securities Markets (NISM)
collaborate to launch joint certificate program
NSE
NSE Academy Limited (NAL), a wholly owned subsidiary of the National Stock Exchange (NSE), and the National Institute of Securities Markets (NISM) have entered into a strategic partnership to provide joint certificate program designed to improve the skills and knowledge of both students and professionals in the securities and financial markets.
/jlne.ws/4hKXYin
NYSE Exchanges To Close In Observance Of Washington's Birthday
NYSE
In observance of Washington's Birthday, the New York Stock Exchange, NYSE American Equities, NYSE Arca Equities, NYSE Chicago, NYSE National, NYSE American Options, NYSE Arca Options, and NYSE Bonds markets will be closed on Monday, February 17, 2025.
/jlne.ws/42wc0y8
More Change Ahead for EU Repo Market in 2025; It has been a pivotal year for European repo markets.
SIX
SIX celebrated in 2024 a decade since the launch of its repo business. Reflecting on its role for local and international firms, SIX shared lessons learned, and explored what the next decade might hold. Back in June, this included discussions on increased global participation from central banks, insurers, and fund managers, greater emphasis on collateral mobility to navigate Basel III and SFTR, and enhanced transparency in securities finance transactions driven by stricter reporting requirements. Now, we take a closer look at what lies ahead in 2025. The European repo market stands at a pivotal juncture, shaped by macroeconomic, regulatory, technological, and operational factors. SIX remains committed to addressing the structural trends, challenges, and opportunities that will shape the market over the next 12 months and beyond. In the remainder of this piece, we look at key themes we expect to play a big role in securities finance in 2025 and how SIX is positioned to support the market.
/jlne.ws/40NiYyn
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Osttra to launch Treasury clearing middleware; Mid-year delivery expected for system that aids credit checking for repo trades
Paulina Pielichata - Risk.net
Post-trade technology firm Osttra has confirmed that it is developing middleware services for US Treasury repo clearing, with a mid-year delivery date ahead of the clearing mandate taking effect in the US. The firm plans to provide a "centralised limit hub" to support pre- and post-trade credit checks for repo transactions, says Steve French, commercial lead for FX and securities at Osttra.
/jlne.ws/4gqmp3N
Bloomberg goes live with new US Treasury dealer algos; Having received support from Morgan Stanley, Citi, JP Morgan and RBC Capital Markets, the offering seeks to provide access to pools of liquidity usually only available on dealer-to-dealer trading platforms.
Wesley Bray - The Trade
Bloomberg has gone live with a new US Treasury (UST) algorithmic dealer offering, providing buy-side clients with access to pools of liquidity usually available only on dealer-to-dealer trading platforms. The first trade using the offering was completed between Morgan Stanley and "a leading buy-side firm". Bloomberg's new UST dealer algos have also received support from Citi, JP Morgan and RBC Capital Markets, with additional dealers expected to join the solution this year.
/jlne.ws/40L9dR3
Anthropic: 'Please don't use AI'; I just want something to hold on to / and a little of that human touch
Robin Wigglesworth - Financial Times
It seems even AI companies are now exhausted by all the generic AI slop making its way into job applications. Anthropic, the maker of the Claude AI chatbot, has an "AI policy" for applicants filling in its "why do you want to work here?" box and submitting cover letters (HT Simon Willison for the spot): While we encourage people to use AI systems during their role to help them work faster and more effectively, please do not use AI assistants during the application process. We want to understand your personal interest in Anthropic without mediation through an AI system, and we also want to evaluate your non-AI-assisted communication skills. Please indicate 'Yes' if you have read and agree.
/jlne.ws/4hni5DN
AI Resurrecting the Dead Threatens Our Grasp on Reality; Using avatars to speak to the dead may comfort some, but it risks eroding our collective grasp on reality.
Parmy Olson - Bloomberg
A cruel twist of fate led Jason Gowin to make a novel parenting decision. Days after his wife gave birth to their twin boys in 2019, she had a stroke. The doctors gave her two or three years to live. Gowin and his oldest son were devastated, but worse was to come. Months later, Gowin found out he had stomach cancer. Facing the prospect of leaving three children without parents, he got an idea from watching the Superman movie Man Of Steel, where the caped hero walks into the Fortress of Solitude and talks to a simulation of his father. There was something comforting about that possibility, of he and his wife leaving behind talking replicas of themselves for their children.
/jlne.ws/41bopst
Anthropic makes 'jailbreak' advance to stop AI models producing harmful results; Leading tech groups including Microsoft and Meta also invest in similar safety systems
Cristina Criddle - Financial Times
Artificial intelligence start-up Anthropic has demonstrated a new technique to prevent users from eliciting harmful content from its models, as leading tech groups including Microsoft and Meta race to find ways that protect against dangers posed by the cutting-edge technology. In a paper released on Monday, the San Francisco-based start-up outlined a new system called "constitutional classifiers". It is a model that acts as a protective layer on top of large language models such as the one that powers Anthropic's Claude chatbot, which can monitor both inputs and outputs for harmful content.
/jlne.ws/4hJces1
Broadridge Enhances NYFIX Matching Solution With Symphony Messaging - NYFIX Matching Is The First Post-Trade Matching Tool With Messaging Functionality, Enabling Compliance, Greater Transparency And Streamlined Resolution Of Post-Trade Discrepancies
Mondovisione
To streamline communication between asset managers and their executing brokers, Broadridge Financial Solutions Inc. (NYSE: BR), a global Fintech leader, today announced a partnership with Symphony, the communication and markets technology company, to integrate messaging technology into the NYFIX Matching platform. This latest innovation empowers asset managers to communicate directly with brokers via Symphony's secure messaging platform, enabling compliance, transparency and streamlined resolution of post-trade discrepancies.
/jlne.ws/3CL41oj
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| Cybersecurity | | Top stories for cybersecurity | Cybersecurity Industry Veterans Launch Next-Generation Advisory Firm; Uncommon Cyber will help enterprise security teams design effective security architectures to leverage AI and automation
BusinessWire
With cyber threats becoming more complex, there has never been a better time for enterprise security teams to leverage advancements in AI and security automation. Recognizing this, two cybersecurity industry veterans have launched a new advisory firm to bring clarity to cyber complexity and help enterprise teams leverage best-in-breed capabilities through purposefully designed security architectures. Uncommon Cyber, launching today, brings together decades of experience with a forward-thinking approach to cybersecurity architecture, automation and AI. The company is led by Jeremy Frye, who has over 20 years of experience in the cyber industry across a range of technology providers, and Chris Ellett, who has spent the past 17 years working alongside enterprise CISOs as a leader at ReliaQuest, one of the largest and fastest-growing cybersecurity technology companies in the world.
/jlne.ws/42Gg3Ks
Cybersecurity firm SailPoint seeks up to $11.5 billion valuation in US IPO
Reuters
Cybersecurity firm SailPoint said on Tuesday it was targeting a valuation of up to $11.5 billion in its initial public offering in the United States. Private equity-backed companies are expected to lead the charge in the IPO market as sponsors look to unload holdings and return capital to investors.
/jlne.ws/4jJJkK3
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| Cryptocurrencies | | Top stories for cryptocurrencies | Canadian Man Charged in $65M Cryptocurrency Hacking Schemes
Office of Public Affairs, U.S. Department of Justice
A five-count criminal indictment was unsealed today in federal court in New York charging a Canadian man with exploiting vulnerabilities in two decentralized finance protocols to fraudulently obtain about $65 million from the protocols' investors. According to court documents, from 2021 to 2023, Andean Medjedovic, 22, allegedly exploited vulnerabilities in the automated smart contracts used by the KyberSwap and Indexed Finance decentralized finance protocols. Medjedovic borrowed hundreds of millions of dollars in digital tokens, which he used to engage in deceptive trading that he knew would cause the protocols' smart contracts to falsely calculate key variables. Through his deceptive trades, Medjedovic was able to, and ultimately did, withdraw millions of dollars of investor funds from the protocols at artificial prices, rendering the victims' investments essentially worthless.
/jlne.ws/4aJS92y
Trump is melding the worlds of upstart crypto and old-school finance
David Hollerith - Yahoo Finance
Old-school finance and the upstart world of crypto are coming closer together as President Donald Trump encourages more favorable regulation of digital assets while also participating financially in their rising popularity. The latest example of this confluence came this past week when the president's namesake Trump Media & Technology Group (DJT) announced plans to expand into financial services by launching a company called Truth.Fi.
/jlne.ws/4jCIRcR
Has Michael Saylor's 'infinite money glitch' run into a hitch? Bigmouth STRKs again
Craig Coben - Financial Times
Reflexivity has been MicroStrategy's secret sauce. The company prints equity or equity-linked securities to buy bitcoin, boosting bitcoin's price, which in turn inflates MicroStrategy valuation. This allows it to issue more stock and repeat the cycle. This MonoStrategy has enabled MicroStrategy to acquire 2.25 per cent of all bitcoin in existence, a hoard worth around $46bn at current prices. The company trades at nearly double the value of its underlying bitcoin holdings, a testament to belief of some investors in Michael Saylor's project.
/jlne.ws/42GJ0G1
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| Politics | | An overview of politics as it relates to the financial markets | China launches limited tariffs after Trump imposes sweeping new levies
Trevor Hunnicutt and Kevin Krolicki - Reuters
China imposed targeted tariffs on American imports on Tuesday and put several U.S. companies, including Google, on notice for possible sanctions, in a measured response to the sweeping duties on Chinese imports imposed by President Donald Trump. Beijing's limited reply to Trump's imposition of a 10% tariff on all Chinese imports underscored the attempt by Chinese policymakers to engage Trump in talks to avert an outright trade war between the world's two largest economies.
/jlne.ws/414gBss
Trump orders creation of US sovereign wealth fund, says it could buy TikTok
Trevor Hunnicutt and Pete Schroeder - Reuters
U.S. President Donald Trump signed an executive order on Monday ordering the U.S. Treasury and Commerce Departments to create a sovereign wealth fund and said it may purchase TikTok. "We're going to stand this thing up within the next 12 months. We're going to monetize the asset side of the U.S. balance sheet for the American people," he told reporters. "There'll be a combination of liquid assets, assets that we have in this country as we work to bring them out for the American people."
/jlne.ws/4hCNzFw
Trump Says Musk Cannot Stop Treasury Payments on His Own
Jenny Leonard and Gregory Korte - Bloomberg
President Donald Trump said Elon Musk has access to Treasury systems that allow him to monitor federal spending before payments are made, but that the world's richest man does not have the power to stop payments himself without approval. Trump said Monday that Musk can flag potential problems with federal spending, and has found "tremendous waste." But he insisted that Musk cannot unilaterally stop the payments. "Elon can't do and won't do anything without our approval," Trump told reporters in the Oval Office. "If there was something that didn't have my OK, I'd let you know about it really fast," he added.
/jlne.ws/4hKPZCf
Elon Musk and DOGE are hacking the government; Elon Musk has moved with lightning speed to try to remake the federal government. Many Democrats and even some Republicans say his efforts are unlawful.
David Ingram - NBC News
In the shorthand of the tech industry, Elon Musk has hacked into the government. The billionaire tech magnate has never been elected to office or been confirmed by the Senate for a high-level government job, but in the span of a few days, Musk has still gained access to sensitive federal data through his position as head of President Donald Trump's Department of Government Efficiency project, or DOGE, to push a far-reaching agenda and potentially spark a constitutional crisis.
/jlne.ws/41bjl7r
Reminder: DOGE Is a Fictitious Agency with Entirely Fictitious Power. And Yet ..., Elon Musk's allies are starting to run amok inside the U.S. government.
Charles P. Pierce - Esquire (opinion)
The weevils are in the cotton, the foxes are in the henhouse, the skunks are in the garden party, and the barbarians are inside the gates and sitting down to a five-course meal in the dining salon. The main entree is Democracy flambé, and there's quite enough to go around. From The New York Times: The new authority follows a standoff this week with a top Treasury official who had resisted allowing Mr. Musk's lieutenants into the department's payment system, which sends out money on behalf of the entire federal government. The official, a career civil servant named David Lebryk, was put on leave and then suddenly retired on Friday after the dispute, according to people familiar with his exit. The system could give the Trump administration another mechanism to attempt to unilaterally restrict disbursement of money approved for specific purposes by Congress, a push that has faced legal roadblocks.
/jlne.ws/4hnDufR
Purging the Government Could Backfire Spectacularly; Donald Trump might miss the bureaucrats when the next crisis hits.
Rogé Karma - The Atlantic (opinion)
The U.S. federal government manages a larger portfolio of risks than any other institution in the history of the world. In just the past few weeks, wildfires raged across Southern California, a commercial flight crashed over the Potomac, a powerful Chinese-developed AI model launched to great fanfare, the nuclear-weapons Doomsday Clock reached its closest point ever to midnight, a new strain of avian flu continued its spread across the globe, and interest rates on long-term government bonds surged-a sign that investors are worried about America's fiscal future. The responsibility of managing such risks is suffused throughout the federal bureaucracy; agencies are dedicated to preparing for financial crises, natural disasters, cyberattacks, and all manner of other potential calamities.
/jlne.ws/4jL8OHi
Trump Blinks on North American Tariffs; The President pauses after minor concessions from Canada and Mexico.
The Editorial Board - The Wall Street Journal
President Trump never admits a mistake, but he often changes his mind. That's the best way to read his decision Monday to pause his 25% tariffs against Mexico and Canada after minor concessions from each country. Mr. Trump claimed victory, as he always does. He pointed to Mexican President Claudia Sheinbaum's decision to deploy 10,000 National Guard troops to the U.S. border to fight drug trafficking, especially in fentanyl.
/jlne.ws/4jLIJYi
Trump's Tariffs Are Even Worse Than I Imagined; No good will come of a US trade war with Canada and Mexico.
Bill Dudley - Bloomberg Opinion
/jlne.ws/4grWl8c
While Democrats sleep; As Donald Trump tears up America's rule book, the minority party can't work out how to respond
Edward Luce - Financial Times
/jlne.ws/3WNpjse
It's Almost Like They Knew Trump Was Bluffing; Mexico and Canada gave something that amounts to little, but enough that he can declare a win.
John Authers - Bloomberg
/jlne.ws/40ZnF9n
China builds huge new wartime military command centre in Beijing; Complex will be bigger than Pentagon and include bombproof bunkers for leaders, say US intelligence officials
Demetri Sevastopulo in Washington, Joe Leahy and Ryan McMorrow in Beijing, Kathrin Hille and Chris Cook in London - Financial Times
/jlne.ws/4ggpm6N
Luxembourg can facilitate dialogue between the world's superpowers, finance minister says
South China Morning Post
/jlne.ws/40FWM9n
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| Regulation & Enforcement | | Stories about regulation and the law. | Speech By Samantha Barrass, Chief Executive, New Zealand Financial Markets Authority, To The Financial Services Council Outlook 2025
Mondovisione
Thank you very much for inviting me to speak today. Last year's FSC Outlook was a particularly momentous one and something of a launchpad for the financial services reforms undertaken by the new Government. This includes significant changes for the FMA, including the transfer of CCCFA responsibility and streamlining of conduct regulation. Amidst these recent reforms, 2024 has seen the FMA focus on smoothly implementing a number of new regulatory regimes. Going into 2025 we are looking beyond implementation and into the practical approach we are taking and will look to take to our expanded regulatory remit.
/jlne.ws/412gIEw
The Dubai Financial Services Authority Publishes Its 2025-2026 Business Plan, Underscoring Commitment To Advancing Regulatory Excellence, Driving Innovation, And Fostering Sustainable Growth Within The DIFC
Mondovisione
The Dubai Financial Services Authority (DFSA) today announced the release of its Business Plan for 2025-2026, Advancing Regulatory Excellence and Innovation within the Dubai International Financial Centre. Aligned with Dubai's Economic Agenda D33, Digital Dubai, and the DIFC 2030 Strategy, the Plan sets out the DFSA's vision to reinforce the Dubai International Financial Centre (DIFC) as a leading global financial services hub and outlines key priorities in advancing regulatory excellence, driving innovation, and fostering sustainable economic growth.
/jlne.ws/3CAH733
CFTC probes Super Bowl wagers offered by Crypto.com, Kalshi: Report; The US commodities regulator is investigating Super Bowl markets offered by Crypto.com and reportedly Kalshi, asking them how they comply with derivatives rules.
Brayden Lindrea - CoinTelegraph
Crypto exchange Crypto.com says it will continue offering wagers on the Super Bowl while it works with the US commodities regulator to address its concerns. It comes after Bloomberg reported on Feb. 4 that Crypto.com and predictions market Kalshi was asked by the US Commodity Futures Trading Commission to explain how their Super Bowl events contracts comply with derivatives regulations. Crypto.com, which operates a US-based derivatives exchange, alerted the CFTC on Dec. 19 that it would start trading the contracts on Dec. 23.
/jlne.ws/42IdcjX
SEC Charges Four Individuals for Long-Running Scheme to Unlawfully Trade in Advance of Numerous Follow-On Offerings
SEC
On January 15, 2025, the Securities and Exchange Commission filed fraud charges against John Lowe, Randy Grewal, Richard Ringel, and David Cooper arising from their longstanding fraudulent scheme to trade in advance of the public announcement of the timing or price, or both, of numerous follow-on offerings of NASDAQ-listed issuers.
/jlne.ws/4aNoyVP
SEC Obtains Judgment Against Defendant in Microcap Fraud Scheme
On January 21, 2025, the Securities and Exchange Commission obtained a final judgment against defendant Joseph A. Padilla in an action filed in 2023 alleging a fraudulent microcap stock selling scheme.
/jlne.ws/414iIwo
SEC Obtains Final Judgments Against Last Two Defendants in Fraudulent Microcap Scheme
SEC
On January 23, 2025, the U.S. District Court for the District of Massachusetts entered a final judgment against United Kingdom resident Jamie S. Wilson for participating in a fraudulent scheme involving unlawful microcap stock sales. The judgment ordered Wilson to pay a civil penalty of $50,000 in addition to relief that had previously been ordered by the Court. Also, on December 5, 2024, the Court entered a final judgment against United Kingdom resident Justin Roger Wall for participating in the same scheme. The judgment ordered Wall to pay a civil penalty of $50,000 in addition to relief that had previously been ordered by the Court.
/jlne.ws/4gloTQU
Speech by Samantha Barrass to the Financial Services Council Outlook 2025
FMA
Thank you very much for inviting me to speak today. Last year's FSC Outlook was a particularly momentous one and something of a launchpad for the financial services reforms undertaken by the new Government. This includes significant changes for the FMA, including the transfer of CCCFA responsibility and streamlining of conduct regulation. Amidst these recent reforms, 2024 has seen the FMA focus on smoothly implementing a number of new regulatory regimes. Going into 2025 we are looking beyond implementation and into the practical approach we are taking and will look to take to our expanded regulatory remit.
/jlne.ws/4hGaakE
Culture is contagious
FCA
Speech by Emily Shepperd, chief operating officer, at the 10th Annual Culture and Conduct in Financial Services Summit.
/jlne.ws/3WMkzD8
Written reply to Parliamentary Question on reports of non-compliance with Buy Now Pay Later (BNPL) Code of Conduct and data on BNPL customers
MAS
Question: To ask the Prime Minister and Minister for Finance (a) how many instances of non-compliance with the Buy Now, Pay Later (BNPL) Code of Conduct by accredited BNPL providers have there been since its introduction in 2022; (b) since then, how many and what percentage of BNPL customers have hit their BNPL limit for at least one provider; and (c) what is the breakdown of these BNPL customers by age and income level.
/jlne.ws/4gqneJV
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | China expands key mineral export controls after US imposes tariffs
Amy Lv, Lewis Jackson and Ashitha Shivaprasad - Reuters
China said on Tuesday it would restrict exports of five metals used in defence, clean energy and other industries in response to fresh U.S. tariffs, refraining from the outright export bans Beijing has previously used against Washington. The restrictions were the latest attempt by China since 2023 to leverage its dominance in mining and processing critical minerals used in everything from smartphones and electric car batteries to infrared missiles and ammunition.
/jlne.ws/4aJdkSe
Trump's antitrust cops just signaled that big US mergers won't get a free pass
Alexis Keenan - Yahoo Finance
The new Trump administration in its second week provided an early sign that American companies won't get a free pass when it comes to big mergers and acquisitions. It came Thursday when Donald Trump's antitrust cops at the Justice Department filed a lawsuit seeking to block Hewlett Packard (HPE) from acquiring rival Juniper Networks (JNPR). "I think that for those who thought that the new administration will be soft on antitrust or soft on mergers, think again," Alden Abbott, Mercatus Center senior research fellow and former Federal Trade Commission general counsel, told Yahoo Finance.
/jlne.ws/41blvnz
Bond Dealers Lock Horns Over Inflation-Protected Bond Supply
Elizabeth Stanton - Bloomberg
A small coterie of Wall Street dealers say it's time for the US Treasury to resume increasing the size of its 30-year inflation-protected bond auctions. While regular note and bond auction sizes have been stable for the past year, the US has steadily increased the size of its five- and 10-year Treasury inflation-protected securities, noting strong demand for those sectors. Amid signs of flagging demand for longer-maturity TIPS, the 30-year tenor hasn't grown since 2021.
/jlne.ws/4hKPKaj
ADM quarterly profit falls on weak crush margins, announces layoffs
Karl Plume - Reuters
Grains merchant Archer-Daniels-Midland reported a drop in fourth-quarter profit on Tuesday, pressured by weak oilseed crush margins and uncertainty over U.S. biofuel policy, and said it would be laying off up to 700 employees globally this year. Chicago-based ADM said it aimed to cut costs by $500 million to $750 million over the next three to five years via job cuts and lower raw materials and manufacturing costs.
/jlne.ws/4hkH4rm
***** The Bloomberg version of this story is titled "ADM Plans to Cut Jobs as Profits Head for Third Year of Declines."~JJL
'It won't come back': Argentina farmers battle drought and a shrinking harvest
Nicolas Misculin - Reuters
Standing in his fields among tall, dry corn plants, farmer Dario Sabini inspects the smaller-than-usual corn cobs before taking the yellowing leaves of the crop that should be green at this time of the season, to crinkle them between his fingers. "We are seeing here corn that's already gone. The plant is already yellow, it will not come back," said the farmer from the town of Veinticinco de Mayo, some 200 kilometers (125 miles) west of Buenos Aires. The town has been hit by a recent drought.
/jlne.ws/40GLiSZ
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Investors With $6.8 Trillion Warn EU Not to Bow to ESG Backlash; Reporting requirements help on investing decisions, group says; France and Germany have been pushing against regulations
Frances Schwartzkopff - Bloomberg
A group of investors representing EUR6.6 trillion ($6.8 trillion) of assets is calling on European officials not to cave in to mounting pressure to scale back the bloc's ESG regulations. The planned reporting rules are essential to help asset managers and owners identify where to allocate funds, according to the group, which consists of the Institutional Investors Group on Climate Change (IIGCC), the European Sustainable Investment Forum (Eurosif) and the Principles for Responsible Investment (PRI).
/jlne.ws/411HxJ6
US Senate confirms fracking CEO Chris Wright to be Trump's energy secretary; Liberty Energy executive, who has called climate change activists alarmist, confirmed in vote of 59-38
The Guardian
The US Senate on Monday confirmed Chris Wright, a fracking executive, to be Donald Trump's energy secretary. The vote was 59-38. Wright, 60, the CEO of Liberty Energy since 2011 has said he will step down from the company once confirmed. He wrote in a Liberty report last year that he believes human-caused climate change is real, but that its hazards are "distant and uncertain". He has also said that top-down governmental policies to curb it are destined to fail. However, Wright has called climate change activists alarmist and has likened efforts by Democrats to combat global warming to Soviet-style communism.
/jlne.ws/4gqrclN
E.P.A. Demotes Career Employees Overseeing Science, Enforcement and More; A spokeswoman for the agency said the change was "common practice." Others said it injects partisanship into jobs that have always been neutral.
Lisa Friedman - The New York Times
The Environmental Protection Agency plans to demote career employees who oversee scientific research, the enforcement of pollution laws, hazardous waste cleanup and the agency's human resources department and replace them with political appointees, according to two people familiar with the approach. The move would give Trump administration loyalists more influence over aspects of the agency that were traditionally led by nonpartisan experts who have served across Republican and Democratic administrations.
/jlne.ws/3WLhfIL
Why ESG Faces Backlash and Its Future Under Trump 2.0
Saijel Kishan and Tasneem Hanfi Brogger - Bloomberg
ESG. Three letters that have inspired, confused and angered. They stand for environmental, social and governance, and refer to a strategy where banks and investors weigh factors such as climate change and labor conditions in their financing decisions. The term was coined about two decades ago by United Nations staffers working with the finance industry. It became more popular after the #MeToo, racial justice and climate movements took hold when President Donald Trump was in the White House the first time around. The hope was that ESG standards would help make the world a better place, demonstrating that profit doesn't have to come at the expense of clean air, human rights or honest management.
/jlne.ws/412n4nm
China, Europe and UK should form climate coalition apart from US, energy expert says; Lord Adair Turner advocates for 'pull together' of rest of the world to accelerate shift to green energy
Kenza Bryan - Financial Times
China, the EU and the UK should form a coalition of "the world apart from the US" on climate action after the retreat under President Trump, the chair of an alliance of global companies focused on net zero emissions said. "To have the most powerful man in the world believe that climate change is a liberal hoax is a big problem," said Lord Adair Turner, head of the Energy Transitions Commission, which includes member companies such as Shell, BP, HSBC, Iberdrola, ArcelorMittal and Tata Steel.
/jlne.ws/4gq8mva
Donald Trump's cuts to renewables risk US energy crisis, warn executives; Country will struggle to meet growing demand from power-hungry AI with fossil fuels alone
Amanda Chu and Jamie Smyth - Financial Times
Donald Trump's restrictions on renewable energy risk sparking an electricity crisis in the US, driving up costs for consumers and handing China an edge in the global artificial intelligence race, industry executives have warned. In his first week in office, the US president ordered a moratorium on offshore wind approvals and reviews of existing wind leases and paused hundreds of billions of dollars of incentives for green energy.
/jlne.ws/42IYzNo
US Sanctions Bite With Russia's Crude Exports Facing Delays Offloading
Julian Lee - Bloomberg
/jlne.ws/4gtUXlw
Opec drops US Energy Information Administration as data monitor; Oil cartel gives no reason for move, which comes despite warming ties between US and Saudi Arabia
Malcolm Moore - Financial Times
/jlne.ws/4gmnoSF
UK takes legal advice over pulling out of $20bn Total LNG project in Mozambique; Britain has pledged to halt new export finance to oil and gas developments in wake of COP26 in 2023
Malcolm Moore, Jim Pickard and David Pilling, Ian Johnston - Financial Times
/jlne.ws/4aNtj1C
BP Pauses Renewable-Fuels Project in Australia Amid Cost Cuts
Rachel Graham - Bloomberg
/jlne.ws/4hjnUC0
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Julius Baer CEO's First Strategy Moves Marred by Benko Hangover
Bastian Benrath-Wright and Noele Illien - Bloomberg
Julius Baer Group Ltd. last month brought in Stefan Bollinger to draw a line under painful losses caused by loans to a collapsed real estate conglomerate. But it was that past that ruined the new chief executive officer's presentation of his first strategic moves. Shares dropped as much 14.6% on Monday after the country's financial watchdog Finma said it had opened an enforcement procedure against the lender. The action is linked to control failures exposed by the unraveling of Rene Benko's Signa real estate empire in late 2023, which saddled the bank with 586 million Swiss francs ($640 million) in defaulted loans that year. Bollinger sought to put on a brave face during his first ever earnings call with journalists as CEO, dismissing the share price reaction as "a short-term market move that will not affect our strategic thinking." Instead, he drew attention to a set of measures he unveiled earlier in the morning, designed to turn Julius Baer into "the most admired international wealth manager."
/jlne.ws/4jFydBX
Morgan Stanley Names New Investment Bank Heads For Mideast
Nicolas Parasie - Bloomberg
Morgan Stanley has appointed Pradyut Pratap and Usman Akram as joint heads of its investment bank in the Middle East and North Africa, a region increasingly coveted by global finance firms. The co-heads will report to Massimiliano Ruggieri, Morgan Stanley's head of investment banking in Europe, the Middle East, and Africa, according to a recent memo seen by Bloomberg. They will replace Patrick Delivanis who took over as co-chief of the bank's broader regional franchise in 2023.
/jlne.ws/3Q4Sxiy
UBS Buyback Plans Fail to Cheer Investors Awaiting Capital Rule
Noele Illien - Bloomberg
UBS Group AG shares slumped on Tuesday, signaling that uncertainty over an upcoming government decision on capital requirements is overshadowing the bank's progress in integrating Credit Suisse. The Zurich-based bank said it aims to buy back up to $3 billion of its own shares this year, and posted $770 million in net profit, aided by a big beat at the investment bank. Shares nevertheless dropped more than 6%, leading declines among European banks.
/jlne.ws/3CAMtvb
UBS Absorbs Tougher Swiss Trading Rules While Global Peers Delay
Nicholas Comfort, Claudia Cohen, and Noele Illien - Bloomberg
UBS Group AG said it managed to offset the effect of tougher rules on its trading operations which Switzerland had introduced earlier than other major jurisdictions. Implementing the so-called fundamental review of the trading book part of the Basel III regulations inflated the Swiss lender's risk-weighted assets by $9 billion, UBS said on Tuesday. It almost completely neutralized that effect with a reduction in operational risk and credit risk, the bank said. UBS had $500 billion in risk-weighted assets at the start of the year.
/jlne.ws/42F6sn2
BNP Unveils $1.1 Billion Buyback Amid Strength in Trading; Equities revenue rises 30%, fixed income gains 34% in quarter; Lender to revamp French retail banking unit in next step
Claudia Cohen - Bloomberg
BNP Paribas SA announced a new share buyback and higher-than-expected dividend after a surge in trading revenue in the final months of last year lifted profit. The French lender on Tuesday reported a 30% jump in equities trading in the fourth quarter and 34% higher revenue from fixed income, better than analysts had expected.
/jlne.ws/4gqpocv
UBS warns $3bn buyback plan is hostage to Swiss capital overhaul; Bank beats forecasts with fourth-quarter net profit of $770mn
Simon Foy - Financial Times
/jlne.ws/42Gr5iz
First Republic Ex-Private Wealth Head Taps Old Team for New Firm; General Catalyst's GC Wealth manages $2.3 billion of assets; New firm to target high-net-worth and emerging-wealth clients
Biz Carson - Bloomberg
/jlne.ws/4jGXlZ8
Goldman Sachs slashes investment minimum for new alumni fund; 1869 scheme will invest in Wall Street bank's private market vehicles
Harriet Agnew and Joshua Franklin - Financial Times
/jlne.ws/4jY9b1l
FTAV Q&A: Anthony Scaramucci; The crypto-head former White House communications director talks about SBF, memecoins, Tether and Trump
Bryce Elder - Financial Times
/jlne.ws/4jMF8to
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | How Much Your Wall Street Bonus Is Really Worth; When is $100,000 not $100,000? On Wall Street.; As compensation season takes off, an analysis of the bonus currencies for 12 of the world's biggest banks helps demystify the awards.
Laura Noonan, Phil Kuntz and Demetrios Pogkas - Bloomberg
Picture this: It's Wall Street bonus season. The year is 2022. A Goldman Sachs Group Inc. trader is handed $100,000 in deferred stock. Her uptown rival at Bank of America Corp. is given an identical award on the very same day. Now, three years on those awards have fully vested with wildly divergent results: The Goldman staffer would have been able to clear more than $113,000. The Bank of America trader, though, would have netted less than $83,000.
/jlne.ws/40RVnxM
Citi bucks back-to-office trend and embraces hybrid working; Bank says staff can work from home two days a week as rivals and Trump administration want workers at desks
Stephen Gandel and Joshua Franklin - Financial Times
Citigroup chief executive Jane Fraser has told top executives that the bank will continue to allow most employees to work remotely two days a week, in a move that puts it out of step with some rivals and the Trump administration.= Fraser pledged to maintain the hybrid work schedule on the executive's quarterly call with the US bank's managing directors in mid-January, according to people familiar with the matter.
/jlne.ws/3WP3Nnc
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| Wellness Exchange | | An Exchange of Health and Wellness Information | CDC webpages go dark as Trump targets public health information; Resources for contraception, gender-affirming care, STIs and HIV flicker in and out of existence or vanish completely
Carter Sherman and Jessica Glenza - The Guardian
Several federal government websites and databases dedicated to public health have gone dark in recent days, sparking fears about the Trump administration's plans to remove, alter or otherwise censor vital health information repositories. Between Friday and Tuesday, Centers for Disease Control and Prevention (CDC) resources for tracking, preventing and treating HIV; handling sexually transmitted infections (STIs); and prescribing contraception have flickered in and out of existence. A guide to gender-affirming care and young people, once hosted on the website for the office of the assistant secretary for health, was gone as of Tuesday.
/jlne.ws/4hm71qj
****Here is a similar story from Bloomberg.
Booze or Weed: What's Worse for Your Health?; Both can do you harm, and the debate is clouded by less research into the effects of cannabis
Sumathi Reddy - The Wall Street Journal
A renewed focus on alcohol's health effects has rekindled a common debate: Is alcohol or marijuana worse for you? Sorry, folks, but the short answer is that both can be bad. "The reality is, if you're really worried about your health, you wouldn't use either of them," says Ryan Vandrey, a professor at Johns Hopkins University who helps run the Cannabis Science Lab. The longer answer: The question is complicated by the fact that alcohol has been widely studied for decades, while research into cannabis, particularly in edible form, is still catching up.
/jlne.ws/410xjZt
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | World's Largest Options Market Weathers Indian Regulatory Curbs; Derivatives trading surged on BSE, stablized on NSE last month; BSE may be benefiting, Fintrekk's Amit Kumar Gupta says
Savio Shetty - Bloomberg
India's derivatives market is showing signs of resilience after a regulatory crackdown on frenzied options trading. While the value of derivatives exchanged on the main bourse slipped in January from December on a notional basis, the price of contracts traded increased slightly. For peer BSE Ltd., the average daily turnover climbed 23% on a notional basis and 29% when looking at premium - and both were up more than 85% relative to January 2024. This all happened as the benchmark NSE Nifty 50 Index completed its worst run of monthly losses since 2001.
/jlne.ws/3Q6IolD
As bird flu ravages poultry industry, the damage spreads
Martha Teichner - CBS News
There are seven generations of Corwins in the Aquebogue, Long Island, town cemetery. Their graves overlook the farm that's been in the family since the 1640s. Some family members' tombstones are adorned with ducks. "I'm gonna say it was my grandfather's idea, because he did it first," said Doug Corwin. It was Corwin's great-grandfather who started raising ducks in 1908, when Long Island was famous for its duck farms. Now, Crescent Duck Farm is the only one left. It produced a million ducks a year, until two weeks ago, when bird flu shut the farm down. Corwin said, "I saw a flock one day that was great, and the next day was lethargic, wasn't eating. It looked like something I'd never seen before."
/jlne.ws/3WOccHv
The water unexpectedly released from dams on Trump's order didn't help farms or L.A.
Ian James, Jessica Garrison and Sean Greene - Los Angeles Times
23 Days after President Trump startled some of his most ardent supporters in California's San Joaquin Valley by having the Army Corps of Engineers suddenly release water from two dams, many in the region and beyond were still perplexed. Acting on an order from Washington, the corps allowed irrigation water to flow down river channels for three days, into the network of engineered waterways that fan out among farm fields in the San Joaquin Valley. Coursing from rivers to canals to irrigation ditches, much of the water eventually made its way to retention basins, where it soaked into the ground, replenishing groundwater.
/jlne.ws/4hF7TpO
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