| April 22, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
The CFTC yesterday announced it is seeking public comment about 24/7 trading to better inform them on the potential uses, benefits, and risks of trading on a 24/7 basis in the derivatives markets the CFTC regulates. I decided to ask an old acquaintance of mine and a good friend of the late great Chicago journalist Mike Royko his opinion about 24/7 trading. Dr. I.M. Kookie decided to write a letter to the CFTC to share his thoughts. Here is his comment letter:
To the Esteemed Bureaucrats at the CFTC:
As Dr. I.M. Kookie, world-renowned expert in the arcane sciences of common sense and the leading authority on market hocus-pocus, I feel professionally obligated-nay, morally compelled-to address your latest brainstorm: 24/7 trading.
Let us examine, through the lens of scientific reason, what happens when the market never sleeps:
First, Einstein once posited that time is relative. But even he knocked off for lunch. If you open the markets 24 hours, 7 days a week, what do you propose we do with all the leftover time? Buy tomatoes at midnight and sell pork bellies during church? In my day, if you wanted round-the-clock action, you went to the corner tavern, not the Chicago Board of Trade.
You say, "Dr. Kookie, it's for efficiency!" To which I say, why not just open Christmas and Thanksgiving, too? Nothing says "holiday spirit" like hedging butter in your pajamas while your turkey is still defrosting.
And tell me, who benefits? Not the little guy. The only folks who'll be up at 3 a.m. trading futures are the ones who forgot how to sleep or whose doctors cut off their coffee rations too soon.
Furthermore, if you expect "market integrity" to flourish at 4:17 in the morning, you must also believe in the tooth fairy, the honest alderman, and reasonably priced Cubs tickets.
I propose an alternative: Mandatory naps for all traders. Markets open only after a double espresso and a poppy seed roll. And if anyone is caught trading between 1:00 and 4:00 a.m., they must read three chapters of "War and Peace" aloud to an SEC auditor until they regain consciousness.
In summary, dear CFTC, there is only one thing that should be happening 24/7 in Chicago-complaining about the weather. Please leave the markets, and our sleep, alone.
Yours in rational lunacy,
**Dr. I.M. Kookie**
(PhD., MD, LLD, RSVP, BYOB)
P.S. If you insist on 24/7 trading, at least promise to shut it down during Bears games and the St. Patrick's Day Parade. Some traditions must be preserved.
Paul Atkins was sworn in as the new SEC chairman after having been approved by the Senate 13 days ago. Atkins has been removed from the Patomak Global Partners website, where he was listed as CEO. No new CEO is listed yet.
The FIA Operations Americas Division will host its annual Chicago Golf Outing on June 30, offering a day of networking, golf, and charitable giving. In addition to the traditional tournament, this year's event includes a golf clinic and a networking dinner-only option. The schedule begins with lunch at 11:00 a.m., tee-off at noon, followed by the clinic at 3:30 p.m., cocktails at 5:30 p.m., and dinner, awards, and a raffle at 6:00 p.m. Proceeds will benefit the Greater Chicago Food Depository and the Greenwood Project. For sponsorship opportunities, contact Grant Henning, Jon Schlamp, or Bill Metzger.
CME Group's Claire Kenny, the daughter of CQG and the AFM's Pat Kenny, competed in the Boston Marathon on Monday and finished 2003rd place in the age 18-39 category with a time of 3:18:01. That was good for the 9517th place finish out of a total of 28,797 runners in the race. She finished 1595 among female runners. Her average minutes per mile were 7:34.
Here are the headlines from in front of FOW's paywall from some recent stories: GFO-X teams up with Nomura's digital arm to support crypto market launch, SEC's Atkins becomes chair as US administration appointments take up roles, CFTC launches perpetual contract consultation amid reform push, GME looks to boost commodities markets with Shanghai Futures Exchange tie up, ANALYSIS: Euronext has 'unique links' to Europe's growing retail trading community and Global derivatives trading drops 37% in March due to Indian slowdown.
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:
- CME Group set to face trial in long-running class action by traders from Crain's Chicago Business.
- I Did Not Think for One Second He Was Going to Go This Crazy from New York Magazine Intelligencer.
- The Dark Side of Surging Bank Trading Revenue from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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From Boca's Cabana to the CFTC: Jeff Bandman's Odyssey Through Swaps, Silicon, and SBF's Shadow
JohnLothianNews.com
BOCA RATON, Fla. (JLN) - April 22, 2025 - If you want to know how an "event" can become a commodity, or how business gets done poolside with a floating drink in hand, Jeff Bandman is your guide. "People sometimes say, why do event contracts fall under the CFTC? How can an event be a commodity?" mused Bandman, founder of Bandman Advisors, at this year's FIA Boca. "But in fact, the definition of what is a commodity under the Commodity Exchange Act is extremely broad. I give Congress a lot of credit for being very forward-looking in that."
Watch the video »
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 R3 CEO David Rutter's Blockchain Crusade: Herding Cats with Digital Collateral-and Zero Interest in Selling JohnLothianNews.com BOCA RATON, Fla. (JLN) - April 21, 2025 - If you want to disrupt Wall Street's plumbing, David Rutter will be the first to remind you: it's not just about shiny new technology-it's about getting centuries-old pipes to move. "Disrupting the status quo is hard in the institutional space," says Rutter, CEO of the enterprise blockchain company R3, leaning in at FIA Boca as if sharing a conspiratorial secret. "Everything is built to the highest standards and built over decades. The folks that have interests along the way are throwing boulders and rocks in the new path as well ... The evidence has to be overwhelmingly clear that the financial outcome is really worth all of the pain." Watch the David Rutter Video »
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Pope Francis Saw Defending the Climate as an Urgent Priority for the World
Eric Roston - Bloomberg
When Argentina's Jorge Mario Bergoglio was elected pope in 2013, his vision for human justice and equality was so entwined with nature that he chose the papal name Francis, honoring the patron saint of ecology. That belief, and how passionately he advocated for it, influenced the course of global climate and energy policy and in particular the 2015 Paris Agreement. Francis's 2015 papal letter or encyclical, Laudato Si' ("Praise Be to You"), was the first devoted to global warming. It tied together climate science, wealth inequality, consumption (what he lamented as a "throwaway culture") and technology in a 40,000-word missive shared with the world's more than 1 billion Catholics. His words could be blunt: "The Earth, our home, is beginning to look more and more like an immense pile of filth," he wrote.
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****** In the beginning God created the heavens and the earth. Now the earth was formless and empty, darkness was over the surface of the deep, and the Spirit of God was hovering over the waters. And God said, "Let there be light," and there was light. God saw that the light was good, and he separated the light from the darkness. God called the light "day," and the darkness he called "night." And there was evening, and there was morning-the first day. And God said, "Let there be a vault between the waters to separate water from water." So God made the vault and separated the water under the vault from the water above it. And it was so. God called the vault "sky." And there was evening, and there was morning-the second day. And God said, "Let the water under the sky be gathered to one place, and let dry ground appear." And it was so. God called the dry ground "land," and the gathered waters he called "seas." And God saw that it was good.~Genesis 1:1-10 (NIV)
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Go Delete Yourself From the Internet. Seriously, Here's How.; Find your data, request removal ... and repeat
Nicole Nguyen - The Wall Street Journal
Google updated its "Results About You" tool, and using it has been an eye-opening experience. It uncovered my home address, phone number and email on so-called people-search websites, along with my birth date and grandma's name-even though I requested removal from some databases years ago. It regularly sends emails alerting me to more exposed data. And yes, your info is out there, too. Plug your data into Google's free tool-the company promises not to use it for any other purposes-and wait a few hours for the alerts to roll in. Why care? Easily available personal data can expose you to junk mail, identity theft or impersonation scams.
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***** I wish you good luck with that.~JJL
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Monday's Top Three
Our top story Monday was CME Group set to face trial in long-running class action by traders, from Crain's Chicago Business. Second was Pope Francis, first Latin American pontiff who ministered with a charming, humble style, dies at 88, from the Associated Press. Third was a tie between Francis Worked to Make Catholic Church More Inclusive, from The New York Times, and CME Securities Clearing, Inc.; Order Instituting Proceedings to Determine Whether to Grant or Deny an Application for Registration as a Clearing Agency under Section 17A of the Securities Exchange Act of 1934, from the SEC.
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| Lead Stories | Wall Street Veteran Kelly Loeffler Guts DEI for Trump; Her marching orders set up a clash at the federal Small Business Administration, an agency obligated by Congress to help disadvantaged businesses.
Annie Massa - Bloomberg
Not long ago, Kelly Loeffler was the public face of Wall Street. By 2018, she was earning $1 million a year as chief communications and marketing officer at the New York Stock Exchange's parent company, which had joined the rest of corporate America in promoting diversity. That year NYSE named its first female president in two centuries; the following, it started recruiting women and minorities to serve on listed companies' boards. In the financial district, State Street Corp. had installed a bronze statue called Fearless Girl, standing as a defiant foil to Charging Bull.
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Markets Are Discovering the Real Trump Trade Is 'Sell America'; The president's attacks on the Fed are pushing the world further off its American axis, as governments and investors lose confidence in the US dollar and bonds.
Saleha Mohsin and Carter Johnson - Bloomberg
Two months into Donald Trump's second term, the pillars of American financial hegemony - erected over the best part of a century - have rarely looked shakier. Trump's renewed tirades against the Federal Reserve, including the most explicit threats yet to fire Chair Jerome Powell, only amplified the shockwaves from his declaration of trade war on pretty much everyone. It's forcing a reappraisal of the assets fundamental to US economic dominance. The dollar and Treasury bonds, traditional havens at times of stress, suddenly look much less appealing. It's not long since investors were anticipating a so-called Trump trade, essentially turbocharging US exceptionalism, but now it looks more like a sell-America trade.
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Trading Technologies announces new clients for TT Futures TCA in Europe and U.S.; Offering helps Bowmoor Capital, SummerHaven Investment Management refine sophisticated trading strategies, ensure best execution for their clients
Trading Technologies International, Inc.
Trading Technologies International, Inc. (TT), a global capital markets technology platform services provider, today announced that Bowmoor Capital, a London-based global macro investment advisor, and SummerHaven Investment Management, a Connecticut-based commodity-focused asset management firm, have deployed the new TT Futures TCA solution to inform their trade execution and algorithmic trading strategies and ensure they are achieving best execution on behalf of their clients.
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CFTC Seeks Input on 24/7 Derivatives Trading, Perpetual Futures
Lydia Beyoud and Nicola M White - Bloomberg
"The CFTC must take a forward-looking approach to shifts in market structure to ensure our markets remain vibrant and resilient while protecting all participants," acting Chairman Caroline Pham said in the press release. "One evolving trend is the move to 24/7, 24/6, or 24/5 trading hours." Equities exchanges are already planning to allow retail traders to buy and sell stocks nearly 24 hours a day, seven days a week. The Securities and Exchange Commission recently approved 24 Exchange to offer 23-hours-a-day, five days a week trading. Nasdaq Inc. has also said it intends to extend its weekly trading hours. Some brokers like Robinhood Markets Inc. already allow 24-hour trading for five days a week.
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CFTC Staff Seek Public Comment on 24/7 Trading
CFTC
The Commodity Futures Trading Commission's Divisions of Market Oversight, Clearing and Risk, and Market Participants today issued a Request for Comment to better inform them on the potential uses, benefits, and risks of trading on a 24/7 basis in the derivatives markets the CFTC regulates. "As I have long said, the CFTC must take a forward-looking approach to shifts in market structure to ensure our markets remain vibrant and resilient while protecting all participants," said Acting Chairman Caroline D. Pham. "One evolving trend is the move to 24/7, 24/6, or 24/5 trading hours. I look forward to the public comments on this market innovation."
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SEC Awards Joint Whistleblowers $6 Million for Enforcement Tip
Nicola M White - Bloomberg
Joint whistleblowers will receive $6 million for providing new information that prompted a US Securities and Exchange Commission examination and helped lead to an enforcement action. "Today's award illustrates that the agency can leverage whistleblower information in various ways, including by prompting an examination," Jonathan Carr, acting chief of the SEC's Office of the Whistleblower, said in a statement.
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Morgan Stanley Goes After Day Traders With New E*Trade Platform
Hannah Levitt - Bloomberg
Morgan Stanley, whose E*Trade business just posted its highest-volume trading days in years, is ramping up efforts to reach the most-active day traders with a new platform. "Power E*Trade Pro" allows traders to customize as many as 120 tools across six screens on a desktop application separate from the firm's current web and mobile products. The offering, announced Monday, is in a pilot period and set for a full launch in June.
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Most Americans Don't Know It's Patriots' Day. That's Fine; The US doesn't celebrate our revolution by commemorating battles. We celebrate it by venerating our ideals.
Frank Barry - Bloomberg
Happy Patriots' Day to all Americans! Wait, you didn't know it was happening? Fair enough: Your state probably doesn't recognize the holiday, which commemorates the battles at Lexington and Concord fought on April 19, 1775. Only six states do, and only Massachusetts observes it with any real fanfare. But that's OK. In fact, it's a reflection of American greatness. Unlike the French, who still celebrate Bastille Day, most Americans don't celebrate our revolution by commemorating an uprising. We celebrate it by venerating our ideals.
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Harvard sues Trump administration over funding freeze; University accuses government of making 'sweeping and intrusive demands'
Andrew Jack - Financial Times
Harvard University on Monday sued the Trump administration to block its "unlawful" efforts to freeze more than $3bn in federal funding and increase government oversight of the venerable institution. In a statement, Harvard's president Alan Garber warned the government's "sweeping and intrusive demands...would impose unprecedented and improper control over the University" with "stark real-life consequences for patients, students, faculty, staff, researchers, and the standing of American higher education in the world". He added: "We stand for the truth that colleges and universities across the country can embrace and honour their legal obligations and best fulfil their essential role in society without improper government intrusion."
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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. | Businesses Plead for Tariff Breaks After Trump Spares iPhones; Retail executives huddled with the president amid fears that tariffs could result in higher prices.
Tony Romm - The New York Times
When President Trump's steep tariffs threatened to send the price of iPhones soaring, Apple's chief executive, Tim Cook, called the White House - and soon secured a reprieve for his company and the broader electronics industry. Almost immediately, top aides to Mr. Trump insisted they had not strayed from their promise to apply import taxes across the economy with minimal, if any, exceptions. But the carve-out still caught the attention of many businesses nationwide, igniting a fresh scramble for similar help in the throes of a global trade war.
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Trump visa cuts and tariff hikes turn Chinese students away from American Dream
Liz Lee and Larissa Liao - Reuters
When 25-year-old biology student Yao's PhD program enrollment was deferred due to funding cuts at her U.S. university, she joined a growing list of Chinese students exploring other destinations. Visa revocations and university funding cuts by the administration of U.S. President Donald Trump have become a source of anxiety for international students. Those from China face additional challenges due to Washington's trade war with Beijing and the increasing vilification of Chinese citizens, students and industry insiders said.
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Trumpian math: Two nonsense numbers that don't add up; Trump inflates tariff revenue by 10 times and accuses Joe Biden of "losses" that exist in his imagination.
Glenn Kessler - The Washington Post
"On trade and other things, we're doing great. We're taking in billions and billions of dollars. ... We were losing $2 billion a day. ... This is the biggest deal ever made. Now we're making $3 billion a day." - President Donald Trump, remarks to reporters during a meeting with President Nayib Bukele of El Salvador, April 14
A few days before the president made these comments, we gave Four Pinocchios to Peter Navarro, the president's senior counselor, for claiming that Trump's tariffs would raise $600 billion a year, or $6 trillion over 10 years. We showed that Navarro appeared to have assumed that a 20 percent tariff on $3 trillion of imports would result in a bonanza - without considering the effects of people changing their buying habits when tariffs increase, countries retaliating and the subsequent impact on other revenue sources.
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Opinion: Globalization isn't over - but now it's costly and will make Americans poorer; Trump's tariffs can be effective only if other nations don't retaliate. That isn't happening.
Peter Morici - MarketWatch
President Donald Trump's tariffs and protectionism are hardly new. For example, Presidents Ronald Reagan and Bill Clinton restricted Japanese car imports, which motivated Toyota Motor Corp. to establish production in the U.S. President Joe Biden continued most of the tariffs that Trump imposed in his first administration and added other restrictions on electric vehicles and strategic products from China.
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Trump tariff talk roils US oil industry in bedrock Republican territory; North Dakota was a pioneer in the shale boom but now finds itself wrestling with falling prices amid trade war rhetoric
Amanda Chu - Financial Times
Donald Trump's global trade war is threatening a corner of America that voted in droves for the Republican president last year: oil-producing North Dakota. It might also upend the president's plans to boost fossil fuel production in the state that launched America's shale revolution. Trump's tariff rhetoric triggered an oil price sell-off, with US prices plunging below $60 a barrel (West Texas crude settled at $63.08 a barrel on Monday). The escalation raised concerns across the US shale patch, some of the reddest parts of America, about an impending slowdown.
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Illinois farmers focus on planting rather than Trump tariffs; Veterans of the trade wars, they know a great deal could change before the harvest
Patti Waldmeir - Financial Times
Steve Pitstick has been farming in the US Midwest for 51 years, about an hour outside Chicago, the city that grain built. Seven generations of his family have made their living off the land. Now farms like his in Illinois - the largest soyabean-exporting state in the US - are at the rough end of President Donald Trump's US-China trade war. Illinois paid a huge price for Trump's last trade war with China in 2018. Back then, the US lost $27bn in agricultural exports in 2018-19 alone, with losses concentrated in the Midwest. Illinois alone lost $1.41bn annualised.
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Putin suggests Russia open to direct talks with Ukraine
Yang Tian - BBC News
Russian President Vladimir Putin has signalled he is open to bilateral talks with Ukrainian leader Volodymyr Zelensky for the first time since the early stages of the war. Speaking to Russian state TV on Monday, Putin said Russia has "always looked positively on any peace initiatives. We hope that representatives of the Kyiv regime will feel the same way".
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Russia is ramping up hybrid attacks against Europe, Dutch intelligence says
Anthony Deutsch and Bart H. Meijer - Reuters
THE HAGUE, April 22 - Russia is increasing its hybrid attacks aimed at undermining society in the Netherlands and its European allies, and Russian hackers have already targeted the Dutch public service, Dutch military intelligence agency MIVD said on Tuesday. "We see the Russian threat against Europe is increasing, including after a possible end to the war against Ukraine," MIVD director Peter Reesink said in the agency's annual report.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Dubai Financial Market Unveils The Global Speaker Line-Up And Agenda For The 2025 Capital Market Summit
Mondovisione
Dubai Financial Market (DFM) announced the agenda and speaker line-up for the upcoming 3rd MENA Capital Market Summit, which will take place on 6-7 May at Madinat Jumeirah, Dubai. The 2025 edition will focus on the forces shaping global and regional capital markets, with sessions exploring the impact of technology on market infrastructure, IPO trends and high-growth company pipelines, cross-border capital flows, the rise of retail investors and the ongoing transformation of private markets.
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NYSE American to Commence Delisting Proceedings Against Scorpius Holdings, Inc. (SCPX)
ICE
NYSE American LLC ("NYSE American" or the "Exchange") announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of Scorpius Holdings, Inc. (the "Company") - ticker symbol SCPX - from NYSE American. Trading in the Company's common stock will be suspended immediately.
NYSE Regulation has determined that the Company is no longer suitable for listing pursuant to Section 1003(f)(v) of the NYSE American Company Guide due to the low selling price of the Company's common stock.
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Namibian Asset Manager, Arysteq, lists first Actively Managed ETF on the JSE
JSE
Approved by the Namibia Financial Institutions Supervisory Authority (NAMFISA), the Arysteq Short-Term Income AMETF is the first Namibian-based fund to list on the JSE. It is ideal for investors seeking low-cost, convenient alternatives to traditional non-listed products. The fund invests in Namibian short to medium dated instruments that are considered risk-free or carries some credit risk. These include a wide range of instruments issued by banks and other institutions.
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Business Conduct Committee
CME Group
Attached is the New York Mercantile Exchange disciplinary posting for the following, which has an effective date of Monday, April 21, 2025. Worldwide Capital Strategies, LLC - NYMEX 22-1611-BC
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May 2025 Delivery Date Memo
CME Group
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Final Settlement Prices of USD and CNH Silver Futures Contracts
HKEX
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Final Settlement Prices of USD and CNH Gold Futures Contracts
HKEX
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MIAX Options And MIAX Emerald Options - Reminder: Effective For trade dates April 21, 2025 Through April 25, 2025, 2X OPENING And INTRADAY Valid And Priority Quote Spread Relief In All Symbols
Mondovisione
Multiplier: 2X
Reason: In maintenance of a fair and orderly market.
Time: OPENING and INTRADAY
Subject Summary: Please be advised, effective for trade dates April 21, 2025 through April 25, 2025, the MIAX Regulatory Department has granted 2 times OPENING and INTRADAY quote parameter relief for all symbols on MIAX Options and MIAX Emerald Options. Please note, standard quote width is $5 wide, two (2) times width is $10. The quote width listed in the following will be two (2) times the listed width.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Iress completes transformation with sale of QuantHouse
Mike Taylor - Financial Newswire
Iress has exited another business as part of its strategic review process - this time Euoprean-based QuantHouse. The transaction completes Iress' transformation program. Iress has announced to the Australian Securities Exchange (ASX) that it has entered into a binding share sale and purchase agreement to divest the QuantHOuse low-latency market data business to BAHA Tech Holdings, a Vienna-based market data provider.
/jlne.ws/4jLToS9
Clearwater Analytics completes acquisition of Enfusion for $1.5 billion; The deal is expected to provide the first cloud-native front-to-back platform for the investment management industry.
Natasha Cocksedge - The Trade
Clearwater Analytics has completed its acquisition of software-as-a-service (SaaS) solutions provider for the investment management and hedge fund sectors, Enfusion. The deal, which was announced in January 2025 and is valued at approximately $1.5 billion, is set to provide the first single-instance, multi-tenant, cloud-native front-to-back platform for the entire investment management industry.
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AI Is Enabling an Always-On Economy. Companies Need to Pick Up the Pace; Intelligent agents make it easier for supply chains, logistics, cybersecurity, market research and more to operate 24 hours a day
Steven Rosenbush - The Wall Street Journal
Artificial intelligence is transforming businesses in an underappreciated way, extending the productive hours across various functions and industries. Companies need to start adapting for a world in which more markets operate 24 hours a day, much as trading does now. Unlike human workers, the AI agents operating in fields from healthcare to cybersecurity don't care about work-life balance. They don't get tired or hungry, call in sick or go on vacation. They don't fall in and out of love, pick up groceries on the way home, read bedtime stories to their children or separate their recyclables.
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TSMC Warns of Limits of Ability to Keep Its AI Chips From China
Jane Lanhee Lee - Bloomberg
Taiwan Semiconductor Manufacturing Co. listed the challenges of ensuring export control compliance by its customers, months after the company's artificial intelligence silicon was found to have flowed to US-sanctioned Huawei Technologies Co. via intermediaries. "TSMC's role in the semiconductor supply chain inherently limits its visibility and information available to it regarding the downstream use or user of final products that incorporate semiconductors manufactured by it," the Hsinchu, Taiwan-based company said in its latest annual report released on Friday. The world's largest contract chipmaker said the constraint impedes its ability to prevent unintended end-uses of its semiconductors, as well as diverted shipments by business partners and third parties intent on circumventing sanctions.
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| Cybersecurity | | Top stories for cybersecurity | UN researchers warn that Asian scam operations are spreading across the rest of the world
Grant Peck - Associated Press
Transnational organized crime groups in East and Southeast Asia are spreading their lucrative scam operations across the globe in response to increased crackdowns by authorities, according to a U.N. report issued on Monday. For several years, scam compounds have proliferated in Southeast Asia, especially in border areas of Cambodia, Laos and Myanmar, as well as in the Philippines, shifting operations from site to site to stay a step ahead of the police. More recently, scam centers that have bilked victims out of billions of dollars through false romantic ploys, bogus investment pitches and illegal gambling schemes are now being reported operating as far afield as Africa and Latin America.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto Might Get Some Banks; Also Upexi, AI boss bots and quant gap years.
Matt Levine - Bloomberg
Crypto bank charters
A theme that I have written about a lot around here is that US banking seems to be getting narrower. Traditionally, banks are in the business of (1) taking deposits and (2) making loans, and that is a famously risky combination: If all the depositors want their money back, the bank doesn't have it, and there can be a destructive bank run. There are various ways to mitigate this problem - liquidity regulation, deposit insurance, the central bank as a lender of last resort - but it keeps popping up.
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The $TRUMP Coin Is Actually Not a Disaster Right at This Moment
Matt Stieb, Intelligencer staff writer - New York Magazine
Over the past four months, President Trump's entry into the world of cryptocurrency has been extremely fruitful and extremely unregulated, thanks to the fact that his administration has stripped pretty much all regulations from this world. But one of the president's many crypto ventures - and probably the dumbest one yet - was facing a potential disaster scenario in the last few days. The Trump meme coin is a token with no discernible value other than betting on the fate of the presidency. The president and his team of advisers have already gotten richer off the $TRUMP coin, making a reported $100 million in fees alone even as the people who bought into the project lost over $2 billion in value since the coin's high earlier this year. The fun looked like it could end on Friday thanks to the coin's own makers.
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Stablecoin issuer Circle to unveil cross border payments network
GlobalData
Circle Internet Group has revealed plans to introduce the Circle Payments Network (CPN), a platform designed to enable real-time settlement of cross-border payments using regulated stablecoins. The network aims to connect financial entities, including banks, payment service providers, and digital wallets. CPN will operate under a governance framework that sets eligibility criteria for participants, encompassing licencing requirements, AML/CFT compliance, financial risk management, and cybersecurity standards.
/jlne.ws/3Gm513L
U.S. Crypto Firms Circle, BitGo, Coinbase and Paxos Pursue Bank Licenses as 2 Bills Push for Stablecoin Regulation
Ayesha Aziz - CoinMarketCap
Cryptocurrency companies in the U.S. are moving towards becoming more integrated with traditional finance by seeking banking licenses and preparing for potential stablecoin regulations. Circle and BitGo are among the firms working on applications for U.S. bank charters. Coinbase and Paxos are reportedly exploring similar steps. These efforts come as Congress debates new laws that would impose stricter rules on stablecoin issuers, aiming to regulate how these dollar-pegged digital tokens are managed.
/jlne.ws/4jIst9Q
USDC Nears $61 Billion Supply in 2025 as Institutional Demand Outpaces USDT
Ayesha Aziz - CoinMarketCap
USDC's supply has risen to just under $61 billion as of April 19, up from $44 billion at the start of the year. This marks a $17 billion increase and a 38.6% growth since January. In contrast, USDT has grown from $138 billion to $145 billion in the same period. The total stablecoin supply across the market currently stands at $226 billion.
/jlne.ws/4itLQT5
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| Politics | | An overview of politics as it relates to the financial markets | America's China Policy Is Dangerous and Self-Defeating; Economic power and collective security go hand in hand. Donald Trump is undermining both.
Clive Crook - Bloomberg
The Trump administration's endlessly shape-shifting trade policy seems to be coalescing around one overriding priority: Crack down on China. Officials are suggesting that many of the countries penciled in for punitive "reciprocal" tariffs might be granted leniency if they raise new barriers against imports from China and/or countries that serve as channels for its products. As ever, Trump's calculations here are opaque. Is the intention really to inflict a crippling economic blow on China? Or is it to push a recalcitrant China to make concessions on trade in return for gentler treatment? And what, for heaven's sake, is the endgame?
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Hundreds of scholars say U.S. is swiftly heading toward authoritarianism
Frank Langfitt - NPR
A survey of more than 500 political scientists finds that the vast majority think the United States is moving swiftly from liberal democracy toward some form of authoritarianism. In the benchmark survey, known as Bright Line Watch, U.S.-based professors rate the performance of American democracy on a scale from zero (complete dictatorship) to 100 (perfect democracy). After President Trump's election in November, scholars gave American democracy a rating of 67. Several weeks into Trump's second term, that figure plummeted to 55.
/jlne.ws/3YGnZs8
Crypto firms gave $18M to Trump's inauguration. Ripple's $4.9M gift was second biggest overall
Ben Weiss - Fortune
President Donald Trump had the most lavish inauguration week in history, thanks to a record $239 million in donations from corporate supporters and executives, according to a Sunday filing with the Federal Election Commission. A hefty portion came from the crypto industry, which has been one of Trump's most vocal supporters: Crypto firms and their leaders gave $18 million in inauguration donations to the 47th president. Other big donors include oil companies like Exxon Mobil, big tech firms like Google, and a lobby group for the U.S. vaping industry.
/jlne.ws/3El3XN7
Vance's trolling audition to be Trump's heir; The many contradictions of the vice-president should not distract from his ambition
Edward Luce - Financial Times
It was inevitable that memes about JD Vance would surface the moment Pope Francis passed away. "It's good to see you in better health," the US vice-president told the pope on Sunday. The pontiff died on Monday. As Donald Trump's chief attack dog - though not yet his heir apparent - Vance is a prime target of ridicule on liberal social media. But he is also a master troller himself. Vance knows that the surest path to Maga hearts and Trump's approval is to enrage liberals. The question is whether he means anything by it.
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Angst Builds Inside Federal Agency Over Trump's Moves Against Law Firms; The Trump administration has deployed the Equal Employment Opportunity Commission in its effort to seek retribution against corporate law firms.
Jessica Silver-Greenberg, Matthew Goldstein and Kenneth P. Vogel - The New York Times
The primary federal regulator of workplace discrimination has become a powerful tool in President Trump's assault on some of the nation's biggest law firms and is upending the agency's traditional role in enforcing civil rights laws and upsetting its staff.The Equal Employment Opportunity Commission, which Congress established roughly 60 years ago to enforce anti-discrimination laws, has for decades focused on ensuring that workers are not discriminated against based on their race, religion, age or sexual orientation.
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Trump Is Laying the Groundwork to Blame Powell for Any Downturn; Central bank's legitimacy at risk as president attacks Fed for cutting rates before election but not now
Nick Timiraos - The Wall Street Journal
President Trump is signaling that he will blame the Federal Reserve for any economic weakness that results from his trade war if the central bank doesn't cut interest rates soon. In the process, he might also be seeking to delegitimize the historically independent institution in a way that could undermine its effectiveness.
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Behind Trump's imperial presidency (and Elon), there's Russell Vought.
Max Chafkin - Bloomberg
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Vance seeks closer US-India ties, warns of 'dark time' otherwise
Reuters
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| Regulation & Enforcement | | Stories about regulation and the law. | Securities Commission Malaysia Starts 3rd Cohort Of Shariah Mentorship Programme To Boost Shariah Talent Pipeline
Mondovisione
The Securities Commission Malaysia (SC) today commenced the third cohort of its Shariah Mentorship Programme (SMP), aimed at nurturing a new generation of Shariah professionals in the Islamic capital market (ICM). The event also celebrated 15 graduates of the second cohort of SMP, marking a significant step in the SC's efforts to strengthen Shariah talent development and governance in the ICM.
/jlne.ws/3YcNSQh
CFTC Veteran and General Counsel Rob Schwartz Joins Morgan Lewis
Morgan Lewis
Expanding its investment management and financial markets capabilities and its roster of former government officials, Morgan Lewis is pleased to welcome Robert A. Schwartz, who has spent more than a decade with the Commodity Futures Trading Commission (CFTC), including as general counsel. Rob joins the firm as a partner in the investment management practice, resident in Washington, DC.
/jlne.ws/4jm86j7
CFTC Staff Seek Public Comment Regarding Perpetual Contracts in Derivatives Markets
CFTC
The Commodity Futures Trading Commission's Divisions of Market Oversight, Clearing and Risk, and Market Participants today issued a Request for Comment to better inform them on the potential uses, benefits, and risks of perpetual contracts in the derivatives markets the CFTC regulates ("Perpetual Derivatives").
/jlne.ws/4cInrYs
CFTC Staff Seek Public Comment on 24/7 Trading
CFTC
The Commodity Futures Trading Commission's Divisions of Market Oversight, Clearing and Risk, and Market Participants today issued a Request for Comment to better inform them on the potential uses, benefits, and risks of trading on a 24/7 basis in the derivatives markets the CFTC regulates.
/jlne.ws/4jkfGdN
Request for public representative nominations for NFA's board of directors; Please Route To: Compliance/Legal Sr. Management
NFA
At NFA's Board of Directors' (Board) regular Annual Meeting on February 19, 2026, the terms of four of NFA's current Public Representatives - Ana Beskin, Ronald H. Filler, Arthur W. Hahn and Mary M. McDonnell - will expire. NFA's Articles of Incorporation require NFA to seek nominations of individuals to be considered to serve on the Board in the Public Representative Category, which may be made by both NFA Members and non-Members. The four Public Representatives whose terms are expiring are eligible for nomination.
/jlne.ws/4jlkb87
New FINRA Initiatives to Support Members, Markets, and the Investors They Serve
Robert Cook, President and CEO - FINRA
To serve its mission-promoting investor protection, market integrity, and vibrant capital markets-FINRA must continuously improve its regulatory policies and programs to make them more effective and efficient. During my time as CEO, we have worked hard to build a culture of continuous improvement across FINRA-and we have come a long way, including by restructuring departments, building new technology capabilities, improving coordination across different functions, enhancing transparency, and identifying ways to be more risk-focused.
/jlne.ws/42nZRNh
FINRA Announces New "FINRA Forward" Initiatives to Support Members, Markets and Investors
FINRA
FINRA announced today the launch of FINRA Forward, a series of initiatives to improve its effectiveness and efficiency in pursuing its mission.
/jlne.ws/4jKkr0d
Paul S. Atkins Sworn In as SEC Chairman
SEC
Paul S. Atkins was sworn into office today as the 34th Chairman of the Securities and Exchange Commission. Chairman Atkins was nominated by President Donald J. Trump on January 20, 2025, and confirmed by the U.S. Senate on April 9, 2025.
/jlne.ws/3Gkl2Y9
Note to SEC Staff: Thank You and Welcome Chairman Atkins
Commissioner Mark T. Uyeda - SEC
Sometimes, life comes full circle. In October 2006, I joined the Commission as counsel to then-Commissioner Paul S. Atkins. One of his other counsels was Hester Peirce. Today, I take great pride in seeing Paul sworn in as the next Chairman of the Commission. Now, the transition set in motion by the voters last November is complete. It has been an honor to serve as your Acting Chairman since President Trump signed my designation three months ago. At the outset, I asked for your patience as we worked to respond and implement the new directions and executive orders from President Trump. I am grateful that you gave it to me.
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SEC Awards $6 Million to Joint Whistleblowers
SEC
The Securities and Exchange Commission today announced an award of approximately $6 million to joint whistleblowers who provided new information that led to the opening of an examination and provided a roadmap for an enforcement action that resulted in the covered action.
/jlne.ws/4jJlIVl
Monitor Appointed in SEC Case Concerning Multi-Faceted Fraud on Broad Street Global Fund, LLC and its Investors
SEC
On April 21, 2025, the U.S. District Court for the Southern District of Florida appointed an agreed-upon monitor in the Securities and Exchange Commission's ongoing litigation against David J. Feingold, Steven S. Baldassarra, Joseph B. Baldassarra, Broad Street Inc., and Broad Street Global Management, LLC. The SEC charged the defendants with a multi-faceted fraud involving Broad Street Global Fund, LLC (the Fund), a private equity fund. The monitor is charged with evaluating the conduct of Broad Street Inc., Broad Street Global Management, the Fund, and other related corporate entities. The order appointing the monitor also continues a previous stipulated order that states that Defendants will not solicit any potential or actual investors or accept any additional investments on behalf of the Fund until further order of the Court.
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Full Federal Court finds Block Earner did not engage in unlicensed conduct
ASIC
The Full Federal Court has allowed an appeal by digital asset service provider Block Earner, finding that Block Earner did not need a financial services licence to offer its digital asset-related Earner product. The ruling overturns the Federal Court's original decision that Block Earner's Earner product was a financial product.
/jlne.ws/42wY1s8
SFC bans Kao Cheng Yung for six months
SFC
The Securities and Futures Commission (SFC) has prohibited Mr Kao Cheng Yung, a former responsible officer (RO), manager-in-charge of overall management oversight and key business line and managing director of CSC Futures (HK) Limited (CSC), from re-entering the industry for six months from 19 April 2025 to 18 October 2025 (Note 1). The disciplinary action follows the SFC's sanctions against CSC for its failures in complying with anti-money laundering and counter-financing of terrorism (AML/CFT) and other regulatory requirements between January 2017 and December 2018 (Note 2).
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Gold Hits $3,500, Setting Another Record, as Investors Remain Uneasy; President Trump's tariffs and his attacks on the Federal Reserve continue to unnerve the markets, pushing investors away from the dollar and toward havens like gold.
Kevin Granville - The New York Times
Global investors scrambling for security rushed to gold on Tuesday, pushing its price to a record $3,500 an ounce, as concerns mount about President Trump's trade war and his deepening anger at the Federal Reserve chair, Jerome H. Powell. Gold has set a series of records during an ugly stretch for the markets. Its latest peak came after a particularly rough day on Wall Street, when investors dumped stocks, sold U.S. Treasury bonds and cut their exposure to the dollar, causing its value to drop against most other major currencies.
/jlne.ws/3YFHml8
Dow Headed for Worst April Since 1932 as Investors Send 'No Confidence' Signal; Few think administration's negotiations with trade partners will yield results soon enough to ease the strain
Hannah Erin Lang - The Wall Street Journal
The Trump rout is taking on historic dimensions. The Dow Jones Industrial Average shed almost 1,000 points on Monday and is headed for its worst April performance since 1932, according to Dow Jones Market Data. The S&P 500's performance since Inauguration Day is now the worst for any president up to this point in data going back to 1928, according to Bespoke Investment Group.
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The Fire Jerome Powell Market Rout; Investors render a verdict on tariffs and politicizing the Fed.
The Editorial Board - The Wall Street Journal
If the White House wanted a test of how firing Jerome Powell would go over in the markets, it succeeded on Monday. U.S. stocks and the dollar plunged while yields on long-term Treasurys climbed after President Trump renewed his attacks on the Federal Reserve Chairman.
/jlne.ws/4jBT1cS
Cocoa Crunch Isn't Over Yet as Top Growers Struggle With Supply; A drive through swathes of West Africa's growing belt showed farmers battling crop disease and dryness.
Mumbi Gitau, Ekow Dontoh, and Baudelaire Mieu - Bloomberg
A dramatic spike in the price of cocoa that roiled commodity traders and candy makers is showing signs of easing, and the top industry group is even predicting a small global surplus, after years of shortages. Chocolate lovers around the world would be forgiven for breathing a tentative sigh of relief. But on the ground in West Africa, among the thousands of smallholder farmers who supply about two-thirds of the world's cocoa, the reality is far more complicated.
/jlne.ws/3GkoUIF
It's Elon Musk's turn for a 'fork in the road' as Tesla faces Wall Street scrutiny; The company will update investors on revenue, profit and other key figures after months of turmoil.
David Ingram and Rob Wile - NBC News
It might be time for Tesla CEO Elon Musk's own fork in the road. The electric carmaker is set to report quarterly earnings Tuesday afternoon that may say a lot about which direction Musk and the company he has ridden to immense wealth will go next. The company will update investors on revenue, profit and other key figures after months of turmoil as Musk continues to dedicate a large portion of his time to the Trump administration's attempt to radically remake the federal government, far away from his corporate responsibilities at Tesla, SpaceX and his other companies.
/jlne.ws/3EFMOO3
The Turn From US Assets Isn't Just About Trust; Faith in US institutions is being shaken. But there's more to the sell-off than just political infighting.
John Stepek - Bloomberg
Central banks are not all they're cracked up to be
Central bank independence is over-rated. I've always believed that. People will argue with a straight face that central bank independence and supreme technocratic competence is the reason that we had the "great moderation" through the 1990s up until the late 2000s (when the 2007-09 financial crisis spoiled the party). Under this view, the period of time where economic growth was strong, but inflation was weak, was engineered by philosopher-kings such as Alan Greenspan and Mervyn King and eh, Jean-Claude Trichet. We had discovered the Platonic guardian class and it turned out they were working away quietly in our central banks the whole time.
/jlne.ws/4jGUsGR
CFA Final Pass Rate Rises to 49% as Test-Takers Choose Specialty
Katherine Doherty - Bloomberg
/jlne.ws/42lVmD0
First American Financial will shell out millions in severance to its former CEO after surveillance footage allegedly captured him strangling a barefoot partygoer
Amanda Gerut - Fortune
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Will going back to basics restore BP's fortunes? Once famed for daring deals and exploration success, the oil group now trails its main rivals
Malcolm Moore - Financial Times
Helge Lund, the outgoing chair of BP, sat impassively for an hour last Thursday at the company's annual meeting, maintaining a stony expression as small shareholders took their opportunity to voice polite but firm discontent with the energy major's performance. Only once, when asked if he was actually spending enough time thinking about BP (he also chairs the Danish pharma group Novo Nordisk), did Lund lean forward to insist that he did pay sufficient attention to BP.
/jlne.ws/445la7I
New York Pension Adds $2 Billion to Climate Index-Fund Stake
Martin Z Braun - Bloomberg
The New York State Common Retirement Fund is boosting its investment in an equity index focused on reducing the risks of climate change and accelerating the transition to cleaner energy. The $273.4 billion pension fund, the third-largest in the US, is committing another $2 billion to the FTSE Russell TPI Climate Transition Index fund as part of a goal of having a net-zero greenhouse-gas emissions portfolio by 2040, comptroller Thomas DiNapoli said in a news release. The move expands on the fund's decision in 2021 to invest $2 billion in the fund, which examines metrics such as companies' carbon emissions, fossil fuel reserves, and exposure to green revenue. The New York pension has a total of $26.5 billion in climate-related index funds, green bonds as well as investments that target renewable energy, with a goal of reaching $40 billion.
/jlne.ws/4jCWacd
A New Hotel Says It's 'Carbon Positive.' Is That Hype or Reality?; Amid a hospitality landscape in which many hotels have moved far beyond single-use plastics, how does the Populus in Denver measure up?
Cindy Hirschfeld - The New York Times
One of the first things to catch your eye on entering the Populus hotel in downtown Denver is what looks like sheets of cowhide hanging above the restaurant's bar. But the art installation material is actually Reishi, a leathery material made from mycelium, a root-like structure found in fungus. It's just one of many elements at the new 265-room hotel (rates from $299) that are meant to evoke nature and underscore a broader mission to offer what the Populus bills as an exceptional level of sustainability. (A second, 120-room Populus with a similar approach will open in Seattle this spring.)
/jlne.ws/4itQ5xQ
Franklin Templeton Launches New ESG-Tilted ETFs in Europe
Lauren Gibbons - etf.com
Franklin Templeton has launched an S&P 500 ETF and an S&P World ETF with ESG tilts in Europe. The Franklin S&P 500 Screened UCITS ETF (SP5S) and Franklin S&P World Screened UCITS ETF (SPWR) are listed on Deutsche Borse and will list on the London Stock Exchange (LSE) and Euronext Paris on April 17 and Borsa Italiana on April 24, with total expense ratios (TERs) of 0.09% and 0.14%, respectively.
/jlne.ws/3El4bnr
As Trump eyes coal revival, his job cuts hobble black lung protections for miners
Valerie Volcovici - Reuters
Josh Cochran worked deep in the coal mines of West Virginia since he was 22 years old, pulling a six-figure salary that allowed him to buy a home with his wife Stephanie and hunt and fish in his spare time. That ended two years ago when, at the age of 43, he was diagnosed with advanced black lung disease. He's now waiting for a lung transplant, breathes with the help of an oxygen tank, and needs help from his wife to do basic tasks around the house.
/jlne.ws/4iwTk7U
Environmental lawyers get ready to pounce on Trump's energy deregulation moves
Nichola Groom and Valerie Volcovici - Reuters
U.S. environmental groups say they are hiring lawyers and preparing for a major legal showdown with President Donald Trump's administration over its rapid-fire and sweeping efforts to sidestep federal regulations on oil, gas and coal development. The preparations will pose a test for the Trump administration's strategy since January of relying mainly on emergency authorities and executive orders to slash what it views as obstructions to a surge in fossil fuel energy production.
/jlne.ws/3Gk20B6
Russian Oil Flows to India on Track for Two-Year High in April
Rakesh Sharma - Bloomberg
/jlne.ws/4lHwzkc
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Nomura's Biggest Deal Since Lehman Creates $770 Billion Funds Unit
Ambereen Choudhury and Chris Bourke - Bloomberg
Nomura Holdings Inc. agreed to purchase Macquarie Group Ltd.'s US and European public asset management business for $1.8 billion, marking the Japanese brokerage's most significant overseas acquisition since it bought Lehman Brothers assets in 2008. The all-cash deal will enable Nomura to scoop up about $180 billion in client assets across equities, fixed income and multi-asset strategies, it said in a statement on Tuesday.
/jlne.ws/3RuVNof
Nomura to buy Macquarie's US, European asset management units for $1.8 billion
Anton Bridge and Roushni Nair - Reuters
Nomura is acquiring Macquarie Group's U.S. and European public asset management businesses for $1.8 billion, marking the Japanese investment bank's most ambitious expansion abroad since its failed purchase of Lehman Brothers' assets. Japan's largest investment bank and brokerage will take over the management of the publicly traded assets, the companies said on Tuesday. It will also take over the investment teams and operating platforms relating to the businesses, and retain the existing management team.
/jlne.ws/42Lx3NO
**** Here is the story from The Trade.
Citi-Backed Platform Spark to Hire 13 as Currency Trading Surges
Ruth Carson - Bloomberg
Spark Systems Pte. is looking to boost its foreign-exchange sales and developer ranks with up to 13 hires as trading volumes ramp up alongside market volatility. The FX platform, which is backed by Citigroup Inc. and HSBC Holdings Plc, plans to hire around three currency sales personnel and 10 technology developers over the coming year, Chief Executive Officer Wong Joo Seng said in an interview.
/jlne.ws/4ji3hqP
BlackRock's Ben Powell Calls for More Targeted Playbook in Markets
Joanne Wong - Bloomberg
Global investors are facing a "fundamentally different epoch" in the financial markets that requires a different playbook with a more selective approach, according to BlackRock Investment Institute. There is a "need to move away from a simple, even naive risk-on/risk-off approach to being much more granular, much more targeted," the institute's chief Middle East and APAC investment strategist Ben Powell said on Bloomberg Television Tuesday.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Woodling: Workplace stress is the silent productivity killer; Stress management is particularly challenging in today's environment because of the blurring of work-life boundaries.
Kristin Woodling - Florida Today
In my 20 years as a mental health counselor, I've witnessed how workplace stress has evolved from an occasional occupational hazard into a full-blown epidemic. According to the American Psychological Association's Work and Well-being Survey (2022), nearly 80% of workers report experiencing stress on the job, with nearly half saying they need help managing that stress.
/jlne.ws/44zPRSs
Big Oil Is Offshoring Its Prized Engineering Jobs to India; Chevron, BP, others moving work to the country, where engineers are paid salaries about a third or fourth of U.S. counterparts'
Collin Eaton - Bloomberg
Competition for engineering and geologist jobs in the oil-and-gas sector was already fierce-and that was before President Trump's tariff blitz sparked fears about a global recession that sent oil prices tumbling. Chevron, BP and other oil companies are offshoring more specialized white-collar positions and related work to lower-cost labor pools in countries such as India, while cutting thousands of jobs elsewhere.
/jlne.ws/44xR9xl
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| Wellness Exchange | | An Exchange of Health and Wellness Information | How leaders can build a culture of wellness that actually works; When leaders support employee wellness, employees are healthier, perform better, achieve their goals, and are more committed to their work.
Fast Company
Patricia Grabarek and Katina Sawyer are cofounders of Workr Beeing, where they help clients create thriving workplace environments. They are both industrial/organizational psychologists. Patricia has a background in consulting and internal roles, having led people analytics and talent management initiatives for more than 60 companies. Katina is also an associate professor of management and organizations at the University of Arizona, where she focuses her research on workplace wellbeing.
/jlne.ws/42PUGoy
US patients lose access to cheaper weight-loss drugs as market for replicas winds down; Pharmacies told to stop making custom versions of Wegovy and Zepbound after shortages declared officially over
Hannah Kuchler - Financial Times
Millions of Americans must decide whether to give up on new weight-loss drugs or move to more expensive branded versions, after the US medical regulator in effect called time on the production of cheaper replicas. While Novo Nordisk and Eli Lilly were unable to keep up with demand for their new blockbusters Wegovy and Zepbound, an unusually large market for "compounded" versions developed after the FDA medical regulator declared official shortages in 2022.
/jlne.ws/4jlUILC
'An Abundance of Caution' and 'In Covid's Wake': Failing the Pandemic Test; Have American elites-influential journalists, powerful policymakers and other cultural arbiters-learned the lessons of 2020-21? Do they want to?
Philip Wallach - The Wall Street Journal
"Science," the great theoretical physicist Richard Feynman wrote, "is the belief in the ignorance of experts." The incorrigibly curious Feynman knew that skepticism and a willingness to assimilate new evidence propel the scientific endeavor. Yet by 2020, in response to a global pandemic, the dominant part of America's political and media class had turned the imperative to "follow the science" into an expression of almost religious reverence for the judgment of experts. Many educated and otherwise intelligent Americans, meanwhile, made a single, bespectacled government scientist their idol: "In Fauci We Trust" read their lawn signs and bumper stickers.
/jlne.ws/4iCOMwU
How Your Midlife Eating Habits Can Help You Live Longer and Healthier; A plant-rich diet with some fish and dairy might make the biggest difference, new research suggests
Alex Janin - The Wall Street Journal
If you reach 70 years old healthy and disease-free, you might have your diet to thank, new research suggests. The study, which analyzed the health data of more than 100,000 people over the course of 30 years, is the first of its kind to examine how dietary patterns affect not only lifespan but also how well people age. The upshot: A diet emphasizing vegetables, fruits, healthy fats and some animal products such as fish and dairy over the long term was the most likely to make a difference in aging in good health.
/jlne.ws/4ioWQRy
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's CMOC Agrees to Buy Canada's Lumina Gold for $420 Million
Bloomberg News
CMOC Group, a leading Chinese cobalt and copper miner, agreed to buy Canada's Lumina Gold Corp. for about C$581 million ($420 million) to tap the largest primary gold deposit in Ecuador. CMOC will acquire all shares of Lumina Gold at C$1.27 a piece in an all-cash transaction, subject to approvals, the Vancouver-based company said in a statement. That represents a premium of around 40% to its closing price on April 17.
/jlne.ws/4jIJ0KY
Japanese investors sold $20bn of foreign debt as Trump tariffs shook markets; Pension funds likely to have offloaded US bonds because of tumble in Wall Street stocks, investors say
Leo Lewis, Kate Duguid and Arjun Neil Alim - Financial Times
Japanese investors offloaded more than $20bn in international bonds as US President Donald Trump's tariffs shook markets early this month, in a sign of how the Wall Street turbulence cascaded around the world. Private institutions, including banks and pension funds, sold $17.5bn of long-dated foreign bonds in the week to April 4 and another $3.6bn over the next seven days, according to preliminary data from Japan's Ministry of Finance.
/jlne.ws/42LzK1S
Offshore Yuan Funding Costs in Hong Kong Sink to Record Low
Tian Chen and Iris Ouyang - Bloomberg
The cost to borrow the offshore yuan in Hong Kong dropped to the lowest since data became available in 2013, putting pressure on the Chinese currency even as the dollar weakens. The one-month Hong Kong interbank offered rate for the yuan - known as Hibor - dropped 11 basis points to 1.46%, according to official data.
/jlne.ws/3GyJyEL
Brazil's would-be cocoa king aims to revolutionize industry with giant farm
Marcelo Teixeira - Reuters
In the Brazilian state of Bahia, farmer Moises Schmidt is developing the world's largest cocoa farm. His plan is to revolutionize the way the main ingredient in chocolate is produced, growing high-yield cocoa trees, fully irrigated and fertilized, in an area bigger than the island of Manhattan that is not currently known for producing the beans. Schmidt's $300 million plan is the largest and the most innovative in that region, but not the only one. There are similar super-sized projects under development, some of them nearly as big, as well-capitalized farming groups look to apply industrial-scale agriculture expertise to cocoa production to profit from sky-high prices for the beans.
/jlne.ws/4jGfaqj
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