| January 17, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Stock and bond markets will be closed on Monday, Jan. 20, in observance of Martin Luther King Jr. Day. This year, MLK Day is also Inauguration Day, The Wall Street Journal reminded us all.
During yesterday's confirmation hearing for Scott Bessent, the nominee for Treasury Secretary, Texas Senator John Cornyn opened with a question about the foreign clearing of U.S. Treasury bonds. Cornyn asked:
"As you know, the market for U.S. Treasury is the largest market in the world at $28 trillion, which is critical to the financial stability of the United States. There is a proposal for an entity to clear U.S. treasury futures at the London Clearing House, which is overseen by the Bank of England. Some argue that the Bank of England would have control over a default scenario in this critical market, instead of the U.S. Is this of concern to you?"
Bessent feigned ignorance on the subject, claiming to have only learned about it days earlier, likely during his meeting with Senator Cornyn, which he referenced in his remarks before getting the question. This claim seems dubious, considering that the entity clearing U.S. Treasury futures at the London Clearing House is none other than Howard Lutnick's FMX Futures Exchange-a major competitor Bessent faced for the Treasury Secretary nomination. Lutnick's FMX Futures Exchange is directly responsible for the foreign clearing issue that prompted Cornyn's question.
Here is Bessent's reply:
"You raised a very important question and one that I will investigate further. I was unaware of this until the past few days with the new exchange. I can tell you that as a student and a professor of economic history, it is important for U.S. Treasury and for us to be able to resolve any stress issues in the market in the U.S. During the Lehman Brothers bankruptcy, we saw many of the problems emanated though the UK subsidiary. Thank you for bringing this to my attention. My inclination is that the resolution authority must lie here in the U.S., but I will get back to you in writing with an answer on this if I get confirmed."
If my intuition is correct, Bessent's response suggests he's merely keeping the seat warm for Lutnick to take over at a later date. It seems he brought a knife to a gunfight, and with this question, he walked straight into the line of fire.
You can watch the hearing on YouTube with this link. The Cornyn questions come at about the 47 minute mark.
CFTC Commissioner Christy Goldsmith Romero will deliver virtual remarks at the Global Blockchain Business Council's 8th Annual Blockchain Central Davos 2025 on January 21. Her presentation will take place at 11:35 a.m. CET (5:35 a.m. ET) from the GBBC Lounge in Davos, Switzerland, focusing on key blockchain developments and their global implications.
The Index Industry Association (IIA) has appointed Kirsten Wegner as its new CEO, succeeding Rick Redding, who retired after 13 years in the role since the organization's founding in 2012, the IIA announced.
In exchange technology news, Cboe Global Markets has introduced Cboe Titanium (Cboe Ti) as the new brand for its exchange technology platform, reflecting its strength, resilience, and innovation. Cboe Ti powers the company's global options, equities, and futures markets and is set to complete its technology migrations by mid-2025, unifying all operations under a scalable, globally consistent platform. Designed for efficiency and flexibility, Cboe Ti allows the development of features and products that can be deployed globally while being locally optimized. In 2024, amid record trading volumes, Cboe maintained 99.9% uptime across all platforms and launched enhancements like Dedicated Cores, reducing latency by 60%.
Also, In December 2024, the Brazilian marketplace operator B3 launched the first phase of its scalable, cloud-native CSD system, developed with Vermiculus using the microservice-based VeriSafe product. The system runs parallel to the existing infrastructure, ensuring a seamless transition while providing immediate market benefits and scalability for peak volumes, Vermiculus said.
There are a couple of notable deaths I want to mention, not related to our industry, but still people we experienced. Mr. Baseball, Bob Uecker, passed away at the age of 90, the Milwaukee Brewers announced yesterday. The Brewers also turned their website into a Uecker tribute site. Also, David Lynch, the director of 'Blue Velvet' and 'Twin Peaks,' died at the age of 78, The Wall Street Journal reported. Lynch was an American filmmaker who was drawn to the dark and surreal and created movies and TV shows that became cult classics. He was also an Eagle Scout and member of the Order of the Arrow. There is a terrific story about Uecker in the WSJ from Jason Gay titled "There Won't Be Another Baseball Career Like Bob Uecker's" with the subheadline "A self-deprecating legend of the broadcasting booth and the cheap seats ('Must be in the front rowwww!') dies at age 90" that you don't want to miss.
Here's your chance to own a piece of history with a killer view! This Victorian gem in Weehawken, NJ, sits near the infamous dueling grounds where Aaron Burr shot Alexander Hamilton in 1804. Known as Hamilton House, this four-level home offers breathtaking, direct views of the Manhattan skyline and features a blend of preserved historical details and modern upgrades. With seven bedrooms, multiple terraces, and proximity to the Hudson River ferry, it's a perfect mix of charm and convenience, Mansion Global reported.
Here are the headlines from in front of FOW's paywall from some recent stories: Bitnomial details plans to launch clearing house this month, UK regulator delays Basel bank capital rules until 2027, US Treasury nominee agrees LCH Treasury clearing raises questions, ANALYSIS: Doubts linger about European active account regulation and ANALYSIS: DORA goes live with industry readiness disputed - experts.
Today is the last day of The Front Runner by Daniel Sullivan and John Nuckel. In today's entry, Mike Harris tries to make amends with Lena Caldwell after upsetting her, suggesting they scalp Bulls tickets, but she instead invites him to her place for Chinese food and a nap. Later, in the trading pit, a broker's challenge to eat a live bug turns into a betting frenzy, with Mike wagering $1,000 against Richie Armstrong. The crowd cheers as the kid eats the bug, but Richie refuses to pay up, promising the money later.
Back at his dreary apartment, Mike pays his mother's medical bills before abruptly packing his belongings and leaving, leaving the door open. The landlady discovers the empty apartment and laments being deceived by yet another tenant, calling him a "charming scumbag."
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:
- 2024 Year in Review from the FIA.
- Why a Lucrative TSMC Arbitrage Trade Is Too Dangerous for Hedge Funds from Bloomberg.
- Cboe Unveils New Brand for Exchange Technology Platform, Marking New Chapter in Technology Innovation and Growth from Cboe. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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 JPX's Matthias Rietig Discusses Growth and Innovation in Japan's Futures and Carbon Markets at FIA Expo JohnLothianNews.com Elmhurst, IL - (JLN) - Matthias Rietig, Senior Officer and Chief Representative Singapore Branch at Japan Exchange Group (JPX), shared key insights into the company's recent developments in futures trading, carbon markets, and market-making programs during an interview with John Lothian News at the FIA Expo in Chicago. JPX, which has seen steady growth over the past few years, is positioning itself as a key player in the global derivatives and energy markets, particularly with Japan's evolving fixed income and carbon trading sectors. Watch the video »
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Is GoFundMe the Best Way to Donate to Los Angeles Fire Victims? Crowdfunding money doesn't always go where it is needed most
Natasha Khan and Ashlea Ebeling - The Wall Street Journal
Touched by personal stories of anguish and loss from the fires, donors have sent tens of millions of dollars directly to families in Los Angeles via crowdfunding. These competing pleas for generosity have uneven results. For decades, when disaster struck, donors gave money to large relief organizations offering community support, such as the Salvation Army or Red Cross. More recently, many have shifted to platforms such as GoFundMe that let you put cash directly into the pocket of a single victim.
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**** Thank you to all this who have supported the "Renew Hope for Sarah and Scott's Family - CA Wildfires" GoFundMe campaign, which is up to $57,285 raised now of its $100K goal. ~JJL
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The bond markets vs Donald Trump; There is a notable - and rising - risk of financial turmoil if the new White House does anything to spook investors
Gillian Tett - Financial Times (opinion)
As Scott Bessent, Trump's Treasury secretary nominee, endured his first Congressional hearing on Thursday, he was grilled about America's economic challenges. Even before he started, however, evidence had emerged of these: on Wednesday the Mortgage Bankers Association reported that the 30-year mortgage rate had jumped above 7 per cent, following a 1 percentage point rise in 10-year Treasury yields since last autumn.
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***** If there is one thing you have to listen to as president, it is the bond market. It can be brutally honest in its evaluation of your actions.~JJL
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Lots More with Lev Menand on the Eurodollar Market Now; Why should we care?
Tracy Alloway and Joe Weisenthal - Bloomberg
Odd Lots has been exploring the history of the eurodollar market in a special three-part series hosted by Columbia Law School's Lev Menand and the New York Fed's Josh Younger. But why should we care about the origins of this market at all? How do eurodollars fit into the global financial system right now? And what role do they play in maintaining the dollar's reserve currency status? In this episode, we bring back Lev to give an update on the modern eurodollar market. We discuss why some policymakers have been sounding the alarm and whether stablecoins are the new eurodollars.
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***** What part of three-part series don't you understand?~JJL
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Thursday's Top Three
Our most read story yesterday was Extreme Cold From NY to Texas Threatens to Topple Records, from Bloomberg. A close second was Morgan Stanley Profit Doubles With Big Stock-Trading Beat, also from Bloomberg. Third most read was Australian regulator hires industry veteran as chief exec, from FOW.
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| Lead Stories | Can a Computer Learn to Speak Trader? Compliance software firms are pushing artificial intelligence to decode Wall Street's near-impenetrable jargon
Richard Vanderford - The Wall Street Journal
Microsoft and Google can translate, say, Spanish to English, but who can translate finance speak? Up-and-coming compliance software firms are leaning into artificial intelligence to help crack esoteric trader argot, as Wall Street and London watchdogs increasingly dive into traders' jargon-loaded and even coded messages to help fight financial crime. Financial conspiracies are often built on the clandestine communications between financial professionals in which they agree to, for example, rig an interest-rate benchmark or increase the price at which a currency is trading.
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Trump plans to designate cryptocurrency as a national priority
Stephanie Lai and Olga Kharif - Bloomberg
President-elect Donald Trump is planning to release an executive order elevating crypto as a policy priority and giving industry insiders a voice within his administration, according to people familiar with the plans. The order is expected to name crypto as a national imperative or priority - strategic wording intended to guide government agencies to work with the industry, according to people familiar with the matter. It is also slated to create a crypto advisory council to advocate for the industry's policy priorities, said the people who requested anonymity to discuss an executive order that is not yet public.
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You Don't Always Know What Bonds Cost; Also Goldman says private markets are the new public markets and Hindenburg quits.
Matt Levine - Bloomberg
A classic way to trade bonds is that you call up a broker-dealer (generally a trader at a big bank) and say "I want to buy Bond X and I'll pay up to 90 cents on the dollar for it," and then the dealer thinks about who else she knows who owns Bond X and might want to sell it, and she thinks "ah yes Customer Y was telling me the other day that she wants to get rid of Bond X," so she calls Customer Y and says "hey do you want to sell Bond X," and the Customer Y says "sure but I won't sell for less than 91 cents on the dollar," and then the dealer tries to negotiate you up and/or negotiate Customer Y down so that a trade can happen. If she gets you up to 90.5, and gets Customer Y down to 90.25, then a trade will happen: The dealer will buy from Customer Y at 90.25 and sell to you at 90.5, collecting 0.25 as payment for her work.
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Chinese Hackers Accessed Yellen's Computer in US Treasury Breach; Two deputies also ensnared in sprawling espionage campaign; Fewer than 50 unclassified files on Yellen's machine accessed
Jake Bleiberg and Jamie Tarabay - Bloomberg
US Treasury Secretary Janet Yellen's computer was infiltrated and unclassified files were accessed as part of a broader breach of the agency by Chinese state-sponsored hackers, according to two people familiar with the matter. The attackers also hacked the computers of two of Yellen's lieutenants, Deputy Secretary Wally Adeyemo and Acting Under Secretary Brad Smith, according to the people, who asked not to be identified discussing sensitive information. Fewer than 50 files on Yellen's machine were accessed, one of the people said.
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Index Industry Association Appoints Kirsten Wegner as New CEO
Index Industry Association
The Index Industry Association (IIA), serving as the global voice of independent index providers, today announced the appointment of Kirsten Wegner as its new Chief Executive Officer. Wegner succeeds Rick Redding following his retirement after thirteen years as the IIA's CEO since its founding in 2012. In this role, she will work with the IIA's 17 member firms and its Board of Directors to set high level strategic direction, lead the IIA's public policy and communications initiatives, serve as an index industry spokesperson and represent the IIA in front of policy makers, regulators, investors and other key industry stakeholders.
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Goldman Sachs hands CEO David Solomon $80mn retention award; Wall Street executive's 2024 salary also boosted 26 per cent to $39mn
Brooke Masters - Financial Times
Goldman Sachs boosted chief executive David Solomon's pay by 26 per cent to $39mn and set up $80mn retention plans for him and president John Waldron in an effort to ensure the pair remain at the bank for the next several years. The five-year retention package for the first time includes bonuses based on the performance of Goldman's alternative asset funds in addition to stock and cash, in a signal that the Wall Street bank is starting to pay its top people the same way that the most profitable private equity firms do.
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Citadel Securities Hands in Application for China License; CSRC received the submission from the US market maker; Citadel Securities is applying to set up an onshore brokerage
Lulu Yilun Chen - Bloomberg
Ken Griffin's Citadel Securities handed in its application to establish a brokerage in mainland China, paving the way for expansion while most Wall Street firms are struggling to navigate the country's markets. The US firm's request was received by the China Securities Regulatory Commission on Friday, according to a filing posted on the regulator's website.
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A U.S. Hedge-Fund Star Wants to Rescue British Investors. They Should Thank Him and Leave; Saba's Boaz Weinstein has sparked controversy by trying to get control of seven underperforming trusts
Jon Sindreu - The Wall Street Journal
Will American money save or ravage Britain's beleaguered closed-end fund industry? As an acrimonious battle rages in the City of London, maybe the real question is whether it should be saved at all. The controversy has been sparked by Boaz Weinstein, founder of New York-based hedge fund Saba Capital Management, whose long-held passion is investing in closed-end funds.
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Amex to Pay $230 Million Over Misleading Sales Practices
Paige Smith - Bloomberg
American Express Co. will pay about $230 million to resolve a long-running investigation into some of the firm's prior sales practices which regulators said misled small-business owners. Amex reached agreements with federal prosecutors and the Federal Reserve to settle the allegations, according to statements from the parties involved. The misconduct stems from a practice where Amex workers offered products - including its Premium Wire service - as a scheme to lower taxes and earn credit-card points. Amex discontinued the Premium Wire offering and sales practices in 2021 and fired workers over the misconduct.
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China's consolidation of small banks accelerates to head off systemic risk
South China Morning Post
China's efforts to consolidate its small banks have led to a sharp reduction in their numbers as regulators work to reduce the potential for systemic risk from these institutions, which are often vulnerable to poor operations or exposure to risky lending. A total of 162 small banks were merged, dissolved, or deregistered in 2024 - more than four times the number in 2023 and seven times greater than the tally in 2022, according to data from Qiye Yujingtong, a platform that tracks corporate risks. The country has about 4,000 such banks.
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European Banks Warn of Competitive Hit From Uneven Capital Rules
Nicholas Comfort, Levin Stamm, and Arno Schuetze - Bloomberg
European banks say they risk being put at a disadvantage to global competitors in the face of diverging regulation after the UK announced a delay in implementing international capital standards. "Ensuring an international level playing field is critical," the European Banking Federation said in an emailed response to questions on Friday. The Swiss Bankers Association said that country should take a fresh look at its rules if other jurisdictions make changes.
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Norway Posts Ad for CEO of $1.8 Trillion Sovereign Wealth Fund
Kari Lundgren - Bloomberg
Norway's central bank opened applications for head of the country's $1.8 trillion sovereign wealth fund with incumbent Nicolai Tangen seen as likely to be reappointed. Tangen, 58, who is nearing the end of his first five-year term, has said that he intends to reapply for the position. His general popularity at home is likely to help him keep the job.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Global diesel prices spike as US hits Russia with new sanctions
Ahmad Ghaddar, Shariq Khan, Trixie Sher Li Yap and Enes Tunagur - Reuters
Global diesel prices and refining margins spiked following the latest round of U.S. sanctions on Russia's oil trade on expectations the measures would tighten supplies, according to analysts and LSEG data. The United States imposed its toughest sanctions on Russian producers and tankers yet on Jan. 10 to curb the world's No. 2 oil exporter's revenue for its war in Ukraine.
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Exclusive: Russia's 2024 seaborne oil product exports hit by headwinds, including drone attacks Reuters
Russia's seaborne oil product exports fell by 9.1% to 113.7 million metric tons last year as the country's oil refineries faced headwinds including Ukrainian drone attacks, an export ban, falling prices and higher input costs, industry data shows. Ukraine targeted several Russian refineries and fuel facilities, including Lukoil's Volgograd refinery, Gazprom Neft's Omsk oil refinery in western Siberia, the Slavyansk and Novoshakhtinsk refineries and Rosneft's Black Sea oil refinery in Tuapse.
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Trump the saviour? Anxious Ukrainians question president's power to end war
Dan Peleschuk and Max Hunder - Reuters
"Why is everyone putting their hopes in Trump?" Liudmyla Parybus isn't holding her breath for the incoming U.S. president to end the war in Ukraine. "I don't put any hope in him," the 20-year-old student told Reuters in Kyiv city centre. "In the end it depends on us." Her sense of scepticism is shared by many Ukrainians who have scant faith in Donald Trump's promises to swiftly strike a peace deal after he enters the White House on Monday.
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Netanyahu says hostage deal now agreed
George Wright - BBC News
The first six-week phase of the deal would see 33 Israeli hostages exchanged for Palestinian prisoners The office of Israeli Prime Minister Benjamin Netanyahu says a "deal to release the hostages" has been agreed. Netanyahu had delayed a cabinet vote to approve the Gaza ceasefire deal, due on Thursday, accusing Hamas of seeking last-minute changes to the agreement. On Friday morning, the prime minister's office said he had been informed by the negotiating team that agreements on the deal had been reached. It added that the security cabinet would meet later on Friday to ratify the agreement, before approval from the full government is sought. Families of the hostages have been informed.
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Israel Says Gaza Deal Reached, Prepares for Hostage Release as Soon as Sunday; The Israeli security cabinet approved the deal Friday
Summer Said, Jared Malsin and Anat Peled - The Wall Street Journal
Israeli Prime Minister Benjamin Netanyahu said negotiators have reached an agreement on a cease-fire in the Gaza Strip that would free Israeli hostages, ending two days of debate that had underscored the pact's fragility. Hours after the announcement from Netanyahu, who had accused Hamas of reneging on parts of an agreement originally announced Wednesday, Israel's security cabinet approved the multiphase deal. The full cabinet is expected to convene later Friday to vote on it.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Euronext Brussels Awards 2025 Honor Excellence and Innovation in Belgian Capital Markets
Back
Euronext
Euronext Brussels today presented its prestigious Awards 2025 during its annual New Year Event, organised in collaboration with GUBERNA, the Belgian Institute for Corporate Governance. This year's event was attended by more than 500 key players from the international and Belgian financial and governmental sector, celebrating excellence and innovation in the Belgian capital markets. During the Euronext Brussels New Year Event, the central theme of "The Future of Industry in Europe" sparked discussions on how European industries can adapt to new challenges while seizing growth opportunities. The panel discussion, keynote and speeches explored the evolving landscape of European markets, innovation in industrial sectors, and the strategic role of capital markets and corporate governance in driving sustainable development and economic growth.
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Boerse Stuttgart Digital becomes the first German crypto asset provider to receive EU-wide MiCAR license
Boerse Stuttgart
License highlights Boerse Stuttgart Digital's position as a regulatory pioneer in Europe. MiCAR is a milestone in harmonizing cryptocurrency regulatory standards within the EU. Boerse Stuttgart Digital aims to expand its international offering for banks, brokers, and asset managers.
/jlne.ws/4jdpkj3
SIX Fully Acquires Swiss Fund Data AG
Mondovisione
SIX, the leading provider of fund data in Switzerland, announces the acquisition of Swiss Fund Data (SFD). This acquisition supports SIX's commitment to the Swiss fund market, ensuring the continued provision of transparent, reliable, and consistent data for both domestic and foreign funds.
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New Product Summary: Initial Listing of Monday, Tuesday, Wednesday, and Thursday Weekly Options on Corn, Soybean, Wheat, Soybean Oil, and Soybean Meal Futures (Revise Contracts Listed for Launch) - Effective February 10, 2025
CME Group
Initial Listing of Monday, Tuesday, Wednesday, and Thursday Weekly Options on Corn, Soybean, Wheat, Soybean Oil, and Soybean Meal Futures (Revise Contracts Listed for Launch)
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Performance Bond Requirements - Metal, Energy Margin - Effective January 17, 2025
CME Group
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Performance Bond Requirements: Agriculture - Effective January 17, 2025
CME Group
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Trader Alert 25-02: MEMX Options Opening Trigger Adjustment, February 10, 2025
MEMX
Effective Monday, February 10, 2025, the opening trigger on MEMX Options will be the primary exchange opening print and LULD band, subject to SEC approval.
/jlne.ws/3PDYeUs
Shanghai International Energy Exchange has released its Circular on Market Maker Applications for Futures and Options Products
Shanghai Futures Exchange
Shanghai International Energy Exchange has released its Circular on Market Maker Applications for Futures and Options Products as follows: To improve the functioning of the futures and options markets, and better serve the real economy, the Shanghai International Energy Exchange ("INE") now accepts applications for new market makers for relevant INE futures and options products in accordance with the Market-Making Management Rules of the Shanghai International Energy Exchange. Details about this application are as follows:
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Meta Going Down Twitter's Path Won't End the Same Way; Facebook and Instagram's massive scale make them hard platforms for advertisers to avoid
Dan Gallagher - The Wall Street Journal
Mark Zuckerberg may be taking a page from Elon Musk's playbook. But the Facebook founder's social-network empire stands little chance of suffering a similar fate to Twitter. Investors seemed nervous it would at first. Shares of Meta Platforms slid nearly 6% in the week following Zuckerberg's Jan. 7 announcement that he was ending the company's internal fact-checking program and replacing it with a user-based system to flag problematic content.
/jlne.ws/3DZjBNA
Apple suspends error-strewn AI generated news alerts
Natalie Sherman & Imran Rahman-Jones - BBC
Apple has suspended a new artificial intelligence (AI) feature that drew criticism and complaints for making repeated mistakes in its summaries of news headlines. The tech giant had been facing mounting pressure to withdraw the service, which sent notifications that appeared to come from within news organisations' apps. "We are working on improvements and will make them available in a future software update," an Apple spokesperson said. Journalism body Reporters Without Borders (RSF) said it showed the dangers of rushing out new features. "Innovation must never come at the expense of the right of citizens to receive reliable information," it said in a statement. "This feature should not be rolled out again until there is zero risk it will publish inaccurate headlines," RSF's Vincent Berthier added.
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If You Are Reading This, AI, Please Be Kind; Writers, analysts and anyone who uses social media need to realize that, increasingly, their main audience is artificial intelligence.
Tyler Cowen - Bloomberg
I write about artificial intelligence a lot, and lately I have begun to think of myself as writing for AI as well. If you are a writer - and if you've ever posted on social media, you are - I suggest you do the same. Which is to say: Consider the AIs as part of your audience. Because they are already reading your words and listening to your voice. One motive for writing for the AIs is to try to teach them things. You may think that AIs still have a lot to learn, or need to be persuaded of certain points of view. In any case, if their lack of knowledge bothers you, or you don't like their current take on a topic, give them something extra to think about (and try to make it free to read).
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| Cybersecurity | | Top stories for cybersecurity | How to Stop Cyberattacks on the US Financial System; Congress has to give the Treasury Department more powers to stop foreign and nonstate hackers.
Wally Adeyemo - Bloomberg
Today, the Treasury Department placed sanctions on Yin Kecheng, an affiliate of the People's Republic of China Ministry of State Security, in response to his cyber-intrusion into the agency's unclassified system. This state-backed actor was able to gain access through a third-party service provider despite the hundreds of millions of dollars invested in security after the Solar Winds cyberattack in 2020. In that incident, too, a nation-state actor leveraged a third-party vulnerability to penetrate the department's unclassified network.
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| Cryptocurrencies | | Top stories for cryptocurrencies | XRP and Solana ETPs could rake in as much as $14 billion, JPMorgan says
Catherine McGrath - Fortune
XRP and Solana exchange-traded products, or ETPs, could attract as much as $14 billion in investment within their first year, banking giant JPMorgan says, suggesting huge demand for them if the federal government approves their debut. Specifically, the bank forecasts that Solana ETPs could attract $3 billion to $6 billion of new assets within 6 to 12 months while XRP ETPs could garner $4 billion to $8 billion, according to the projections JPMorgan analysts published in a report on Monday.
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Texas Man Sues Attorney General Over DOJ's Prosecution of Crypto Software Devs
Cheyenne Ligon - CoinDesk
A fellow at crypto think tank Coin Center filed suit against U.S. Attorney General Merrick Garland on Thursday, seeking a judge's guarantee that the Department of Justice (DOJ) will not be able to prosecute his forthcoming crypto project for violating money transmitting laws in the future. The lawsuit, filled by blockchain entrepreneur Michael Lewellen, claims that the Department of Justice's (DOJ) criminal prosecution of software developers who publish noncustodial cryptocurrency software - including the ongoing prosecutions of Tornado Cash developer Roman Storm and Samourai Wallet co-founder Keonne Rodriguez - is unconstitutional, and violates the First and Fifth Amendments.
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Bitcoin's 'Coinbase Premium' Muted Amid Reports Trump Plans to Designate Crypto a National Policy
Omkar Godbole - CoinDesk
Stars cannot align more positively for crypto in the U.S., the world's largest economy, if the latest media reports are anything to go by. Still, one key indicator shows a lack of excitement among U.S. investors. Late Thursday, Bloomberg reported that President-elect Donald Trump will likely issue an executive order announcing crypto as a national imperative or priority with a voice in his administration. Trump could also announce the creation of a crypto advisory that will advocate the digital asset industry's policy goals.
/jlne.ws/40iZ51Y
Litecoin ETF Draws Near as Nasdaq Files Form Key to SEC Approval; Exchange files 19b-4 with Canary Capital for Litecoin ETF; Filing gets things 'rolling downhill with the SEC,' BI says
Isabelle Lee - Bloomberg
Nasdaq and Canary Capital Group submitted new filings to the US Securities and Exchange Commission this week that are key to gaining the regulator's approval for a spot Litecoin ETF. A so-called form 19b-4, required to be filed by the exchange that would list the fund, was submitted on Wednesday, shortly after an updated registration application known as an S-1 was filed by Canary, a new digital asset-focused investment firm. The SEC must sign off on both before an ETF can start trading.
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| Politics | | An overview of politics as it relates to the financial markets | History is on Donald Trump's side in his bid to annex Greenland; The future of the world's largest island isn't in Denmark's hands
Paul du Quenoy - The Telegraph
"We need Greenland for national security purposes", reiterated the once and future US President Donald Trump at a press conference at his Mar-a-Lago residence last week. Already in his first administration, Trump had floated the idea of acquiring the world's largest island - a Danish possession which enjoys autonomous self-government, including the right to declare independence. The Danish government declined Trump's offer, leading to a minor diplomatic row, but in a December 22 Truth Social post announcing the nomination of tech executive Ken Howery as his next ambassador to Denmark, Trump revived the idea that "ownership and control of Greenland is an absolute necessity".
/jlne.ws/3PEBrI9
Trump Treasury Pick Bessent Opposes Idea of U.S. Central Bank Digital Currency
Jesse Hamilton - CoinDesk
U.S. senators questioning President-elect Donald Trump's nominee for Treasury Secretary, Scott Bessent, didn't spend much time on cryptocurrency issues in his nomination hearing on Thursday. But he had a chance to register strong opposition to a U.S. central bank digital currency (CBDC) and to note that he favors a modern outlook on crypto. The billionaire hedge fund manager told the Senate Finance Committee, which is set to consider confirmation of his nomination, that the Federal Reserve shouldn't issue a digital dollar - a controversial idea that's widely seen by the crypto industry as a governmental incursion on its turf.
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Doris Kearns Goodwin: 'The robber barons probably thought they were God too'; The presidential biographer on tech titans, what Trump could learn from Lincoln and why she remains optimistic about America
Edward Luce - Financial Times
Doris Kearns Goodwin is already seated in the foyer, bantering with a well-wisher, when I arrive a few minutes early. The grande dame of American history - author of Team of Rivals on Abraham Lincoln, and other bestsellers about historic US leaders, notably the Roosevelts and Lyndon Johnson, for whom Goodwin worked as a young woman - has chosen her Boston club for lunch.
/jlne.ws/42mm66D
Mark Carney, the 'unreliable boyfriend' who ran UK's central bank
Ben King - BBC
The former Bank of England boss, Mark Carney, is now running for the Liberal leadership in his native Canada. What does his time in London tell us? Mark Carney was the first non-British person to become governor of the Bank of England in its more than 300-year history when he took the job in 2013. He had previously worked at the investment bank Goldman Sachs, and served as the governor of the Bank of Canada, the country's central bank.
/jlne.ws/3DSLUgr
Russia and Iran to Seal Partnership Pact Ahead of Trump Term
Bloomberg News
Russian President Vladimir Putin began talks with his Iranian counterpart, Masoud Pezeshkian, at a summit on Friday to sign a new pact, as the two countries brace for the return of US President-elect Donald Trump to the White House. The comprehensive strategic partnership agreement seeks to deepen political and economic ties between Russia and Iran as they grapple with sanctions imposed by the US and its allies.
/jlne.ws/4gZJawt
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| Regulation & Enforcement | | Stories about regulation and the law. | Trump's SEC To Review and Potentially Freeze Crypto Cases Without Fraud Allegations
Ayesha Aziz - CoinMarketCap
The U.S. Securities and Exchange Commission (SEC) could see a shift in its approach to cryptocurrency enforcement under the incoming Trump administration. Reports indicate that the SEC may freeze or withdraw pending crypto cases that do not involve fraud, signaling a possible departure from the aggressive stance taken by outgoing Chair Gary Gensler. This leadership transition follows President-elect Donald Trump's announcement to appoint crypto advocate Paul Atkins as the new SEC Chair. Atkins is expected to work closely with Republican Commissioners Hester Peirce and Mark Uyeda, who have previously criticized Gensler's handling of the cryptocurrency industry.
/jlne.ws/3E0HeoS
Musk's X Gets New EU Demand for Data as Regulators Expand Probe
Gian Volpicelli - Bloomberg
The European Union has expanded its investigation into whether Elon Musk's X is in breach of the bloc's content moderation rulebook by demanding the social media platform hand over internal data. The EU's executive branch asked X to provide documents on how its recommendation algorithms work and whether they have recently changed as part an ongoing investigation under the Digital Services Act, or DSA, according to a European Commission statement Friday.
/jlne.ws/3PGX6zm
Office Hours with Gary Gensler: The U.S. Capital Markets and the Securities and Exchange Commission
Chair Gary Gensler - SEC
You might think when I say capital markets, it's just the stock market, but it's so much more. Our capital markets, weighing in at $120 trillion in size, are five times larger than our entire banking system. And our capital markets touch nearly every part of our economy. They make it possible to take out a mortgage, an auto loan or credit card. Your employer may be raising money in the capital markets, or raising money from banks that then are going to the capital markets. And you see, even we as a nation borrow in our capital markets, it's something called the U.S. Treasury market. So it just touches all parts of our economy and that touches you.
/jlne.ws/40C1DcR
U.K. Delays Basel Banking Reforms Again on U.S. Uncertainty; Reforms were designed in response to the 2008 financial crisis to improve and standardize how banks measure risk
Elena Vardon - The Wall Street Journal
The U.K. is pushing back the implementation of the Basel 3.1 international banking reforms by one year to allow more time for the U.S. to clarify its approach under the Trump administration. The Prudential Regulation Authority, a subsidiary of the Bank of England, said Friday that it is delaying the roll out of the final set of regulation to Jan. 1, 2027. In September, the regulator already postponed the implementation date by six months to Jan. 1, 2026.
/jlne.ws/3DVoV4C
SEC Charges Two Sigma for Failing to Address Known Vulnerabilities in its Investment Models; Firm ignored material vulnerabilities for years; voluntarily repaid impacted funds and accounts $165 million
SEC
The Securities and Exchange Commission today announced settled charges against New York-based investment advisers Two Sigma Investments LP and Two Sigma Advisers LP (collectively, Two Sigma) for breaching their fiduciary duties by failing to reasonably address known vulnerabilities in their investment models and for related compliance and supervisory failures, as well as for separately violating the Commission's whistleblower protection rule. Two Sigma voluntarily repaid impacted funds and accounts $165 million during the SEC's investigation and agreed to pay $90 million in civil penalties to settle the SEC's charges.
/jlne.ws/4gVNHAc
SEC Announces Departure of General Counsel Megan Barbero
SEC
The Securities and Exchange Commission today announced that Megan Barbero, who has served as General Counsel since February 2023, will leave the agency on Jan. 20, 2025. Ms. Barbero joined the SEC in July 2021 as Principal Deputy General Counsel.
/jlne.ws/42fgx9Z
SEC Announces Departure of Director of International Affairs YJ Fischer
SEC
The Securities and Exchange Commission today announced that YJ Fischer, the Director of the Office of International Affairs (OIA) since August 2021, will leave her role on Jan. 20, 2025.
/jlne.ws/42jlZc3
SEC Charges New York Blockchain Engineer with Perpetrating "Rug Pull" Fraud
SEC
The Securities and Exchange Commission today charged New York blockchain engineer Eric Zhu with perpetrating a fraudulent scheme to defraud investors in the "Game Coin" token ("GME"), a crypto asset that was offered and sold as a security by Game Coin, LLC and its founders. As alleged, Zhu was an experienced blockchain engineer, who was hired to perform coding work for GME.
/jlne.ws/3WlxDza
SEC Obtains Summary Judgment in Microcap Fraud Litigation
SEC
On November 18, 2024, the United States District Court for the Southern District of California granted the Securities and Exchange Commission's motion for summary judgment against Andrew Hackett based on his criminal conviction for related conduct.
/jlne.ws/4gSxADk
ASIC alerts buy now pay later providers to apply for a licence under new laws
ASIC
Buy now pay later products will be subject to stronger regulation with new laws boosting protection for Australian consumers. The National Credit Code has been extended to buy now pay later contracts, following royal assent of the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024 (the BNPL Act) on 10 December 2024. From 10 June 2025, providers of buy now pay later contracts will need to hold a credit licence that authorises them to engage in credit activities as a credit provider, subject to transitional arrangements.
/jlne.ws/3WmLMfE
FCA expands Leeds office, creating new jobs and affirming its commitment to growth in the region
FCA
The Financial Conduct Authority (FCA) has today opened further floor space at its existing base at 6 Queen Street, increasing it by an additional 5,000 square feet. First opened in 2022, the FCA's regional office in Leeds is now a base for over 300 employees, with around 100 more people expected to be welcomed into the additional space this year.
/jlne.ws/3PBhmTc
FCA response to Government call for regulators to support growth
FCA
We have responded to the Government, setting out the significant work we already have underway and how we will go further to support growth.
/jlne.ws/40o19pv
What's New on the FSA Website; Week of January 6, 2025 - January 9, 2025
FSA
This page contains the latest in events, developments, and updates to the FSA website.
/jlne.ws/4joRveX
New speech by Kelvin Wong: Keynote speech at the Association of Hong Kong Capital Market Practitioners' Seminar
SFC
A synopsis of keynote speech titled "Enhancing Sponsors' Value Proposition to Drive GEM Advancement" delivered by Dr Kelvin Wong at the Association of Hong Kong Capital Market Practitioners' Seminar was posted on the SFC website today.
/jlne.ws/4hlek12
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Trump's Tariff Threat Is Already Panicking the Junk Debt Market; Bankers are rushing to get financing deals done ahead of the US president's inauguration. Lenders are swamping borrowers with questions and cutting risk.
Eleanor Duncan, Abhinav Ramnarayan, and Kat Hidalgo - Bloomberg
Donald Trump's team may have been batting around the idea of a gradual ratcheting up of import tariffs on much of the world, but bankers who finance the companies in his firing line are in a frenzy nonetheless. As the president-elect's inauguration looms next week, some European businesses in threatened industries have accelerated borrowing plans to get ahead of any punitive measures. Others are being grilled by lenders on how they'll be impacted by as-yet undisclosed tariffs. Private credit funds, who make loans to riskier midsized companies, are being questioned by investors about their exposure to vulnerable borrowers.
/jlne.ws/3ClzqgU
Rio Tinto and Glencore discussed merger but talks no longer active, source says
David French and Melanie Burton - Reuters
Glencore approached Rio Tinto late last year about combining the two big copper producers but the discussions are no longer active, a person familiar with the matter said. The talks between Rio, the world's No. 2 miner, and Glencore, one of the world's biggest producers of coal and base metals, were brief and did not go anywhere, the person added. Bloomberg News reported on Thursday that the two were in early-stage merger talks.
/jlne.ws/4jnYXXt
Traders Say Ignore the Daily Trump Noise, Focus on the Long Term; Traders focusing on the stock upside of pro-growth agenda; Optimism shadowed by uncertainty about details of new policies
Esha Dey, Bailey Lipschultz, and Carter Johnson - Bloomberg
Wall Street traders know what to expect from Donald Trump's White House return: policy shifts rolled out in late night social-media posts, threats to trading partners, and plenty of market volatility. What they're less sure about? How to predictably gin up quick profits by seizing on it all. Take last week. On Jan. 6, traders bid up S&P 500 futures and drove down the dollar after the Washington Post reported that Trump's aides were considering rolling back his tariff plans. The opportunity, though, fizzled nearly as quickly as it emerged when Trump shot the story down just before the stock market's open.
/jlne.ws/4alS58V
Oil Trader Clashes With Abu Dhabi Sheikh Over £250 Million North Sea Loan; Sheikh Zayed denies ever meeting Francesco Mazzagatti; Italian trader says that the £250 million facility was valid
Jonathan Browning - Bloomberg
An Italian oil trader, who rose to prominence after purchasing North Sea oil wells, and an Abu Dhabi sheikh are in dispute over the existence of hundreds of millions of pounds in financing that underpinned his buying spree. Several years after Francesco Mazzagatti bought RockRose Energy Plc in the waters off the UK, Sheikh Zayed bin Mohammed al Nahyan says he never approved a £250 million ($308 million) facility that helped answer regulatory concerns. The deal has already faced scrutiny in a London court, where a judge sided with Mazzagatti in December in a dispute with the Abu Dhabi state oil company.
/jlne.ws/3WnqSwY
FTSE 100 Hits Record High With Pound Weakness Boosting Exporters; UK index benefits from international exposure of its members; HSBC, Shell, Rolls-Royce drive most of the gains in past year
Sagarika Jaisinghani and Farah Elbahrawy - Bloomberg
/jlne.ws/4gSH3dQ
Can sustainable investing survive Trump 2.0? The political backlash against ESG has intensified - but the sector is evolving
Alice Ross - Financial Times
/jlne.ws/4jwaOTE
Sharia pension funds swell amid returns boost; Funds outperform their default peers over the past decade
current progress 22%
Jamie John and Mary McDougall - Financial Times
/jlne.ws/42BAOXN
ETF flows obliterate previous full-year record to hit $1.5tn; Buying frenzy peaked at end of year spurred by Donald Trump's presidential victory
Steve Johnson - Financial Times
/jlne.ws/3PGW86u
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | AI's "relentless thirst for power"; Pursuing the nuclear option (for energy)
Alexandra Scaggs - Financial Times
Informed readers already know that lots of energy will be needed to fuel hoped-for progress in machine learning, large language models and various other stuff that tech-industry salesmen classify as "artificial intelligence". Barclays has a nice summary out today about AI's energy demand: Most of the world's more than 11,000 registered data centres are not yet involved in any kind of AI-related activity. Combined, their consumption of electricity (excluding cryptocurrencies) is about 1.0%-1.5% of the world's total, according to a mid-2024 report from the IEA2. However, data centres' energy demands could change dramatically in coming years, thanks to the dissemination of AI.
/jlne.ws/4haLNLS
Fire at huge California lithium battery storage plant forces 1,500 people to evacuate
The Associated Press via Fortune
Hundreds of people were ordered to evacuate and part of Highway 1 in Northern California was closed when a major fire erupted Thursday afternoon at one of the world's largest battery storage plants.
/jlne.ws/40m7guh
Here Are the LNG Projects Set to Advance If Trump Lifts Freezel; Reversing Biden's licensing pause clears DOE to give approvals; Several major natural gas export projects could move ahead
Ruth Liao - Bloomberg
President-elect Donald Trump has vowed to lift the Biden administration's moratorium on new permits to export liquefied natural gas on his first day in office next week. The promised reversal is key for a number of US projects hanging in the balance. The Energy Department issues export licenses to sell LNG abroad. Companies need the permits in order to sell to buyers in Europe and China and to secure financing to build multibillion dollar LNG projects that take years to complete. With Europe's decades-long gas transit agreement expiring in Ukraine earlier this month, a supply gap in the global
/jlne.ws/3E2vqCD
Turkey Turns to LNG as Azerbaijan's Piped Gas Flows Decline; BP says efforts continue to resume Shah Deniz platform flows; Outage affected deliveries to Europe, Turkey since last week
Anna Shiryaevskaya, Patrick Sykes, Zulfugar Agayev, and Ruth Liao - Bloomberg
Turkey has turned to liquefied natural gas imports to help meet peak winter demand as regional pipeline flows decline. The nation's state-run gas importer Botas has purchased seven LNG shipments for delivery from the end of January through March in a tender this week and is seeking another cargo for February, according to traders with knowledge of the matter. The purchases are driven in part by a reduction in piped supplies from Azerbaijan, they said.
/jlne.ws/40CPzrK
Giant Batteries Are Transforming the World's Electrical Grids; Global energy storage capacity has tripled in recent years, thanks to an industry that barely existed a decade ago.
David R Baker - Bloomberg
Inside an unmarked stucco building in a Silicon Valley office park, more than 1,000 black metal cabinets, each about the size of a fridge, line the floor in rows. Each cabinet contains 20 new lithium-ion batteries that, starting this spring, will feed power into California's often-strained electrical grid, helping prevent blackouts. They're essentially bigger versions of the rechargeable batteries that power phones, laptops and electric cars. Together they'll supply 75 megawatts of electricity to the grid, enough to power 56,250 homes.
/jlne.ws/42cQ25b
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | FDIC sues 17 former Silicon Valley Bank executives, directors over collapse
Jonathan Stempel - Reuters
The FDIC on Thursday sued 17 former executives and directors of Silicon Valley Bank, seeking to recover billions of dollars for alleged gross negligence and breaches of fiduciary duty that caused the bank's March 2023 collapse, one of the largest U.S. banking failures. In a complaint filed in San Francisco federal court, the FDIC, in its capacity the bank's receiver, said the defendants ignored fundamental standards of prudent banking and the bank's own risk policies in letting the bank take on excessive risks to boost short-term profit and its stock price.
/jlne.ws/3E0njqh
Ex-Credit Suisse Bankers Use Niche Funds to Target Debt Swaps
Natasha White - Bloomberg
In a small but lucrative corner of the market for structured credit products, boutique funds run by former Credit Suisse executives are making rapid inroads. Firms including ArtCap Strategies, co-founded by Antonio Navarro, and Enosis Capital, launched by Ramzi Issa, have negotiated key roles in two of the four so-called debt-for-nature swaps struck since October. ArtCap helped coordinate a $1 billion swap for El Salvador and is now in talks with about half a dozen governments in Latin America and Africa to advise on new transactions, Navarro said. And Enosis just advised on a $1 billion deal for Ecuador, with more in the pipeline, Issa said.
/jlne.ws/3PDXDSH
UBS Removes Credit Suisse Logos From Former Zurich Headquarters
Levin Stamm - Bloomberg
UBS Group AG has removed Credit Suisse's signs at its one-time arch-rival's former headquarters in Zurich, replacing them with its own. The iconic building at Paradeplatz 8 is now adorned with the UBS logo, the lender said in a statement on Friday. Built by German-Swiss architect Jakob Friedrich Wanner, it was Credit Suisse's main building from the mid-1870s until its collapse in 2023, when the Swiss government brokered its takeover by UBS.
/jlne.ws/4hhhiUd
TD Speeds CEO Handoff, Cuts Pay for More Than 40 Executives; Bank cut bonuses by C$30 million over money-laundering lapses; Outgoing CEO received no bonus, Chun to take over in February
Christine Dobby - Bloomberg
Toronto-Dominion Bank is moving up the start date for its new chief executive officer, Raymond Chun, by two months and slashed executives' pay in the wake of its historic and costly money-laundering scandal. Five long-serving directors will leave the bank's board and the chair, Alan MacGibbon, will step down and retire as a director by the end of the year, Toronto-Dominion said in a statement Friday. Toronto-Dominion said 41 executives, including many who have already left the bank, saw their bonus pay slashed last year, resulting in total reductions of C$30 million ($21 million) over the anti-money-laundering lapses.
/jlne.ws/3PFMGAc
Leave synthetic risk transfers alone!; Aima gonna stop you right there, IMF
Robin Wigglesworth - Financial Times
Last year the IMF dug into the burgeoning "synthetic risk transfer" phenomenon, warning that it "can generate risks to financial stability that need to be assessed and monitored". Naturally, Alphaville couldn't resist taking a look at it ourselves. To recap, SRTs are a technique that banks use to reduce the amount of capital they have to hold in reserve to protect them from loan souring by buying some first-loss insurance from a credit fund, pension plan, or insurer. Here is our Simpsons-based schematic explaining the structure.
/jlne.ws/3WpFrjH
A U.S. Hedge-Fund Star Wants to Rescue British Investors. They Should Thank Him and Leave.; Saba's Boaz Weinstein has sparked controversy by trying to get control of seven underperforming trusts
Jon Sindreu - The Wall Street Journal
Will American money save or ravage Britain's beleaguered closed-end fund industry? As an acrimonious battle rages in the City of London, maybe the real question is whether it should be saved at all. The controversy has been sparked by Boaz Weinstein, founder of New York-based hedge fund Saba Capital Management, whose long-held passion is investing in closed-end funds.
/jlne.ws/40AWDoC
BlackRock's Amped Up ETF Taps Into Wall Street's Stock Anxiety; TWOX targets twice the returns of IVV, but will cap gains; ETF's for investors expecting 'muted returns': BlackRock's Hum
Isabelle Lee - Bloomberg
/jlne.ws/4ao2Yaz
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Next boss warns first jobs could become harder to find
Simon Jack and Nick Edser - BBC News
Tax changes announced in the Budget could make it "harder for people to enter the workforce", according to the boss of retail giant Next. Lord Wolfson told the BBC that a rise in National Insurance paid by business would hit the retail sector in particular and meant "the axe [had] fallen particularly hard" on entry-level jobs. He called on the government to stagger the tax changes over time, rather than introduce them in April, otherwise jobs or hours would have to be cut. But a Treasury spokesperson said the Budgetary measures were to "wipe the slate clean" and deliver stability to businesses.
/jlne.ws/4hhzptp
A Trump-Voting Farmer's Warning: Mass Deportations Would Be a Disaster; Florida crackdown previews what could be in store for growers
Michael Smith - Bloomberg
Florida tomato grower Tony DiMare is all for President-elect Donald Trump slapping tariffs on the Mexican farmers who undercut him by paying workers a fraction of what he does. He wants to stop illegal border crossings and likes the idea of deporting migrants convicted of serious crimes. But when it comes to Trump's broader promises to expel all 11 million undocumented people living in the country, DiMare thinks it would be a disaster for American farmers.
/jlne.ws/3PFqWUV
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| Wellness Exchange | | An Exchange of Health and Wellness Information | L.A. fires may have brought cancer-causing chemicals into drinking water
Daniel Wolfe and Aaron Steckelberg - The Washington Post
The Los Angeles Department of Water and Power and parts of Los Angeles County have issued "do not drink" and "do not boil" notices to residents in the Palisades, Altadena and neighboring communities. Wildfires that encroach into cities risk introducing harmful chemicals otherwise known as volatile organic compounds (VOCs) into the municipal water system. Experts say it will take weeks for these utilities to determine the extent of any contamination and months before remediation takes place. Until then, drinking, bathing or using tap water in these areas could have untold health consequences.
/jlne.ws/4g0mgnp
What to Know About Covid Right Now; Experts expect cases to rise again this winter. Here's the latest on symptoms, treatments and testing.
Dani Blum - The New York Times
There are few constants when it comes to Covid, but one thing has held true over the years: Cases climb in the winter. In the weeks after the holidays, especially, more people tend to get sick, as we spend time together indoors, sharing germs and spreading infections. "It seems the wave is coming," said Dr. Peter Chin-Hong, an infectious disease specialist at the University of California, San Francisco.
/jlne.ws/4ak1myg
Ozempic Among the Next Drugs Up for Medicare Price Negotiations; List of drugs account for $41 billion in annual Medicare spending, Biden administration says
Peter Loftus - The Wall Street Journal
The U.S. government named 15 drugs that will be subject to the second round of price negotiations by Medicare, including Ozempic and Wegovy, the drugs at the center of the weight-loss craze. The Biden administration said the drugs account for $41 billion in annual Medicare spending, and that price negotiations could result in significant savings. U.S. health officials selected the drugs because they account for high Medicare spending due to widespread use or high price tags.
/jlne.ws/4hh5d1u
Younger Women Are Now More At-Risk for Cancer Than Men; Trends in breast, prostate and lung cancer are shifting who is most at-risk
Brianna Abbott - The Wall Street Journal
The face of cancer in the U.S. is getting younger-and more feminine. Cancer rates for women in the U.S. have risen over the past half-century, particularly among women under age 65 diagnosed with breast cancer, the American Cancer Society said Thursday. Men, meanwhile, have experienced a decline in cancer rates compared with prior decades. "If you're a woman under the age of 65, you're now more likely to develop cancer than a man" in that same age group, said Dr. William Dahut, the American Cancer Society's chief scientific officer.
/jlne.ws/3CfJ9FE
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Elon Musk's attacks on European leaders have spurred EU lawmakers to urge Brussels to safeguard member states
AFP via Fortune
Dozens of EU lawmakers on Thursday expressed "deep concern" over Elon Musk's interference in European politics as they called on Brussels to protect member states.
/jlne.ws/3WotdrD
EU eyes enlisting Belgian king to help safeguard Russia sanctions; Royal wartime decree seen as fallback option to keep Russia's frozen EUR190bn in EU if Hungary vetoes renewal of sanctions
Paola Tamma, Laura Dubois and Marton Dunai - Financial Times
EU officials are drawing up fallback measures including the use of an 81-year-old law involving the Belgian king to safeguard the bloc's sanctions against Russia after Hungary threatened to veto their renewal. Hungarian Prime Minister Viktor Orbán told the bloc's other 26 leaders in December that he could block this month's rollover of EU sanctions against Russia, which requires unanimous approval - a move that would lead to the expiry of the measures on January 31.
/jlne.ws/4hkqVSo
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| Auditions | | Explore a space for creative trading stories where you can find and share unique works like screenplays, television scripts, poetry, and more, all inspired by the world of finance and trading. |
MIKE HARRIS
Okay. Okay. I'm sorry. I'll make it up to you. Lets go scalp some Bulls tickets. The f*cking Celtics are in town.
Lena calms down almost immediately.
LENA CALDWELL
How about you head back to my place? I've got some Chinese food in the fridge that you can heat up. I'll be there in about an hour. Maybe we can take a little nap and then go to Gino's for dinner later.
She smiles and tosses her house keys to him.
See today's complete entry of Auditions HERE and the complete script to date HERE.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Unfounded conspiracies swirl on energy weapon use amid Los Angeles fires
Nahiara S. Alonso - Yahoo News
As deadly wildfires devastated a wide area of Los Angeles in early 2025, social media posts claimed that directed energy weapons ignited the blazes -- a conspiracy theory shared around similar disasters. But experts said the flames were fanned by unusually strong Santa Ana winds and dry conditions, with no evidence supporting the suggestion that laser weapons had been used.
/jlne.ws/3Cp8Cwh
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