| June 24, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2025 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
Shengwu Du of the Federal Reserve Board and Ketan B. Patel, senior policy advisor and head of financial markets risk analysis at the Federal Reserve Bank of Chicago, published an article titled How Have Capital Levels of Futures Commission Merchants Changed Since the Global Financial Crisis? in the latest issue of the Chicago Fed Letter.
Since the Global Financial Crisis (GFC), regulators have required more derivatives contracts to be cleared through central counterparties (CCPs), leading to a significant increase in capital allocated by futures commission merchants (FCMs) to support this activity. Large FCMs, especially those affiliated with global systemically important banks (G-SIBs), have seen their net capital triple since 2008, but the ratio of excess capital to customer funds has sharply declined-from 0.65 in 2009 to below 0.25 in early 2024. This decline is due to industry consolidation, stricter regulatory requirements, and lower returns, while demand for client clearing continues to rise.
With the upcoming SEC U.S. Treasury clearing mandate, clearing activity and initial margin requirements will increase further. However, FCMs now have less excess capital available to support new business, meaning they must justify higher capital allocations with sufficient returns or pass higher costs on to clients. Without increased profitability or greater capital capacity-especially among medium and small FCMs-the industry may face higher client fees, limited growth in clearing services, or reduced access for less profitable clients.
The US House of Representatives has decided that WhatsApp is too risky for official business and has banned the app from all government-issued devices because of what they call unclear data protection, insufficient transparency, and questionable encryption of stored messages, the Financial Times reports. Employees have been instructed to remove WhatsApp by June 30 and use "safer" alternatives, such as Microsoft Teams, Signal, iMessage, FaceTime, and Wickr. However, Meta, WhatsApp's parent company, vehemently disagrees, insisting that their app is more secure than many on the approved list. So, if House staffers want to keep up with their WhatsApp group chats, they'll just have to do it the old-fashioned way-on their personal phones, off the government grid, and presumably at their own risk.
On the latest episode of Bullish with Sonali Basak, hedge fund manager Boaz Weinstein demonstrates how the skills used in blackjack-like card counting, probability, and strategic bet sizing-mirror those needed to succeed on Wall Street, where knowing the extent of your advantage is crucial but never guaranteed, Bloomberg reports. Weinstein explains that, just as card counters use the Kelly criterion to size bets only when the odds are in their favor, traders must patiently wait for clear opportunities and then act decisively, even if the edge is slim and the outcome uncertain. The show also features poker pros Liv Boeree and Galen Hall, who highlight how reading opponents, understanding incentives, and managing risk in poker closely resemble navigating the competitive, often opaque dynamics of financial markets. Ultimately, the episode makes it clear that whether you're at the casino or the trading desk, success hinges on discipline, probabilistic thinking, and the humility to know you're playing against formidable competition, often with just as much luck as skill in the mix.
On Sunday, Jahmal Cole of My Block, My Hood, My City spoke at a joint program between my church, St. Peter's UCC in Elmhurst, IL, and the Methodist church next door. First Methodist Church of Elmhurst hosted a joint worship service on Sunday to celebrate Juneteenth, which was on June 19th. Cole delivered an eloquent speech about his history and how his current mission involves him living in 77 different areas of the City of Chicago for a month to really get to know the problems and be able to help the residents with them. He is much lauded for his good work, and he is not done. God is not done with this man.
Here are the headlines from in front of FOW's paywall from some recent stories: CFTC consults on cutting MIAX wheat options block thresholds, ANALYSIS: CME Group riding 'risk-on' wave in commodity markets, Ex-CME clearing risk head Betsill to join Canadian clearing board, Trading Technologies hiring European futures sales head in London, Equity futures and options dominate in light week for launches and |https://jlne.ws/3T133cjLME moves to limit stockpiling amid 'low stock environment.'
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality, and justice.~JJL
*****
Our most-read stories from our previous edition of JLN Options were:
Why stocks are up and oil is down as the US and Iran trade strikes from Business Insider.
Gen Z and millennial day traders tell us about switching from the 9-to-5 experience to full-time stock investing from Business Insider.
Wall Street Fear Index Creeps Up as Investors Assess Iran Strikes from Barron's. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
The 24x5 Life-How DTCC's Brian Steele Is Prepping Wall Street for the New All-Nighter
JohnLothianNews.com
ELMHURST, IL - (JLN) - June 23, 2025 - When Brian Steele, president of clearing & securities services at DTCC, logs into a Zoom call, he's not just thinking about the next trading day-he's thinking about the next trading week. And the one after that. And the one after that. Because soon, for the first time in U.S. history, Wall Street's clearinghouse will be open for business nearly around the clock.
Watch the video »
++++
 IEX Targets Adverse Selection in Options Market With Technology-Driven Approach JohnLothianNews.com PALM BEACH GARDENS, Fla. (JLN)-June 23, 2025 - IEX is leveraging its expertise in equity market structure to tackle adverse selection in the U.S. options market, aiming to empower market makers and improve pricing for investors, Ivan Brown, options business development lead at IEX, said at the 2025 Options Industry Conference. Watch the Ivan Brown Video »
++++
Supreme Court allows Trump to restart swift deportation of migrants away from their home countries
Lindsay Whitehurst - Associated Press
A divided Supreme Court on Monday allowed the Trump administration to restart swift removals of migrants to countries other than their homelands, lifting for now a court order requiring they get a chance to challenge the deportations. The high court majority did not detail its reasoning in the brief order, as is typical on its emergency docket. All three liberal justices dissented from the order. It came after immigration officials put eight people on a plane to South Sudan in May. U.S. District Judge Brian E. Murphy in Boston found that violated his court order giving people a chance to argue they could be in danger of torture if sent away from their home countries.
/jlne.ws/44kJscp
****** Being deported to South Sudan would be cruel and unusual punishment in my book and very un-American.~JJL
++++
Malaysian Fryer Oil Arbitrage; Also meta-acquihires, investment bank fees and AI is securities fraud.
Matt Levine - Bloomberg
Sustainable aviation fuel
You can make jet fuel from palm oil. It doesn't even need to be fresh. You can take palm oil, put it in a deep fryer, use it to make french fries, reuse it again and again until it becomes gross and the fries taste bad, and then take the used oil and sell it to a refiner to make jet fuel. Also works with olive oil, soybean oil, lots of cooking oils. This is a very nice fact about the world! You can get jet fuel without (1) drilling for oil or (2) cutting down forests to create dedicated agricultural land just for the jet fuel. You use the existing agricultural land to make cooking oil, you cook with it until it's no longer good, and then when you are done with it you get an extra bonus use as jet fuel.
/jlne.ws/44fErll
***** My cousin's husband had a business in the 1980s collecting cooking oil and recycling it for heating oil. It was great, except when your house smelled like French fries.~JJL
++++
Dumbing Down; The Republican Plot to Un-Educate America; Trump's "big, beautiful bill" is an extinction-level event for higher education that would annihilate the country's intellectual potential.
Astra Taylor, Eleni Schirmer - The New Republic
The Trump administration's bombastic attacks on the nation's most prestigious universities have commanded the public's attention all year long. Now congressional Republicans are poised to dramatically expand that onslaught. If you think the last few months have been bad for Harvard, brace yourself-the "big, beautiful bill" is coming, and with it, a new dimension of destruction. While it's mostly gone unremarked upon in the mainstream media, institutions of higher learning across the country are about to be pummeled by the looming reconciliation bill, which may portend an extinction event for higher education as we know it. The bill weaponizes working-class families' reliance on debt to finance their college dreams with such intensity that not only will it push millions to the financial brink, it will push them out of higher education altogether.
/jlne.ws/4liUENd
****** As if small colleges did not have enough problems, now this bill, if passed, might just be the tipping point.~JJL
++++
Monday's Top Three
Our top story Monday was a tie between Middle Eastern military bases on 'highest level' red alert amid fears of Iranian reprisal attacks, from the Irish Star, and US Issues 'Worldwide Caution' for Americans After Attack on Iran, from Bloomberg. Second was Bloomberg's UK Heat Wave Could Claim Nearly 600 Lives This Week, Experts Warn. Third was a tie between the Kentucky Lantern's Republican Thomas Massie of Kentucky says Iran attack violates Constitution, Trump campaign promises and Gary Hunt's post on LinkedIn sharing that he is starting a new position as senior director at Cboe Global Markets.
++++
|
|  | | | |
 | |
| Lead Stories | Central bank body BIS delivers stark stablecoin warning
Marc Jones - Reuters
The Bank for International Settlements issued its starkest warning yet on the risks posed by stablecoins and urged countries to move rapidly towards the tokenisation of their currencies. The BIS, often dubbed the central bankers' central bank, outlined its concerns, including stablecoins' potential to undermine monetary sovereignty, transparency issues and the risk of capital flight from emerging economies. It comes less than a week after the U.S. Senate passed a bill to create a regulatory framework for U.S.-dollar-pegged stablecoins, a move which, if rubberstamped by the House, is expected to fuel a further explosion in their popularity.
/jlne.ws/4ljKGLD
Big Banks, Worried About Being Trump's Next Target, Race to Appease Republicans; Texas and Oklahoma have banned some banks from state contracts, saying they discriminate against the gun and fossil-fuel industries
Alexander Saeedy, AnnaMaria Andriotis and Dylan Tokar - The Wall Street Journal
Big banks are trying to get out of the crosshairs of Republican states that are cracking down on companies for "woke" policies that conservative policymakers say are illegal and discriminatory. Representatives from JPMorgan Chase, Citigroup, Wells Fargo and other big banks met in recent weeks with officials in states including Texas and Oklahoma to defend against allegations that they refuse to do business with industries such as gun manufacturing and fossil-fuel extraction, people familiar with the discussions said. Banks are also worried about a bigger threat: that President Trump could turn the power of the federal government against banks, as he has with universities and big law firms.
/jlne.ws/44h3Bjy
Japan Bourse CEO Reappointed With Slimmer Vote as Rating Falls
Yasutaka Tamura and Kentaro Tsutsumi - Bloomberg
Japan Exchange Group Inc. chief executive officer Hiromi Yamaji was re-elected with a smaller majority as his approval rating slid to the lowest ever and the bourse operator's shares underperformed the market benchmark. The still-overwhelming majority of 82.11% voted in favor of his reappointment at the annual general meeting held last week, according to a filing on Tuesday. Even so, it was lower than last year's 94.09% and below the 88.88% polled in 2023.
/jlne.ws/43XLMa7
Europe's plan to finally make its single market work; Three decades after it was launched, hundreds of barriers still persist within the EU. In an era of trade wars, Brussels has made it a key priority
Barbara Moens and Alice Hancock - Financial Times
When Belgian-based multinational Umicore ships rubbish within the European Union, it has to send through authorisation documents via a fax machine in one EU country and ensure signatures are in blue ink instead of black in another. These are just some of the obstacles Umicore faces to get waste shipments from all over the European Union to its giant recycling plant in the city of Antwerp. The list of different requirements is so long it resembles a trade route across the Hanseatic League, which peaked in the Middle Ages, rather than one through the world's largest single market created in 1993.
/jlne.ws/3GepbNr
'Regime change' or peace: Donald Trump's head-spinning Iran policy; President claims another Middle East war has ended - just days after the US joined it
James Politi and Guy Chazan - Financial Times
In Donald Trump's world, with himself as the protagonist, the conflict in Iran has unfolded in three stages over a chaotic 48-hour period. On Saturday, it began with the US president ordering B-2 bombers to drop bunker-busting bombs on Iran's nuclear facilities, sending the US into Israel's war with the Islamic republic. On Sunday, Trump was floating the prospect of "regime change" in Tehran, delighting traditional Republican foreign policy hawks but alarming his isolationist rightwing allies.
/jlne.ws/4nhK1fo
Stablecoins 'perform poorly' as money, central banks warn; BIS says they fail crucial tests for a sound currency and are exploited by criminals
Martin Arnold - Financial Times
Top central bankers have delivered a scathing assessment of stablecoins, saying they "perform badly" on key requirements for being widely used as money, disavowing US President Donald Trump's push to make them a pillar of mainstream finance. The Bank for International Settlements said stablecoins fail the three main tests of any money because they are not backed by central banks, lack sufficient guardrails against illicit usage and do not have the flexibility of funding needed to generate loans.
/jlne.ws/3T3V1PZ
Circle's 750% Surge Heats Up Debate Over Stablecoin Payments
Carmen Reinicke and Monique Mulima - Bloomberg
A surge in shares of Circle Internet Group Inc., lifted by a wave of optimism about US stablecoins, has investors and market-watchers alike wondering just how much upside could be left in the near-term for the newly publicly-traded company. The blistering rally started on the first day of trading for the company behind USDC, the second-largest stablecoin by market share, when the stock jumped 168% from its initial public offering price of $31. Since its debut on June 5, the stock has continued to march higher, with shares gaining 9.6% Monday to close at $263.45 - yet another record high.
/jlne.ws/4egZokh
Wall Street should heed the signal from Mamdani's mayoral race; The socialist running to be a New York mayoral candidate raises questions for financiers on issues such as tax
James Fontanella-Khan - Financial Times
The race to decide the next Democratic candidate to be mayor of New York is going down to the wire and there are more than a few Wall Street titans sweating over the outcome. Polling for the lead contenders - former governor Andrew Cuomo and a 33-year-old assembly member Zohran Mamdani - has suggested the outcome will be close. For prominent Wall Street figures, the prospect of a socialist Mamdani taking the helm of the world's largest financial capital has provoked an unusual degree of concern.
/jlne.ws/44ugcAZ
Digital Asset, Builder of Privacy-Focused Blockchain Canton, Raises $135M
Ian Allison - CoinDesk
Digital Asset, the builder of privacy-focused blockchain Canton Network, raised $135 million in a strategic funding round led by DRW Venture Capital and Tradeweb Markets, the companies said on Tuesday. The round also included a mix of big-name institutions from traditional finance and crypto, including BNP Paribas, Circle Ventures, Citadel Securities, Depository Trust & Clearing Corporation (DTCC), Virtu Financial, Paxos and others.
/jlne.ws/45wVGRk
Federal Reserve Board announces that reputational risk will no longer be a component of examination programs in its supervision of banks
Federal Reserve Board
The Federal Reserve Board on Monday announced that reputational risk will no longer be a component of examination programs in its supervision of banks. The Board has started the process of reviewing and removing references to reputation and reputational risk from its supervisory materials, including examination manuals, and, where appropriate, replacing those references with more specific discussions of financial risk. The Board will train examiners to help ensure this change is implemented consistently across Board-supervised banks and will work with the other federal bank regulatory agencies to promote consistent practices, as necessary.
/jlne.ws/3ZFwHrm
***** Al Capone can finally get his account open at J.P. Morgan.~JJL
How Have Capital Levels of Futures Commission Merchants Changed Since the Global Financial Crisis?
Following the Global Financial Crisis of 2007-09 (GFC), regulators across the world enacted regulations to repair and strengthen financial markets. These regulations included a mandate to have more financial market contracts be cleared through central counterparties (CCPs), which are financial institutions that guarantee the performance of contracts.1 As a result, the central clearing of derivatives transactions increased significantly, and so did the allocation of capital to support this activity in line with regulatory requirements. If demand to centrally clear transactions continues to rise, will clearing firms have enough capital capacity to meet this new demand?
/jlne.ws/4lh86kL
Big banks are close to getting one of biggest regulatory rollbacks since 2008
David Hollerith and Jennifer Schonberger - Yahoo Finance
The change that the Federal Reserve will consider on Wednesday would affect the so-called enhanced supplementary leverage ratio (eSLR), a rule that calls for the largest US banks to hold additional minimum capital based solely on their size. The FDIC is also expected to discuss the proposal Thursday. The largest and most important US lenders, such as JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs Group (GS), and Morgan Stanley (MS), currently must keep those eSLR ratios at 5%. The proposal being considered by regulators would lower that requirement by 1.5 percentage points, according to a Bloomberg report.
/jlne.ws/4kadIfP
Jensen Huang Starts Selling Nvidia Stock Under $865 Million Plan
Biz Carson - Bloomberg
Nvidia Corp. Chief Executive Officer Jensen Huang has started selling the chipmaker's stock, his first transactions under a plan that allows him to offload up to $865 million worth by year's end. Huang disposed of 100,000 shares over a two-day period of June 20 and June 23 for $14.4 million, according to a filing Monday with the Securities and Exchange Commission. Huang's sales are part of a new 10b5-1 plan adopted in March and disclosed last month in Nvidia's quarterly report.
/jlne.ws/44Dk95x
Barack Obama Warns AI Revolution Is 'Not Hype,' Says 'You're Going To Start Seeing Shifts ... '
Shomik Sen Bhattacharjee - Benzinga
Former President Barack Obama warned that artificial intelligence is "coming to your neighborhood faster than you think," saying the technology is already reshaping white-collar work and could accelerate economic disruption. What Happened: Speaking with historian Heather Cox Richardson at The Connecticut Forum, Obama said the AI boom "is not made up. It's not over-hyped. You are already there, probably." after meeting backstage with Hartford business owners.
/jlne.ws/3ZHb0XR
U.S. Attack on Iran Injects Uncertainty Into Already Uncertain Economy; On-and-off trade battles, hot wars and deportations mean there is 'too much risk on the table right now'
Jeanne Whalen - The Wall Street Journal
The U.S. bombing of Iran and direct involvement in Israel's conflict has added a fresh dose of uncertainty to a U.S. economic picture that was already looking pretty muddled. Recent gyrations in policy and global events have left economists and consumers in a state of confusion. On Monday night, just hours after Iran's retaliatory strike on a U.S. base and while talk of regime change was still in the air, President Trump announced a cease-fire deal between Iran and Israel. Add the geopolitical whipsaw to Trump's on-again/off-again tariff plan and to deportations that sparked mass protests and spooked the hotel and agriculture industries. Businesses have slowed hiring considerably, partly out of concern about tariffs and rising costs, but they aren't engaging in big layoffs and the unemployment rate remains low. Even the Federal Reserve, the steward of the U.S. economy, is torn on where things are headed and whether to cut interest rates.
/jlne.ws/4efsqRg
How Visa and Mastercard Can Survive the Stablecoin Threat; Stablecoins' quickest path to consumer wallets may be working with today's players
Telis Demos - The Wall Street Journal
Stablecoins have a shot at being used in a lot of consumer payments. If they play their cards right. Investors seem to be betting that stablecoins-digital tokens meant to represent a fixed amount of a fiat currency such as the U.S. dollar-could rapidly disrupt how we pay for things. Following the Senate's passage of a stablecoin-regulation bill last week, shares of crypto companies such as Circle Global Internet and Coinbase Global surged. Shares of Visa and Mastercard, by contrast, are on track for their worst monthly performance in a couple of years.
/jlne.ws/3TDWYTi
A Key Gauge Signals Waning Demand for US Dollar in $7.5 Trillion Market
Carter Johnson - Bloomberg
A measure of demand in the $7.5-trillion-a-day foreign-exchange market is catching the attention of Wall Street, pointing to diminished appetite for the US dollar even during market turbulence that would otherwise send investors flocking to the greenback. Analysts at a handful of banks including Morgan Stanley and Goldman Sachs Group Inc. all point to recent shifts in so-called cross-currency basis swaps - a gauge of how much it costs to exchange one currency for another beyond what would normally be implied by borrowing costs in the cash markets. As demand for a particular currency increases, that extra cost or premium rises, and likewise declines or even can go negative when appetite isn't as strong.
/jlne.ws/45EQI5a
European Banks Face Hit to Profits in S&P Trade War Stress Test
Nicholas Comfort - Bloomberg
European banks would see their profits eroded if an escalation of trade tensions with the US leads to souring corporate loans, according to S&P Global Ratings. Credit Agricole and BPCE of France, Frankfurt-based Commerzbank, Dutch lender Rabobank and Denmark's DLR Kredit stand to be hit hardest, according to calculations by the credit ratings company. S&P said none of the 91 banks it examined were projected to face an annual loss in its stress test.
/jlne.ws/44wX2dG
|
| | | |
|
| |
| 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. | Arm CEO Sides With Nvidia Against US Export Limits on China
Jake Rudnitsky and Tom Mackenzie - Bloomberg
Arm Holdings Plc Chief Executive Officer Rene Haas said Thursday that US export controls on China threaten to slow overall technological advances and are ultimately bad for consumers and companies, aligning himself with Nvidia Corp. Chief Executive Officer Jensen Huang and others looking to ease tensions between Washington and Beijing.
/jlne.ws/3T262RM
Wall Street has a short memory for global crises
Josh Schafer - Yahoo Finance
Rising tensions in the Middle East haven't shaken the stock market yet. Since Israel's missile strike on Iran on June 13, the S&P 500 is essentially flat. This includes a 1.0% rise on Monday in the immediate reaction to the US strikes on Iran from June 21 and Iran's subsequent retaliation. Futures tied to the major US stock indexes pointed higher on Tuesday too, amid hopes that a US-brokered ceasefire between Israel and Iran could lay the groundwork for a more permanent end to hostilities. Largely, strategists have argued that as long as their response doesn't imminently threaten to significantly spike oil prices, large pain in stocks isn't expected.
/jlne.ws/4k3Eqqc
Singapore seeks stronger China ties amid uncertainty over Trump tariffs; PM Wong calls for 'new frontier for cooperation' with Beijing
Dylan Loh - Nikkei Asia
Singaporean Prime Minister Lawrence Wong met Chinese President Xi Jinping in Beijing on Tuesday, as part of the city-state's efforts to broaden collaboration with the world's second-largest economy amid ongoing uncertainty over trade talks with the U.S. "In this time of global turbulence and uncertainty, I believe the China-Singapore relationship is more important than before," Wong said during his meeting with Xi, speaking in English. "We can work together to establish closer ties and also to cooperate in regional and multilateral platforms to continue to strengthen multilateralism in the rules-based global order."
/jlne.ws/4ln4kGO
|
| | | |
|
| |
| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Ukraine and UK to jointly produce long-range drones, Zelenskyy says; Ukrainian president says two countries will deepen defence cooperation with the objective to 'stop Russian terror'
Luke Harding - The Guardian
Ukraine and the UK are to deepen their defence cooperation by jointly producing long-range drones, Volodymyr Zelenskyy said on Monday after talks with Keir Starmer in Downing Street aimed at forcing Russia to "think about peace". Zelenskyy said his main objective was "to save as many lives as possible" and to "stop Russian terror". Writing on social media, he called for "maximum political and diplomatic coordination" and closer work on "joint defence projects and weapons production".
/jlne.ws/3HTxgaS
Middle East Conflict
Israel says Iran launched more missiles after ceasefire started. Iranian military denies that.
Sam Mednick, Jon Gambrell, and Melanie Lidman - Associated Press via Chicago Tribune
A tentative truce faltered Tuesday when Israel accused Iran of launching missiles into its airspace after the ceasefire was supposed to take effect and vowed to retaliate. Iran's military denied firing on Israel, state media reported - but explosions boomed and sirens sounded across northern Israel midmorning, and an Israeli military official said two Iranian missiles were intercepted. U.S. President Donald Trump told reporters at the White House before departing for the NATO summit at The Hague that in his view, both sides had violated the nascent agreement he had announced earlier. "They violated it but Israel violated it too," Trump said. "I'm not happy with Israel."
/jlne.ws/3G4fi50
Iran appears to confirm its military will cease operations against Israel
The Washington Post
President Donald Trump said in an announcement on social media that Iran and Israel had agreed to a ceasefire, ending what he said should be called the "12-day war." He congratulated both countries, saying the conflict "could have gone on for years, and destroyed the entire Middle East." Iranian Foreign Minister Abbas Araghchi appeared to confirm its military would halt military operations against Israel, if Israel stopped its attacks. There was no immediate corroborating announcement from Israel. In an earlier post on Truth Social, Trump downplayed an Iranian attack Monday on the forward headquarters for U.S. Central Command in Qatar, home to about 10,000 troops, as a "very weak response" by Tehran to U.S. strikes on key Iranian nuclear sites. The president said there were no deaths or injuries in the attack in Qatar.
/jlne.ws/44lFxMn
Trump's Iran Attack Revives Questions About War Powers; Constitution gives Congress power to declare war, but presidents have long maneuvered on their own
Jess Bravin - The Wall Street Journal
Operation Midnight Hammer, Saturday's U.S. attack on Iranian nuclear facilities, rekindled a long-running legal debate about when presidents can unilaterally deploy the military against a foreign power. In one sense, President Trump's decision to strike Iran follows perhaps the most central theme of his second term in office: He is taking aggressive, boundary-pushing actions while the legislative branch is relegated to the sidelines. But in this instance, Trump's move bears similarities to decisions made by past presidents-of both parties-who moved quickly to use military force to vindicate what they saw as urgent national interests.
/jlne.ws/3HTCof2
Putin says US strikes on Iran are pushing world to 'very dangerous line'
Guy Faulconbridge and Dmitry Antonov - Reuters
Russian President Vladimir Putin said on Monday that "unjustified" U.S. attacks on Iran's nuclear sites were pushing the world towards great danger and he promised to try to help the Iranian people, although did not spell out how. U.S. President Donald Trump and Israel have publicly speculated about killing Supreme Leader Ayatollah Ali Khamenei and about regime change, steps Russia says could thrust the entire region into the abyss of a major war.
/jlne.ws/4nhM6YV
Iran 'hiding thousands of centrifuges' to build nuclear bomb
Paul Nuki - The Telegraph
Iran has hidden sites housing "hundreds if not thousands" of advanced centrifuges capable of producing weapons-grade uranium, an expert on Iran's nuclear programme said. The regime also moved much of its highly enriched uranium to a secret location before the US was able to bomb the Islamic republic's three known nuclear facilities, they added. It means Tehran could have all the capabilities to build a nuclear bomb, said Sima Shine, an expert on Iran's nuclear programme who has worked within the Israeli military establishment for more than 30 years. "I'm sure they have a hidden place somewhere with some hundreds, if not thousands of centrifuge[s] and they have material all there in several places all over Iran," Ms Shine told The Telegraph.
/jlne.ws/4emi3v8
Why Countries Are Suddenly Broadcasting Their Spies' Exploits; Commandos, secret operations and drones now offer action video that is effective for messaging on social media
Daniel Michaels and Drew Hinshaw - The Wall Street Journal
Israel's airstrikes on Iran exploded across the world's screens as a public display of military firepower. Underpinning that was a less visible but equally vital Israeli covert operation that pinpointed targets, guided the attacks and struck Iran from within.
/jlne.ws/3T8qhNM
Other Conflicts
NATO Aims to Boost Defenses Against Drones, Hacking and Sabotage; Allies intend to spend more on nonlethal measures to secure homelands and troop deployments
Daniel Michaels - The Wall Street Journal
Ukraine's drone strike on parked Russian bombers and Israel's destruction of Iranian air defenses sound a warning for NATO countries: Savvy adversaries can eliminate vital battlefield assets anywhere, before they enter a fight. That makes the work of preparing for battle more important than ever. Addressing the challenge of protecting and mobilizing forces inside the North Atlantic Treaty Organization's homeland is rising on the alliance's must-do list.
/jlne.ws/40dJnWw
|
| | | |
|
| |
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Ascertainment of the Initial Fulfillment of Listing Requirements and Admission of the Bonds of AEGEAN AIRLINES S.A.
ATHEX Group
The Athens Stock Exchange, following today's session of its Listings and Market Operation Committee, ascertained the initial fulfillment of listing requirements of up to 250,000 common registered bonds of the company "AEGEAN AIRLINES S.A." (ISIN: GRC4951257D7), as a result of the forthcoming issue of a Common Corporate Bond Loan of up to EUR250,000,000 and approved their admission to trading in the Fixed Income Securities Trading Segment of the Regulated Market of the Athens Stock Exchange, in accordance with Article 6 of Law 3371/2005 and §3.1.9 and §3.1.16 of the ATHEX Rulebook, for, subject to the prospectus approval by the Hellenic Capital Market Commission and the successful completion of the Public Offering, in accordance with the terms disclosed by the Issuer.
/jlne.ws/4n7yPC6
BME Extends Trading Hours for IBEX 35 Futures Contracts as of Today
BME-X
MEFF, BME's derivatives market, has implemented an extension of trading hours effective today. The trading session for IBEX 35 Futures, Mini IBEX Futures, and Micro IBEX Futures on the electronic order book system will now run until 10:00 p.m.
/jlne.ws/45xQpcd
Miami International Holdings Announces $40 Million Investment from Warburg Pincus to Support Global Expansion
MIAX
Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced it has obtained $40 million in incremental funding from Warburg Pincus, a leading global growth investor. The proceeds were used to finance a portion of MIH's acquisition of The International Stock Exchange (TISE), a leading market in Europe for listing high yield bonds, structured finance products and securitization transactions. The investment provides significant support for MIH's global expansion as it executes on its strategy of building a diversified revenue stream across multiple geographies.
/jlne.ws/4lf13Jq
JPX and STAC to Hold STAC Summit in Tokyo
JPX
Japan Exchange Group (JPX) is pleased to announce a collaboration with the Strategic Technology Analysis Center (STAC) to jointly host the STAC Summit in Tokyo on September 18, 2025. STAC Summits are premier global events that bring together capital markets technologists and cutting-edge technology vendors to explore high-performance solutions in trading, data management, AI/ML, and market infrastructure. This Tokyo summit represents a major step in expanding STAC's global footprint and highlights the growing significance of advanced financial technology in the Asia-Pacific region.
/jlne.ws/4k2g1lb
Expansion of Trading at Settlement ("TAS") Eligibility for the Light Sweet Crude Oil Futures Contract
CME Group
/jlne.ws/3HTKHre
SPAN 2 Framework Energy Model Parameter Changes - Effective June 24, 2025
CME Group
/jlne.ws/44tn9SN
Unlocking liquidity and stability: The buy-side case for cleared repo; Eurex's Katja Renner and Elina Lehtonen, EMEA sales, set out what is driving the growth in buy side adoption of cleared repo
Eurex
In post-financial crisis capital markets, demand for collateral and funding is higher than ever before. Since the early 2010s, several key regulatory mandates have been introduced across the global market that have significantly increased demand for reliable access to liquidity pools. At the same time, growing competition has significantly increased the focus among buy-side firms on operational efficiencies and financing costs. All this is resulting in the growing number of buy-side firms, particularly pension funds and large asset managers, that are clearing repo trades.
/jlne.ws/4ehTiA1
Mega RISA Seminar in Agra to Empower Investors in Uttar Pradesh
NSE
The National Stock Exchange of India Ltd. (NSE) and the National Securities Depository Limited (NSDL) under the guidance of Securities and Exchange Board of India (SEBI) successfully hosted a Mega Regional Investor Seminar for Awareness (Mega RISA) today at Soorsadan Hall, Agra, aimed at deepening financial literacy, enhancing investor awareness and protection, empowering investors with credible knowledge on financial and securities market and fraud prevention.
/jlne.ws/46ch3Yh
|
| | | |
|
| |
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Citadel Securities Joins DRW in Funding Round for Digital Asset
Anna Irrera - Bloomberg
Blockchain company Digital Asset Holdings LLC has raised $135 million from large financial firms including Citadel Securities, IMC, Optiver, Goldman Sachs Group Inc. and Virtu Financial, as Wall Street accelerates its focus on using the technology underlying cryptocurrencies to handle traditional assets. The round led by DRW Venture Capital and Tradeweb Markets will enable the New York-based company to expand its engineering and product team to take advantage of increased activity in the space, Digital Asset Chief Executive Officer Yuval Rooz said in an interview. Other backers include BNP Paribas, Circle Ventures, Depository Trust & Clearing Corp. and Paxos, the company said in a statement.
/jlne.ws/44odJai
Artificial Intelligence
The Magical Thinking of Masa Son; The SoftBank founder has a long-shot ambition to create an AI robot hub in the US desert.
Catherine Thorbecke - Bloomberg
SoftBank Group Corp. founder Masayoshi Son is nothing if not willing to make the kind of bold bets that other investors might balk at. But his latest pitch - to create a $1 trillion artificial intelligence hub that manufactures robots in the Arizona desert - may be his most audacious yet. It comes after an impassioned speech last year when Son said that he was mourning the death of his father and grappling with what his own legacy would be. Then, he had an epiphany: He was "born to" dedicate himself to developing what he calls "artificial super intelligence," or AI that is thousands of times smarter than humans. The newfound purpose might be a motivating factor in bringing this new venture, dubbed "Project Crystal Land," into fruition. But it's hard to know how much of it is just magical thinking on the part of the Japanese billionaire better known as Masa.
/jlne.ws/3T5p61p
AI-powered fintech Conquest Planning secures $80m funding
GlobalData
Conquest Planning has secured $80m in Series B funding to expand its artificial intelligence (AI)-powered financial planning services. The funding round was led by Goldman Sachs Alternatives, with participation from new investors including Canapi Ventures, BDC Capital, Citi Ventures, TIAA Ventures, and USAA.
/jlne.ws/4kSqfWj
The struggle to get inside how AI models really work; Anthropic, Google and OpenAI deploy 'chains-of-thought' to better understand the operations of AI systems
Cristina Criddle - Financial Times
The world's leading artificial intelligence groups are struggling to force AI models to accurately show how they operate, an issue experts have said will be crucial to keeping the powerful systems in check. Anthropic, Google, OpenAI and Elon Musk's xAI are among the tech groups to have developed a technique called "chain-of-thought" that asks their AI "reasoning" models to solve problems step by step, while showing how it works out the response to a query. While company researchers said this process has provided valuable insights that have allowed them to develop better AI models, they are also finding examples of "misbehaviour" - where generative AI chatbots provide a final response at odds with how it worked out the answer.
/jlne.ws/44lJQr1
Microprocessors
Chip Supplier Wolfspeed Agrees to Cut $4.6 Billion Debt in Bankruptcy; The company agreed with top creditors to exchange most of its debt for equity and file a near-term bankruptcy
Andrew Scurria and Alicia McElhaney - The Wall Street Journal
U.S. semiconductor supplier Wolfspeed signed a restructuring deal with top creditors to cut roughly $4.6 billion in debt through a bankruptcy filing. Wolfspeed, which makes its silicon carbide wafers and semiconductor components primarily in the U.S., said it signed restructuring agreements with the vast majority of its senior and convertible noteholders and plans to ask all its creditors to approve the terms.
/jlne.ws/4lf25Fi
Blockchain
Digital Asset raises $135m from backers including BNP Paribas, DTCC and Goldman Sachs; Fintech aims to put funding towards accelerating the adoption of Canton Network, a privacy-enabled interoperable blockchain network designed for institutional assets.
Jonathan Watkins - The Trade
Digital Asset has raised $135 million in a strategic funding round led by DRW Venture Capital and Tradeweb Markets, with a range of other banks and market infrastructure providers also participating. The fintech said the funding will accelerate institutional and decentralised finance adoption on the Canton Network, the public permissionless Layer-1 blockchain that offers configurable privacy and institutional-grade compliance at scale.
/jlne.ws/3TBNd83
Tokenization
Tokenized Shares of Solana Treasury Company Defi Dev Coming to Kraken
Krisztian Sandor - CoinDesk
DeFi Development Corp. (DFDV), the Nasdaq-listed firm with a crypto treasury strategy focused on Solana SOL, is bringing its equity onto blockchain rails on crypto exchange Kraken. The company's shares will be tokenized under the ticker DFDVx on the Solana network, joining a select group of tokenized versions of major stocks like Apple and Tesla on the xStocks platform, the tokenized stock trading venue of tokenization specialist Backed and Kraken, a Monday press release said.
/jlne.ws/43VPNvM
Technology Firms
Blockfills Adds Connectivity to Your Bourse, Bringing New Liquidity Opportunities to Brokerages, Institutional Market Participants
Blockfills
BlockFills, a premier destination for digital asset trading and market technology leveraged by institutions and professional traders, and Your Bourse, a leading brokerage technology provider, today announced that BlockFills is now fully integrated with Your Bourse, expanding BlockFills' network of liquidity providers for more robust and diverse liquidity aggregation, while BlockFills itself serves as a liquidity provider to brokers on the Your Bourse platform.
/jlne.ws/43Z0k9E
ION partners with GFO-X to power market access, clearing, and margin processing
ION
LONDON, June 23, 2025 /PRNewswire/ -- ION announces that it has partnered with GFO-X, the UK's first regulated, centrally cleared trading venue dedicated to digital assets. A global leader in trading and workflow automation software, high-value analytics and insights, and strategic consulting to financial institutions, central banks, governments, and corporate organizations, ION will provide software and infrastructure to power market access, clearing, and margin processing for the GFO-X ecosystem.
/jlne.ws/467dQcA
|
| | | |
|
| |
| Cybersecurity | | Top stories for cybersecurity | This Philadelphia man lost over $1M in back-to-back scams - here are the red flags to watch out for
Vawn Himmelsbach - Moneywise
Joe Subach was just trying to send some money to a friend. But one phone call later, with a woman named 'Daisy,' and his financial situation was forever changed. Subach was the victim of two back-to-back scams - one that even involved him handing over his precious metals to money mules - that drained him of a whopping $1 million.
/jlne.ws/44e3Dsp
Are we human or are we spammer? As technology becomes better, a return to face-to-face encounters looks more likely
Stephen Bush - Financial Times
Have you stopped answering the phone to unknown callers? Do you no longer click links in texts? Or have you, at some point, failed to convince a website's anti-spam filter that you are in fact human? Perhaps you answered "yes" to all three, "no" to all three, or a mixture. The possibility that a withheld number might contain an invitation to do television makes it too much for my vanity to give that one up. I'll take my chances with the fraudsters. Others have their own bespoke arrangements - calling back unknown numbers, for example - to combat fraud or impersonation.
/jlne.ws/3ZLaR5P
|
| | | |
|
| |
| Cryptocurrencies | | Top stories for cryptocurrencies | Unicoin to Buy Majority Stake in Diamond Lake, Will Launch Altcoin Treasury Strategy
Francisco Rodrigues - CoinDesk
Crypto firm Unicoin has agreed to buy a 51% stake in Diamond Lake Minerals, a firm specializing in digital assets, setting the stage for a strategic rebrand and a shift into altcoin treasury. The deal, which was announced on Monday, will see Diamond Lake Minerals renamed to DiamondLake and refocussed on building a cryptocurrency treasury business. That effort is inspired by Strategy's bitcoin BTC-heavy corporate treasury strategy but swaps BTC for emerging altcoins. Shares of Diamond Lake Minerals' were last trading at $3.96, suggesting the deal could be worth above $70 million. The acquisition is expected to close within 20 days, pending standard conditions.
/jlne.ws/3ZNkNM5
Thailand Just Approved a Major Crypto Tax Loophole-Could It Save You Thousands?
David Okoya - Benzinga
Thailand has just become a more attractive destination for cryptocurrency investors. The country's cabinet on June 17 approved a tax measure to exempt cryptocurrency transactions from capital gains tax for individuals for five years, as part of efforts to become a global cryptocurrency hub. "Full steam ahead! The Thai government is accelerating efforts to position Thailand as a global digital asset hub," Deputy Finance Minister Julapun Amornvivat said on X. "The key point of this law is to make the crypto market in Thailand more vibrant, attract foreign investment to help stimulate domestic consumption and may lead to other forms of taxation, such as value-added tax (VAT) in the future."
/jlne.ws/4llbYRU
Metaplanet Plans to Inject $5B Into U.S. Unit to Accelerate Bitcoin Buying Strategy
James Van Straten - CoinDesk
Metaplanet's (3350) board of directors has approved a capital injection of up to $5 billion for its U.S. subsidiary, Metaplanet Treasury Corp, in a bid to speed up its bitcoin BTC acquisition strategy. The Japanese hotel company set up its Florida-based subsidiary on May 1, aimed at expanding its global bitcoin treasury operations.
/jlne.ws/3HW80Rh
Stablecoins
China Is More Than Ready for US Stablecoins; E-commerce prowess and Hong Kong's financial chops can ward off the threat from digital dollars.
Andy Mukherjee - Bloomberg
Beijing didn't take Mark Zuckerberg lightly when he came up with his grand idea of a world currency, one that could meet the "daily financial needs of billions of people." Nor is it ignoring the current buildup of excitement around stablecoin regulation in the US. China's powerful e-commerce firms and Hong Kong's financial chops have prepared it well against the upcoming tsunami of digital dollars. The Facebook founder's 2019 Libra blockchain (renamed Diem) threatened to unleash a similar wave of dollarization, in which the greenback - or a synthetic payment unit dominated by it - would supplant local currencies.
/jlne.ws/40e4t71
Startup claims to settle cross-border payments in minutes using stablecoins
Jackson Hinkle - The Street
Global payments remain slow, expensive, and fragmented-especially for businesses operating across borders. Mesta, a U.S.-based startup, is aiming to address that challenge by combining stablecoins, fiat rails, and an API-first approach to simplify cross-border transactions for fintech platforms and enterprise clients. "Mesta is a global fiat plus stablecoin payment network," said Sandeep Pyapali, CEO during an interview with TheStreet Roundtable. "We're focused on making international money movement faster and more cost-effective."
/jlne.ws/3HNkScy
Fiserv to launch digital asset platform with new stablecoin by year-end
GlobalData
Fiserv, a provider of payments and financial services technology, has announced plans to launch a new digital asset platform. The platform will include a stablecoin, FIUSD, set to be integrated into Fiserv's banking and payments infrastructure by the end of 2025. Fiserv said FIUSD will provide its customers with access to an interoperable digital asset service.
/jlne.ws/4ehTjE5
How Fiserv jolts the bank stablecoin market
John Adams - American Banker
The advancement of the GENIUS Act has thrust stablecoins into the spotlight, with Fiserv being the latest firm to enter the market, hoping to reach a wide range of financial institutions that face pressure from fintechs and large banks. Fiserv said it would launch a digital asset platform, including a stablecoin, FIUSD, that will be part of Fiserv's banking and payments menu by the end of 2025. Additionally, the bank technology company and PayPal plan to make their stablecoins, FIUSD and PYUSD, interoperable.
/jlne.ws/4kaT8Mr
|
| | | |
|
| |
| Politics | | An overview of politics as it relates to the financial markets | U.S. Administration
Trump's Threat to Unleash Troops in Cities Darkens as Brutal Poll Hits; As Trump vows to send the military into more cities amid some bad polling news on the issue, a sharp observer of public opinion explains why he's losing the voters on this-and how Dems should proceed now.
Greg Sargent - The New Republic
Emboldened by a partial court victory over his use of troops amid immigration protests in Los Angeles, President Trump is now threatening to expand deployment to other cities. This is unnerving, given that his manufacturing of fake rationales for "emergency" decisions like these is getting worse. Yet it comes as striking new polling shows that Trump's use of troops in California is deeply underwater with voters. Importantly, he's faring even worse on this with independents. In short, Trump recognizes zero constraints at this point, either from the law or, critically, from public opinion. We talked to Brian Beutler, author of the excellent Off Message Substack. He explains why Trump is losing the voters on two issues that pundits foolishly predicted he'd win on-the domestic deployment of troops and immigration-and how Democrats should respond by fighting a better information war than they currently seem capable of waging. Listen to this episode here. A transcript is here.
/jlne.ws/4k5b2QD
A 22-year-old college grad with no security experience is now leading a government terror prevention team: 'Putting the intern in charge'
Rhian Lubin and John Bowden - The Independent
A 22-year-old college graduate with no previous government leadership or security experience appointed to a major posting at the Department of Homeland Security is now drawing further scrutiny from President Donald Trump's Democratic critics in the wake of military strikes against Iran and warnings from officials about the heightened risk of terror attacks at home. Thomas Fugate, a former Heritage Foundation intern and self-described "Trumplican," joined DHS in a leadership role at the Center for Prevention Programs and Partnerships, known as CP3 in May. The CP3, which works to combat terrorism, school shootings and other hate-driven violence, oversees an $18 million grant program intended to help communities battle violent extremism.
/jlne.ws/44hb7ea
Trump Demands Low Oil Prices After U.S. Attacks on Iran; As Iran floats blockading the Strait of Hormuz in retaliation for U.S. airstrikes, Trump demands companies keep oil prices low for him
Nikki McCann Ramirez - Rolling Stone
When deciding to launch a bomb (or several dozen) at another nation, it is critical to consider that even though the target of your munitions may be thousands of miles away, the geopolitical and economic fallout could extend far beyond tit-for-tat airstrikes. Over the weekend, President Donald Trump authorized potentially crippling strikes against three of Iran's nuclear research and development sites, and now the world waits for potential retaliation. Outside of lobbing their own bombs, one option being floated by Iran is cutting off access to the Strait of Hormuz - a 90-mile stretch of water that connects the Persian Gulf and its surrounding oil-rich nations - to the open ocean. Approximately 30 percent of global liquid natural gas and 20 percent of the world's oil pass through the strait. Its closure would cause oil prices to soar.
/jlne.ws/44lFikr
Trump Questions US Commitment to Defend Allies Before NATO Meets
Hadriana Lowenkron - Bloomberg
President Donald Trump cast doubt on exactly how far the US is prepared to go to defend its NATO allies as he headed to a crucial summit with leaders of the military alliance. Trump said it "depends on your definition" when he was asked if he would commit to NATO's Article 5, which requires members to defend each other from attack, while traveling aboard Air Force One on Tuesday to the summit in The Hague.
/jlne.ws/44biCTJ
Justice Dept. Leader Suggested Violating Court Orders, Whistle-Blower Says; Emil Bove III, a Trump judicial nominee, voiced his intent to disobey court orders as others stonewalled and misled judges, according to a complaint.
Devlin Barrett - The New York Times
A senior Justice Department official, Emil Bove III, told subordinates he was willing to ignore court orders in order to fulfill the president's aggressive deportation campaign, according to a whistle-blower complaint by a department lawyer who has since been fired.
/jlne.ws/44vlBru
U.S. Congress
House Bans WhatsApp From Staffers' Government-Issued Devices
Kurt Wagner - Bloomberg
Meta's WhatsApp messaging platform has been added to a list of apps banned from government-issued devices for congressional staffers in the US House of Representatives, a move driven by concerns about the app's data security. The decision by the House Chief Administrative Officer was relayed to staffers Monday, according to Axios, and puts WhatsApp on a list that also includes the Chinese-owned chatbot, DeepSeek.
/jlne.ws/43Vo1j4
US Congress plots big tax cut for private credit investors; Deal under consideration would limit taxes on dividends even as spending plan deepens debt and cuts programmes for poor
Eric Platt - Financial Times
Policymakers in Washington are considering a multibillion-dollar tax break for private credit funds as part of President Donald Trump's flagship spending plan, even as the bill would swell US debt and cut programmes such as indigent medical care. The proposal would limit taxes on dividends paid to investors in so-called business development companies, one of the primary investment vehicles utilised by the private credit industry.
/jlne.ws/3HWtM7n
Elizabeth Warren Blasts Regulators' Potential Bank Leverage-Rule Changes
Katanga Johnson - Bloomberg
US Senator Elizabeth Warren criticized potential reforms to a key bank capital buffer ahead of regulators' meetings this week, saying the rule is a "critical safeguard" that promotes financial stability. Officials are set to propose changes to what's known as the enhanced supplementary leverage ratio, Bloomberg News reported earlier this month, after concerns that the bank capital rule constrained trading in the $29 trillion Treasuries market.
/jlne.ws/4k8Qhnb
Other U.S. Politics
Why Elon Musk failed; Musk started tinkering with the system before he understood how it worked, then left when Donald Trump's attention wandered.
Editorial Board - The Washington Post
Elon Musk was not the first tycoon to believe that what government really needs is a strong infusion of good corporate efficiency. It's a shame his U.S. DOGE Service didn't work, because it really would be better if the U.S. government could match the productivity and innovation of America's private sector.
/jlne.ws/40iAZ89
Bitcoin and Digital Asset Clarity Is Essential for Our Financial Future
Cynthia Lummis - CoinDesk
In recent weeks, Congress has made historic strides toward securing America's leadership in digital asset innovation. With the passage of the GENIUS Act, we've taken a major step toward ensuring that this emerging sector operates under clear, consistent rules-rules that protect consumers, encourage responsible innovation and strengthen national security. But make no mistake: this is just the beginning.
/jlne.ws/4nhLnHb
European Union
Macron and Merz: Europe must arm itself in an unstable world; Norms are eroding and old certainties are being challenged - we must act accordingly
Emmanuel Macron and Friedrich Merz - Financial Times
As we head for the Nato summit in The Hague, turmoil is all around us: war rages, norms erode and old certainties are challenged. In these testing times, Germany and France - together with our European and transatlantic friends and allies - stand united and strong, to defend our common values as well as the freedom and security of our citizens. The main source of instability for Europe comes from Russia, which has been waging an imperialist war, with its invasions of Georgia in 2008, then of Crimea and Donbas in 2014, then the whole of Ukraine in 2022. Vladimir Putin's objective is to undermine European security to Moscow's advantage. There is a methodical attempt on the part of Russia to exercise coercive tutelage over its neighbours, to seek to destabilise European countries and to challenge the global order. We cannot accept it, because our aim is to protect and preserve peace on our continent.
/jlne.ws/4epMOiU
Europe should not go it alone on defencel; Continued co-production is vital to maintain innovation and preserve the security of the EU and the US
Lloyd Austin - Financial Times
The Israel-Iran war is a reminder that we're living in the most combustible security environment in decades. A key part of Israel's self-defence network has been the Iron Dome antimissile system, which was co-produced with the US. That model of defence co-production is worth highlighting and building upon. Co-production should be front and centre at this month's Nato summit in The Hague.
/jlne.ws/44wvxRC
French Socialists threaten to topple Bayrou government over pensions; Failure of talks between unions and employers about retirement age could trigger censure vote
Adrienne Klasa - Financial Times
France's Socialist party has threatened to launch a no-confidence vote that could topple the country's fragile government after months of negotiations over a controversial pensions reform ended without a deal. Prime Minister François Bayrou had initiated a "conclave" on President Emmanuel Macron's cornerstone reform - which raised the retirement age from 62 to 64 - in a bid to maintain enough support for his governing coalition to survive in a deeply divided parliament.
/jlne.ws/4lldvaw
Spain blocks BBVA from merging with Sabadell for at least three years; Government imposes new conditions on hostile takeover bid
Barney Jopson - Financial Times
The Spanish government has thrown a new obstacle into the path of BBVA's EUR11bn hostile bid for rival lender Sabadell, declaring that the would-be acquirer cannot merge the two entities for at least three years. Spain's economy minister Carlos Cuerpo said the cabinet had decided that the two entities would have to "maintain separate legal identities and assets, as well as autonomy in the management of their activities" for three years and possibly more.
/jlne.ws/3FSrINn
Russia
A Putin War With NATO Would Cost the World $1.5 Trillion
Bloomberg Economics, Bloomberg News, Politics -The Big Take
European officials tracking the ramp up of Vladimir Putin's military are wrestling with a threat that would have been scarcely plausible a few years ago: war with Russia. Russia is churning out artillery shells, drones and missiles at a rate that will soon surpass the needs of its troops in Ukraine. The US and Israel's attack on Iran, a Kremlin ally, has dealt another blow to global stability, even as Trump has announced a tentative ceasefire. And Putin is sounding emboldened.
/jlne.ws/4lgFrfD
Why Russia Is Giving Iran the Cold Shoulder After Israel Attack; Tehran was promised military aid before Israel's airstrikes, but it got little more than rhetoric from Moscow
Thomas Grove and Bojan Pancevski - The Wall Street Journal
At the start of the year, Russian President Vladimir Putin met his Iranian counterpart at the Kremlin to sign a new strategic partnership to seal the budding alliance between the two countries that had spent the last decade trying to undermine the U.S.-led world order. Now, after more than a week of punishing Israeli and U.S. airstrikes, that partnership is doing Tehran little good.
/jlne.ws/3T6xVrP
|
| | | |
|
| |
| Regulation & Enforcement | | Stories about regulation and the law. | Ex-CFA Institute Executive Charged With Embezzling Millions
Anika Arora Seth - Bloomberg
The CFA Institute's former chief marketing officer was charged with embezzling nearly $5 million from the financial education group to fund a lavish lifestyle that included club memberships, travel and the purchase of a $150,000 engagement ring. Michael J. Collins, who worked at the CFA Institute from 2016 to 2022, was arrested Monday on an eight-count indictment by the Manhattan district attorney's office. According to prosecutors, he used his position as a marketing executive to hire outside consulting firms that he actually created and controlled, submitting fake invoices for "non-existent work."
/jlne.ws/3T5T05O
'Tiger-fighter' takes helm at China-backed development bank; Former anti-corruption official Zou Jiayi will lead Beijing's answer to the World Bank
Eleanor Olcott and Joseph Leahy - Financial Times
China has appointed a former anti-corruption official, known as the "tiger-fighting lady general", to lead the Asian Infrastructure Investment Bank, Beijing's answer to the World Bank. Zou Jiayi, a former vice-finance minister and senior official in the Chinese Communist party's anti-corruption body, was elected president of the AIIB on Tuesday at a meeting of its board of governors.
/jlne.ws/4kPJnnS
CFTC Staff Issues No-Action Letter Extension Regarding Non-U.S. Swap Dealers
CFTC
The Commodity Futures Trading Commission's Division of Market Oversight today issued a no-action letter extending the no-action position of CFTC Letter No. 22-14 concerning certain swap reporting requirements of Part 45 and Part 46 of the CFTC's regulations. The letter applies to certain non-U.S. swap dealers and non-U.S. major swap participants established in Australia, Canada, the European Union, Japan, Switzerland or the United Kingdom, that are not part of an affiliated group in which the ultimate parent entity is a U.S. swap dealer, U.S. major swap participant, U.S. bank, U.S. financial holding company or U.S. bank holding company.
/jlne.ws/3I9a5t3
CFTC's Division of Market Oversight Seeks Public Comment on Proposed No-Action Position to MIAX Futures Exchange, LLC
CFTC
The Division of Market Oversight (DMO) of the Commodity Futures Trading Commission is seeking public comment on a proposed no-action position to MIAX Futures Exchange, LLC (MIAX Futures), a designated contract market (DCM), pursuant to Commission Regulation 140.99. Comments must be submitted by 12 p.m. EDT on June 25, 2025.
/jlne.ws/4loIHG8
Kevin Muhlendorf Named SEC Inspector General
SEC
The Securities and Exchange Commission today announced that Kevin Muhlendorf will be the agency's new Inspector General, effective July 28. Mr. Muhlendorf is a former SEC and Justice Department attorney who for the past nine years has been a partner in the white-collar defense and government investigations practice at Wiley Rein LLP in Washington D.C., where he focused on representing individuals and entities in criminal and civil securities enforcement matters. Acting Inspector General Katherine Reilly will return to her role as a Deputy Inspector General.
/jlne.ws/4kapuXE
ASIC invites feedback on options for regulation of employee redundancy funds
ASIC
ASIC has today released Consultation Paper 384 Employee redundancy funds (CP 384) to seek feedback on the requirements that should apply to employee redundancy funds under the Corporations Act 2001 once the transitional relief ASIC has granted expires on 1 April 2026.
/jlne.ws/4eld0eo
ASIC warns industry and consumers of share sale fraud
ASIC
Following a spike in reports of stolen shares due to identity theft and an industry review, ASIC has updated guidance for Australian financial services (AFS) licensees about how they can reduce share sale fraud risks to their clients and business. Share sale fraud is the fraudulent activity of a person who is not who they claim to be, selling or transferring shares that do not belong to them.
/jlne.ws/4elg0HJ
Authorities revise Memorandum of Understanding in relation to payments in the UK; The Memorandum of Understanding (MoU) provides an opportunity to strengthen coordination between the Bank of England (the Bank), FCA, Prudential Regulation Authority (PRA), and Payment Systems Regulator (PSR).
FCA
The Bank, the FCA, the PRA, and the PSR (the Authorities) have an MoU which sets out the high-level framework that we use to cooperate with one another in relation to payments in the UK. The Financial Services (Banking Reform) Act 2013 requires the Authorities to review the MoU annually.
/jlne.ws/3T8sWae
|
| | | |
|
| |
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | What Mike Tyson and the Bond Market Can Teach Trump on Debt; Treasury buyers will be the ultimate arbiters on whether MAGA math adds up.
Tom Orlik - Bloomberg
"Everyone has a plan, till they get punched in the face," the former heavyweight champion and ear gourmand Mike Tyson once said. Swapping the boxing ring for the government arena, everyone has a plan for whittling down America's debt, until they get punched by the bond market.
/jlne.ws/4nyxyV9
China Expands Its Coal Exports and Shrinks Imports Due to Glut
Bloomberg News
China's coal glut is resulting in an increasing number of unwanted cargoes being offered abroad. About 2.5 million tons were exported in the first five months of 2025, according to the latest customs data, which is 13% more than the same period last year. Japan, Indonesia and South Korea were the top destinations, although some cargoes were sent as far afield as the Netherlands.
/jlne.ws/43VLqRo
Super Micro Seeks $2 Billion Convertible Bond as Deals Ramp Up
Yiqin Shen and Anthony Hughes - Bloomberg
Super Micro Computer Inc. is raising $2 billion from the sale of convertible bonds, extending a dramatic run of companies tapping the resurgent market to secure cheap capital. The San Jose, California-based firm plans to use the proceeds to repurchase shares, as well as to fund growth and business expansion, according to an announcement Monday. The offering is expected to price after the market closes in New York on Monday, the people said, asking not to be identified as the information isn't public.
/jlne.ws/4leaBo6
Copper Faces Historic Squeeze With LME Stockpiles Depleting Fast
Mark Burton - Bloomberg
One of the copper market's biggest-ever squeezes is unfolding on the London Metal Exchange, as rapidly declining inventories push up spot prices. Spot copper traded at a $280-a-ton premium to three-month futures on Monday, hitting the highest level seen since a record spike in 2021. The huge spot premium - known as a backwardation - signals a supply shortage, and it comes after a rapid drawdown in LME inventories over the past few months.
/jlne.ws/3ZIZfAf
Nearly Two Million Student-Loan Borrowers Are at Risk of Docked Pay This Summer; The government is set to start garnishing wages after a pandemic-era reprieve ended
Oyin Adedoyin - The Wall Street Journal
Nearly two million student loan borrowers are at risk of having their wages garnished this summer. Roughly six million federal student-loan borrowers are 90 days or more past due after a pandemic-era reprieve ended, according to TransUnion. The credit-reporting company estimates that about a third of them, or nearly two million borrowers, could move into default in July and start having their pay docked by the government. That's up from the 1.2 million that TransUnion had estimated in early May.
/jlne.ws/3HWW4if
Gas Algorithms Pull Back as Mideast Truce Returns Risk-Off Mood
Priscila Azevedo Rocha - Bloomberg
Traders relying on trend-following algorithms are pulling back from the European gas market, exacerbating the risk-off mood in play since US President Donald Trump announced a ceasefire between Israel and Iran. Algorithm-focused funds known as commodity trading advisers, or CTAs, flipped from +9% net-long to a -18% net-short position on Tuesday, amplifying the selloff in Dutch front-month futures, according to data from Bridgeton Research Group Llc. CTAs - often an early indicator to the market's mood - tend to intensify price moves in both directions, making it harder for traders with physical exposure to navigate the market.
/jlne.ws/4eiQT8u
|
| | | |
|
| |
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Hundreds of Companies Have to Meet ESG Goals This Year or Pay Up
Miquela Thornton and Ethan M Steinberg - Bloomberg
A growing number of companies are facing deadlines for sustainability commitments they made to lenders years ago, testing a key corner of the market for ESG debt. More than 250 bonds globally will face deadlines this year to either meet their sustainability performance targets or face a coupon step-up, according to the Anthropocene Fixed Income Institute. That's up from the roughly 24 securities facing such deadlines last year, setting the stage for a potential rash of step-ups.
/jlne.ws/4lgVwC1
New York to Build One of First U.S. Nuclear-Power Plants in Generation; Gov. Hochul directs state's public electric utility to add at least 1 gigawatt of new nuclear-power production
Ryan Dezember and Jennifer Hiller - The Wall Street Journal
New York intends to build a large nuclear-power facility, the first major new U.S. plant undertaken in more than 15 years and a big test of President Trump's promise to expedite permitting for such projects. Gov. Kathy Hochul said in an interview that she has directed the state's public electric utility to add at least 1 gigawatt of new nuclear-power generation to its aging fleet of reactors. A gigawatt is roughly enough to power about a million homes.
/jlne.ws/4llcak0
The Middle East Is in Turmoil. U.S. Frackers See No Reason to Pump More Oil.; Well-supplied markets and weakening demand for crude concern American drillers
Benoit Morenne - The Wall Street Journal
President Trump warned American oil producers Monday that he was watching closely for a crude price spurt as the Middle East appeared close to a regional war, and he urged the Energy Department to "drill, baby, drill." But frackers have no immediate plans to pump more crude. They have wrestled with lower oil prices in recent months and have been steadily shedding oil rigs and sending crews that frack wells home. A long list of factors inhibit their appetite for pumping more oil, from a global economic slowdown to pressure from tariffs and a wave of new crude supplies inundating already well-sated markets.
/jlne.ws/3ZMTcuq
Carlyle's Private-Credit Arm Signs Up to $2 Billion Deal With Diversified Energy; The asset-backed financing deal will support acquisitions by the natural-gas producer
Isaac Taylor and Luis Garcia - The Wall Street Journal
Carlyle Group joined with natural gas producer Diversified Energy Co. to invest as much as $2 billion in mature oil-and-gas fields, as the private-equity firm seeks to capitalize on rising demand for energy by backing assets that generate steady cash flow. Investing alongside Carlyle will make it easier for the publicly traded company to acquire natural-gas and oil fields across the U.S., said Akhil Bansal, head of asset-backed finance in Carlyle's global credit group. Increased emphasis on energy security by governments, combined with rising demand for electricity to power artificial-intelligence systems, was one of the deal drivers, he said.
/jlne.ws/45CguqH
Oil majors pull staff from Iraq amid fears of retaliation by Iran; BP, TotalEnergies and Eni evacuate 'some foreign personnel' following US air strikes on Iranian nuclear sites
Tom Wilson - Financial Times
BP, TotalEnergies and Eni have begun to evacuate staff from oilfields in Iraq amid fears that neighbouring Iran may retaliate against Israel and the US by bombing energy infrastructure in the region. The three European oil majors have "temporarily evacuated some foreign personnel" from the south of the country, although local staff were continuing to run operations and oil production had been unaffected, Iraq's state-run Basra Oil Company said in a statement on Monday. The decisions follow US air strikes on Iranian nuclear sites over the weekend and mark the first confirmation of international oil companies pulling staff from the region since Israel launched its first attacks on Iran 10 days ago.
/jlne.ws/3G4wmI6
Cheniere Will Invest $2.9 Billion to Expand Texas Natural Gas Export Plant
Ruth Liao - Bloomberg
Liquefied natural gas exporter Cheniere Energy Inc. plans to spend $2.9 billion on the next expansion trains at its Texas facility in Corpus Christi. The final investment decision announced Tuesday by the Houston-based company gives the green light for a facility of more than 30 million metric tons a year. Cheniere was a pioneer in natural gas exports at the start of the shale gas boom, becoming the first company to reverse its import terminal in Louisiana almost a decade ago to ship LNG.
/jlne.ws/3GgOzSF
Oil-Eating Microbes Offer Tantalizing Clean Hydrogen Solution; Startup Gold H2 has successfully produced hydrogen from a depleted California oilfield, and it's looking to finalize other pilots around the world.
Michelle Ma - Bloomberg
/jlne.ws/4k3SpfG
The Heat Dome Wants a Word With Climate-Change Deniers; The temperatures gripping the US this week were made up to five times more likely by the fact that the atmosphere is simply hotter.
Mark Gongloff - Bloomberg
/jlne.ws/3ZLdy7r
|
| | | |
|
| |
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | BlackRock launches Texas ETF as state draws investor interest
Reuters
BlackRock said on Tuesday it had launched a Texas-focused exchange-traded fund, as the state gains traction as a rising hub of economic activity in the United States. The Lone Star State's low taxes, business-friendly policies and growing tech and energy sectors have attracted investors and asset managers looking to tap into its long-term growth potential.
/jlne.ws/44uVUY3
Citi APAC FX trading head takes the helm as Singapore head of markets retires; Individual is set to depart following more than 15 years with the firm; current head of FX trading for APAC has been named successor.
Natasha Cocksedge - The Trade
Citi has named Nathan Swami as Singapore head of markets, replacing Smith Smithangura who is retiring in June after more than 15 years with the firm. The move will see Swami stepping up to position effective immediately, and he will simultaneously continue his current role as head of FX trading for APAC, which he has held since September 2019.
/jlne.ws/43XuR7H
Northern Trust plans to stay independent amid merger talks with BNY Mellon
GlobalData
Northern Trust has announced its plans to remain an independent entity following reports of a potential merger with Bank of New York Mellon (BNY). A spokesperson for the group, as reported by Bloomberg, said: "While our policy is to not comment on market rumours, I can tell you that Northern Trust is fully committed to remaining independent and continuing to deliver long-term value to our stakeholders." The statement comes after a report of discussions between the chief executives of the two financial institutions.
/jlne.ws/45VKJsT
Italy's Monte dei Paschi sale sparks EU scrutiny after global investors sidelined; UniCredit, Norway's oil fund and BlackRock were among investors wanting shares in process run by small local bank
Silvia Sciorilli Borrelli and Ortenca Aliaj and Amy Kazmin - Financial Times
The European Commission is examining the Italian government's controversial sale of shares in Monte dei Paschi di Siena last year, following claims that large investors were shut out of the bidding process. UniCredit, Norway's oil fund and BlackRock were among the investors that were interested in buying shares when the Treasury sold a 15 per cent stake last November but were told that the bidding had been already closed by Banca Akros, the small local bank that was running the process, according to several people familiar with the matter.
/jlne.ws/44u1PN0
Hedge Funds
Millennium selects hedge fund sales specialist for fixed income trading role; New appointment joins from Deutsche Bank and has also previously worked at Goldman Sachs.
Natasha Cocksedge - The Trade
Vicky Mok has joined investment management firm Millennium as a fixed income trader. The move sees London-based Mok leaving her most recent position as vice president of hedge fund sales at Deutsche Bank, which she had held from July 2022 to March 2025. Prior to her time at Deutsche Bank, she served at Goldman Sachs for more than seven years, and held the position of vice president of futures sales and trading from December 2020 to July 2022.
/jlne.ws/44gqWlc
DWS chief urges Europe to accept more Chinese and Gulf investment; Comments from Deutsche Bank's asset manager come as Germany gears up for EUR500bn infrastructure blitz
Florian Muller - Financial Times
The chief executive of Deutsche Bank's asset management arm has urged European policymakers to adopt a more pragmatic stance towards investments from China and the Gulf, as Berlin prepares to spend hundreds of billions overhauling its creaking infrastructure. "Just as Donald Trump and his entourage travelled to Doha, Abu Dhabi and Riyadh to raise trillions for America - would German or European leaders do the same?" DWS chief executive Stefan Hoops told the Financial Times.
/jlne.ws/4neRUlN
Private Markets
Private Funds for Retail Investors Jump to $350 Billion, Morningstar Says
Silla Brush - Bloomberg
Wealthy retail investors in the US piling into private credit are pushing the market for semi-liquid funds to about $350 billion and exposing themselves to new risks, according to a Morningstar Inc. report. The total market for semi-liquid funds has surged 60% since the end of 2022, according to Morningstar, which on Tuesday is unveiling new risk and volatility analytics for financial advisers to assess private markets.
/jlne.ws/40lDypX
|
| | | |
|
| |
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Goldman Sachs launches AI assistant firmwide, memo shows
Reuters
Goldman Sachs on Monday announced a firmwide launch of an artificial intelligence assistant, a tool driven by generative AI, to boost productivity, according to an internal memo seen by Reuters. Around 10,000 employees at the bank are already using the GS AI Assistant, the memo sent to staff by Chief Information Officer Marco Argenti showed.
/jlne.ws/4edFxlX
Job Hunting Firm CareerBuilder + Monster Files Bankruptcy
Reshmi Basu, Luca Casiraghi, and Georgia Hall - Bloomberg
CareerBuilder + Monster, a firm that brought together early trailblazers in online job recruiting, filed for bankruptcy protection in Delaware as business continues to shrivel. The company said Tuesday it started a Chapter 11 process to facilitate a sale of the operations, according to a statement. The firm had estimated liabilities between $100 and $500 million, and assets between $50 and $100 million, according to its bankruptcy filing.
/jlne.ws/441ETEY
|
| | | |
|
| |
| Wellness Exchange | | An Exchange of Health and Wellness Information | Threat in Your Medicine Cabinet: The FDA's Gamble on America's Drugs
Debbie Cenziper, Megan Rose, Brandon Roberts and Irena Hwang - ProPublica
On a sweltering morning in western India in 2022, three U.S. inspectors showed up unannounced at a massive pharmaceutical plant surrounded by barricades and barbed wire and demanded to be let inside. For two weeks, they scrutinized humming production lines and laboratories spread across the dense industrial campus, peering over the shoulders of workers at the tablet presses, mixers and filling machines that produce dozens of generic drugs for Americans.
/jlne.ws/3HORR07
A New Study Reveals What Happens When You Drink Coffee Every Day; But not all coffee had the same results.
Allison Arnold - Delish
For many of us, coffee is a regular part of our daily routine. In fact, more than 53% of American adults over 20 drink coffee daily, according to data from the National Health and Nutrition Examination Survey (NHANES). Whether you prefer a hot cup of drip, an icy cold brew, or something a bit creamier, perhaps you've wondered just how healthy it is to drink coffee every day. Well, a new study might make you feel good about your daily cup of joe-that is, depending on how you take your coffee.
/jlne.ws/44giGla
|
| | | |
|
| |
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Australia regulator calls to add YouTube to under-16s social media ban; Google-owned video platform was originally excluded from groundbreaking restrictions over educational uses
Nic Fildes - Financial Times
Australia is reviewing whether to expand its groundbreaking social media ban for under-16s to include YouTube, after the country's internet safety regulator said the Google-owned video sharing website is where children suffer the most online harm. Australia passed legislation late last year aimed at preventing anyone under the age of 16 from registering to join social media platforms including Instagram, X, Facebook and Snapchat. The law puts the onus on technology companies to enforce the age limit or face significant fines.
/jlne.ws/3T69SJG
Malaysia to Boost Venture Capital With Tax Incentives
Kok Leong Chan - Bloomberg
Malaysia is dangling new tax incentives to investors to boost its venture capital industry, according to Second Finance Minister Amir Hamzah Azizan. The government is offering a concessionary tax rate of 5% for up to 10 years for eligible funds investing at least 20% of their money in local startups, Amir said on Tuesday. It is also offering a 10% tax rate for venture capital and private-equity management companies. This incentive now extends to onshore limited-liability partnership structures registered with the Securities Commission, further broadening the investor base to deepen the available pool of capital for local startups, he said.
/jlne.ws/449RSTK
Indian Farmers Increase Sowing of Rice and Pulses as of June 20
Pratik Parija - Bloomberg
The area allocated to monsoon-sown rice crops has surged 58% from a year earlier to 1.32 million hectares (3.3 million acres) as of Friday, according to India's agriculture ministry. Farmers have planted pulses on 944,000 hectares of farmland, climbing 42% from a year earlier, the ministry said in a statement late Monday. Cotton planting has increased to 3.1 million hectares, up 7.4% from a year earlier, it said.
/jlne.ws/44l1lb3
New Zealand Farmers Lack Succession Plan as Debt Spooks Children
Tracy Withers - Bloomberg
New Zealand farmers are finding it harder to interest their children in taking over the family business amid high costs and the waning lure of living on the land, according to a new report. Just 33% farmers and orchard growers have a plan in place to hand over their properties to new operators when they retire, the report from Rabobank New Zealand showed Tuesday. A further 17% have talked about succession but there is nothing documented, while 50% have no plan at all, the report said.
/jlne.ws/3HW2b6m
Cobalt price jumps as DR Congo extends export ban; World's biggest producer of key battery metal tries to support prices that have tumbled about 60% in three years
Camilla Hodgson - Financial Times
The price of cobalt jumped on Monday after the world's biggest producer extended a ban on exports of the battery metal, in an effort to support the market following a sharp sell-off in recent years. The cobalt price, which has dropped by about 60 per cent in just over three years, rose almost 10 per cent on the Wuxi Stainless Steel Exchange after an announcement at the weekend by the Democratic Republic of Congo's Strategic Mineral Substances Market Regulation and Control Authority. It said the four-month cobalt export ban imposed in February would continue until September.
/jlne.ws/4lm9AKL
|
| | | |
|
| |
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2025 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
