| June 18, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Evidently, I am not the only one telling stories recently about European ancestors emigrating to America. Walt Lukken, the president and CEO of FIA, opened IDX 2025 by sharing the tale of his great-grandfather, who emigrated from Norway to the United States after a harrowing bear hunt, using the story to highlight the resilience and courage of past generations and draw parallels to the challenges and opportunities facing the derivatives industry today.
Lukken reflected on the global uncertainty and rapid technological change defining the current era, noting that while political unrest and technological advances like AI create anxiety, they also offer unprecedented opportunities for progress. He encouraged attendees to remember the sacrifices of their own forebears and to focus on actions that can positively shape the industry's future.
He outlined three key areas for industry advancement: standardizing trade flow infrastructure through initiatives like the DMIST 30-30-30 standard, which has already reduced misallocated trades during record trading volumes; modernizing collateral movement by adopting distributed ledger technology, as explored in FIA's recent whitepaper on tokenization; and simplifying regulations to enhance efficiency and productivity without increasing systemic risk.
Lukken concluded by urging the industry to invest in new ideas, people, and technology, emphasizing that the future is in their hands and that, like their immigrant ancestors, today's leaders must act with courage and determination to forge a better path forward.
The MarketsMedia story featuring Lukken's opening comments includes an image of a tweet from the @JohnLothian account, from FIA EXPO in 2022, about his opening comments. That would be great exposure and a nice professional compliment if I were still on X/Twitter. However, the tweet is from the wrong conference and the wrong year.
While I was conducting interviews at IDX today (five exchange executives, three technology executives, one brokerage executive, and one FIA lawyer), I heard many recurring themes. One of them was about the listing of new products, including daily, weekly, and monthly expirations, as well as perpetuals. I came up with an idea for a new product, event futures on tariffs.
Most of you are aware that I am not a big fan of event futures, but this might be the one product that offers genuine value. Daily expirations would not be the right term. Given the middle-of-the-night Truth(s) explosions, we would need hourly expirations for tariff event contracts for various countries. Traders could buy packs and bundles of tariff event contracts, strips covering lengths of time of Truths, before the Truth changes.
The U.S. Supreme Court has again declined to hear a Trading Technologies-related appeal to boost a $6.6 million patent award in a case against IBG, refusing a rehearing request after previously denying certiorari in April 2025. Certiorari is a legalese way of saying to a higher court, "please review my case." Lawyers for the Ascent Trust, formed after TT was sold in 2021, argued that recent legal developments, including a U.S. Solicitor General brief referencing its case and renewed congressional efforts to reform patent eligibility standards, warranted review, especially since the government suggested the patents may have been wrongly invalidated. The trust lawyers also cited alleged new evidence of fraud by IBG and pointed to a circuit split over damages rules. Still, the justices remained unmoved, effectively ending the long-running litigation that began in 2010. Harris Brumfield, the former majority owner of TT, who is named as representing the trust, emailed me to let me know that TT lost at the Supreme Court.
He wrote, "It's officially over at the Supreme Court."
Cboe Global Markets' latest white paper, "Policy Recommendations to Unlock Retail Participation in Europe's Options Markets," argues that vibrant listed equity options-especially single-stock options-can empower retail investors and strengthen Europe's financial ecosystem by enhancing liquidity and risk management. While Europe's options markets have lagged behind the US due to fragmented infrastructure, high costs, and low retail engagement, Cboe sees a turning point as the EU's Savings and Investments Union aims to mobilize EUR10 trillion in retail savings. Drawing on the US model, Cboe emphasizes the importance of competitive market structures, efficient post-trade infrastructure, and robust investor education, supported by its CEDX platform and The Options Institute. Key policy recommendations include enabling multi-exchange trading, refining suitability and disclosure standards, and revising capital requirements to attract liquidity providers. With the proper regulatory support, Cboe believes Europe can build a more inclusive, dynamic, and competitive options market.
The FIA European Principal Traders Association (FIA EPTA) announced the results of its election and Niels Lemmers, head of public affairs at Flow Traders, was elected as its new chair, succeeding Alistair McGrath of Tower Research Capital Europe, who served since June 2023. Emma Lokko, head of market structure (Europe) at Susquehanna, was named vice chair, with both leaders emphasizing the association's commitment to advocacy on market structure, regulation, and innovation, as well as strengthening European capital markets. FIA EPTA's executive committee (ExCo) also welcomed Lotte de Vos of Optiver VOF as a new member, while Diederik Dorst (All Options International), David Furlong (Virtu Financial), and Virginie Saade (Citadel Securities Europe) were re-elected for two-year terms. The ExCo now consists of eight voting members, with Piebe Teeboom continuing as secretary general and nonvoting member, as the association aims to be a trusted partner for EU and UK policymakers and to enhance the competitiveness of European markets.
There were three more donations to the Kilt Challenge: John Cunningham, Joseph, and Mark Phelps. The total heading into the gala tonight is 98,241 GBP.
The Financial Times today published a "Special Report on Energy Transition" that highlights the accelerating shift from fossil fuels to renewables, as Big Oil companies remain divided on when global oil demand will peak. The report explores advances in clean technologies, from nuclear power-where Holtec is investing in small modular reactors-to heat pumps and battery storage, which are crucial for integrating renewables into national grids. Despite progress, IEA chief Fatih Birol warns that critical mineral supply constraints threaten energy security, as markets alone cannot guarantee reliable access to these essential raw materials. The report also examines how architects are embracing sustainable materials, while Gulf states leverage affordable Chinese batteries to power their renewable ambitions.
CFTC Commissioner Kristin N. Johnson is scheduled to deliver keynote remarks at the Global Association of Central Counterparties (CCP Global) Annual General Meeting on Thursday, June 19, 2025. The event will take place at 11:00 a.m. Central European Summer Time (CEST), which is 5:00 a.m. Eastern Daylight Time (EDT), at The Sofitel Legend The Grand Amsterdam, located at Oudezijds Voorburgwal 197, 1012 EX Amsterdam, North Holland, Netherlands.
Here are the headlines from in front of FOW's paywall from some recent stories: European exchanges benefit from global tariff led activity, Growth of retail creating 'tension' with traditional futures users - FIA chief, Europe risks further dollarisation through approach to stablecoin - DRW CEO, Bank FCMs warn of difficulties in supporting clearing expansions, Deutsche backs delayed enforcement of European active account rules and BoE's Krosner calls for sharper focus on non-bank firms.
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:
- Oil Options Suggest Price Spike Likely to Be Temporary from Cboe.
- Hedge fund Millennium valued at $14bn in minority stake sale talks from the Financial Times.
- ICE Launches Average Prime Offer Rates (APOR) Index from ICE. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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JFrom Tractors to Transmitters: How Max Armstrong Became the Voice of America's Heartland
JohnLothianNews.com
ELMHURST, IL-(JLN)-June 17, 2025-Before Max Armstrong became a legend in farm broadcasting, he was just a boy on a sunbaked Indiana tractor, dreaming of air-conditioned radio studios. "I wanted to be on the radio from the age of seven or eight," Armstrong recalled. "I'd be out there in the heat of summer on one of those unairconditioned tractors, listening to that radio on the fender, thinking, 'That guy's in the air conditioning-he's got the job. I'm out here sweltering in the heat.'"
Watch the video »
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The Cab Is the New Studio: Max Armstrong on Why Farm Stories Matter JohnLothianNews.com ELMHURST, IL-(JLN)-June 18, 2025-Max Armstrong, retired farm broadcaster and the voice many Americans grew up with, pondered the unlikely stardom of today's young farmers in a recent interview with John Lothian News. "I will tell you, some of these folks are very good at it," Armstrong says, his radio voice still warm and measured. "They have a great opportunity to show all of the work that goes into producing a crop." Watch the Max Armstrong video » Russell Robertson - Gulf Mercantile Exchange Watch the Russell Robertson Video » Russell Robertson - Gulf Mercantile Exchange Watch the Russell Robertson Video »
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Finance blog raided over suspected Swiss banking secrecy law breaches; Investigation of Inside Paradeplatz raises concerns about 'draconian' rules
Mercedes Ruehl - Financial Times
Swiss authorities have raided the offices of popular financial blog Inside Paradeplatz over suspected violations of banking secrecy laws, as media reporting on financial misconduct becomes more restricted in the country. Lukas Hassig, the journalist behind the blog told the Financial Times that officials from the Zurich prosecutor's office and police officers had also searched his private residence. The searches, which resulted in the seizure of a laptop, a cell phone and several documents, took place on June 3, said Hässig, who earlier reported the raid on his blog. He said on his blog that a judge would decide what material gathered during the raids may be used in any further investigation. The alleged violations of bank secrecy laws relate to criminal proceedings in connection with the case of Pierin Vincenz, former chief executive of Raiffeisen Switzerland.
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***** There are worse prisons to be thrown in as a journalist, but still, the Swiss take this banking secrecy thing too far. ~JJL
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Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros; The founder of $66 billion hedge fund Citadel is making waves in Miami, the nucleus of the new "Wall Street South."
Sonali Basak - Bloomberg
In the earliest days of the Covid-19 pandemic, about 50 staffers from Citadel Securities assembled in an empty ballroom at a Palm Beach, Florida, resort so they could keep trading together while the rest of the world shut down. Holed up in luxury with their families and basically no one else, they "created perhaps the first bubble in America," says Citadel founder and billionaire investor Ken Griffin, 56. His team has since vacated the Four Seasons but not the broader Miami region, where in 2022 he relocated the market-making firm along with his $66 billion hedge fund-also called Citadel-quickly establishing himself as the de facto leader of the new "Wall Street South." In a wide-ranging interview for the Bloomberg Originals show Bullish, the major GOP donor shared his views on President Donald Trump; his alma mater, Harvard University; and his Florida homecoming. The conversation has been edited for clarity and length.
/jlne.ws/4leQupS
****** Sonali Basak got a great opportunity to interview Ken Griffin and he didn't disappoint.~JJL
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For whom does Trump govern? The Big Beautiful Bill Act is a classic example of pluto-populism
Martin Wolf - Financial Times
Cui bono Trump? Whose interest does he serve? As Ivan Krastev has noted, he is serving his own interests in grotesque fashion. But what about other people? We know from the brutal closure of USAID that he cares not a jot for the poor overseas. But does he show concern for the ordinary Americans who voted for him? The One Big Beautiful Bill Act (OBBBA) wending its way through Congress shows that the answer is "no". It is a powerful example of "pluto-populism" ("plutocratic populism"), as I first called it back in 2006. The rich receive most of the goodies; the poor become poorer; and the fiscal deficit stays huge.
/jlne.ws/3ZBFSsM
****** Martin Wolf asks a great question, and the answer is not you or me. ~JJL
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Senate Passes Cryptocurrency Bill, Handing Industry a Victory; The bill was a significant step toward giving the cryptocurrency industry the credibility and legitimacy it has sought, without limitations it has worked to head off.
Robert Jimison - The New York Times
The Senate on Tuesday passed legislation to establish a regulatory framework for stablecoins, putting the cryptocurrency industry, which had long been viewed with suspicion by lawmakers in Washington, on the brink of a major policy breakthrough. Bipartisan approval of the bill, known as the GENIUS Act, followed an aggressive lobbying campaign aimed at transforming the cryptocurrency industry's image from scandal-plagued experiment to legitimate financial sector.
/jlne.ws/4601gM3
****** This is a high mark for the corruption of the political class by some in the crypto community. The GENIUS of this bill is to make money laundering more efficient.~JJL
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Chobani CEO Says Food System Needs Immigration to Function; Trump administration raids have rattled food and agriculture companies in recent weeks
Owen Tucker-Smith and Patrick Thomas - The Wall Street Journal
Chobani Chief Executive Hamdi Ulukaya said that the Trump administration's stepped-up immigration enforcement poses risks to the food supply chain. "We need to be very realistic," Ulukaya said at The Wall Street Journal's Global Food Forum in Chicago. "We need immigration and we need workers for our food system to work." Trump's immigration crackdown is roiling America's food system. Produce farms, dairies and recently a meat processing plant in Nebraska have been ensnared in immigration raids, disrupting production and threatening to shrink an already tight labor pool.
/jlne.ws/407u1To
****** One of my London cab drivers was complaining about the lack of Mexican food in London. I told him I am sure President Trump would be glad to send some immigrants from here who could open a restaurant. But I also told him that there were 50 brands of virgin olive oil on the grocery store shelf at home. Start an export/import business. Make it happen. ~JJL
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Tuesday's Top Three
Our top story Tuesday was the Mission (Im)possible: Kilt challenge page again. Thank you to everyone who is supporting this. Second was More of Wall Street Is Following Ken Griffin South, from Bloomberg. Third was the Financial Times' Special Report - Women in Business.
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| Lead Stories | CME Group to Launch Futures on Mexico's IPC Index; E-mini S&P BMV IPC Index futures to be available for trading on August 18
CME Group
CME Group, the world's leading derivatives marketplace, today announced it will launch E-Mini S&P BMV IPC Index futures, pending regulatory review. The S&P BMV IPC Index, Mexico's main equity index, provides broad exposure to the Mexican equity market and tracks the most liquid stocks listed on Bolsa Mexicana de Valores (BMV). "Our E-mini S&P BMV IPC Index futures will offer market participants a more efficient way to access the Mexican equity market's overall performance via a single futures contract," said Paul Woolman, Global Head of Equity Products at CME Group. "Market participants investing in Latin American equity markets will now have another tool to broaden their trading strategies and potentially benefit from cross-margining with other CME Group benchmark financial products, including equity index, interest rates and FX."
/jlne.ws/4eaOGvG
FIA EPTA elects new Chair, Vice Chair, Executive Committee members
FIA European Principal Traders Association
The FIA European Principal Traders Association (FIA EPTA) announced that Niels Lemmers, Head of Public Affairs at Flow Traders, has been elected Chair of the association that represents Europe's leading market making firms. Lemmers was elected by FIA EPTA's Executive Committee (ExCo) at a meeting in London on June 16. Lemmers, who had previously been Vice Chair of the association, succeeds Alistair McGrath (Tower Research Capital Europe) who had been Chair since June 2023. Emma Lokko, Head of Market Structure (Europe) at Susquehanna, was elected Vice Chair.
/jlne.ws/404fBU4
FIA Tech launches new data service for IRS 871(m) for exchange traded derivatives
FIA Tech
FIA Tech, a leading technology provider in the futures industry, announced that it has launched a new data service to meet the demands of customers trading futures and options for an accurate, comprehensive data solution designed to assist firms in complying with the tax regulation 871(m). In September 2015, the U.S. Internal Revenue Service ("IRS") and the U.S. Treasury Department released final regulations under Section 871(m) of the Internal Revenue Code which established regulations regarding the withholding of "dividend equivalent payments" on derivatives that reference U.S. equity securities. For market participants trading in these derivative products, failure to accurately determine products subject to this withholding status as required by the 871(m) regulations may lead to fines, increased scrutiny from regulatory authorities, and costly measures to rectify operational workflows.
/jlne.ws/4lcEmWn
Nasdaq's View: The Road to 24-Hour Trading
Nasdaq
Nasdaq made headlines earlier this year with the announcement of plans to enable 24-hour trading on the Nasdaq Stock Market. Known as "24/5" trading due to its 24-hour market engagement five days a week - the initiative has seen widespread industry support. Now, Nasdaq is working with regulators and critical industry infrastructure providers to make it a reality. "The global growth of investor demand for U.S. equities means we stand at another pivotal moment for our markets - to broaden investor access, expand wealth-building opportunities, and redefine how markets function," Nasdaq President Tal Cohen wrote in a recent LinkedIn post. "While the promise of round-the-clock trading can make our markets more accessible, it also demands careful and deliberate planning. Liquidity, transparency, and integrity remain the lifeblood of vibrant markets, and any structural change must uphold these principles." While the financial industry broadly supports overnight trading as the future of equities, there remain several infrastructural, regulatory, and technical questions that must be addressed first.
/jlne.ws/4kLDOHf
Wall Street leans on stock traders to cushion dealmaking slowdown; Volatility is keeping market-making desks active at a time when mergers and issuance have slowed
Martin Arnold, Kate Duguid and Akila Quinio - Financial Times
Wall Street executives are counting on their traders to offset tepid deal fees this quarter, after Donald Trump's trade war threats made markets gyrate. Senior bankers say the market swings prompted by the US president's "liberation day" declaration of higher tariffs led to a flurry of buying and selling by investors, even as corporate boardrooms put deals on ice. "Trading continues to be helped by volatility, with equity trading likely to continue to outperform fixed-income trading," said Mike Mayo, a banking industry analyst at Wells Fargo. "Investment banking is likely to decline year-over-year given continued uncertainty around policy."
/jlne.ws/4jWxP12
Norway launches full-scale industrial carbon capture project with billions in subsidies; COâ‚‚ shipped to North Sea to be injected into reservoirs of oil majors
Richard Milne - Financial Times
Norway has launched the world's largest full-scale operation of industrial carbon capture and storage, ploughing billions of dollars of subsidies into the venture to trap the emissions of highly polluting products such as cement. The first shipment of carbon dioxide left Heidelberg Materials' plant in Brevik in southern Norway this month by ship, and will be injected in reservoirs under the North Sea in August by the Northern Lights consortium of oil groups: Equinor, Shell and TotalEnergies.
/jlne.ws/4jUHUeE
Trump Is Driving Off Investors and Threatening the Dollar's Reign; The president's economic agenda is dragging down the dollar and making it more difficult for the US to finance its deficits.
Carter Johnson, Saleha Mohsin, and Ruth Carson - Bloomberg
There is no better barometer of global investors' repudiation of President Donald Trump's policies than the dollar. Since he took office, it's lost more than 10% of its value against the euro, pound and Swiss franc and is down against every single major currency in the world. The last time the dollar plunged this much, this fast was in 2010, when the Federal Reserve was frantically printing money to prop up the economy in the wake of the financial crisis.
/jlne.ws/448eowi
FIA's Lukken Urges Industry to Focus on Infrastructure, Collateral, and Regulation
Anna Lyudvig - Traders Magazine
Speaking at the opening of the International Derivatives Expo (IDX) in London on June 17, Walt Lukken, President and CEO of the Futures Industry Association (FIA), outlined a forward-looking agenda for the global derivatives industry, centered on three strategic imperatives: standardising infrastructure, modernising collateral management, and streamlining regulation.
/jlne.ws/4e8JhVK
Why the UK's AIM is struggling 30 years on
Vicky McKeever - Yahoo Finance
The UK's alternative investment market (AIM) has seen some major successes since its inception 30 years ago but has struggled to attract and retain companies in recent years. Launched on 19 June 1995, AIM was set up to help smaller and high-growth companies get more access to capital. When it started out, the UK's junior market comprised of just 10 companies, with a total market valuation of £82m.
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| Trade War and Tariffs | | A roundup of today's trade war and tariff news and the global economic ripple effects shaping markets, industries, and investment strategies. | Companies Ask Supreme Court to Fast-Track Challenge to Tariffs; Two toy manufacturers asked the court to greatly expedite their case, in an unusual request.
Adam Liptak - The New York Times
Two toy manufacturers challenging a major piece of President Trump's tariffs program asked the Supreme Court on Tuesday to expedite their case and rule that Congress had not authorized the levies. The request was unusual for several reasons. Petitions seeking review ordinarily come from the losing side, but the companies had won in front of a district court judge. They then sought to leapfrog the U.S. Court of Appeals for the District of Columbia Circuit, which would ordinarily rule before the justices considered whether to grant review. And they asked the justices to move very quickly, asking that they schedule arguments in September or October.
/jlne.ws/40brXcW
Monopoly maker Hasbro cuts 3% of total workforce amid higher tariff costs
Ananya Mariam Rajesh - Reuters
Toy seller Hasbro has cut 3% of its global workforce in its latest cost-cutting effort amid higher U.S. tariffs on toys from China. The job cuts amount to about 150 employees. According to its fiscal 2024 annual filing, the company had roughly 4,985 employees globally. "We are aligning our structure with our long-term goals," Hasbro spokesperson Abby Hodes told Reuters. Hasbro sources about half of its toys and games sold in the U.S. from China. The toymaker has been speeding up efforts to diversify sourcing and reduce exposure to China.
/jlne.ws/447KJ6n
Battery makers sweat as antimony shortage hits after China's export curbs
Melanie Burton - Reuters
When China restricts exports of a key mineral, sometimes the pain is sudden and even crippling - enough to spur a major outcry almost immediately. Other times, it takes longer to be felt. For the world's makers of lead-acid batteries, China's restrictions on critical mineral antimony that were put in place late last year have become a major headache - one that their customers also now have as sky-high procurement costs are passed on.
/jlne.ws/3G2EmZZ
The Surge in Ocean Shipping Rates Is Peaking; Retailers and manufacturers should save on lower import costs this summer as rates to the U.S. West Coast start to fall
Paul Berger - The Wall Street Journal
American importers are getting a rare piece of good news amid worries about tariffs and consumer spending as ocean shipping costs start to sink. The average spot rate to ship a 40-foot container from Asia to the U.S. West Coast slipped at the start of this week to $5,840, down from an average of about $6,000 the prior week, according to online booking platform Freightos. A measure of global ocean shipping rates, the Shanghai Containerized Freight Index, on Friday fell 6.8% from a week earlier, dragged down by an almost 27% decline in rates from Shanghai to the U.S. West Coast, according to HSBC Global Research.
/jlne.ws/4jTB892
Great-grandson of Henry Ford warns Trump tariffs, tax bill could hurt American automakers
NBC News
William Ford Jr., the current executive chairman of Ford Motor Company and great-grandson of Henry Ford, says President Trump's threat of tariffs is weighing heavily on the company. He spoke with NBC News' Tom Costello about impact of tariffs and the first Ford ever made, which he still has more than 100 years later.
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
G-7 Leaders Won't Reach Agreement on Ukraine Statement
Bloomberg
Despite the presence of Volodymyr Zelenskiy at the G-7 in Canada, there won't be a joint statement on Ukraine coming out of this summit. Prime Minister Mark Carney hoped to have one, but it became clear Trump wouldn't sign onto strong language against Russia because it might hurt his ability to negotiate with Vladimir Putin, said a Canadian official, who spoke on the condition of anonymity.
/jlne.ws/4e8w9QI
German president says Russia in G7 is 'not up for discussion'; Steinmeier sees Moscow 'playing for time' in Ukraine with no clear desire for ceasefire
Shogo Akagawa - Nikkei Asia
BERLIN -- German President Frank-Walter Steinmeier accused Russia of "playing for time" in its invasion of Ukraine and "delaying serious negotiations," while also stressing during an interview with Nikkei that U.S. President Donald Trump's call to bring Russia back into the Group of Seven is "not up for discussion." Though the chancellor heads Germany's government, the president plays an important role as head of state, signaling the country's direction and providing moral support to the public. His words can have influence in Europe more broadly.
/jlne.ws/4kMGdkT
Middle East Conflict
Donald Trump calls for Iran's 'unconditional surrender'; US president fuels speculation that America could join Israeli military action
Lauren Fedor and Demetri Sevastopulo and James Shotter - Financial Times
Donald Trump called for Tehran's "unconditional surrender" in a series of bellicose comments that left the door open to the US joining Israeli strikes against Iran. The US president said his patience was "wearing thin" and boasted Iran's supreme leader Ayatollah Ali Khamenei was an "easy target", in a series of posts made a day after he left the G7 summit in Canada early to focus on the war. "We are not going to take him out (kill!), at least not for now," Trump said. "But we don't want missiles shot at civilians, or American soldiers."
/jlne.ws/3G1XhEf
For Markets, the Israel-Iran War Is Already Over; Risks to the oil price and global economy appear likely to stay contained.
John Authers - Bloomberg
Cold-Blooded Calculation Versus Complacency
International markets appear to have convinced themselves that the latest conflagration in the Middle East can be looked through as easily as all the region's other flare-ups of the last decade. Are they right to do so? Gold prices fell, Treasury yields rose, and equity volatility dropped Monday as Israel and Iran continue to pound each other with bombs and missiles. Most startlingly, stocks rebounded; relative to long bonds, they are their strongest since the day after President Donald Trump's inaugural:
/jlne.ws/3G4xawv
Swapping Oil Barrels for Pork Barrels Is a Terrible Trade; The US has forgotten the purpose of its Strategic Petroleum Reserve. The Israel-Iran war is a great reminder.
Javier Blas - Bloomberg
It's easy to imagine an oil nightmare scenario: Fighting for survival, Ayatollah Ali Khamenei resorts to scorched earth, targeting the oil fields of its neighbors, much as Saddam Hussein of Iraq did in Kuwait in 1991. The impact on oil prices - and global inflation - would be brutal. Unlikely? Yes, but even if remote, it's still possible. That's why the US built a weapon to respond to the use of oil as an economic weapon after the 1970s energy crisis: the Strategic Petroleum Reserve. At capacity, the SPR equals about 35 days of consumption. But the last time it was full was in 2010. Now it's half empty.
/jlne.ws/4kNS3LC
G-7 Leaders Seek 'Resolution' of Iranian Crisis in Statement
Nick Wadhams and Josh Wingrove - Bloomberg
The Group of Seven leaders pushed for a de-escalation in the Middle East but didn't call for an immediate end to the conflict between Israel and Iran in a statement that also affirmed Israel's right to defend itself. "We urge that the resolution of the Iranian crisis leads to a broader de-escalation of hostilities in the Middle East, including a ceasefire in Gaza," the leaders said in the statement.
/jlne.ws/4e8wuCY
Visual analysis: GPS interference raises risk of accidents in Strait of Hormuz
Collision between two oil tankers raises anxieties in the region amid conflict between Israel and Iran
Clara Murray, Peter Andringa and Aditi Bhandari - Financial Times
On the night of June 15 an oil tanker near the Strait of Hormuz, the Liberian-flagged Front Eagle, transmitted several impossible positioning signals, repeatedly appearing to jump dozens of miles in an instant. Early the following morning, it collided with another tanker, which burst into flames.
/jlne.ws/3SWjqXv
Tehran chokes in gridlock and dread; Israel strikes heart of Iranian capital and orders residents to evacuate district
Najmeh Bozorgmehr - Financial Times
Israel gave little notice in its order to evacuate District 3, the area of central Tehran that houses state television studios and other government buildings. Within seconds of the Israeli military posting its warning to civilians, many locals fielded a deluge of calls from loved ones checking they had heard the news. "Let's shut off the gas and water before evacuating!" one woman shouted as she ran, suitcase in hand, down the stairs of her building.
/jlne.ws/3ZA943g
BCG pitched to UN before helping rival Gaza aid plan; Consulting group offered pro bono work to UNRWA shortly after Israel's military campaign began in late 2023
Malaika Kanaaneh Tapper and Stephen Foley - Financial Times
Boston Consulting Group pitched the UN agency for Palestinian refugees on working for its humanitarian effort in Gaza, months before helping launch a widely condemned rival aid scheme that sidelined the UN. BCG approached UNRWA shortly after Israel's military campaign began in late 2023, with a wide-ranging offer of pro bono work that never came to fruition, according to people familiar with the matter and correspondence seen by the Financial Times.
/jlne.ws/4e8JmJj
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Cboe and Euronext push to harmonise equity options specs; Standardisation of expiry times and dates will boost European markets, exchange execs say
Lukas Becker - Risk.net
Euronext and Cboe have expressed a willingness to collaborate on harmonising European single stock option product specifications in a bid to compete with US markets. European listed equity options volume lags significantly behind the US. This is partly due to market fragmentation, which results in single stock contracts being listed on multiple exchanges with varying expiry dates and times, leading
/jlne.ws/4lfWcb5
WFE Releases Guidance on Transition to T+1 Settlement
WFE Press Release via Traders Magazine
The World Federation of Exchanges (WFE), the global industry association for exchanges and central counterparties (CCPs), has published industry-wide guidance on the complex mix of operational, regulatory, and strategic considerations for shortening securities settlement cycles. The paper draws on lessons learned from recent transitions in markets including India, the United States, Canada, and Latin America, and offers a roadmap for jurisdictions seeking to move safely and efficiently from T+2 to T+1 settlement.
/jlne.ws/460l3uQ
Commencement of Trading of the New Shares of IDEAL Holdings
Athex Group
The Athens Stock Exchange welcomed today the Management, executives, and partners of IDEAL Holdings on the commencement of trading of the company's new shares, which resulted from its recent share capital increase. The Executive Chairman of the Board of Directors of IDEAL Holdings, Mr. Lambros Papakonstantinou, rang the opening bell of today's session.
/jlne.ws/460g1yw
CME Group Inc. Announces Second-Quarter 2025 Earnings Release, Conference Call
CME Group
CME Group Inc. will announce earnings for the second quarter of 2025 before the markets open on Wednesday, July 23, 2025. Written highlights for the quarter will be posted on the company's website at 6:00 a.m. Central Time, the same time it provides its earnings press release. The company will also hold an investor conference call that day at 7:30 a.m. Central Time, at which time company executives will take analysts' questions.
/jlne.ws/3FTjQLt
Integral integrates CME Group FX markets into workflow solution; Through the move, Integral clients now have no-cost access to CME's EBS and FX Spot+ markets.
Claudia Preece - The Trade
Multi-asset technology provider, Integral and CME Group have unveiled an integrated solution, with the former gaining access to CME Group's primary FX markets. Specifically, the move provides Integral clients no-cost access to CME's EBS and FX Spot+ markets directly through Integral's trading platforms, with no additional technology required.
/jlne.ws/4lbO7DZ
ABN Amro Clearing joins Cboe Clear Europe's SFT Clearing service; The news follows the launch back in March 2025, wherein Natixis Corporate & Investment Banking acted as a principal lender against JP Morgan as a borrower.
Jonathan Watkins - The Trade
ABN Amro Clearing has become an active participant of Cboe Clear Europe's Securities Financing Transactions (SFT) clearing service, acting in the capacity of borrower. Cboe Clear Europe launched the clearing service in March 2025, wherein Natixis Corporate & Investment Banking acted as a principal lender against JP Morgan as a borrower, as part of the first trades cleared through the new service.
/jlne.ws/4n6YXNB
CME Group to Launch Futures on Mexico's IPC Index
CME Group
CME Group, the world's leading derivatives marketplace, today announced it will launch E-Mini S&P BMV IPC Index futures, pending regulatory review. The S&P BMV IPC Index, Mexico's main equity index, provides broad exposure to the Mexican equity market and tracks the most liquid stocks listed on Bolsa Mexicana de Valores (BMV).
/jlne.ws/3ZZfKs7
Performance Bond Requirements: Energy and Metals Margins - Effective June 18, 2025
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below.
/jlne.ws/4l6zDFr
Performance Bond Requirements: Agriculture - Effective June 18, 2025
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on June 18, 2025.
/jlne.ws/4jYtlH4
DTCC Central Securities Depository Subsidiary Surpasses $100 Trillion in Assets Under Custody, Marking Historic Milestone
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that its central securities depository subsidiary, The Depository Trust Company (DTC), has surpassed a record-setting $100 trillion in assets under custody as overall U.S. market capitalization continues to rise.
/jlne.ws/448jQPM
ICE to Dual-List on NYSE Texas
ICE Press Release via Traders Magazine
Intercontinental Exchange, a leading global provider of technology and data and parent company of the New York Stock Exchange, announced that it will dual-list on NYSE Texas, effective June 17, 2025. "Founded 25 years ago and listed on the NYSE for nearly two decades, ICE has consistently worked to stay at the forefront of innovation in capital markets," said Jeffrey C. Sprecher, ICE Chair & Chief Executive Officer. "Supporting the momentum in Texas as Governor Abbott and his team create an environment where companies can thrive, we are delighted to join the community of companies listed on NYSE Texas."
/jlne.ws/446tiTQ
FTSE Russell launches FTSE Canada Bank Credit Spread Index
LSEG
FTSE Russell today announces the launch of the FTSE Canada Bank Credit Spread Index; an innovative benchmark designed to capture the dynamics of Canadian corporate credit risk. The FTSE Canada Bank Credit Spread Index captures the yield differential, or spread, between a reference basket of Canadian Bank bonds and their benchmark Government of Canada securities, as a measure of Canadian financial sector credit risk. The new index offers insights into credit risk dynamics within the Canadian investment grade market, facilitating informed decision making for investors.
/jlne.ws/3FXzmpG
NZX Receives Positive Report Card
Press Release: Financial Markets Authority
NZX continues to receive a positive regulatory report card, with a review by the Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko - finding it has met its obligations while pursuing further enhancements.
/jlne.ws/4kSNMXo
SGX Group brings youth into the world of capital markets
SGX
As part of its 25th anniversary celebrations, Singapore Exchange (SGX Group) has launched its inaugural SGX Capital Markets Conversations for You(th) - an initiative to inspire the next generation of talent to explore the dynamic world of capital markets. With its central role at the heart of Singapore and the international financial ecosystem, SGX will bring together industry leaders and market professionals across the capital markets value chain - to give aspiring youth a rare and up-close look at how capital markets work and why they matter.
/jlne.ws/3G9rocS
Montreal Exchange to Launch FTSE Canada Bank Credit Index Futures
TMX
The Montreal Exchange (MX), Canada's derivatives exchange, today announced its intention to introduce the FTSE Canada Bank Credit Index Futures (CBC)*, a first-of-its kind credit derivatives product designed to meet the evolving needs of market participants, slated for a Q1 2026 launch.
/jlne.ws/4kNbjcd
TMX VettaFi Acquires ETF Stream
TMX
TMX VettaFi, an indexing, digital distribution, analytics and thought leadership company and TMX Group subsidiary, announced today the acquisition of ETF Stream Limited (ETF Stream), a leading media brand for ETFs in Europe.
/jlne.ws/4ncj39i
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Trading Technologies Readies Fixed Income Launch in 2026
Editorial Staff - Traders Magazine
Trading Technologies is branching out beyond its roots in futures and options on futures. The SaaS provider to the capital markets industry has moved, or plans to move, into FX, US options, and fixed income. Traders Magazine caught up with Chris Heffernan, EVP Managing Director, Fixed Income at Trading Technologies, at last week's Fixed Income Leaders Summit in Washington, DC, to learn more about TT's plans in fixed income.
/jlne.ws/3FJvWH3
Artificial Intelligence
Musk's xAI Burns Through $1 Billion a Month as Costs Pile Up
Carmen Arroyo and Jill R Shah - Bloomberg
Elon Musk's artificial intelligence startup xAI is burning through $1 billion a month as the cost of building its advanced AI models races ahead of the limited revenues, according to people briefed on the company's financials. The rate at which the company is bleeding cash provides a stark illustration of the unprecedented financial demands of the artificial intelligence industry, particularly at xAI, where revenues have been slow to materialize.
/jlne.ws/44tLaZ5
AI Startup Anysphere Fields VC Offers at Over $18 Billion Valuation; Silicon Valley investors are anxious to back the startup they say is the fastest growing of all time.
Kate Clark and Katie Roof - Bloomberg
Anysphere Inc., the developer of the popular artificial intelligence code editor Cursor, has had talks with investors about a deal that would double its valuation in a new funding round, according to a person familiar with the matter. Investors have approached the company in recent weeks about a funding deal that would value the startup at $18 billion to $20 billion, said the person, who asked not to be identified because the information is private. The talks arrive shortly after the startup, which launched in 2023, surpassed $500 million in annualized revenue.
/jlne.ws/407dNJW
Amazon boss says AI will mean fewer 'corporate' jobs; Chief executive Andy Jassy warns the company will cut roles 'in the next few years'
Rafe Uddin - Financial Times
Amazon has told its white collar employees that their jobs are at risk from artificial intelligence in the next few years, marking a rare explicit warning from a senior tech executive that AI will lead to lay-offs. Andy Jassy, the ecommerce giant's chief executive, told employees in a memo on Tuesday that the company was deploying AI across its operations, particularly in its logistics network, to help lower costs.
/jlne.ws/45uG0ho
Can AI tell us how much art is really worth? New businesses such as Appraisal Bureau are bringing greater efficiency to buying art
Melanie Gerlis - Financial Times
Forget the old-school charms of the BBC's Antiques Roadshow. Art valuations today are more likely to rely on artificial intelligence to help close the gap between educated guesswork and reality - as much as this mysterious market will allow. "We are using AI for efficiency. It can process millions of data points instantly, then sort, clean and label the information. It is not 'ask ChatGPT the value of my art'," says Caroline Taylor, founder of Appraisal Bureau, a young business headquartered in New York.
/jlne.ws/3SSFjqK
Microprocessors
Texas Instruments plans to invest over $60 billion in US to make foundational chips
Reuters
Texas Instruments said on Wednesday it would invest more than $60 billion to build and expand seven semiconductor factories in Texas and Utah, as President Donald Trump presses companies to boost U.S. investments. The investment in foundational or legacy semiconductors will create more than 60,000 jobs in the United States, the company said.
/jlne.ws/3ST80ns
Tokenization
FCMs take wait-and-see approach to digital collateral; "It takes a very brave person to be the first mover," says David Martin at GH Financial
Joe Parsons - Risk.net
Tokenised collateral is unlikely to see widespread adoption any time soon, according to clearing banks, despite a series of recent tests proving its viability. Proponents of distributed ledger technology have long argued that tokenisation can make it easier for futures commission merchants (FCMs) and other clearing providers to quickly mobilise collateral to meet margin calls from clearing houses
/jlne.ws/3HKEjCG
Connectivity/Data Centers
TNS Connects to MOON ATS and OTC Overnight to Expand Global 24x5 Market Data Access
Transaction Network Services
Transaction Network Services (TNS) today announced new market data connectivity to MOON ATS and OTC Overnight, the after-hours equities trading venues from OTC Markets Group. These latest additions to TNS' expanding portfolio for 24x5 equities trading solutions underscore its ongoing commitment to providing access to emerging trading venues around the globe. MOON ATS offers access to securities listed on major exchanges during the overnight session. OTC Overnight complements this with access to actively traded OTC equity securities during the same hours. These platforms are designed to meet the growing global demand for extended trading hours, particularly among institutional and retail traders in Asia. By connecting to these venues, TNS helps clients with new trading strategies and supports more seamless, continuous execution across time zones.
/jlne.ws/45yN5xD
Payments
Fiserv And Early Warning Services Collaborate On Paze To Provide Financial Institutions And Merchants Of All Sizes With A Convenient Digital Checkout Solution For Consumers - Integration With Paze Checkout Provides Additional Security Through A Tokenized Payment Experience Within Trusted Financial Institutions
Mondovisione
Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology, today announced a new collaboration with Early Warning Services to offer the digital wallet, PazeSM to financial institutions, providing their customers and members with a convenient online checkout experience via the banks and credit unions those consumers already trust with their money.
/jlne.ws/4l4Oa4G
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| Cybersecurity | | Top stories for cybersecurity | How China Is Building a Powerful Army of Hackers; On today's Big Take Asia podcast, how China's domestic hacking competitions are helping boost the country's cyber-espionage capabilities.
K Oanh Ha, Naomi Ng, and Yang Yang - Bloomberg
Teams from China used to dominate international hacking competitions, until Beijing ordered them to stop attending and take part only in domestic tournaments. On today's Big Take Asia Podcast, host K. Oanh Ha talks to Bloomberg's Jamie Tarabay about how tournaments are helping boost China's cyber-espionage capabilities and what that means for the world.
/jlne.ws/4eau4DJ
Viasat Identified as Victim in Sweeping Phone Hack Tied to China
Jamie Tarabay - Bloomberg
Viasat Inc. is the latest US communications company identified as a victim of the sweeping surveillance hack blamed on the Chinese government that emerged during last year's presidential campaign, according to people familiar with the matter. The breach of the California-headquartered satellite and wireless networking company was discovered earlier this year and Viasat has been working with the government in the aftermath, some of the people said. Verizon Communications Inc., AT&T Inc. and Lumen Technologies were previously identified as being hit by the attack.
/jlne.ws/4n7VeiK
Co-op offers members £10 discount on shopping after cyber attack
Tom Espiner - BBC
Retailer Co-op is to offer its members £10 off a minimum shop of £40 following disruption caused by a recent cyber attack. The grocery chain said it had not yet completely recovered from being targeted by hackers last month, which resulted in a significant amount of customer data being stolen. Although the offer appears generous, one analyst said the majority of customers do not spend £40 or more per shop, so it would not appeal to many people.
/jlne.ws/4jRja77
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| Cryptocurrencies | | Top stories for cryptocurrencies | Appeal of Digital Assets Fades
Kirk Ogunrinde - Bloomberg
Ether and Solana led declines in cryptocurrencies as concern about escalating conflict in the Middle East has investors moving away from risker assets. Ether, the second largest cryptocurrency by market value after Bitcoin, fell as much as 8% before paring the decline. Solana fell more than 7% at one point, while Cardano's decline reached as much as 8.5%. All the tokens had rallied Monday. Bitcoin, which accounts for more than 60% of the digital-asset sector's market value, slumped around 3.8% to $104,743. The crypto bellwether has dropped in six of the last seven days.
/jlne.ws/405ctan
JPMorgan to Pilot Deposit Token JPMD on Coinbase-Linked Blockchain; Senate Stablecoin Act 'Critical': Franklin Templeton's Kaul
Anna Irrera and Olga Kharif - Bloomberg
JPMorgan Chase & Co. will launch a pilot for a token called JPMD that represents dollar deposits at the world's biggest bank, as financial institutions deepen their push into the digital-asset sector. In a transaction expected to take place within days, JPMorgan will move a fixed amount worth of JPMD from the bank's digital wallet to the biggest US crypto exchange, Coinbase Global Inc., Naveen Mallela, global co-head of the bank's blockchain division Kinexys by JPMorgan, said in an interview.
/jlne.ws/4l43MW6
Democratic Crypto Supporters To Offer Belated Push For Presidential Crypto Ban; Sen. Adam Schiff (D-Calif.) plans to introduce a new bill banning presidents from issuing crypto, but not before the Senate passes a crypto bill that omitted similar language.
Arthur Delaney - HuffPost
WASHINGTON - A group of Senate Democrats that's been helping Republicans pass crypto-friendly legislation plans to introduce legislation that would ban the president of the United States from issuing crypto tokens. But Sen. Adam Schiff (D-Calif.), lead sponsor of the bill, will introduce it only after the Senate has passed the friendly crypto bill meaning Republicans would have no reason to support it. The Senate is set to pass the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS Act, on Tuesday afternoon. Republicans rejected Democratic efforts to amend the bill to disallow the president from participating in crypto ventures.
/jlne.ws/3HKqGU5
Coinbase is seeking regulatory approval to offer blockchain-based stock trading
Catherine McGrath - Fortune
Coinbase, the leading crypto exchange in the U.S., is reportedly seeking regulatory approval to offer "tokenized equities" on its platform, a move that would put the company in direct competition with retail brokerages like Robinhood and Charles Schwab. Paul Grewal, chief legal officer at Coinbase, told Reuters that the company was seeking the go-ahead from the Security and Exchange Commission for the new product, adding that tokenized equities was a "huge priority."
/jlne.ws/4lgS0rE
Bitcoin
Bitcoin treasury companies are an auditor's nightmare; Crypto loco? Fiat punto!
Bryce Elder - Financial Times
I have a pound coin and I'm going to launch a pound coin treasury company. It's reasonable to believe that a pound coin in my possession can be valued at more than £1. Coins have advantages over other forms of money (permissionless means of exchange; store of value with low custody costs; necessary for hiring a shopping trolley), they're in limited supply, and some people can't hold them (nickel allergy, maybe?). Moreover, any pound coins I acquire in the future can also be valued at more than £1.
/jlne.ws/444VoPj
Ethereum
Ethereum critics say it has failed-but boosters say cryptocurrency has become 'digital oil'
Ben Weiss - Fortune
Ethereum is dead. Ethereum will be fine. The social media takes are flying on the state of the world's second most valuable blockchain. Conceived in 2013, Ethereum has experienced a series of dramatic ups and downs, including an existential hack in 2016 and a remarkable technological upgrade in 2022. But this year has brought unprecedented scrutiny of the current and future direction of the project.
/jlne.ws/3HINSSv
Stablecoins
Marshall Wace Books $700 Million Gain on Circle's Hot IPO
Nishant Kumar - Bloomberg
An early investment in stablecoin issuer Circle Internet Group Inc. has turned into one of the most profitable trades ever for Marshall Wace, netting a roughly $700 million profit from crypto firm's stellar initial public offering. Marshall Wace's XO Digital Finance Fund, in which its flagship Eureka hedge fund is the principal investor, recorded an estimated 47% internal rate of return on its investment, according to a person familiar with the deal. A spokesperson for Marshall Wace declined to comment.
/jlne.ws/4lb6IAg
The wobbly foundations of the stablecoin boom: podcast
Peter Thal Larsen - Reuters
US lawmakers endorsed digital tokens backed by dollars like Tether and USDC, collectively worth $250 bln. In this episode of The Big View podcast, banks analyst and author Dan Davies explains the risks of mingling supposedly solid crypto assets with the regulated banking system. (The host is a Reuters Breakingviews columnist. The opinions expressed are his own.)
/jlne.ws/4neXh4L
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| Politics | | An overview of politics as it relates to the financial markets | U.S. Administration
Donald Trump plans to delay TikTok ban for a third time; US president will sign an executive order this week extending deal deadline by 90 days
Alex Rogers and Demetri Sevastopulo and Hannah Murphy - Financial Times
The White House has said it will allow TikTok to continue operations in the US for another 90 days, extending a deadline for the popular Chinese-owned social media app to divest a stake in the platform to satisfy American law. "President [Donald] Trump will sign an additional executive order this week to keep TikTok up and running," White House press secretary Karoline Leavitt said on Tuesday. "As he has said many times, president Trump does not want TikTok to go dark.
/jlne.ws/3ZABbiX
Trump's Pardon Spree Saving Criminals Up To $1 Billion In Restitution And Fines; Trump's executive clemency has freed its beneficiaries from debts owed victims and the U.S. government.
Arthur Delaney - HuffPost
President Donald Trump's pardons for more than 1,500 criminal offenders could save the group more than $1 billion in fines and restitution payments they'd been sentenced to pay. Democratic staff led by Rep. Jamie Raskin (D-Md.) on the House Judiciary Committee tallied up what the pardon recipients still owed the government and their victims. The biggest sums were owed by Trump campaign donors convicted of financial crimes.
/jlne.ws/43ND8Ll
U.S. Congress
Senate Passes Stablecoin Bill in Win for Crypto, Trump
Steven T. Dennis - Bloomberg
The US Senate passed stablecoin legislation setting up regulatory rules for cryptocurrencies pegged to the dollar, in a landmark win for the ascendant crypto industry and President Donald Trump. The 68-30 vote on Tuesday evening marked a rare moment of bipartisanship in the deeply divided Senate, despite Republicans blocking Democratic efforts to bar Trump from profiting from his many crypto ventures while in office.
/jlne.ws/3SSKAi5
Oil Industry Gets $1 Billion Tax Tweak in GOP's Senate Bill
Ari Natter - Bloomberg
Senate Republicans included a tax break estimated to be worth more than $1 billion for oil and gas producers in their version of President Donald Trump's sprawling fiscal package. The provision would allow energy companies subject to a 15% corporate alternative minimum tax to deduct certain drilling costs when calculating their taxable income. Companies including ConocoPhillips, Ovintiv Inc. and Civitas Resources, Inc. lobbied in favor of it.
/jlne.ws/4l8Nv1U
House Policy Bill Would Add $3.4 Trillion to Debt, Swamping Economic Gains; The updated findings from the Congressional Budget Office amounted to the latest dour report card for the president's signature legislation.
Tony Romm - The New York Times
House Republicans' sprawling package to cut taxes and slash federal safety-net programs would add about $3.4 trillion to the debt, according to nonpartisan congressional analysts, who reported on Tuesday that the minor gains in economic growth under the bill would not offset its full fiscal impact.
/jlne.ws/3G505k1
Other U.S. Politics
Big Tech pushes for 10-year ban on US states regulating AI; Call by Amazon, Google and Microsoft lobbyists for a 'moratorium' has split industry and the Republican party
Alex Rogers, Stephen Morris - Financial Times
Big Tech companies are backing a lobbying campaign to pass a 10-year ban on US states regulating artificial intelligence models, in a controversial move that has split the AI industry and Donald Trump's Republican party. Lobbyists acting on behalf of Amazon, Google, Microsoft and Meta are urging the Senate to enact a decade-long moratorium on individual states introducing their own efforts to legislate AI, according to people familiar with the moves.
/jlne.ws/4ebqsl9
Return of the American assassin; The right has no monopoly on violent fantasy, but liberals are far less likely to own guns
Edward Luce - Financial Times
People are not always what they seem. Vance Luther Boelter is a Christian preacher with a residential security company. He is suspected of killing the former Speaker of the Minnesota legislature and her husband and wounding another lawmaker and his wife. All were shot in their homes last weekend. To say the least, this would be an odd move from someone who preached non-violence and marketed home protection. Yet America has far more than its fair share of potential Boelters. The number of death threats against politicians, judges and other figures has been soaring.
/jlne.ws/4n5F4GA
China
US-China Tech Fight Widens After Taiwan Blacklists Huawei
Mackenzie Hawkins, Miaojung Lin, and Yian Lee - Bloomberg
Taiwan joined a yearslong US campaign to curtail China's technological ascent when it blacklisted the country's AI and chipmaking champions, an unprecedented step that may signal a resurgent effort to isolate its powerful neighbor's semiconductor sector. Taipei this month added Huawei Technologies Co. and its main chipmaker Semiconductor Manufacturing International Corp. to its entity list, barring the island's firms from doing business with the pair without a license. It was the first time Taiwanese officials have used that blacklist to sanction major Chinese firms, taking a cue from a longstanding US approach of blocking access to advanced technologies.
/jlne.ws/4nlNycW
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| Regulation & Enforcement | | Stories about regulation and the law. | EU Seeks Input on Securitization Revamp for Banks' Buffers
Esteban Duarte and Max Ramsay - Bloomberg
The European Commission is planning public consultations about the possible broader adoption of asset-backed securities by banks for emergency cash reserves. The move is part of a larger strategy to revive Europe's EUR1.2 trillion ($1.4 trillion) securitization market, for which authorities want a bigger role to finance housing, defense and other sectors. In a typical year, about EUR200 billion of debt is packaged into securities in the region, compared with around EUR2 trillion in the US, according to the European Money and Finance Forum. The executive arm of the European Union published draft amendments on Tuesday to regulations governing banks' so-called liquidity coverage ratio, or LCR. The consultations will run for four weeks, it said in an emailed statement.
/jlne.ws/3HNhBd6
Brussels proposes revamp of controversial securitisation rules; European Commission suggests cutting minimum risk weights after pressure from industry and former ECB president Mario Draghi
Paola Tamma - Financial Times
The European Commission has proposed overhauling EU debt securitisation rules that were put in place in the wake of the 2008 global financial crisis, in an effort to free up bank capital and encourage lending. The commission on Tuesday put forward plans for lowering capital charges for banks holding securitised assets and cutting red tape for investors and issuers. The measures form part of Brussels' broader push to integrate the EU's capital markets, which is seen as critical to boosting the continent's flagging economic competitiveness. Political will for a revision of the bloc's prudential framework, viewed by many in the market as too restrictive, follows calls for a revamp last year by Mario Draghi, the former Italian prime minister and ex-president of the European Central Bank, and a mandate from EU leaders last year for "relaunching the European securitisation market, including through regulatory and prudential changes, using available room for manoeuvre".
/jlne.ws/4e8nLAt
German prosecutors drop greenwashing case against former DWS chief; Asoka Wöhrmann had been under criminal investigation for his role at Deutsche Bank's asset management arm
Florian Müller and Olaf Storbeck - Financial Times
German prosecutors have closed their criminal investigation into former DWS chief executive Asoka Wöhrmann over greenwashing allegations, opting not to press charges in the wake of fines for Deutsche Bank's asset management arm in the US and Germany. Frankfurt's public prosecutor said that Wöhrmann's lack of previous convictions and the fact that he left DWS "immediately after the greenwashing allegations became known" were key factors in the decision.
/jlne.ws/3HMrEzd
US Basel III delay to 2026 seen as almost inevitable; Reprioritisation and leadership changes cast doubts on timing of new proposals
Janice Kirkel - Risk.net
Former regulators doubt the three US prudential agencies will be able to release fresh proposals implementing internationally agreed bank capital reforms this year. "It's going to take them a good amount of time to even do the negotiating with the other agencies about what the package itself looks like," says Graham Steele, former assistant secretary for financial institutions at the US Treasury
/jlne.ws/3HG5azV
SEC Obtains Final Judgment Against Investment Adviser for Custody Rule and Disclosure Violations
SEC
On June 4, 2025, the Securities and Exchange Commission obtained a final judgment by consent against New York-based investment adviser Brite Advisors USA, Inc. ("Brite USA"). In November 2023, the Commission charged Brite USA with failing to comply with Commission requirements for the safekeeping of client assets and for failing to disclose material risks and conflicts of interest associated with Brite USA's recommendations to clients to use a related firm in Australia as a custodian.
/jlne.ws/4l4Ty7U
SEC Obtains Final Judgment Against Investment Adviser Charged with Misappropriating Client Funds
SEC
On June 11, 2025, the Securities and Exchange Commission obtained final judgments against Santa Barbara, California-based investment adviser, El Capitan Advisors, Inc., and its principal, Andrew Daniel Nash, who the Commission charged with misappropriating $15.3 million from an advisory client to whom they owed a fiduciary duty.
/jlne.ws/4kOHDeI
SEC Charges CEO and Beverage Company with a Multi-Million Dollar Offering Fraud
SEC
The Securities and Exchange Commission today charged Peter Scalise III and the New York-based beverage company he founded, The3rdBevco Inc., with defrauding investors by misrepresenting the company's business operations and use of investor funds. Scalise and The3rdBevco have collectively agreed to pay more than $1.1 million to settle charges.
/jlne.ws/3FSR6Cx
NZX Review Report
FMA
The Financial Markets Conduct Act 2013 requires the FMA to carry out a review and report on how well NZX is meeting its licensed market operator obligations. One of the key objectives of these reviews is to ensure that potential conflicts between regulatory and commercial functions of NZX, as a self-regulating organisation, are appropriately managed.
/jlne.ws/444xovx
NZX receives positive report card
FMA
NZX continues to receive a positive regulatory report card, with a review by the Financial Markets Authority (FMA) - Te Mana TÄtai Hokohoko - finding it has met its obligations while pursuing further enhancements. The annual NZX Market Operator Obligations Review, released today, assesses how well NZX is meeting the requirements for its market operator licence. The report found NZX met all its obligations during the review period from 1 January to 31 December 2024.
/jlne.ws/4ndBkTI
FCA celebrates winners of its inaugural economic research competition
FCA
We have unveiled the findings from the 6 winners of our economic research competition. The winning institutions - the University of Edinburgh, University of Birmingham, University College London, London School of Economics (LSE), Beauhurst, and Fathom Consulting - presented their findings at an event at the LSE to an audience of academics, consultants, policymakers and think tanks.
/jlne.ws/4kNd09z
Joint session of the 55th general meeting of Financial System Council and the 43rd meeting of Sectional Committee on Financial System
FSA
Joint session of the 55th general meeting of Financial System Council and the 43rd meeting of Sectional Committee on Financial System will be held on June 25, 2025 as follows.
/jlne.ws/442yW9m
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Era of Bund scarcity is over, says German debt chief; Finance agency board member points to major change in Eurozone's core sovereign bond market
Ian Smith and Sam Fleming - Financial Times
The era of Bund scarcity is "definitely over", said a senior German official, as the Eurozone's safest borrower increases sales of its benchmark debt to fund a defence and infrastructure spending spree. Tammo Diemer, an executive board member at Germany's finance agency who oversees its sovereign debt issuance, pointed to the increasing availability of German bonds in the secondary market following the end of quantitative easing.
/jlne.ws/3HK2KjG
The Dark Side of China's Gold Frenzy; Chinese investors have poured their savings into gold, attracted by promises of rising prices. One company's sudden closure is a cautionary tale.
Joy Dong and Daisuke Wakabayashi - The New York Times
As the price of gold soared, Julie Li thought her investment in the precious metal was the smartest decision she had ever made. Across China, many like her have poured their savings into gold, lured by companies promising hefty returns far into the future. About a year ago, Ms. Li invested about $35,000 in gold bars through Yongkun Gold, a company that runs an online platform and dozens of jewelry shops in eastern China. The investments performed so well that she used a credit card to put in $20,000 more.
/jlne.ws/45Y7a0k
Trader Generation: How Millennial Women Are Redefining Markets
Anna Lyudvig - Traders Magazine
Millennial women are increasingly embracing the identity of "trader," signaling a major generational and cultural shift in how women interact with markets, according to Charles Schwab's 2025 Women Investors Survey. More than one-third (37%) of Millennial women investors now consider themselves traders, a figure that far outpaces Gen X women at 23% and Boomer women at just 11%. This data reflects a new era of market participation where younger women are not just passively investing for long-term goals like retirement, but actively trading, experimenting with asset classes, and taking ownership of their financial futures in real time.
/jlne.ws/4l5CJJU
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | An EV Revolution Is Happening in the Heart of OPEC; The Gulf states are looking beyond oil and the internal combustion engine.
David Fickling - Bloomberg
Think of the most important markets for electric vehicles, and you'll have a list of the usual suspects: Norway, China, Germany, the UK. But Dubai? It seems improbable, but OPEC's second-biggest exporter deserves a place alongside those other markets. Fully-electric vehicles comprised 10% of the value of cars imported into the United Arab Emirates last year, according to trade data. Throw in hybrids and plug-in hybrids, and more than a quarter of the market is switching to batteries.
/jlne.ws/4jX6b3V
Legal experts and economists sound the alarm over the EU's sustainability rules rollback
David Vetter - Fortune
Dozens of legal scholars and economists have issued stark warnings over attempts by the European Commission (EC) to weaken corporate accountability laws, saying the action will wreck corporate accountability commitments, slash human rights and environmental protections, and lead to higher costs for companies and society.
/jlne.ws/44ijt6p
Elon Musk is spending billions on an enormous supercomputer facility in Memphis. Residents say it's polluting their air and harming their health
Adrian Sainz - The Associated Press via Fortune
The NAACP and an environmental group said Tuesday that they intend to sue Elon Musk's artificial intelligence company xAI over concerns about air pollution generated by a supercomputer facility located near predominantly Black communities in Memphis.
/jlne.ws/4kKFHDM
How a Chinese-Owned Battery Maker's Bet on U.S. EVs Went Wrong; AESC poured billions of dollars into electric-vehicle battery factories before stopping work
Christopher Otts - The Wall Street Journal
Just three years ago, Bowling Green, Ky., was celebrating the largest industrial investment ever made in the city, a new sprawling electric-vehicle battery factory that would create 2,000 jobs. Today, the building is there. The jobs aren't. "A grand opening, a ribbon-cutting-we were supposed to be there at this point," said Todd Alcott, mayor of the 72,000-person Kentucky city. "We are not there."
/jlne.ws/4ef0360
A Lithium Startup Is Building a US Battery Plant That Will Skirt Trump's Tariffs
Elise Harris and Edward Ludlow - Bloomberg
US startup Pure Lithium Corp. is working on a testing facility to build a new type of lithium battery that's completely manufactured domestically. The company has developed a lithium metal battery that Chief Executive Officer Emilie Bodoin says will displace lithium-ion batteries. Pure Lithium has spent the last four years doing research and development on the technology, which could be used in electric vehicles, utility-scale energy storage and other applications.
/jlne.ws/4n67YGH
Senate GOP Favors Round-The-Clock Power Over Solar and Wind; The Senate's tax bill would boost baseload electricity - including nuclear and geothermal power - while slashing incentives for intermittent sources.
Mark Chediak - Bloomberg
Senate Republicans would use their version of Donald Trump's massive tax and spending bill to boost round-the-clock energy sources while slashing US incentives for solar and wind, echoing his administration's hostility to intermittent renewable power. Generous tax credits for nuclear and geothermal power would phase out by 2036, while incentives for wind and large-scale solar would end by 2028, according to a draft of the legislation released late Monday. Credits for home solar installations and energy-efficiency improvements would end even earlier.
/jlne.ws/3TsU3g9
Gulf states tap cheap Chinese batteries to power renewable ambitions; Storage systems are seen as crucial to integrating solar and wind into electrical grids
Chloe Cornish - Financial Times
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Miscalculation by Spanish power grid operator REE contributed to massive blackout, report finds
Pietro Lombardi and David Latona - Reuters
/jlne.ws/3SXlDly
Canada Business Group Pushes for Pipeline Expansion in Mexico
Maya Averbuch and Scott Squires - Bloomberg
/jlne.ws/4lgCA6F
Mitsubishi Corp. eyes gas sales in US by buying Aethon Energy; Trump's support for LNG exports a boon for sector
Shin Watanabe and Yuji Ohira - Nikkei Asia
/jlne.ws/4kQ2E8S
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Former Barclays market structure expert Coupe lands Susquehanna fixed income trading role; Coupe left Barclays last year after nine years at the bank and also previously served at NICE Actimize, Redkite Financial Markets, FTEN, Turquoise and Ullink.
Annabel Smith - The Trade
Institutional broker dealer Susquehanna International Securities has appointed Matt Coupe to its fixed income trading team. Coupe joins after most recently serving at Barclays as global head of cross asset market structure, departing the bank last year after a nine year stint. In his new role, Coupe will be responsible for working with market participants to help them "capture unique opportunities" on securities trading platforms.
/jlne.ws/40cmxOV
Cantor Fitzgerald Poaches 15-Person Team in Germany Push
Stephan Kahl and Todd Gillespie - Bloomberg
Cantor Fitzgerald LP hired about 15 investment bankers and traders in Germany and is looking to open a new office in the country as it seeks to push deeper into European markets. The New York-based bank, run for decades by Howard Lutnick until he left this year to become US commerce secretary, poached the team of bankers, researchers and equities sales and trading personnel from Frankfurt-based Hauck Aufhäuser Lampe Privatbank AG, known as HAL, according to people with knowledge of the matter.
/jlne.ws/4lb6M2W
Barclays Hires McKinsey to Identify Savings in Investment Bank
William Shaw - Bloomberg
Barclays Plc has hired McKinsey & Co. to help simplify its investment bank and identify hundreds of millions of dollars in potential savings, according to people familiar with the matter. Consultants are examining the front office, finance, risk and technology divisions, according to the people, who asked not to be named discussing non-public information. They're focused on duplication of work and whether tasks can be further automated, the people said.
/jlne.ws/4e7TDVS
Morgan Stanley's Top Asia Banker Targets $10 Billion in Revenue
Cathy Chan - Bloomberg
Last month, as the US-China trade war heated up, Morgan Stanley's co-President Dan Simkowitz made a discreet visit to Beijing. It was the first time a senior US executive from the bank had stepped foot in China in five years, and came days after a rare board meeting in Tokyo near the Imperial Palace. The low-key events underscore the focus the Wall Street giant is putting on Asia under recently installed Chief Executive Officer Ted Pick. After several tough years sparked by a slump in China that hammered global banks, Morgan Stanley is regaining traction in the region.
/jlne.ws/3FWNfV6
ABN Amro trading equity volume doubled to EUR31trn in 2024; Dutch bank outpaces all European peers on key systemic risk metric and trails only three US firms
Joshua Walker - Risk.net
ABN Amro's trading volume of equity and other securities - one of the 14 systemic risk indicators used by the Financial Stability Board (FSB) in its annual assessment of global systemically important banks (G-Sibs) - almost doubled over 2024 to EUR30.9 trillion ($35.8 trillion). The figure accounted for nearly two-thirds of the total reported across 30 European banks, Risk Quantum analysis shows.
/jlne.ws/3ZAm35c
Private Equity
PE Firm Aurelius Is Said to Raise Over EUR800 Million for New Fund
Swetha Gopinath - Bloomberg
Private equity firm Aurelius has raised more than EUR800 million ($922 million) for its new flagship fund that targets mid-market investments in Europe and North America, according to people familiar with the matter. Aurelius Opportunities Fund V was oversubscribed with the fundraising completed in five months, the people said, defying the challenges that some other buyout firms face in raising new funds as dealmaking has slowed significantly. Its size is bigger than its predecessor fund, which raised EUR540 million in 2021.
/jlne.ws/4kNTeuw
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | HSBC considers ordering all staff back to office 3 days a week; Bank seeking to impose unified approach on sprawling global workforce
Ortenca Aliaj - Financial Times
HSBC is considering a global mandate to force employees back to the office at least three days a week, as the bank seeks to reconcile a patchwork of policies across its sprawling operations. Chief executive officer Georges Elhedery has discussed a group-wide return to office policy with executives across the bank's businesses, according to people involved in the deliberations, with some managers expressing frustration that many employees are still mostly working from home.
/jlne.ws/4e7yU4J
Sam Altman says Meta offered $100 million bonuses to OpenAI employees
Reuters
OpenAI CEO Sam Altman said that Meta has offered his employees bonuses of $100 million to recruit them, as the tech giant seeks to ramp up its artificial intelligence strategy. The alleged attempts by Meta to hire OpenAI staffers are the latest signs of a frenzy to hire top engineers to develop AI models, and they come at a time when the Facebook owner is working on building its superintelligence unit to catch up with competitors.
/jlne.ws/4kLMEV9
AI won't cure 'the infinite workday' unless companies reengineer work, Microsoft says
Jeremy Kahn - Fortune
Back in April, Microsoft published some research about the modern workday, drawn from data it gathers anonymously about the use of its software applications. And honestly, the conclusions were kind of depressing. It found that we are all trapped in what the company is calling "the infinite workday." People start checking their emails before they even get out of bed. Then, when we are at work, the most productive hours of the day are filled with meetings and distractions. During core working hours, people are getting interrupted by messages or emails every two minutes on average-that's 275 interruptions per day-Microsoft found.
/jlne.ws/4ldJ9a1
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Defining 'forever chemicals' is a job for science alone; PFAS are a commercial hit - that should not play a part in how they are categorised
Anjana Ahuja - Financial Times
It has all the makings of a toxic controversy. Growing evidence suggests that the molecules known as forever chemicals - used in everyday items like cosmetics, non-stick pans and water-repellent clothing - can build up in the environment and in the body, to the detriment of both. Last year, the world's pre-eminent chemistry organisation announced a panel would look again at how the chemicals - more properly known as per- and polyfluoroalkyl substances, or PFAS - are defined. That has stoked unhappiness among some researchers, who suspect that the rethink, to be carried out by the International Union of Pure and Applied Chemistry, might end up narrowing the definition and letting some forever chemicals off the regulatory hook. The current definition, they protest, is grounded in science and works well; the new initiative, they argue, is motivated by political or economic considerations, rather than science.
/jlne.ws/45Yc0dV
The Tick Situation Is Getting Worse. Here's How to Protect Yourself.; As temperatures rise, ticks of several kinds are flourishing in ways that threaten people's health.
Maggie Astor - The New York Times
Lately, Shannon LaDeau and her colleagues have had unwelcome visitors at their office in New York's Hudson Valley: ticks, crawling up the building and trying to get through doors. "Which is kind of alarming," said Dr. LaDeau, a disease ecologist at the Cary Institute of Ecosystem Studies who studies the arachnids and the pathogens they carry. As winters get warmer, ticks of several kinds are flourishing. Deer ticks, known for transmitting Lyme disease, are moving farther north.
/jlne.ws/3TwahFe
A Cutting-Edge Cancer Therapy Offers Hope for Patients With Lupus; Lupus can be debilitating and sometimes deadly for the 3 million people who have it. A treatment called CAR T appears to stop it in its tracks.
Nina Agrawal - The New York Times
Jennifer Le's doctor ticked through a long checklist of head-to-toe symptoms as she examined Ms. Le in a Boston clinic last month. Was she experiencing brain fog? Headaches? What about hair loss, rashes or joint pain? Ms. Le, 36, was diagnosed with lupus in 2016, just after she got married.
/jlne.ws/464eCXN
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Security Concerns Hit Some of the World's 'Most Livable Cities'; Copenhagen beat out Vienna as The Economist's top pick for 2025, as Western Europe scores dropped with a rise in terrorism threats, riots, crime and anti-Semitic attacks.
Sanne Wass - Bloomberg
Copenhagen rose to first place in a global livability ranking, after security concerns nudged down other cities in Western Europe. Austria's capital, Vienna, lost its top spot as the world's most livable city due to recent terrorism scares, according to the Economist Intelligence Unit's 2025 Global Livability Index. A bomb threat ahead of Taylor Swift concerts in 2024 and the uncovering of a planned attack on a city train station earlier this year caused a sharp drop in the city's stability score, the report said.
/jlne.ws/3TzHxLL
High Cocoa Prices Drive Smuggling Surge, Alarming Traders; Cocoa smuggled from the world's largest producer, Ivory Coast, is leading to supply shortages and traceability concerns.
Mumbi Gitau and Baudelaire Mieu - Bloomberg
At the town of Gbapleu, a rope tied between two metal barrels separates Ivory Coast from Guinea. A thin trickle of traffic passes through the border post, mostly motorbikes or cars stuffed with passengers and overburdened with food and household items tied to their roofs. For those who want to avoid the scrutiny of officials, there are other routes. Scattered throughout the region are dirt tracks that snake through the forests and grassland. After dark, motorcycle couriers arrive at warehouses in Ivorian towns near the frontier and load up with two or three sacks of cocoa, each weighing about 65 kilograms (143 pounds). From around 10pm, the riders set out for the border in a convoy, dodging the checkpoints to carry beans into Guinea.
/jlne.ws/444DFar
Activist Investors Flood Japanese Firms With Record Proposals
Momoka Yokoyama - Bloomberg
Activist investors are inundating Japanese companies with an unprecedented number of proposals that will keep executives on their toes at annual general meetings. Firms have received a record 137 requests from activists, according to data compiled by Mitsubishi UFJ Trust & Banking Corp. The shareholders are delving deeper into management decisions and demanding changes to board structures and privatizations.
/jlne.ws/4nboEg4
ETFGI Reports That Assets Invested In The ETFs Industry In Canada Reached A New Record Of US$463.25 Billion At The End Of May
Mondovisione
ETFGI, a leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, events, and ETF TV on global ETF industry trends, reported today that assets invested in the ETFs industry in Canada reached a new record of US$463.25 billion at the end of May. During May the ETFs industry in Canada gathered net inflows of US$7.88 billion, bringing year-to-date net inflows to US$40.49 billion - also a record, according to ETFGI's May 2025 Canadian ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service.
/jlne.ws/4kER7Jk
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| Miscellaneous | | Stories that don't quite fit under the other sections | At Art Basel, Dealers Reap Rewards By Sidestepping Politics and War; The fair featured a preponderance of safe, apolitical works-which played to the mood of buyers.
James Tarmy - Bloomberg
About halfway through the opening day of Art Basel's fair in Switzerland, the dealer Larry Gagosian was sitting on a bench near his booth. Crowds-incredibly thick when the art fair opened to VIPs at 11 a.m.-had dispersed a bit as grandees shuffled into the convention center courtyard for lunch, queuing up for sausages, oysters and ice cream cones. Gagosian, though, seemed content to stay inside, overseeing a presentation that included an early Cy Twombly painting priced at over $30 million. "We've sold quite a few things, considering the state of the world," he said. "I'm encouraged that initially we've been doing quite a bit of business. We live in a crazy time, and I think that a lot of people want to take refuge in some other universe." (Art Basel's VIP days end June 18; public days are June 19-22.)
/jlne.ws/4ehjNpy
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