| July 16, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2025 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
Gerry Corcoran, chairman and CEO at R.J. O'Brien, yesterday celebrated his 38 year journey in the futures industry that started when he joined RJO as their CFO, he shared on LinkedIn. He was hired by his best friend, Johnny O'Brien, and Corcoran wrote that they "had no idea what we were walking into together." He thanked several RJO stalwarts who I have gotten to know or know better in recent years as John Lothian Products shot video tributes about John W. O'Brien Sr., James "Bugzy" Brooks and Mary Ellen Scanlin. Besides thanking Bugzy and Mary Ellen, Corcoran thanked James O'Brien, Jane Obermoeller, Colleen Roberts, Bob O'Brien Jr., Colleen Manzie and so many others. He also thanked colleagues, clients, the O'Brien Family, the CME (and Terry Duffy) and most importantly, his family. He also reflected on the next stage of his journey, closing the RJO-StoneX merger and continuing to contribute as part of the management team.
The Association of Futures Markets (AFM) has announced with deep concern that Beata Young, the founder of WonIT Digital and a cherished member of the AFM community, has been missing for a month. A familiar and inspiring presence at AFM events, Beata most recently spoke in February at the Capacity Building Workshop in Nairobi. She was instrumental in AFM's communications and widely admired for her energy, intellect, and commitment to inclusivity. While police searches continue and her whereabouts remain unknown, AFM asks for privacy and support during this difficult time, and invites those who knew her to share memories in her honor.
For you Dutch speakers, Cboe Europe is holding a webinar tomorrow from Cboe Europe Derivatives (CEDX) and Interactive Brokers. This is the third session of a four-part Dutch-language series that will explore why investors trade options. You can register HERE.
Former CFTC Commissioner Dan M. Berkovitz, now vice chairman of external and regulatory affairs at Millennium, has an article published in the Seton Hall Law Review titled "The Aftermath of Loper Bright: The Demise of Deference Will Make No Difference in Securities Law."
Ian Mawdsley has left Broadridge, he shared on LinkedIn, noting that he has founded Advisium Limited, an advisory firm focusing on product development within listed markets. He has signed up with the OPCO Advisory team and will be assisting fintech firms looking to expand their go-to-market strategy on a global basis.
Here are the headlines from in front of FOW's paywall from some recent stories: Liquidnet hires Credit Suisse's former head of equity derivatives and What's next for swaps clearing?
Ashwini Panse, managing director, ICE India and CRO, North American Clearing at ICE, just completed hiking the Tour du Mont Blanc (TMB), she shared on LinkedIn. Check out our interview with Panse from IDX, which is in today's JLN.
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:
Walleye, Former Trader Spar Over Hedge Fund's Non-Compete Terms from Bloomberg.
Jane Street deposits $567 million so it can resume India trading from Reuters.
FCA statement on market reforms and what's to come from FCA. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
ICE's Ashwini Panse Highlights Transparency, Central Bank Access, and Global Cooperation as Clearinghouse Priorities JohnLothianNews.com LONDON, UK-(JLN)-July 16, 2025 - In an interview with John Lothian News at FIA IDX, Ashwini Panse, chief risk officer at ICE's North American clearing operations, laid out a comprehensive view of key developments and continuing challenges facing central counterparty clearinghouses (CCPs) globally. From enhancing transparency and stress-testing standards to advocating for broader access to central bank accounts, Panse emphasized ICE's leadership in risk management and public disclosure. Watch the Ashwini Panse Video » Iouri Saroukhanov - Cboe Watch the Iouri Saroukhanov Video » Jorge Alegria - Bolsa Mexicana de Valores (BMV) Watch the Jorge Alegria Video »
++++
Crypto Industry Juices Latest Polls to Falsely Claim Broad Support among U.S. Voters
Better Markets
It's "Crypto Week" on the Hill, and the cryptocurrency industry is pushing again for a light-touch framework for crypto trading. However, the only thing truly light-touch is how little Main Street Americans appear to trust the industry, despite crypto's best efforts to juice polls and fudge claims of broad support. The fact is, crypto polling paid for by the crypto industry tends to overstate crypto's use among Americans and its salience as a galvanizing issue among. "The industry's legislative lobbying, political contributions, and paid surveys may buy short-term success for crypto, but crypto will not prove durable unless there's a strong framework to instill trust among investors. Right now, crypto trading remains little more than another way to endanger the financial and economic health of American investors, and the polling backs this up" said Ben Schiffrin, Director of Securities Policy at Better Markets. "We need a financial system that supports the real productive economy and creates broad-based wealth, rather than a system focused on extracting wealth from those who already have too little. It's clear that voters agree, despite what the crypto industry wants you to believe."
/jlne.ws/44SqMRn
***** Better Markets says the crypto industry is not as popular as it portrays itself to be or that its political sway would make you believe it is.~JJL
++++
Tuesday's Top Three
Our top story Tuesday was The Wall Street Journal's Want to Trade Amazon on Crypto Exchange? The Price Might Be Off by 300%. Second was a tie between Catastrophe bond sales hit record as insurers offload climate risks and Crypto is top money laundering threat, warns new EU watchdog, both from the Financial Times. Third was CFTC commissioner Johnson warns again about cyber-risks, from FOW.
++++
|
| | | | |
| Lead Stories | CME Lawsuit Could Redefine 'Trading Floor' in the Age of Electronic Markets
Anna Lyudvig - Traders Magazine
A high-stakes legal battle is underway in downtown Chicago, where a class of longtime traders is suing CME Group-the operator of the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT)-over allegations that it breached contractual rights tied to legacy trading floor memberships. Opening statements in the case began on July 7, before Cook County Circuit Judge Patrick J. Sherlock at the Richard J. Daley Center. At the heart of the lawsuit is a dispute over how CME's transition to electronic trading more than a decade ago affected the rights of B-share members. These memberships historically granted traders access to fee discounts and trading privileges on physical exchange floors.
/jlne.ws/40opPip
Wall Street's Prime Brokerage Boom Lures European Rivals; The industry's revenue from prime brokerage is expected to hit a record $30.8 billion this year and European banks are hustling to get a bigger piece of that action.
William Shaw - Bloomberg
BNP Paribas SA is betting an army of 500 coders will be able to help it grab more market share in the growing business of prime brokerage. The French bank has been adding dozens of software engineers to help it develop a new platform that determines how much margin it requires hedge fund clients to keep on hand. Already, the division has amassed more than half a trillion dollars worth of prime balances and has a line of sight to add another $40 billion by year end.
/jlne.ws/4lqwBfS
Hong Kong Bourse Consults on Cutting Settlement for Trades to One Day
Kiuyan Wong - Bloomberg
Hong Kong proposed to half the time it takes to settle stock trades to one day to align better with international and mainland Chinese standards. The city proposed to move to so-called T+1 from T+2, according to a consultation paper issued by the Hong Kong Exchanges & Clearing Ltd. on Wednesday. There was no time period given for the change, but industry participants were asked to submit feedback on the paper by Sept. 1.
/jlne.ws/46dPtKl
Cantor Fitzgerald close to $4bn Spac deal with bitcoin pioneer; Brandon Lutnick in late-stage talks with Adam Back in latest move to use blank cheque vehicles to buy the cryptocurrency
Antoine Gara and Nikou Asgari - Financial Times
Brandon Lutnick, son of US commerce secretary Howard Lutnick, is nearing a roughly $4bn deal with an early bitcoin supporter to buy billions of dollars in the digital tokens using a vehicle backed by Cantor Fitzgerald. Cantor Equity Partners 1, a blank cheque vehicle that raised $200mn in cash in an initial public offering in January, is in late-stage talks with Adam Back, founder of crypto trading group Blockstream Capital, to buy more than $3bn in the digital currency, according to two people briefed on the talks.
/jlne.ws/44wBY7o
Standard Chartered launches crypto trading for clients; UK lender becomes first major bank to offer spot bitcoin and ether transactions
Nikou Asgari and Ortenca Aliaj - Financial Times
Standard Chartered has begun allowing institutional clients to directly trade bitcoin and ether, becoming the first major bank to enable spot cryptocurrency transactions. The London-based lender said it had launched bitcoin/dollar and ether/dollar trading from Tuesday for institutional clients such as corporates, asset managers and investors, and would soon add so-called non-deliverable forwards - contracts in which no physical settlement of the currencies takes place.
/jlne.ws/40hT4U4
Europe Needs to Save Its Carbon-Market Marriage; Reuniting the EU and UK emissions trading systems would benefit both. Only politics stands in the way.
The Editorial Board - Bloomberg
When the UK left the European Union, it created a rift in the global fight against climate change: Suddenly, the EU's ambitious carbon cap-and-trade system - designed to reduce harmful emissions of greenhouse gases throughout Europe - had to be split in two. Now the UK and EU say they want to get their carbon markets back together, as part of a broader "reset" in relations. It's a great opportunity to demonstrate that, despite Brexit, common sense in climate and trade policy can prevail.
/jlne.ws/44Yn9cS
How a decade-old Italian scandal landed at door of Deutsche Bank's CEO; Civil lawsuit in Germany reveals Christian Sewing's role in audit that contributed to six bankers being convicted in 2019
Florian Muller and Olaf Storbeck, Simon Foy and Silvia Sciorilli Borrelli - Financial Times
Deutsche Bank chief executive Christian Sewing has become embroiled in a EUR152mn lawsuit that alleges he was involved in a decade-old cover-up of financial crisis-era transactions. A new civil case in Germany brought against Deutsche by Dario Schiraldi, a former senior banker, claims that Sewing presided over a flawed internal audit which formed an important part of the evidence used to convict Schiraldi in Italy in 2019.
/jlne.ws/4nTc05o
Jane Street rivals call for wider probes of manipulation claims; Sebi allegations raise concerns about similar behaviour in US and European markets
Helen Bartholomew, Lukas Becker and Joe Parsons - Risk.net
Recent revelations about Jane Street's trading activities in India have raised concerns about possible manipulation of options markets and prompted calls for further investigations. On July 4, the Securities and Exchange Board of India (Sebi) published a bombshell order accusing Jane Steet of manipulating the local equities market. The regulator demanded the US trading firm repay INR48.4 billion
/jlne.ws/4mhNvxx
Goldman Posts Best Stock-Trading Quarter in Wall Street History
Todd Gillespie - Bloomberg
Goldman Sachs Group Inc.'s stock traders posted the largest revenue haul in Wall Street history, as volatility sparked by the Trump administration's trade war spurred a second straight record quarter for the unit. At $4.3 billion, equity-trading revenue for the second quarter was about $600 million more than what analysts were expecting and $100 million above the first-quarter total, according to a statement Wednesday. That also pushed profit above expectations for the period.
/jlne.ws/4kEO9Uo
**** Also see "Goldman Sachs profits jump 22% on investment banking revival" - Financial Times and "Goldman Sachs Profit Surges, Powered by Trading, Investment Banking Revenue" - The Wall Street Journal
Global Exchange Revenues Total $58.9 Billion in 2024, Rising 7.5% On Increased Demand for Data
Burton Taylor, part of TP ICAP via Traders Magazine
Global exchange revenues continue a years-long growth trend, gaining 7.5% for a record $58.9 billion in 2024. With the S&P 500 Index achieving a total return in 2024 of 25%, the STOXX Europe 600 Index rising 6% from the previous year, and the Vanguard Total Bond Market Index Fund recording a return of 5.1%, the business of exchanges was buoyed by a tailwind in the major global financial centers. The exchanges' Market Technology and Access (MT&A) business grew 38% from 2023, Trading, Clearing and Settlement (TC&S) increased 9.8%, Information Services (IS) was up 2.8% YoY, while declining by 0.2% in the Listings and Issuer Services (L&IS) segment., according to a new report published today by Burton Taylor Consulting.
/jlne.ws/40n35iH
Digital Dollars Will Pay Interest - By the Back Door; Stablecoins won't be allowed to offer returns, so their users will earn yields via tokenized money-market funds.
Andy Mukherjee - Bloomberg
This year is proving to be something of a "ChatGPT moment" for stablecoins. But while the excitement is palpable, their utility is still unclear. They are useful to exchange fiat money for speculative assets like Bitcoin. However, outside the world of cryptocurrencies, why would anyone want to hold tokens that are prohibited from paying their users anything? The upcoming US regulations for these 1:1 blockchain copies of the greenback have led to aggressive forecasts of where the $260 billion market is headed. Some of that enthusiasm is visible in Circle Internet Group Inc.'s shares, which have risen sixfold over their $31 initial public offering price last month. Circle's USDC is the second-most-popular digital dollar after Tether's USDT.
/jlne.ws/454qDLP
Why margin transparency is always somebody else's problem; As Esma pushes for clearing clients to receive better information, no-one wants to provide it
Luke Clancy and Paulina Pielichata - Risk.net
Banks have long bemoaned the opaque nature of clearing house margin methodologies. Those complaints intensify whenever stress events cause volatility, with resulting hikes in clearing margin and liquidity squeezes. Lacking a detailed understanding of how margin calls might evolve in those circumstances, end-user clients are left unprepared, and frequently take out their frustrations on clearing
/jlne.ws/4luzYSW
PCAOB Chair Erica Williams to Resign at Request of SEC Chairman; Williams's last day will be July 22, according to an email she sent to staff
Walden Siew and Mark Maurer - The Wall Street Journal
Public Company Accounting Oversight Board Chair Erica Williams is stepping down after Securities and Exchange Commission Chairman Paul Atkins asked her to resign. Her last day will be July 22, according to an email she sent to PCAOB staff. "Today I accepted Erica Williams' offer to resign as chair and a board member of the PCAOB and thanked her for her service," Atkins said. "We look forward to advancing our oversight responsibilities of the PCAOB as it continues its important work."
/jlne.ws/4lzpiCN
UK 'Halfway' There With Listing Reforms, Robinhood Exec Says
Caroline Hepker and Stephen Carroll - Bloomberg
Britain is "halfway" toward fixing issues with its capital markets, said Jordan Sinclair, the UK head of Robinhood Markets Inc., in reaction to a series of reforms by the government to incentivize listing in London. "I think we're maybe at the halfway mark and we just need to keep executing," Sinclair told Bloomberg Radio on Wednesday. The rule changes would need 24 months to see what impact they have had, he added.
/jlne.ws/44Ku6xW
Kraken Launches US Derivatives Platform After NinjaTrader Deal; Kraken has introduced a regulated US derivatives trading platform following its $1.5 billion acquisition of NinjaTrader, expanding institutional access to Bitcoin and other CME-listed futures.
BiTBO
Kraken has unveiled its new US-regulated derivatives trading platform, marking a significant expansion for the exchange in the American market. The launch follows Kraken's $1.5 billion acquisition of NinjaTrader, a major retail futures brokerage specializing in equity and commodity derivatives.
/jlne.ws/4kDPF9d
|
| | | |
|
| 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. | US Tariffs at 30%? C'mon, Europe ... Do Something; Things are bad when US bank bosses are the ones pushing Europe to toughen up.
Lionel Laurent - Bloomberg
"C'mon, do something." The meme of a cartoon figure poking a dead fish with a stick could apply to the European establishment in these strained trade-war times. Just days after a collective sigh of acceptance in Brussels that US blanket tariffs of around 10% were inescapable, trade officials are belatedly scrambling after President Donald Trump's latest threat of 30%, which would likely spell recession for the euro area. A bullying tactic it may be - and one that would draw counter-tariffs on EUR72 billion ($84 billion) of goods including Boeing Co. aircraft - but it shows how cowed the mood has become even as Germany heads for a zero-growth year and France struggles to tame its deficit.
/jlne.ws/4lYyws6
US Trade Wars Will Hit Households Worldwide, BOE's Bailey Warns
Philip Aldrick and Tom Rees - Bloomberg
US President Donald Trump's trade war with the rest of the world is the wrong approach to addressing imbalances in the global economy and will harm households, Bank of England Governor Andrew Bailey said.In his annual Mansion House speech, Bailey called for greater cooperation between countries - particularly the US and China - to resolve "unsustainable" trade and financial imbalances that are distorting economies and lie behind escalating political tensions.
/jlne.ws/44UnX2d
Canada PM Carney Signals U.S. Tariffs May Be Here to Stay; It is the first time the Canadian prime minister has raised the possibility that U.S. tariffs may remain in place
Paul Vieira - The Wall Street Journal
Canadian Prime Minister Mark Carney said Tuesday it may not be possible to escape U.S. tariffs even with a bilateral agreement to resolve the current tariff row. "There is not a lot of evidence right now, with regards to negotiations, of any country or jurisdiction" escaping U.S. tariffs, Carney told reporters in French ahead of a cabinet meeting in the capital. Carney had entered talks with President Trump toward a new economic-and-security pact between the North American neighbors that included lifting all tariffs on Canadian imports. This marks the first time that he has raised the possibility that U.S. tariffs may remain in place.
/jlne.ws/3IpCs6L
Trump Tariffs Once Viewed as Punitive Win Market Approval; President Trump tells reporters that the US "made a terrific deal" with Indonesia.Source: Other
Abhishek Vishnoi and Prima Wirayani - Bloomberg
Financial markets greeted US President Donald Trump's tariff deal with Indonesia with little fanfare Wednesday, signaling the rate of around 20% that was once viewed as punitive is now seen as workable. nStocks and other assets were mixed in Asia after Trump announced a 19% tariff for Indonesian goods. Shares in the Southeast Asian nation ticked higher on optimism the new levy was at least lower than the 32% originally threatened by the president. Vietnam's shares have risen since Trump in early July said he reached a trade deal with the nation.
/jlne.ws/4eRZuiF
Donald Trump reaps $50bn tariff haul as world 'chickens out'; Only China and Canada have retaliated against US president's tariff war
Peter Foster and Amy Borrett, Andy Bounds and Ilya Gridneff - Financial Times
America's trading partners have largely failed to retaliate against Donald Trump's sweeping tariffs, allowing a president taunted for "always chickening out" to raise nearly $50bn in extra customs revenues at little cost. Four months since Trump fired the opening salvo of his trade war, only China and Canada have dared to hit back at Washington imposing a minimum 10 per cent global tariff, 50 per cent levies on steel and aluminium, and 25 per cent on autos.
/jlne.ws/4nRXz1u
A return to tariffs, Taco or not; Trump's focus on the goods of the past is ridiculous. What matters is competitiveness in the future
Martin Wolf - Financial Times
Like a dog to a bone, Donald Trump always returns to tariffs. He is now proposing a modified list of them on a range of countries, including close allies and a number of desperately poor nations, to be imposed on August 1 2025. Will he chicken out, yet again? Who knows? But the chances that he will, or indeed could, get deals able to assuage his irrational mercantilism seem low to non-existent. An irrational man is unpredictable. Maybe this time he means it. If so, May's already high average US effective tariff level of 8.8 per cent would end up much higher. We would enter a new world.
/jlne.ws/40liShY
|
| | | |
|
| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Russia calls Trump's demand for Ukraine ceasefire in 50 days unacceptable
Haley Ott - CBS News
Russia has rejected President Trump's "ultimatum" for Moscow to sign a ceasefire deal to end the war in Ukraine within 50 days on Tuesday as "unacceptable," calling for continued negotiations and insisting that the invasion ordered by President Vladimir Putin would continue until its goals are achieved. In response to President Trump's threat to impose 100% secondary tariffs on countries that do business with Russia if Putin's government does not agree to a deal to end the war in that timeframe, Deputy Foreign Minister Sergey Ryabkov said Tuesday that "any attempts to make demands, especially ultimatums, are unacceptable to us," according to Russia's state-run TASS news agency.
/jlne.ws/4lQk2KC
How a changing of the guard and a whisper from Melania forced Trump to confront Putin
Cameron Henderson - The Telegraph
When Donald Trump announced a sweeping package of Russian sanctions and weapons for Ukraine on Monday, it caught the world by surprise. Speaking in the Oval Office, the US president pledged to send billions of dollars of military equipment to Kyiv and threatened to impose 100 per cent tariffs on Russian trading partners if Vladimir Putin did not sign a peace deal to end the war in 50 days.
/jlne.ws/4lGqmVp
Exclusive: Putin, unfazed by Trump, will fight on and could take more of Ukraine
Guy Faulconbridge and Darya Korsunskaya - Reuters
MOSCOW, July 15 - President Vladimir Putin intends to keep fighting in Ukraine until the West engages on his terms for peace, unfazed by Donald Trump's threats of tougher sanctions, and his territorial demands may widen as Russian forces advance, three sources close to the Kremlin said. Putin, who ordered Russian troops into Ukraine in February 2022 after eight years of fighting in country's east between Russian-backed separatists and Ukrainian troops, believes Russia's economy and its military are strong enough to weather any additional Western measures, the sources said.
/jlne.ws/40Zf1Y7
Middle East Conflict
Israel strikes Syrian military headquarters in Damascus; Attack follows days of deadly sectarian clashes in southern Syria and marks significant escalation of Israeli campaign
James Shotter and Raya Jalabi - Financial Times
Israel bombed the entrance of the Syrian military headquarters in Damascus on Wednesday, in a significant escalation of its campaign of air strikes in the neighbouring country. The Israeli military also carried out strikes in southern Syria, where violence between Druze militants and Bedouin tribes has flared in recent days, killing dozens of people, and drawing in Syria's security forces.
/jlne.ws/3IxGFFy
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Kraken Launches US Crypto Futures Trading on CME Group Platform
Coin World
Kraken, a prominent crypto exchange, has launched Kraken Derivatives US, a regulated platform that offers US clients access to crypto futures trading. This development signifies a significant advancement in Kraken's mission to provide a comprehensive trading experience. Through this initiative, clients can trade cryptocurrency futures directly on CME Group's platform via Kraken Pro, benefiting from seamless collateral transfers, enhanced capital efficiency, and a user-friendly interface that integrates spot and derivatives trading.
/jlne.ws/4lXA0CO
Why multi-asset funds are back in fashion - and what it means for Asia-Pacific investors
Eurex
Over the past twelve months, multi-asset funds have experienced a significant resurgence. A combination of rising market volatility, shifting macroeconomic dynamics, and changing investor needs has revived interest in this diversified investment strategy. Particularly across Asia, including Japan, Hong Kong, and Australia, funds are rediscovering the value of multi-asset portfolios as they seek to mitigate uncertain markets and capitalize on opportunities across various sectors.
/jlne.ws/4lVtqN3
End of Acquisition of Own Shares (Acquisition of Own Shares Based on Provisions of the Articles of Incorporation Pursuant to Article 459, Paragraph 1 of the Companies Act)
JPX
Japan Exchange Group, Inc. (JPX) previously announced its decision in the Board of Directors meeting held on April 28, 2025 on matters regarding the acquisition of own shares pursuant to the provisions of its Articles of Incorporation and Article 459, Paragraph 1 of the Companies Act. JPX hereby announces the status of acquisition as follows. JPX also announces that the above acquisition of own shares, as resolved at the Board of Directors meeting, has ended with the below acquisition.
/jlne.ws/3Ukdhow
Caution for Investors
NSE
It has been brought to the notice of the National Stock Exchange of India Limited (NSEIL / Exchange) that social media channel named "Close Friends Traders" operating through mobile numbers "9555555620" and "9555555923", YouTube/Instagram link "/closefriendstraders", Telegram link "/dabbatradingmcx" and website link "www.closefriendstraders.com" claiming to be "India's No 1 Trading Platform Tradedost" are providing dabba/illegal trading services.
/jlne.ws/3IpEmnV
New Product Summary: Initial Listing of the E-mini S&P/BMV IPC Index Futures Contract - Effective August 18, 2025
CME Group
/jlne.ws/44AN23r
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Artificial Intelligence
Chinese AI firm MiniMax targets $4 billion-plus valuation in Hong Kong IPO, sources say
Kane Wu, Liam Mo and Che Pan - Reuters
Chinese AI startup MiniMax has filed confidentially for a Hong Kong initial public offering, targeting a valuation of over $4 billion in the flotation, which could happen before the end of this year, three people with knowledge of the matter said. MiniMax could raise HK$4 billion to HK$5 billion ($510 million to $637 million) in the IPO, one of the sources said.
/jlne.ws/44RHFfa
Oracle Is No Longer AI's Dark Horse; Software giant's stock surges as AI deals fill its backlog, but high valuation creates risks
Dan Gallagher - The Wall Street Journal
Oracle might be the most unlikely AI success story yet. It's certainly no longer a secret one. The database-software giant founded 48 years ago has found new life in the artificial-intelligence craze. Oracle had already built up a cloud business to compete with those offered by industry titans like Amazon.com, Microsoft MSFT 0.56%increase; green up pointing triangle and Google. Now, demand for AI computing is driving even more business Oracle's way. The company closed its latest fiscal year in May with remaining performance obligations-contracted revenue not yet recognized-of $138 billion, up $40 billion from the same point the prior year and more than double the same point two years ago.
/jlne.ws/4m0Fgpf
Microprocessors
Nvidia's China Troubles Aren't Over; AI chip giant is cheering now, but the celebration may be short
Asa Fitch and Dan Gallagher - The Wall Street Journal
Nvidia notched a political win Monday with the Trump administration's loosening of restrictions on its chip sales in China. But the artificial-intelligence chip giant isn't done being a pawn in the big-power rivalry between the U.S. and China. The reprieve came as boiling trade tensions seem to have reduced to a simmer. The countries reached a trade truce in Geneva in May, and China followed up by easing supplies of much-needed rare-earth metals for U.S. automakers and manufacturers.
/jlne.ws/4lwv9IV
Tokenization
The Tokenization Market Has A 4,000x Growth Potential According Bitwise: Here's 'The Cleanest Way' To Invest In The Narrative
David Okoya - Benzinga
The tokenization market is a potential 4,000x opportunity that is "having a moment," according to Bitwise investment chief Matt Hougan. Hougan said this in a note to investors on Tuesday, citing statements from BlackRock (NYSE:BLK) CEO Larry Fink and recent developments in the space. In Fink's annual shareholder letter this year, he wrote: "Every stock, every bond, every fund-every asset-can be tokenized."
/jlne.ws/4ltScUB
Payments
Australia Eyes Cash Distribution Reform as Online Payments Boom
Swati Pandey - Bloomberg
Australian regulators will look into a potential framework for the distribution of physical money across the country as increasing use of online and card payments add to complexities of keeping cash in circulation. "Maintaining access to cash is a key priority as part of modernizing payments infrastructure in Australia," according to a consultation paper released by the Council of Financial Regulators and the Australian Competition and Consumer Commission on Wednesday. "Critical cash distribution services should be subject to appropriate safeguards to support the ongoing availability of cash across Australia."
/jlne.ws/4fceEj7
|
| | | |
|
| Cybersecurity | | Top stories for cybersecurity | Cybersecurity Funding Surged Higher In Q2
Joanna Glasner - Crunchbase News
Cybersecurity was a hot area for venture investment in the first half of 2025, with total funding to the space hitting its highest level in three years. Overall, investors poured $9.4 billion into global cybersecurity- and privacy-focused startups in the first six months of the year, per Crunchbase data. Funding shot up in the first quarter to hit $4.5 billion, then surged to $4.9 billion in the second quarter.
/jlne.ws/3UmoiFT
Introducing the AI Maturity Model for Cybersecurity
Darktrace
The AI Maturity Model for Cybersecurity is the most detailed guide of its kind, grounded in real use cases and expert insight. It empowers CISOs to make strategic decisions, not just about what AI to adopt, but how to do it in a way that strengthens their organization over time and achieves successful outcomes.
/jlne.ws/40hS6ao
Most cybersecurity risk comes from just 10% of employees
Anamarija Pogorelec - Help Net Security
A new report from Living Security and the Cyentia Institute sheds light on the real human element behind cybersecurity threats, and it's not what most organizations expect. The Risky Business: Who Protects & Who Puts You at Risk report analyzes data from over 100 organizations and challenges conventional thinking by revealing that a small portion of users, just 10 percent, are responsible for nearly 73 percent of all risky behavior in the enterprise.
/jlne.ws/44M8pNW
Experts unpack the biggest cybersecurity surprises of 2025
Mirko Zorz - Help Net Security
2025 has been a busy year for cybersecurity. From unexpected attacks to new tactics by threat groups, a lot has caught experts off guard. We asked cybersecurity leaders to share the biggest surprises they've seen so far this year and what those surprises might mean for the rest of us.
/jlne.ws/3UhqHBK
|
| | | |
|
| Cryptocurrencies | | Top stories for cryptocurrencies | Why crypto giant Tether bought a South American farming company
Marcelo Teixeira - Reuters
Crypto powerhouse Tether, the world's largest digital assets company, is leveraging its recent acquisition of a South American agricultural firm to make a strategic play for the multi-trillion dollar a year global commodities trade. The company aims to embed its stablecoin, a digital currency pegged to the U.S. dollar that trades in crypto exchanges, into the core of markets where raw materials are bought and sold, promising to slash cross-border payment costs and times from days to seconds.
/jlne.ws/4lVM1Zt
Standard Chartered launches spot cryptoasset trading for institutional clients; The offering is integrated with the bank's existing platforms and will allow institutional clients to access and trade cryptoassets through recognisable interfaces.
Natasha Cocksedge - The Trade
Standard Chartered has launched a fully integrated digital assets trading service, in a bid to provide institutional clients with deliverable spot cryptoasset trading. The bank has said that the offering covers spot trading for Bitcoin (XBT/USD) and Ether (XET/USD) through its UK branch, with upcoming plans to launch non-deliverable forwards trading. Specifically, institutional clients will be able to access and trade cryptoassets through recognisable interfaces, as the offering is integrated with the bank's existing platforms.
/jlne.ws/3Iu4nCx
Bitcoin
Early Bitcoiner Adam Back Nears $3.5B BTC Deal With Brandon Lutnick-Led Cantor - FT
Krisztian Sandor - CoinDesk
Brandon Lutnick, chairman of Wall Street investment bank Cantor Fitzgerald, is in late-stage talks with early bitcoin proponent and Blockstream CEO Adam Back for a bitcoin treasury deal that could be worth over $3 billion, the Financial Times reported on Wednesday. According to the report, Lutnick's blank cheque company Cantor Equity Partners 1 would acquire 30,000 BTC (nearly $3.5 billion at current prices) from Back. In return, Back would receive equity in the vehicle, which would be renamed BSTR Holdings. The firm also seeks to raise $800 million outside capital, the report said.
/jlne.ws/4kI7vIo
Cantor Preps Second Bitcoin Treasury Company With 25,000 Tokens
Ryan Weeks and Olga Kharif - Bloomberg
An investment vehicle backed by Cantor Fitzgerald is working with Bitcoin pioneer Adam Back on a new treasury company in what would be the second such deal for the investment bank. Blockchain infrastructure provider Blockstream Corp., where Back is a co-founder and its chief executive officer, is in talks to contribute around 25,000 Bitcoin - worth $3 billion at current prices - to the new company, according to people familiar with the conversations who asked not to be named discussing confidential plans.
/jlne.ws/4kDyMeP
Memecoins
Unlocked Trump Memecoins Set to Boost President's Wealth by $100 Million
Tom Maloney - Bloomberg
A batch of Trump memecoins set to be unlocked this week will test demand for the cryptocurrency and add almost $100 million to the billionaire president's net worth. Beginning Thursday, entities associated with Donald Trump will begin to be able to sell 90 million of the tokens, according to crypto researcher Messari. Tokens vesting this week are worth nearly $930 million at Wednesday's price of about $10.30.
/jlne.ws/4lu8RaB
Stablecoins
Citigroup CEO Confirms the Bank Is 'Looking at the Issuance of a Citi Stablecoin'
Siamak Masnavi - CoinDesk
Citigroup (C) CEO Jane Fraser said the banking giant is actively developing digital asset capabilities, including exploring the potential launch of its own stablecoin. Fraser said that "we are looking at the issuance of a Citi stablecoin" during the Q&A section of the bank's second quarter of 2025 earnings call. However, Fraser made it clear that tokenized deposits currently represent the more immediate focus. She added that these innovations are helping Citi modernize internal operations, unlock new revenue streams, and acquire clients.
/jlne.ws/4kKtnmp
Stablecoins May Reshape U.S. Treasury Market at $750B Threshold, Standard Chartered Says
Helene Braun - CoinDesk
The stablecoin market could start reshaping traditional finance if it grows to about $750 billion, according to Geoff Kendrick, Standard Chartered's head of digital assets research. Kendrick, writing in a note Tuesday after a week-long trip through Washington, New York and Boston, said there's a growing consensus among crypto industry players, fund managers and policymakers that this $750 billion mark would be the tipping point where stablecoins begin to influence government debt issuance, monetary policy and the structure of U.S. Treasury markets through sheer demand.
/jlne.ws/40mgJTn
Exclusive: Former Coinbase exec raises $12.5 million for Dakota, a stablecoin-powered neobank
Ben Weiss - Fortune
Crypto and banking are drawing ever closer. Big banks like JPMorgan and Citi are exploring digital asset integrations, and big crypto companies like Circle and Ripple are applying for bank charters. Dakota, a neobank cofounded by a former Coinbase executive, aims to combine both corners of finance-and investors are betting it'll succeed. On Tuesday, the startup announced that it had raised $12.5 million in a Series A led by the crypto venture firm CoinFund. Other participants included 6th Man Ventures, Digital Currency Group, and Triton Ventures. (Triton is the venture arm of the crypto exchange Kraken).
/jlne.ws/4eS4ALV
Jamie Dimon Says JPMorgan to Get More Involved With Stablecoins
Krisztian Sandor - CoinDesk
Jamie Dimon, CEO of global banking giant JPMorgan (JPM), said the bank plans to get more involved in stablecoins, even as he questioned their practical utility compared to traditional payments. "We're going to be involved in both JPMorgan Depositcoin and stablecoins to understand it, to be good at it," Dimon said during the bank's Tuesday earnings call. "I think they're real, but I don't know why you'd want a stablecoin as opposed to just payment."
/jlne.ws/40WIGRE
The GENIUS Act Killed Yield-Bearing Stablecoins. That Might Save DeFi
Ben Nadareski - CoinDesk
Congress may pass the most consequential crypto law of the decade this week while drawing a bright red line through one of DeFi's murkiest gray areas: yield-bearing stablecoins. At first glance, the GENIUS Act appears to be a straightforward regulatory win. It will finally grant over $120 billion in fiat-backed stablecoins a legal runway, establishing clear guardrails for what qualifies as a compliant payment stablecoin.
/jlne.ws/4nSB1hk
Other Crypto
XRP Futures Volume on the CME Hit a Record $235M
Omkar Godbole - CoinDesk
The CME's nascent XRP futures market is growing fast as sophisticated investors gravitate to the payments-focused cryptocurrency.n Together, the standard and micro futures registered a total trading volume of $235 million on Friday, the highest on record. The tally takes the cumulative trading since inception on May 19 to $1.6 billion, according to data source CME Active Trader.
/jlne.ws/3GNz6Kc
ProShares Launches Leveraged Solana and XRP ETFs Following NYSE Arca Approval
Helene Braun - CoinDesk
Two new crypto exchange-traded funds (ETFs) targeting Solana (SOL) and XRP (XRP) are launching in the U.S. on Tuesday, marking another step in the expanding intersection of traditional finance and digital assets. ProShares, a major player in leveraged ETFs, rolled out the ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP). Both products aim to deliver twice the daily performance of their respective underlying cryptocurrencies, but do so using regulated futures contracts - not by holding the tokens themselves, ProShares said in a press release.
/jlne.ws/3TIw7pd
|
| | | |
|
| Politics | | An overview of politics as it relates to the financial markets | U.S. Administration
Hassett Grabs Pole Position in Race to Be Trump's New Fed Chair
Nancy Cook and Catarina Saraiva - Bloomberg
Kevin Hassett, one of President Donald Trump's longest-serving economic aides, is the early frontrunner to replace Jerome Powell as Federal Reserve chief next year, according to people familiar with the process. Hassett, director of the National Economic Council, and Kevin Warsh are the top two contenders in an Apprentice-like contest run by Trump out of the White House. Treasury Secretary Scott Bessent is advising on selection - but could get the job himself if others fail to impress - while Fed governor Christopher Waller remains the dark horse, said people familiar with the deliberations.
/jlne.ws/3TFEVwf
White House Readies Order to Bring Private Equity to 401(k)s
Josh Wingrove, Stephanie Lai, and Allison McNeely - Bloomberg
The Trump administration is finalizing an executive order that would pave the way for 401(k) retirement savings plans to invest in private equity, according to people familiar with the matter. President Donald Trump could sign the directive soon, but details are still being discussed and no date is set for an announcement, said the people, who asked not to be identified discussing private deliberations. The move would be a major win for the industry, which has been lobbying to secure a piece of the roughly $12.5 trillion held in 401(k)s.
/jlne.ws/3IxTjUQ
****Here is the Wall Street Journal's version of the story.
Jamie Dimon Backs Jerome Powell Over Trump in Fed Fight; The C.E.O. of JPMorgan Chase, who has rarely taken on President Trump during his second term, wades into the argument over the Federal Reserve chair.
Rob Copeland - The New York Times
Jamie Dimon, a frequent critic of President Trump's first term, has been more conciliatory this time around, regularly complimenting the administration's corporate tax cut extensions and slashing of bank regulations, and finding reasons to compliment aspects of Mr. Trump's approach to immigration. On Tuesday, however, the chief executive of JPMorgan Chase went out of his way to take exception to Mr. Trump's posture toward Jerome Powell, the chair of the Federal Reserve. Mr. Trump and his allies have been withering toward Mr. Powell, whom they blame for not cutting interest rates and have accused, with no evidence, of political bias.
/jlne.ws/3IvDcXO
U.S. Congress
Trump Team's Handling of Epstein Files Deepens Republican Divide
Catherine Lucey and Myles Miller - Bloomberg
The rift within the Republican Party over the release of documents related to disgraced financier Jeffrey Epstein continued to widen, with top congressional allies of President Donald Trump - including House Speaker Mike Johnson - calling for his administration to exercise greater transparency. The growing controversy has threatened to fracture Trump's political base, tarnishing his image as a fearless, no-holds-barred reformer in the eyes of his fervent supporters while offering Democrats a wedge to exploit.
/jlne.ws/3GKRnb4
Other U.S. Politics
Democrats' Path to Power Is 'Climate Populism', US Representative Says; Arizona Democrat Yassamin Ansari told attendees of Bloomberg Green Seattle that focusing on the rising costs of energy will resonate with voters.
Zahra Hirji - Bloomberg
Populist messages on climate change, including the potential for cleaner energy to lower electricity bills, are crucial as the Democrats seek to win back control of Congress in next year's midterm election, according to Representative Yassamin Ansari. "This climate populism message is one that we really need to lean into," the Arizona Democrat said at the Bloomberg Green Seattle conference on Tuesday. "When it comes to the cost of living, there is a clear connection between your utility prices and your energy costs and, in Arizona, your AC bills being higher than ever."
/jlne.ws/3IvEoug
Ordinary People Are Confronting ICE. What Could Go Wrong? In Los Angeles, residents have banded together to thwart immigration agents. While some fear violence, others are sharing tactics with other cities.
Erika D. Smith - Bloomberg
On a recent sunny morning in an immigrant neighborhood of Los Angeles, children gathered for summer camp. Then dozens of federal agents rolled in - on horseback, in armored vehicles and on foot, all wearing tactical vests and helmets fit for war. LA resident Mikema Nahmir told reporters that he was out for a walk when he spotted two women yelling about la migra. He joined dozens of citizens and activists recording the scene with their cell phones and helping the children to safety. Soon, the agents left without arresting anyone.
/jlne.ws/3IwIQcn
A Politically Captive Fed Would Be a Weak Fed; The Trump administration is demanding the central bank slash interest rates. Ironically, that would likely cause your borrowing costs to rise.
Ernie Tedeschi - Bloomberg
The Trump administration, Congress and the Federal Reserve are mired in a beltway clash over renovations to the central bank's Washington headquarters. To an outside observer, this may appear to just be a fight over the cost of marble, but it could be something deeper. Reports have surmised that the White House may be building a case to fire Fed Chair Jerome Powell for cause and replace him with someone more willing to follow the administration's preferences in setting interest rates. That could have a profound impact on the economy and the cost of living for Americans.
/jlne.ws/40izIy3
United Kingdom
Reeves Vows to Overhaul Ring-Fencing Rules in Appeal to City
Katherine Griffiths, Joe Mayes, and Marion Dakers - Bloomberg
Chancellor of the Exchequer Rachel Reeves pledged to shake up post-crisis rules that are meant to shield consumers' money from the vagaries of investment banking as the UK government looks to the finance sector to help spur economic growth. The reform to the UK's so-called ring-fencing rules will be "meaningful," Reeves said in prepared remarks for her annual Mansion House speech in the City of London. She also highlighted plans to spur homeownership by easing access to mortgages and vowed to slash rules that govern the conduct of London's top bankers. "Now is the time to go further in tackling inefficiency and boosting growth," Reeves said. "The financial services sector is critical to my ambitions for our country."
/jlne.ws/3TICmcD
'What reforms?' City leaders underwhelmed by Rachel Reeves' financial strategy; Attendees of Mansion House dinner say UK chancellor needs to go further with anti-regulation, pro-risk stance
Ashley Armstrong - Financial Times
Under the gilded ceiling of the Mansion House's Egyptian Hall about 300 City grandees were asked to charge their glasses of Mâcon-Montbellet La Bergerie to the "health of the chancellor of the exchequer". Rachel Reeves was speaking for the second time at the Mansion House dinner, fresh from unveiling her "Leeds Reforms" - a long awaited financial strategy that promised to "make the country more active and more confident".
/jlne.ws/4mi5jsn
|
| | | |
|
| Regulation & Enforcement | | Stories about regulation and the law. | Sifma CEO Bentsen on Lessons Learned From Dodd-Frank
Bloomberg
Kenneth Bentsen Jr., Securities Industry and Financial Markets Association (Sifma) CEO, reflects on 15 years of the Dodd-Frank Act. Speaking with Romaine Bostick on "Bloomberg The Close," Bentsen says some Dodd-Frank rules may have "overshot the mark."
/jlne.ws/4ePxhc9
Federal Prosecutors Close Inquiry Into Polymarket Betting Website; The site became prominent last year when people bet on the outcome of the 2024 presidential election.
David Yaffe-Bellany and Natallie Rocha - The New York Times
Federal prosecutors in New York have dropped an investigation into Polymarket, the popular crypto-powered gambling website where users place bets on elections, a person familiar with the matter said. In the waning days of the Biden administration, the Federal Bureau of Investigation carried out a search at the New York City home of Polymarket's chief executive, Shayne Coplan, as part of an inquiry into whether the site allowed U.S. users to place bets. A previous settlement with federal investigators banned Polymarket from offering its services to U.S. customers.
/jlne.ws/4lTIR8r
Billionaire Hybe Founder Said to Face Probe Over IPO Disclosures
Sohee Kim and Shinhye Kang - Bloomberg
Bang Si-hyuk, the billionaire founder of BTS-agency Hybe Co. Ltd. faces investigation by South Korean prosecutors for allegedly misleading investors ahead of its 2020 IPO. The Financial Services Commission referred the largest shareholder of an unidentified company and its former executives on allegations of deceiving investors and violating trading practices. While the FSC did not name the probe's targets in its statement, a person familiar with the investigation told Bloomberg News the company in question was Hybe.
/jlne.ws/4m27ZKt
Chief US audit regulator pushed out by Donald Trump's new SEC chair; Erica Williams told staff at Public Company Accounting Oversight Board that Paul Atkins asked her to resign
Stephen Foley and Stefania Palma - Financial Times
The head of the Securities and Exchange Commission, Paul Atkins, has pushed out the chief US audit regulator, who came under fire for imposing tougher sanctions on big accounting firms during her tenure. Erica Williams told staff at the Public Company Accounting Oversight Board on Tuesday that Atkins had asked her to resign and that she would be leaving the agency she has led since 2022.
/jlne.ws/46wxKOD
Barclays Fined £42 Million Over UK Money Laundering Lapses
Jennifer Surane and Jonathan Browning - Bloomberg
Barclays Plc was fined £42 million ($56 million) over failures to properly identify financial crime risks with two clients. The bulk of the fine is tied to Barclays' failure to adequately manage money laundering risks tied to Stunt & Co., according to a statement on Wednesday. Over the course of a year, the Financial Conduct Authority found that gold trader Stunt & Co. received £46.8 million from Fowler Oldfield, a company that was at the heart of one of the UK's largest ever money-laundering trials.
/jlne.ws/4eRCMqR
Statement Regarding Tenure of Erica Williams at the PCAOB
Paul S. Atkins, Chairman - SEC
Today I accepted Erica Williams' offer to resign as chair and a board member of the PCAOB and thanked her for her service. I am grateful she has agreed to stay on until July 22nd. We look forward to advancing our oversight responsibilities of the PCAOB as it continues its important work.
/jlne.ws/3GOciKf
SEC Announces Dismissal of Civil Enforcement Action Against Former Cognizant Executives Gordon J. Coburn and Steven E. Schwartz
SEC
The Securities and Exchange Commission today filed a joint stipulation with Defendants Gordon J. Coburn and Steven E. Schwartz to dismiss, with prejudice, the Commission's ongoing civil enforcement action against them.
/jlne.ws/4ltm0AP
SEC Defeats Motion to Dismiss Brought by Tipper in Insider Trading Case
SEC
On June 30, 2025, the U.S. District Court for the Southern District of New York denied defendant Eric J. Watson's motion to dismiss the SEC's insider trading claim against him. The SEC's complaint, filed on July 9, 2021, alleges Watson, who was an insider and controlling shareholder of Long Island Iced Tea Corp. (LTEA), tipped his business associate, defendant Oliver-Barret Lindsay, with material nonpublic information about LTEA's forthcoming announcement that it was pivoting its business from soft drink manufacturing to blockchain technology.
/jlne.ws/4lQx0rM
Increased risk profile of KiwiSaver funds 2021-2024
FMA
We have observed a dramatic increase in the overall risk categorisation of KiwiSaver funds in recent years. The proportion of KiwiSaver invested in risk category 5 funds (high volatility) has quadrupled from around 10% in 2021 to more than 40% in 2024, with the proportion in risk category 3 funds (low to medium volatility) decreasing from 30% to 10% over the same period.
/jlne.ws/3IqEjIx
Overseas Recognition Regimes Memorandum of Understanding
FCA
The Memorandum of Understanding (MoU) sets out how the Treasury, the Bank of England, the Prudential Regulation Authority and the FCA will co-ordinate the discharge of their respective functions in relation to Overseas Recognition Regimes.
/jlne.ws/3TIq9os
FCA fines Barclays £42 million for poor handling of financial crime risks
FCA
The FCA has fined Barclays Bank UK PLC and Barclays Bank PLC a total of £42 million for separate instances of failings in its financial crime risk management - one relating to WealthTek and one relating to Stunt & Co. Barclays Bank UK PLC will make a voluntary payment to WealthTek's clients.
/jlne.ws/3U3i3qJ
Hong Kong's AUM grew 13% with 81% increase in fund inflows: SFC's 2024 survey on asset and wealth management business
SFC
Hong Kong rode a new wave of growth as a pre-eminent international asset and wealth management hub, notching a robust year-on-year gain of 13% in assets under management (AUM) and an 81% surge in net fund inflows last year, according to the Securities and Futures Commission's (SFC) Asset and Wealth Management Activities Survey 2024 published today (Notes 1, 2 and 3). The total AUM rose to $35.1 trillion (US$4.53 trillion) for Hong Kong's asset and wealth management business as at end-2024, powered by net fund inflows of $705 billion (US$91 billion) (Note 4). In particular, the AUM of private banking and private wealth management business grew 15% year-on-year to $10.4 trillion (US$1.3 trillion).
/jlne.ws/3TKl7Yv
SFC bans Tong Ho Yin for nine years and fines him $350,000
SFC
The Securities and Futures Commission (SFC) has prohibited Mr Tong Ho Yin, a former responsible officer (RO) of HF Asset Management Limited (HFAM), from returning to the industry for nine years from 16 July 2025 to 15 July 2034. The SFC also fined Tong $350,000 (Notes 1 to 3). The SFC's investigation revealed that during Tong's tenure as RO, HFAM failed to act in the best interests of a fund under its management and to properly manage conflicts of interest when entering into loan and stock lending agreements for the fund on three separate occasions between May 2017 and December 2018.
/jlne.ws/44Rq7Qb
SEBI and NISM Launch National Financial Literacy Quiz (NFLQ) 2025
SEBI
The National Financial Literacy Quiz (NFLQ) 2025, conducted by the Securities and Exchange Board of India (SEBI) in partnership with the National Institute of Securities Market (NISM), is currently underway. As part of SEBI's broader efforts to promote financial awareness, this initiative aims to bolster financial literacy and securities market knowledge among undergraduate and postgraduate students across India.
/jlne.ws/4lPGTXn
|
| | | |
|
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Liquidnet appoints listed derivatives sales trader; Individual joins from TP ICAP and previously spent almost 15 years at BBVA in various roles.
Natasha Cocksedge - The Trade
Juan Ferrer Pons has joined Liquidnet as a listed derivatives sales trader, as part of the firm's wider push to expand its listed derivatives business. In his new role, Ferrer Pons will be based out of Madrid and is set to support the firm's members in Continental Europe by providing tailored liquidity solutions and helping them navigate local markets to enhance regional execution. Ferrer Pons joins from TP ICAP, where he worked as an equity derivatives broker for more than three years.
/jlne.ws/3GR3UcV
Sentiment is the New Macro: Permutable Study Reveals Trade Headlines Now Drive Market Moves Faster Than Economic Data
Traders Magazine
A new study from market intelligence firm Permutable reveals a profound shift in global financial markets: trade sentiment now moves markets more decisively than traditional economic data. Analysing 47 major trade-related events between September 2024 and July 2025, the study finds that geopolitical headlines and narrative momentum have overtaken backward-looking indicators like GDP and employment figures as the primary force behind cross-asset price movements. Permutable calls this transformation "sentiment is the new macro."
/jlne.ws/3TL41K5
How Much Does a Financial Advisor Cost? Explore various fee structures associated with hiring a financial advisor in 2025
Miranda Marquit - The Wall Street Journal
If you want a professional perspective on your personal finances and assistance navigating your long-term financial planning, a financial advisor might help. However, it usually costs money to work with a financial advisor, so it's important to understand what you're getting for the price you pay. The cost of a financial advisor depends on their fee structure and the complexity of your situation. Understanding the different fee arrangements available can help you make a more informed decision when choosing a financial advisor.
/jlne.ws/3IOguKz
|
| | | |
|
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | UK Ethanol Industry's Imminent Demise May Hit Meat, Beer and More
Celia Bergin - Bloomberg
A 1.4 billion-liter tide of cheap US biofuels threatens to wipe out both of the UK's domestic ethanol producers, and could also disrupt a range of British industries from meat packing to making beer. The Vivergo Fuels and Ensus plants in the north of England face imminent closure after a trade deal with Washington removed tariffs on imports of American ethanol.
/jlne.ws/4eWbtf6
EDF Considers Sale of EUR2 Billion Stake in North American Renewables Arm
Dinesh Nair, Pamela Barbaglia, and Francois De Beaupuy - Bloomberg
Electricite de France SA is considering selling a roughly 50% stake in its North American renewable power business, which could fetch about EUR2 billion, according to people familiar with the matter. The move - which would help the state-owned utility save cash for huge investments in new reactors at home - is still being discussed. There's no certainty it will lead to a transaction, the people said, and EDF could opt to sell a larger stake depending on the offers it receives.
/jlne.ws/40Woyzd
Investors rage over Vietnam's alleged breach of power contracts; Cuts to renewable energy subsidies risks country's credibility and power shortages, state utility warns
A. Anantha Lakshmi - Financial Times
A dispute between the government of Vietnam and renewable energy developers over subsidies is threatening to disrupt power supplies, a move that could hit manufacturers that have moved to the country in droves from China. Vietnam has become a critical link in global supply chains in recent years as manufacturers, including Apple, Samsung and Intel, relocated as part of a "China plus one" strategy to hedge their operations against geopolitical risk. But the country's electricity supply has struggled to keep pace with a boom in demand, leading to blackouts and shortages.
/jlne.ws/4nRqEKD
Morgan Stanley Unpicks Oil Market Riddle as Stockpiles Swell
Yongchang Chin - Bloomberg
Global oil inventories have swollen at a rapid clip in recent months, but given the bulk of the increase has been in the Asia-Pacific, prices have been able to hold their ground for now, according to Morgan Stanley. While total stockpiles surged by about 235 million barrels in the five months to the end of June, just 10% of that has been in the OECD, the region that's "critical for price formation," analysts including Martijn Rats said in a July 15 note, which posed the question "Is the oil market actually tight? Or not?"
/jlne.ws/40nIvyK
JPMorgan and Citi Clients Are Getting Comfortable With Chaos; An uptick in deals and fundraising reflects executives adapting to volatility and uncertainty.
Paul J. Davies - Bloomberg
Chief executive officers in the US and beyond are becoming accustomed to the policy swings of President Donald Trump and are deciding they can pursue growth ambitions regardless. That was the main message in the strong investment banking fees reported by JPMorgan Chase & Co. and Citigroup Inc. in second-quarter earnings Tuesday. It will raise hopes among bankers for more deals and stock market debuts during the rest of the year despite the fast-approaching deadline of Aug. 1 for a fresh set of hefty trade taxes to be imposed in the latest round of tariff fights.
/jlne.ws/44wPUOI
Heat Deaths in Spain Have Surged This Summer Amid Record Temperatures; The Spanish government said more than 1,100 deaths between May and July can be attributed to extreme heat.
Laura Millan - Bloomberg
Extreme heat in Spain was 10 times deadlier over the past two months than during the same period last year, with an estimated 1,180 people dying due to heat waves from mid-May to mid-July, compared to 114 people in 2024, according to Spain's Ministry of Health. Research center Instituto de Salud Carlos III calculated excess mortality due to heat by comparing total deaths between May 16 and July 13 this year with the historical average between those dates. Spanish authorities issued a total of 76 red alerts for extreme heat over the past two months, compared to none during the same period in 2024.
/jlne.ws/3UdKYbl
Volcanic Eruption Begins Again in Iceland, Met Office Says
Ragnhildur Sigurdardottir and Lydia Lothman - Bloomberg
/jlne.ws/3GCmohn
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Allianz's fund arm AGI can resume business in US, CEO says
Reuters
Allianz's fund management arm AGI can resume business in the United States after being forced to exit the market following a fraud scandal, the German company's CEO said. In 2022, the German financial giant agreed to pay more than $6 billion and its U.S. asset management unit pleaded guilty to criminal securities fraud over the collapse of a group of investment funds early in the COVID-19 pandemic.
/jlne.ws/3Uesrf7
Allianz boss warns Germany risks becoming 'sick man of Europe'; Oliver Bate predicts country's social security system could collapse in a decade unless spending is cut
Florian Muller - Financial Times
The boss of insurer Allianz has warned that Germany risks becoming the "sick man of Europe" and predicted its social security system could collapse within a decade unless the government cuts spending. At Allianz's annual media briefing on Wednesday, Oliver Bäte said: "We're back to where we were in 1997...when Germany was called the sick man of Europe." He added that while unemployment remained well below the 5mn mark of the time, the country faces mounting risks mainly from unsustainable growth in healthcare and welfare costs.
/jlne.ws/4nWpdL6
BlackRock inflows hit after big client withdraws $52bn; Shares fall despite market rally driving world's largest asset manager to record $12.5tn in assets
Eric Platt - Financial Times
BlackRock's inflows fell to their lowest level in more than a year during the second quarter as a large client in Asia pulled tens of billions of dollars from the world's largest asset manager. The New York-based group said it drew in $68bn across the investment funds it manages in the three months to the end of June, more than a fifth below the $87bn Wall Street had predicted.
/jlne.ws/4lV3Nfl
Wedbush Securities launches 24-hour trading; The new offering makes use of Blue Ocean Technologies and OTC Markets Group's alternative trading systems to provide access to US-listed securities and OTC equity trading.
Natasha Cocksedge - The Trade
Wedbush Financial Services' largest subsidiary, Wedbush Securities, has launched 24-hour trading capabilities to offer extended market access to clients, particularly in Asia-Pacific time zones. The offering has been developed through partnerships with Blue Ocean Technologies and OTC Markets Group, and makes use of alternative trading systems Blue Ocean ATS, MOON ATS and OTC Overnight to enable overnight sessions during Asia-Pacific hours, specifically covering 8pm to 4am ET.
/jlne.ws/4lYyrVk
Trading and dealmaking boosted Goldman profits as Wall Street overcame Trump tariff chaos
David Hollerith - Yahoo Finance
Profits at Goldman Sachs (GS) surged in the second quarter as the Wall Street giant benefited from a boost in trading and dealmaking, the latest example of how big banks were able to recover from the market chaos triggered by President Trump's tariffs. "The economy and markets are generally responding positively to the evolving policy environment," Goldman CEO David Solomon said in a statement. "But as developments rarely unfold in a straight line, we remain very focused on risk management."
/jlne.ws/454ke3f
Morgan Stanley profit rises as traders ride market turmoil
Reuters
Morgan Stanley's profit climbed as market volatility buoyed its trading desk, echoing second-quarter results among its Wall Street rivals. The investment bank posted net income of $3.5 billion, or $2.13 per share, for the three months ended June 30, it said on Wednesday. That compares with $3.1 billion, or $1.82 per share, a year earlier.
/jlne.ws/44UPJvC
**** Also see: Morgan Stanley profits rise 15% as wealth and trading divisions shine ~Financial Times
Julius Baer Seeks to Cut Bonuses of Bankers With High-Risk Books
Noele Illien - Bloomberg
/jlne.ws/4nX3Glq
PNC Beats Net Interest Income Estimates on Growth in Lending
Yizhu Wang - Bloomberg
/jlne.ws/44UYwh6
Hedge Funds
Qube to Enter US After Building $30 Billion Hedge Fund Giant
Nishant Kumar and Devika Krishna Kumar - Bloomberg
In roughly seven years, Qube Research & Technologies has grown into a hedge fund powerhouse without setting foot in the US - the industry's mecca. That's about to change. London-based QRT is preparing to open an office in Houston focused on commodities, which will eventually include physical trading, according to people with knowledge of the matter. QRT has hired Naveen Arora, the co-head of US power trading at Goldman Sachs Group Inc., to help oversee the buildout, the people said.
/jlne.ws/44C0ILC
Private Markets
Direct Listings Resurface as Private Firms Weigh Skipping IPO
Anthony Hughes - Bloomberg
The revival in US initial public offerings and the return of the blank-check company are sparking interest in a long out of favor means for companies to go public: the direct listing. Unlike a traditional IPO, direct listings don't raise capital and provide existing share holders unfettered liquidity. Two of this year's hottest stocks, Palantir Technologies Inc. and Coinbase Global Inc., used the unconventional path to market - which skips an extensive roadshow and paying expensive underwriting fees to Wall Street - during the Covid-19 heyday.
/jlne.ws/3TFHwGv
Private Equity
KKR Urges Investors to Embrace Risk Assets, Hedge Weaker Dollar
Ye Xie - Bloomberg
Investors may underestimate the potential for further gains in stocks and other risk assets but they should hedge against the threat of a weaker dollar, higher bond yields and greater volatility, according to KKR & Co. Loosening financial conditions, policy easing by global central banks, improving productivity and a lack of net issuance provide a supportive backdrop for risk investments, said Henry McVey, head of global macro and asset allocation at the alternative asset manager.
/jlne.ws/3UdOB0X
How a British private equity firm became a $100bn tech success; Hg spent two decades taking Visma to the brink of London's biggest tech IPO in years. Can it repeat the trick with bigger, newer funds?
Alexandra Heal - Financial Times
When EUR19bn software group Visma last month chose London as the venue for its future initial public offering, it signalled a success for the UK capital in more ways than one. The decision was an obvious boost for the UK's beleaguered capital markets, where IPOs have become vanishingly rare - let alone ones of multibillion-pound tech companies.
/jlne.ws/3IwPfUX
|
| | | |
|
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The hedge fund manager who earned $100m working remotely in the countryside
Sarah Butcher - eFinancial Careers
It's not easy to find a high paying financial services job that allows you to work remotely. But if you're good enough, it seems that you can name your terms and work from anywhere.
/jlne.ws/4lA19fp
Hundreds of applications, interview no-shows and HR ghosting: Laid off managers are fighting for a shrinking pool of jobs
Jennifer Liu - CNBC
Companies are trimming their workforces, and many of them are focusing their cuts on middle management. The number of managers dropped 6.1% between May 2022 to May 2025, according to research from Live Data Technologies and reported by The Wall Street Journal, while executive-level roles fell 4.6%. Estee Lauder and Match Group recently said they each cut around 20% of their managers, while UPS, Citigroup, Amazon and Google have all worked to shrink their management teams.
/jlne.ws/3GP8W9N
|
| | | |
|
| Wellness Exchange | | An Exchange of Health and Wellness Information | Kennedy Claims Doctors Profit Off Vaccines. In Fact, Many Lose Money on Them.; Experts said the health secretary's remarks send a dangerous message: Don't trust your physician.
Teddy Rosenbluth - The New York Times
Dr. Stacey Bartell wanted to offer vaccines to her patients. But at her small family medicine practice in a Detroit suburb, she could not find a way to make the finances work. Stocking enough vaccines for her patients would cost thousands of dollars upfront, with no guarantee the sum would be recouped. She employed just one nurse practitioner, and would have to hire additional staff to manage the inventory and stay on top of insurance billing. And the special refrigerators required to store vaccines would cost another $1,000.
/jlne.ws/3Iu6AxP
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Japan Inc. Takes Global Bond Market by Storm With Record Sales
Tasos Vossos - Bloomberg
Debt bankers and investors are bracing for what is shaping up to be the next big trend in the global credit market: Japan Inc. raising billions abroad. A string of recent megadeals is setting the tone. A giant sale by telecom giant NTT Inc. has already driven Japanese non-financial corporate issuance in euros and dollars to a record this year, based on data compiled by Bloomberg. One Morgan Stanley banker in London has even come up with a nickname for such bonds: reverse Samurai.
/jlne.ws/4kEaX6R
Europe's Cocoa Slowdown Highlights Global Chocolate Struggle
Mumbi Gitau and Ilena Peng - Bloomberg
The slowdown at Europe's cocoa factories is deepening, highlighting how historically high prices are curbing demand and hurting processors' profits in the top chocolate consuming region. The amount of beans ground into butter and powder that's used in confectionery probably fell almost 5% in Europe in the second quarter from the same period in 2024, the average estimate of seven traders, brokers and processors surveyed by Bloomberg show. That would mark a fourth straight quarter of year-on-year declines and the lowest grindings for the period since early in the pandemic.
/jlne.ws/44Rowd9
Canada's Aura Minerals plans to raise over $196 million in US IPO
Reuters
Canadian gold and copper miner Aura Minerals said on Tuesday it plans to raise about $196.4 million from its U.S. initial public offering.nThe company had said last week that it was preparing to list its shares on the Nasdaq. It said on Tuesday that it plans to sell 8.1 million shares in the offering.
/jlne.ws/3Iu6ciN
|
| | | |
|
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. |
|
|
