| March 20, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2025 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
Today JLN published the first two videos from our FIA Boca50 coverage, an interview with Acting CFTC Chairman Caroline D. Pham and another with Blue Ocean's CEO Brian Hyndman. The videos are posted below and on www.johnlothiannews.com. This installment of the JLN Industry Leader series is sponsored by the OCC
Commerce Secretary and TV star Howard Lutnick continues to draw attention to himself in the news. Today there are a couple of different stories. The first one is from The Telegraph, which has Wall Street executives telling the White House to get Lutnick off of TV. In another story, Lutnick yesterday was pitching investors to buy stock in Tesla, the car company run by DOGE's Elon Musk. I am sure every public company would like the commerce secretary to go on TV and make a pitch for their company's stock, or not to pitch any company's stock at all.
President, CEO, and Co-Founder of Better Markets Dennis Kelleher criticizes President Trump's proposed "strategic crypto reserve" in a Barron's commentary as economically unsound and a potential risk to taxpayers. Funded by seized assets and vague "budget-neutral" methods, the plan would primarily benefit crypto billionaires and investors while exposing public funds to the extreme volatility of digital assets like Bitcoin, Ethereum, and Solana. Unlike essential reserves for oil or food, crypto lacks intrinsic value or strategic necessity, serving more as a speculative tool for illicit activities. Kelleher warns the plan could create artificial demand, inflate prices, and ultimately trigger a market crash that harms everyday investors. With states considering using pension funds for crypto reserves and corporations like MicroStrategy heavily investing, the risk of a taxpayer-funded bailout grows. Meanwhile, public sentiment remains largely skeptical, with polls showing most Americans oppose crypto. Instead of stockpiling volatile assets, Kelleher urges the government to focus on regulation, crime prevention, and financial stability to protect taxpayers and the broader economy.
What ISDA question? CFTC Commissioner Christy Goldsmith Romero of the Commodity Futures Trading Commission (CFTC) is scheduled to participate in a policy roundtable organized by the International Swaps and Derivatives Association (ISDA) on Wednesday, March 26, 2025. The event will take place from 12:00 p.m. to 2:00 p.m. GMT (8:00 a.m. to 10:00 a.m. EDT) at ISDA's London office, located at 25 Copthall Avenue, 3rd Floor, London.
The application for CME Group Foundation Scholars is open until April 3rd. This scholarship provides up to $20,000 a year in renewable scholarships to first generation college students plus opportunities to engage with CME Group and apply for internship and job opportunities.
Bloomberg's Bernard Goyder reminds us there is a triple-witching expiration this Friday featuring $4.5 trillion of contracts tied to stocks, indexes and exchange-traded funds. We used to have quadruple-witching Fridays, but we killed one of the witches, single stock futures
Market analyst Joel Fingerman is the guest poster this week on the Liquidity Energy LLC LinkedIn page offering a sample of Fingerman's aggregated energy data displayed in unique ways. There is a link at the bottom of the post for a website Fingerman has set up for a deeper dive into the data. It is password protected, but the password is provided, though it is a bit glitchy.
Clark Hutchison, who left the CFTC as the director of the Division of Clearing and Risk, has joined Circle as an advisor, rejoining former CFTC Chairman Heath Tarbert, who serves as Circle's president.
Chris Pilkerton is starting a new position as acting general counsel at the U.S. Department of the Treasury, he shared on LinkedIn.
Jeff Bandman of Bandman Advisors late last year was appointed as member, ESMA consultative working group - post-trade working group at European Securities and Markets Authority (ESMA), he shared on LinkedIn. We interviewed Bandman for the JLN Industry Leader series at Boca50. Look for his interview soon.
Here are the headlines from in front of FOW's paywall from some recent stories: ANALYSIS: Cboe sees increasing interest in European derivatives, UK regulator fines LME £9.2m for failures that led to nickel closure, and CME plans second order book for cash and futures trading.
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:
- Bitcoin Storm Could Be Brewing, Crypto OnChain Options Platform Derive Says from CoinDesk via Yahoo Finance.
- Miami International Holdings proposes cash offer to acquire remaining share of The International Stock Exchange from The Trade.
- Sebi's options plan that spooked many could be in for a review from Mint. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
CFTC's Pham Highlights Enforcement Reforms, Crypto Regulation Efforts at FIA Boca 50
JohnLothianNews.com
BOCA RATON, Fla. (JLN) - Acting Chairman of the Commodity Futures Trading Commission (CFTC) Caroline D. Pham outlined her agency's restructuring efforts, regulatory priorities, and role in the evolving digital assets landscape in an interview at the FIA Boca 50 conference.
Watch the video »
++++
Blue Ocean ATS Dominates Overnight Trading, Expects to Maintain Edge for 3-5 Years
JohnLothianNews.com
BOCA RATON, Fla. (JLN) - Brian Hyndman, the CEO of Blue Ocean Technologies, an alternative trading system (ATS) specializing in overnight trading of U.S. equities catering to a global audience, acknowledged the emergence of potential competitors in the 24-hour trading space for U.S. equities in an interview with John Lothian News at FIA Boca50. However, he said he thought that with the industry not quite ready for full-fledged 24-hour exchange operations, the ATS model would prove superior in the short term.
Watch the video »
++++
Commerce Secretary Howard Lutnick hawks Tesla stock on TV: 'It'll never be this cheap again'
Kwan Wei Kevin Tan - Business Insider
Commerce Secretary Howard Lutnick made a quick pitch for Elon Musk's Tesla during a television interview on Wednesday. "I think if you want to learn something on this show tonight, buy Tesla. It's unbelievable that this guy's stock is this cheap. It'll never be this cheap again," Lutnick said in an interview on Fox News' "Jesse Watters Primetime."
/jlne.ws/4ipA2SM
***** This recommendation follows Cantor Fitzgerald's upgrade to a buy for Tesla.~JJL
++++
Border Agents Use More Aggressive Tactics to Question Visa Holders, Tourists; 'I can't remember anything quite that extreme,' former official says
Tarini Parti and Michelle Hackman - The Wall Street Journal
Immigration officers are employing more aggressive questioning tactics with immigrants and tourists trying to enter the country, scrutinizing their visas and more frequently detaining them in a sharp break from past practice, lawyers and former immigration officials said. In a string of recent cases, border authorities have detained U.S. tourist and work visa holders for lengthy periods after seemingly minor issues with their cases. Among them: a German national with a U.S. green card, who needed to be transported to the hospital after his mother said he was strip-searched during questioning. Another, a tourist who was shackled and chained, was detained after a routine stop driving into the U.S. from Mexico.
/jlne.ws/4hnCJTo
****** Sounds like a scene out of 1923.~JJL
++++
US drops to record low in 2025 World Happiness Report: See global rankings
Anthony Robledo - USA TODAY
The United States is continuing its downward path on the global World Happiness Report, having dropped to a record low on the global rankings list. Last year, the U.S. fell out of the top 20 for the first time in the report's history, landing at No. 23. The 2025 report, published Thursday, shows Americans dropping another level down to No. 24.
/jlne.ws/4hsffMV
****** A frown is a just a smile turned upside down, usually because someone has us by the ankles and is shaking all the change from our pockets.~JJL
++++
Wall Street execs tell Trump: Take your commerce secretary off TV; Exclusive: Banking leaders accuse Howard Lutnick of lacking a basic understanding of tariffs and the economy
Connor Stringer - The Telegraph
Wall Street executives have told Donald Trump to take his commerce secretary off television. The president's influential banking allies are growing increasingly frustrated with Howard Lutnick's public appearances and fear he lacks understanding of tariffs and the economy, The Telegraph can reveal. "Lutnick is in one of two places, he's either on TV or he is in the Oval Office. Trump's friends on Wall Street have called him directly and said Lutnick should definitely not be talking about the economy, get him off TV," a source close to the administration told The Telegraph.
/jlne.ws/4iq1waU
****** No, please don't take him off TV. This is my favorite unreality show.~JJL
++++
Wednesday's Top Three
Our top story Wednesday was Democratic FTC Commissioners Sacked by Trump Administration, from Bloomberg. Second was Trump Fires Two Democratic FTC Commissioners, from The Wall Street Journal. (Hmmm ... deja vu?) And third was a tie between Four top US brokers back CME Group's Solana futures, from FOW, and Miami International Holdings Announces Offer to Acquire The International Stock Exchange, from MIAX.
++++
|
| | | | |
| Lead Stories | Crypto Exchange Kraken Strikes $1.5 Billion Deal for Futures Trading Business; NinjaTrader, a futures trading platform, would expand Kraken's offerings
Lauren Thomas - The Wall Street Journal
The cryptocurrency exchange Kraken agreed to a $1.5 billion deal for NinjaTrader, a U.S. retail futures trading platform, in a bid to expand its user base and move into other asset classes. A deal was announced Thursday morning, confirming an earlier report from The Wall Street Journal. Kraken, founded in 2011, offers a platform through which users can buy and sell a range of digital assets including bitcoin and ether. The privately held company, known officially as Payward, has a family of brands that includes Crypto Facilities and CF Benchmarks. NinjaTrader, founded in 2003, offers futures trading tools to more than 1.8 million customers, according to its website.
/jlne.ws/4iDpejs
FCA Fines LME £9.2 Million for Failings During Nickel Crisis
Jack Farchy and Mark Burton - Bloomberg
The Financial Conduct Authority fined the London Metal Exchange £9.2 million ($11.9 million) for having inadequate systems and controls to deal with a massive short squeeze in the nickel market in 2022. The fine is the first enforcement action the FCA has ever taken against a UK exchange. The LME's actions in 2022 - when it canceled billions of dollars in nickel trades after prices more than tripled in a few hours of trading - have been the focus of legal action from numerous aggrieved investors, although UK courts have ruled that it acted lawfully.
/jlne.ws/4hooFJs
Elliott Denied Appeal Over LME Nickel Ruling at UK's Top Court
Jack Farchy - Bloomberg
Elliott Investment Management was refused permission to take its case against the London Metal Exchange over the 2022 nickel crisis to the UK Supreme Court. Elliott had challenged the LME's decision to retroactively cancel $12 billion in trades when nickel prices spiked in March 2022, but two UK courts ruled that the exchange's actions were lawful.
/jlne.ws/4hpL5Kh
Credit Quants Push Strategy That Lured Trillions in Stock Market
Lu Wang and Caleb Mutua - Bloomberg
A small group of pioneers is hoping that factor investing, which has grown into a multi trillion-dollar market in equities, can become the next big thing in the world of corporate bonds - particularly with Donald Trump's agenda sending shock waves across assets. This cohort has spent years trying to make inroads into the debt market with factor investing, which buys and sells securities based on characteristics like how cheap they are or how much their prices move around. But progress has been slow and patchy, held back by everything from technical challenges to academic disputes.
/jlne.ws/4iH4yHj
Cryptocurrency exchange Kraken to buy NinjaTrader for $1.5 billion
Reuters
Kraken said on Thursday it would buy retail futures trading platform NinjaTrader for $1.5 billion, in a deal that would allow one of the world's largest cryptocurrency exchanges to expand into multiple asset classes and grow its user base. The acquisition comes at a time when the crypto industry is optimistic about more relaxed regulation under U.S. President Donald Trump, who courted crypto donors during the election and promised to support the sector.
/jlne.ws/4bJLi9U
Kraken to Acquire Futures Platform NinjaTrader for $1.5 Billion
Emily Nicolle - Bloomberg
Kraken is acquiring retail futures trading platform NinjaTrader for $1.5 billion, allowing the crypto exchange to offer crypto futures and derivatives in the US for the first time and to expand into more traditional markets. NinjaTrader, which is majority-backed by Long Ridge Equity Partners, is registered as a Futures Commission Merchant with the US Commodity Futures Trading Commission, Kraken said in a statement Thursday. The transaction is subject to certain purchase price adjustments.
/jlne.ws/41Gczpd
Six Ways to Lose All Your Crypto; Investors in cryptocurrencies face all sorts of potential threats-from online thieves to their own carelessness
Cheryl Winokur Munk - The Wall Street Journal
Attention crypto investors: Being careless will cost you. As cryptocurrencies gain in popularity, cybercriminals are adopting increasingly sophisticated methods to bilk investors, using artificial intelligence to create scams that are more convincing and more customized to each target. Then there's simple human error, which can be especially damaging when dealing with cryptocurrencies. Here are six ways that crypto investors who let their guard down could risk losing it all.
/jlne.ws/4217xDZ
How Trump Is Trying to Consolidate Power Over Courts, Congress and More; President Trump's expansive interpretation of presidential power has become the defining characteristic of his second term.
Erica L. GreenZolan Kanno-Youngs and Maggie Haberman - The New York Times
President Trump called for one federal judge seeking basic information about his deportation efforts to be impeached amid mounting concern about a constitutional showdown. Another judge found that Mr. Trump's efforts to shut down a federal agency probably violated the Constitution and stripped Congress of its authority. The president was accused of overstepping his executive authority yet again in firing two Democratic commissioners from an independent trade commission. And that was just Tuesday.
/jlne.ws/4hkJzZX
Is this the start of a period of European exceptionalism in markets? The very tight rein in all aspects of policy - fiscal, monetary and regulatory - is easing
Karen Ward - Financial Times
Is this the beginning of a period of European exceptionalism in markets? Six months ago, most investors would have thought the idea absurd, even more so once Donald Trump was re-elected to the White House and on a mission to Make America Great Again. But in euro terms, the MSCI Europe index is up 9 per cent in the year to date compared with the S&P 500's decline of 9 per cent. Investors are questioning whether the tide is turning. It may well be.
/jlne.ws/4kE7rdP
BofA CEO Says Industry Ready for Lighter Regulation Under Trump
Katherine Doherty - Bloomberg
Bank of America Corp. is seeing US consumers continuing to spend, while the banking industry is gearing up for changes in regulation that will let lenders enter sectors they've had to avoid, Chief Executive Brian Moynihan said. "The regulations, because they have things like reputation risk which is viewed after the fact - in retrospect - are very difficult for institutions to comply" with, Moynihan said in a CNBC interview Wednesday. "If you change these rules, you will not have this vice."
/jlne.ws/4bLvPpN
Retail investors take on hedge funds in Europe's answer to 'meme stock' mania; Small traders have piled in to defence companies targeted by short sellers, in an echo of 2021's GameStop trade
Mari Novik and Jamie John and George Steer - Financial Times
A handful of European stocks have become a battleground for retail traders taking on hedge fund short sellers, in a campaign with echoes of the "meme stock" craze that gripped Wall Street during the Covid-19 pandemic. Companies including Germany's Hensoldt and Renk Group and French satellite business Eutelsat have surged in recent weeks, far outstripping a broader rally led by the defence sector as investors anticipate a surge in military spending across Europe.
/jlne.ws/4iJDdV7
Commerce Secretary Urges Fox News Viewers To Buy Tesla Stock: 'Elon Musk Is Probably the Best Person To Bet On!'
Sarah Rumpf - Mediaite
Commerce Secretary Howard Lutnick urged Fox News viewers to buy Tesla stock, calling CEO Elon Musk "probably the best person to bet on" he had ever met. Lutnick offered the investment advice on Wednesday's episode of Jesse Watters Primetime after host Jesse Watters had delivered a long monologue criticizing the vandalism of Tesla vehicles, dealerships, and charging stations, and protests directed at the company and Musk over his support for far-right politics and wide-ranging budget cuts and layoffs that were happening as part of DOGE's efforts to reshape the federal government.
/jlne.ws/4iJ29vY
Experts say HKEX's plan for T+1 in 2025 is 'sensible'; The exchange will continue providing core post-trade processing through CCASS but will engage with market participants on the service's future as HKEX rolls out new OCP features.
Wei-Shen Wong - Waters Technology
In December 2024, as many would have been prepping for year-end holidays, Hong Kong Exchanges and Clearing Limited was doing the opposite. In fact, it announced that it is working on a multi-year post-trade enhancement program for its cash equities market. HKEX said that starting from mid-2025, it will progressively add new features to its cash market platform-Orion Cash Platform-which include automated post-trade report download and information exchange, real-time transmission and processing of
/jlne.ws/4l1vzHi
Citadel Expands Further in US Natural Gas With $1 Billion Deal
Devika Krishna Kumar and Ruth Liao - Bloomberg
Citadel made one of its biggest investments yet in the physical US natural gas market, expanding in one of its most profitable business areas. The hedge fund, led by Ken Griffin, agreed to buy assets from closely held Paloma Natural Gas LLC in a deal valued at about $1 billion, people familiar with the matter said. The acquisition gives Citadel access to acreage and producing assets, though it will not operate them directly.
/jlne.ws/4bJcju7
Dimon's 'America Alone' May Be a Moment for European Banks; Deutsche Bank, UBS and HSBC could regret leaving the business wide open to US dealmakers.
Marc Rubinstein - Bloomberg
Deutsche Bank AG Chief Executive Officer Christian Sewing was talking his own book in 2022 when he warned that Europe needs strong banks to counteract US and Chinese competitors: "Losing financial sovereignty for Europe would be just as bad as the energy dependence that is causing us so much pain." But his words resonate loudly today as Donald Trump displays his antagonism toward the transatlantic ties that have helped the US dominate global finance.
/jlne.ws/4bLuf7y
Ignore the Boom in Oil That Isn't Oil at Your Peril; Assessing the market requires more than just counting barrels of crude.
Javier Blas - Bloomberg
To the untrained eye, the words "crude," "petroleum" and "oil" are quasi-synonymous. This columnist often uses them interchangeably, trading accuracy for legibility. Ask any specialist, though, and they each have different meanings. And herein lies the problem of today's petroleum market: There's a lot more oil than crude. Looking only at the crude portion, the balance of supply and demand looks relatively tight - so prices should be rising. But add in every other flavor - so-called condensates, natural gas liquids1and biofuels - and instead the balance looks loose; thus, prices are down.
/jlne.ws/4kSlj4m
|
| | | |
|
| 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. | A New 'China Shock' Is Destroying Jobs Around the World; From Indonesia to Mexico, job losses could mount as Trump's tariffs divert even more Chinese exports from the US.
Katia Dmitrieva, Philip Heijmans, and Prima Wirayani - Bloomberg
Near the Indonesian city of Surakarta, a one-time royal capital on the island of Java that's long been known for producing elaborate fabrics, dozens of once-bustling garment factories sit empty behind locked gates. At a coffee shop not far from the plant where he was employed for more than three decades, 53-year-old Hariyanto blamed cheap imports from China for the economic devastation. One of about 1,500 employees furloughed at an apparel maker last year, the former low-level manager is now leading a legal fight to get back pay and severance from the company, which is financially stressed and looking to sell off assets.
/jlne.ws/4kFC5n6
Tariffs Are a Risk for Midsize Businesses, and Their Lenders; Loans to middle-market firms bear watching as policy shifts play out
Telis Demos - The Wall Street Journal
With the S&P 500 having entered correction territory, big-company stocks are pricing in the potential effects of policies such as tariffs in real time. But for a lot of investors, that isn't where their exposure ends. Many big and small investors have in recent years gotten into funds that lend to middle-market private companies. So those investors need to size up their risks in that market, too.
/jlne.ws/4ijZjxz
EU Delays 50% Tariffs on US Whiskey, Allowing for More Talks
Fiona Rutherford - Bloomberg
The European Union is delaying its proposed 50% tariff on American whiskey until mid-April, aligning them with broader countermeasures against US steel and aluminum duties. The shift in the timing of the levy, originally set to take effect April 1, allows for more talks with US officials, a spokesperson for the European Commission said Thursday.
/jlne.ws/4iJqtOd
Commerce Secretary Lutnick reportedly told friends in private he's 'not thrilled' with Trump's whipsaw approach to tariffs
Marco Quiroz-Gutierrez - Fortune
Commerce Secretary Howard Lutnick has publicly defended Trump's tariffs, but in private, he has reportedly told friends he's "not thrilled" with the president's impulsive approach. Lutnick has helped lower tensions at times with U.S. trading partners like Canada, but he is also reportedly worried Trump's rhetoric on tariffs may make it harder to secure a strong deal with Canada and Mexico as the first review for the USMCA trade agreement is set for July. Commerce Secretary Howard Lutnick has been the biggest supporter of Trump's tariffs, but behind the scenes, new reporting claims he's not happy with the president's whipsaw approach.
/jlne.ws/4kDoqgj
Jamie Dimon on tariffs, geopolitics-and the misery facing the bottom 20% of U.S. earners
Sheryl Estrada - Fortune
Jamie Dimon, CEO of JPMorgan Chase, the nation's largest bank, says the economy is still in the soft landing phase, "but there's a lot of turbulence out there."
/jlne.ws/4hngP2z
|
| | | |
|
| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Exclusive: Intelligence shared with White House shows Ukrainians not 'encircled' in Kursk
Erin Banco - Reuters
Ukrainian soldiers in Kursk have lost ground in recent days but are not encircled by Russian forces, contrary to recent comments by U.S. President Donald Trump and Russian President Vladimir Putin, according to three U.S. and European officials familiar with their governments' intelligence assessments. U.S. intelligence agencies, including the CIA, have shared that assessment with the White House over the past week, a U.S. official and another person familiar with the matter said. However, Trump has continued to claim that Ukrainian troops are surrounded in western Russia's Kursk region.
/jlne.ws/4hwQ0t2
Putin's key demand is designed to inflict maximum damage on Ukraine; Analysts say Moscow has struggled to defend its oil facilities because most of its resources are on the front line
Kieran Kelly, Jack Leather - The Telegraph
Volodymyr Zelensky had just touched down in Kyiv after being told by Donald Trump that Ukraine "doesn't have any cards" when the explosion happened. In the city of Ufa, 700 miles east of Moscow and more than 1,000 miles away from Kyiv, Mr Zelensky's drone unit struck further into Russian territory than ever before. The Ufimsky oil refinery - one of Russia's largest - burst into flames that burned so bright that they could be seen above the city's skyline for hours. Locals thought there had been an earthquake.
/jlne.ws/4kKlUFd
Massive explosion at Russian strategic bomber airfield
The Telegraph
Ukraine has launched a major drone attack on a key military airfield near a Russian strategic bomber base, causing local officials to declare a state of emergency. Footage posted on Telegram shows a large mushroom cloud rising above Engels in Saratov, southern Russia, home to Vladimir Putin's Tu-95 and Tu-160 nuclear-capable heavy bombers. Roman Busargin, governor of the Saratov region, said the drone attack had left the airfield on fire and that nearby residents had been evacuated.
/jlne.ws/4kDuLs9
Russian state has claimed assets worth $28.7 billion, prosecutor says
Reuters
Russia has now transferred property worth 2.4 trillion roubles ($28.7 billion) to the state, Prosecutor General Igor Krasnov said on Wednesday. Krasnov did not specify a time frame, but Moscow started seizing property soon after the start of the conflict in Ukraine. Through lawsuits, Russia has quickened the pace of domestic asset seizures this year, with courts already ruling that a leading grain trader, Moscow's sprawling Domodedovo airport, strategic warehouse assets and a zinc and lead producer be handed over to the state.
/jlne.ws/4kDTPPL
Why Did Russia Invade Ukraine? How to understand the roots of the war
Patrick Donahue and Daryna Krasnolutska - Bloomberg
Russian President Vladimir Putin has repeatedly made clear that he considers Ukraine's place to be under Russia's thumb. That was its position from the days of the Russian Empire under Catherine the Great in the 18th century through the nations' shared history in the Soviet Union. After the Soviet collapse, successive Ukrainian governments forged closer ties with the European Union and NATO, then sidled back toward Russia, and edged away again. With war, Putin's intention has been to settle the direction of Ukraine's future by force.
/jlne.ws/4bH9sls
Middle East Conflict
Israeli troops launch offensive deep into Gaza; Defence minister Israel Katz issues 'final warning' for civilians to evacuate combat zones
Henry Bodkin - The Telegraph
Israeli ground troops launched an offensive deep into Gaza on Wednesday, as the country's defence minister issued a "final warning" to residents to evacuate combat zones. In a significant escalation following the start of the aerial bombardment on Tuesday, tanks and infantry seized large tracts of a central passage of land in a bid to cut the strip in half. In addition to the operation in the Netzarim Corridor, troops moved to enlarge the current buffer zone on the edge of the enclave.
/jlne.ws/41FMMNV
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | LME response to FCA Final Notice
LME via Mondovisione
The London Metal Exchange (LME) notes the FCA's announcement today and acknowledges the findings in respect of its systems and controls. It accepts that, in March 2022, once the effects of large over-the-counter (OTC) positions had spilled over onto the LME's nickel market, the LME price rose more quickly than would have been the case if certain LME systems and controls had acted as a better line of defence to the effects on the LME's market of the OTC disorder. The LME also welcomes the FCA's recognition of the fact that very large positions held on the OTC market were the principal driver of the extraordinary speed and extent of the price rises at the height of the nickel market events, and that the LME did not have visibility of the OTC positions at the time.
/jlne.ws/4hnMIrR
Remember when the nickel market went haywire? The LME was just fined, 3 years later
Jamie Chisholm - MarketWatch
The London Metal Exchange has been penalized £9.2 million ($11.9 million) by the U.K.'s main market regulator for having inadequate systems and controls during a week of trading chaos in the nickel market three years ago. In a statement on Thursday, the Financial Conduct Authority said it was the first time it had fined an investment exchange, and described how the LME's three-month nickel-futures contract saw extreme volatility between March 4, 2022, and March 8, 2022.
/jlne.ws/4iF2HCV
U.K. Watchdog Fines Metals Exchange Over Nickel Meltdown
Joe Wallace - The Wall Street Journal
Britain's main financial regulator fined the London Metal Exchange £9.2 million for failing to ensure its systems and controls were up to dealing with severe market stress. The fine, equivalent to nearly $12 million, stems from a blowup in the market for nickel, a metal used in electric-vehicle batteries, in March 2022. A price rally sparked by Russia's invasion of Ukraine morphed into an uncontrolled spike that, the LME later said in court, threatened a "death spiral" of defaults.
/jlne.ws/4kS1mdY
Euroclear urges clients to stay against Euronext CSD launch for FR, BE, NL
Alexander Kristofersson - PostTrade360
"Protect your choice to use Euroclear for settlement of trades on Euronext Paris, Brussels and Amsterdam" - this was the rallying call by the Euroclear group in an email to clients dated Friday, 14 March. The MiFID and CSDR regulations provide them with rights to choose the settlement venue for equity and domestic ETF trades, states the incumbent. Wednesday had seen exchange group Euronext present its plan to let its own CSD division Euronext Securities take over the settlement of trading volumes at its France, Belgium and Netherlands exchanges, by autumn 2026.
/jlne.ws/4hpCOGd
The BME Ombudswoman Office handled more than 2,100 queries in 2024, up 6%
BME-X
BME's Investor Protection Office has published its 2024 Annual Report, which highlights an increase in investor advice and guidance activity. During the year, the Office handled 2,110 queries, 6% more than the previous year. The telephone channel continues to be the most used, followed by e-mail. The growth in the Office's activity reflects the increased participation of retail investors in the market, driven by a greater interest in equities in a positive year in terms of returns, which saw a 25% increase in shareholder remuneration for Spanish listed companies.
/jlne.ws/4iH6Zty
CME Group to Launch BrokerTec U.S. Treasury Central Limit Order Book in Chicago to Streamline Trading Between Cash and Futures Markets
CME Group
CME Group, the world's leading derivatives marketplace, today announced that it will launch a second BrokerTec central limit order book (CLOB) for cash U.S. Treasuries in Q3 2025. In an industry-first, the new CLOB will be co-located in Chicago next to CME Group's deeply liquid U.S. Treasury futures and options markets to support trading between cash and derivatives markets.
/jlne.ws/4bDUahn
Additions to FIXML Trade Register; RFC Indicator, Allocation Timestamps, Transfer Initiator Indicator, and Temporary ID Tag - Effective May 19, 2025
CME Group
Please be advised that CME Clearing will start including additional FIXML tags on the FIXML Trade Register File. This enhancement covers the below tags, that will be included on the Trade Capture Report (TrdCaptRpt) records:Request For Cross Indicator - @CrssTyp; Create and Accept Timestamps for Allocations - TrgRegTS Typ 7 (Create) and Typ 19 (Accept);; Transfer Initiator Indicator - @ExecOrClaimInd; Temporary ID Tag for longer (up 52-char) IDs - @TrdIDTemp. The Production Date for the additions will be for Trade Date Monday, May 19, 2025.
/jlne.ws/3FOMUDc
CME Globex Notices: March 17, 2025
CME Group
/jlne.ws/4ihMrIk
EBS Market on CME Globex Notice: March 20, 2025
CME Group
/jlne.ws/4ikqMiH
CME STP Notices: March 20, 2025
CME Group
/jlne.ws/4iEVu5P
DTCC Joins ERC3643 Association
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced it is joining the ERC3643 Association. As a member, DTCC will contribute to the Association's goals by promoting and advancing the ERC3643 token standard. The ERC3643 token standard, initially created by Tokeny, a leading provider of compliant tokenization solutions, is an open-source suite of smart contracts that enables the issuance, management, and transfer of permissioned tokens. With today's announcement, DTCC is adding ERC3643 support to its DTCC ComposerX suite of platforms, including ComposerX Factory, a tokenization engine that enables sophisticated data management. DTCC will also support issuance of ERC3643 tokens.
/jlne.ws/4hmWLNN
Euronext announces update on March 2025 quarterly review results of the CAC Family
Euronext
Euronext today announced an update on the results of the quarterly review for the CAC Family indices, following the result of the offer on Neoen and its removal from the CAC Family indices, in line with the Corporate Action rules of Euronext indices. The quarterly review results will be implemented after markets close on Friday 21 March 2025 and will be effective from Monday 24 March 2025.
/jlne.ws/4hnEBvo
Intercontinental Exchange Sets Date for 2025 Virtual Annual Meeting of Stockholders
ICE
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, will hold its 2025 Annual Meeting of Stockholders virtually on Friday, May 16, 2025 at 8:30 a.m. Eastern Time. Stockholders of record as of the close of business on Thursday, March 20, 2025 are entitled to participate in, vote and submit questions at the Annual Meeting. Stockholders will also be able to submit questions in advance of the meeting at proxyvote.com beginning on May 2, 2025. Additional information regarding the Annual Meeting, including how to participate, vote and submit questions, will be provided in the Company's proxy statement, which will be filed with the Securities and Exchange Commission and will be available on the Company's website at www.ir.theice.com in late March. A live audio webcast and replay of the Annual Meeting will be available on the Company's investor relations website at www.ir.theice.com.
/jlne.ws/4ijVMzk
LMAX Digital Lists Ripple USD
LMAX Digital
LMAX Digital, the leading institutional digital assets exchange, part of LMAX Group, today announces that it has added Ripple USD (RLUSD) to its list of trading instruments. RLUSD is a fully regulated stablecoin backed 1:1 by U.S. dollar deposits, short-term government bonds, and cash equivalents, ensuring stability and liquidity for institutional traders. As the demand for transparent and compliant stablecoins continues to grow, RLUSD is positioned as an asset of real utility within the evolving digital economy.
/jlne.ws/4iD4EQd
LME response to FCA Final Notice
LME
The London Metal Exchange (LME) notes the FCA's announcement today and acknowledges the findings in respect of its systems and controls. It accepts that, in March 2022, once the effects of large over-the-counter (OTC) positions had spilled over onto the LME's nickel market, the LME price rose more quickly than would have been the case if certain LME systems and controls had acted as a better line of defence to the effects on the LME's market of the OTC disorder.
/jlne.ws/41NktgC
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Abu Dhabi Forms $25 Billion US Energy Venture to Power AI
Anthony Di Paola - Bloomberg
An Abu Dhabi sovereign investor is forging a $25 billion US partnership to invest in power generation for data centers and artificial intelligence projects, soon after President Donald Trump hosted a top royal from the emirate. ADQ, a fund from the capital of the United Arab Emirates, and investment firm Energy Capital Partners will initially put in a combined $5 billion, according to a statement. The partnership ultimately plans total investments of more than $25 billion, mainly on US assets, the statement said.
/jlne.ws/4kIm93C
An AI Startup Couldn't Beat Microsoft. So It Joined Them; An excerpt from AI Valley tells the story of why the staff at Inflection AI, which seemed to be thriving, defected en masse to Microsoft in 2024.
Gary Rivlin - Bloomberg
Reid Hoffman sat down with Mustafa Suleyman in the fall of 2023 to talk about the uncertain future of their startup, Inflection AI. From the moment they'd founded it 18 months earlier, there had seemed something can't-miss about Inflection. Hoffman was perhaps the best-connected person in Silicon Valley. Suleyman, who co-founded DeepMind and sold it to Google for $650 million in 2014, was a star in his own right, as was Inflection's other co-founder, Karén Simonyan, a top researcher in the field. Inflection's product, a chatbot named Pi, had quickly attracted millions of monthly users by communicating a sense of emotional intelligence.
/jlne.ws/4ikNoj5
AI Cloud Firm CoreWeave Seeking IPO of About $2.5 Billion
Ryan Gould, Gillian Tan and Bailey Lipschultz - Bloomberg
CoreWeave Inc., a cloud-computing provider that's one of the hottest startups in artificial intelligence, and some of its investors are seeking to raise about $2.5 billion at the midpoint of a marketed range in an initial public offering, according to people familiar with the matter. The Nvidia Corp.-backed company and current shareholders are planning to offer the shares for $47 to $55 each, said the people, who asked not to be identified because the information wasn't public yet. CoreWeave is expected to disclose proposed terms for the listing and begin marketing the shares Thursday, the people said.
/jlne.ws/4iE5XhV
|
| | | |
|
| Cybersecurity | | Top stories for cybersecurity | Alexa is getting creepier. Take this one step to improve your privacy; Amazon is ditching an option to opt out of sending Alexa voice commands to the company. It highlights the growing hunger for our personal data in the AI age.
Shira Ovide - The Washington Post
It's a good time to revisit the terms of your relationship with Alexa. If you own one of Amazon's voice assistant gadgets, everything you say to Alexa is beamed to Amazon's cloud and saved forever on the company's computer systems. Amazon uses those Alexa voice recordings to answer your commands and train its artificial intelligence. Now Amazon is removing a setting that gave some Alexa device owners a more privacy-preserving option. Few people used that setting, but the change is a reminder that Alexa is a data hog and likely growing more so.
/jlne.ws/3DU2r49
The internet now knows where every Tesla owner lives and parks; A mysterious hacker group has published a searchable map of Tesla owners in America, and encouraging some owners to sell their cars.
Kevin Raposo - KnowTechie
In what might be the most chaotic middle finger to Tesla ownership since that guy who blew up his Model S with dynamite, a mysterious hacker group published a searchable map of every Tesla owner in America. And according to 404 Media, they're only taking names off if you prove you've ditched your EV for something less ... controversial. The site, Dogequest, which used a Molotov cocktail as its cursor and the classic Doge meme as its favicon, claimed to "empower creative expressions of protest" while maintaining a paper-thin veneer of neutrality with a "we don't endorse or condemn anything" disclaimer.
/jlne.ws/4iIH5FU
|
| | | |
|
| Cryptocurrencies | | Top stories for cryptocurrencies | Kraken to Buy NinjaTrader for $1.5B to Enter U.S. Crypto Futures Market
Parikshit Mishra, Jamie Crawley - CoinDesk
Crypto exchange Kraken said it agreed to buy U.S. futures platform NinjaTrader for $1.5 billion to add crypto futures and derivatives trading in the U.S. NinjaTrader, a CFTC-licensed platform founded in 2003, provides futures trading tools to almost 2 million customers. Kraken has 15 million clients globally, it said in a Thursday release. Kraken's U.K, EU and Australian licenses will allow Chicago-based NinjaTrader to expand in those regions.
/jlne.ws/4ho6mUI
Crypto's Clout in Washington Is Soaring
Steven T. Dennis - Bloomberg
The crypto industry is on a roll in Washington and it's not just because of Donald Trump. A key ally is rising in the Democratic party and the industry just demonstrated its political might by sweeping away a long-entrenched antagonist with a flood of campaign money. Crypto-friendly stablecoin legislation is poised to pass the Senate after years of the industry's Capitol Hill agenda languishing. Prospects for other priorities also are improving. Democratic Senator Kirsten Gillibrand of New York, a long-standing supporter of the crypto industry, moved up in her party's leadership ranks to head election fundraising. She's put her growing influence behind efforts to repeal a tax reporting rule on digital assets and pass a friendly stablecoin regulatory bill.
/jlne.ws/4hm0NpO
Crypto world needs to get better at counterparty risk; A more developed digital asset ecosystem would bring substantive benefits
Kelly Hampaul - Financial Times
Digital assets are going mainstream, turbocharged by recent endorsements from the US administration. If properly implemented, a more developed digital asset ecosystem could bring substantive benefits. Yet even optimistic advocates must acknowledge that digital asset markets currently fall short in how counterparty risk is assessed. This must be addressed if digital assets are going to scale in global financial systems and provide lasting benefits to consumers.
/jlne.ws/4iAxgdv
Bakkt Names Co-CEO, Plans Cuts to Focus on Payments, Crypto
Bakkt also considering a sale or wind-down of its loyalty business segment
Katherine Hamilton - The Wall Street Journal
Bakkt has appointed Akshay Naheta to be its co-chief executive and is offloading some operations so the company can focus on its payments and cryptocurrency businesses. Naheta, who will work alongside current Chief Executive Andy Main, founded Distributed Technologies Research. Bakkt plans to enter a commercial agreement to integrate DTR's payments technology infrastructure with the company's crypto trading and brokerage offerings.
/jlne.ws/4ihymdZ
SNB Won't Follow Trump's Crypto Reserves Push, Schlegel Says
Bastian Benrath-Wright - Bloomberg
The Swiss National Bank won't buy Bitcoin and similar digital currencies, even after President Donald Trump made a push to establish a strategic US reserve. "We do not have plans to buy crypto assets," central bank chief Martin Schlegel told Bloomberg Television in Zurich on Thursday, citing large volatility as well as a lack of safety and of a robust legal framework.
/jlne.ws/4ii5JgI
Trump's Crypto Plan Is Neither Strategic Nor a Reserve
Dennis Kelleher - Barron's
President Donald Trump recently announced he would create what he called a "strategic crypto reserve." This proposal not only lacks any real basis in economic logic but raises serious concerns about the long-term consequences for American taxpayers, who have little to gain and much to lose from the plan.
The SEC has disarmed. Now it's time for crypto to 'deliver on its promises.'; The SEC is no longer crypto's nemesis, and now the industry must get out of its own way
Chris Matthews - MarketWatch
Brad Garlinghouse, CEO of Ripple, said Wednesday that the SEC was dropping its lawsuit against the company.
/jlne.ws/41EVxaW
Pakistan Plans to Legalize Crypto in Bid for Foreign Investment
Faseeh Mangi - Bloomberg
/jlne.ws/4kDqXXV
BlackRock Digital Assets Head Criticizes Narrative of Bitcoin as a Risk-On Asset; BlackRock executive Robert Mitchnick argued that Bitcoin has acquired a reputation as a risky investment due heavily to the cryptocurrency industry's messaging on the asset.
Liz Napolitano - decrypt
/jlne.ws/4hmKuZJ
Strategy's Bitcoin Gambit Takes New Form With 'Perpetual' Stock
Bailey Lipschultz and Gowri Gurumurthy - Bloomberg
/jlne.ws/41ILodm
Coinbase Sold 12,652 ETH in the Fourth Quarter, Standard Chartered Says
Francisco Rodrigues - CoinDesk
/jlne.ws/4hobxE8
ECB's Lane Backs Digital Euro to Avoid Rising Stablecoin Risks
Olivia Fletcher and Mark Schroers - Bloomberg
/jlne.ws/4bJvELR
|
| | | |
|
| Politics | | An overview of politics as it relates to the financial markets | More than a dozen judges have said Trump and Co. probably broke the law; Trump is now averaging one such finding about every four days.
Aaron Blake - The Washington Post
From the start of his second term, President Donald Trump and his administration signaled a willingness - even a desire - to flout the law in their quest to overhaul the federal government. And while the wheels of justice turn slowly, less than two months later a procession of judges have already ruled the administration has done exactly that. In more than a dozen cases - and in three major rulings this week alone - a federal judge has ruled that the administration either has violated the law or has probably done so. The total works out to one such finding about every four days.
/jlne.ws/4bETKY1
US deports French scientist after officials 'find texts critical of Trump'; Border staff search phone and computer, finding messages that 'could be considered to be terrorism'
Emily Blumenthal - The Telegraph
A French scientist was denied entry to the US after immigration officials found text messages that were critical of Donald Trump which they said "could be considered to be terrorism". The researcher, who has not been named, was on his way to a conference in Houston, Texas, when officers pulled him aside for a random check and searched his work computer and personal phone, the French newspaper Le Monde reported. A diplomatic source cited by AFP said that the messages related to the Trump administration's treatment of scientists and scientific research.
/jlne.ws/4hrFxyX
Trump: America has been 'raped and pillaged' by EU; The President said the days of America being taken advantage of by European allies were over
Cameron Henderson - The Telegraph
The United States has been "raped and pillaged" by the EU, Donald Trump has said in a fresh jibe at European allies amid an expanding trade war. Addressing his plans to reduce the national debt by imposing trade tariffs, the President claimed that America has been taken advantage of for years by its allies. "For years, we allowed our country to be raped and pillaged," Mr Trump told Fox News presenter Laura Ingraham on Wednesday night. "Much of it was done by our friends. Look at the European Union."
/jlne.ws/4iH15so
Trump's Appetite for Revenge Is Insatiable; The president is making good on his campaign promise.
Peter Wehner - The Atlantic
No one can say they didn't know. During his first official campaign rally for the 2024 Republican nomination, held in Waco, Texas, Donald Trump vowed retribution against those he perceives as his enemies. "I am your warrior," he said to his supporters. "I am your justice. For those who have been wronged and betrayed, I am your retribution." Sixty days into Trump's second term, we have begun to see what that looks like. The president fired the archivist of the United States because he was enraged at the National Archives for notifying the Justice Department of his alleged mishandling of classified documents after he left office following his first term. (The archivist he fired hadn't even been working for the agency at the time, but that didn't matter.)
/jlne.ws/4kyFvIp
Musk Ally Stanley Abruptly Resigns From Fannie Mae Board
Jason Leopold, Lydia Beyoud, and Jake Bleiberg - Bloomberg
Christopher Stanley, the cybersecurity engineer who has worked for two of Elon Musk's companies and the billionaire's effort to reshape the federal government, resigned from the Fannie Mae board of directors a day after he was appointed to the post, according to a regulatory filing. Stanley, who has ties to Musk's SpaceX, social media platform X and the Department of Government Efficiency, was among a group of new appointments to Fannie's board of directors announced Monday. Details about the reason for his quick departure weren't immediately clear.
/jlne.ws/4iZB47F
Trump ends program millions in China use for internet, worrying Congress; The demise of the Open Technology Fund could put millions at risk of being targeted by authoritarian governments for their internet activity.
Pranshu Verma - The Washington Post
The Trump administration's move to shut down an internet freedom project that helped millions of people in China access the open web has stirred concern from lawmakers, including Republicans, who argue the nonprofit is a crucial tool to counter the rise of Beijing.
/jlne.ws/4bG8s0U
Trump Turns Fight Over Deportation Flights Into a Constitutional Showdown
Jan Wolfe - The Wall Street Journal
/jlne.ws/4bLY3Rs
Elon Musk Sues India's Government Over Takedown Orders on X
Shruti Mahajan and Sankalp Phartiyal - Bloomberg
/jlne.ws/4iEcl8T
Trump Administration Quietly Lifted Ban on Dominican Sugar Company Over Forced Labor; Labor groups said working conditions had not changed enough to warrant the removal. The company is partly owned by donors to President Trump.
Ana Swanson and James Wagner - The New York Times
/jlne.ws/4iJHcAZ
|
| | | |
|
| Regulation & Enforcement | | Stories about regulation and the law. | SEC launches 'crypto clarity' roundtable series as Trump administration shifts approach
Sabrina Toppa - The Street
On Friday, the U.S. Securities and Exchange Commission (SEC) will kick off a series of public roundtables under the banner "Spring Sprint Toward Crypto Clarity," aiming to reassess crypto regulations in the United States. The first session, How We Got Here and How We Get Out - Defining Security Status, takes place on March 21 and will be open to the public and the crypto community. The event will delve into the longstanding debate about whether cryptocurrencies are classified as securities or commodities.
/jlne.ws/4kD3PJ5
UK Pledges Anti-Bribery Cooperation with French, Swiss After US Retreat
Jonathan Browning - Bloomberg
British, French and Swiss prosecutors agreed to form a new intelligence sharing partnership in a bid to tackle overseas corruption following the pullback of US authorities from international bribery cases. The three senior prosecutors announced the initiative Thursday in London, unveiling plans to boost cooperation in their pursuit of cross-border bribery and money laundering cases. The group plans to "pool our resources when we have the right investigation or prosecution to pursue," Nick Ephgrave, the Serious Fraud Office's director said in an interview.
/jlne.ws/4hspa57
Generative AI is Making it Easier for Fraudsters to Fool the Public
CFTC
A new Commodity Futures Trading Commission customer advisory says generative artificial intelligence is making it increasingly easier for fraudsters to create convincing scams. According to the latest Office of Customer Education and Outreach customer advisory, Criminals Increasing Use of Generative AI to Commit Fraud, crooks are using AI to create fake images, voices, videos, live-streaming video chats, social media profiles, and malicious websites designed to look like legitimate financial trading platforms.
/jlne.ws/4iV5W9B
CFTC's Office of Customer Education and Outreach Releases New Advisory on Fraud Using Generative AI
CFTC
A new Commodity Futures Trading Commission customer advisory says generative artificial intelligence is making it increasingly easier for fraudsters to create convincing scams.According to the latest Office of Customer Education and Outreach customer advisory, Criminals Increasing Use of Generative AI to Commit Fraud, crooks are using AI to create fake images, voices, videos, live-streaming video chats, social media profiles, and malicious websites designed to look like legitimate financial trading platforms.
/jlne.ws/41K3tYv
Eliminating All PII from CAT
Robert Cook - FINRA
Last month, the SEC issued an exemptive order providing significant relief from the personally identifiable information (PII) reporting requirements of CAT (the Exemptive Order).2 This was an important step towards reducing unnecessary PII risk associated with CAT, and was directionally consistent with a blog I previously wrote calling for CAT to stop collecting and storing investors' PII. As discussed below, however, the Exemptive Order did not eliminate all PII from CAT.
/jlne.ws/4iGRn9u
Charges discontinued against David Burke
ASIC
On 20 March 2025, the Commonwealth Director of Public Prosecutions discontinued charges laid against David Justin Burke, of Natural Bridge, Queensland. In 2018, Mr Burke had been charged with five counts of giving false or misleading information to ASIC during its investigation of G8 Education Limited's 2015 takeover bid for Affinity Education Group Limited.
/jlne.ws/4ir13Fd
ASIC Chair Joe Longo spoke with AICD Managing Director and CEO Mark Rigotti at the recent Australian Governance Summit
ASIC
The AICD Australian Governance Summit was held in Sydney on March 12. The following question and answer session followed Joe Longo's keynote speech. Mark Rigotti: And thank you for everyone who's contributed. There are three upvoted questions around simplification and not-for-profits, and I'll do my best to paraphrase the tenor on them. But people are interested to hear, I think, your thoughts on regulatory complexity and the job that you've given this committee to do, and how that applies to NFPs. How are you potentially involving the ACNC, the NFP peaks, and the likes? Is that something you could talk to, the peak bodies, the NFP peak bodies?
/jlne.ws/4bGC8uQ
Charges discontinued against former director of G8 Education Limited
ASIC
On 20 March 2025, the Commonwealth Director of Public Prosecutions (CDPP) discontinued charges laid against Jennifer Joan Hutson, a former director of G8 Education Limited. Ms Hutson's trial had been scheduled to proceed in the District Court of Queensland.
/jlne.ws/421RplF
FMA releases update on Outcomes-Focused Regulation
FMA
The Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko - has published its updated approach to Outcomes-Focused Regulation after considering wide ranging feedback from financial services firms, consumer groups and law firms. An outcomes-focused approach means the FMA focuses its resources on the end results that regulation is aiming to achieve for consumers and financial markets.
/jlne.ws/4ihunOz
Meet the team - Investor Information
FMA
The FMA identifies and deals with conduct in the financial markets when it poses a risk to investors or customers - it is a critical part of our work. Our response and enforcement function is made up of the teams who assess and address conduct that poses harm to New Zealanders at the more significant end of the spectrum (Perimeter & Response, Evidence & Investigations and Enforcement), as well as our Specialist Supervision teams who supervise, monitor and deal with conduct that applies across different sectors (Investor Information, Operational Resilience, Anti-Money Laundering and Intensive Supervision). Over the next few months, we will introduce the teams involved in our response and enforcement function, sharing more about the work that they do as well as the impact they hope their work will have. This month we are introducing the Investor Information team, who are focused on all things related to financial product offer disclosure.
/jlne.ws/4hnUGkK
UK Fines London Metal Exchange Over Nickel Price Spike
AFP - Agence France Presse via Barron's
The UK's financial regulator fined the London Metal Exchange £9.2 million ($11.9 million) on Thursday over inadequate systems and controls to deal with a controversial spike in nickel prices in 2022. The Financial Conduct Authority noted that the LME's nickel price experienced "extreme volatility" in early March that year, with the price more than doubling to above $100,000 a tonne in the space of little over one hour. "The LME's systems and controls were not adequate to ensure orderly trading under conditions of severe market stress," the FCA said in a statement.
/jlne.ws/4kCyW7B
First FCA enforcement action and fine against a Recognised Investment Exchange
FCA
The FCA has fined the London Metal Exchange (LME) £9.2 million for failing to ensure its systems and controls were adequate to deal with severe market stress. Between 4 and 8 March 2022, the price of LME's 3-month nickel futures contract encountered extreme volatility. This culminated in the early hours of 8 March 2022 when its price rose to over $100,000, more than double the closing price on 7 March 2022, with most of the rise occurring in little over an hour. These events undermined the orderliness of and confidence in LME's market.
/jlne.ws/4ir2K5x
IOSCO launches new alerts portal to help combat retail investment fraud
IOSCO
The International Securities & Commodities Alerts Network (I-SCAN) is a unique global system to warn investors of suspicious company activity IOSCO is pleased to introduce its new investors alerts portal, a dedicated platform to help combat investment fraud globally. The International Securities & Commodities Alerts Network (I-SCAN) is a unique global warning system where any investor, online platform provider, bank or institution can check if a suspicious activity has been flagged for a particular company by financial regulators worldwide.
/jlne.ws/4bFw85B
SFC suspends finfluencer for 16 months
SFC
The Securities and Futures Commission (SFC) has suspended Mr Wong Ming Chung, a finfluencer known as Franky Wong and a licensed representative of Tse's Securities Limited (TSL), for 16 months from 19 March 2025 to 18 July 2026 following his criminal conviction for providing investment advice on a subscription-based chat group on Telegram he hosted without a licence (Notes 1 to 4). Although Wong was an SFC-licensed representative at the material time, he could only act for the firm (ie, TSL) to which he was accredited in carrying on business in regulated activities. However, he operated the Telegram chat group in his personal capacity between 2 January 2018 and 21 May 2019.
/jlne.ws/4hG80Bj
SFC issues additional guidance on IPO subscription and financing services
SFC
The Securities and Futures Commission (SFC) today issued additional guidance in a circular for licensed corporations (LCs) on IPO subscription and financing services to enhance their risk management practices and protect investors from undue financial risks. This came after the SFC identified deficiencies in a recently-completed review of the IPO financing activities of selected LCs. In particular, some of the LCs were found to have engaged in imprudent and aggressive IPO financing practices by accepting subscription orders that exceed their clients' financial capabilities.
/jlne.ws/4kExxxf
Further adjournment for mention in false trading prosecution
SFC
The Eastern Magistrates' Court today further adjourned the false trading case against Mr Lin Tai Fung and his brother-in-law, Mr Or Chun Nin, to 15 May 2025 for mention (Note 1). No plea was taken from the defendants at today's hearing.
/jlne.ws/4hnWZEq
|
| | | |
|
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Federal Reserve issues FOMC statement
Board of Governors of the Federal Reserve System
Recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty around the economic outlook has increased. The Committee is attentive to the risks to both sides of its dual mandate.
/jlne.ws/4c3CJqr
A $4.5 Trillion Triple-Witching Gives Investors Yet Another Test
Bernard Goyder - Bloomberg
US stocks' rebound off of last week's lows will face a new test on Friday, when a pile of options contracts are set to expire in a quarterly event that often stoked volatility in the past. The so-called "triple-witching" will see about $4.5 trillion of contracts tied to stocks, indexes and exchange-traded funds mature, estimates compiled by Citigroup Inc. show.
/jlne.ws/4ijtXqQ
Two types of liquidity: The Mississippi River and market makers in agricultural derivatives
Optiver
The United States Department of Agriculture (USDA), trading exchanges and other agricultural-related publications have published several articles recently regarding the Mississippi River's water levels.[1] In this paper, we join them in highlighting the tremendous importance of the Mississippi to the US economy, as well as exploring the relationship between its water levels and agricultural derivatives markets. While many farmers may not directly trade futures, these markets play a critical role in influencing cash prices and mitigating price volatility in the broader agricultural economy. Few events have illustrated this relationship as clearly as the ongoing crisis in the Mississippi River.
/jlne.ws/4hozEm3
|
| | | |
|
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The Fossil Fuel Industry Gets Its Revenge on Green Activists; Environmentalists reel under President Trump's pro-fossil fuel and anti-climate actions, suffer big losses in court
Benoît Morenne - The Wall Street Journal
The oil-and-gas industry is landing blow after blow against climate activists. The Trump administration has cranked out approvals of major projects to ship liquefied natural gas from the Gulf Coast and killed a host of climate-related initiatives. Meanwhile, Texas billionaire Kelcy Warren has won a nearly $700 million verdict against Greenpeace that could spell the end of the group's U.S. presence. These are major setbacks for green groups. They have opposed new exports of U.S. natural gas, sought to stop new pipelines and asked the government to step up support of communities affected by climate change. The defeats herald the challenges that activists face as President Trump and his allies move to expand fossil fuels' footprint here and abroad.
/jlne.ws/4bPi3CI
Analyst uncovers unexpected source powering crypto industry: 'The future of bitcoin mining'; "It is in the industry's interest to reduce energy usage and its environmental impact as it evolves."
Christine Dulion - The Cool Down
Bitcoin is often criticized for its high energy use, which contributes to planet-warming pollution. However, as The Crypto Times reported, one climate tech investor wants to get the word out that bitcoin derives the biggest share of its energy from a potentially unexpected source: hydroelectric power. Daniel Batten's findings show that the bitcoin network gets 23.12% of its energy from hydroelectric sources, with coal and gas sources following at 22.92% and 21.14%, respectively.
/jlne.ws/4iGoaLS
BlackRock Campaigns Soothe Tensions in Texas and Win Over GOP; The Wall Street behemoth is dialing back on ESG to placate its Republican critics.
Saijel Kishan - Bloomberg
Late last month, 800 or so revelers gathered at the Black Tie & Boots Gala, a celebration of conservative politics in deep red Texas. The sponsor at table No. 15: BlackRock Inc., the Republicans' biggest target on Wall Street. It's no accident that the giant money manager was at the Texas Conservative Coalition Research Institute's event, held down the street from the Texas State Capitol in Austin.
/jlne.ws/4io8Cg2
'Anti-Woke' in the U.S., DEI at Home: the New Playbook for European Companies; Firms that operate in the U.S. and Europe are rowing back diversity and inclusion policies in the U.S. while keeping them in place elsewhere
Ben Dummett and Joe Wallace - The Wall Street Journal
Companies with operations on both sides of the Atlantic have a new formula when it comes to DEI-and it depends on the location. Grocery store chain Aldi, investor-advisory firm Institutional Shareholder Services and lender Banco Santander are among the businesses to have recently recalibrated their diversity, equity and inclusion policies to vary by region. In some cases, companies are excluding the U.S. from what were once global commitments. In others, they are scrubbing buzzwords and acronyms-such as LGBTQ-from American websites and annual reports, while still promoting DEI goals elsewhere.
/jlne.ws/41Jmev9
Trump's Love for Coal Is Crashing Into Market's Economic Reality
Shoko Oda - Bloomberg
The US coal industry is once again enjoying support from the White House. Yet that's unlikely to quell the economic challenges that underpin a long-term decline for the dirtiest fossil fuel. Just this week, President Donald Trump in a social media post touted "BEAUTIFUL, CLEAN COAL." His administration has signaled it's eyeing emergency powers to restart shuttered plants and has launched a sweeping overhaul of US environmental mandates. The moves overlap a macro trend that's also poised to help the industry: surging power demand from data centers. Already, power companies have extended, or are considering extending, the lives of some plants that had been ticketed for extinction. All of this suggests the US may burn more coal in the near term.
/jlne.ws/4kDoUTF
'Segregated facilities' are no longer explicitly banned in federal contracts
Selena Simmons-Duffin - NPR
After a recent change by the Trump administration, the federal government no longer explicitly prohibits contractors from having segregated restaurants, waiting rooms and drinking fountains. The segregation clause is one of several identified in a public memo issued by the General Services Administration last month, affecting all civil federal agencies. The memo explains that it is making changes prompted by President Trump's executive order on diversity, equity and inclusion, which repealed an executive order signed by President Lyndon B. Johnson in 1965 regarding federal contractors and nondiscrimination.
/jlne.ws/4ihEsef
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Hong Kong is key to Standard Chartered's US$200 billion new money goal: CEO Winters
South China Morning Post
Standard Chartered will invest heavily in artificial intelligence (AI) and hire more wealth managers in Hong Kong and other markets to achieve its goal of pulling in US$200 billion of net new money from affluent clients over the next five years, according to global CEO Bill Winters. The London-based bank has operations in more than 50 markets in Asia, the Middle East and Africa, where affluent populations continues to grow. Hong Kong, where Standard Chartered has been issuing currency notes since 1862, is the biggest market for the lender that focuses on emerging markets.
/jlne.ws/4bJh5YH
SNB Says Full Capitalization of UBS Units Is Best Solution
Jan-Henrik Foerster and Bastian Benrath-Wright - Bloomberg
The Swiss National Bank reiterated its support for a reform that could see UBS Group AG forced to maintain as much as $25 billion in extra capital. The Swiss government and regulator Finma are proposing that UBS fully deducts the value of its foreign subsidiaries from the capital of the parent bank, a move that UBS executives oppose.
/jlne.ws/41JBYyl
Hedge Funds Burned by Tesla Short Bets Plot Next Steps
Ishika Mookerjee - Bloomberg
Hedge funds whose short positions against Tesla Inc. backfired badly after the Nov. 5 election are watching the latest selloff from the sidelines, for fear of being burned again. After losing more than $5 billion in the days after Donald Trump was voted back into the White House, Tesla short-sellers now have a position equivalent to just 2.5% of the company's publicly traded shares, according to data compiled by S3 Partners. That's well below the historical average of about 23%, according to Bloomberg-compiled data.
/jlne.ws/4bDXLvT
|
| | | |
|
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | CEOs gone MIA; Elon Musk and the "silent epidemic" of absentee executives.
Amanda Hoover - Business Insider
Tesla's stock has spent the past few months on autopilot, barreling toward a crash. Protesters angry with CEO Elon Musk's politics are burning electric-vehicle charging stations and vandalizing Cybertrucks, leading some owners to offload the cars before they become the next targets. A JPMorgan analyst said last week that the precipitous drop of some 50% of Tesla's market cap was unprecedented in the auto industry. And instead of returning to the dusty Tesla floor where he used to sleep to inspire workers to "give it their all," Musk is continuing to play Donald Trump's all-powerful "first buddy" in Washington.
/jlne.ws/41NiGrU
Managers Have Won the War on Remote Work. But Where Does Everyone Sit? Office attendance is almost back to normal, but the office has shrunk.
Andrew Rice - New York Magazine
In 2020, at the height of the COVID pandemic, the global advertising conglomerate WPP started to slash almost one-third of its New York office space. Different WPP agencies maintained separate Manhattan headquarters: Ogilvy was on 11th Avenue, Grey on lower Fifth, VML in Columbus Circle. But those buildings were all empty, and there was no telling when or if the thousands of employees who had once worked in them would return. WPP's corporate leadership had long been trying to break down the walls between its subsidiaries by putting them together on corporate campuses, and a five-year strategic plan, developed with the consultants at McKinsey & Company and announced in late 2020, estimated it could reduce its global real-estate costs by consolidating offices. "COVID really supports the space agenda we've had for years," the executive who then managed WPP's American real estate told a New York trade publication in December 2020. "People don't need a desk just to put pictures on it."
/jlne.ws/4bEUz2Z
Freddie Mac Tells Workers to Return to Office Full Time
Patrick Clark - Bloomberg
Freddie Mac told employees that they will be expected to work from the office five days a week beginning in May and promised to review compensation plans in an effort to reward key people. The return-to-office plan was delivered to employees in a memo from Federal Housing Finance Agency Director Bill Pulte and Freddie Chief Executive Officer Diana Reid dated Wednesday and seen by Bloomberg News.
/jlne.ws/41GI02H
Seven AI roles managers must master; Technology is handing leaders new challenges as some jobs are wound down
Andrew Hill - Financial Times
The "business hospice" is how some companies are describing the final destination for corporate operations at risk of being wiped out by artificial intelligence. Orchestrating a soft landing for people working in such activities is just one of the new challenges facing managers, according to AI ethicist, Lollie Mancey, who introduced me to the term this month.
/jlne.ws/4iZjxg7
|
| | | |
|
| Wellness Exchange | | An Exchange of Health and Wellness Information | We blew the whistle on the Covid lab leak five years ago and were written off as cranks; A top-level group of scientists and academics told the government the virus could be man-made in March 2020 - but they were ignored
Guy Kelly - The Telegraph
If they're supposed to be members of a band of truculent conspiracy theorists intent on disrupting the machine of the state, Prof Gwythian Prins and John Constable don't exactly seem like it. "In some sense we're all classic establishment figures ... but slightly to one side of it," Constable says, an observation at which Prins nods vigorously. Turning up at a pub just off Trafalgar Square (where Whitehall meets Clubland and visitors to the country mingle with the people who run it) the two men are immaculately turned out and mildly uneasy.
/jlne.ws/4iDosmA
The World's Deadliest Infectious Disease Is About to Get Worse; By retracting foreign aid, President Trump could make tuberculosis untreatable again.
John Green - The Atlantic
Mycobacterium tuberculosis is a near-perfect predator. In 1882, Robert Koch, the physician who discovered the microbe, told a room full of scientists that it caused one in seven of all deaths. In 2023, after a brief hiatus, tuberculosis regained from COVID its status as the world's deadliest infectious disease-a title it has held for most of what we know of human history. Some people die of TB when their lungs collapse or fill with fluid. For others, scarring leaves so little healthy lung tissue that breathing becomes impossible. Or the infection spreads to the brain or the spinal column, or they suffer a sudden, uncontrollable hemorrhage.
/jlne.ws/4bJiRsG
RFK Jr. Unveils Disturbing Plan to Combat Bird Flu; Trump's health secretary has proposed the worst idea, as egg prices continue to skyrocket.
Hafiz Rashid - The New Republic
Secretary of Health and Human Services Robert F. Kennedy Jr. thinks that the bird flu should be allowed to spread unchecked to identify birds that could be immune. Kennedy said in a recent Fox News interview that farmers "should consider maybe the possibility of letting it run through the flock so that we can identify the birds, and preserve the birds that are immune to it," an idea that experts say would be dangerous and hurt the poultry industry.
/jlne.ws/4irdIYL
We're getting taller and it's bad for our health; From thyroid problems to heightened cancer risk, there are challenges to being vertically blessed. But it's not all bad news
David Cox - The Telegraph
If you took an average UK family, and lined up children, parents, grandparents and great-grandparents, you'd likely notice a distinct shift in height from one generation to the next, especially in the male line. During the course of the 20th century, the average height in the UK rose by nearly 4in (10cm) on average, as living standards shifted, childhood starvation disappeared as a public health threat and common infectious diseases were eradicated.
/jlne.ws/4ijN6ZI
Cow Wearables Help America's Dairy Farmers Detect Bird Flu and Other Illnesses; Dairy producers are increasingly putting internet-connected collars and ear tags on their cows, helping better track the animals' health and breeding
Belle Lin - The Wall Street Journal
Dairy farmers across the country are turning to internet-connected "smart" collars, ear and leg tags to track the specific movements and patterns of their cows. The goal is to better manage individual animals in a herd without needing as much manual labor. That's especially important as the country's demand for dairy has increased, but the number of farms has decreased. The tech can also help detect irregular patterns that could indicate disease like the H5N1 avian influenza, which has decimated millions of America's chickens over the past few years and spread into the nation's cows. A second strain of bird flu known as D1.1, meanwhile, recently spread from wild birds and poultry to cows in Nevada.
/jlne.ws/4kVsxoj
Undiscovered cause of Parkinson's found for first time by scientists in huge breakthrough; Experts make breakthrough that could pave way for new treatments for neurodegenerative disease
Rebecca Whittaker - The Independent
/jlne.ws/4imr6NO
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | France issues 'survival manual' to prepare citizens for invasion; New 20-page booklet outlines range of safety measures in event of both military and natural dangers
Henry Samuel - The Telegraph
France will issue survival manuals to prepare citizens for invasion and any other "imminent threat" to the country. A new 20-page booklet reportedly includes 63 measures to help the French in case of armed conflict, as well as natural disasters, industrial accidents or a nuclear leak. It will contain advice on how to protect "yourself and those around you", what to do if a threat is imminent and details of how to get involved in defending your community, including signing up for reserve units or firefighting groups.
/jlne.ws/4ijiJ5G
Bloomberg Retracts Incorrect Story on South African Bonds
Lynn Thomasson - Bloomberg
Bloomberg retracted a story published on March 19 that incorrectly cited filings as showing Franklin Resources, JPMorgan and Wells Fargo had been selling their South African bond holdings. The reporting did not meet Bloomberg's editorial standards. We regret the error.
/jlne.ws/41CEg29
War-Torn Congo Has a Deal for Trump: Kick Out Rebels, Get Minerals; U.S. president's ally Erik Prince in separate talks to help embattled Congolese government
Benoit Faucon in London, Nicholas Bariyo in Kampala, Uganda and Alexander Ward in Washington - The Wall Street Journal
The leader of a war-torn African nation has put a deal on the table for President Trump: Help his country defeat a powerful rebel force in exchange for access to a trove of minerals needed by U.S. high-tech firms. In a Feb. 8 letter to Trump, Félix Tshisekedi, president of the Democratic Republic of Congo, offered mining opportunities for the U.S. Sovereign Wealth Fund, an entity Trump had launched a few days earlier.
/jlne.ws/4hpKYyl
Largest Private-Credit Fund in Brazil Bets on Securitization
Giovanna Bellotti Azevedo and Cristiane Lucchesi - Bloomberg
Itau Asset Management, the biggest private-credit fund manager in Brazil, is betting on securitized products as a way to help investors diversify and deal with the nation's economic environment, including rising interest rates. With 460 billion reais ($81.2 billion) in liquid private credit under management, Itau Asset is launching a fund that buys credit packages, which are known in Brazil as FIDCs. The firm's new product is the first with tax advantages aimed at "qualified investors," individuals with more than 1 million reais invested.
/jlne.ws/4hoj0mz
Beef-Loving Nation Rocked by $300 Million in Cattle Fraud Claims; About 6,000 retail investors face steep losses in Uruguay; Three failed firms decline to comment on allegations
Ken Parks - Bloomberg
A South American nation known for its love of red meat is facing one of its biggest-ever retail investor fraud cases, with companies peddling cattle investments accused of bilking savers out of hundreds of millions of dollars. Beef is a major industry in Uruguay, whose national identity is tied to ranching and bountiful weekend barbecues. For a quarter of a century, a handful of firms leveraged the sector's prestige to collect nearly $500 million from patrons in return for stakes in cattle ventures.
/jlne.ws/4ihQRyP
| 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. |
|
|
|
