| February 13, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
With the announcement yesterday that NYSE is moving NYSE Chicago to Texas, I would like to reach out to any former traders and brokers on the Chicago Stock Exchange (CHX) or a previous iteration, the Midwest Stock Exchange, and ask them if they would like to be interviewed for the Open Outcry Traders History Project. It would be timely to try to capture this history now. We have interviewed a couple of traders with experience on the CHX, but more stories are better. Email me at johnlothian@johnlothian.com if you are interested or know of someone who might be a good candidate.
Maurice Conti, a pioneer in emerging technologies, will be the keynote speaker at The Options Industry Conference 2025. A leading expert in AI, immersive reality, robotics, and sustainability, Conti blends hands-on expertise with big-picture vision. He advises top global companies, including Amazon Web Services, Lululemon, and Mercedes AMG, on leveraging AI for human-centered innovation. With a focus on disruptive technology, future cities, and climate solutions, Conti champions the development of purpose-driven advancements that shape the world for the better.
The Options Industry Conference, taking place May 6-8, 2025 in Palm Beach Gardens, FL, will feature an interesting lineup of moderators, each bringing extensive industry expertise and leadership. Henry Schwartz, VP of market intelligence at Cboe Global Markets, is a seasoned derivatives expert and the founder of Trade Alert, a market data company later acquired by Cboe. With a deep background in market analytics and innovation, Schwartz provides valuable insights into trading trends. JJ Kinahan, CEO of IG North America, oversees tastylive, tastytrade, and IG FX, focusing on scaling technology and content-driven trading solutions to enhance the investor experience. His expertise in trading education and engagement makes him a key voice in shaping market accessibility. Ivan Brown, COO of IEX Options, brings vast experience in options markets, business development, and regulatory strategy. Previously, as head of options & business development at NYSE, he led product development, trading operations, and revenue growth strategies.
For the non-golfers at The Options Industry Conference, there is a pickleball tournament. Personally, I will be nursing a virgin margarita at the pool after shooting our JLN Industry Leader series interviews.
The February 2025 edition of Focus, the publication of The World Federation of Exchanges (WFE), features insights from industry leaders on market infrastructure, digital transformation, and emerging trends. CME Group Chairman and CEO Terry Duffy provides an outlook for 2025, while Loui Anastasopoulos of the Toronto Stock Exchange introduces a new national climate initiative. Several executives reflect on their experiences with the WFE Market Infrastructure Certificate (MIC) Programme, including Nasdaq's Jeff Kimsey, Citi Bank UK's Oluwaseun Owoeye, Korea Exchange's Chihun Kang, and Qatar Stock Exchange's Haya Al-Merekhi, emphasizing the program's role in professional development and international networking. Boerse Stuttgart CEO Dr. Matthias Voelkel discusses the exchange's ongoing expansion in digital assets and crypto, while pTools executives Keith Wood and Suraj Pandey explain how AI is shaping market information. In emerging markets, Amman Stock Exchange CEO Mazen Wathaifi highlights recent achievements and future goals. Additionally, the edition features a Q&A with Ittai Ben-Zeev, CEO of the Tel Aviv Stock Exchange, offering insights into the exchange's strategic direction.
Flow Traders reported its record fourth quarter results and the second-best fiscal year results in its 20-year history with EUR159.0m and EUR479.3m in Total Income, respectively, in a LinkedIn post. The company also ended 2024 with record levels of trading capital and shareholders' equity at EUR775m and EUR766m, respectively.
In the latest episode of WITHpod, Chris Hayes and his guest Zach Faux dive into the perplexing world of cryptocurrency, focusing particularly on meme coins like Dogecoin and $trump. Faux, a Bloomberg reporter and the author of Number Go Up: Inside Crypto's Wild Rise and Staggering Fall, breaks down the chaos and attention-driven nature of the crypto world. The conversation explores how meme coins capitalize on attention, comparing them to "attention strip-mining" in a world of "attention capitalism." They also touch on the Biden administration's stance on crypto and discuss the growing concerns surrounding government involvement and Trump-related memecoins. Faux's new book, The Siren's Call, offers insight into staying human amidst this complex, profit-driven landscape.
Here are the headlines from in front of FOW's paywall from some recent stories: Abaxx Exchange to launch lithium carbonate futures in March, Market debates two pots of Euro STIRs liquidity - FOW Trading London, FIA's Schempp sees 'improved political climate' between UK and EU, ANALYSIS: CME's Duffy underlines concerns about rival's UK clearing, ANALYSIS: DTCC targets 'commercial value' of US Treasury clearing and Clear Street hires another four senior brokers in London.
TMX Group is looking for a chief information security officer in Toronto, CA.
Roland Prevot was promoted to head of retail at Euronext. For the past year, he has been in sales and business development for Euronext Clearing.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- Why the options market is hotter than ever and could be on track for more records from MarketWatch.
- India's crackdown on derivatives frenzy to hit online brokers from the Financial Times.
- Kicking off 2025 with strong equity and options volume from MEMX. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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CNBC's Bob Pisani Reflects on Investing Mistakes, Market Biases in JLN Interview
JohnLothianNews.com
CNBC's Bob Pisani candidly shared his biggest investing mistake and the impact of behavioral biases in a part three of a recent interview with John Lothian News. Reflecting on his overconfidence in General Electric (GE) under Jack Welch, Pisani admitted to putting 50% of his 401(k) into GE stock by 1999, despite knowing the risks.
Watch the video »
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TNS Navigates 24/7 Trading, Cloud Challenges in Financial Markets
JohnLothianNews.com
As financial markets trend towards 24/7 trading, infrastructure providers face new challenges in managing network operations and maintenance, according to Jeff Mezger of Transaction Network Services (TNS).
In an interview with John Lothian News at the FIA Expo in November, Mezger highlighted the operational hurdles posed by extended trading hours.
Watch the video »
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Bob Pisani: Veteran CNBC Journalist Reflects on Electronic Trading, Investor Biases
JohnLothianNews.com
In part two of a wide-ranging interview with John Lothian News, veteran trader Bob Pisani of CNBC reflected on the dramatic changes he's witnessed in the financial markets over his decades-long career, highlighting the impact of technology, behavioral finance, and the challenge of market prediction.
Watch the video »
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Republicans Reveal Trump Tax Plan Will Cost US $4.5 Trillion
Daniel Orton and Billal Rahman - Newsweek
The Republican House Budget resolution out Wednesday reveals the Ways and Means Committee will get $4.5 trillion to lock in tax cuts, one of President Donald Trump's major proposals. The GOP also seeks an increase in the debt limit by $4 trillion, the resolution says.
The plan, which includes a substantial increase in the debt limit, highlights the party's commitment to making permanent the tax cuts enacted during the Trump administration.
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***** How can you give away money you don't have?~JJL
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Webull Connects to Kalshi to Offer Investors Innovative, Prediction Markets
Webull Financial
Webull, a leading digital investment platform, today announced that it has partnered with Kalshi, the first CFTC-regulated exchange with prediction markets. The partnership will offer users the ability to trade binary event contracts through the Webull platform. Prediction markets are one of the fastest growing asset classes in the US today. Kalshi has recently secured its ability to launch financial brokers on the platform. To ensure investors have access to best-in-class tools, Webull has relentlessly driven innovation over recent years, continually enhancing its platform to meet shifting market demands - as seen with the increase in short-dated options volume.
/jlne.ws/41aM4ZU
***** No one saw this one coming.~JJL
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A global coffee price spike is about to drip into your mug; Disruptive weather linked to climate change has dented coffee bean supplies, which industry experts warn could soon leave a bitter taste in consumers' mouths.
Steve Kopack and Nidhi Sharma - NBC News
Bad news at the breakfast table: Your morning cup of coffee could soon be getting more expensive. The benchmark that sets the global price of arabica coffee has more than doubled over the past year, with 25% of that surge coming since the start of 2025. For the first time, one pound of arabica costs more than $4 on commodity markets. "Expect retail coffee prices to keep grinding higher," Bank of America analysts recently warned, even with "consumers showing signs of price fatigue."
/jlne.ws/3CEwDjj
***** Get ready for more frapp and less ucinno in your coffee drink.~JJL
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MIAX Named Best Trading Platform, Receives Technology Innovation Award at Fund Intelligence Operations and Services Awards 2025
Miami International Holdings, Inc.
Miami International Holdings, Inc. (MIH), a technology driven leader in building and operating regulated financial markets across multiple asset classes, today announced that MIAX® was named "Best Trading Platform" for the third consecutive year and the recipient of the "Technology Innovation Award" at the Fund Intelligence Operations and Services Awards 2025. "MIAX is honored to once again be named 'Best Trading Platform' in addition to receiving the 'Technology Innovation Award' at the 2025 Fund Intelligence Operations and Services Awards," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH. "It's our 11th straight year being recognized at the awards-a testament to the ongoing excellence of our highly regarded technology team."
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***** Wait until next near when they win for Best New Open Outcry Trading Floor.~JJL
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Wednesday's Top Three
Our most clicked story Wednesday was Trump Plans to Pick Quintenz as Derivatives Regulator Head, from Bloomberg. Second was The New York Stock Exchange to Launch NYSE Texas, a press release from ICE. And third was An Entire Barrel of Pappy Van Winkle Bourbon Is Up for Auction, from Bloomberg.
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| Lead Stories | 'Deregulation by Firings': Breaking Down the Cuts to Financial Oversight; The furious pace of deregulation is gutting agencies intended to protect ordinary Americans, consumer advocates say. But business groups have long favored regulatory relief.
Matthew Goldstein and Jessica Silver-Greenberg - The New York Times
The Trump administration is rapidly delivering wins to American companies by rolling back regulations, pausing investigations and retreating from lawsuits accusing employers of discrimination. A combination of firings, stop-work orders and litigation pauses has hobbled regulators like the Consumer Financial Protection Bureau, the Equal Employment Opportunity Commission, the National Labor Relations Board, and the Securities and Exchange Commission. The moves have led the S.E.C. to pull back on its attempt to police the cryptocurrency boom and upended efforts at other agencies to protect worker rights.
/jlne.ws/42U6XK1
The Secretive Hedge Fund Rewriting the Rules of $4.5 Trillion Industry; Many of finance's brightest minds have stumbled trying to gatecrash the hedge fund aristocracy. QRT's rapid rise from unknown to the top 1% is rewriting the narrative of what's possible.
Nishant Kumar - Bloomberg
Under a low gray sky, a building site sits exposed amid the barren beauty of Iceland in winter. Rising from the frozen earth a timber frame stretches across the view, heralding the birth of a high-spec data center. This isn't just the usual tale of an AI-giddy tech giant looking to tap an abundant source of renewable energy and cooling power to help it crunch colossal amounts of information. The facility in the northern city of Akureyri is for a secretive hedge fund, Qube Research & Technologies. And it's almost certainly a first in this bitterly competitive $4.5 trillion industry. QRT wants the site to give it an edge in the race to find discrepancies in markets, and profit from them - a pursuit that's already handed it returns that make those of the established hedge fund elite look mediocre by comparison. But the data-center gambit is far from the only thing to set the firm apart.
/jlne.ws/4hyTmMV
SEC Eases Path for Companies to Nix Shareholder Proposals; Policy shift comes as more corporations ditch DEI initiatives; Ex-Chair Gensler made it harder for firms to exclude proposals
Lydia Beyoud - Bloomberg
The Securities and Exchange Commission released new guidelines making it easier for corporations to block votes on shareholder proposals at their annual meetings. Under the new policy, regulators will determine whether a proposal affects at least 5% of a company's total assets, net earnings or gross sales, according to an SEC legal bulletin released Wednesday. SEC rules allow companies to ask for "no-action" letters to exclude proposals on issues that aren't economically relevant to their business.
/jlne.ws/4jPfSCJ
NYSE to relocate 143-year-old Chicago stock exchange to Texas; The south-western state is attempting to broaden its appeal beyond brick and mortar relocations
Jennifer Hughes and Myles McCormick - Financial Times
The New York Stock Exchange is moving its 143-year-old Chicago operation to Dallas in an attempt to lure new listings to what the bourse described as a "pro-business" state. The New York institution's move poses a direct threat to a brand new group, the Texas Stock Exchange, which last month applied to officially register with the Securities and Exchange Commission.
/jlne.ws/41fcJVB
Not Everywhere Is Insider Trading; CFDs abroad, Vanguard advice, Dow tracking error and Metaplanet.
Matt Levine - Bloomberg
Insider betting
Here's an insider trading hypothetical for you. I have a golf buddy who is a senior executive at a public company. One day on the course, she tells me: "My firm is going to announce a takeover of Anacott Steel at $15 per share; you should buy some." I go back to my office, open up my brokerage app, and am about to buy 10,000 short-dated out-of-the-money call options when I think: "Wait, no, this is insider trading, I will get in trouble for this." I close the app. Instead, I pick up my phone and call you. "Hey," I say, "I'll bet you a million dollars that Anacott Steel closes above $13 this Friday." You are a degenerate gambler and have never heard of the concept of adverse selection, so you say "ha, Anacott Steel is at $10 now, this is easy money, it's a bet." The next day, the takeover offer is announced, the stock goes to $14, and I collect $1 million from you.
/jlne.ws/3XmPExV
The New York Stock Exchange is coming to Texas
Lakshmi Varanasi - Business Insider
The Lone Star State is on track to become a business hub, rivaling the likes of Silicon Valley and Wall Street. The New York Stock Exchange announced Wednesday that it would be relocating its Chicago headquarters to Dallas. The fully electronic exchange will serve as a platform for companies to list and trade securities. "As the state with the largest number of NYSE listings, representing over $3.7 trillion in market value for our community, Texas is a market leader in fostering a pro-business atmosphere," NYSE Group president Lynn Martin said in a statement.
/jlne.ws/4gHhr2J
Governor Abbott Celebrates Launch Of NYSE Texas
State of Texas
Governor Greg Abbott today celebrated the announcement by the New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), of plans to launch NYSE Texas, a fully electronic equities exchange to be headquartered in Dallas. "Texas is the most powerful economy in the nation, and now we will become the financial capital of America," said Governor Abbott. "With the launch of NYSE Texas, we will expand our financial might in the United States and cement our great state as an economic powerhouse on the global stage. I thank the New York Stock Exchange for choosing Texas. Working together, we will continue to advance pro-growth economic policies that allow entrepreneurs and businesses to thrive and will make Texas stronger and more prosperous than ever in the history of our great state."
/jlne.ws/4hAl63z
NYSE Plans Texas Exchange as Financial Firms Flock to State
Katherine Doherty and Joe Lovinger - Bloomberg
The New York Stock Exchange plans to start an equities exchange in Texas, the latest firm seeking a slice of the financial services industry in a state where the taxes are lower and regulation looser. NYSE said it will reincorporate its NYSE Chicago operations in Texas and will launch the fully electronic exchange in Dallas, pending regulatory filings. The exchange will serve companies from Texas and around the world, it said.
/jlne.ws/41eh6Ab
US Budget Deficit Hits Record $840 Billion Over Past Four Months; Debt interest costs, health, Social Security boosted spending; Widening budget gap may add to concern among fiscal hawks
Chris Anstey - Bloomberg
The US federal budget gap widened to a record $840 billion for the first third of the fiscal year, propelled by spending increases in areas including health, Social Security, transfers to veterans and debt-interest payments. For January alone, the deficit grew by $129 billion, the Treasury Department said in a statement Wednesday. Adjusting for calendar differences, the cumulative deficit for October through January widened 25%.
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DOGE Cuts Pose Risk to Largest Government Contractors; Aerospace and defense sector has most exposure, analysts say; Investors should be mindful for potential volatility: Barclays
Josyana Joshua and Ethan M Steinberg - Bloomberg
The Trump administration's moves to trim government spending pose a short-term "understated risk" for companies all across the corporate credit market, according to a Barclays Plc analysis. The efforts, led by Elon Musk's Department of Government Efficiency, have sparked concern about companies with federal contract exposure, analysts led by Dominique Toublan wrote in a note Wednesday.
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Financial firms hated US consumer watchdog, but rapid unraveling creates limbo
Douglas Gillison, Nupur Anand, Pete Schroeder and Isla Binnie - Reuters
At a JPMorgan townhall meeting on Wednesday, CEO Jamie Dimon was asked whether the Trump administration's decision to abruptly stop work at the Consumer Financial Protection Bureau (CFPB) and question its existence was good news for the industry. Dimon told his employees that it was hard for the bank when "policies flip back and forth" and that he preferred consistent policies. The CFPB had some good consumer protection rules, especially when it came to areas like payday lenders, he said, according to a recording of the meeting that Reuters reviewed, which has not been previously reported. Still, he was not mourning the dismantling of the agency.
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Dozens of CFPB workers are fired as the agency remains shuttered
Laurel Wamsley - NPR
Dozens of probationary employees at the Consumer Financial Protection Bureau had their jobs terminated on Tuesday night, according to the union representing CFPB employees. CFPB's union has identified approximately 73 "bargaining-unit" employees in their probationary period who were terminated, according to Jasmine Hardy, the executive vice president for NTEU Chapter 335, but is still working to confirm the final numbers. Hardy said she believed non-union employees were also fired.
/jlne.ws/40V2zb6
'No signs of slowing': US egg prices soar as avian flu rips across farms; Wholesale prices have doubled over the past year as culls to stop spread of virus prompt shortages and rationing
Gregory Meyer - Financial Times
US egg prices are soaring to record highs as farmers are forced to slaughter millions of chickens in an attempt to halt the spread of bird flu, which has ripped through the nation's poultry barns in recent months. A dozen eggs reached more than $8 in wholesale markets this week, more than double the price of a year ago and the highest ever recorded, according to Expana, a commodity price information service. Grocers including Walmart and Kroger have begun to ration purchases in certain cases. The Waffle House chain - a staple in the US south and Midwest - has tacked a surcharge of 50 cents an egg on to its dishes.
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This obscure law is one reason Trump's agenda keeps losing in court; Lawsuits challenging Trump policies raise big constitutional questions, but they also rely on a law that requires the government to follow the correct procedures when changing course.
Lawrence Hurley - NBC News
Lawyers challenging President Donald Trump's aggressive use of executive power in the courts are turning to a familiar weapon in their armory: an obscure but routinely invoked federal law called the Administrative Procedure Act. While lawsuits challenging such provocative plans as ending birthright citizenship and dismantling federal agencies raise weighty constitutional issues, they also claim Trump failed to follow the correct procedures as required under the wonky 1946 statute.
/jlne.ws/4aTMdEp
Markets worry EU's reporting simplification will add to burden; Rather than reducing firms' obligations, market participants fear it could end up increasing requirements
Rebekah Tunstead - Risk.net
European regulators have said they will work to lower the reporting load on financial firms in the coming years, but market participants worry that these ambitions could end up adding to the problem rather than alleviating it. The European Securities and Markets Authority (Esma) said on February 7 it would support the European Commission's (EC) objective to simplify the reporting burden on firms by reducing unnecessary reporting, avoiding duplication, and streamlining some reporting requirements
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Google says U.S. faces a power capacity crisis in AI race against China; Google ran into a "very stark reality that we didn't have enough capacity on the system to power our data centers in the short term."
Spencer Kimball - CNBC
The U.S. is facing a power capacity crisis as the tech sector races against China to achieve dominance in artificial intelligence, an executive leading the energy strategy of Alphabet's Google unit said this week. The emergence of China's DeepSeek artificial intelligence firm sent the shares of major power companies tumbling in late January on speculation that its AI model is cheaper and more efficient. But Caroline Golin, Google's global head of energy market development, said more power is needed now to keep up with Beijing.
/jlne.ws/41eYiRa
'The Opec of nickel': Indonesia's control of a critical metal; What the country does with its newfound power will be crucial for everything from prices to the future of mining investments
A. Anantha Lakshmi and Camilla Hodgson - Financial Times
Just over a decade ago, Bahodopi, a remote district in eastern Indonesia, was a tangle of lush, tropical forest. There were no paved roads nor 24-hour electricity. When executives from nickel mining firms visited to survey the area's then largely untapped reserves, they stayed at modest hotels lit by candles. All of that began to change in 2014 when the Indonesian government took the drastic step of announcing a ban on all exports of raw nickel - the metal that is critical to the energy transition because of its use in batteries for electric vehicles.
/jlne.ws/41cd8Id
AI is evolving so quickly that bank analysts are becoming self-aware; Slaves to the algorithm
Bryce Elder - Financial Times
Oh, Deutsche...
By "you" they mean "us". OpenAI's launch on February 2 of a so-called "deep research" widget (currently available only to subscribers on the $200 per month plan) provides the report's hook. In an attempt to mimick logical reasoning, "deep research" responds to prompts in iterative steps. It's part of a coming generation of AI bots with long-term memory, internet access and the power to keep improving autonomously, says analyst Adrian Cox, who calls it a step towards artificial superintelligence.
/jlne.ws/3QesVQz
ETF industry braces for winds of change under Donald Trump; The temptation to move beyond traditional buy-and-hold vehicles is likely to increase, industry observers say
Emma Boyde - Financial Times
The exchange traded fund industry blasted through previous records last year, racking up $1.5tn in inflows, 95 per cent of which went into equity and fixed-income funds, but 2025 could look very different, industry observers say. With threats of tariffs and potential trade wars, and rapid changes to the geopolitical situation, nerves are being stretched tight and the appeal of moving beyond traditional buy-and-hold portfolio building blocks is likely to grow, industry figures say, even if that appeal is misguided.
/jlne.ws/43dzR8n
Why Dealers Are Flying Gold Bars by Plane From London to New York; Tariff fears push JPMorgan and others to stash bullion on passenger planes to sell at record prices
Joe Wallace - The Wall Street Journal
If you landed on a flight from Europe to JFK recently, you might have been an unwitting participant in a high-stakes, high-altitude trade by gold dealers at JPMorgan Chase. President Trump's threatened tariffs on Europe have thrown precious-metal markets into disarray. Gold prices have been driven to record highs, and a yawning gap has opened in the value of the yellow metal in its two trading hubs, New York and London.
/jlne.ws/4hAA2ie
This Hedge Fund Delivered a Solid Year. So Why Can't Its Investors Cash Out? Clients of Armistice Capital who recently redeemed got stuck with IOUs that have lost money in 2025
Peter Rudegeair - The Wall Street Journal
Armistice Capital delivered the goods to investors for over a dozen years. The hedge fund outperformed rivals in 2024, and its record since inception trounces the broader stock market. What the firm hasn't delivered is much cash to investors who wanted out late last year. It mostly gave them the equivalent of IOUs instead, according to an investor letter viewed by The Wall Street Journal. That usually happens at hedge funds that repeatedly lose money. At Armistice, it happened because the firm loaded up on thinly traded assets and sparked an outflow of investors after it announced new terms that would have made it harder for them to exit, people familiar with the firm said.
/jlne.ws/4hv9ZZI
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Trump's Ukraine Deal Looks Great - for Putin
Marc Champion - Bloomberg Opinion
US President Donald Trump is proving good to his word. He's moving fast to halt Russia's invasion of Ukraine, and the signs of the last few days suggest that he's also going in hard - on Kyiv, though, not Moscow. It's still too early to know exactly what Trump has in mind, but as I said with regard to his proposal for the US to take over Gaza, it pays to take his statements seriously, even if they don't tell the whole story. And what he and his administration have said and done on Ukraine over the last 72 hours indicate that they aim to restore relations with Moscow at the expense of Ukraine and Europe. This would be a choice. America has numerous cards to play in pressuring Moscow toward a genuine peace settlement that limits the rewards for its illegal invasion and secures a lasting ceasefire. But the recent public signaling suggests that Trump has no plans to use them. That makes sense if all you want is a fast deal on any terms, because it's a lot easier to pressure Ukraine into concessions than Russia.
/jlne.ws/3QiZMDM
Trump Pushes a Fading Zelenskiy Toward a Risky Ukraine Election; The comedian-turned-wartime president is at a crossroads; Trump is pressing for a vote that plays into Putin's hands
Daryna Krasnolutska and Volodymyr Verbianyi - Bloomberg
Volodymyr Zelenskiy knows a thing or two about wearing different guises. As a comedian, humor was his armor. As a wartime leader it was military fatigues. But there was no disguising the sense of betrayal reverberating in Ukraine as the president put on a brave face to let the world know about his latest dispiriting call with Donald Trump. The US president had earlier spoken for 90 minutes with Vladimir Putin and for all intents and purposes sold Ukraine out, extinguishing any hope for NATO membership or American boots on ground. Russia would probably keep most of the territory it had snatched over the years. All Zelenskiy could do or say about Trump was to "appreciate his genuine interest."
/jlne.ws/3CMzJBQ
Trump Got Himself a Dilemma in Talking to Putin; The US president could end the war in Ukraine, but only by committing American troops. Or he could leave it to the Europeans, but without a lasting peace.
Andreas Kluth - Bloomberg
Donald Trump did not end the Russian war against Ukraine within 24 hours, as he had promised during his presidential campaign. Then again, as usual, we probably weren't supposed to take him literally (or was it seriously?). Now, though, he seems to be gearing up to get the job done. But he is about to crash into a contradiction of his own making. It's a dilemma that may doom his efforts. In a phone call this week, Trump and his Russian counterpart, Vladimir Putin, agreed to begin talks to end the shooting. That followed Russia's release of an American who has been unjustly incarcerated there, prompting Trump to comment that "there's goodwill, in terms of the war."
/jlne.ws/3WZoPPZ
The Day the Ukraine War Ended; The conflict isn't over, but its fate now appears clear.
Jonathan Lemire - The Atlantic
Today, the war in Ukraine ended, at least in a sense. Bloody fighting between depleted militaries will continue to barely move the frozen front lines. Russian missile and drone raids will still pummel Ukrainian cities and terrorize their citizens. Gutsy, covert Ukrainian strikes will hit deep behind the Russian border. But a new, and likely final, chapter in the nearly three-year conflict began today with a confluence of clear signals from the United States that it will no longer back Kyiv's goals in the war, all but assuring that Ukraine will not regain its sovereign territory or achieve its most sought-after security guarantees.
/jlne.ws/3WZ4AC0
The Economic Consequences of the (Ukraine) Peace; With apologies to John Maynard Keynes
Robin Wigglesworth - Financial Times
It looks increasingly likely that the US will engineer/enforce some kind of peace deal between Russia and Ukraine, whatever the Europeans might think about that. You can see how investors have begun to bet on that in the rising price of GDP-linked warrants attached to Ukraine's restructured bonds maturing in 2035 and 2024, which only pay out if certain conditions are met.
/jlne.ws/3XnPXbN
China Tries to Play the Role of Peacemaker in Ukraine; U.S. and Europe would view Beijing's proposal skeptically given its close ties to Moscow
Lingling Wei, Alexander Ward and Laurence Norman - The Wall Street Journal
As President Trump and Russian President Vladimir Putin signal they are prepared to start negotiations to end the war in Ukraine, China is pushing to play a role. Chinese officials in recent weeks have floated a proposal to the Trump team through intermediaries to hold a summit between the two leaders and to facilitate peacekeeping efforts after an eventual truce, according to people in Beijing and Washington familiar with the matter.
/jlne.ws/4hSy7oX
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| Middle East Conflict | | News about the current conflict in the Middle East that began with the October 2023 Hamas attack on Israel. | Hamas Says It Will Free Hostages on Schedule, Averting War; 'At least three' hostages scheduled to be freed on Saturday; Hamas talking to truce mediators, accuses Israel of breaches
Dan Williams and Fadwa Hodali - Bloomberg
Hamas said it would free hostages on Saturday as scheduled, backing down from a threatened indefinite delay that had cast doubt on the durability of the initial six-week Gaza ceasefire. At least three Israelis held by the Iran-backed group are due to be released in the next round of a phased exchange for hundreds of jailed Palestinians. Hamas had on Monday cited a series of Israeli truce violations, including a failure to deliver on humanitarian-relief pledges, as a reason to suspend the staggered swap. Israel responded by putting the military on high alert, and US President Donald Trump said his ally should "let hell break out" if Hamas made good on the threat. The US terror-designated organization then recast the move as a warning.
/jlne.ws/4hWuoXC
Israel and Hamas Agree to Resolve Cease-Fire Dispute; Two foes on track for a hostages-for-prisoners exchange Saturday after dispute risked collapsing agreement
Summer Said and Anat Peled - The Wall Street Journal
Israel and Hamas have agreed to resolve a dispute that threatened to derail their fragile cease-fire after humanitarian equipment began entering Gaza on Thursday and Hamas backed off on a threat that it wouldn't release any more Israeli hostages. The militant group agreed to release the next three hostages that it had threatened to withhold after receiving guarantees from mediators that caravans and medical equipment would be allowed into Gaza on Thursday, according to mediators. Egyptian officials said the mediation efforts had "succeeded in overcoming obstacles" that threatened the deal. Israel hasn't yet commented.
/jlne.ws/4gNiNsY
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Abaxx Will Expand Battery Metals Product Suite with Launch of Lithium Carbonate Futures on Abaxx
Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) ("Abaxx" or the "Company"), a financial software and market infrastructure company, indirect majority shareholder of Abaxx Singapore Pte Ltd. ("Abaxx Singapore"), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, "Abaxx Exchange" and "Abaxx Clearing"), and producer of the SmarterMarketsâ„¢ Podcast, today announced that it will be expanding its battery metals product suite with the launch of 3 regional physically-deliverable Lithium Carbonate futures on March 7, 2025.
/jlne.ws/4aZqKd6
ASX Limited - 2025 Half-year Results Presentation and Speaking Notes
ASX
Attached is a copy of the speaking notes and slides for the 2025 Half-Year Financial Results presentation.
/jlne.ws/4gCitNn
Volatility Outlook: Why should all eyes be on Europe in 2025?
Eurex
We're only one month into 2025, and the financial markets have already dealt with what seems like a year's worth of news. Donald Trump began his second term in office by making market-impacting decisions from day one. European markets felt the impact of some of those actions as well. Also, Europe will have many events of its own impacting financial markets and volatility expectations throughout 2025, including national elections and central bank interest rate policy decisions. There will be a lot to keep up with in 2025, and Eurex has created a calendar highlighting these events. European traders should be prepared for extra volatility on the day of these events, and markets will exhibit some anticipatory behavior as we approach each event.
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Europe's first CLO ETF now listed on LuxSE
LSE
Investment manager Fair Oaks Capital brings its pioneering Fair Oaks AAA CLO traded funds (ETFs) across Luxembourg's financial centre. ETF to the Luxembourg Stock Exchange, reflecting the increased focus on actively managed exchange. The Luxembourg Stock Exchange is pleased to confirm the listing of Fair Oaks Capital's trailblazing CLO ETF on the regulated Bourse de Luxembourg market on 6 February. The new GBP-hedged share class has been created under the Fair Oaks AAA CLO sub-fund on the Alpha UCITS SICAV fund platform.
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Tradeweb and Coremont Collaborate to Advance Fixed Income Execution Workflows
Tradeweb
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced a strategic collaboration with Coremont, a premier provider of cloud-based portfolio management software and multi-asset class analytics. Tradeweb and Coremont have joined forces with plans to integrate Tradeweb's global fixed income execution workflows into Coremont's Clarion platform, a leading portfolio management solution for asset managers and hedge funds. The integration aims to enhance fixed income trading workflows for buyside professionals by providing Coremont clients with access to Tradeweb's comprehensive execution capabilities, initially for global swaps markets.
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BME Welcomes HBX Group; The company, which is the first to join the main market of the Spanish Stock Exchange this year, debuts with a valuation of 2.84 billion euros and a reference price of 11.50 euros per share
Mondovisione
BME welcomed HBX Group today. The company has gone public with a reference price of 11.50 euros per share, implying a stock market valuation of 2.84 billion euros. It is the first IPO of the year in Spain and the second addition to the markets operated by BME. Last year, there were 26 stock market debuts (three in the main market and 23 in the growth markets).
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Stifel Introduces Stifel Discover; Dynamic Content Feed Now Available in the Stifel Wealth Tracker App
Stifel Financial Corporation
Stifel Financial Corp. (NYSE: SF) today announced the launch of Stifel Discover, a new Stifel-branded content feed available through its Wealth Tracker app. The innovative feature transforms how clients engage with Stifel's research and thought leadership, delivering timely, personalized insights through a dynamic experience.
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Reddit Shares Tumble as Social Network's User Growth Slows
Aisha Counts and Riley Griffin - Bloomberg
Reddit Inc. shares slumped in late trading after fourth-quarter user growth missed Wall Street's expectations, a sign the newly public company is struggling to keep up with larger digital advertising peers Meta Platforms Inc. and Alphabet Inc.'s Google. The company averaged 101.7 million daily active unique visitors in the period, according to a statement Wednesday. That fell short of analysts' average projection of 103.8 million.
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OpenAI Plans to Release New GPT-4.5 Model in Weeks, Altman Says
Rachel Metz - Bloomberg
OpenAI is nearing the release of a new artificial intelligence model called GPT-4.5 after hitting stumbling blocks in developing the AI system last year. In a series of posts on social network X on Wednesday, OpenAI Chief Executive Officer Sam Altman said the model, which the company has referred to as Orion internally, would come in a matter of "weeks." Bloomberg News reported in November that Orion had not been hitting OpenAI's desired performance.
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BofA's CEO Asked AI for Mortgage Data and Got Picture of a House
Katherine Doherty - Bloomberg
For all of artificial intelligence's advantages, it still has a long way to go, according to Bank of America Corp. Chief Executive Officer Brian Moynihan. "I was trying to get a mortgage-amortization schedule. I pounded in it three times, got stuff you couldn't read. Finally I just got a picture of a house," Moynihan said Wednesday at the BofA Securities Financial Services Conference. "That's not right or wrong. It's just still learning how to do this stuff. And I'm learning how to do the stuff with it."
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The new AI arms race; America and China are vying for dominance, while Europe tries to compete
The editorial board - Financial Times
If the first global AI summit 15 months ago, hosted by Britain's then prime minister Rishi Sunak, focused more on co-operation to tackle the risks of AI, the latest this week in Paris highlighted a shift in the dynamics: towards geopolitical competition, and the quest for technological and economic advantage. On his first foreign trip as US vice-president, JD Vance signalled that the US was ripping out the brakes and putting its foot to the floor to develop AI. The US, and the UK, did not sign up to a closing statement that said AI should be "inclusive, transparent, ethical and safe". A new AI arms race has begun, with the US and China vying for dominance and Europe trying to carve out its role.
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How Citi moved GenAI from firm-wide ban to internal roll-out; Bank adopted three specific inward-facing use cases with a unified framework behind them
Menghan Xiao - Risk.net
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Quants try investing like Socrates, with help from AI; Researchers are testing whether LLMs can use methods borrowed from ancient philosophy to answer complex questions
Rob Mannix - Risk.net
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Data Center Power Demand Almost Doubled in Virginia, Utility Says; Spike in requests took place from July to December last year; US power consumption is rising, driven by data centers and AI
Josh Saul - Bloomberg
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Zelle payments topped $1 trillion in 2024 as network's growth outpaces rivals, including PayPal; Zelle, which was launched in 2017 in response to fintech platforms such as Venmo, PayPal and CashApp, has some key advantages over those players.
Hugh Son - CNBC
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| Cybersecurity | | Top stories for cybersecurity | NYDFS Fines PayPal $2 Million for Cybersecurity Failures
The National Law Review
On January 23, 2025, the New York Department of Financial Services ("NYDFS") announced a $2 million civil fine against PayPal, Inc. ("PayPal") for alleged cybersecurity failures that resulted in the unauthorized exposure of customers' personal information. According to the consent order, in December 2022, a PayPal security analyst identified an online post describing a security gap that allowed unauthorized parties to access Forms 1099-K available on PayPal's online platform. The forms contained PayPal customers' unredacted personal information, including names, dates of birth and full Social Security numbers. One day after the analyst identified the issue, PayPal's cybersecurity team noticed activity indicative of threat actors using credential stuffing to gain access to the personal information contained in the forms.
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Thoma Bravo-backed SailPoint set for US market comeback after over two years
Reuters
Thoma Bravo-backed cybersecurity firm SailPoint will start trading on the Nasdaq on Thursday, returning to the U.S. stock market more than two years after it went private. The Austin, Texas-based company, along with Thoma Bravo, raised $1.38 billion in an upsized IPO, selling 60 million shares at $23 each. They had aimed to sell 50 million shares priced between $21 and $23.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Trump Has Made His Major Decisions on His Crypto Regulation Team, Now Also OCC
Jesse Hamilton - CoinDesk
President Donald Trump is just about done naming the key figures he's seeking to get into financial regulation posts that will direct the future oversight of the crypto industry, now including lawyer Jonathan Gould as a nominee to run the Office of the Comptroller of the Currency that oversees U.S. national banks. With a widely circulated White House nominations document showing Trump has settled on Gould, a partner at law firm Jones Day who was a top lawyer at the OCC and a former crypto executive, and the president will reportedly nominate the Federal Deposit Insurance Corp.'s Jonathan McKernan to run the Consumer Financial Protection Bureau, the slate is almost clear.
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Binance Founder CZ Fuels Potential BNB Chain Memecoin Craze; The former CEO of the globe's largest crypto exchange plans to post a picture of his dog on social media and suggested he could interact with some of the ensuing memecoins on BNB Chain.
Francisco Rodrigues - CoinDesk
The founder and former CEO of Binance, Changpeng Zhao (CZ), after criticizing the memecoin craze that gripped cryptocurrency markets over the last few months, may be fueling the launch of new ones based on his dog. Taking to social media, CZ revealed to followers that he has a Belgian Malinois, prompting numerous requests for him to share pictures and the name of the dog. In response, CZ asked how it would be determined which cryptocurrency inspired by his dog's name and picture would become the "official one."
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Coinbase in Talks for Return to India 2 Years After Exit: Report; The exchange would be following in the steps of Binance and Bybit if it manages to secure a license.
Camomile Shumba - CoinDesk
Crypto exchange Coinbase (COIN) is holding talks with Indian authorities in an effort to secure approval to return to the country it quit in 2023, Tech Crunch reported on Wednesday. The exchange is in talks with regulators including the Financial Intelligence Unit (FIU), Tech Crunch said, citing two people familiar with the matter.
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US Bitcoin Miners Disrupted by Chinese Supplier Under Scrutiny; Bitmain rakes in billions of dollars from mining machine sales; The Beijing-based company is also a leading AI chip developer
David Pan - Bloomberg
Crypto miners in the US are experiencing delays receiving deliveries of new equipment, threatening their competitiveness and profit margins, as the Chinese juggernaut that supplies the bulk of their machinery comes under scrutiny amid a trade war. Recent shipments of machines made by Beijing-based Bitmain Technologies Ltd. to US clients have been delayed due to heightened Customs and Border Protection scrutiny, according to half a dozen industry executives. The delays coincide with the US Commerce Department's blacklisting of Bitmain's artificial-intelligence affiliate Xiamen Sophgo Technologies Ltd. in January, when it accused the firm of "acting at the behest of Beijing to further the PRC's goals of indigenous advanced chip production."
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Nadex Self-Certifies Bonk (BONK) Cryptocurrency Event Contracts
Mondovisione
Notice Type: Rulebook & Agreement Notice ID: 1822.021225 2025 Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended ("Act"), and Section 40.2(a) of the regulations promulgated by the Commodity Futures Trading Commission (the "Commission") under the Act (the "Regulations"), North American Derivatives Exchange, Inc. ("Nadex", the "Exchange"), Nadex self-certified the terms and conditions for its new Bonk (BONK) Cryptocurrency Event Contracts. These contracts will be listed on or after trade date February 14, 2025.
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| Politics | | An overview of politics as it relates to the financial markets | Quarreling Republicans Float Plan to Cut Taxes, Raise Debt Limit; Budget blueprint would bypass Democrats on debt ceiling; Spending cuts would likely require curtailing safety net
Erik Wasson and Billy House - Bloomberg
House Republican leaders took the first step Wednesday toward enacting trillions of dollars in tax cuts and raising the nation's $36 trillion debt limit, offering a plan that risks rankling quarreling factions in the party. The proposal aims to smooth the passage of President Donald Trump's top legislative priorities: extending expiring individual and business taxes passed in 2017, boosting defense and border security spending and cutting other spending.
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As judges block broad actions, White House says courts causing constitutional crisis
Elena Moore - NPR
Since President Trump's return to office last month, federal judges have notably halted several moves geared at drastically reforming parts of the federal government and U.S. immigration policy through a number of preliminary rulings and injunctions. At least one federal judge has said the administration has failed to fully comply with a temporary restraining order in a case challenging the administration's attempts to freeze payments for grants and other programs. Critics of the administration have pointed to the various rulings as clear evidence that the president is overstepping his authority and thrusting the nation into a constitutional crisis.
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Trump names oil and gas advocate to lead agency that manages federal lands; Kathleen Sgamma to oversee Bureau of Land Management, agency that manages quarter-billion acres of public land
The Associated Press via The Guardian
Donald Trump has nominated a longtime oil and gas industry representative to oversee an agency that manages a quarter-billion acres of public land concentrated in western states. Kathleen Sgamma, president of the Colorado-based oil industry trade group Western Energy Alliance, was named Bureau of Land Management director, a position with wide influence over lands used for energy production, grazing, recreation and other purposes. An MIT graduate, Sgamma has been a leading voice for the fossil fuel industry, calling for fewer drilling restrictions on public lands that produce about 10% of US oil and gas.
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Trump Vows Reciprocal Tariffs Today Without Giving Details
Hadriana Lowenkron and Josh Wingrove - Bloomberg
President Donald Trump said he would announce reciprocal tariffs on Thursday, promising to deliver on his threat to slap tariffs on imports from countries that impose higher duties on US goods. The move would represent a major escalation of his trade war with economic partners. Trump announced the move on his Truth Social platform. He did not give any details on what the tariffs would be, how they would be structured or when they'd take effect. "THREE GREAT WEEKS, PERHAPS THE BEST EVER, BUT TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!! MAKE AMERICA GREAT AGAIN!!!" he wrote.
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Musk and DOGE See Powers Expand While Remit Stays Shrouded; Musk vows transparency while offering no proof of fraud claims; New order gives billionaire's team control over much US hiring
Nancy Cook, Gregory Korte, and Dana Hull - Bloomberg
Elon Musk and his Department of Government Efficiency have cracked into closely guarded US government networks, pushed tens of thousands of federal workers to leave their jobs and created a pervasive sense that the rules that once made the bureaucracy function are being torn away. It's now clear they are just getting started. President Donald Trump signed a new executive order on Tuesday that makes DOGE even more powerful. Citing a need to root out "waste, bloat and insularity," Trump ordered a much deeper culling of the federal workforce and granted DOGE broad dominion over agency hiring.
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Senators Say Bessent Misled Them on DOGE's Treasury Access; Warren, Wyden, Reed demand a 'complete and public accounting;' DOGE tried to implement 'broad funding freeze,' senators say
Jamie Tarabay and Saleha Mohsin - Bloomberg
Three Senate Democrats criticized Treasury Secretary Scott Bessent for what they call a "lack of candor" about what DOGE workers are doing with US payment systems. Big Take DC Treasury's Bessent on DOGE, Taxes, Bonds 22:27 Follow The Big Take daily podcast wherever you listen. The senators, in a letter to Bessent, accuse him of providing "inaccurate or incomplete information" regarding the access that Elon Musk's Department of Government Efficiency effort had to the payment systems. "Despite Treasury's denials, DOGE personnel had the ability to modify system coding and were planning to use the Treasury systems to help pause payments by other agencies," according to the letter authored by Senators Elizabeth Warren, Ron Wyden and Jack Reed dated Wednesday. "You need to provide a clear, complete, and public accounting of who accessed the systems, what they were doing, and why they were doing it."
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The EU knows aid is not only a moral duty but a strategic necessity; As the winds of isolationism whip across the world, nations that value stability and prosperity must step up
Hadja Lahbib - Financial Times (opinion)
The writer is the European commissioner for equality, preparedness and crisis management. The global humanitarian landscape is shifting. The US, long a pillar of international assistance, has decided to pause its aid programmes. Even if only temporary, the impact of this suspension cannot be underestimated. We recognise that governments periodically reassess their priorities. But while policies shift, humanitarian needs remain. Europe is taking a different path. This year, the EU has increased its initial humanitarian aid budget. It provides roughly one-third of global assistance. In today's cut-throat world, we are making a conscious choice to be a force for compassion and humanity - in Kyiv and Khartoum, in Gaza and Goma, in Damascus and Dhaka, and beyond. Global fragility is at an all-time high. Wars, political instability, economic hardship and the increasing impact of climate change are driving communities to the edge. More than 300mn people need humanitarian assistance.
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC Delays Short-Selling Disclosure Regime
Anna Lyudvig - Traders Magazine
The Securities and Exchange Commission (SEC) has delayed its first-ever short-selling disclosure regime by one year, pushing Rule 13f-2's initial reporting deadline to February 2026. As a result of the exemption, filings on initial Form SHO reports from institutional investment managers that meet or exceed certain specified thresholds will be due by February 17, 2026, for the January 2026 reporting period.
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JPMorgan, UBS, Nomura Face Korea Short-Selling Fines, Maeil Says; The banks, including MS, face $11 million in fines, Maeil says; Investigation identified 14 banks as rule violators: Maeil
Takashi Nakamichi and Shinhye Kang - Bloomberg
South Korea's financial regulator is imposing fines totaling 16 billion won ($11 million) on JPMorgan Chase & Co., Morgan Stanley, UBS Group AG and Nomura Holdings Inc. for allegedly violating the country's rules on short-selling stocks, the Maeil Business Newspaper reported. South Korean authorities previously announced that they found 14 banks in breach of short-selling rules after launching an investigation in 2023, the news outlet reported earlier, citing an unidentified official. The penalties are expected to be finalized before a ban on short-selling is lifted next month. The ban was put in place a little more than a year ago to weed out improprieties.
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'Deregulation by Firings': Breaking Down the Cuts to Financial Oversight; The furious pace of deregulation is gutting agencies intended to protect ordinary Americans, consumer advocates say. But business groups have long favored regulatory relief.
Matthew Goldstein and Jessica Silver-Greenberg - The New York Times
The Trump administration is rapidly delivering wins to American companies by rolling back regulations, pausing investigations and retreating from lawsuits accusing employers of discrimination. A combination of firings, stop-work orders and litigation pauses has hobbled regulators like the Consumer Financial Protection Bureau, the Equal Employment Opportunity Commission, the National Labor Relations Board, and the Securities and Exchange Commission. The moves have led the S.E.C. to pull back on its attempt to police the cryptocurrency boom and upended efforts at other agencies to protect worker rights.
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UK Mulls Merging Financial Regulators to Ease Barriers to Growth; Business Secretary Jonathan Reynolds signals consolidation bid; 'Have we got the right number of regulators?' he says
Ailbhe Rea - Bloomberg
Business Secretary Jonathan Reynolds signaled that some of the UK's financial regulators could be scrapped or merged as part of the Labour government's drive to spur growth by cutting red tape. Reynolds made the remarks on Thursday after announcing measures to make the Competition and Markets Authority - Britain's antitrust watchdog - "less risk-adverse." The business secretary also raised the possibility of a broader shake up to the UK's regulatory framework, which relies on a patchwork of agencies to protect consumers and police financial institutions. "We've got to genuinely ask ourselves the question: have we got the right number of regulators?" Reynolds told reporters following a speech in London.
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Illinois politician Mike Madigan found guilty of bribery and wire fraud
Claire Bushey in Chicago - Financial Times
A jury found Chicago's "Velvet Hammer", the longest-serving legislative leader in US history, guilty of some corruption charges in a partial verdict returned on Wednesday after 11 days of deliberation. Mike Madigan, who was Speaker of the Illinois House of Representatives for nearly four decades, was convicted on 10 counts of prosecutors' 23-count indictment, including bribery conspiracy, bribery and wire fraud. He was cleared on seven counts, including attempted extortion and using a facility to promote unlawful activity.
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Statement on Staff Legal Bulletin 14M
Commissioner Caroline A. Crenshaw - SEC
Today, under the direction of the Acting Chairman, Staff Legal Bulletin 14L is now rescinded by the issuance of Staff Legal Bulletin 14M ("SLB 14M"). SLB 14M moves the goalposts smack dab in the middle of this year's shareholder proposal process. Doing so at this hour creates undue costs and uncertainty for investors and corporations alike. This type of political policy shifting mid-season serves to undercut capital formation, not facilitate it.
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Statement on Pause in Litigation Concerning the Climate-Related Disclosure Rule
Commissioner Caroline A. Crenshaw - SEC
Today acting Chairman Uyeda, without the input of the full Commission, has instructed the staff to ask the Eighth Circuit Court of Appeals to delay scheduling oral arguments in litigation challenging the Climate-Related Disclosure Rule.[1] The Commission's briefs, "do not reflect [the acting Chairman's] views," he wrote in a statement. As such, the court should be "notified" of certain changes, such as the change in composition of the Commission, and the recent Presidential Memorandum regarding a Regulatory Freeze.[2]
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Court Enters Final Judgment Against Former Nomura Rmbs Trader Michael A. Gramins
SEC
On January 28, 2025, the United States District Court for the Southern District of New York entered final judgment in a previously filed civil lawsuit that included allegations of fraud against defendant Michael A. Gramins, a former trader on the residential mortgage-backed securities ("RMBS") trading desk at broker-dealer Nomura Securities International ("Nomura") in New York. This settlement fully resolves the Commission's case against Gramins.
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ASIC updates guidance for applicants applying for ASIC relief or no-action letters
ASIC
ASIC has released updated regulatory guides Regulatory Guide 51 Applications for relief (RG 51) and Regulatory Guide 108 No-action letters (RG 108). These updates improve and simplify our guidance regarding relief and no-action letters by centralising related guidance and amending outdated references.
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Geopolitical and macroeconomic developments driving market uncertainty
ESMA
Trends, Risks and Vulnerabilities (TRV) Report, No. 1, 2025
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FCA charges Hampshire-based independent financial adviser with multiple fraud offences
FCA
The FCA has charged Mrs Lisa Campbell with multiple criminal offences, including fraud by abuse of position and providing false or misleading information to the FCA to conceal her wrongdoing. Mrs Campbell was the sole director of Campbell & Associates Independent Financial Advice Ltd (Campbell & Associates), an FCA authorised financial advisory firm which operated under the name Campbell & Raffle Independent Financial Advice Ltd until November 2020. The firm provided financial advice on investments, insurance, and pensions, but was not authorised to hold or control client money.
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Equities Market Review Group submits tax proposals to the Government as part of first set of measures to strengthen Singapore's equities market
MAS
The Equities Market Review Group announced its first set of measures to strengthen Singapore's equities market development. These include proposals to introduce tax incentives to spur more listings and investments in Singapore's equities market, which the Review Group has submitted to the Prime Minister and Minister for Finance.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Investors rush to protect against Wall Street 'volatility spikes'; US stocks have risen this year, but traders are hedging against big swings induced by Trump's erratic policymaking
George Steer in New York - Financial Times
Traders are piling into strategies that protect their share portfolios against "volatility spikes", underscoring how concerns over US President Donald Trump's policies have left investors on edge despite an upbeat start to the year for equities. Investors have turned to derivatives markets to protect against large swings in US equities even as measures of Wall Street volatility remain subdued and stocks have crept modestly higher since last year. The move to hedge against low-probability but high-impact shocks - known as "tail risks" - highlights how Trump's erratic shifts in trade and economic policies have left investors uneasy even if many are still betting that the new administration will be a boon to corporate America.
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Eggs-istential Inflation Scrambles Bond Markets; And then there's Ukraine, where Trump is reaching out with big early concessions.
John Authers - Bloomberg Opinion
Inflation isn't over. We already knew that, and the US consumer price index numbers for January did little more than confirm a picture that's been clear for many months. It was treated as a major shock on the markets, but probably shouldn't have been. The most significant impact came in inflation breakevens, the forecasts implied by the gap between fixed and inflation-linked bond yields. The two-year breakeven has broken above 3% (the upper range of the Fed's target) to its highest in two years, while the 10-year is also at a two-year high after reaching 2.5%. The breakeven for the five years starting five years hence, which the Fed tracks closely, remains anchored, but it's obvious that markets are growing more jumpy about inflation:
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Gas Falls Most in a Year as Germany Asks for Storage Exemptions; France expresses concern that traders are exploiting targets; The commission is due to propose extension of the storage goal
John Ainger - Bloomberg
European gas futures tumbled the most since early 2024 after Germany called for exemptions from the European Union's storage filling targets this year, amid fears that the requirement is driving market speculation and pushing up prices. In a meeting of the Gas Coordination Group in Brussels on Thursday, countries took turns to express their concerns about how the bloc's storage targets are contributing to rising gas prices. Berlin said that traders expect member states to have to intervene to make sure those goals are met and called for greater flexibility to help damp this expectation, according to people familiar with the matter who were not authorized to speak publicly.
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Corporates turn to structured notes to juice cash returns; Dual currency notes find favour with treasurers under pressure to boost yields amid higher rates
Joe Parsons - Risk.net
Some corporate treasurers are taking advantage of more volatile foreign exchange and interest rate markets to invest their foreign cash holdings into yield-enhancing structured products, as an alternative to deposits or money market funds. Dealers say corporate treasurers are increasingly under pressure to improve returns on cash in the higher-rate environment, and have been turning to dual currency notes (DCNs) as a result.
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Record Stock 'Fragility' Sends Warning to Broader Market; Instability in S&P 500 megacaps soars to most in 30-plus years; DeepSeek selloff sees clusters of swings as in dot-com era
Natalia Kniazhevich - Bloomberg
Rising instability among some of the biggest US stocks is driving a measure of single-stock "fragility" to record levels, with the market increasingly vulnerable to whipsaw patterns among clusters of shares such as occurred in the dot-com bubble of the late 1990s. Stock fragility, a measure of a company's daily share-price move relative to its recent volatility, is on track to reach its highest in more than 30 years among the largest 50 stocks in the S&P 500 Index, based on the average magnitude and frequency of such individual shocks so far in 2025, according to Bank of America Corp. strategists.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Long-term investors split with asset managers over climate risk; Insurance groups and pension funds threaten to dump those 'misaligned' with retiree objectives
Attracta Mooney in London - Financial Times
Institutional investors with $1.5tn in funds have told asset managers to step up on climate action or risk being dumped, in a sign of a split in the investment industry over how to deal with the financial risks of global warming. A group of 26 financial institutions and pension funds from Australia to the US, including Scottish Widows, the People's Partnership and Brunel Pension Partnership, have asked their asset managers to more actively engage with the companies they are invested in about their climate risk.
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JPMorgan Launches Climate Note by Ex-NOAA Science Chief; "There is a demand for understanding how to strategically think about climate issues," said Sarah Kapnick, now the bank's top climate adviser.
Eric Roston - Bloomberg
Researchers last month declared 2024 the hottest year on record, finishing 1.5C or more above the pre-industrial average. It was a concerning signpost that the Paris Agreement's central goal may already be unattainable - logic backed by two studies published this week. To the chorus of thermometer-watchers, add a different kind of observer: JPMorgan Chase & Co. The biggest US bank today launched a new climate communique, prompted by clients' demand for information about the topic across industries and globally, according to its author Sarah Kapnick, the global head of climate advisory.
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Climate change is turning Valentine's Day bitter for chocolate lovers; Money can't buy you love - or as much cocoa as it used to, with adverse weather denting West African crops and chocolatiers adding more fillers like nuts.
Maya Huter and Emilie Ikeda - NBC News
If you're not a fan of nuts in your sweets, Valentine's Day could cost you more this year. The chocolates inside many of this holiday's heart-shaped boxes will likely contain more filler ingredients like nuts and fruits to offset the cost of pure chocolate. "We used to look at hazelnuts and pistachio as an expensive inclusion," said Jacques Torres, a chocolatier with high-end shops in New York City. "Today, those nuts allow us to lower the cost of our chocolate bar."
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BNP Paribas, EIB Set Up EUR1 Billion in Wind Energy Guarantees
Claudia Cohen - Bloomberg
BNP Paribas SA and the European Investment Bank are partnering to create a EUR1 billion ($1 billion) portfolio of bank guarantees designed to back investments in EU wind farms. The EIB will provide a EUR500 million in counter-guarantees as part of the agreement, BNP Paribas said in a press release on Thursday. The "leverage effect" of the deal is expected to stimulate investment of as much as EUR8 billion in the industry, it said.
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Russian Oil Tanker Fleet Severely Hobbled by Last Month's US Sanctions; More than 60% of Jan.-10 sanctioned Russian tankers idled; Fate of fleet will determine how easily Russia can deliver oil
Julian Lee and Alex Longley - Bloomberg
The latest US sanctions on Russia's oil trade have brought a swath of tankers that deliver Moscow's crude to a halt - reinforcing the significance of the measures in any negotiations over ending the war in Ukraine. About 60% - 94 out 154 - of the active tankers blacklisted by the outgoing Biden administration last month for their involvement in the Russian oil trade have stopped hauling barrels for Moscow or anyone else, ship-tracking data compiled by Bloomberg show. Another seven were under construction or undergoing sea trials.
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Barclays Sticks With Diversity Targets, Though Progress Is Slow
Jennifer Surane - Bloomberg
Barclays Plc is sticking to its commitment to improve the diversity of its ranks, according to Chief Executive Officer C.S. Venkatakrishnan - even if the bank is behind on a variety of measurements. London-headquartered Barclays has vowed to improve the share of women in managing director and director roles globally to 33% by the end of this year. The company has also been looking to boost the number of managing directors from underrepresented ethnicities by at least 50% by then.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Robinhood Revenue Doubles, Fueled by Surge in Crypto Trading
Paige Smith - Bloomberg
Robinhood Markets Inc. reported revenue that more than doubled as the online-trading firm was buoyed by crypto-market transactions around the US presidential election. Revenue grew to $1.01 billion in the quarter, beating Wall Street analyst estimates of $940.8 million for the three-month period. Cryptocurrency revenue also exceeded expectations, increasing more than 700% to $358 million. "We hit the gas on product development in 2024," said Chief Executive Officer Vlad Tenev in a statement Wednesday. "We see a huge opportunity ahead of us as we work toward enabling anyone, anywhere, to buy, sell or hold any financial asset and conduct any financial transaction through Robinhood."
/jlne.ws/4beMyBP
Options Trading is Now Available in the UK
Robinhood
At Robinhood, we're committed to providing our customers with the tools they need to navigate the financial markets, no matter where they are. That's why we're excited to announce the launch of options trading for our UK customers. This is yet another step forward in our journey to expand access and empower investors across the UK.
/jlne.ws/42QkOBf
Clear Street appoints trading experts to senior positions as it bolsters UK operations; New hires include Kepler Cheuvreux's former head of equity sales, and the ex-CEO of TD Cowen Execution Services.
Claudia Preece - The Trade
Clear Street has hired four trading and execution experts into its UK leadership team as it seeks to bolster its presence in the jurisdiction. Ed Tilly, chief executive of Clear Street, highlighted that these moves come as the firm looks to establish a "strong presence" in the UK, labelling the hires "a natural step in [our] global growth".
/jlne.ws/4k0az3d
Pimco Opens Office in Dubai as Asset Managers Flock to Region
Laura Benitez and Nishant Kumar - Bloomberg
Pacific Investment Management Co. opened a Dubai office, becoming the latest major fund manager to deepen its presence in the Middle East. The Newport Beach, California-based firm, which manages around $2 trillion, secured a license from the Dubai Financial Services Authority on Wednesday, according to the regulator's records.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | IBM return-to-office order hits finance, ops teams amid push to dump staff for AI
Thomas Claburn - The Register
IBM has begun what a source describes as a soft layoff for its Finance & Operations business unit, in the form of a return-to-office (RTO) order. Workers in that organization in the US, at least, have been told to move close to one of two hubs, or face the ax. "Managers are being instructed to reach out to their reports and ask that they relocate to Raleigh, North Carolina, or Poughkeepsie, New York," we're told. "They must be within 50 miles of one of these sites. If not, they will be offered severance."
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JPMorgan CEO Dimon derides in-office work pushback, demands efficiency
Isla Binnie - Reuters
JPMorgan Chase CEO Jamie Dimon scorned calls from some employees to soften the bank's five-day return-to-office policy in an animated town hall meeting on Wednesday, according to a recording reviewed by Reuters. Employees at the largest U.S. bank have complained on internal message boards and chats about losing hybrid working arrangements, and one group launched an online petition urging Dimon to reconsider.
/jlne.ws/41egkDi
JP Morgan runs out of desk space after banning working from home
Louis Goss - The Telegraph
JP Morgan is scrambling to find desk space at its London headquarters as it pushes its 22,000 UK staff to return to the office five days a week. The investment bank currently lacks the space in its Canary Wharf office to accommodate all 14,000 of its London staff, despite a company-wide order to end home working, The Telegraph understands.
/jlne.ws/41e0Lv9
Wells Fargo Accused by US of Preventing Fair Union Election; The complaint tees up a test of Trump-era labor enforcement.
Josh Eidelson - Bloomberg
The US labor board is accusing Wells Fargo & Co. of illegally threatening and retaliating against employees, teeing up an early test of worker-rights enforcement under US President Donald Trump's administration. In a complaint Tuesday, a regional director of the National Labor Relations Board alleged that the bank prevented workers at a branch in Atwater, California, from getting a fair unionization vote. A majority of the employees had signed cards in December 2023 showing they wanted to unionize, according to the complaint, but in an election the next month the workers voted against the union.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Bird Flu Is a Big Threat. The US Needs to Start Acting Like It.; Scientists suspect a new strain is spreading via dust from bird droppings, carried by the wind.
F.D. Flam - Bloomberg Opinion
The H5N1 bird flu may not officially qualify as a pandemic pathogen yet, but it could easily kill many more people and wreak economic havoc in 2025. In the last few weeks, the virus has spun off a new variant that has killed one person and sent a teenager into critical condition. New bird flu outbreaks have also struck major egg-laying operations in Indiana and Georgia, leading to heists of the precious commodity and the ominous sight of empty supermarket shelves where cartons of eggs should be.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Trump Plans to Attend Saudi Investment Conference in Miami; Executive confab scheduled next week in Trump's home state; US president has irked Arab states with Gaza displacement plan
Annmarie Hordern and Matthew Martin - Bloomberg
President Donald Trump is set to attend a meeting of business executives hosted by Saudi Arabia's sovereign wealth fund next week in Miami, according to an invitation seen by Bloomberg. Trump's presence comes amid growing friction with Arab nations over his call to displace Palestinians from the Gaza Strip as part of a US-led rebuilding effort. Saudi Arabia has condemned the idea.
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Singapore Weighs Tax Incentives to Help Revive Stock Market; City-state seeks to attract listings, more fund launches; Next set of measures to focus on long-term growth of market
John Cheng - Bloomberg
A Singapore government-led review group proposed tax incentives to revitalize the stock market, the first steps taken in a market plagued by low liquidity and a dearth of new listings. The proposals include tax measures to attract enterprises to list in Singapore, as well as encourage fund managers to boost the launch and growth of funds with substantial investment in domestic equities, according to a statement from the Monetary Authority of Singapore on Thursday.
/jlne.ws/4hVgFQJ
Indonesia to Allow Short-Selling to Broaden Stock Market Appeal; Benchmark index is nearing bear market from September high; IDX wants to offer options during 'dynamic market conditions'
Norman Harsono - Bloomberg
Indonesia plans to introduce short-selling in the second quarter this year, to increase options for investors at a time when the benchmark exchange sits just above bear-market levels. The local stock exchange, known as IDX, will allow domestic retail investors to short-sell 10 stocks including PT Bank Central Asia and PT Telkom Indonesia, said IDX development director Jeffrey Hendrik on Tuesday. More stocks and investor types will be included over the year, he added.
/jlne.ws/4hC7Prf
Why wind farms anger rural Spain, and the wine producers fighting turbines on their turf; Madrid's push to install wind turbines in rural areas to meet national climate goals riles farmers, who fret over their impact on landscapes
South China Morning Post
For over four decades, Maria Jose Nestares' family has quietly run a vineyard in the northern Spanish region of La Rioja, one of Europe's largest wine-producing areas. But about four years ago, when a major turbine maker started building a wind farm next to her winery, she decided to pick a fight with what she sees as a nasty infringement on the otherwise pristine, bucolic community. "Building plants massively here means we're taking the brunt of the production of energy that will actually supply Madrid and Barcelona," says Nestares, a lawyer who owns the namesake winery alongside her sister. "That's unfair."
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| Miscellaneous | | Stories that don't quite fit under the other sections | Some Research Universities Face Credit Risk from NIH Funding Cut; Policy change would reduce research funding for universities; Federal judge temporarily blocked the Trump-directed cuts
Elizabeth Rembert - Bloomberg
Proposed cuts by the Trump administration to a type of federal funding from the National Institutes of Health would pose a credit challenge to universities that receive the funds, analysts at JPMorgan Chase & Co. said. The NIH has been ordered to slash funding for research at universities and hospitals, though on Monday a federal judge temporarily paused the change. A hearing date is scheduled for Feb. 21.
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