| March 11, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
In Walt Lukken's opening remarks at the 50th International Futures Industry Conference (Boca50) on March 10, 2025, titled "Let the Magic Happen," the FIA president and CEO reflected on significant industry milestones, including FIA's five decades at the Boca resort, the 50th anniversary of the CFTC, and FIA's 70th anniversary. He emphasized Boca's role as a hub for innovation and pivotal industry developments, recalling past events such as the invention of credit default swaps at the Boca Resort in the 1990s and the establishment of the Boca Declaration to enhance global regulatory collaboration. Lukken also highlighted memorable conference moments, including performances by musical legends and the tradition of spontaneous networking that has characterized the event over the years.
Looking ahead, Lukken addressed the industry's anticipation surrounding the new Trump Administration's impact on financial markets, particularly concerning tariffs and regulatory approaches. He discussed the importance of engaging with evolving policies to seize opportunities and navigate challenges, mentioning the potential reconsideration of capital standards and the possibility of merging the SEC and CFTC. Lukken underscored the necessity for the industry to stay proactive during this period of change to ensure continued growth and stability.
Lukken also touched on the disruptive influence of new technologies on traditional finance, citing the democratization of finance through innovations like meme stocks and cryptocurrencies. He posed critical questions about the future of market structures, such as the potential shift to 24/7 trading and the need for updated regulatory frameworks to accommodate digital assets. Emphasizing an open-minded approach, Lukken encouraged thoughtful discussions on balancing innovation with risk management to foster a resilient and inclusive financial ecosystem.
Barron's shared these nuggets when reporting about yesterday's stock market declines: "Shares have fallen for seven straight weeks, ever since CEO Elon Musk joined the Trump administration as part of the Department of Government Efficiency. The stock has declined about 38% since Donald Trump's inauguration on Jan. 20."
Robinhood's stock fell 19.79% to $35.63, down $8.79 after it experienced the double whammy of getting hit with a FINRA fine and restitution on Friday of $29.75 million for anti-money laundering, supervisory and disclosure violations while also not being named to the S&P 500 in the quarterly changes announced Friday. Robinhood and Coinbase, another stock speculated to join the S&P, both may have been too volatile for inclusion, Barron's reported. And then the Robinhood traded Monday and dropped nearly 20%. A stock that did make it into the S&P 500 was DoorDash, which traded up most of the day after being named to the index on Friday and then closed down just .1%. For the record, Reddit was down 20.18% yesterday to 107.29, down $27.04.
Cboe, which has benefited from Robinhood's access to its markets for index options - S&P 500 Index, Cboe Volatility Index, Russell 2000 Index, and Mini S&P 500 Index options - saw its shares rise 2.83% yesterday or $6.02 to $219.02. This came before Cboe held a press reception at the Boca Resort where CEO Fredric Tomczyk said Robinhood was connected to Cboe faster than he expected and did more trading than expected. In fact, he compared Robinhood to his former firm TD Ameritrade, which prompted me to say that maybe they should have kept JB Mackenzie around, who it should be noted is now running Robinhood's futures.
During the Cboe reception when Cboe Global president David Howson was giving a presentation about Cboe's new technology, which it branded Titanium, I remarked that I appreciated it branding the tech after my knees, which, after my post-Boca knee replacement surgery in 2013, are made of titanium. My streak of getting a laugh during Cboe press events continues.
When the issue of competition from the Texas Stock Exchange came up after a discussion of listings, and it was noted that the former Chicago Stock Exchange, now NYSE Chicago, was being moved to Texas, I suggested the Cboe might consider moving their EDGX stock market to Texas, specifically San Antonio, and rename it BorderX.
I asked if there was an update about single name 0DTE options since last year's OIC conference and was told there have been discussions, but there are still problems to be solved. One of the biggest problems is how to deal with early exercise, or exercise at all. One suggestion was to offer cash settled 0TDE single names, but the brokerage firms have said it would confuse customers to have two choices. My suggestion is to make the strike prices for the cash settled version every five dollars and the physical settled on the $10.00.
In February 2025, Miami International Holdings, Inc. (MIH) reported a total multi-listed options volume of 163.9 million contracts across its MIAX Exchange Group, marking a 12.8% year-over-year increase. MIAX Sapphire achieved a record monthly volume of 21.8 million contracts, with a market share of 2.1%, and set a daily volume record of 1.6 million contracts on February 21. MIAX Options also saw significant growth, reaching 69.2 million contracts-a rise of 18.6% compared to the previous year-and a market share of 6.7%. Conversely, MIAX Pearl Options experienced a decline, with a 42.8% decrease year-over-year, totaling 30.5 million contracts and a market share of 2.9%. In contrast, MIAX Emerald reported a 25.9% increase, reaching 42.3 million contracts and a market share of 4.1%. In the equities sector, MIAX Pearl Equities handled 3.2 billion shares, a 20.4% decrease from the previous year, resulting in a 1.1% market share. MIAX Futures, however, saw a substantial 40.0% increase in trading volume, reaching 461,996 contracts, with an average daily volume of 24,316 contracts-a record high.
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:
- Cboe Plans Options Product for Traders Wary of Stocks Concentration Risk from Cboe.
- Hourly Bitcoin Range Binary Options from MIAX.
- CQG to Provide Order Routing Infrastructure for Robinhood Futures Trades from Traders Magazine. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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MarketsWiki February Traffic Shows Sailm Ramji Still on Top; Top 50 Most Searched Pages on MarketsWiki in February 2025; Two Wisconsin Bartenders Walk Into A Futures Exchange Most Popular Page/Story on JohnLothianNews.com In February 
For the second consecutive month, Vanguard Group CEO Salim Ramji's content page was the most visited on MarketsWiki in February 2025. The GameStop Short Squeeze page ranked second, followed by crypto influencer Jack Mallers, grandson of William J. Mallers Sr.
Rounding out the top five were the pages for Allston Trading, LLC, the former principal trading firm, and S&P 500 pit legend Lewis J. Borsellino, who is now working in cybersecurity.
The ever-popular "Cow Guy," Scott Shellady-former trader, fintech executive, and now a host on RFD-TV-was the sixth most visited page in February. He was followed by Wiet Pot, co-CEO of IMC, a leading principal trading firm.
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The Rise and Fall of the 'Napa Valley of Cannabis'; Pueblo, Colo., had high hopes for a legal-marijuana boom; financial troubles now plague the industry
Julie Wernau - The Wall Street Journal
When Colorado became one of the first states to legalize recreational marijuana, an enthusiastic county commissioner here said he wanted Pueblo to become the "Napa Valley of cannabis." What this city imagined was that the high plains just east of the Rockies would draw marijuana lovers from around the country. A big slaughterhouse had closed years earlier, and a steel mill had been shedding workers. A cannabis boom would bring new jobs and tax revenue.
/jlne.ws/3R0O0OA
***** This industry will make a great market case study some day.~JJL
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US energy groups call on Donald Trump to take steadier approach on policy; Executives seek more predictable long-term rules after executive order whirlwind on climate, LNG, drilling and wind
Malcolm Moore and Jamie Smyth - Financial Times
Energy companies are asking the White House for a more steady approach after a whirlwind few weeks of tariff threats and changing policies that have buffeted the industry. "Swinging from one extreme to another is not the right policy," Chevron chief executive Mike Wirth said as CERAWeek, one of the oil industry's biggest annual conferences, kicked off in Houston. "We really need consistent and durable policy."
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****** Who are YOU calling UNSTEADY?? SQUIRREL!!! TARIFF!!!~JJL
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Monday's Top Three
Our top story Monday was the Financial Times' Elon Musk seeks Italian presidential meeting to Salvage Starlink deal. Second was UK pension funds stand by defence exclusion in 'ethical' funds, also from the Financial Times. And rounding out the FT trifecta, third was Ukraine loses ground in Kursk as US cuts off support, from the Financial Times.
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| Lead Stories | Nasdaq halts high-speed trading service after regulatory pressure; US exchange ends $10,000 a month fast fibre optic business following complaints from rivals
George Steer - Financial Times
Nasdaq will end an undisclosed high-speed trading service it offered to a handful of its client trading firms after coming under scrutiny from US regulators. The US stock exchange had been marketing to selected customers a new fibre optic cable that cuts the time to execute trades on its market by up to a third, drawing the ire of competitors who were unaware of the unpublicised service.
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FIA Tech Expands Brokerage Settlement Platform to Block Trading; First eight market participants now live with blocks on Atlantis
FIA Tech via Finextra
FIA Tech, a leading futures industry technology provider, today announced that it has added support for block traded futures and options to its settlement platform Atlantis, and is live with buyside, brokers and clearing firms on the expanded service. With this addition, Atlantis is now facilitating the invoicing and collection of around $1bn of revenue annually in exchange traded derivatives (ETD) and US Listed Options brokerage across 53 executing brokers, 33 clearing firms and buyside clients. Adding support for block trades delivers much needed automation to a large and fragmented segment of futures and options trading. Due to the bespoke nature of block trading, the size, complexity and value of the trades is often much higher, making existing invoicing and collection processes highly manual and fraught with delays. Concurrent with the rollout of the platform, FIA Tech has worked with the industry on a common invoice format and process to create operational synergies for clearing firms and their clients.
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Deutsche Borse Group provides institutional clients access to crypto assets via Clearstream; Clearstream and Crypto Finance, both members of Deutsche Borse Group, facilitate digital asset access with new crypto custody offering for institutional investors via Clearstream.
Deutsche Borse Group
Clearstream, Deutsche Borse Group's post-trade business, enhances its custody service portfolio to crypto assets. By using Deutsche Borse Group company Crypto Finance as sub-custodian, Clearstream can rely on market-leading expertise to offer settlement and custody services in crypto assets to institutional investors. The offering is expected to be launched in April this year. In January, Crypto Finance laid the groundwork by obtaining the MiCAR license, enabling the company to serve clients across Europe while solidifying its regulatory compliance and leadership in the industry.
/jlne.ws/3Fh4Xlg
Deutsche Boerse's Clearstream to Offer Crypto Custody; Deutsche Boerse's Clearstream will offer cryptocurrency settlement and custody services to institutional clients later this year, starting with Bitcoin and Ether.
Emily Nicolle and Anna Irrera - Bloomberg
Deutsche Boerse's post-trade unit Clearstream said it will offer cryptocurrency settlement and custody services to institutional clients later this year, marking the latest push into the digital asset class by a major European financial institution. Clearstream plans to offer services for Bitcoin and Ether to its 2,500 clients starting next month, the company said in a statement on Tuesday, by using Deutsche Boerse's subsidiary Crypto Finance as a sub-custodian. In time, Clearstream hopes to launch support for other cryptocurrencies, as well as services like staking, lending and brokerage capabilities.
/jlne.ws/3XGv0Zu
Wall Street Fears Trump Will Wreck the Soft Landing; The economy's pilot has a new message: Fasten your seat belts
Nick Timiraos - The Wall Street Journal
For the past year, U.S. economic policymakers have been singularly focused on achieving a so-called soft landing that brings inflation down without a recession. Now, a new team of pilots are considering a course correction that, by their own acknowledgment, might tip the economy toward a hard landing. President Trump and his senior advisers in recent days have signaled indifference to rising risks that trade uncertainty chills private-sector investment. They have argued a "detox" might be needed in spending and hiring, that falling stock values aren't a big worry, and that inflation could rise in the short run. In an interview that aired Sunday on Fox News, Trump sidestepped a question about whether a recession could lie ahead. "There is a period of transition because what we're doing is very big," he said. "What I have to do is build a strong country. You can't really watch the stock market."
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Wall Street loses hope in a 'Trump put' for markets; US president's tolerance for tariff-induced stock falls may be higher than anticipated, say investors
Joshua Franklin and George Steer, James Politi and Ian Smith - Financial Times
Investors fear that Donald Trump's tolerance for a steep stock sell-off is far higher than it was in his first term as they lose faith that financial markets will restrain the US president's tariffs and spending cuts. US stocks have slumped in recent days, with the S&P 500 sinking more than 8 per cent from a record high hit less than three weeks ago, as Trump's tariffs have triggered concerns over the trajectory of the world's largest economy.
/jlne.ws/41Wcfns
EC's Uyeda Plans to Strike Crypto From Trading System Proposal
Lydia Beyoud - Bloomberg
A Securities and Exchange Commission proposal requiring digital asset exchanges to register under alternative trading system rules is in for an overhaul. Acting SEC Chair Mark Uyeda said Monday that he has asked staff to pare back parts of the rule, which was proposed in 2022 and would have broadened the definition of an "exchange." At the time, regulators said the measure would close a regulatory gap created by certain platforms. The move garnered major industry opposition from the likes of Coinbase Global Inc., who said it would dramatically curtail their operations.
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Robinhood, Other Financial Stocks Plunge Amid Market Slump; Economic worries and market uncertainty are weighing on bank and brokerage stocks.
Andrew Welsch - Barron's
Shares of bank and brokerage stocks sold off sharply Monday as investors worried about a potential economic slowdown and the impact of tariffs on the economy. Brokerage firm Robinhood Markets was the hardest hit, with shares falling nearly 20% Monday on heavy trading volume: 84 million compared with a daily average of 28.7 million. The stock is now down 4.4% this year, reflecting a sharp reversal of fortunes. In mid-February, Robinhood's stock was up more than 75%.
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Coinbase and Robinhood Didn't Make the S&P 500. They May Be Too Volatile
Mackenzie Tatananni - Barron's
Coinbase Global and Robinhood Markets were thought to be contenders for inclusion in the S&P 500 SPX last week, but failed to make the cut. Volatility could be to blame Volatility could be to blame. On Friday, S&P Dow Jones Indices revealed its quarterly changes to the index, which tracks the 500 largest publicly listed companies by market capitalization. The additions and deletions will go into effect March 24. Ahead of the announcement, Barclays analysts held out seven stocks in their coverage as potential contenders, including crypto exchange Coinbase and trading platform Robinhood. Investors also had their eyes on AppLovin. With a market cap of $88.3 billion, the mobile technology company was the largest of all the possible candidates.
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Private capital's public puke; Plus, FTAV launches its private market marking business
Robin Wigglesworth - Financial Times
A year ago self-help guru Tony Robbins released a book called The Holy Grail of Investing, a paean to alternative investments in general, private equity in particular, and private equity firm shares especially. Lately, it has looked more like when Nazi collaborator Walter Donovan chugged from a fake Holy Grail in the last of the good Indiana Jones films. Here's a chart showing the relative performance of the larger American alternative asset managers since the turn of the year.
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Vietnamese Stock Bourse Said to Start New Trading System in May; Change may help Vietnam win upgrade to emerging-market status; System is expected to enhance market liquidity, SSI says
Nguyen Kieu Giang - Bloomberg
Ho Chi Minh City Stock Exchange is said to be starting a new trading system in May, as Vietnam works to win an upgrade to emerging-market status. Securities companies will conduct a transition test from March 17 until April 11, according to statements seen by Bloomberg that the Ho Chi Minh City Stock Exchange sent to some brokerages. If the test goes without issue, the new trading system can go live in May, according to a person familiar with the matter who declined to be named as this information is still private.
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El-Erian Says US Exceptionalism at Risk on Policy Uncertainty
Naomi Tajitsu - Bloomberg
US exceptionalism is under threat from uncertainties about President Donald Trump's political and economic policies, according to Mohamed El-Erian. The president of Queens' College, Cambridge, and former head of Pacific Investment Management Co LLC said investors are starting to question the current administration's transparency and its adherence to the rule of law. That, he adds, is already weighing on US assets.
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Canada Is America's Real Oil Reserve; The Trump administration wants to spend $20 billion buying millions of barrels. They're looking at the wrong place for energy security.
Liam Denning - Bloomberg
Refilling the Strategic Petroleum Reserve was a Day One objective for President Donald Trump. Energy Secretary Chris Wright recently reiterated it, telling Bloomberg News he would seek $20 billion in funding for that purpose. Doing so as Trump also wages economic warfare against Canada, however, is a bit like filling a couple of jerry cans with fuel while also setting a match to your local gas station.
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| Trade War and Tariffs | | A roundup of today's trade war and tariff news and the global economic ripple effects shaping markets, industries, and investment strategies. | Ontario slaps 25% tax increase on electricity exports to US in response to Trump's trade war
Rob Gillies - Associated Press
Ontario's premier, the leader of Canada's most populous province, announced that effective Monday it is charging 25% more for electricity to 1.5 million American homes and businesses in response to U.S. President Donald Trump's trade war. Ontario provides electricity to Minnesota, New York and Michigan. "I will not hesitate to increase this charge. If the United States escalates, I will not hesitate to shut the electricity off completely," Ontario Premier Doug Ford said at a news conference in Toronto.
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This Is No Way to Run a Trade War; Trump is misusing a statute to impose tariffs on Canada and Mexico that hurt American interests.
Peter E. Harrell - The Wall Street Journal
Thousands of U.S. companies opened for business on Friday with no idea whether they had to pay tariffs. This was due to President Trump's chaotic North American trade war, which he kicked off Tuesday by imposing tariffs on Canada and Mexico, only to announce two days later that he would exempt for one month products that complied with the 2020 U.S.-Mexico-Canada trade agreement. But it wasn't clear which products qualified for exemptions, and American, Mexican and Canadian officials gave conflicting guidance. Markets hated the trade war, dropping to levels not seen since before Mr. Trump's election in November.
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Chinese rapeseed meal, oil contracts surge after 100% tariffs on Canadian imports
Ella Cao and Mei Mei Chu - Reuters
Zhengzhou rapeseed meal and oil contracts jumped on Monday, the first day of trade since China decided to impose 100% tariffs on imports of those products from Canada. The most-active rapeseed meal futures on the Zhengzhou exchange climbed 6% to close at 2,611 yuan ($360) per metric ton - the biggest daily rise since September 2022.
/jlne.ws/4kEcw5O
'Whatever you charge, I'm charging': Donald Trump forces India's hand on tariffs; US president's ultimatum has pushed New Delhi towards a broader realignment on trade
John Reed and Andres Schipani and Haohsiang Ko - Financial Times
US President Donald Trump is pushing Prime Minister Narendra Modi to do what India for decades could not or would not do: lower the high tariff walls that have surrounded the world's largest developing economy since independence. Piyush Goyal, India's commerce minister, was in Washington last week for discussions on a bilateral trade agreement meant to fend off Trump's threat last month of reciprocal tariffs.
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'Buy Canada' Hits $1.6 Trillion Money Pot as Trump Stokes Anger; 'Invest in Canada' movement is heaping pressure on pensions; Trump's tariffs on Canada adding new urgency to the movement
Layan Odeh and Mathieu Dion - Bloomberg
US President Donald Trump's back-and-forth tariff threats are galvanizing an "invest in Canada" movement that's prodding pensions to keep more of their cash at home. The country's biggest pensions, known as the Maple Eight, oversee roughly C$2.3 trillion ($1.6 trillion), about a quarter of which is invested in Canada, according to Bloomberg calculations. Many Canadian politicians and business people aim to make that portion grow much larger - putting further pressure on the country's pension model.
/jlne.ws/41DAPYP
No Reprieve From Steel Tariffs in Sight Despite Lobbying Efforts; The Trump administration insists there will be no exemptions or exceptions. That hasn't stopped some from seeking carve-outs
Gavin Bade - The Wall Street Journal
The White House granted a temporary reprieve for many of its tariffs on Canada and Mexico last week, but a similar pause seems less likely for revamped global steel and aluminum tariffs set to go into effect Wednesday.
/jlne.ws/4iBl9fC
Trump rejects pleas from business for more clarity on tariffs: 'They always say that'; Trump's comments capped off a week marked by unpredictability about both his tariffs and the broader strength of the U.S. economy.
Christina Wilkie - CNBC and Kevin Breuninger - CNBC
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Russia's glide bombs were unstoppable - but Ukraine has made them useless
Kieran Kelly - The Telegraph
In a single week in September 2024, Russia dropped more than 900 glide bombs along its 800-mile front line with Ukraine, according to Ukrainian estimates. Ukraine was almost powerless to stop the long-range weapons - and the consequences were devastating. Known as Russia's "miracle weapon", glide bombs would routinely be used to wipe out key Ukrainian targets, from logistics bases to army headquarters. Fitted with wings and satellite-aided navigation, each weighed as much as three tons.
/jlne.ws/4ieDzD6
What US military aid suspension means for Ukraine's soldiers; From geospatial imagery to weapon maintenance, the impact is far-reaching
Jack Watling - Financial Times
The Trump administration's decision to halt military-technical assistance and the uncertainty around continued intelligence sharing with Kyiv will have consequences that take time to be fully felt. The measures will not cause a rapid deterioration of Ukraine's ability to resist, but will incur a cost in the lives of Ukrainian soldiers and civilians. They also do nothing to shift the strategic calculus for Kyiv, whose reluctance to accept an American deal on any terms reflects the existential stakes for which President Volodymyr Zelenskyy is negotiating.
/jlne.ws/41RGzj3
Western Officials Say Putin Knows His Ukraine Terms Won't Be Met
Alex Wickham and Alberto Nardelli - Bloomberg
Western security officials said Russian President Vladimir Putin has no intention to compromise on demands on land, peacekeepers and Ukraine's neutrality in any peace talks, complicating President Donald Trump's efforts to secure a credible settlement. Putin has made deliberately "maximalist" demands ahead of negotiations to end the war, which he knows will likely be unacceptable to Ukrainians and other Europeans, according to the security officials. The Russian leader is prepared to continue fighting if he doesn't get his goals, said the officials, who asked not to be named discussing matters that haven't been made public.
/jlne.ws/4ihQ28Z
Two killed in biggest ever Ukrainian drone attack on Moscow
Guy Faulconbridge and Anton Kolodyazhnyy - Reuters
Ukraine on Tuesday launched its biggest ever drone attack on Moscow, killing at least two workers at a meat warehouse, injuring 18 others and causing a short shutdown at the Russian capital's four airports, Russian officials said. A total of 337 drones were downed over Russia, including 91 over Moscow region and 126 over Kursk region where Ukrainian forces have been pulling back, the defence ministry said.
/jlne.ws/3FkE0xe
Three weeks that changed the world: How Trump turned against Ukraine and Europe
Reuters
It took Europe just three weeks and a contentious Oval Office meeting to realize that its 75-year-old alliance with the United States was coming apart. And when the Trump administration last week froze first the flow of American weapons to Ukraine and then the intelligence that warned of Russia's impending missile launches and troop movements, a theoretical vulnerability became tangible.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | HKEX Adds Stock Exchange Of Thailand As Recognised Stock Exchange
HKEX
The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), is pleased to announce today (Monday) that it has added the Stock Exchange of Thailand (SET) as a Recognised Stock Exchange (RSE). This will enable public limited companies with a primary listing on SET's main market to apply for a secondary listing in Hong Kong. The addition increases the number of RSEs in Southeast Asia, which currently includes the Indonesian Stock Exchange and the Singapore Exchange.
/jlne.ws/3DJrSVX
Eurex introduces new liquidity framework to enhance market quality in EURO STOXX 50 Index Options
Eurex
In a bid to further improve liquidity and efficiency in its flagship EURO STOXX 50 Index Options (OESX or SX5E Options), Eurex launches a first-of-its-kind liquidity provider (LP) program in July, built on the principle that 'a good quote is a traded quote'. The scheme has received widespread support from the market-making community.
/jlne.ws/4iGEdJm
Miami International Holdings Reports Trading Results for February 2025; Sets Multiple Options Volume and Market Share Records with MIAX Futures Volumes at Record Level
MIAX
Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported February 2025 trading results for its U.S. exchange subsidiaries-MIAX, MIAX Pearl, MIAX Emerald and MIAX Sapphire (collectively, the MIAX Exchange Group), and MIAX Futures.
/jlne.ws/4iEvpDM
TAIFEX Reaffirms Commitment to Gender Equality with 'Ring the Bell' Initiative
TAIFEX
On International Women's Day 2025, Taiwan Futures Exchange (TAIFEX) once again participated in the "Ring the Bell for Gender Equality" initiative organized by the World Federation of Exchanges (WFE). TAIFEX Chairman Tzu-Hsin Wu and CEO Chien-Lung Chou, joined by female executives and senior staff, reaffirmed the Exchange's commitment to gender equality and its dedication to fostering diversity and inclusion under the "TAIFEX Cares" initiative.
/jlne.ws/4kxSOIS
Uptick Rule will be Applied in the Session Dated 10/03/2025 in the Equity Market
Borsa Istanbul
It has been decided that the up-tick rule in short selling transactions to be valid for one day during the session dated 10/03/2025. Please click for the related Announcement.
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Performance Bond Requirements - Metal Margin - Effective March 11, 2025
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on March 11, 2025.
/jlne.ws/41TGpaO
Intraday Cycle Performance Bond Calculation for Quarterly Equity Futures and Options ont Final Settlement Date - Effective March 10, 2025
CME Group
As background, certain equity futures and options which expire on a quarterly basis have a final settlement price determined before CME Clearing runs the intraday ("ITD") clearing cycle. For example, E-mini S&P futures have a final settlement price based on the special opening quotation ("SOQ") of the contract's underlying reference index on the final settlement date, which generally occurs at approximately 8:30am CST.
/jlne.ws/4hiAS21
RealFin Debuts Fixed Income-Focused Actively Managed ETF on the JSE; South African financial services group, RealFin, today listed its first Actively Managed Exchange Traded Fund (AMETF), the RealFin Fixed Income Actively Managed ETF on the Johannesburg Stock Exchange (JSE).
JSE
Trading under the share code, RFFI, this fund will provide investors with access to a portfolio of fixed income instruments. RealFin CIS is a leading boutique CIS Management Company with an AUM of R75 billion, providing a manco hosting solution to third party asset managers.
/jlne.ws/41UuHg6
Equity ADV, option contracts, and odd lot trades all up year-over-year
MEMX
Industry equity volume has been strong this year, up over 30% year-over-year over the past two months. Contributors to the growth include increased volatility and high retail participation, including active trading in sub-$1 stocks. The Security Information Processors (SIPs) are planning to add odd-lot quote information to the consolidated tape in May 2026. This includes two enhancements. First, the round-lot definition for stocks priced over $250 will change from 100 shares to 40 shares, which will help to narrow the protected quote on the SIP data feed. Second, new odd-lot quote information will be available across all securities.
/jlne.ws/3FlIW4U
Regulatory Division's Participant Portal Release of the Reports of Accumulated Positions Application
Montreal Exchange
The Regulatory Division (the "Division") of Bourse de Montreal Inc. (the "Bourse") is pleased to announce the release of a new application on the Participant Portal to submit reports of accumulated positions (the "New LOPR App"). The New LOPR App is now available and replaces the LOPR Notification Portal which will be decommissioned and will no longer be available as of May 7, 2025.
/jlne.ws/3FwJPrh
TASE kicks-off an initiative for the upgrading of the clearing & settlement systems
Tel Aviv Stock Exchange
Continuing to Upgrade the Israeli Capital Market - TASE kicks-off an initiative for the upgrading of the clearing & settlement systems to support the launch of advanced technologies and products that provide access to international investors and institutions. The initiative is part of TASE's strategic preparation for the development of advanced clearing & settlement solutions and innovative models that build on grounbreaking technologies in the field https://jlne.ws/41IkEtc
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Apple Readies Dramatic Software Overhaul for iPhone, iPad and Mac
Mark Gurman - Bloomberg
Apple Inc. is preparing one of the most dramatic software overhauls in the company's history, aiming to transform the interface of the iPhone, iPad and Mac for a new generation of users. The revamp - due later this year - will fundamentally change the look of the operating systems and make Apple's various software platforms more consistent, according to people familiar with the effort. That includes updating the style of icons, menus, apps, windows and system buttons.
/jlne.ws/3DkhpAp
Trump Says Four Bidders in Play for TikTok Deal 'Soon'
Justin Sink and Kate Sullivan - Bloomberg
President Donald Trump said Sunday he was negotiating with four different possible buyers for TikTok's US business and that a deal for the social video app could come "soon. We're dealing with four different groups, and a lot of people want it," Trump told reporters aboard Air Force One on Sunday. He didn't specify the contenders nor say which way he was leaning, instead saying "all four are good."
/jlne.ws/4iAmB1O
Trump's Call to Scrap 'Horrible' Chip Program Spreads Panic; The president's attack on the key tenet of the Biden administration's industrial policy has set off concerns that he may claw back its funding.
Tripp Mickle and Ana Swanson - The New York Times
As President Trump addressed Congress last week, he veered off script to attack a sensitive topic, the CHIPS Act, a bipartisan law aimed at making the United States less reliant on Asia for semiconductors. Republican lawmakers had sought and received reassurances over the past few months that the Trump administration would support the program Congress created. But halfway through Mr. Trump's remarks, he called the law a "horrible, horrible thing."
/jlne.ws/41DXzb9
The British fintechs hoping to crack America; Revolut and Monzo face steep challenges in a complex regulatory environment and competitive retail banking sector
Akila Quinio - Financial Times
For Fred, a 30-year-old strategy consultant, one of the first challenges of moving to New York from London was getting used to his new Chase banking app. "Wiring people cash is clunky and you have to pay fees," he says. "It's a bit of a nightmare." Revolut and Monzo, the two leading UK digital banks, think they can help fix this. Since they burst on to the UK scene a decade ago, they have attracted millions of customers with user-friendly mobile apps and lower fees for things like overseas transactions and cross-border transfers.
/jlne.ws/4hpzvP6
TP ICAP targets New York listing for data unit; Move marks latest setback for London's stock market as investors hunt higher valuations in US
Nikou Asgari - Financial Times
UK broker TP ICAP is planning to list its data business in New York, dealing another blow to London's ailing equity market as investors seek higher valuations in the US. "Our focus is a listing in the United States," said chief executive Nicolas Breteau on Tuesday, adding that the flotation of a minority stake in its data unit Parameta Solutions could happen as early as the second quarter of this year.
/jlne.ws/4iFsIlr
Virtu Launches Technology Solutions Offering
Press Release via Traders Magazine
Virtu Financial, a leading provider of global, multi-asset financial services that delivers liquidity and innovative, transparent products across the entire investment cycle to the global markets, announces the public launch of Virtu Technology Solutions (VTS), a comprehensive product suite that repackages Virtu Execution Services' (VES) capabilities for distribution to sell-side broker-dealers worldwide.
/jlne.ws/4ihSVGR
OpenAI forges $12bn contract with CoreWeave; Deal is a boost to cloud computing provider ahead of $35bn initial public offering
George Hammond, Tabby Kinder and Antoine Gara - Financial Times
/jlne.ws/3FkkEbr
Companies seek AI solutions to supply chain fragility; Logistics networks are becoming ever more complex and brittle
Madeleine Wright - Bloomberg
/jlne.ws/3FkpyVT
If Europe builds the gigafactories, will an AI industry come?
Toby Sterling - Reuters
/jlne.ws/3FnwSAb
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| Cybersecurity | | Top stories for cybersecurity | Elon Musk Says X Outages Are 'Massive Cyberattack.' What We Know.
Emily Dattilo - Barron's
Elon Musk's social-media platform, X, is dealing with an unusual surge of outages that the entrepreneur said could be the work of a large group, or a country. Earlier in the day, reports of outages on the site, formerly known as Twitter, soared to nearly 40,000 over the previous 24 hours, according to the analytics platform Downdetector.
/jlne.ws/4iGl9eb
Elon Musk claims cyber attack on social network X came from 'Ukraine area'; Outage is latest trouble for world's richest man's business interests since he joined the Trump administration
Joe Miller - Financial Times
Elon Musk has claimed a cyber attack on his social media platform X on Monday was orchestrated by "IP addresses originating in the Ukraine area", the latest in a series of recent troubles for his business interests after he joined US President Donald Trump's administration. The billionaire, who has morphed into a fierce critic of the Ukrainian government, provided no evidence for the allegation, made in an interview with Fox Business on Monday, nor did he claim that state actors were necessarily involved.
/jlne.ws/3DsZeIL
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto Day-Trader Faithful Find Life Under Trump Is No Paradise
Vildana Hajric - Bloomberg
For months, crypto-loving investors sank billions into leveraged strategies with the hope that Donald Trump would eliminate regulations on their upstart industry and usher in a new world of digital prosperity. Now, day traders who bet on cryptocurrencies are bearing the the brunt of a sweeping Wall Street selloff - one driven by fears about Trump's volatility-inducing policy agenda. Digital assets have been faring particularly poorly, in part due to disappointment that Trump's industry policies are not living up to expectations.
/jlne.ws/41UwS3h
Coinbase to make comeback in India as opposition to crypto eases; Central bank has long opposed digital coins but Modi government is now more open after Trump's endorsement
Chris Kay - Financial Times
The US's largest cryptocurrency exchange Coinbase will re-enter India after securing a key regulatory nod, in a sign of a thaw in the country's hostility to digital coins following President Donald Trump's strong support for the assets. Coinbase on Tuesday said it had been given permission to register with India's Financial Intelligence Unit, an anti-money laundering watchdog, and planned to start offering retail services later this year before branching out into "investment and products" in the world's most populous nation.
/jlne.ws/41VV2KP
Coinbase Registers in India to Pave Way for Crypto Trading Debut
Sidhartha Shukla - Bloomberg
Coinbase Global Inc. has registered with India's Financial Intelligence Unit (FIU), allowing the cryptocurrency exchange to offer trading services in the country. The US firm plans to roll out its retail trading platform in India later this year, with additional investment and product offerings to follow, according to a Tuesday statement.
/jlne.ws/3Dl1LVr
Coinbase CEO plans to hire 1,000 U.S. workers, saying Trump 'breathed life back' into industry
Ben Weiss - Fortune
The U.S.'s most prominent crypto exchange plans to hire about 1,000 more employees in 2025, Brian Armstrong, the cofounder and CEO of Coinbase, said Friday in a video posted to X.
/jlne.ws/41XYzbq
This wunderkind's first startup went bankrupt, leaving $200 million in customer assets frozen. Yet VCs are still throwing money at him
Leo Schwartz - Fortune
I started covering the crypto industry at Fortune in August 2022, just a couple of months before FTX collapsed. I've never experienced a story like it. Sure, tech companies have imploded in spectacular fashion before-just look at Theranos-but FTX was something else. You had the young, idiosyncratic founder who flew too close to the sun, and the investors who turned a blind eye to clear red flags. But FTX was a financial services platform, and its failure meant the evaporation of billions of dollars-real money, not only to VCs, but normal people who trusted the company with their savings. It was the 2008 financial crisis but speedrun by 20-year-olds.
/jlne.ws/41V9mTP
Stablecoin Backers Promote Lower Costs in Quest for Legislation
Steven T. Dennis - Bloomberg
Financial technology executives plan to promote dollar-backed stablecoins as a way to lower transaction costs for US consumers and businesses at a key congressional hearing on Tuesday as political momentum builds for regulatory legislation to expand use of the tokens. "A blockchain-based dollar can be transferred instantaneously, at virtually no cost, and held by anyone with simply an internet connection and smartphone," Charles Cascarilla, chief executive officer of stablecoin issuer Paxos Inc., said in prepared testimony released in advance.
/jlne.ws/3FlfqfA
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| Politics | | An overview of politics as it relates to the financial markets | Musk Calls Entitlements the 'Big One' to Cut, Countering Trump
Gregory Korte - Bloomberg
Billionaire presidential adviser Elon Musk called entitlement spending - benefits including Social Security and Medicare - key targets for cuts, an assertion that directly contradicts President Donald Trump's pledge to not touch those programs. "Most of the federal spending is entitlements," Musk told Fox Business' Larry Kudlow on Monday. "So that's like the big one to eliminate." During the 2024 campaign, Trump repeatedly promised that he would not cut Social Security payments or health coverage from Medicare, popular safety net programs with wide swaths of voters.
/jlne.ws/3DxitAL
Musk's DOGE Must Comply With Public Records Requests, Judge Says
Zoe Tillman - Bloomberg
A federal judge ruled that Elon Musk's government efficiency project must comply with records demands from a public interest group, rejecting the administration's position that the office created by President Donald Trump is exempt from a US transparency law. The decision on Monday from US District Judge Christopher Cooper, the first of its kind since Trump took office, would mean that the Department of Government Efficiency is required to disclose emails, memos, notes and other internal records about its operations, staff and structure. He also ordered DOGE to preserve records that might be responsive to the requests at issue.
/jlne.ws/43ECShZ
Capitol Hill's Republican Sycophant Caucus; 'I don't mind what Trump does, because I trust Trump,' says servile Sen. Graham of South Carolina.
Gerard Baker - The Wall Street Journal
'I don't mind what Trump does, because I trust Trump." Thus spoke Sen. Lindsey Graham last week, cheerfully declaring the unconditional surrender of not only his own judgment, his freedom of thought, his relevance and his dignity, but-and this one actually matters-his role as a leading member of one of the elected branches of the U.S. government.
/jlne.ws/4ihslO9
The folly of America's R&D cuts; Gutting of federal agencies risks derailing the Trump administration's growth objectives
Glenn Hubbard - Financial Times
The Trump administration has wisely emphasised raising America's rate of economic growth. But growth doesn't just happen. It is the byproduct of innovation both radical (think of the emergence of generative artificial intelligence) and gradual (such as improvements in manufacturing processes or transport). Many economic factors influence innovation, but research and development is key. While this can be privately or publicly funded, the latter can support basic research with spillovers to many companies and applications.
/jlne.ws/3XFXbb0
A New Deal With Moscow?; Trump's bid for a pact with Putin recalls the efforts of FDR and other presidents.
Walter Russell Mead - The Wall Street Journal (opinion)
The true nature and the full price of President Trump's Russia and Ukraine policies has become clear in recent days. Mr. Trump believes that improved relations with Russia are necessary for the American revival he hopes to lead, and he is willing to pay a high, even stupefying, price in moral authority, alliance relations and Ukrainian territory to get his deal. Vladimir Putin understands this and will charge the U.S. accordingly.
/jlne.ws/4bJ0Bzq
USDA cuts over $1 billion in funding for schools, local food purchases
Reuters
The U.S. Agriculture Department has cut two federal programs that spent over $1 billion annually to help schools and food banks buy food from local farms and ranches, according to a school group and a Politico report on Monday. The School Nutrition Association, which represents cafeteria workers and directors nationwide, said in a press release that the USDA cut the $660 million Local Food for Schools program for 2025.
/jlne.ws/3XHxI0N
Trump seeks minerals refining on Pentagon bases to boost US output, sources say
Ernest Scheyder and Jarrett Renshaw - Reuters
/jlne.ws/41UBB4Z
Trump to Address Top CEOs, Wall Street Bank Executives Tuesday
Bloomberg via Yahoo Finance
/jlne.ws/3QZPmsV
This Russian Tech Bro Helped Steal $93 Million and Landed in US Prison. Then Putin Called
Noah Shachtman - Wired
/jlne.ws/4iko5xl
Greenlanders vote in election dominated by Trump's control pledge
Jacob Gronholt-Pedersen and Tom Little - Reuters
/jlne.ws/41DWHDu
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| Regulation & Enforcement | | Stories about regulation and the law. | Robinhood's $29.8M Nightmare: FINRA Slams Trading Giant as Stock Crashes 13%
Khac Phu Nguyen - Gurufocus
Robinhood Markets (NASDAQ:HOOD) faced a sharp 13% decline in its stock price at 10.54am today, after agreeing to pay a $29.8 million fine imposed by the Financial Industry Regulatory Authority. The penalty stems from multiple alleged violations, including failures in its clearing technology system and anti-money laundering programs. Regulators found that Robinhood converted market orders into limit orders without providing customers with accurate disclosures, failed to detect or report suspicious activity, and inadequately supervised its clearing operations, particularly during heightened trading volumes. The firm also came under scrutiny for not properly monitoring social media promotions from compensated influencers, some of whom made misleading claims to investors.
/jlne.ws/3Fu2uUE
UK energy industry complains about 6pm Friday emails from regulator; Lobby group hits out at 'unreasonable and unprofessional' behaviour by Ofgem
Rachel Millard - Financial Times
Britain's main energy lobby group has accused the regulator of "unreasonable and unprofessional" behaviour, including contacting energy company staff at 6pm on Fridays, exposing a rift at a crucial time for the industry. In a letter seen by the Financial Times, Energy UK complained to Ofgem about its "approach to compliance that discourages innovation", "critical external tone" and "intimidating" language towards junior energy company employees.
/jlne.ws/4bIWDqw
Remarks to the 2025 Annual Washington Conference of the Institute of International Bankers
Mark T. Uyeda, Acting Chairman - SEC
Thank you, Beth [Zorc], for the introduction and I appreciate the opportunity to address the Institute of International Bankers' (IIB) Annual Washington Conference. Convening less than two months after the inauguration of President Trump, it is an opportunity to become better acquainted with the new leadership. It is a privilege to share the stage with a number of other U.S. financial regulators, including my longtime colleagues Travis Hill at the Federal Deposit Insurance Corporation and Rodney Hood at the Office of the Comptroller of the Currency. Among congressional leadership, I look forward to working with Representative French Hill as chairman of the House Financial Services Committee.
/jlne.ws/4bJ4eW5
SEC Charges Washington, D.C. Real Estate Developer And Twenty-Seven Companies With Negligently Misleading Investors
SEC
On March 7, 2025, the Securities and Exchange Commission charged Peter Stuart and twenty-seven real estate companies he collectively operated as Outlier Realty Capital with misleading investors about how their funds would be used. The defendants have agreed to settle the charges, with Stuart and thirteen of the corporate defendants agreeing to pay a total of more than $3.3 million.
/jlne.ws/41VsVeI
SEC Charges Former Biopharmaceutical Company Vice President with Insider Trading
SEC
On March 7, 2025, the Securities and Exchange Commission filed charges against George Demos, a former Vice President of Drug Safety and Pharmacovigilance at Acadia Pharmaceuticals Inc., for insider trading in advance of Acadia's March 8, 2021 announcement of negative news from the FDA regarding Acadia's supplemental new drug application to approve its Parkinson's disease psychosis drug to treat an additional psychosis.
/jlne.ws/4kBrJ7D
Our position on sustainability regulations and UK defence
FCA
Our sustainability rules do not prevent investment in or finance for defence companies. The financial sector plays a vital role in supporting all sectors, including defence. There is nothing in our rules, including those related to sustainability, that prevents investment or finance for defence companies.
/jlne.ws/4iktzrV
Statement on motor finance review next steps
FCA
If motor finance customers have lost out from widespread failings, we are likely to consult on a redress scheme. We are currently reviewing the past use of motor finance discretionary commission arrangements (DCAs). We're seeking to understand if firms failed to comply with requirements relating to DCAs and if consumers lost out as a result. If they have, we want to make sure consumers are appropriately compensated in an orderly, consistent and efficient way.
/jlne.ws/3Dj7wD2
FCA responds to final report into Safe Hands complaints
FCA
We continue to have the utmost sympathy for the people who have lost money because of Safe Hands. We do not agree with the Commissioner's finding that we didn't identify significant risks in relation to this firm. We had limited powers to act against funeral plan providers before Parliament gave us responsibility to regulate the sector from July 2022.
/jlne.ws/3DJ79S9
SFC obtains disqualification order against former financial controller of Anxin-China Holdings Limited
SFC
The Securities and Futures Commission (SFC) has obtained a court order that the former financial controller of Anxin-China Holdings Limited (Anxin), Ms Yang Shuyan, be disqualified from being a director, liquidator, receiver or manager of the property or business, and being involved in the management, of any listed or unlisted corporation in Hong Kong without leave of the court, for a period of three years (Notes 1 and 2). The Court of First Instance made the order after Yang admitted to have failed to discharge her duties as Anxin's financial controller with due and reasonable skill, care and diligence and to carry out her duties to the requisite standard in ascertaining the company's financial position.
/jlne.ws/3DyBNh0
Sam Bankman-Fried was reportedly thrown into solitary confinement for his Tucker Carlson interview
Chris Morris - Fortune
Sam Bankman-Fried is reportedly in solitary confinement following his interview with Tucker Carlson. Prison officials tell the New York Times the interview was not authorized. It's unclear how SBF was able to communicate with the fired Fox News host. Sam Bankman-Fried's wide-ranging interview with Tucker Carlson has landed him in hot water with prison officials and some time in solitary confinement.
/jlne.ws/3DzYRvY
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | VIX Nears 30 First Time Since August Shock on Tariff Anxiety
David Marino and Jess Menton - Bloomberg
A slump in the S&P 500 Index on Monday sent the Cboe Volatility Index a hair away from 30, the level it last reached during the volatility shock in August. The VIX reached 29.56 shortly after 3 p.m. in New York before paring the advance as the S&P 500 plunged as much as 3.6%, with the VVIX, which measures volatility of VIX options, also spiking. The index of expected S&P 500 swings in the next month hasn't spent much time above the 30 level since 2022, when stocks lost 19%. During the grind higher in equities over the past year and a half, the VIX just occasionally made it past 20.
/jlne.ws/43CZZcK
Market's Speculative Fringe Is Blasted as Equity Rout Snowballs
Jeran Wittenstein and Ryan Vlastelica - Bloomberg
The flight from risk taking place in US equities has been painful for the tech giants who were last year's big winners, but it pales in comparison to the walloping being doled out in the more speculative fringes of the market. Take Reddit Inc., the social-media company whose shares more than quadrupled last year. It tumbled 20% on Monday, its worst day since going public last year. Retail favorites like Tesla Inc. and Palantir Inc. both sank more than 10%. Strategy Inc., which has turned into a proxy for Bitcoin, dropped 17% and Cathie Wood's ARK Innovation exchange-traded fund declined 8.8%.
/jlne.ws/3Fgj5LA
How the gold bullion boom sent a US recession alarm blaring; Gold-adjusted GDP forecasts. Really!
Valentina Romei and Robin Wigglesworth - Financial Times
Last week, data indicated that the US trade deficit surged to a record $131.4bn in January, as businesses scrambled to stockpile goods ahead of President Donald Trump's Schrodinger's tariffs. American economic data has generally been disappointing, but the worsening news on imports has in particular stirred up some angst. Because of the mechanics of how gross domestic product is measured and calculated (imports are subtracted as the point is to avoid double-counting and to measure domestic output) the widening trade deficit has helped send the Atlanta Fed's widely-followed "GDPNOw" real-time economic forecasting model into a tailspin.
/jlne.ws/41HKQUU
Fears of U.S. contagion spur traders to find hedges across world
Ruth Carson, John Cheng and Bloomberg via Fortune
From ditching US stocks for Chinese peers to buying the yen and the euro, traders are running for cover as they ponder how a US markets meltdown may unfold. Steady selling in US stocks turned into a stampede on Monday as recession jitters spread across Wall Street. Risk aversion spilled into Asia, and growing conviction that US exceptionalism is over spurred a rush into the relative safety of the yen, Australian government bonds and the offshore yuan.
/jlne.ws/3DwZx5c
Tesla's stock defied gravity for years. Is Elon Musk's EV party over?
Chris Kirkham - Reuters
Tesla's stock has dropped by nearly half in three months. Even so, investors are still debating whether Elon Musk's electric-vehicle maker remains overpriced. The company's market capitalization has dropped 45% since hitting an all-time high of $1.5 trillion on December 17, erasing most of the gains the stock made after CEO Musk helped finance the election victory of U.S. President Donald Trump.
/jlne.ws/41UD4s2
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | US energy secretary criticises climate policy for damaging UK economy; Chris Wright says 'once mighty' British steel and chemicals industries have been displaced to Asia
Amanda Chu - Financial Times
US energy secretary Chris Wright has warned that Britain's green policies have resulted in "higher prices and fewer jobs" for its economy, as the UK government finalises its industrial strategy and continues to move away from oil and gas. "We have outsourced far too much manufacturing, and our allies in Europe have gone much further in this destructive direction," Wright told a crowd of oil and gas executives at S&P Global's CERAWeek conference in Houston on Monday.
/jlne.ws/4kE3SUO
UK ESG Rules Don't Prevent Defense Investments, FCA Says
Tim Quinson - Bloomberg
There are no rules stopping UK investors with ESG mandates from investing in defense assets, according to the country's financial regulator. "The financial sector plays a vital role in supporting all sectors, including defense," the Financial Conduct Authority said in a statement on Tuesday. "There is nothing in our rules, including those related to sustainability, that prevents investment of finance for defense companies."
/jlne.ws/3Duix4o
Russian Cargo Offers Cheer India Buyers Fearing Crude Shortfall
Rakesh Sharma - Bloomberg
Talks between India's state-owned refiners and traders selling Russian crude suggest ample supply is available to meet near-term demand, easing concerns that flows could slow for months after latest wave of US sanctions. Offers of discounted oil from Russia have increased as the March booking window to secure Urals cargoes for April loading opens later this week, industry executives said - thanks to non-sanctioned traders, tanker owners and marine insurance providers able to meet India's terms. They asked not be named as the conversations are not public.
/jlne.ws/3Dloukd
Trump administration aims to cancel oil reserve sales, support small nuclear power
Reuters
U.S. Energy Secretary Chris Wright said on Monday he was planning to work with Congress on cancelling previously mandated sales from the Strategic Petroleum Reserve as one way to address low stockpiles. Congress has mandated some 100 million barrels in sales from the reserve, the world's largest emergency stockpile of crude oil, with a 7 million barrel sale set for fiscal year 2026-2027, and further sales through 2031.
/jlne.ws/3QZnsNK
Panama Canal weighs pipeline to move gas, with eye on Asian clients
Elida Moreno - Reuters
The Panama Canal is exploring the construction of a pipeline to move liquefied petroleum gas (LPG) across the trade passage, canal administrator Ricaurte Vasquez said on Monday, with Japan seen as a top potential client for gas coming from the U.S. WHY IT'S IMPORTANT: The canal, one of the world's busiest maritime trade passages, is looking to diversify its operations after getting the greenlight in a court ruling last year. A drought limited crossings and canal officials are planning to build a reservoir nearby.
/jlne.ws/3DuAKyO
The world has reached 'peak oil trade,' Carlyle's Jeff Currie says
Bloomberg and Nathan Risser - Fortune
The trade in fossil fuels across borders peaked in 2017 and is set to decline as nations seeking energy security accelerate investments in renewable and nuclear power, Carlyle Group Inc.'s Jeff Currie wrote in a research note Monday.
/jlne.ws/3FjQWn3
'Corporate social responsibility' is a flawed concept. What we really need is 'corporate accountability'
Jane Hoffman - Fortune
/jlne.ws/3FgRGcH
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Here's why banks don't want the CFPB to disappear; Without the Consumer Financial Protection Bureau, banks would find themselves competing directly with nonbank financial players.
Hugh Son - CNBC
For years, American financial companies have fought the Consumer Financial Protection Bureau - the chief U.S. consumer finance watchdog - in the courts and media, portraying the agency as illegitimate and as unfairly targeting industry players. Now, with the CFPB on life support after the Trump administration issued a stop-work order and shuttered its headquarters, the agency finds itself with an unlikely ally: the same banks that reliably complained about its rules and enforcement actions under former Director Rohit Chopra.
/jlne.ws/3FmtTb8
What bankers and care home workers have in common; Volatile pay is surprisingly prevalent in the British economy
Sarah O'Connor - Financial Times
What do bankers and care home workers have in common? They are both more likely than your average employee to have volatile pay packets that gyrate over the course of a year. A newly available UK data set, which comes from HM Revenue & Customs payroll records on more than 250,000 working-age people between 2014 and 2019, has raised the lid on a hitherto hidden aspect of the world of work: the stability - or otherwise - of people's pay from one month to the next.
/jlne.ws/3QY0W7V
Citadel Securities Taps Goldman's Rubner to Cater to Big Traders
Natalia Kniazhevich and Katherine Doherty - Bloomberg
Citadel Securities hired Goldman Sachs Group Inc.'s Scott Rubner, who has turned heads on Wall Street with prescient calls on equities markets, to help go toe-to-toe with banks in catering to hedge funds and other big traders. Rubner is joining the market-maker's institutional derivatives business, where he will draw on its data to offer insights and commentary to clients, according to Dave Silber, head of institutional options. Rubner spent almost a decade at Goldman, according to his LinkedIn profile, most recently as a managing director for global markets and tactical specialist.
/jlne.ws/4hkITUd
Japan Brokers Rethink Repackaged JGBs After Warning
Takashi Nakamichi - Bloomberg
Japan's biggest brokers are having second thoughts about selling so-called structured loans to regional lenders after the nation's financial regulator declared a sweeping clampdown on the $67 billion market. Nomura Holdings Inc. is weighing its approach toward Japanese government bonds repackaged into loans, a representative said in response to a Bloomberg News survey of 15 investment banks. The brokerage arms of Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. are also looking into their sales of that product, which is under intense scrutiny from the Financial Services Agency.
/jlne.ws/4iyUpME
Societe Generale chief says 'nothing is sacred' as French bank targets cost cuts; Slawomir Krupa has overcome scepticism of turnaround, with IT costs and external consultants now in line of fire
Ian Johnston and Simon Foy - Financial Times
Societe Generale's chief executive has said "nothing is sacred" as he pledges to take an axe to the French lender's stubbornly high cost base, including cutting IT spending and scaling back its use of external consultants. Slawomir Krupa, who has led the country's third-largest bank since 2023, said SocGen had "lower levels of efficiency" than rivals and "overspend", and needed to bring costs down to a "much lower level".
/jlne.ws/3FkQghj
Webull Debuts Enhanced Brokerage Services with Webull Premium
Press Release via Traders Magazine
/jlne.ws/3Fvlh1P
Credit fears drive US banks' IRC requirements to 2022 highs; JP Morgan, BofA lead with triple-digit surge in Q4
Lorenzo Migliorato - Risk.net
/jlne.ws/4iAv8Sm
UBS fined EUR75,000 for harassing two whistleblowers who exposed a tax-dodging scheme for French clients
AFP via Fortune
/jlne.ws/3R3yEJ6
Credit loss database reveals holes in Basel's IRB formula; Researcher has used two decades of data to propose improved internal model methodology
Menghan Xiao - Risk.net
/jlne.ws/4iHbXGr
WisdomTree launches first European-only defence ETF; The fund invests only in European companies unlike its peers, which have a global exposure
Emma Boyde - Financial Times
/jlne.ws/4kFH1rV
The career rise of billionaire Steve Cohen, the hedge fund legend who owns the Mets
Jordan Hart - Business Insider
/jlne.ws/41URrg1
Ex-Carlyle LevFin Chief Becomes Murdoch Heir's Money Manager
Benjamin Stupples - Bloomberg
/jlne.ws/4iF5YSz
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | How To Quit A Job You Just Started Without Burning Bridges
Caroline Castrillon - Forbes
Few professional situations feel as awkward as sitting down with your new manager to explain why you're planning to quit a job you just started. But it's a much more common scenario than you might think. According to the 2022 Job Seeker Nation Report, approximately 30% of new hires leave their positions within the first 90 days. In addition, almost 40% of employees who've been with a company for less than six months plan to leave within the next 12 months, based on research from experience management software company Qualtrics.
/jlne.ws/3Fhkvp8
Employers 'can't just bring people back to the office' without making changes, McKinsey partner says
HR Brew - Fortune
As HR pros await the verdict in the case of flexible v. in-person work, many are hoping it'll involve dropping the one-size-fits-all approach.
/jlne.ws/3QZz2II
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| Wellness Exchange | | An Exchange of Health and Wellness Information | How Can I Avoid Burnout at Work?; Chronic stress can make you feel cynical about your job. Experts have tips for fighting the feeling.
Katie Mogg - The New York Times
Q: I'm starting a new job in a few weeks. What can I do to prevent burnout?
Taking the next step in your career can be exciting - but it can also come with feelings of stress and anxiety which, overtime, can lead to burnout. While not considered a medical condition, burnout is recognized as a workplace phenomenon, according to the World Health Organization. People who experience it may feel physically and emotionally drained, or be exhausted before the work day even begins, experts said. They may also feel cynical about work and think they're underperforming. Sometimes, burnout can mimic depression and make it difficult to enjoy daily life.
/jlne.ws/3XJ7Rpg
This psychological 'booster' could help people resist misinformation, a new study finds
Julianna Bragg - CNN
If you've ever been fooled by oversimplified or misleading claims online, there is more that you can do to protect yourself, a new study finds. Misinformation training can be an effective tool for helping people identify and reject fake news in as little as one month. "This is the first study that systematically explores how long the effects of these modern inoculation interventions actually last, why they decay over time, and most importantly, how we can remedy their effect decay," said Dr. Rakoen Maertens, lead study author and Juliana Cuyler Matthews Junior Research Fellow at the University of Oxford.
/jlne.ws/4kFbmqI
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | PBOC Starts Paring Yuan Support Amid US Exceptionalism Doubts
Iris Ouyang - Bloomberg
Doubts over US exceptionalism are giving China a much needed break from strongly defending its currency, as the yuan's strength allows it to dial back support via its daily reference rate. The gap between the People's Bank of China's daily reference rate versus narrowed to 675 pips on Monday, the least since early December. While the so-called fixing remains near the strongest level since November, its smaller spread with estimates signals weakening official support for the currency.
/jlne.ws/3FjD9g9
India's IndusInd Bank shares plunge 27%, major shareholder urges calm
Katrina Bishop - CNBC
The chairman of IndusInd Bank's founding company sought to reassure investors after shares plunged over 27% on Tuesday. Ashok Hinduja, chairman of IndusInd International Holdings (IIHL), told CNBC-TV18 that the sharp fall in the bank's share price hadn't triggered a margin call on shares held by IIHL.
/jlne.ws/43yYD2D
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| Miscellaneous | | Stories that don't quite fit under the other sections | Staley Was 'Surprised' at Epstein's 2019 Sex Trafficking Arrest; Former Barclays CEO begins giving evidence in case against FCA; Jes Staley says he didn't know of Jeffrey Epstein's behavior
Harry Wilson and Jonathan Browning. - Bloomberg
Jes Staley said he was "shocked and surprised" after Jeffrey Epstein was arrested in July 2019 by US federal authorities and charged with the sex trafficking of minors. While Epstein had pleaded guilty in 2008 to two charges of soliciting a prostitute - and ultimately served 13 months in a Florida state prison for his crimes - Staley had believed that had been an "isolated transgression."
/jlne.ws/4iEH99n
Financial Times announces Jon Slade as new chief executive; Commercial boss appointed in media group's first change of leadership in two decades
Daniel Thomas - Financial Times
The Financial Times has announced Jon Slade as its new chief executive in the first change in leadership of the media group for almost two decades. Slade, who has served as chief commercial officer at the FT since 2014, will take over in the summer from John Ridding, who has led the publisher since 2006, including seeing through the sale of the company to Japanese media group Nikkei.
/jlne.ws/43BmsXx
Ex-Barclays boss Staley accuses regulator of 'destroying' his reputation with ban; UK bank's former chief hits back over alleged links with convicted paedophile Jeffrey Epstein
Alistair Gray and Ortenca Aliaj - Financial Times
Former Barclays chief Jes Staley accused UK regulators on Monday of "destroying" his reputation by fining and banning him from senior roles in the financial industry over his ties to the late sex offender Jeffrey Epstein. Staley, 68, made the claim in a London court as he sought to overturn the penalties imposed on him in 2023 by the Financial Conduct Authority for allowing Barclays to mislead the regulator about the nature of his dealings with Epstein.
/jlne.ws/41UMljT
Epstein Often Knew More About JPMorgan Than Me, Claims Staley
Harry Wilson and Jonathan Browning - Bloomberg
Jeffrey Epstein often knew more about what was going on at the top levels of JPMorgan Chase & Co. than Jes Staley, one of the Wall Street bank's most senior executives for more than a decade. Staley said Epstein had a "remarkable ability" to gather information from the finance industry and was able to tell him things about his own career, according to his witness statement filed at a London court.
/jlne.ws/3Fh5TWO
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