| February 05, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
Robinhood Markets has halted its planned launch of Super Bowl LIX event contracts after the CFTC formally requested that customers be prevented from accessing sports event contracts, Benzinga reported. The product, developed with Kalshi and aimed at the Feb. 9 NFL championship game, was available to about 1% of users. While existing trades can still be closed or allowed to resolve, Robinhood expressed disappointment over the outcome despite ongoing discussions with the regulator. The decision could benefit major sports betting operators like DraftKings and FanDuel. Looking ahead, Robinhood plans to roll out a more comprehensive event contracts platform later this year and is exploring potential expansion into sports betting, building on the strong demand demonstrated during its 2024 presidential election event contracts.
Elon Musk, in a public call hosted on X/Twitter last night, called for the "wholesale removal of regulations," saying, "Regulations, basically, should be default gone," HuffPost reported. This would cause a bit more chaos than he is creating now. I decided to put market regulations in the form of the Ten Commandments, which are held dear by many.
Here's a creative list of 10 market-related government regulations inspired by the spirit of the Ten Commandments:
Antitrust and Competition Laws ("No Other Gods Before Me") - Regulations that prevent monopolies and promote fair competition so no single market player is elevated to untouchable status.
Truth-in-Advertising Standards ("Thou Shalt Not Make Unto Thee a False Idol") - Rules requiring honest, clear marketing that forbids deceptive claims and misleading imagery.
Market Integrity and Manipulation Prevention ("Thou Shalt Not Take the Name of the Law in Vain") - Measures that crack down on market manipulation and misuse of privileged information to maintain the sanctity of the trading environment.
Circuit Breakers and Trading Halts ("Remember the Sabbath Day") - Policies mandating scheduled pauses in trading to prevent market chaos and allow time for reassessment, mirroring the concept of a restful day.
Consumer Protection Regulations ("Honor Thy Customer") - Laws ensuring businesses treat consumers with fairness and respect, safeguarding their rights and financial well-being.
Anti-Fraud and Securities Laws ("Thou Shalt Not Kill Trust") - Legislation that targets fraudulent practices that can "kill" investor confidence and destabilize markets.
Corporate Governance and Fiduciary Duty Standards ("Keep Thy Partnerships Faithful") - Requirements that enforce transparency, accountability, and ethical conduct among corporate leaders and their fiduciary responsibilities.
Intellectual Property and Anti-Theft Protections ("Thou Shalt Not Steal") - Laws designed to protect innovations and creative works from theft and unauthorized use, ensuring fair reward for inventors and creators.
Mandatory Financial Disclosure and Reporting ("Thou Shalt Not Bear False Witness") - Standards that compel companies to provide accurate, timely financial information, preventing the spread of misinformation.
Insider Trading and Speculation Controls ("Thou Shalt Not Covet") - Regulations that curb unethical practices like insider trading and excessive speculation, promoting a level playing field and discouraging the unhealthy pursuit of windfall gains.
Each of these regulations echoes the ethical and community-focused values found in the Ten Commandments, adapted to foster a fair, transparent, and stable marketplace. But then, that is not the goal of the master of DOGE.
Acting CFTC Chairman Caroline D. Pham will deliver a keynote fireside chat at Ondo Finance's Ondo Summit 2025 on February 6 at 2:00 p.m. EST. The event will be hosted at Jazz at Lincoln Center's Frederick P. Rose Hall in New York City, focusing on discussions related to financial innovation and digital asset markets.
CFTC Commissioner Summer K. Mersinger and former CFTC Chairman J. Christopher Giancarlo will join the "Red, White, and Blockchain: Is Clarity Coming to Regulation?" panel at Ondo Summit 2025. The discussion is scheduled for Thursday, February 6, 2025, from 2:30 to 3:00 p.m. (EST) and will explore emerging regulatory clarity in the blockchain space.
Cboe Global Markets pulled off a coup in the options space by hiring Meaghan Dugan away from NYSE and naming her Cboe's head of U.S. options. At NYSE, Dugan served as head of options, overseeing both NYSE Amex and NYSE Arca Options. Before that, she spent 11 years at Bank of America, ultimately leading U.S. electronic options and global futures algorithms. Earlier in her career, she worked at Morgan Stanley, first as a lead market maker in automated market making in San Francisco, then with the MSET team providing trading algorithms and solutions to institutional clients.
Dugan was interviewed for The Open Outcry Traders History Project three years ago and you can see the interview on YouTube HERE. The open outcry interview story and video on the JohnLothianNews.com website can be found HERE.
The CIA is offering buyout packages to its entire workforce-about eight months' pay and benefits-to align the agency with President Trump's new priorities, which include targeting drug cartels, addressing trade disputes, and countering China. I am wondering how you do that without a workforce and with the loss of institutional knowledge that would walk out the door with the buyouts. Given the targeting of the FBI agents involved in the January 6 investigation, which spawned a class action lawsuit seeking "protection from the anticipated retaliatory decision to expose their personal information" and for the "potential vigilante action by those who they were investigating," (The Independent reported), one has to wonder what is really motivating all of this. Another class action lawsuit by nine anonymous FBI agents is attempting to block the Trump administration from identifying the agents involved in the Jan. 6 investigation, The Washington Post reported.
Clare Black has recently joined the Centre for Finance, Innovation and Technology (CFIT) as its interim managing director, she shared on LinkedIn.
Laine Litman has moved from president to partner and chief administrative officer of Hidden Road, she shared on LinkedIn.
Here are the headlines from in front of FOW's paywall from some recent stories: CFTC plans fraud task forces, signals end to 'regulation by enforcement', ANALYSIS: EEX sees options fuelling growth after Japanese power record, ANALYSIS: Margin breaches rising with move to 'dynamic' VaR model - Cumulus9, Basel Committee doubles down on bank capital rules despite delays, DTCC launches token creation and settlement suite ComposerX and CME continues strong volumes run with busiest January ever.
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:
- The Necessity of Real-Time Options Data for Retail Participants from Cboe.
- Cboe Europe plans trading surge with slew of promotions from GlobalTrading.
- SEC approves Intercontinental Exchange's ICE Swap Trade application from Financial Regulation News. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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| Sponsored Content |
Japan's Single Stock Options Markets Primed for Revitalization after Regulatory Improvements
The recent upturn in Japanese stock markets has drawn attention from domestic and overseas investors. Originally listed in 1997, Japan's Single Stock Options (JSSO) market is set for a dynamic revitalization, JSSOs are attracting both domestic and international investors. Together with Nikkei 225 and TOPIX derivatives, JSSOs are poised to be an important part of the Japanese equity derivatives markets.
In 2024, Osaka Exchange (OSE) has made groundbreaking changes:
1. Revised margin rules and dedicated SSO accounts to lower additional margin requirements for certain trades.
2. Expanded the number of eligible underlying assets, including popular stocks favored by retail investors.
3. Created an enhanced market-making environment for individual stock SSOs.
4. Improved rules for setting strike prices, making trading more attractive.
In addition to the existing local and international brokers, with the entry of new brokerage firms, the JSSO market is becoming more accessible to retail investors. This wave of improvements is expected to significantly boost market participation and liquidity.
Investors are encouraged to explore the exciting opportunities in Japan's revitalized SSO market, poised for substantial growth and offering diverse investment prospects. Join the momentum and capitalize on the emerging potential of Japan's Single Stock Options market today!
Click here for the full story!
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 Quant16's Ray McKenzie Unveils AI-Driven Financial Analysis Tool at FIA Expo, Touts Cost Savings JohnLothianNews.com Ray McKenzie of the financial analytics firm Quant16 outlined the company's artificial intelligence-driven approach to corporate cost optimization during an interview with John Lothian News at the FIA Expo, emphasizing the firm's ability to identify overlooked savings. He was also asked about his work with ALTSO, a charity that provides prosthetics to children worldwide. Watch the video »
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Trump suggests U.S. 'long-term ownership' of Gaza as he says it could be the 'Riviera of the Middle East': Live
Oliver O'Connell,Joe Sommerlad and Gustaf Kilander - Independent
President Donald Trump suggested Tuesday night that the U.S. "take over" the Gaza Strip and that the U.S. will "own" the territory. "Instead of having to go back and do it again, the U.S. will take over the Gaza Strip," said Trump during a press conference with Israeli Prime Minister Benjamin Netanyahu. "We'll own it and be responsible for dismantling all of the dangerous unexploded bombs and other weapons on the site." "I do see a long-term ownership position, and I see it bringing great stability to that part of the Middle East," he added.
/jlne.ws/3WOD9e6
****** The big TRUMP sign on the hotel on the Riviera would be a BIG target for the inevitable conflict that would come.~JJL
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Federal employee unions are suing the Treasury and alleging Elon Musk's DOGE gained illegal and 'unprecedented' access to data
Kwan Wei Kevin Tan - Business Insider
Three federal employee unions have accused the Treasury Department of giving Elon Musk's Department of Government Efficiency unlawful access to sensitive information. In a lawsuit filed Monday, lawyers acting for the Alliance for Retired Americans, the American Federation of Government Employees, and the Service Employees International Union said Scott Bessent, the Treasury secretary, violated federal law when he shared the department's data with DOGE.
/jlne.ws/410Byo0
****** They beat me to it. ~JJL
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Tuesday's Top Three
Our top story Tuesday was, once again, the obituary for Michael Patrick Dowd, a longtime financial services industry executive, from The Chicago Tribune. Second was CME Group Reports Record January ADV of 25.7 Million Contracts, a CME Group press release. Third was Quant16's Ray McKenzie Unveils AI-Driven Financial Analysis Tool at FIA Expo, Touts Cost Savings, a new video from John Lothian News.
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| Lead Stories | Robinhood Yanks Super Bowl Betting Contracts After Regulator's Pushback; CFTC asked the brokerage to stop offering customer access to contracts, warning they might be illegal blurring of financial markets and gambling
Alexander Osipovich, Hannah Erin Lang and Katherine Sayre - The Wall Street Journal
Robinhood Markets said Tuesday that it was withdrawing its plans to offer betting contracts on the Super Bowl, following pushback from the Commodity Futures Trading Commission, which raised concerns that the contracts might be illegal. "We were in regular contact with the CFTC prior to launching this product, and we believe we are in full compliance with all applicable regulations," said Robinhood General Counsel Lucas Moskowitz. Still, "we are heeding their directive to cease offering these contracts," he added. Robinhood said it had been asked by the CFTC to stop offering its customers access to the sports contracts on Monday afternoon, just hours after it unveiled its sports-betting plans, a move that blurred the lines between regulated financial markets and gambling.
/jlne.ws/3WNZvMB
***** Reuters' version of this story is titled "Robinhood halts rollout of Super Bowl betting contracts after CFTC request," and the Yahoo Finance version is titled "And now Robinhood won't let you bet on the Super Bowl."~JJL
Cboe Hires Meaghan Dugan as Head of U.S. Options, Marking Latest Expansion of its Global Derivatives Team
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced Meaghan Dugan has joined the company as Head of U.S. Options. This appointment marks the latest expansion of Cboe's Global Derivatives team, which has recently welcomed several new hires and key promotions to further strengthen its business development, market intelligence, and sales capabilities across the U.S., Europe and APAC in response to increasing global client demand.
/jlne.ws/4gut8JS
SEC Ousts Top Litigator Who Battled With Crypto Giants; The agency reassigned its head of litigation to a job in its IT office
Dave Michaels - The Wall Street Journal
The Securities and Exchange Commission is so eager to bury its conflict with the crypto market that it moved its top litigator to an office that maintains the agency's computer systems. The agency last week transferred Jorge Tenreiro, who had overseen a half-dozen lawsuits against crypto exchanges and other platforms that were critical for deciding the reach of the SEC's authority over the volatile market. The commission also reassigned a lawyer who was involved in writing controversial accounting guidance that made it hard for banks to safeguard crypto for clients.
/jlne.ws/3EpSLhH
FBI Agents Sue to Stop Release of Names Involved in Trump and Jan. 6 Probes; Lawsuits cite fear of retribution after Justice Department demands list of those involved in sprawling investigations
Sadie Gurman and C. Ryan Barber - The Wall Street Journal
Agents with the Federal Bureau of Investigation have sued the Justice Department to stop it from releasing a list of employees who participated in investigations of President Trump and the Jan. 6, 2021, attack on the U.S. Capitol, saying they feared retribution if their identities become public. The two lawsuits, filed Tuesday in federal court in Washington, came after acting Deputy Attorney General Emil Bove last week demanded the FBI compile a list of everyone who worked on those cases, stirring fear within the bureau of potential mass firings. Thousands of agents, analysts and other employees participated in the sprawling Capitol riot probe, one of the largest in Justice Department history.
/jlne.ws/4jJcc5o
Unions Asks Court to Block Treasury From Giving Data to Musk's DOGE
Sabrina Willmer - Bloomberg
A group of unions asked for a temporary court order to stop the US Treasury Department from handing over personal and financial data on Americans to people associated with Elon Musk's team of government efficiency enforcers. The unions also requested that the court order Treasury and Scott Bessent, who leads the agency, to "retrieve and safeguard" any information already obtained by with Musk's group, known as DOGE, according to a court filing.
/jlne.ws/4jIurI9
Apollo Plans to Build the First Marketplace for Private Credit
Laura Benitez - Bloomberg
Apollo Global Management Inc. is seeking to build a marketplace that would allow investors to buy and sell high-grade private assets more easily, while encroaching further into terrain once dominated by the biggest Wall Street firms. The alternative asset manager is in discussions to partner with banks, exchanges and fintech firms to deliver real-time information and intraday prices for private credit deals, according to Eric Needleman, head of Apollo Capital Solutions.
/jlne.ws/3WJQjJl
Google deletes policy against using AI for weapons or surveillance; The pledge had been in place since 2018.
Amanda Yeo - Mashable
Google has quietly deleted its pledge not to use AI for weapons or surveillance, a promise that had been in place since 2018. First spotted by Bloomberg, Google has updated its AI Principles to remove an entire section on artificial intelligence applications it pledged not to pursue. Significantly, Google's policy had previously stated that it would not design nor deploy AI technology for use in weapons, or in surveillance technology which violates "internationally accepted norms."
/jlne.ws/4hJiTTg
Acting CFTC chair restructures agency's enforcement division
Reuters
The U.S. Commodity Futures Trading Commission will reorganize its Division of Enforcement's task forces to end "regulation by enforcement" and instead focus on combating fraud and helping victims, CFTC's acting chairman said on Tuesday. The agency, which polices commodities and swaps markets, will be folding previous task forces into two new units targeting complex fraud and targeting retail fraud and general enforcement, the CFTC said in a statement. CFTC Acting Chairman Caroline Pham said in the statement the new structure will "stop regulation by enforcement" and maximize the agency's resources to target fraudsters and other bad actors.
/jlne.ws/42KoXXq
SEC Scales Down Crypto Enforcement Team: Reassigning Lawyers
Arnab Shome - Finance Magnates
The Securities and Exchange Commission (SEC) is reassigning more than 50 lawyers and staff, who were solely responsible for cryptocurrency enforcement actions, to other divisions, The New York Times reported yesterday (Wednesday), citing five anonymous sources. However, the agency has not confirmed anything officially. New Leadership, New Focus: The move came after Mark Uyeda, appointed by the Donald Trump administration, took over as the acting chair of the regulator. Trump had already nominated Paul Atkins to the top regulatory role, but his appointment is pending Senate approval. The reshuffling of the SEC's special unit for crypto enforcement affirms the regulator's decision to scale back crypto enforcement actions. Uyeda has also set up a team to review the regulator's approach to dealing with digital assets, with crypto-friendly Commissioner Hester Peirce as the head of the task force.
/jlne.ws/415X0rS
DeepSeek AI replicated for just $30 using Countdown game; Berkeley researcher says it should 'demystify' DeepSeek and make AI more accessible
Anthony Cuthbertson - The Independent
A team of researchers in the US claim to have reproduced Deepseek's viral AI chatbot for just $30. The Chinese AI startup caused a trillion-dollar dent to the US tech industry last week after its latest R1 model outperformed OpenAI's ChatGPT - despite being built at a fraction of the cost. DeepSeek said it created its AI model for less than $6 million, using hardware that is inferior to US rivals like OpenAI and Meta.
/jlne.ws/4jDD3jn
Crypto.com, Kalshi's Super Bowl Wagers Probed by US Regulator; CFTC has been grappling with legality of sports derivatives; Robinhood announced sports contracts via Kalshi on Monday
Lydia Beyoud - Bloomberg
The Commodity Futures Trading Commission is asking Crypto.com and Kalshi Inc. to explain how their recently launched Super Bowl event contracts comply with derivatives regulations. The agency is allowed by statute to request additional information from companies that "self-certify" their financial products, including demonstrating that they aren't readily susceptible to manipulation and meet other regulatory requirements. It can evaluate the responses and decide whether to take any enforcement actions or begin drafting a new rule.
/jlne.ws/4hnJ2Ht
Elon Musk Suggests Getting Rid Of All Regulations In Midnight Call
Matt Shuham - HuffPost
President Donald Trump's "government efficiency" cheerleader Elon Musk proposed simply ignoring all federal regulations during a public call shortly after midnight Monday morning. Musk, whose newly formed "Department of Government Efficiency" team has in recent days executed a dramatic power grab at several government agencies, called for "wholesale removal of regulations." The public call was hosted on his website X, formerly Twitter, and included two senators and the Trump ally Vivek Ramaswamy. "Regulations, basically, should be default gone," Musk said. "Not default there, default gone. And if it turns out that we missed the mark on a regulation, we can always add it back in."
/jlne.ws/3WQsCyT
Vanguard's Record Fee Cuts Tighten Screws on BlackRock, Invesco; Fund giant's average fee is now just 0.07% after record cuts; Crowded market means rivals pressured to follow or lose share
Katie Greifeld and Vildana Hajric - Bloomberg
Vanguard Group Inc.'s biggest salvo yet in its campaign to cut fees for the investing masses presents industry rivals with a painful choice. Follow suit and lose potentially hundreds of millions in revenue - or hold the line and risk losing badly needed market share. The Valley Forge, Pennsylvania-based company unleashed its largest-ever fee reduction this week, slashing its average asset-weighted expense ratio to just 0.07% across its $10 trillion under management - a sliver of the industry average of 0.44%. The move sent shock waves across asset management, dragging down BlackRock Inc. to its worst day since 2022 on Monday while also sending the likes of Invesco Ltd. and State Street Corp. tumbling.
/jlne.ws/411eXrf
European Banks Keep Payouts Booming as Santander Pledges Buyback
Nicholas Comfort and Levin Stamm - Bloomberg
European banks are signaling that they can keep making fat shareholder payouts as profits hold up despite a decline in interest rates. Six major lenders have already unveiled plans to return almost EUR24 billion ($25 billion) over the next months, compared with their EUR30.4 billion in dividends and share buybacks in all of last year. The total is set to grow as firms from Banco Santander SA to Deutsche Bank AG commit to distributing billions more.
/jlne.ws/4hjfwCy
How Conspiracy Theories Took Hold of America; Pandemic disruption and the government's history of secrecy and deception helped propel characters like Donald Trump and Robert F. Kennedy Jr. to prominence.
F.D. Flam - Bloomberg (opinion)
Millions of Americans believe that invisible entities are driving the country's politics - shadowy deep-state actors that are allegedly controlling events, hiding toxins in our food and water, and peddling dangerous - even deadly - vaccines. These conspiracy theories have helped propel people like Donald Trump and Robert F. Kennedy Jr. to prominence with their promises to provide transparency and save us from these threats. Polling data indeed shows that 41% of Americans believe the deep state exists; more than half - 54% - suspect multiple actors were involved in the assassination of John F. Kennedy in 1963.
/jlne.ws/4aNMh8w
The Treasury Payment System Elon Musk Now Has Access To; What is the Bureau of the Fiscal Service?
Tracy Alloway and Joe Weisenthal - Bloomberg
Elon Musk and his Department of Government Efficiency (DOGE) have gained access to a unit within the Treasury Department called the Bureau of Fiscal Service. But what does this unit actually do? How critical of a role does it play in the operations of government, and potentially, financial markets? On this episode, we speak with Nathan Tankus, the author of the Notes On The Crises newsletter. He explains both the technical aspect of this office, as well as the legal questions surrounding impoundment and the ability of the executive branch to cut off payments that have been previously authorized by Congress. We also talk about the operational risks and the potential disaster scenario should this system - which has been built in COBOL over decades - go down.
/jlne.ws/3Er3zw3
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine says it's far along in developing laser weapons to take out Russian drones
Tom Porter - Business Insider
Ukraine is testing laser weapons to target Russian drones and other aircraft, a Ukrainian military official said this week. Colonel Vadym Sukharevskyi, the commander of Ukraine's Unmanned Systems Forces, told Radio Free Europe/Radio Liberty that Ukraine was developing several new military technologies - including laser weaponry. He said that the technology was being developed to counter Russian aerial drone or UAV attacks, specifically those using Iranian-supplied long-range Shahed drones, which have a relatively low-altitude flight path.
/jlne.ws/42HZaif
Zelenskiy Urges Parliament to Back Additional Nuclear Reactors
Kateryna Chursina - Bloomberg
Ukrainian President Volodymyr Zelenskiy urged lawmakers to approve the completion of two additional generators at a nuclear power plant in the west of Ukraine. He discussed the plan with IAEA Director General Rafael Mariano Grossi in Kyiv today. The project is "key to energy independence and energy stability," Zelenskiy said in his daily statement.
/jlne.ws/42IXmWr
Zelenskyy told Trump Ukraine would consider sharing rare earth minerals in exchange for military support
CBC
Ukrainian President Volodymyr Zelenskyy confirmed that he's talked to U.S. President Donald Trump about the prospect of Ukraine sharing rare earth minerals with the United States, a topic he said was first raised with his White House counterpart months ago. Trump said Monday that he wanted Ukraine to supply the U.S. with such minerals as a form of payment for the financial support Washington has provided to Kyiv amid its fight with Russia.
/jlne.ws/4jOSB3R
Russia's economy is cracking and West must step up sanctions, says Finnish foreign minister
Memphis Barker - The Telegraph
Russia's economy is showing "serious cracks" and the West must intensify sanctions to put Ukraine in the best possible position for a peace deal, Finland's foreign minister has said. In an interview with The Telegraph, Elina Valtonen, who was in London for talks with the Foreign Secretary, urged Western nations to "keep up the economic pressure" on Russia in the critical months to come "We see that sanctions are working," Ms Valtonen said, "Russia's economy is showing some serious cracks".
/jlne.ws/4grLUBS
Russians told not to panic over 'gas cloud' in city near plant struck by Ukraine
Reuters
The governor of Russia's Astrakhan region told residents not to panic on Wednesday after its main city, close to a huge gas chemical complex that was attacked by Ukrainian drones this week, was enveloped in a cloud of natural gas. Governor Igor Babushkin said the gas that people could smell was the result of work to restart production at the plant near the southern city of Astrakhan, which has a population of about 475,000 people.
/jlne.ws/3WKekQo
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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. | Trump Says US Should Take Over Gaza, Sparking Rebukes; President again says Palestinians should be moved out of Gaza; Palestinian authorities, Saudi Arabia reject Trump's proposals
Jennifer A Dlouhy, Jordan Fabian, and Iain Marlow - Bloomberg
Donald Trump said the US should take control of the devastated Gaza Strip, shunt the area's residents to other countries and turn it into a "Riviera," a proposal that drew sharp opposition from Palestinian and other Arab officials. "The US will take over the Gaza Strip," Trump said Tuesday during a White House news conference alongside Israeli Prime Minister Benjamin Netanyahu. "We'll own it and be responsible for dismantling all of the dangerous unexploded bombs and other weapons on the site."
/jlne.ws/4jDFcvr
Donald Trump's dangerous plan to take over Gaza; US president's outlandish idea has dramatically raised stakes and would create another catastrophe for Palestinians
Andrew England - Financial Times (opinion)
For weeks, Arab leaders have been waiting anxiously to gauge how US President Donald Trump would respond to the Middle East's biggest crisis in decades, wary of his unpredictability, his lack of understanding of a complex region and his unabashed pro-Israel bias. But none in their wildest dreams would have expected the extraordinary, surreal proposal that he unveiled to a stunned world when he took the podium at the White House alongside Israeli Prime Minister Benjamin Netanyahu on Tuesday.
/jlne.ws/4guzYPR
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | SIX Bolsters Asian Market Data Access With ThaiQuest Partnership
Mondovisione
Leading Thai financial market solutions firm ThaiQuest has agreed a multi-year partnership with SIX, the global financial data and market infrastructure provider, to access comprehensive market data from SIX and enhance its financial information business. As of today, ThaiQuest will gain seamless access to the SIX financial data universe via SIX Web API, a modern data gateway designed especially for digital financial platforms.
/jlne.ws/3WNyJ7e
Euroclear Continues To Deliver Strong Results In 2024
Mondovisione
Euroclear's underlying business income and interest earnings reached record levels in 2024 Underlying operating income increased by 5% to reach EUR2,899 million. Underlying business income is up by 5% to EUR1,748 million, driven by strong settlement and safekeeping activities, with assets under custody reaching EUR40.7 trillion as of end December 2024. Underlying business income for Q4 2024 increased by 7% compared to Q4 2023, driven by strong performance in Eurobonds, European Assets, Global Emerging Markets and Funds. Despite a decreasing trend in interest earnings in the second half of 2024 due to interest rate changes, underlying interest income increased by 3% year-on-year to EUR1,152 million.
/jlne.ws/3ElMhR8
Cboe Hires Meaghan Dugan as Head of U.S. Options, Marking Latest Expansion of its Global Derivatives Team
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced Meaghan Dugan has joined the company as Head of U.S. Options. This appointment marks the latest expansion of Cboe's Global Derivatives team, which has recently welcomed several new hires and key promotions to further strengthen its business development, market intelligence, and sales capabilities across the U.S., Europe and APAC in response to increasing global client demand.
/jlne.ws/3Q5h9b1
U.S. farmers retain optimistic outlook for 2025 despite ag trade uncertainty
CME Group
U.S. farmers began 2025 with an optimistic outlook, as the January Purdue University/CME Group Ag Economy Barometer rose 5 points from the previous month to a reading of 141. This increase was driven by a 9-point growth in the Current Conditions Index and a 3-point rise in the Future Expectations Index. The improvement in sentiment was linked to higher crop prices between December and mid-January and fewer producers citing crop and livestock prices as a top concern. For instance, Eastern Corn Belt prices for near-term delivery of corn and soybeans rose by 9% and 5%, respectively, during that period. While farmers' views of current conditions improved, optimism about the future remained even stronger, with the Future Expectations Index exceeding the Current Conditions Index by 47 points. This month's survey was conducted between Jan. 13-17.
/jlne.ws/4jYHLbF
DTCC Opens Second India Office Location in Hyderabad, Expanding Global Support across the Financial Services Industry
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced the opening of its Hyderabad, India office location following its recent ribbon-cutting ceremony on February 3. The Hyderabad office is DTCC's second location in India. Chennai was the firm's first site in India and opened in 2008. The office was inaugurated by Sri. D. Sridhar Babu, Honorable Minister, Information Technology, Electronics & Communications, Industries & Commerce, Telangana, in the presence of Lynn Bishop, DTCC Managing Director and Chief Information Officer, and Renee LaRoche-Morris, DTCC Managing Director and Chief Financial Officer.
/jlne.ws/42ELCUZ
Intercontinental Exchange Reports January 2025 Statistics
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today reported January 2025 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet. January highlights include: Record total average daily volume (ADV) up 21% y/y; open interest (OI) up 11% y/y Record Energy ADV up 26% y/y; OI up 13% y/y, including record futures of 37.4M lots on January 30 Record Oil ADV up 36% y/y; OI up 14% y/y, including record OI of 15.9M lots on January 27 Record Brent ADV up 37% y/y; OI up 10% y/y Record WTI* ADV up 69% y/y; OI up 30% y/y, including record futures of 916k on January 16 Gasoil ADV up 10% y/y; OI up 17% y/y Record Other Crude & Refined products ADV up 42% y/y; OI up 14% y/y, including record OI of 7.4M lots on January 30
/jlne.ws/4gtG42A
Joint Development of New Index Focusing on Human Capital
JPX
JPX Market Innovation & Research, Inc. (JPXI) and Nikkei Inc. (Nikkei) have agreed to jointly develop a new stock price index that focuses on human capital. While keeping in close consultation with market participants, JPXI and Nikkei will work toward launching the new index around the middle of this year.
/jlne.ws/4hooHSl
February 2025 Eligible Corporate Bonds, ETFs, and Stocks - Effective February 04, 2025
Axoni
Monthly Eligibility List for stocks, corporate bonds, and ETFs for February 2025 is available.
/jlne.ws/3WMlG67
Trader Alert 25-04: Holiday Reminder - Closed February 17, 2025
MEMX
MEMX Equities and MEMX Options will be closed Monday, February 17, 2025, in observance of the Presidents' Day holiday. Normal trading will resume on Tuesday, February 18, 2025.
/jlne.ws/40Cl7wI
Nasdaq Reports January 2025 Volumes
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for January 2025 on its Investor Relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics.
/jlne.ws/4hBir9w
Mega RISA - Guwahati: Strengthening Investor Awareness and Investor
Protection in Assam
NSE
In a significant initiative to promote investor awareness and protect the
interest of the investors in the securities market NSE and NSDL under the aegis of SEBI and along with other Market Infrastructure Institutions (MIIs) organized Mega RISA (Regional Investor Seminar for Awareness) in Gauhati Medical College Auditorium, Assam.
/jlne.ws/3CGqVNN
OCC January 2025 Monthly Volume Data
OCC
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Broadridge Enhances NYFIX Matching Solution with Symphony Messaging; NYFIX Matching is the first post-trade matching tool with messaging functionality, enabling compliance, greater transparency and streamlined resolution of post-trade discrepancies
Broadridge
To streamline communication between asset managers and their executing brokers, Broadridge Financial Solutions Inc. (NYSE: BR), a global Fintech leader, today announced a partnership with Symphony, the communication and markets technology company, to integrate messaging technology into the NYFIX Matching platform. This latest innovation empowers asset managers to communicate directly with brokers via Symphony's secure messaging platform, enabling compliance, transparency and streamlined resolution of post-trade discrepancies.
/jlne.ws/3ErLTR1
Fintech firm Fiserv profit beats estimates as consumer spending remains robust
Reuters
Payments firm Fiserv on Wednesday beat Wall Street estimates for fourth-quarter profit, helped by strong demand in its banking and payments processing unit, sending its shares up 3.2% in premarket trade. Consumer spending remained robust in the reported quarter, fueled by the Federal Reserve's rate-cut cycle and hopes of a soft landing for the economy, where inflation falls without triggering a recession or significant job losses.
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Exclusive: AI has struggled to analyze tables and spreadsheets. This German startup thinks its breakthrough is about to change that.
Jeremy Kahn - Fortune
A lot of information inside companies is what's known as "tabular data," or data that is presented in rows and columns. Think spreadsheets and database entries and lots of figures in reports. Well, it turns out that artificial intelligence models have difficulty working with tabular data, for several reasons. It's often a confusing jumble-sometimes text and sometimes numbers, as well as numbers in different units of measurement. What's more, the relationship between different cells in the table is sometimes unclear. Knowing which cells influence which other cells in a table often requires domain expertise.
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Clarity AI tool launched to help simplify regulatory and labelling complexity; Supporting European fund managers and ESG analysts navigate regulatory and labelling requirements
Michael Nelson - PA Future
Clarity AI has brought its latest tool to market to help European fund managers, portfolio managers and ESG analysts navigate the growing complexity of regulatory and labelling requirements for sustainable investment funds. With increasing regulatory demands and greenwashing scrutiny, new sustainability labels are emerging. Some of these requirements, such as the UK Financial Conduct Authority's Sustainability Disclosure Requirements (SDR), are driven by regulators, while others, like France's SRI label and Germany's FNG, are government or industry-led.
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Blue Owl Swoops Into AI With Stargate Investment
Matt Wirz - The Wall Street Journal
The money behind the first data center in Stargate, the high-profile AI project, is coming from an unlikely source: Blue Owl Capital. The asset-management firm, known mostly for its private-credit lending, is targeting big investment returns and asset growth from swopping into AI. Blue Owl was founded in 2016 by hedge-fund manager Doug Ostrover, plus financiers Marc Lipschultz and Craig Packer, who were a lot more familiar with Wall Street than with Silicon Valley. It grew quickly at first, through private-credit funds, then meteorically by merging with and acquiring other money managers.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Peter Thiel-Backed Crypto Firm Weighs IPO
Todd Gillespie, David Pan, Ryan Gould and Bailey Lipschultz - Bloomberg
Bullish Global, a cryptoasset exchange operator whose backers include billionaire Peter Thiel, is considering an initial public offering as soon as this year, according to people familiar with the matter. The company is working with Jefferies Financial Group Inc. on the potential listing, the people said, asking not to be identified because the information is confidential.
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Ondo Finance Unveils Tokenization Platform to Bring Stocks, Bonds, and ETFs Onchain
Omkar Godbole - CoinDesk
Ondo Finance, a leading tokenized real-world asset (RWA) issuer, has unveiled a new offering to accelerate the onboarding of traditional assets to blockchain technology. Ondo on Tuesday introduced Ondo Global Markets (Ondo GM), a platform dedicated to providing onchain access to stocks, bonds, and exchange-traded funds (ETFs).
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Memecoin Suits Test Trump's SEC on Pivot in Crypto Enforcement
Gillian R. Brassil - Bloomberg Law
Securities lawsuits targeting memecoins are testing how digital asset losses should be litigated as President Donald Trump's administration signals a softer approach to crypto. A string of securities lawsuits filed over the past couple of months turn on whether memecoin trades should be treated as security transactions. Speculative and volatile-even when compared to other digital assets-memecoins are crypto tokens that gain traction through internet popularity and collect buyers by tapping into their fear of missing out.
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Crypto market has become 'very confusing,' losing all logic - Traders; Crypto traders say the market has "lost all sense of logic" and is now "confusing just about every investor" despite pro-crypto moves by the US government.
Ciaran Lyons - CoinTelegraph
The crypto market isn't following the same old patterns anymore - and it's throwing crypto traders off. "The market is totally cooked," pseudonymous crypto trader Sykodelic said in a Feb. 4 X post. They added that despite pro-crypto moves from the US government and President Donald Trump, the market "just keeps on retracing." Crypto trader The Bitcoin Therapist said in a Feb. 4 X post that "something is terribly wrong with the market's pricing of Bitcoin." "We are easily $50K-$100K undervalued. There is far too much to be bullish about. There is going to be a violent repricing," they added.
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Investors Flock to Leveraged Ether ETF That Nosedived on Tariffs; The 2x Ether ETF drew in a record $246.5 million on Tuesday; A day earlier the fund had plunged after a sharp Ether selloff
Sidhartha Shukla - Bloomberg
Investors poured record sums into a leveraged exchange-traded fund for Ether that had plummeted on Monday after US President Donald Trump's initial tariff announcements. The 2x Ether ETF, which uses futures contracts to deliver twice the token's daily performance, recorded $246.5 million in net inflows on Tuesday - by far the largest single-day intake since the fund's inception. Just a day earlier the ETF had fallen as much as 46% amid a market-wide downturn that proved particularly acute for Ether, the second-largest cryptocurrency.
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| Politics | | An overview of politics as it relates to the financial markets | Trump Team Moves to Help Musk Tighten Grip Over Federal Data
Gregory Korte - Bloomberg
President Donald Trump's administration is moving chief information officers at federal agencies - who often hold career positions that protect them from firing - into the ranks of political appointees. The move would exert even more White House control over federal data at a time when Tesla Inc. CEO Elon Musk is gaining access to government information technology systems in an attempt to root out what he calls government waste.
/jlne.ws/4hHNS1U
Trump's Fight to Take Control of Spending From Congress
Saleha Mohsin and Alex Tighe - Bloomberg
Trump says the president should be able to decide how to spend taxpayer money - not Congress. Part of his plan? Impoundment: A controversial maneuver that could wrest control of trillions of dollars in federal spending away from Congress. Bloomberg politics reporter Gregory Korte joins Big Take DC host Saleha Mohsin to explain what impoundment is, the pushback against Trump's efforts and how the battle over its legality could play out.
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Elizabeth Warren Agrees With Trump: Big Banks Discriminate; The progressive senator from Massachusetts says banks have been shutting down too many accounts without explanation
Alexander Saeedy - The Wall Street Journal
Elizabeth Warren agrees with President Trump about something. The Democratic senator from Massachusetts told Trump on Tuesday that she thinks the White House should take action to stop what she said were discriminatory practices by the country's biggest banks, according to a letter from her office that was viewed by The Wall Street Journal.
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Trump's Cabinet Picks for Energy, Environment Roles Confirmed; The agency heads tasked with carrying out the administration's agenda answered tough questions from senators
H. Claire Brown - The Wall Street Journal
With the confirmation of fracking executive Chris Wright as energy secretary, Trump's picks for key environment and energy roles have now been confirmed. Former Rep. Lee Zeldin of New York now leads the Environmental Protection Agency, and former North Dakota Gov. Doug Burgum leads the Department of the Interior and a newly formed National Energy Council.
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Unmasked: Musk's Secret DOGE Goon Squad-Who Are All Under 26; The world's richest man doesn't want anyone knowing his right-hand people who are disrupting government.
Josh Fiallo - The Daily Beast
Elon Musk's team of young DOGE disruptors have been unmasked, much to the ire of the billionaire and other MAGA figures. One is a 19-year-old college freshman and heir to a popcorn fortune. Another was hosting Model UN sessions in 2019 and a third was given money by his parents to invest in stocks while at his high school in Silicon Valley. The world's richest man lashed out at an X account which suggested the six young men, who now have access the Treasury Department's payment system, among other things, should be "paid a visit" by FBI agents.
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Trump and Musk Are Vandalizing the World; Carelessly smashing up things and people is not nationalism or conservatism or any other -ism ... except vandalism.
Andreas Kluth - Bloomberg Opinion
"They were careless people, Donald and Elon - they smashed up things and creatures and then retreated back into their money or their vast carelessness or whatever it was that kept them together, and let other people clean up the mess they had made." F. Scott Fitzgerald was describing Tom and Daisy Buchanan in The Great Gatsby, but this quote just as aptly describes Donald Trump and Elon Musk, who now go around wielding nebulous authority to demolish the institutions of American governance in the name of cleaning out the "deep state." Just one example: The United States Agency for International Development.
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Denmark to Intensify Scrutiny of Russia's Shadow Fleet Tankers
Sanne Wass - Bloomberg
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Saudi Arabia, in swift response to Trump, says no ties with Israel without Palestinian state
Yomna Ehab and Enas Alashray - Reuters
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| Regulation & Enforcement | | Stories about regulation and the law. | Switzerland's Finma Pushes Back Against Calls to Protect UBS
Bastian Benrath-Wright - Bloomberg
Switzerland's financial watchdog signaled it's opposed to giving UBS Group AG any special treatment to aid its competitiveness against global rivals, as the country undergoes a regulatory overhaul following the collapse of Credit Suisse. With the Swiss government likely to substantially raise the capital requirements for its largest bank in the coming months, UBS executives and lobbyists have been arguing that doing so will hurt a national champion. Concern over the move helped send UBS shares down 7% on Tuesday, despite a robust earnings report.
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Federal Reserve Board announces termination of two enforcement actions with Wells Fargo
Federal Reserve Board
The Federal Reserve Board on Tuesday announced the termination of two enforcement actions with Wells Fargo. Both were issued in 2011, with the first relating to deficient practices in residential mortgage loan servicing and foreclosure processing (PDF) and the second relating to deficient mortgage lending practices at a former subsidiary (PDF).
/jlne.ws/40QO2gO
Fed terminates two 2011 enforcement actions against Wells Fargo
Pete Schroeder and Nupur Anand - Reuters
The Federal Reserve announced on Tuesday it had terminated a pair of enforcement actions imposed on Wells Fargo in 2011, but said the bank's asset cap remained in place. The enforcement actions were related to deficient practices in mortgage servicing and foreclosures by the bank, and mortgage lending at a former subsidiary. The Fed said the asset cap it imposed is not affected by the move. Wells Fargo CEO Charles Scharf said in a statement that the Fed's moves show "clear, meaningful progress." "Wells Fargo is a different company today, and the resolution of these two longstanding Federal Reserve consent orders is another indication that our team is establishing the right processes and controls to meet our regulators' and our own expectations," he added.
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Florida Court Orders Brazilian Nationals to Pay Over $128 Million for Fraudulent Commodity Pool Scheme
CFTC
The Commodity Futures Trading Commission today announced the U.S. District Court for the Southern District of Florida issued an order of default judgment against Brazilian nationals Emerson Pires and Flavio Goncalves, as well as Florida resident Joshua Nicholas, for fraud in connection with the EmpiresX commodity pool scheme and other violations of the Commodity Exchange Act and CFTC regulations.
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CFTC Staff Issues No-Action Letter to Korea Exchange Concerning the Offer or Sale of KOSPI and Mini KOSPI 200 Futures Contracts
CFTC
The Commodity Futures Trading Commission's Division of Market Oversight today issued a no-action letter stating it will not recommend the CFTC take enforcement action against Korea Exchange (KRX) for the offer or sale of Korea Composite Stock Price Index (KOSPI) 200 Futures Contracts and Mini KOSPI 200 Futures Contracts to persons located within the United State while the Commission's review of KRX's forthcoming request for certification of the contracts under CFTC Regulation 30.13 is pending. DMO issued similar letters when the KOSPI 200 became a broad-based security index in 2021 and 2022. [See CFTC Press Release Nos. 8464-21 and 8610-22]
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CFTC Division of Enforcement to Refocus on Fraud and Helping Victims, Stop Regulation by Enforcement
CFTC
Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today announced a reorganization of the Division of Enforcement's task forces to combat fraud and help victims while ending the practice of regulation by enforcement.
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FINRA Fines Apex Clearing $3.2 Million for Violations Relating to Fully Paid Securities Lending Program; First Enforcement Action Charging Violations of FINRA Rule 4330
FINRA
FINRA has fined Apex Clearing Corporation $3.2 million for violations related to its fully paid securities lending program. This is the first time FINRA has charged a firm with violating FINRA Rule 4330, which establishes permissible use of customers' securities to ensure customer protection. Apex operated a fully paid securities lending program for introducing firms, which in turn offered their customers the opportunity to participate. FINRA previously ordered four introducing firms whose customers participated in Apex's program to pay a combined $2.6 million, including over $1 million in restitution to harmed customers, for supervisory and advertising violations related to the program. But it was Apex that entered into the lending agreements with customers and borrowed customer securities. These matters originated from a FINRA examination of firms offering fully paid securities lending to retail customers.
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Acting Chairman Mark T. Uyeda Announces Executive Staff and Other Appointments
SEC
The Securities and Exchange Commission today announced Acting Chairman Mark T. Uyeda's executive staff, which will advise the Acting Chairman on matters before the Commission and work closely with SEC staff.
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The Journey Begins
Commissioner Hester M. Peirce - SEC
When I was a child, my family took an annual road trip from Ohio to Maine and back. It was a different era. No cell phones to call for help if something went wrong with the car. Paper maps and directions written on scraps of paper, instead of a phone app to give you step-by-step directions. Forget hopping on the web to book a hotel; you just had to look for signs in the distance and stop in to see if there was a vacancy. No podcasts or audiobooks, just a scratchy radio straining to find a local station. Instead of watching videos on screens in the back, my brothers and I were scanning passing cars' license plates to "collect" the states in a no-tech road-trip game. Road trips are very different these days. In most ways, technology has made them a more enjoyable and less risky endeavor. The crypto road trip on which the newly announced Crypto Task Force[1] has embarked likewise should be more enjoyable and less risky than the crypto road trip the Commission has taken the industry on for the last decade. https://jlne.ws/42FtNF5
SEC Obtains Final Judgment Against Former Tech Executive for Insider Trading
SEC
On January 30, 2025, the Securities and Exchange Commission obtained a final consent judgment against Andre Wong, whom the SEC previously charged with insider trading in the securities of NeoPhotonics Corporation ahead of an announcement that Wong's then-employer, Lumentum Holdings Inc., had agreed to acquire NeoPhotonics.
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NSW director charged with dishonestly obtaining financial advantage by deception
ASIC
Mark Barnes of Sutherland, NSW, appeared at the Downing Centre Local Court on 4 February 2025 charged with two offences of dishonestly obtaining a financial advantage by deception and one offence of attempting to dishonestly obtain a financial advantage by deception. As a result of an ASIC investigation, it is alleged that between about 28 May 2018 and about 20 December 2019 Mr Barnes sold false invoices from his company Barnes Marketing Services Pty Ltd (In Liquidation) to financial funding company Handley Advisory Partners Pty Ltd trading as FIFO Capital Metro NSW (FIFO), a lender which provides cash flow solutions including advance payments on the face value of purchased invoices.
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Investing 101 with Simran Kaur | Jess Learns to Invest Episode 1
FMA
Episode 1's guest is Simran Kaur, founder of Girls That Invest, a media company that's on a mission to empower women to take charge of their finances. Girls That Invest has become one of the most popular investing podcasts, particularly for women. Sim talks about her journey and shares practical tips for anyone looking to start investing. Jess and Sim discuss the basics of investing and how to get started.
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UK's FCA warns finance firms to up fraud defenses in 'Dear CEO' letter
Paul O'Donoghue - AML Intelligence
Financial companies are expected to have strong fraud systems in place to secure good customer outcomes, the FCA (Financial Conduct Authority) has warned. The UK finance watchdog said in its latest 'Dear CEO' letter addressed to chief executives that reducing and preventing financial crime is a "key priority" for the organization.
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The first meeting of the Expert Study Group on Assurance of Sustainability-related Financial Information (of the Financial System Council)
FSA
The Expert Study Group on Disclosure and Assurance of Sustainability-related Financial Information (of the Financial System Council) will hold its first meeting on February 12, 2025 as follows.
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Written reply to Parliamentary Question on the review of definitions of specific classes of investors under Section 4A of Securities and Futures Act 2001
MAS
Question: To ask the Prime Minister and Minister for Finance (a) when were the definitions of specific classes of investors as specified under section 4A of the Securities and Futures Act 2001 last reviewed; and (b) in the past three years, whether MAS has received feedback that an individual's eligibility as an accredited investor should be premised on relevant knowledge, in addition to the individual's net worth.
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Written reply to Parliamentary Question on number of jobs created by Single Family Offices
MAS
Question: To ask the Prime Minister and Minister for Finance in view of the four-fold increase in the number of family offices between 2020 and 2024 (a) how many jobs have they created in total; (b) how many more jobs are they expected to create, as a whole, over the next five years; (c) how many jobs are filled by Singapore citizens and permanent residents, as opposed to foreigners; and (d) what is the total tax revenue that these family offices are expected to contribute in the current fiscal year.
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Written reply to Parliamentary Question on licensing of Single Family Offices under the Securities and Futures Act
MAS
Question: To ask the Prime Minister and Minister for Finance (a) over the past four years, how many single family offices (SFOs) that have been set up have been awarded tax incentives; (b) whether MAS has any plans to seek SFO licensing and regulation under the Securities and Futures Act (SFA), similar to multi-family offices; and (c) if not, what considerations may lead MAS to decide to do so.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Trump Just Made Options Trading Trickier Than Ever. What to Do Now.
Steven M. Sears - Barron's
Maximum power creates maximum volatility. That seems to be the key market takeaway of President Donald Trump's initial implementation of his Make America Great Again agenda on the international stage. His decision to levy 25% tariffs on Mexico and Canada plunged markets into a deep decline on Monday. The market staged an intraday recovery after Mexico's and Canada's leaders agreed to Trump's demand to secure the border. Tariffs were suspended for 30 days, though it is unclear if, in the interim, other countries beside China will also be slapped with tariffs. The options market isn't waiting to find out. A MAGA volatility premium exists beneath the options market's surface.
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During Trump turbulence, value-at-risk may go pop; Trading risk models have been trained in quiet markets, and volatility is now looming
Samuel Wilkes - Risk.net
A smooth sea never made a skilled sailor. Franklin D. Roosevelt's wisdom that adversity forms character could also apply to the models that Europe's banks use for assessing their trading exposures. Trained on the calm waves of last year's markets, today's market risk models may be unprepared for the potential storm to come during Donald Trump's second term as US president, bankers fear.
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Meta Adds $240 Billion of Value in Longest Winning Streak Ever
Subrat Patnaik - Bloomberg
Meta Platforms Inc. shares rose for a 12th consecutive session Tuesday, their longest winning streak ever, as investors cheer the social media giant's artificial intelligence strategy. The stock ended the session up 1%. The owner of Facebook has added roughly $240 billion in market value during the streak, bringing its market capitalization to nearly $1.8 trillion.
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Unfortunately, the Economy Runs On the Data Trump Is Trying to Delete; The gutting of government statistics is a recipe for chaos.
Lizzie O'Leary - Slate
On Friday, at 8:29 a.m., markets across the world will slow what they're doing to wait for data-specifically, the monthly jobs report, which the Bureau of Labor Statistics releases at 8:30 a.m. It's not an exaggeration to say that trillions of dollars (U.S. equity markets alone are worth $62 trillion) turn on what the BLS says. The stock market, bond market, and Federal Reserve act and react based on this report.
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Bunge Sees Profits Shrinking as Trade War Adds Uncertainty; Crop trader expects lowest annual earnings since 2019; Company says it expects to close Viterra transaction 'soon'
Gerson Freitas Jr - Bloomberg
Bunge Global SA expects profits this year to shrink to the lowest level since before the pandemic as Donald Trump's trade war adds to uncertainty weighing on crop markets. The company projects full-year adjusted earnings of $7.75 a share in 2025, down 16% from last year and below the average of analyst estimates compiled by Bloomberg, according to a statement Wednesday. The figure, which excludes the pending acquisition of Glencore Plc-backed Viterra, would be the lowest since 2019.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Trump Mulls Revoking Loans From $400 Billion Clean-Energy Office
Ari Natter - Bloomberg
The Trump administration is exploring legal options to cancel loans issued under a $400 billion program to finance clean-energy technology as it considers overhauling the initiative, according to a person familiar with the matter. The newly installed director of the Energy Department's loan program, John Sneed, told agency officials in a meeting last week the effort will be retooled to focus on technologies favored by the new administration such as nuclear power and liquefied natural gas, according to the person who wasn't authorized to discuss the matter publicly.
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Colombia's Leader Asks Ecopetrol to Sell Its US Shale Operation
Andrea Jaramillo and Oscar Medina - Bloomberg
Colombian President Gustavo Petro called on state oil producer Ecopetrol SA to sell its operations in the US, citing his government's position against fracking, which he says is destructive to nature and humanity. Majority state-owned Ecopetrol announced this week it was extending a joint venture with Occidental Petroleum Corp. in the Permian Basin in the southwestern US through June 2026. The final decision rests with Ecopetrol's board, which has flip-flopped on approving deals on US assets before and whose only two independent members quit last year.
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Ukraine says it has potential to buy, store LNG from US
Reuters
Ukraine and other European nations have the potential to buy and store liquefied natural gas (LNG) from the United States in Ukraine and this could strengthen Europe's energy security as gas transits from Russia end, its foreign minister said on Wednesday. Ukraine, which was invaded by Moscow three years ago, was once a major pipeline transit route for Russian gas until the beginning of this year, when the transit deal between the two countries expired. It also has large underground gas storages, particularly in the west of the country.
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Tariff Threats Spur Canada to Ramp Up Oil Shipments to China; Success of Trans Mountain stokes calls to revive dead projects; Oil producers look to diversify markets amid US tariff threats
Robert Tuttle - Bloomberg
Almost every day since the expansion of Canada's Trans Mountain pipeline was completed in May, a tanker laden with oil sands crude shipped through the line has passed under Vancouver's Lions Gate Bridge en route to refineries around the Pacific. Those tankers, bound for China and Japan among other markets, mark a significant shift for Canada, which has long been stuck exporting its vast flows of oil solely to the US. And with President Donald Trump's tariff threats highlighting the risk of that dependence, the success of the C$34 billion ($24 billion) Trans Mountain expansion is stoking Canada's desire to further decouple from its unpredictable neighbor - and play a larger role in global oil markets.
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Colombia's president orders national oil company to cancel US venture over environmental concerns
Manuel Rueda - Associated Press
Colombian President Gustavo Petro on Tuesday ordered the state-run oil company Ecopetrol to cancel a joint venture with a U.S.-owned company that was expected to produce around 90,000 barrels of oil per day, citing environmental concerns. In a nationally televised speech, Petro said he opposed the recent extension of a deal between Ecopetrol and Occidental Petroleum, or Oxy, because it involved extracting oil through fracking, a controversial technique used to extract oil and gas from shale rock that has been criticized by environmental groups. "I want that operation to be sold, and for the money to be invested in clean energies," Petro said in a meeting with his Cabinet that was livestreamed on social media. "We are against fracking, because fracking is the death of nature, and the death of humanity."
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Credit Agricole CEO Rules Out Quitting Climate Group Amid Exodus
Claudia Cohen - Bloomberg
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Green Investment Defies the Gravity of Trump's Anti-ESG Era; The transition away from fossil fuels to clean energy may be under assault, but it is inevitable and stands to make its financiers a lot of money.
Mark Gongloff - Bloomberg
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Amazon, Alphabet Targeted as Oklahoma Joins Anti-DEI Investor Ranks
Jeff Green - Bloomberg
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Target is sued for defrauding shareholders about DEI
Jonathan Stempel - Reuters
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Ares' War Chest Swells to Record $133 Billion on Fundraising; Asset manager raised $92.7 billion in new capital in 2024; All credit strategies reported double-digit returns last year
Laura Benitez - Bloomberg
Demand for credit investments drove Ares Management Corp.'s fundraising to a record in 2024, boosting the firm's war chest to $133 billion - its biggest ever. Ares raised $92.7 billion in new capital last year, a 25% increase from the prior year, according to a statement announcing quarterly and full-year earnings on Wednesday. Managed assets jumped 16%, with commitments to direct lending and opportunistic credit funds charging the growth.
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Trader Who Made $1 Billion in Single Bet Sues Deutsche Bank; Mark Spehn brings discrimination, whistleblowing claim; Deutsche Bank said it plans to defend London employment suit
Irene Garcia Perez and Lucca De Paoli - Bloomberg
A former trader on Deutsche Bank's distressed credit desk, known for helping the German lender net nearly $1 billion in profit from a single trade, is taking legal action against the bank over his termination last summer. Mark Spehn, 39, has filed a suit against Deutsche Bank in a London employment tribunal, according to a court filing. The trader, who was a notable moneymaker for the bank's Distressed Product Group, is suing for disability discrimination and bringing a whistleblowing claim, the document from 2024 shows.
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Citi appoints Ashu Khullar as co-head of global asset managers, memo shows
Reuters
Citigroup has appointed Ashu Khullar to partner with Anthony Diamandakis to serve together as co-heads of global asset managers, according to an internal memo seen by Reuters on Wednesday. Khullar, who is moving from his current role as India subcontinent sub-cluster & banking head, will be replaced by K. Balasubramanian, the memo showed.
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Nomura Profit Beats Estimates on Trading Boom, Cost Cuts
Takashi Nakamichi and Nao Sano - Bloomberg
Nomura Holdings Inc.'s profit rose more than analysts expected, as Japan's biggest brokerage reaped the benefits from robust trading and investment banking business and made progress on cost cuts. Net income doubled from a year earlier to ¥101.4 billion ($661 million) in the three months ended Dec. 31, the highest in more than four years, the company said in a statement on Wednesday. That beat the ¥72.4 billion average estimate of five analysts.
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Ex-Goldman executive named head of enterprise engineering at Man Group; New appointment previously held positions at Man AHL, Excelian, Barclays Investment Bank, and Goldman Sachs.
Wesley Bray - The Trade
Man Group has appointed Tushara Fernando as managing director, head of enterprise engineering, based in London. He previously served as head of fast trading technology at Man Group's systemic managing arm, Man AHL, a position he held for three years. Prior to joining Man AHL, Fernando spent six years at Goldman Sachs, most recently serving as executive director, head of portfolio construction technology, fixed income. Before that, he was head of core platforms for fixed income at the bank.
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Macquarie Shuts US Debt Capital Markets in Private Credit Pivot
Gillian Tan - Bloomberg
Macquarie Group Ltd. is shuttering its US debt capital markets arm, a business that includes leveraged loan origination, syndication and trading, to focus resources on private credit, according to people with knowledge of the matter. The decision is set to impact roughly 80 staff within the firm's investment banking arm, known as Macquarie Capital, said the people, who asked not to be identified discussing confidential information. Some employees will be moved into other roles at the firm, while others will leave, they said.
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Pension reforms set to see buy-side evolve into price-givers, not price-takers; Consolidation plans set to negatively impact smaller boutique asset management firms most heavily, said experts speaking at a closed roundtable, as the "opportunity to compete" may potentially dissolve completely.
Claudia Preece - The Trade
A future wherein the buy-side evolve from price-takers to price-givers is very much on the cards as the UK continues to reform its pensions landscape, asserted experts at a Northern Trust roundtable on Wednesday. Currently, government consultations are focused on plans for the wholesale consolidation of the local government pension scheme (LGPS) and defined contribution (DC) sector, while the defined benefit (DB) arena is remaining largely untouched. As these changes ramp up, the buy-side is set to reap more power when it comes to managing the assets, subsequently leading to an operational shift within organisations.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | 'Career Catfishing' And 'Office Ghosting': Gen Z's No-Show Work Trends
Bryan Robinson, Ph.D. - Forbes
Younger employees have introduced a number of new trends in the workplace to oppose what they consider outdated standards and to create careers that fit with their personal values of flexibility and work-life balance. Some of these practices like "revenge-quitting" are deceptive. Gen Z also has the corporate world on high alert about the common and deceptive no-show trends of "career catfishing" and "office ghosting." Why Gen Z Are 'Career Catfishing' And 'Office Ghosting' In the past, "catfishing" has referred to someone pretending to be someone else online-a well-known challenge in the dating and cyberspace worlds. In the world of work, " career catfishing" occurs when job seekers give fake or rosy information or outright lie to hiring managers. Some recruiters are guilty of the deceptive practice, too, giving false descriptions, presenting a rosy picture of a job that causes "shift shock" on behalf of young workers the first day on the job.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Costs and access top public's health priorities
Maya Goldman - AXIOS
Medical costs and access still top Americans' health concerns by a wide margin, ahead of food and water safety or reducing chronic diseases, according to a new poll from Gallup and Emory University. Why it matters: Despite talk in Congress about bringing down drug and other costs, the results show a disconnect with some of the current hot-button debates around childhood vaccines, access to reproductive health and even maternal mortality. The sensitivity over costs and coverage could help explain the mounting public anger over health insurance and some state efforts to crank up oversight of carriers.
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Novo Nordisk Outlook Provides Some Welcome Relief; Overall sales jumped by a bigger-than-expected 30%, thanks in part to pricing adjustments in the U.S.
Dominic Chopping - The Wall Street Journal
Novo Nordisk shares rose after the drugmaker reported strong sales growth for its blockbuster obesity and diabetes drugs and issued a forecast for full-year 2025 results that topped analysts' expectations. Novo's shares were up 3% in European trading, and its American depositary shares were up 3.4% in premarket U.S. trading Wednesday after Novo reported fourth-quarter earnings. Investors who had become concerned about an obesity market slowdown, as well as Novo's competitive position, breathed a sigh of relief.
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Federal health workers terrified after 'DEI' website publishes list of 'targets'; The site calls out workers who have been involved with DEI initiatives. A majority are Black.
Berkeley Lovelace Jr. and Erika Edwards - NBC News
Federal health workers are expressing fear and alarm after a website called "DEI Watch List" published the photos, names and public information of a number of workers across health agencies, describing them at one point as "targets." It's unclear when the website, which lists mostly Black employees who work in agencies primarily within the Department of Health and Human Services, first appeared.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China has delayed or redirected 600,000 tons of wheat imports, sources say
Naveen Thukral and Peter Hobson - Reuters
China has delayed imports of up to 600,000 metric tons of mostly Australian wheat and offered some of these cargoes to other buyers as ample domestic supplies reduce demand in the world's top buyer of the grain, two trade sources with direct knowledge of the matter said. China accounted for 6% of global wheat imports in the year to June 2024, according to U.S. Department of Agriculture data. With its outsized role in the market, the country's lower intake may pressure benchmark Chicago wheat prices, which remain below $6 a bushel after falling to a four-year low of $5.14 in July. [GRA/]
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Tokyo's First Listing of the Year Soars in Trading Debut
Yasutaka Tamura - Bloomberg
Next Generation Technology Group Inc., the first listing on the Tokyo Stock Exchange this year, jumped in its trading debut to boost expectations that sentiment may improve in Japan's primary market for shares. The shares climbed 60% from its offer price to close at ¥3,200, also its intraday high on Wednesday, as investors cheered the listing of the firm that acquires smaller Japanese manufacturers to turn them around. That gave it a market value of ¥27.6 billion ($180 million). Public offerings have slid in recent months in Japan compared with a year earlier after jumping in October, Bloomberg-compiled data show.
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| Miscellaneous | | Stories that don't quite fit under the other sections | New York Times Reaches 10.8 Million Digital Subscribers
Alexandra Bruell - The New York Times
The New York Times added 350,000 digital subscriptions last quarter, accelerating gains and increasing its online subscriber base to 10.8 million. Shares in the media company dropped about 11% in Wednesday morning trading. More than 11.4 million people now subscribe to at least one of the Times's digital or print products. Those include news, as well as games and cooking offerings, the Athletic, and Wirecutter, its consumer product-review site.
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