| March 10, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Welcome to FIA Boca week. It is beautiful in Florida and the conference started off well last night with an opening reception sponsored by NSE (India). It is nice to see NSE step up, as they are having a lot of success and there is increasing global interest in their markets.
Robert Lothian, the USA version, and I will be conducting interviews for the JLN Industry Leader series sponsored by OCC at Boca. We had 30 interviews scheduled when we arrived and 31 by the time we retrieved our name tags.
Today we are interviewing Brad Levy, Justin Llewellyn-Jones and Alun Green, Travis Schwab, Shawn Creighton, Tom Jenkins, Ryan Moroney and Pat Kenny, Stuart Connolly, Dave Howson, Paul Cusenza, Stephane Boujnah, Mikko Andersson, Oleg Solodukhin, Paolo Tonucci, Dan Carter, Martin Packham, Michael Anderson, David Taylor and Brian Roberts.
On Tuesday the lineup is Derek Sammann, David Rutter, Luc Fortin, Patrick Zielbauer, Ivan Han, Adam Passaglia, Caroline Pham, Stephane Boujnah, Jeff Bandman, Paul Humphrey, Praveena Rai and Rob Hocking
On Wednesday I will interview Brian Hyndman and Chris Isaacson without Robert, who leaves late Tuesday afternoon. I will also be solo on the Praveena Rai and Rob Hocking interviews.
The FIA has announced the 2025 President's Award winners, recognizing five industry leaders for their contributions to the global cleared derivatives industry over the past year. This year's recipients include Alexandra Büchold of Deutsche Bank for operations, Timothy Hoopes of Morgan Stanley for operations, Loredana Sinko of SEB for advocacy, Melanie Weber of Eurex for DMIST, and Dan Wiebicke of Morgan Stanley for capital. FIA President and CEO Walt Lukken praised their leadership, collaboration, and quick response to industry challenges, emphasizing their role in advancing transparency and competitiveness in derivatives markets.
The World Federation of Exchanges announced the 2025 WFE Women Leaders List. The listed included Noelle Aljaweini, chief of cash markets, Saudi Exchange, Valerie Bannert-Thurner, EVP, chief revenue officer for Nasdaq's financial technology, Nasdaq, Kristin Brandon, head of policy & regulatory affairs, NZX Limited, Dr. Rinjai Chakornpipat, CFA, senior executive vice president, head of market division and managing director - Thailand Futures Exchange Public Company Limited, The Stock Exchange of Thailand, Carla Dawson, chief human resources officer, OCC, Yolanda Gil Quintero, chief integration officer, nuam, Jill Griebenow, chief financial officer, Cboe Global Markets, Fatima Guerra, audit superintendent of BSM Market Supervision, B3 - Brasil Bolsa Balcao, Cheryl Graden, chief legal & enterprise corporate affairs officer and corporate secretary, TMX Group, Jin Hennig, managing director and global head of metals, CME Group, Vanessa Lau, chief operating officer & group chief financial officer, Hong Kong Exchanges and Clearing Limited (HKEX), Edith Lee, president, Taiwan Stock Exchange, Alla Li, deputy chairperson of management board KASE Clearing Centre JSC (KACC), Kazakhstan Stock Exchange (KASE), Thapelo Moribame, head of market development, Botswana Stock Exchange, Katherine Ng, head of listing, Hong Kong Exchanges and Clearing Limited (HKEX), Johnna Powell, managing director, head of technology, research and innovation, The Depository Trust & Clearing Corporation (DTCC), Emma Quinn, president, Cboe Australia, Cboe Global Markets, Yukti Sharma, vice president & head - listing, National Stock Exchange of India Ltd., Emily Spurling, senior vice president, head of Nasdaq Global Indexes, Nasdaq, and Hannah Zaunmuller, chief human resources officer, SIX Group
Acting CFTC Chairman Caroline D. Pham will deliver a keynote address at the FIA BOCA50 International Futures Industry Conference on March 11, 2025, at 11:10 a.m. EDT at The Boca Raton resort in Boca Raton, FL. JLN will interview the acting chairman afterwards for the JLN Industry Leader video series, her first appearance in the series.
Miami International Holdings (MIH) has launched Bitcoin Range Binary Options (BTCRB) on MIAXdx, offering hourly, cash-settled binary options on Bitcoin. These fully collateralized contracts, priced in $10 units with $0.01 tick sizes, settle based on the dxFeed Bitcoin Reference Index, which aggregates data from Bitstamp and Gemini. CEO Thomas P. Gallagher emphasized that this innovation meets growing demand for short-term risk management tools in the crypto market. With hourly expirations, BTCRB Options provide both retail and institutional investors a way to hedge against Bitcoin's price fluctuations in real-time.
The U.S. birthrate has fallen to record lows, with women having an average of 1.6 children, well below the 2.7 ideal cited in polls. Vice President J.D. Vance has emphasized the need for more babies in America, highlighting that great nations have growing populations. A key solution could be expanding remote work, as studies show that flexible work arrangements boost marriage rates, increase time spent with children, and encourage family formation, The Washington Post reports. However, the Trump administration's crackdown on remote work contradicts these findings, mandating federal employees return to the office full-time, despite evidence that remote workers-especially women ages 25-40-have higher birth rates.
Research suggests that remote work reduces commute time, allowing for better childcare arrangements, shared parenting responsibilities, and greater work-life balance. Economist Claudia Goldin found that flexibility reduces the gender pay gap, benefiting working mothers. As the nation's largest employer, the federal government could lead by example, proving that balancing productivity and family life is possible. If Vance truly wants a pro-baby, pro-family policy, he should cut out the cognitive dissonance and advocate for federal workforce flexibility, setting a model for the private sector.
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:
Bitcoin derivatives market surges as traders position ahead of White House crypto summit from The Block.
Nasdaq wants to launch 24-hour trading Monday through Friday. Here are the challenges it faces. from MarketWatch.
Chaotic Market Burns Hedge Fund Strategies in February from Bloomberg via Yahoo Finance. ~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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Women's Leadership Center Unveils Architectural Renderings of Lakefront Space
Kate Gardiner - At The Lake
An innovative new Women's Leadership Center is being built on the lakefront in Williams Bay thanks to successful logistics leader and philanthropist Ann M. Drake and renowned architect Jeanne Gang. On the next spread, At The Lake is thrilled to premiere the architect's rendering of the campus, which is slated to open in 2026. The new Women's Leadership Center in Williams Bay will bring female leaders to the Geneva Lake area from all over the country, thanks to the efforts of founder and funder Ann M. Drake. Set to open in 2026, the new 24,000-square-foot conference center will host groups of up to 80 people on a tranquil, 9-acre lakefront lot near Yerkes Observatory and the former George Williams College campus.
/jlne.ws/3DpCgCj
******Williams Bay, the town my mother worked in at George Williams College during the summer when she was a school teacher in Lake Geneva during the school year, and where my parents later built a summer home where I grew up, is now going to be the home of a dynamic new Women's Leadership Center. Williams Bay has always been a great town; this women's leadership center will elevate its greatness.~JJL
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The World Federation of Exchanges announces the 2025 WFE Women Leaders List
The World Federation of Exchanges
The World Federation of Exchanges (WFE) has announced its fifth annual WFE Women Leaders list. This initiative celebrates the exceptional contributions of women working within market infrastructures around the world, highlighting their leadership and contribution to the industry. The WFE is committed to promoting diversity and inclusion within the financial sector. Our Women Leaders initiative aims to shine a spotlight on the talented and gifted women from the global exchanges and clearing houses within our membership.
/jlne.ws/41Dhyqn
****** The WFE will have to have a women's leadership conference and hold it in Williams Bay, Wisconsin at the new Women's Leadership Center once it is completed. On another note, I started working on the 20 leaders celebrated on this list and added the first 15 to MarketWiki. I still have some work to add the others.~JJL
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Friday's Top Three
Our top story Friday was Commerce Secretary Lutnick Says the Darndest Things, a Bloomberg opinion piece by Robert Burgess. Second was Head of Small Business Administration is closing Chicago office, citing 'sanctuary city' status, from the Chicago Sun Times, which quotes new SBA Administrator Kelly Loeffler. Third was Nasdaq President Tal Cohen's LinkedIn post, The Markets Never Sleep, Should Trading?
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| Lead Stories | The Fool's Gold of a Crypto Reserve; Government bitcoin and crypto reserves serve no useful purpose and invite political mischief.
The Editorial Board - The Wall Street Journal
President Trump held a summit on Friday with crypto-currency enthusiasts where he touted his plan to establish national stockpiles for bitcoin and other crypto tokens. What could go wrong? Mr. Trump's new executive order issued Thursday directs the Treasury Department to take custody and preserve government holdings of bitcoin and other crypto-currencies that agencies seize as part of investigations into wrongdoing. His stated goal is to create a crypto version of Fort Knox, which is where America's gold reserves are stored.
/jlne.ws/4kEoQmw
Singapore Exchange to List Open-Ended Bitcoin Futures Contracts
Bernard Goyder and Katherine Doherty - Bloomberg
Singapore Exchange Ltd. plans to list Bitcoin perpetual futures as traditional exchanges push deeper into crypto derivative markets. Singapore's largest exchange group intends to launch the contracts in the second half of 2025, a spokesperson said in an emailed statement. The company will strictly target institutional clients and professional investors, with retail customers barred from trading the instruments.
/jlne.ws/4hqgc8q
Cboe Global Markets Plans to Launch S&P 500 Equal Weight Index Options on April 14, 2025
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network today announced plans to launch options on the S&P 500 Equal Weight Index (EWI) on April 14, 2025, pending regulatory review. The new initiative was announced today at the 50th International Futures Industry Conference in Boca Raton, Florida. S&P 500 EWI options will be cash-settled and based on 1/10th the value of the S&P 500 EWI, the equal-weight version of the S&P 500 Index. The S&P 500 EWI includes the same constituents as the capitalization-weighted S&P 500 Index, but each constituent of the S&P 500 EWI is allocated a fixed weight of 0.2% of the index total at each quarterly rebalance.
/jlne.ws/4iaPzWe
Mark Carney to replace Justin Trudeau as Canada's prime minister; Former central bank head accuses Donald Trump of attacking Canadian workers and families
Ilya Gridneff - Financial Times
Canada's ruling Liberal party has chosen Mark Carney as its new leader and the country's prime minister, setting up a face-off between the former central banker and US President Donald Trump. The party announced on Sunday that Carney had won the contest to replace Justin Trudeau, who stepped down as leader in January after months of party infighting and poor polling.
/jlne.ws/3DfBXKk
DOGE accused of accessing Social Security data of millions of Americans
Heather Miller - Yahoo News
A group of labor unions are asking a federal court to intervene and stop Elon Musk's Department of Government Efficiency from accessing the Social Security data of millions of Americans. According to a court filing, a former senior official at the Social Security Administration said career civil servants are working to protect the sensitive information from DOGE, but they're asking the court to step in and help.
/jlne.ws/3XH0Sx5
Officials and experts warn that Pentagon plans to cut climate programs will hurt national security
Haley Britzky - CNN
As the Pentagon and Elon Musk's Department of Government Efficiency set their sights on climate-related programs at the Defense Department, officials and experts are warning that slashing them could put US troops and military operations at risk, both in the near and long term. Secretary of Defense Pete Hegseth and other senior Pentagon officials have pointed to climate programs as a prime example of wasteful spending in the military. Hegseth told reporters in Germany in February that the Pentagon is "not in the business of climate change."
/jlne.ws/3Dro63A
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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. | China hits US farm goods with tariffs as trade war escalates; Beijing's latest measures target $22bn of American agriculture products as well as timber
Ryan McMorrow, Joe Leahy and Nian Liu - Financial Times
China has introduced retaliatory tariffs on about $22bn of US goods, including agricultural exports, targeting President Donald Trump's rural base in the latest escalation in the trade war between the world's two largest economies. Beijing's measures, which were announced last week in response to Trump slapping an additional 10 per cent levy on all Chinese products, are aimed primarily at US farm goods.
/jlne.ws/4hqhyA2
Champagne and Parmigiano under threat from Donald Trump's tariffs; Producers warn Europe's finest foods and wine could become unaffordable for ordinary US consumers
Susannah Savage and Amy Kazmin - Financial Times
French champagne and Italian Parmigiano cheese are among the European treats under threat should US President Donald Trump impose tariffs on EU imports as producers warn US consumers would struggle to afford them. With US household budgets strained by soaring egg costs and fresh tariffs on goods from Mexico, Canada and China, European food and winemakers warn American consumers will snub their pricey delicacies in favour of cheaper domestic-made imitations.
/jlne.ws/3FhuOK5
Canada's next PM Mark Carney vows to 'win' US trade war
Michel Comte with Ben Simon in Toronto - AFP
Canada's incoming prime minister Mark Carney struck a defiant note as the former central banker vowed to win US President Donald Trump's trade war, saying his country will "never" be part of the United States. Carney lost no time standing up for "the Canadian way of life" after the Liberal Party overwhelmingly elected him on Sunday to succeed Prime Minister Justin Trudeau.
/jlne.ws/4iD2mjY
Tariff trouble? Nebraska companies, farmers trapped in middle of brewing trade war
Joshua Shimkus, Roy W. Howard Fellow - Flatwater Free Press
The livestock feed company is already feeling the squeeze. Imogene Ingredients is Iowa-based, with customers across Nebraska. But the company is also global, importing ingredients to use in its feed products from around the world - including from China. The recent Trump administration tariffs imposed on that country means that the animal feed company will now pay more for a feed additive for pigs and chickens, a product that can lead to healthier animals and savings for farmers.
/jlne.ws/4bGoKXp
Why America Now Eats a Crazy Number of Avocados; When we hear tariffs, we think of avocados. This is how a Mexican import conquered the U.S. market.
Ben Cohen - The Wall Street Journal
Every now and then, you come across a product that makes you question how you could have possibly existed without it. It's happened with many of the dazzling creations that have swept the nation in the 21st century, like Facebook and the iPhone-and the avocado. As it turns out, the history of avocados conquering America is as rich and slightly nutty as the avocado itself. These days, the average American devours about 9 pounds of avocados a year. If that sounds like a lot of avocados, that's because it is. In the 1970s, it was less than 1 pound. In the 1990s, it was still less than 2 pounds. Even since 2000, America's national avocado consumption has quadrupled. And the reason avocados have exploded in the U.S. is that most of them are no longer grown in the U.S.
/jlne.ws/3XI6OWH
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Ukraine loses ground in Kursk as US cuts off support; Moscow's troops gain territory around the Russian town of Sudzha ahead of crucial talks between Kyiv and Washington this week
Fabrice Deprez and Anastasia Stognei - Financial Times
Ukraine's first days of fighting without US support have seen its troops forced to give up more of the Russian territory they seized last year in the Kursk region. Russia intensified its offensive in Kursk over the weekend and is now threatening to cut off the narrow corridor between Ukraine and the town of Sudzha, which Kyiv captured in a surprise offensive last August.
/jlne.ws/41Q5YcP
Ukraine seeks to persuade US to resume aid in high-stakes talks; Zelenskyy in bid to persuade Trump he wants an end to war with Russia after freeze on military and intelligence aid
Fabrice Deprez, Henry Foy and Myles McCormick - Financial Times
Ukraine will try to persuade the US to resume intelligence and military support in high-stakes bilateral talks this week by convincing Donald Trump that Volodymyr Zelenskyy wants a swift end to the war with Russia. Officials briefed on preparations for the negotiations in Saudi Arabia said Kyiv was set to propose a partial ceasefire with Russia for long-range drone and missile strikes and combat operations in the Black Sea, in the hope that the talks' progress would lead Washington to reverse its decision to freeze intelligence sharing and weaponry supplies.
/jlne.ws/4bI415B
Russia Trots Out Its Newest Weapons in Ukraine: Horses; The most humble of battlefield companions is proving to be a stealthy stalwart in a high-tech war
Alistair MacDonald and Ievgeniia Sivorka - The Wall Street Journal
On the eastern front here, Russia is saddling up a mainstay of battlefields from earlier centuries to counter Ukraine's drone army: horses and donkeys. The hoofed mammals carry supplies and soldiers to avoid the attention of drones, which can easily spot and strike armored and other vehicles moving near the front lines. While horses and donkeys are far from a centerpiece of Russian operations, Moscow's dalliance is indicative of the ways in which a high-tech war is requiring creative uses of old-school combat methods, from trenches to motorbikes.
/jlne.ws/4ieJdFh
After Poland spat, Musk vows Ukraine can keep Starlink
AFP
Billionaire industrialist and senior White House advisor Elon Musk vowed Sunday to maintain Ukraine's access to his Starlink satellite network, after a fierce online clash with Poland's outspoken foreign minister. The United States has suspended military aid and intelligence sharing with Ukraine after a disastrous February 28 meeting between presidents Donald Trump and Volodymyr Zelensky in the White House.
/jlne.ws/3DvvHy8
Ten Days That Shook Ukraine's World Reverberate in Defiant Kyiv; Even for a city used to hostile forces, Ukraine's capital is reeling from US President Donald Trump's abrupt withdrawal of support.
Alan Crawford and Daryna Krasnolutska - Bloomberg
With a sweep of her arm, the receptionist pointed out the hotel's amenities: breakfast room, gym, lobby bar - and a basement shelter for use during air raids, with hot and cold running water, ventilation, and chairs. Kyiv has adapted during three years of full-scale war with Russia, absorbing existential threats and turning them into everyday routine. But even for a city inured to hostile forces, it's been a head-spinning 10 days.
/jlne.ws/3FuXfnC
Middle East Conflict
Israel Chokes Electricity Supply to Gaza to Pressure Hamas on Hostages; Move is part of an escalating pressure campaign, but the Palestinian enclave gets most of its power from generators
Dov Lieber and Summer Said - The Wall Street Journal
Israel on Sunday said it was halting its supply of electricity to the Gaza Strip as part of efforts to coerce Hamas into releasing Israeli hostages and giving up its arms, though Israel currently supplies little power to the enclave. "I have now signed an order to immediately halt electricity to the Gaza Strip," Israeli Energy Minister Eli Cohen wrote on X. "Enough with the talk. It's time for actions!"
/jlne.ws/41T2xSO
Other Conflicts
Inside Russia's shadow war in the Baltics; A series of suspected sabotage incidents has exposed the vulnerability of Europe's undersea infrastructure
Richard Milne, Sam Learner,Lucy Rodgers, Irene de la Torre Arenas, Dan Clark, Ian Bott and Bob Haslett - Financial Times
In the early hours of Boxing Day, as most of Finland slept off the Christmas festivities, a group of armed Finnish border guards abseiled out of a helicopter above the Baltic Sea. Dangling over the icy waters, the team lowered themselves on to the deck of the Eagle S oil tanker, seizing control from its Georgian and Indian crew.
/jlne.ws/3Dr1250
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Traxys and HNK Alpha Execute First Lithium Carbonate Futures Block Trade on Abaxx Commodity Futures Exchange and Clearinghouse
Abaxx
Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) ("Abaxx" or the "Company"), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, "Abaxx Exchange" and "Abaxx Clearing"), and producer of the SmarterMarkets Podcast, today announced the execution of the first lithium carbonate futures block trade, traded between Traxys and HNK Alpha on March 7, 2025. Traxys and HNK Alpha traded 20 lots of the May 2025 Abaxx Lithium Carbonate Singapore futures contract at USD$10,300/tonne. The trade was brokered by StoneX Financial Pte Ltd., a subsidiary of StoneX Group Inc. (NASDAQ: SNEX).
/jlne.ws/4kFeX87
Nasdaq Expands The Offering Of Standardized Finnish Equity Derivatives On Nasdaq Derivatives Markets
Nasdaq via Mondovisione
Nasdaq (Nasdaq: NDAQ) today announced that it has completed the expansion of the offering of standardized Finnish equity derivatives* on Nasdaq Derivatives Markets. Nasdaq's widened offering includes a variety of standardized equity derivatives (options, forwards and futures), on Finnish large cap stocks and selected mid-cap stocks, and futures on the OMXH25 index. Previously, the full offering included eight stock classes. Following the expansion, it now encompasses 29 stock classes, all denominated in Euros.
/jlne.ws/3Fcq9ZG
Nasdaq to launch 24-hour trading for US equities; The exchange aligns with Cboe Global Markets and the New York Stock Exchange, who have also announced plans to extend trading hours for US equities on their respective platforms.
Wesley Bray - The Trade
Nasdaq has begun engaging with regulators to enable 24-hour trading, five days a week on the Nasdaq Stock Market. The exchange's timeline is pending regulatory approval and alignment with industry infrastructure providers, with plans to launch in the second half of 2026. The development has been linked to increased retail participation, a reduction in barriers to accessing markets through wealth accumulation, and increased appetite to engage with US markets from global investors.
/jlne.ws/3FdYVlo
JSE and Rapid Addition collaborate to launch order routing hub
JSE
The Johannesburg Stock Exchange (JSE), Africa's largest stock exchange, today announced the launch of its new order routing service, JSE-FIX, in collaboration with Rapid Addition, a leader in providing electronic trading and connectivity solutions. This service aims to reduce the cost of sending orders by providing market participants with a scalable solution, that is vendor, venue and asset class agnostic.
/jlne.ws/4ig1TV4
Nodal Exchange achieves February trading records as natural gas market grows 143%, environmental market grows 105%, and power achieves second best month ever
Nodal
Nodal continues to be the market leader in North American power futures achieving a record 57.3% of the open interest with 1.5 billion MWh at the end of February. The open interest represents over $148.5 billion of notional value (both sides). The traded volume in February was 356 million MWh, which is the second highest trading volume month of all time. Nodal Exchange also announced calendar month trading records in natural gas and environmental markets in February. In Nodal's natural gas markets, futures trading reached 88.6 million MMBtu in February 2025, up 143% from 36.5 million MMBtu in February 2024.
/jlne.ws/3R0nrsM
ON THE MOVE: Cboe Promotes Tim Lipscomb; Nasdaq Names Brandis DeSimone
Anna Lyudvig - Traders Magazine
Cboe has promoted Tim Lipscomb to Executive Vice President, Chief Technology Officer, and appointment to the company's executive leadership team. In this role, Lipscomb will continue to oversee the expansion of Cboe's technology platform globally, further reinforcing the importance of technology and innovation to the company's organic growth strategy.
/jlne.ws/4hp31EG
The WFE's Women Leaders 2025 - Carla Dawson, Chief Human Resources Officer, OCC
OCC
/jlne.ws/4iBHJ7R
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Big banks play catch-up with fintech start-ups in deferred payments; Fast-growing buy now, pay later arrangements are cutting into banks' highly profitable credit card divisions
Stephen Gandel - Financial Times
Banks are trying to catch up to one of the hottest trends in consumer finance and head off competition from fintech start-ups, allowing clients to buy what they want when they want it and pay later on instalment - usually interest free. JPMorgan announced a new partnership with Klarna in February to offer the instalment loans to its 900,000 business clients, after introducing the so-called buy now, pay later options for its consumer card customers a few years ago. *
/jlne.ws/41SY9TQ
CQG to Provide Order Routing Infrastructure for Robinhood Futures Trades
Editorial Staff - Traders Magazine
CQG, a global provider of high-performance technology solutions for market makers, traders, brokers, commercial hedgers and exchanges, and Robinhood Derivatives have partnered to use CQG's professional-grade infrastructure to handle order routing for Robinhood Derivatives' futures customer orders. As of January 31, 2025, Robinhood has 25.5 million funded customers and assets under custody of $204 billion.
/jlne.ws/4hmI6SE
BlockFills, CQG Partner to Offer Streaming Crypto Liquidity on CQG Platform
PR Newswire
BlockFills, a premier destination for digital asset trading and market technology leveraged by institutions and professional traders, and CQG, a leading global provider of high-performance technology solutions for market makers, traders, brokers, commercial hedgers and exchanges, today announced that the firms have partnered to stream BlockFills liquidity onto the CQG platform. The move brings to CQG's vast client base industry-leading, reliable cryptocurrency pricing, delivered by BlockFills. BlockFills market participants will also benefit from the ability to use CQG's institutional-grade technology and trading tools through their BlockFills account. In addition, connectivity to BlockFills will provide liquidity access to CQG's broad network of partners, including exchanges, brokerages, trading firms and fintech companies across the globe.
/jlne.ws/3FcSTSi
DOGE has reportedly started rolling out a custom chatbot to automate some government tasks; According to Wired, the chatbot is being used by General Services Administration workers.
Cheyenne MacDonald - Engadget via Yahoo
Employees of the General Services Administration, which manages government real estate and certain IT efforts, have been given a custom chatbot from Elon Musk's DOGE to help automate tasks, according to a new report from Wired, with an internal memo telling workers it can be used to "draft emails, create talking points, summarize text, write code." The chatbot, GSAi, gives users a choice of three models - Claude Haiku 3.5 (the default), Claude Sonnet 3.5 v2 and Meta Llama 3.2 - and is ultimately meant to be used to "analyze contract and procurement data," Wired reports.
/jlne.ws/3DuX2jN
Lasers, Magnets and the $40 Billion Fight to Store the World's Data
John Keilman - The Wall Street Journal
The fate of an industry is riding on a laser smaller than a grain of salt. Data-storage company Seagate developed this diminutive heat source to help it encode information in ever-greater quantities on the spinning magnetic platters of hard disk drives. Stacked by the thousands in data centers, the drives hold everything from home movies to medical records to factory log files.
/jlne.ws/3QVpZZj
AI frenzy leads US venture capital to biggest splurge in three years; Investor excitement over fast-developing technology has seen a flurry of massive funding rounds this year
George Hammond - Financial Times
US start-ups are raising more cash than at any point since 2021 thanks to investor bullishness about artificial intelligence, but the venture capital market has tilted sharply towards funding a handful of huge private tech companies. More than $30bn has been invested into fledgling groups already this quarter, according to PitchBook data. A further $50bn of fundraising is also in train, as venture capitalists work on a series of major deals involving OpenAI, Safe Superintelligence and defence tech start-up Anduril.
/jlne.ws/4kEv8m2
Sony Music says over 75,000 items removed in battle against AI deepfakes; Label uses scale of problem to argue against UK government's proposed loosening of rules
Daniel Thomas - Financial Times
/jlne.ws/41ErcJq
How the AI Talent Race Is Reshaping the Tech Job Market; In industries from finance to retail, companies are seeking artificial-intelligence skills when looking for technology staff
Nate Rattner - The Wall Street Journal
/jlne.ws/3FiykUw
AI Startup Anysphere in Talks for Close to $10 Billion Valuation; The maker of coding app Cursor surpassed $100 million in recurring revenue in 12 months.
Kate Clark - Bloomberg
/jlne.ws/3FhidX7
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| Cybersecurity | | Top stories for cybersecurity | North Korean hackers cash out hundreds of millions from $1.5bn ByBit hack
Joe Tidy - BBC World Service
Hackers thought to be working for the North Korean regime have successfully converted at least $300m (£232m) of their record-breaking $1.5bn crypto heist to unrecoverable funds. The criminals, known as Lazarus Group, swiped the huge haul of digital tokens in a hack on crypto exchange ByBit two weeks ago. Since then, it's been a cat-and-mouse game to track and block the hackers from successfully converting the crypto into usable cash.
/jlne.ws/4kuX2Rw
Cybersecurity becoming a larger priority for institutions and investors; Cybersecurity has always been a pressing concern in financial services, but it is becoming a priority.
Patrick Brusnahan - Private Banker International
Cybersecurity has always been a pressing concern in financial services, but it is becoming a priority for investors. In terms of concerns, cybersecurity is always near the top for private banks, wealth managers and their clients. Protecting money, especially at the level of wealth, is crucial.
/jlne.ws/4bCD7vY
CISOs Connect Research Report on Cybersecurity Debt Exposes Widespread Vulnerabilities
PR Newswire
CISOs Connect, an exclusive, members-only organization dedicated to the professional and educational advancement of Chief Information Security Officers, today released CISOs Investigate: Cybersecurity Debt, a peer-authored report detailing how long-accumulated gaps in cybersecurity have burdened organizations with mounting risk. The report represents the collective wisdom of some of the cybersecurity industry's most prominent leaders on a topic weighing heavily on organizations as technology comes to figure ever more centrally in their goals and operations. The report explains how cybersecurity debt-the accumulation of outdated, neglected, or misconfigured security measures over the past three decades-inflates risk, drives inefficiencies, and makes organizations more vulnerable than they realize.
/jlne.ws/43xdNp4
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| Cryptocurrencies | | Top stories for cryptocurrencies | Trump's crypto payday might actually be even bigger; Finally, hard work pays off
Chris Cook, Eade Hemingway and Oliver Hawkins - Financial Times
At least one group of crypto enthusiasts have done rather well out of Donald Trump's presidency: the Trumps themselves. On Friday, we reported that the entities behind the official $TRUMP memecoin had made a tidy sum in the first three weeks: Donald Trump's crypto project made at least $350mn from the launch of his memecoin, a windfall that is likely to fuel concerns over conflicts of interest arising from the token. The whole thing is a bit mind-boggling. Most of the money involved is still parked in a liquidity pool: it is still supporting the price of the coin, which is currently trading at $11, but it is theirs. It makes sense for the Trumps to support the price: the stock of 831mn $TRUMP coins still held by Trump-linked accounts currently has a notional value of $9.3bn.
/jlne.ws/3DqTjUw
David Sacks says the US may have lost over $16 billion in early liquidation of bitcoins
Katherine Li - Business Insider
David Sacks, appointed by President Donald Trump as the administration's "crypto czar," said the federal government may have lost more than $16 billion by selling off its bitcoins too early. "At one point in time, we had about 400,000 bitcoin on the federal balance sheet. We sold roughly half of that for something like $360 million total," Sacks said on an episode of the All-In Podcast on Friday. "If we had held all of that, just that the portion we sold would be worth over $17 billion."
/jlne.ws/3Fh0mzz
Crypto exchange Kraken IPO set for 2026: report
Fox Business
Cryptocurrency exchange Kraken is preparing for an initial public offering next year, according to Bloomberg. The IPO is expected to take place during the first quarter of 2026 and comes amid the Trump administration's pro-stance on digital assets. The company, in a response to Bloomberg, indicated it is monitoring the best time for a potential IPO.
/jlne.ws/4hqwRZw
Volatility Shares Files for 3 XRP ETFs
Francisco Rodrigues - CoinDesk
Volatility Shares, an asset manager known for launching innovative exchange-traded funds (ETFs), has filed for three new products centered on XRP. These include a spot XRP ETF, a 2x leveraged XRP ETF and an inverse -1x XRP ETF. The spot XRP ETF is designed to track the price of the cryptocurrency directly, while the 2x XRP ETF aims to amplify daily price movements by a factor of two. The -1x XRP ETF offers investors a way to bet against XRP's price, reflecting the reverse of its daily performance.
/jlne.ws/43xGWAw
Michael Saylor Shares '$100 Trillion' Crypto Strategy at White House Summit
Francisco Rodrigues - CoinDesk via Yahoo Finance
Strategy co-founder Michael Saylor shared a comprehensive cryptocurrency strategy at the White House Digital Assets Summit, arguing that the U.S. can unlock up to $100 trillion in economic value over the next decade by establishing a clear regulatory framework, removing barriers to innovation, and strategically acquiring bitcoin.
/jlne.ws/4kELTO4
Why Warren Buffet Avoids Cryptocurrencies Despite Their Hype
Vance Cariaga - Yahoo Finance
Investing in cryptocurrency is not for the faint of heart because it's subject to so much volatility. Even the leading crypto, Bitcoin, has been through more than its share of choppy waters. That volatility - coupled with the fact that crypto investor sentiment is often driven more by hype than business fundamentals - helps explain why legendary investor Warren Buffett tends to avoid the asset.
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Banks and fintechs join 'stablecoin gold rush'; Bank of America and Stripe target market for payments in cryptocurrencies
Akila Quinio and Nikou Asgari and George Hammond - Financial Times
/jlne.ws/4bAWDZG
Ripple Co-founder's $150M XRP Heist Related to LastPass Hack: ZachXBT
Shaurya Malwa - CoinDesk
/jlne.ws/3XFBhVg
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| Politics | | An overview of politics as it relates to the financial markets | The 'Trump Slump' is real and has echoes of a Britain broken by Brexit promises; Leaving the EU would reverse our economic fortunes, Brits were told a mere nine years ago - now the US president is raving about a new era for America as he begins waging trade wars. It's not hard to see where this is going, writes Chris Blackhurst
Chris Blackhurst - The Independent
One of the few jarring notes in Donald Trump's imperious address to Congress was the reference to tariffs and their impact. "There'll be a little disturbance, but we're OK with that. It won't be much." Then he moved quickly on, laying out his vision for the "golden age of America" and declaring that "the American dream is unstoppable". For watchers in the UK, the speech had a familiar ring. Under Boris Johnson, we became used to brazen boosterism, outlandish claims, and promises that were not delivered. None more so than the ones that were made about Brexit. Exiting the EU would presage an economic rebirth, clearing the path for an independent, free, booming Britain. That has not happened.
/jlne.ws/41Pt5nT
US global leadership has never been plain sailing; Trump is the heir to a national-populist strain that runs deep in American politics
Adam Tooze - Financial Times
The ambushing of Ukrainian President Volodymyr Zelenskyy in the Oval Office last week is driving a frantic search for historical orientation. It was clearly more shocking than anything that occurred during Donald Trump's first term. But is it, in its consequences, worse than the push for the global war on terror under George W Bush? Worse than Richard Nixon's disruption of the Bretton Woods system? Or America's outrageous bombing of Cambodia and Laos? More egregious than numerous cold war coups or the brutal bargaining that took place, admittedly behind closed doors, during the second world war?
/jlne.ws/43vkE2j
Fear of Trump Has Elite Law Firms in Retreat; Executive orders against Perkins Coie and Covington & Burling have chilled industry
Erin Mulvaney and C. Ryan Barber - The Wall Street Journal
Elite law firms formed a proud part of the opposition to the first Trump administration. This time around, the industry is fearful of taking on a president who hasn't shied away from punishing his enemies. President Trump on Thursday signed an executive order directing agencies to strip security clearances, government contracts and federal-building access from a top law firm with Democratic ties, Perkins Coie. It followed a similar, but more narrowly tailored, order late last month against attorneys at Covington & Burling representing former special counsel Jack Smith, who oversaw the investigation and federal prosecutions of Trump.
/jlne.ws/3XI7n2L
The Trump nominee uniting Democrats and Republicans; Both the left and the right like Donald Trump's antitrust nominee. Wall Street doesn't
FT Podcast
Canada's Liberal party selects a new leader, and US President Donald Trump's nominee to lead the Justice Department's antitrust division is turning heads on Wall Street. Plus, US startups are raising more money than at any point since 2021, and why a gold boom in Ghana is driving up global chocolate prices.
/jlne.ws/3DfGpJ2
In Trump's Washington, It Pays to Be From Florida; Once the pre-eminent presidential battleground, the Sunshine State is now a MAGA pipeline to power
Alex Leary, Josh Dawsey and Maggie Severns
Three days before President Trump's inauguration, Florida mega-lobbyist Brian Ballard threw a party at Mastro's Steakhouse near the White House with bites of filet mignon, heavy pours of red wine and a crowd that included the incoming secretary of state, national security adviser and several senators. Ballard, who raised more than $50 million for Trump in the 2024 election, would soon have plenty to celebrate himself.
/jlne.ws/3DCoxrG
Musk's DOGE team gets access to sensitive child support database despite objections from officials
Josh Marcus - The Independent
Elon Musk's Department of Government Efficiency (DOGE) initiative has gained accessed to a sensitive child support database, over the objections of career civil servants. The Department of Health and Human Services confirmed to The Washington Post that DOGE officials have "read-only" access to the Administration for Children and Families-run Federal Parent Locator System, which contains income and federal benefits data for nearly every U.S. worker.
/jlne.ws/3FdYbwC
Senate Republican says Musk 'does not have the power to fire people'
Tara Suter - The Hill
/jlne.ws/3XHaUyf
Elon Musk seeks Italian presidential meeting to salvage Starlink deal; Domestic political opposition to $1.5bn deal for secure communications has mounted amid transatlantic diplomatic tensions
Amy Kazmin - Financial Times
/jlne.ws/41Qtsyy
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| Regulation & Enforcement | | Stories about regulation and the law. | FINRA Orders Robinhood Financial to Pay $3.75 Million in Restitution to Customers; Fines Robinhood Financial and Robinhood Securities for Anti-Money Laundering, Supervisory and Disclosure Violations
FINRA
FINRA has ordered Robinhood Financial to pay $3.75 million to its customers, and fined Robinhood Financial and Robinhood Securities $26 million for violating numerous FINRA rules, including failing to respond to red flags of potential misconduct.
/jlne.ws/3XyG0bd
SEC Charges Investment Adviser and Two Officers for Misuse of Fund and Portfolio Company Assets
SEC
The Securities and Exchange Commission today filed settled charges against registered investment adviser Momentum Advisors LLC, its former managing partner Allan J. Boomer, and its former chief operating officer and partner Tiffany L. Hawkins, for breaches by Boomer and Hawkins of their fiduciary duties when they misused fund and portfolio company assets.
/jlne.ws/4bBcura
The IFRS Foundation Monitoring Board reaffirmed the importance of oversight of the standard-setting activities and governance by the IFRS Foundation Trustees
IOSCO
During last week's meeting of the IFRS Foundation Monitoring Board in London, the Monitoring Board discussed the activities of the Trustees of the IFRS Foundation (Trustees), including the Trustees' oversight responsibilities with respect to the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB). The meeting was joined by the members of the Trustees under the leadership of Erkki Liikanen, Chair of the Trustees, as well as Andreas Barckow, Chair of the IASB, and Emmanuel Faber, Chair of the ISSB.
/jlne.ws/3Drj6fk
Oral reply to Parliamentary Question on the talent shortage in Singapore's financial sector
MAS
/jlne.ws/4hoPnRY
SEBI and NISM launch NISM XXIV-AML and CFT Provisions in Securities Market Certification Examination
SEBI
As part of its ongoing efforts to strengthen the capital market, SEBI has been organising outreach programs on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Provisions for the benefits of securities market intermediaries. It has also been undertaking various initiatives for creating awareness regarding the said provisions amongst securities market participants.
/jlne.ws/3FrGzxm
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Is this dotcom bust 2.0? History shows how difficult it is to spot the exact moment that markets turn
Brooke Masters - Bloomberg
Twenty-five years ago on Monday, a multiyear US stock rally hit its peak and began a precipitous decline that would wipe 77 per cent off the value of the Nasdaq by the time it finally cratered two years later. These days, the dotcom bubble has become shorthand for foolhardy enthusiasm for new technology and blind greed. So many investors were throwing money at blatantly unprofitable internet companies that the markets were bound to come to grief.
/jlne.ws/3FfZD1H
What the Dot-Com Bust Can Tell Us About Today's AI Boom; This week marks the 25th anniversary of the Nasdaq peak, but all wasn't lost in the ensuing downturn
Rolfe Winkler - The Wall Street Journal
Twenty-five years ago this week, the Nasdaq Composite Index hit its dot-com-era peak after soaring more than 500% in five years. Its subsequent collapse was swift and brutal. Small investors lured by a promising new technology called the internet lost fortunes. The economy stumbled. Highflying companies like Pets.com, TheGlobe.com and Webvan collapsed. Today, some investors are worried the same cycle might be playing out when it comes to artificial intelligence. Even if that is the case-a big if-there is an important lesson for investors from the dot-com collapse: Ultimately, the early internet hype proved correct.
/jlne.ws/4hlmgyQ
'Nuclear bomb' ruling on car finance could spur UK bank deals; Consolidation is back on the agenda for industry as bankers eye more deals
Patrick Jenkins - Financial Times
The animal spirits unleashed by Donald Trump's re-election were supposed to spur a flood of US dealmaking. Instead, Wall Street's finest have been sitting on their hands while volatile equity markets and escalating trade warfare undermine any attempt to value businesses. The deal jitters have spread to this side of the Atlantic, too. But some bankers in the City of London are now daring to hope for a flurry of mergers and acquisitions, especially in the resurgent banking sector itself. "All the big UK banks have expanded their internal deals teams in the past few months," says one bank boss. "Consolidation is back on the agenda."
/jlne.ws/41R2C9s
World's biggest miners cut back on exploration investment; Reduction comes despite surge in spending on search for metals crucial to energy transition since 2020
Camilla Hodgson - Financial Times
The world's biggest mining groups have cut back spending on exploration in the past two years as inflation, higher interest rates and lower commodity prices have stalled the market. That has come in spite of a flurry of spending this decade on the search for copper and lithium, metals crucial for the energy transition.
/jlne.ws/3XAmnja
Tech firm OneChronos to offer 'bundled' equity-FX trading; New auction algorithms will optimise multi-leg trades; roll-out due later this year
Emma Siponmaa - Risk.net
A US technology vendor is aiming to offer combined trades in multiple asset classes, as part of a wider effort to push electronic trading for more complex products. OneChronos, which operates an alternative trading system (ATS) for equities, will extend its auction system to the foreign exchange spot market, enabling users to co-ordinate related transactions - a stock buy with a currency hedge, say.
/jlne.ws/4izBsJL
Does Dollar-Cost Averaging Work? Here's What the Numbers Say; The popular investing strategy performs well during rising markets, but it lags behind another strategy during down markets
Derek Horstmeyer - The Wall Street Journal
Many investors follow the strategy of dollar-cost averaging to invest money in the stock market. But does it always deliver the most bang for the buck? With dollar-cost averaging, an investor buys a fixed dollar amount of a position at regular time intervals-say, on the first of each month-because it allows you to buy more shares when the market is low and fewer when it is high. Over time, the strategy should lower your average cost per share, if purchases correspond to market cycles.
/jlne.ws/3XEmTMW
Opinion | Tesla is in trouble. Elon Musk isn't helping.
Zeeshan Aleem - MSNBC
/jlne.ws/41QOmxw
Investors With $2 Trillion Lay Out Strategies for a Turbulent 2025
Bloomberg News
/jlne.ws/4iCxNeh
Eneos Plans $3 Billion IPO of Metals Subsidiary; The listing is scheduled for March 19.
Kosaku Narioka - The Wall Street Journal
/jlne.ws/43FTNAC
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Top ad agency AMV faces claim over Mars 'greenwashing' ads dispute; Chocolate and cat food campaigns at centre of employment tribunal cases
Kenza Bryan - Financial Times
A leading advertising agency is facing employment tribunal claims that it harassed a senior staff member after she warned that its campaigns could "greenwash" the confectionery and pet food group Mars. AMV BBDO is accused of subjecting Polina Zabrodskaya to "detrimental treatment" after she objected to ad campaigns for Galaxy chocolate and Sheba pet food, according to the filings seen by the Financial Times
/jlne.ws/4bBIOKu
Only 36 companies account for half of global emissions, report estimates; State-owned groups made up 16 of the top 20 emitters in 2023
Alexandra White - Financial Times
More than half of the world's greenhouse gas emissions in 2023 can be linked to just 36 fossil fuel and cement producers, according to a report from the Carbon Majors database. The climate watchdog found that emissions from the world's largest oil, gas, coal and cement producers increased in 2023, with state-owned companies making up 16 of the top 20 emitters.
/jlne.ws/41S2g2o
Trump's plan to cut down more trees faces a host of problems
Elizabeth Weise, Terry Collins, Zach Urness and Joel Shannon - USA TODAY
The Trump administration last Saturday touted logging as the next frontier in job creation and wildfire prevention, but those goals will face confounding challenges. Trump issued two executive orders on March 1: the first to boost timber production on federal land and the second to address wood product imports. The moves were quickly cheered by the timber industry.
/jlne.ws/3Fe6Pey
Tree loss from hurricane leaves Asheville vulnerable to new climate shocks
Nina Lakhani in Asheville with photographs by Thalia Juarez - The Guardian
The city of Asheville and its surrounding areas have been left vulnerable to floods, fires and extreme heat after Hurricane Helene uprooted thousands of trees that provided shade and protection from storms. Helene was catastrophic for the region's trees - in part due to the heavy precursor rainstorm that pounded southern Appalachia for two days straight, drenching the soil before Helene hit, bringing yet more heavy rain and 60-100mph winds.
/jlne.ws/4ihxkym
Trump administration's funding, staff cuts spark concerns over Colorado River
Sharon Udasin - The Hill
Federal funding freezes and staffing cuts are setting off alarms about the future of the Colorado River, a critical artery that supplies water to some 40 million people in 30 tribes and seven states across the U.S. West, as well as in Mexico.
/jlne.ws/41RK4G9
US makes fresh push for World Bank to back nuclear power; New administration wants Washington-based multilateral lender to help the west compete with China and Russia
Lee Harris and Joseph Cotterill - Financial Times
The World Bank is facing renewed calls from its biggest shareholder to drop a decades-old ban on funding nuclear power to help the west compete with China and Russia in atomic diplomacy. French Hill, chair of the House Financial Services Committee, has signalled that the new US administration will continue to support the push to fund nuclear projects just months ahead of a crucial decision on the contentious ban.
/jlne.ws/3FgZL0U
Edison Has Miles of Idle Power Lines in High Fire Risk Zones
Mark Chediak, Michelle Ma and Eliyahu Kamisher - Bloomberg
/jlne.ws/3XCcsti
Trump's energy chief says US shale can 'drill, baby, drill' at low oil price; Chris Wright claims industry can raise output even if crude falls to $50 a barrel as administration has suggested
Jamie Smyth - Financial Times
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Energy industry meets after Trump tears up US green agenda
John Biers - AFP
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How Natural Gas Became America's Most Important Export; The White House's LNG-powered diplomacy will only expand in Trump's second term.
Kevin Crowley and Ruth Liao - Bloomberg
/jlne.ws/3DxwjDf
The sobering new state of feminism; Support for female equality is edging up but going backwards among young men
Pilita Clark - Financial Times
/jlne.ws/3QX1H10
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Bain and WPP to break up research company Kantar; Decision to abandon listing reflects continued weakness in IPO market as buyers look to cash out
Ivan Levingston and Daniel Thomas - Financial Times
Multibillion-dollar market research group Kantar is set to be broken up and sold by owners Bain and WPP, shifting from a plan to pursue a stock exchange flotation of the company over worries about the weak market for public offerings. US private equity group Bain Capital acquired 60 per cent of Kantar in 2019, giving the company a valuation of about $4bn, while the advertising group WPP retained a minority shareholding.
/jlne.ws/4hqF3sB
Citi sees sevenfold spike in derivs exposure cash outflows amid data upgrade; FX data enhancement triggers record-breaking projected cashflows, but net position remains largely unchanged
Joshua Walker - Risk.net
Citi's projected cash outflows and inflows linked to derivatives exposures swelled in dramatic fashion in Q4 2024, following an adjustment to the way in which foreign exchange derivatives data is calculated for the purposes of the liquidity coverage ratio (LCR). Outflows rose by more than a factor of seven, while inflows skyrocketed by over 17 times compared with the previous quarter.
/jlne.ws/43Aa2PH
BlackRock answers Trump's call; Plus, the 'Wild West' of family offices, star traders' succession issues, and Renaissance Siena at the National Gallery
Harriet Agnew - Financial Times
One scoop to start: Billionaire Izzy Englander is exploring opening up the ownership of his $76bn hedge fund Millennium Management to its top executives for the first time, in the latest step to prepare it for life beyond its founder. And one important investigation: Canada's Brookfield Corporation, one of the world's most complex financial conglomerates, is attracting scrutiny for circular flows of cash involving its global property portfolio. This FT Investigation asks: How much does Brookfield really make?
/jlne.ws/4iBnPK2
What will Trump mean for personal wealth? nPension funds, retail investors and money managers are worrying about the future of American capital markets
Rana Foroohar - Financial Times
For the past 50 years or so, the approach of most Americans to retirement has been to put as much money as possible into US markets and then forget about it until they're in their sixties. And for those who could do so, this has worked out very well. If you'd invested $1,000 in an S&P 500 index fund in 1980, it would be worth nearly $165,000 today. But the stability and returns of American asset markets have been based on the stability and dominance of the US itself. So what happens if the Trump presidency upends that? What might it mean for the $42tn in US retirement savings, and the trillions more in international pension savings held in US assets, if the basic rule of law in America can no longer be taken for granted?
/jlne.ws/41D2HfD
European approval for semi-transparent ETFs sparks debate; The structure has failed to take off in the US, but some argue it could broaden the European active ETF market
Steve Johnson - Financial Times
The recent approval of semi-transparent exchange traded funds in Europe has sparked debate over whether the fund structure will succeed in Europe despite its unpopularity in the US. In December, the Commission de Surveillance du Secteur Financier, Luxembourg's financial regulator, cleared the way for active ETFs to adopt the type of semi-transparent, portfolio shielding structures that have long been permitted in the US, and a swath of asset managers are believed to be looking at launching such funds.
/jlne.ws/3QX07fA
UK pension funds stand by defence exclusion in 'ethical' funds; Nest and People's Pension push back against call by Labour MPs and peers to re-categorise companies
Mary McDougall - Financial Times
Some of the UK's biggest pension funds have pushed back against Labour MPs calling for defence companies to be categorised as "ethical" arguing that investors deserve choice and should be able to exclude weapons makers from their portfolios if they choose to. Nest and People's Pension, the UK's two largest multi-employer defined contribution pension schemes with a combined £83bn of assets, told the Financial Times they were not considering adding arms companies to their "ethical" pension options, despite pressure from Westminster.
/jlne.ws/4bDe8bQ
Swiss Bank J. Safra Sarasin to Buy Majority Stake in Saxo Bank For $1.2 Billion
Dominic Chopping - The Wall Street Journal
/jlne.ws/3Dk69E6
Martin Gilbert rules out selling Revolut stock as he backs share-buying fund; LTC aims to buy technology companies' stock through secondary share sales
Emma Dunkley - Financial Times
/jlne.ws/4hlkwFO
Can upmarket British fund boutique Ruffer recover its allure? The 30-year-old firm prides itself on a contrarian approach but its bearish stance on the US has so far proved costly
Emma Dunkley - Financial Times
/jlne.ws/4iBwFHR
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Writing this memo does not count as one of your five things; A behind-the-scenes look at the work of Rutherford Hall, critical communications strategist
Rutherford Hall - Financial Times
WhatsApp to Stephen: What do you think about Musk's "five things you did this week" memo? I'm not suggesting we copy the brutality but it could help focus people's minds on whether they are making the best use of their time. We've reached a size where it is harder to keep track of everyone informally.
/jlne.ws/3DhYoP1
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| Wellness Exchange | | An Exchange of Health and Wellness Information | In Rural Texas, a Measles Outbreak Hasn't Swayed Vaccine Skeptics; Despite a child's death, residents say personal choice-not public-health policy-should guide their decisions
Sumathi Reddy - The Wall Street Journal
SEMINOLE, Texas-The dusty plains of Gaines County stretch endlessly, peanut fields fading into cotton farms and oil fields, punctuated by signs touting God. This sprawling rural region is defined by oil, agriculture and a large Mennonite community-members of the Anabaptist family of churches that includes the Amish-who emigrated here from Mexico in the 1970s.
/jlne.ws/41R9DXP
Utah to Become First State to Ban Fluoride in Public Water; Most public-health experts say the mineral additive is crucial protector against tooth decay
Victoria Albert - The Wall Street Journal
Utah Gov. Spencer Cox said he would sign a bill that bans the use of fluoride in public water systems, rejecting the practice that many public-health experts say is a crucial protector against tooth decay. The Republican governor said that half the state already doesn't have fluoride added to the water and that dentists he had spoken to said there haven't been dramatic differences between the different counties.
/jlne.ws/4iCXIm2
Doctors push back as parents embrace Kennedy and vitamin A in Texas measles outbreak
Chad Terhune - Reuters
As a measles outbreak spreads across West Texas, Dr. Ana Montanez is fighting an uphill battle to convince some parents that vitamin A - touted by vaccine critics as effective against the highly contagious virus - will not protect their children. The 53-year-old pediatrician in the city of Lubbock is working overtime to contact vaccine-hesitant parents, explaining the grave risks posed by a disease that most American families have never seen in their lifetime - and one that can be prevented through immunization.
/jlne.ws/4hlvRFS
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Russia imposes fees to stem flood of low-cost Chinese cars; Moscow hardens stance as vehicle imports targeted by western sanctions overwhelm local market
Ryan McMorrow, Nian Liu, Gloria Li and Daria Mosolova - Financial Times
Russia is trying to curb a flood of Chinese vehicle imports in a blow to Chinese manufacturers and traders that have increasingly come to rely on shipments to its ally. Chinese vehicle exports to Russia last year hit seven times the level of 2022 as sanctions over the war in Ukraine cut the country off from western brands, according to the China Passenger Car Association.
/jlne.ws/41F5lS6
Mainland Chinese Investors Buy Record Amount of Hong Kong Stocks
Sangmi Cha and Winnie Hsu - Bloomberg
Mainland Chinese investors bought an unprecedented amount of Hong Kong stocks on Monday, continuing to boost their holdings amid a tech-driven rally this year. They snapped up shares worth HK$29.6 billion ($3.8 billion) on a net basis, surpassing the previous record seen in early 2021, according to Bloomberg-compiled data going back to late 2016 - when trading links with the financial hub began.
/jlne.ws/4hky4l1
Banks Race to Catch Up With EU Defense Goals in Major Reset
Arno Schutze, Mark Bergen, Frances Schwartzkopff and Gian Volpicelli - Bloomberg
As Europe makes defense the bloc's No. 1 priority, it's bumping up against its own bankers. Defense industry executives, politicians and senior bankers alike are now calling for an urgent revamp of regulations and internal processes to make it easier for banks to quickly channel funds into arms manufacturers and military contractors. "Many defense firms have had trouble with simple things like getting a bank account," said Florian Seibel, the co-founder of Quantum Systems, a maker of surveillance drones that operates in Ukraine. "At a working level the bank staff will say 'of course we should finance this defense project.' But then the deal is blocked as it goes against some internal rule."
/jlne.ws/4bDCKRM
UK Pay Growth at Four-Year Low as Employers Brace for Tax Hit
Irina Anghel - Bloomberg
Wages for new hires in the UK rose at the slowest pace in four years in February as businesses scrambled to cut expenses ahead of a looming hike in employment costs, according to a survey closely watched by the Bank of England. Starting pay growth deteriorated to levels last seen during the Covid pandemic, the report by the Recruitment & Employment Confederation and KPMG showed. Recruiters also reported a decline in job postings and hiring activity.
/jlne.ws/41DwbtP
China's struggles with supply glut threaten to extend deflation
Bloomberg via Fortune
China's intensifying deflationary pressure threatens to persist long after seasonal distortions fade away, unless the government drains excess capacity in the economy that's putting pressure on prices.
/jlne.ws/4hmSdqA
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