| March 25, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
You know you've uploaded too many videos to YouTube in one day when the site tells you you've hit your daily limit and can't upload any more for 24 hours. That's exactly what happened on Sunday as I was migrating JLN video content from Vimeo to YouTube, including past coverage of Boca, EXPO, IDX, and our various historical video series.
We began using YouTube in 2011 when we launched our video efforts, but at the time, the crass promotional content that appeared at the end of non-JLN videos made it an unappealing platform. We initially chose Vimeo for John Lothian Productions, where we never encountered those issues, and eventually moved all John Lothian News content there as well. Vimeo remains a reliable and professional platform for hosting video.
We have continued to use YouTube intermittently over the years, with usage increasing more recently as I've taken a larger role in overseeing the company's video efforts.
With the rise of AI, the fragmentation of social media, and the divisive ownership of X/Twitter by Elon Musk-along with corresponding changes in search behavior-video content has become increasingly important on the web. There are also generational factors at play, as digital natives continue to grow in influence and importance within our society and economy. Search has been changed by AI as noted in this Google podcast from yesterday titled "Big Take: Googling in the ChatGPT Era."
John Lothian News recently relaunched the MarketsWikiEducation.com website. The domain now redirects to https://education.johnlothiannews.com, where all of our educational content is displayed in a layout similar to a YouTube channel. We used a YouTube channel plugin for WordPress, the platform that powers our site, to achieve the design and functionality.
The MarketsWiki Education site is home to several historical video series, including The Open Outcry Traders History Project, The Path to Electronic Trading, The History of Financial Futures, and The History of Environmental Trading. It also features video series such as John Lothian Profiles, MarketsWiki Education World of Opportunity, and content from Options Discovery and Futures Discovery. All we have to do is upload a video to YouTube and add it to a JLN-related playlist, and it automatically appears on the site.
By the way, we are looking for sponsors for the newly designed MarketsWiki Education website. Contact me if you are interested.
I like this new plugin and the way it organizes video so much that we will be using it on JohnLothianNews.com regular video content. We will be building a new video page that will include the video archives of all the companies JLN has interviewed over the years, where there is more than one video. You will be able to see the full spectrum of companies where JLN interviewed at least one of their executives since 2011, or who participated in a JLN or MarketsWiki Education event.
In a sharp reflection of America's love for both litigation and financial capitalism, Bloomberg Columnist Matt Levine highlights the rise of litigation finance-a market where lawsuits are treated as tradable assets. Through platforms like JurisTrade, plaintiffs, law firms, and investors can now buy and sell stakes in lawsuits, including mass torts, single cases, and law firm refinancing. The idea is simple: if someone causes harm and a lawsuit is filed, that claim becomes a financial asset. Investors can fund these claims in exchange for future returns, creating a marketplace where legal battles function like any other investment class. JurisTrade aims to unlock billions in untapped value by standardizing and streamlining litigation trading-potentially turning lawsuits into a new breed of liquid, uncorrelated financial assets.
Levine also touches on other market oddities and financial drama: Endeavor's stock mysteriously traded above its buyout price before being taken private, 23andMe filed for bankruptcy after its CEO's failed buyout attempts, and insider traders took selfies at a Paris restaurant, showing remarkably bad tradecraft. He also explores Swiss bank secrecy violations, unlikely lottery winners, and a Texas woman caught in controversy for winning a jackpot through a digital courier service-raising questions about how technology is reshaping everything from lawsuits to lotteries.
The SEC's inaugural Crypto Task Force roundtable, titled "Spring Sprint Toward Crypto Clarity" (March 21, 2025), marked a shift toward collaborative policymaking, addressing regulatory gaps for digital assets. While panelists debated modernizing the Howey Test for tokens, Paul Hastings attorney Renato Mariotti in a CoinDesk commentary called it a "missed opportunity" for failing to propose forward-looking frameworks ahead of pending legislation.
John Lothian News' "Auditions" today presents its second entry, "The Opening Bell," a movie script by Daniel Sullivan. This financial drama, supported by Mogator Media Capital, showcases Sullivan's expertise in crafting market-inspired narratives. The script will be published in installments on Mondays, Wednesdays, and Fridays, offering readers a chance to engage with this thrilling story. We published the first part last night on www.johnlothiannews.com on the Auditions page. "Auditions" continues to serve as a dynamic space for creative, market-driven tales that blend high-stakes finance with compelling human stories.
Here are the headlines from in front of FOW's paywall from some recent stories: Baton Systems adds Euronext Clearing to collateral network, Europe must focus on liquefied natural gas supply - experts, ISDA backs European regulatory rethink of market risk rules, ANALYSIS: WFE calls for regulators to support listed derivatives growth, ANALYSIS: Gold 'equal in almost every term' to government bond - Abaxx and LME live with new trading system, TT reports data issues.
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:
- US Ether ETFs Suffer Longest Outflow Streak as Token Lags Rivals from Bloomberg.
- Unusual Spike in Equity-Funding Costs Squeezes Smart-Money Crowd from Bloomberg.
- Coinbase Is in Advanced Talks to Buy Derivatives Venue Deribit Bloomberg via Yahoo Finance. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Scila CEO Highlights Profitable Growth Strategy, New Risk Platform
JohnLothianNews.com
March 25, 2025 - BOCA RATON, Fla. (JLN) - In his first year as CEO of Scila, Mikko Andersson has focused on expanding the market surveillance technology provider's global reach while maintaining its 16-year tradition of profitable growth without external funding.
"We have more than 80 plus clients across the globe, and those are spread out across three different countries," Andersson said in an interview at the FIA Boca 50 conference. "We have a really broad set of asset classes covered by our surveillance solution."
Watch the video »
Paul Cusenza - Nodal Exchange
Watch Video »
Brad Levy - Symphony
Watch Video »
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Canadians Sign Up for 1,461-Pack of Beer to Get Through Trump's Term
Jacob Lorinc - Bloomberg
Canadians need a drink. The country has been on edge since November, when US President Donald Trump began threatening to impose tariffs on Canadian goods and started calling for Canada to become the 51st state - through "economic force" if necessary. These pressures prompted Moosehead Breweries Ltd., the country's oldest independent beermaker, to unveil a specialty product: a pack of 1,461 beer cans, one for each day of Trump's presidency. The first one sold within 11 minutes of the product's launch, and more than 400 prospective buyers are now on a wait list.
/jlne.ws/4cb7x8T
***** I picked a heck of a time to give up drinking.~JJL
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U.S. Added to Global Human Rights Watchlist Over Declining Civil Liberties
Solcyre Burga - Time
The United States was added Sunday to the CIVICUS Monitor Watchlist, a research tool that publicizes the status of freedoms and threats to civil liberties worldwide. The move comes amid President Donald Trump's "assault on democratic norms and global cooperation," said CIVICUS-a global alliance and network of civil society groups, including Amnesty International, that advocates for greater citizen action in areas where civil liberties are limited-in a press release. The organization also cited the Administration's cut of more than 90% of its foreign aid contracts and its crackdown on diversity, equity, and inclusion (DEI)-which Trump called "illegal and immoral discrimination programs"-through executive action.
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***** Now here is something to be proud of as an American, NOT!~JJL
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Trump's flawed plan to bring business to America; The threat of tariffs will not spark a manufacturing renaissance
The editorial board - Financial Times
Donald Trump has recently notched up an impressive roll of investment pledges from companies as he attempts to turn the US into a manufacturing powerhouse. Last week, the chief of semiconductor giant Nvidia hinted at ploughing "several hundred billion" dollars into the country over the next four years. Multinational carmaker Stellantis, Japanese brewer Asahi, and South Korea's automaker Hyundai have all recently unveiled plans for new US production. The White House proudly claims that "the list of manufacturing wins is endless".
/jlne.ws/4hGScOF
***** The word "flawed" originates from the Latin verb "fallere," meaning "to deceive, disappoint, or fail." From fallere comes the past participle "falsus," meaning "deceptive, feigned, or spurious," which influenced the Vulgar Latin term fallita, referring to a shortcoming or failure. This evolved into the Old French word "faute," meaning "gap, flaw, or deficiency," which then entered English as "flaw." At its root, "flawed" carries the enduring sense of deception or imperfection, stemming from the idea of something appearing whole but ultimately proving false or insufficient. ~JJL
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Monday's Top Three
Our top story Monday was Secretary of Commerce Howard Lutnick pummeled over Social Security 'fraudster' comments, from Business Insider. Second was Dealing With Social Security Is Heading From Bad to Worse, from The Wall Street Journal. Third was CME to Launch New Venue for Cash Treasuries Trading in Chicago, from Bloomberg.
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| Lead Stories | The World Federation of Exchanges calls for greater role for derivatives market
The World Federation of Exchanges
The World Federation of Exchanges (WFE), the global trade association for exchanges and clearing houses, has published a paper today calling for a global, evidence-based refresh of public policy on derivatives. The paper sets out a coherent approach to derivatives in order to nurture their use, especially in regulated, lit environments, to avoid the development of an off-exchange derivatives market that is opaque and less fair to investors. It is essential that all types of users have access to derivatives to manage economic uncertainty. This means avoiding bureaucracy and blocks on their use, while monitoring all off-exchange and all uncleared derivatives more vigilantly and systematically. The role of exchanges in price discovery and clearing houses in neutralising counterparty risk should be nurtured, as without a thriving public derivatives market, participants will turn to less well-regulated trading venues to manage risk, jeopardising the health of the financial system.
/jlne.ws/4hKpf4i
The Device Throttling the World's Electrified Future; A shortage of transformers is causing delays to power projects everywhere, holding trillion-dollar industries hostage-and that was before tariffs.
Akshat Rathi, Naureen Malik and Tiffany Tsoi - Bloomberg
An explosion, a fireball and then darkness: Heathrow Airport uses as much energy as a small city, and when a major fire at a substation caused the power to fail late Thursday, the world learned how fragile our infrastructure can be. At the center of the chaos was a burning electrical transformer. The transformer is rarely considered as a linchpin of today's technologically interdependent world, let alone as a key to the even more electrified future. But it's a device that's essential to powering almost everything, and these days it's not that easy to obtain. Replacing Heathrow's charred transformer - or the countless others destroyed in storms, fire and floods on an increasingly volatile planet - will not see a quick fix. "There is a lead-time of over a year for a new transformer of this size," says Conor Murphy, vice president of engineering at grid-technology firm Novogrid.
/jlne.ws/4j0EWp5
Ethereum faces 'midlife crisis' as rivals play catch-up; Emergence of memecoin craze sweeping through crypto markets distracts enthusiasts
Philip Stafford - Financial Times
The price of ether has slumped 40 per cent in the past three months as the world's second-largest cryptocurrency and blockchain battle a "midlife crisis" in the face of competition from rivals. The token, which represents the Ethereum blockchain, the most widely used in financial markets, has fallen to $2,087 a token. The crypto market has also dropped sharply this year as a rally following US President Donald Trump's election victory has faded.
/jlne.ws/4j4RdJd
Canadians Are Boycotting American Vacations; Infuriated by annexation talk, neighbors to the north are keeping their vacations local
Allison Pohle - The Wall Street Journal
Canadians have long been the top international travelers to the U.S. Now, they are staying home. After President Trump said he would impose tariffs on Canada, then-Prime Minister Justin Trudeau encouraged Canadians to change their vacation plans to focus on exploring sites within the country. It worked. Canadian residents returned from 13% fewer trips by air to the U.S. in February than they did a year ago, according to preliminary data from Statistics Canada. Land-border crossings fell, too, with Statistics Canada reporting February's Canadian-resident return trips from the U.S. dropped 23% from a year earlier. More than the tariff threats, Canadians say Trump's threats of annexation have infuriated and scared them, so much so that they won't cross the border to spend time or money. Recent news about lengthy detentions for tourists and green-card holders has further deterred would-be travelers.
/jlne.ws/4iDQrmH
There's a Stock Exchange for Lawsuits; Litigation finance, Endeavor closed, 23andMe went bankrupt, insider trading selfies, Swiss bank accounts and lottery winners.
Matt Levine - Bloomberg
Litigation trading
Two things that Americans, and Money Stuff, love are financial capitalism and litigation. An important mechanism of American life is that, if someone does something bad to you, that automatically creates an asset: If I punch you in the face, or post mean things about you on the internet, or poison your town's drinking water, you become the owner of a financial asset, and I incur an offsetting liability. Because you can sue me, you probably will, and your lawsuit might result in you getting money from me.1
/jlne.ws/4bYWxLO
Billions Raised by 'Perennially Private' Firms Keep IPOs on Ice
Bailey Lipschultz - Bloomberg
The billions of dollars hauled in by numerous high-profile companies in private investing rounds is sparking a debate on Wall Street: How long can firms stay private at eye-popping valuations before they have to IPO? Yes, marquee tech companies like CoreWeave Inc. and Klarna Group Plc are expected to test the public markets in the coming weeks. But from OpenAI to Anduril Industries Inc. to Databricks, major privately held businesses have been able to gather billions in capital from investors eager to get an early piece of the action as the chill remains in the market for initial public offerings.
/jlne.ws/4hOSwuF
'Globalisation as we knew it' may be over, says HSBC chair Mark Tucker; UK-based bank is dominant in financing trade flows around the world
Kaye Wiggins - Financial Times
Globalisation in its current form "may have now run its course", according to HSBC chair Sir Mark Tucker, who said trade and geopolitical tensions would lead to stronger economic ties between regional groups and trade blocs. In a speech at the bank's Global Investment Summit in Hong Kong on Tuesday, Tucker said trade tensions created uncertainty that posed a "serious potential risk to global growth".
/jlne.ws/4hGauzq
White House mistakenly shares Yemen war plans with a journalist at The Atlantic
Michael Martina and Steve Holland - Reuters
Top Trump administration officials mistakenly disclosed war plans in a messaging group that included a journalist shortly before the U.S. attacked Yemen's Iran-aligned Houthis, the White House said on Monday, following a first-hand account by The Atlantic. Democratic lawmakers swiftly blasted the misstep, saying it was a breach of U.S. national security and a violation of law that must be investigated by Congress. The Atlantic's editor-in-chief Jeffrey Goldberg said in a report on Monday that he was unexpectedly invited on March 13 to an encrypted chat group on the Signal messaging app called the "Houthi PC small group." In the group, national security adviser Mike Waltz tasked his deputy Alex Wong with setting up a "tiger team" to coordinate U.S. action against the Houthis.
/jlne.ws/4jkFx5h
23andMe Customers Scramble to Delete Data, Seek Assurances After Bankruptcy; The DNA-testing company's site was slow in responding to some deletion requests, leading customers to be uncertain about the process
Alicia McElhaney - The Wall Street Journal
An array of 23andMe customers rushed to its website Monday, seeking to delete their genetic data from the DNA-testing company after its bankruptcy filing. They faced long wait times or error messages and had to make repeated attempts to receive confirmation that their request had been received. Some sought unsuccessfully to delete the data of a deceased family member, and many expressed uncertainty about whether or how they would receive confirmation that the data had been deleted. Several 23andMe users also said they have a heightened interest in what happens to their data due to a password hack at the company in 2023 that exposed information belonging to 6.9 million people.
/jlne.ws/4c0FGbr
The Risks the Private Markets Pose to Retail Investors, the Economy, and Financial Stability
Benjamin Schiffrin - Better Markets
BlackRock loses $600 million. That is a headline not typically associated with one of the largest, and most profitable, asset managers in the world. But that is exactly what happened after one of Blackrock's private equity funds bought a controlling stake in Alacrity Solutions, an insurance claims manager, in February 2023. Alacrity's business suffered after BlackRock invested, and it ultimately hired advisers to lead it through a restructuring with its creditors. Less than two years after BlackRock's purchase, that deal wiped out BlackRock's $600 million equity investment in Alacrity in its entirety.
/jlne.ws/4bZzT62
Exclusive-Massachusetts regulators probe Robinhood over March Madness basketball betting
Nate Raymond - Reuters
Massachusetts' top securities regulator has begun an investigation into trading platform Robinhood's decision to launch a prediction-markets hub that allows users to bet on the outcomes of a range of events, including March Madness college basketball tournaments. Massachusetts Secretary of State Bill Galvin, in an interview with Reuters on Monday, said he was concerned that Robinhood was "linking a gambling event on a popular sports event that's especially popular to young people to a brokerage account."
/jlne.ws/4c0RYAB
eToro files for NASDAQ IPO under symbol ETOR
Investing.com
On Monday, eToro Group Ltd. took a significant step towards becoming a publicly-traded company by filing for an Initial Public Offering (IPO) with the Securities and Exchange Commission (SEC). The company is set to offer Class A common shares on the Nasdaq Global Market, although the number of shares and the price range for the offering have not been disclosed. eToro, which has not previously had a public market for its Class A common shares, will trade under the ticker symbol "ETOR".
/jlne.ws/4lebCNQ
Ex-UBS Trader Hayes Asks UK's Top Court to Overturn Libor Rigging Conviction
Upmanyu Trivedi - Bloomberg
Tom Hayes, the former star UBS Group AG trader who was the face of the Libor rigging scandal, urged Britain's top judges to overturn his decade-old conviction. The Supreme Court appeal started Tuesday and lawyers for Hayes and ex-Barclays Plc trader Carlo Palombo argued that it was permissible for a bank to consider its trading advantage when making their submissions for Libor or Euribor. The juries that convicted Hayes and Palombo in 2015 and 2019 respectively were unfairly told by the judge that taking the bank's commercial interest into account was unlawful, lawyers said.
/jlne.ws/4hGO8xT
Paris and London's Wealth Loss Is Dubai's Gain; The battle for the global elite is entering a new phase - with Europe on the back foot.
Lionel Laurent - Bloomberg
Springtime is here in Paris. Cafes are bustling, the economy is showing signs of improvement and a shiny (stair-free) metro expansion is making the 15-minute city even more accessible. Yet there's also the faintly audible sound of wealth on the move: Two locals inform me of plans to leave, one to Dubai and the other to Switzerland. In a similar vein to London's fleeing non-doms and Brexit banking exiles, Paris is going through its own dose of ras-le-bol fiscal - the moment when the proverbial tax straw breaks the camel's back - in President Emmanuel Macron's twilight years. Taxes are going up on big business and the wealthy; Marine Le Pen is the presidential contender to beat in 2027; parliament is gridlocked and still fighting over pension reforms that tore the country apart in 2023. After an extraordinary run for Paris as the euro area's investment-banking hub of choice, with the number of French financiers on seven-figure salaries almost doubling in four years, hiring plans are being put on ice.
/jlne.ws/4c5hzbC
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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. | Trump threatens tariffs on buyers of Venezuelan oil
Natalie Sherman - BBC News
President Donald Trump has threatened to impose tariffs of 25% on US imports from countries that purchase oil from Venezuela. Trump described the move as a "secondary tariff" aimed at punishing the Latin American country "for numerous reasons", including allegedly "purposefully" sending gang members to the US. Separately, Trump suggested he was softening his plans for tariffs on imports from other countries, saying he "may give a lot of countries breaks".
/jlne.ws/4ixEUVP
Trump's Threat of 'Secondary Tariffs' Invents New Trade Weapon
Daniel Flatley - Bloomberg
President Donald Trump appeared to invent a new weapon of economic statecraft on Monday by threatening what he dubbed "secondary tariffs" on countries that buy oil from Venezuela to choke off its oil trade with other nations. The threat, delivered via Truth Social post then confirmed in an executive order, said countries could face 25% tariffs on trade with the US if they purchase oil and gas from Venezuela, which is already under heavy US sanctions. The move was meant to pressure Venezuela for the "tens of thousands of high level, and other, criminals" that Trump said Venezuela has sent to the US.
/jlne.ws/4ckVCWl
Trade War Explodes Across World at Pace Not Seen in Decades; Proliferating tariffs engulfing U.S., China and their partners draw parallels to 1930s protectionist spiral
Jason Douglas and Tom Fairless - The Wall Street Journal
Barriers to open trade are rising across the world at a pace unseen in decades, a cascade of protectionism that harks back to the isolationist fervor that swept the globe in the 1930s and worsened the Great Depression. It isn't just President Trump's extensive new tariffs, which have set off a barrage of retaliatory measures across Europe, China and Canada targeting hundreds of U.S. goods.
/jlne.ws/4iWGCjX
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Russia says it will sign Black Sea deal if US gives 'order' to Zelenskiy
Dmitry Antonov and Mark Trevelyan - Reuters
Russia said on Tuesday it was willing to strike a new agreement on the safety of shipping in the Black Sea - a possible stepping stone towards a ceasefire with Ukraine - but only if the United States ordered President Volodymyr Zelenskiy to respect it. Foreign Minister Sergei Lavrov said only such an order would provide the assurances that Russia needed. Each side criticised the other over the collapse in 2023 of an earlier agreement intended to ensure the safety of merchant shipping in the Black Sea after Russia sent tens of thousands of troops into Ukraine in February 2022.
/jlne.ws/4iW3S1v
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | LME market data issues on Monday resolved, says service provider
Reuters
Service provider Trading Technologies said market data issues for the London Metal Exchange (LME) reported earlier on Monday appeared to have been resolved, though it was still doing additional checks to ensure stability. Several LME member firms reported prices missing on Monday on LMEtrader, provided directly by Trading Technologies, and Standard TT GUI (graphical user interface) screens, including carry prices, the LME said.
/jlne.ws/4kZMSIW
Date Extension Planned: Mandatory Update Required for CORE API Service and CORE UI Service Users
CME Group
As previously noted in advisories 25-057 and 25-058, CME is enhancing the CME CORE API and CME CORE web-based user interface. The mandatory adoption dates for required changes, previously communicated as March 28, 2025, has been extended until April 11, 2025. Please review the original advisories for more details on the changes.
/jlne.ws/4iA6vpx
DTCC's FICC Now Live with New Treasury Clearing Capabilities as Volumes and Membership Continue to Grow; FICC's enhanced access models and customer margin segregation capabilities are live and available for industry adoption, following successful implementation of significant provisions of the SEC's U.S. Treasury Clearing Rule
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced its Fixed Income Clearing Corporation (FICC) subsidiary has successfully launched its enhanced Agent Clearing Service, as well as new capabilities to separate house and customer activity and margin segregation for those customers who elect to post margin to FICC, ahead of the March 31, 2025, deadline from the U.S. Securities and Exchange Commission (SEC).
/jlne.ws/4iGiWQy
Scaling for the Future: IEX Appoints Steven Bonanno as Chief Information Officer
IEX Group
IEX Group, Inc. (IEX) today announced the appointment of Steven Bonanno as Chief Information Officer (CIO) to support ongoing company growth and innovation in exchange technology. As a member of the leadership team, he will drive the implementation of the firm's technology strategy, focused on the resilience and scalability of IEX's platforms as the company expands into new markets. Bonanno's extensive background in multi-asset class exchange technology aligns with IEX's commitment to operational excellence and delivering innovative solutions for competitive markets.
/jlne.ws/42nptsD
JSE Welcomes Listing of 16 New FNB Exchange Traded Notes
JSE
These ETNs provide exposure to high-growth global companies across diverse industries, including pharmaceuticals, AI technology, luxury goods, and tourism. "This latest batch of ETNs reinforces the bank's commitment to providing investors with affordable and accessible means to participate in global markets. With these new ETNs, we are giving our clients the opportunity to invest in sectors that are shaping the future economy, while simultaneously diversifying their portfolios across industries and geographies," said Bheki Mkhize, CEO of FNB Wealth and Investments.
/jlne.ws/4j4AXIe
Notice of Revisions to Earnings Forecast and Dividend Forecast
JPX
Japan Exchange Group, Inc. (JPX) has decided to revise its consolidated earnings forecast for the fiscal year ending March 31, 2025, which was released on October 29, 2024, and its dividend forecast for the fiscal year ending March 31, 2025, which was released on September 24, 2024.
/jlne.ws/4c1o4fD
Nasdaq to Hold First Quarter 2025 Investor Conference Call
Nasdaq
Nasdaq (Nasdaq: NDAQ) has scheduled its first quarter 2025 financial results announcement.
Who: Nasdaq's CEO, CFO, and additional members of its senior management team
What: Review Nasdaq's first quarter 2025 financial results
When: Thursday, April 24, 2025
Results Call: 8:00 AM Eastern
Senior management will be available for questions from the investment community following prepared remarks. All participants can access the conference via webcast through the Nasdaq Investor Relations website at http://ir.nasdaq.com/. Note: The press release and results presentation for the first quarter 2025 results will be posted on the Nasdaq Investor Relations website at http://ir.nasdaq.com/ on Thursday, April 24, 2025 at approximately 7:00 AM Eastern.
/jlne.ws/420mJ4a
Montreal Exchange President and CEO Luc Fortin to Present at the 23rd Annual National Bank Financial Services Conference
TMX
Luc Fortin, President and CEO, Montréal Exchange, and Global Head of Trading, TMX Group, will present at the 23rd annual National Bank Financial Services Conference on Wednesday, March 26, 2025 at 2:30 - 2:55 p.m. ET. A link to the webcast will be available and archived in TMX's shareholder events section.
/jlne.ws/4l5HN1Y
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | TNS Expands European Presence with Equinix ZH4 Colocation in Zurich
TNS
Transaction Network Services (TNS) has expanded its European exchange footprint by launching services in the Equinix ZH4 colocation data center in Zurich. This enables managed hosting and ultra-low latency Layer 1 exchange connectivity to SIX Swiss Exchange. The Equinix ZH4 colocation data center, centrally located on Josefstrasse, provides direct access into the banking district, facilitating interconnection between partners and customers. This deployment helps strengthen TNS' presence in key European financial hubs, complementing its colocation services in London, Frankfurt and other major exchanges. It enables firms, including market data vendors and exchange members, to access Swiss equities and derivatives markets for both market data and order entry.
/jlne.ws/428DQ3U
Tech Chiefs, Foreign Leaders Urge Trump to Rethink AI Chip Curbs; Nvidia and Oracle pushing for full repeal of AI diffusion rule; Companies must start complying with global restrictions May 15
Mackenzie Hawkins and Jenny Leonard - Bloomberg
Senior foreign officials and major tech companies are pushing the Trump administration to rethink the country's global semiconductor strategy, as the US prepares a controversial framework for controlling artificial intelligence development around the world. The so-called AI diffusion rule, which restricts the number of AI processors that can be exported to most nations, prompted an outcry from tech giants like Nvidia Corp. after Biden officials unveiled it during their last week in office. US allies such as Israel and Poland also have chafed at the rules, which they worry will threaten their supply of the precious chips or make their countries less attractive for AI investment.
/jlne.ws/4c4T6Di
DeepSeek narrows China-US AI gap to three months, 01.AI founder Lee Kai-fu says
Liam Mo and Kane Wu - Reuters
China has narrowed the AI development gap with the United States to just three months in some areas, because firms such as DeepSeek have worked out how to use chips and apply algorithms more efficiently, the CEO of Chinese startup 01.AI Lee Kai-fu said. Lee, a prominent figure in the global artificial intelligence space and a former head of Google China, told Reuters that startup DeepSeek revealed that China had pulled ahead in areas such as infrastructure software engineering.
/jlne.ws/4iYwiY7
Alibaba's Tsai Warns of 'Bubble' in AI Data Center Buildout
Luz Ding - Bloomberg
Alibaba Group Holding Ltd. Chairman Joe Tsai warned of a potential bubble forming in data center construction, arguing that the pace of that buildout may outstrip initial demand for AI services. A rush by big tech firms, investment funds and other entities to erect server bases from the US to Asia is starting to look indiscriminate, the billionaire executive and financier said. Many of those projects are built without clear customers in mind, Tsai told the HSBC Global Investment Summit in Hong Kong Tuesday. From Microsoft Corp. to SoftBank Group Corp., tech firms on both sides of the Pacific are spending billions of dollars buying the Nvidia Corp. and SK Hynix Inc. chips crucial to AI development.
/jlne.ws/4259CyJ
Cloudflare turns AI against itself with endless maze of irrelevant facts; New approach punishes AI companies that ignore "no crawl" directives.
Benj Edwards - Ars Technica
On Wednesday, web infrastructure provider Cloudflare announced a new feature called "AI Labyrinth" that aims to combat unauthorized AI data scraping by serving fake AI-generated content to bots. The tool will attempt to thwart AI companies that crawl websites without permission to collect training data for large language models that power AI assistants like ChatGPT. Cloudflare, founded in 2009, is probably best known as a company that provides infrastructure and security services for websites, particularly protection against distributed denial-of-service (DDoS) attacks and other malicious traffic.
/jlne.ws/4hEWSod
Rain Secures $24.5 Million Funding To Enhance Crypto Visa Card Offerings
Atqa Arif - CoinMarketCap
Rain, a startup focused on issuing Visa debit and credit cards that facilitate the use of stablecoins, has successfully raised $24.5 million in a recent funding round. The investment was led by Norwest Venture Partners, with additional contributions from notable investors including Galaxy Digital, Coinbase Ventures, and CompoSecure. The company aims to simplify the spending of stablecoins, addressing the growing demand for seamless transactions in everyday purchases. Rain's announcement highlighted the increasing adoption of stablecoins, which are being used for various purposes such as remittances, cross-border payments, and dollar-based savings.
/jlne.ws/4hMeeiZ
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| Cybersecurity | | Top stories for cybersecurity | Tax season is a prime time for scams. IRS uncertainty could add to the issues this year
Wyatte Grantham-Philips - Associated Press
There's a lot of information (and money) on the table during tax season. That also makes it a prime time for scams. Year-round, fraudsters may use a handful of common tactics to try to steal your identity, money or other sensitive information. As you prepare your annual tax return, due April 15, experts stress it's important to be extra vigilant. This year, scammers might take particular advantage of uncertainty stemming from recent workforce cuts impacting thousands of jobs at the U.S. Internal Revenue Service. These layoffs and the potential for even more widespread reductions also raise questions about resources, including the IRS's bandwidth to respond to scams reported by consumers.
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Scammers Are Pushing Auto Loan Fraud to Record Levels
Scott Carpenter - Bloomberg
Scammers who share tricks with one another on social media are pushing auto loan fraud to record levels. The dollar amount of car loans involving fraud grew last year by more than 16% to $9.2 billion, according to a report from risk management firm Point Predictive. In dollar terms that's about 1.3% of all auto lending. The increase is much faster than the growth in total lending identified by the Federal Reserve Bank of New York.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Trump Media Taps Singapore's Crypto.com for Made-in-America ETFs
Annie Massa - Bloomberg
Trump Media & Technology Group Corp. plans to work with Crypto.com on a lineup of "Made-in-America" investments - an arrangement that puts the president's social media company in business with a Singapore-based firm that was locked in a legal battle with US regulators last year. The Truth Social parent will sell exchange-traded funds tied to digital assets and other US-focused investments on a platform owned by Crypto.com, according to a statement Monday. The products will be available this year in the US, Europe and Asia, pending regulatory approval. Crypto.com will supply the cryptocurrencies and technology underpinning them, and they'll be available through Foris Capital, a New Hampshire-based platform it acquired last year.
/jlne.ws/4ixrJnP
Crypto Exchange Kraken Explores Up to $1 Billion Debt Package
Gillian Tan - Bloomberg
Crypto exchange Kraken is exploring raising as much as $1 billion in debt ahead of a potential initial public offering, according to people with knowledge of the matter. The company is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. on the effort, which is at a preliminary stage, said the people, who asked not to be identified discussing confidential information. The two banks have begun conversations with additional banks and direct lenders, the people said.
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They helped Trump take back the White House. The rewards have come swiftly.
Steve Contorno - CNN
David Bailey, a longtime Bitcoin investor and evangelist, had tempered expectations in early 2024 when he first pitched Donald Trump's campaign on the political upside of embracing cryptocurrency. Even after Trump pledged over the summer to make the US a Bitcoin haven and the industry spent tens of millions of dollars supporting his presidential bid, Bailey suspected Trump's overture might be a fleeting appeal for crypto voters rather than a lasting commitment.
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The SEC Crypto Roundtable Was a Missed Opportunity
Renato Mariotti - CoinDesk
While Friday's SEC Crypto Task Force Roundtable was a refreshing change from the prior administration's "regulation by enforcement" approach, it focused on yesterday's problems instead of proposals that could shape the regulatory framework that will govern crypto going forward. Since 1946, the question of whether a product is a "security" or "commodity" has been governed by the Supreme Court's decision in SEC v. W.J. Howey Co. Courts have struggled to uniformly apply the "Howey" test to digital assets, which should not be surprising because it's a decades-old decision about citrus groves.
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Mt. Gox transfers $1B in Bitcoin in third major BTC move this month
Stephen Katte - Cointelegraph
Bankrupt crypto exchange Mt. Gox has just shifted 11,501 Bitcoin in its third significant transaction in less than a month. Blockchain analytics firm Arkham Intelligence alerted the community of the transfer on March 25 on X, revealing the Japanese exchange had sent 893 Bitcoin worth around $78 million at current prices to the Mt. Gox cold wallet (1Jbez) and another 10,608 Bitcoin, worth around $929 million, to another wallet, the Mt. Gox change wallet (1DcoA).
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Bitcoin is just another tech stock, not a market hedge, study shows; Bitcoin is frequently viewed as "digital gold" and a hedge against risks facing the traditional financial sector.
Tanaya Macheel - CNBC
Bitcoin is more closely correlated to the Nasdaq than it is to gold most of the time, and investors could benefit from viewing it as another big tech stock, says Standard Chartered. Bitcoin's correlation with the Nasdaq is currently at about 0.5, after it approached 0.8 earlier this year, according to the bank. Meanwhile, its correlation with gold has been falling since January, touching zero at one point, and is now just above 0.2.
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Bitcoin in the bush - the crypto mine in remote Zambia
Joe Tidy - BBC World Service
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Crypto Community Buzzes as $250 Million Bitcoin Whale Returns from Hibernation, Is It A Good Sign?
Bibhu Pattnaik - Benzinga
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BlackRock Debuts Bitcoin Exchange-Traded Product in Europe
Emily Nicolle - Bloomberg
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| Politics | | An overview of politics as it relates to the financial markets | Text Messages From US Officials Confirm Fears of European Allies
Natalia Drozdiak - Bloomberg
Private texts between top US officials revealed their planning for strikes against Houthi militants and their disdain for European allies, with Vice President JD Vance and Defense Secretary Pete Hegseth expressing frustration with European "free-loading" off US efforts. The exposure of private texts between top US officials offered unique insight into their planning for strikes against Houthi militants earlier this month. The messages also laid bare the full extent of their disdain for European allies. A back and forth between Vice President JD Vance and Defense Secretary Pete Hegseth, exposed as part of an Atlantic magazine story on the texts Monday, highlighted how they believe European allies were "free-loading" off US efforts to go after Houthi militants in Yemen.
/jlne.ws/4c55seP
Nazis were treated better than Venezuelans deported by Trump, judge says at hearing
Luc Cohen, Ted Hesson and Jack Queen - Reuters
A U.S. appeals court judge said on Monday that Nazis were given more rights to contest their removal from the United States during World War Two than Venezuelan migrants deported by the Trump administration. In a contentious hearing, U.S. Circuit Judge Patricia Millett questioned government lawyer Drew Ensign on whether Venezuelans targeted for removal under a little-used 18th-century law had time to contest the Trump administration's assertion that they were members of the Tren de Aragua gang before they were put on planes and deported to El Salvador.
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Social Security Chief Says White House Ordered 'Rapid' Phone Service Cutbacks; Leland Dudek told stakeholders such big changes, being enacted in just two weeks, typically take two years.
Arthur Delaney - HuffPost
The White House requested the rapid changes to phone service that the Social Security Administration plans to put in place next week, the agency's leader said Monday. In a meeting with advocacy groups that are stakeholders in the agency's disability and retirement programs, Leland Dudek said the sweeping changes he's pursued since becoming acting commissioner last month were dialed up by his superiors in the Trump administration.
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Supreme Court Is Buckling Up for a Season of Legal Showdowns Over Trump Policies
Zoe Tillman - Bloomberg
The US Justice Department is fast-tracking fights over President Donald Trump's efforts to push the bounds of executive power, teeing up key issues for the US Supreme Court in the coming weeks or even days. On Monday, the Trump administration asked the justices to intervene to allow federal agencies to resume mass firings of probationary employees after a San Francisco judge ordered about 16,000 reinstated. Later in the day, an appeals court heard arguments in a Washington case Trump officials have vowed to take to the high court over the use of wartime powers to deport alleged Venezuelan gang members.
/jlne.ws/4l4kJ3C
Trump Refuses to Disclose Deportation Flights Data to Judge
David Voreacos - Bloomberg
The Trump administration refused to hand over flight data requested by a federal judge about the deportation of alleged Venezuelan gang members to El Salvador, warning that doing so would put state secrets at risk. By declaring that the Trump cabinet opposes the disclosure, the Justice Department escalated a standoff with US District Judge James Boasberg, who demanded that the administration answer questions about its use of the Alien Enemies Act to deport of members of the Tren de Aragua gang.
/jlne.ws/4j4OYpk
Has the US Become a Hostile Environment for Tourists?; Detentions and deportations have cast an unflattering spotlight on the way the US treats visitors.
Chris Bryant - Bloomberg Opinion
Are foreign tourists still welcome in President Donald Trump's America? I'm starting to wonder after several cases of international visitors being detained for long periods in questionable circumstances. If this rough treatment continues, it won't just be travelers who suffer. While the US has a duty to protect its borders and enforce the law, overseas tourists may become even more inclined to head elsewhere, threatening billions of dollars in domestic spending.
/jlne.ws/4iZAcjs
Contempt for Europe in Trump's Inner Circle
Alan Crawford - Bloomberg
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Carney Proposes Raises for Canada Military to Bolster Recruitment
Brian Platt - Bloomberg
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Danish Leader Raps US for 'Unacceptable Pressure' on Greenland; Premier Frederiksen comments on planned visit by US officials; Usha Vance to lead US delegation on trip to island on Thursday
Sanne Wass - Bloomberg
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Turkish police arrest dozens for 'insulting' Recep Tayyip Erdogan and his family; Crackdown comes after jailing of Istanbul mayor sparked biggest street protests in more than a decade
Ayla Jean Yackley - Financial Times
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| Regulation & Enforcement | | Stories about regulation and the law. | Bowman's ascent sparks office intrigue at the Fed; Trump's vice-chair for supervision pick is said to have a prickly relationship with Powell
Janice Kirkel - Risk.net
Recent comments by US Federal Reserve chair Jerome Powell have hinted at the possibility of internal friction within the nation's central bank over regulatory policy. At a hearing before the House Financial Services Committee on February 12, Powell was asked whether the Fed needed a vice-chair for supervision - a role created by the Dodd-Frank Act.
/jlne.ws/4iEq4wV
Massachusetts Regulator Probes Robinhood Over Prediction Markets Hub: Reuters
Cheyenne Ligon - CoinDesk
Massachusetts' top securities regulator has reportedly launched a probe into Robinhood over the popular trading platform's recent decision to launch an in-app prediction markets hub that allows customers to bet on the outcome of events, including March Madness match-ups. According to a Monday report from Reuters, Massachusetts Secretary of State Bill Galvin - a notoriously aggressive regulator - sent Robinhood a subpoena last week seeking information about the number of Robinhood's users in Massachusetts that have requested to trade college sports events contracts, and seeking copies of Robinhood's related marketing materials.
/jlne.ws/4le5Uvo
Robinhood Prediction-Markets Arm Gets Massachusetts Subpoena
Georgia Hall - Bloomberg
Robinhood Markets Inc.'s prediction-markets business received a subpoena from Massachusetts' Secretary of State Bill Galvin, who's looking into links to gambling for its sports-event contracts, especially for younger users. Galvin issued the subpoena last week seeking information on how Robinhood users in Massachusetts have traded college sports-events contracts, particularly as the men's and women's college basketball tournaments got under way, according to a spokesperson for Galvin's office.
/jlne.ws/421hjWE
Binance Wallet Suspends Staff Member Over Front-Running Allegations; Binance did not name the token involved in the allegations, and confirmed that no insider trading took place.
Sam Reynolds - CoinDesk
The Binance Wallet team said Tuesday in a post on X that it has suspended a staff member accused of using confidential information from their previous roles at BNB Chain to front-run a token launch. The employee allegedly purchased coins via multiple wallets ahead of a Token Generation Event (TGE), later selling part of the holdings for quick profits. "This behavior constitutes front-running based on non-public information obtained from his previous role and is a clear breach of company policy," a statement from the Wallet team reads.
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UK Finance Watchdog to Ease Up on Firms Doing 'the Right Thing'
Marion Dakers and Laura Noonan - Bloomberg
The UK's top financial watchdog has promised a "less intensive approach" to firms whose intentions are pure, signaling a more pragmatic stance in a new five-year strategy that leans heavily into the government's growth agenda. The Financial Conduct Authority, responsible for supervising some 42,000 firms, is trying to cut back on excessive form-filling and other hurdles that the industry says makes the UK a less attractive market.
/jlne.ws/4j0csM8
Germany Tells Insurers to Vet Private Asset Deals More Carefully
Nicholas Comfort and Libby Cherry - Bloomberg
Germany's financial watchdog is pushing insurers to step up scrutiny of private credit investments after several firms were stung by losses on loans to real estate companies. BaFin, which oversees more than 500 insurers, is asking 30 to 40 firms with higher than average investments in alternative assets about how they vet them, Julia Wiens, who leads insurance supervision, said in an interview. The watchdog wants to make sure that large deals in particular are reviewed by the firms' top executives.
/jlne.ws/4j4M1VJ
FCA invites ESG ratings providers to complete a voluntary survey
FCA
The FCA invites environmental, social and governance (ESG) ratings providers to complete a voluntary survey to help inform the future regulation of ESG ratings and broader sustainability disclosures.
/jlne.ws/41VxzIB
FCA launches 5-year strategy to support growth and improve lives
FCA
The FCA has launched a new 5-year strategy to deepen trust, rebalance risk, support growth and improve lives.
/jlne.ws/4iEoKtW
FCA outlines next steps on Consumer Duty rule review
FCA
In an action plan released today, we have outlined proposals to review our expectations for mortgages and lending, and to explore how we can simplify communications about savings accounts. We will also review parts of our credit advertising rules, such as lengthy terms and conditions.
/jlne.ws/424PhJO
District Court sets trial dates for three sophisticated ramp-and-dump cases
SFC
The District Court trial of three sophisticated ramp-and-dump cases involving the shares of Eggriculture Foods Limited, Fullwealth Construction Holdings Company Limited and KNT Holdings Limited will begin on 13 July 2026, 30 November 2026 and 6 April 2027 respectively (Note 1). The trial dates were fixed in today's hearing in the District Court after all 19 defendants in the three cases pleaded not guilty to charges of suspected securities-related fraud and money laundering.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | US bond investors weigh 'convexity' risk in recent Treasury yield decline
Gertrude Chavez-Dreyfuss - Reuters
The recent drop in U.S. yields has raised speculation that a wave of buying of Treasury securities and derivative products called interest rate swaps by mortgage portfolio managers and insurance companies was partly responsible for their decline. These purchases are for "convexity" buying that helps offset the effects of mortgage refinancing to take advantage of lower interest rates. They could amplify the decline in Treasury yields that has taken place in recent weeks due to concerns about economic growth.
/jlne.ws/4iZwQwS
Retail traders plough $67bn into US stocks while investment giants flee; Individual investors 'buy the dip' this year as equities slide
George Steer - Financial Times
Individual investors have pumped almost $70bn into US stocks this year even as professional money managers are slashing their exposure to the market on fears over Donald Trump's policies. Net inflows from retail investors into US equities and exchange traded funds have registered $67bn in 2025, down only slightly from the $71bn spent in the final quarter of 2024, according to data provider VandaTrack.
/jlne.ws/4j1yhuN
Overnight Venue Bruce ATS Receives Regulatory Approval
Press Release via Traders Magazine
Bruce Markets LLC is pleased to announce that Bruce ATS ("Bruce"), the enterprise-grade overnight trading platform, has received regulatory approval from FINRA and the SEC. It is officially open for business under the leadership of CEO, Jason Wallach. As a cutting-edge Alternative Trading System (ATS), Bruce empowers firms serving investors by offering after-hours access to U.S. markets, specifically for Reg National Market System (NMS) securities. Built for enterprise-scale needs and leveraging industry-leading Nasdaq technology, Bruce delivers a fully digital overnight trading solution designed for optimal reliability and performance.
/jlne.ws/4c7lSDu
AmEx derivatives book grows on interest rate swap surge; Receive-fixed swaps dominate hedging portfolio as clearing rate spikes
Joshua Walker - Risk.net
American Express swelled its derivatives book over the 18 months ending last year to levels not seen in seven years, with the portion cleared by a central counterparty climbing to its highest since 2018. The credit card group quadrupled its notional holdings of interest rate swaps from $4.6 billion in Q2 2023 to $19 billion at the end of 2024, while FX forwards grew 18.1% over the same period to $43.1 billion.
/jlne.ws/4j5n8Jv
Liquidnet Reviews Next Innovation of SuperBlock Matching
Liquidnet Press Release via Traders Magazine
Rob Cranston, global head of equities product at Liquidnet said the the agency execution specialist is looking at the next innovation of SuperBlock Matching, which helps members transact their larger, more difficult trades. Liquidnet first introduced SuperBlock Matching in April last year in Europe, Middle East and Africa and it was rolled out globally in July 2024. The functionality helps members with their most difficult trades, such as a very large position by value or large number of shares against average daily volume through disclosing more information.
/jlne.ws/4iZRZXM
Gunvor Shakes Up Leadership After Crude Oil Trading Losses
Jack Farchy and Archie Hunter - Bloomberg
Gunvor Group is renewing its leadership team after taking some hits in crude oil trading last year including a bullish North Sea play that went wrong, according to Chief Executive Officer Torbjörn Törnqvist. The shake-up at Gunvor is the latest sign that a boom period for commodity traders over the past few years is giving way to a more mixed environment, where range-bound oil markets in particular are hitting profits for traders who thrive on volatility. Still, profits across the industry continue to be higher than before the coronavirus pandemic and the invasion of Ukraine supercharged earnings.
/jlne.ws/41ZzcVH
Shell raises shareholder distributions and LNG sales target, trims spending
Shadia Nasralla and Arunima Kumar - Reuters
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Vertical Farmer Plenty, Backed by Bezos, Softbank, Files Bankruptcy
Jonathan Randles - Bloomberg
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | US honeybee deaths hit record high as scientists scramble to find main cause; US Department of Agriculture calls in university to help study decline as Trump administration staff cuts sting
Oliver Milman - The Guardian
Honeybee deaths have hit record highs in the US, with the unprecedented loss of colonies pushing many beekeepers close to ruin as scientists scramble to identify the main cause of the huge declines. Commercial beekeepers have reported losing more than 60% of their colonies, on average, over the winter, according to an ongoing Project Apis m. survey that covers more than two-thirds of America's managed bees.
/jlne.ws/4c39x34
EON Joins With Denmark's ARC to Bid for Carbon Capture Project
Sara Sjolin - Bloomberg
German utility company EON SE and Danish waste-to-energy plant ARC have entered into a partnership as part of an effort to secure project financing under Denmark's $4.2 billion plan to develop carbon capture facilities. Denmark wants to begin storing carbon as early as 2029 as part of its national plan to cut emissions. The country last summer awarded its first permits allowing companies to investigate the feasibility of carbon storage in underground sites.
/jlne.ws/4i2jkYF
Wishful thinking on climate won't make it so; Badenoch's 'realistic' approach to net zero is, in practice, that both politicians and the planet agree to put all this behind them
Stephen Bush - Financial Times
The Australian politician Julia Gillard once wondered what it was about "the air in England that makes conservatives care about climate change". The Conservative party's commitment to a greener planet made it an outlier among parties of the centre-right for a long time. And their contribution has gone well beyond caring: the actions of Tory governments, whether Margaret Thatcher weaning the UK off coal, the development of nuclear power stations under Thatcher and John Major or the embrace of renewables under David Cameron, made a significant contribution to the UK's reduced emissions.
/jlne.ws/4c1xcAX
'Protect our future': Alaskan Indigenous town fights 'destructive' uranium mine project; Panther Minerals set to start exploring Elim's land as Trump seeks to expand drilling and resource extraction in Alaska
Aisha Kehoe Down - The Guardian
For generations, the people of Elim have subsisted off the forests and waters of north-west Alaska: hunting caribou and bearded seals in the late winter, gathering bird eggs and wild greens from the tundra in early spring, and fishing the salmon run in the late summer. The Inupiat community of 350 people lives on one of the state's most productive and biodiverse fisheries, an inlet of the Bering Sea called the Norton Sound. They refer to their land as Munaaquestevut, or "the one who cares for us".
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Tariff Pain Brings Hope of Eventual Gain for Canada's Green Sectors
Danielle Bochove - Bloomberg
The trade war between the US and Canada threatens to throw a wrench into the prospects for decarbonizing both economies - though it may offer some longer-term opportunities for Canada. Bilateral tariffs on steel and aluminum are already in place, and industry is bracing for more US levies on April 2. President Donald Trump had said tariffs on auto imports from Mexico and Canada would go into effect on that date, but on Monday, he said they could be announced ahead of the broader package.
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Explainer-How Russian energy trade might change if sanctions are eased
Reuters
As talks aimed at ending the war in Ukraine continue, a potential relief in sanctions imposed on Russia, including its vast energy sector, is one of the issues on the agenda. Oil and gas exports are a key revenue source for Moscow and the sector has been subject to Western sanctions since 2014, when Russia annexed the Crimea peninsula from Ukraine. Those got tightened significantly after Russia invaded Ukraine in 2022, with Washington announcing its harshest round of sanctions on January 10.
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What Colin Powell Would Say About the Pentagon DEI Purge; The former general and secretary of state told the author that a true leader is "a dealer in hope" - not in fear, chaos or anger.
James Stavridis - Bloomberg Opinion
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Clearlake Gets $5.75 Billion Loan for Dun & Bradstreet Deal
Gowri Gurumurthy, Jeannine Amodeo and Ryan Gould - Bloomberg
Clearlake Capital Group has lined up $5.75 billion of debt financing to help pay for its planned acquisition of data and analytics provider Dun & Bradstreet Holdings Inc., according to a securities filing on Monday. The financing joins a growing number of buyout debt packages - including a multi-billion deal backing Clayton Dubilier & Rice's purchase of a stake in Sanofi SA's consumer health division - that are set to come to market after a prolonged slowdown in mergers and acquisitions.
/jlne.ws/425q2al
A peek under the hood of Canadian banks' new CVA machine; Disclosures from the country's top dealers offer first glimpse of how FRTB reforms can reshape capital gauge for potential losses on derivatives
Lorenzo Migliorato - Risk.net
This is the first in a new series of extended articles from Risk.net's Risk Quantum service, which produces daily data articles, available via a Risk Management subscription. Canada's rollout of new market risk capital rules has produced surprising differences in how individual banks have adopted the new regime. The Fundamental Review of the Trading Book has all but removed banks' ability to deploy their own models for calculating capital requirements for credit valuation adjustment (CVA) risk
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HSBC CEO Targets Asia, Middle East Growth After Revamp
Denise Wee and David Ingles - Bloomberg
HSBC Holdings Plc expects to double down on its investment-banking operations in Asia and the Middle East after exiting key businesses in Europe and the US, Chief Executive Officer Georges Elhedery said. The bank will focus on debt and other financing activities globally as well as mergers and acquisitions and equity capital markets in Asia and the Middle East, Elhedery said in a Bloomberg TV interview on Tuesday at an HSBC conference in Hong Kong. The restructuring will save $1.5 billion in efficiency costs and enable the bank to invest in areas where it has more competitive edge to generate "quality" revenue, he said.
/jlne.ws/4iK83NM
HSBC Weighs Outsourcing Some Trading Operations to Lift Returns
Harry Wilson, Sridhar Natarajan, and Katherine Doherty - Bloomberg
HSBC Holdings Plc is considering outsourcing part of its sprawling trading business as executives struggle to justify making technology investments needed to keep up with larger rivals. Europe's largest lender has held preliminary discussions about directing parts of its fixed income trading order flow to an outside market maker, according to people familiar with the matter. The moves would allow HSBC to save millions of dollars in IT costs associated with running trading desks around the globe, two of the people said.
/jlne.ws/4l0icHw
JPMorgan Chase Launches New ETN Betting on Volatility
Mallika Mitra - ETF
Last week, JPMorgan Chase launched its Inverse VIX Short-Term Futures ETNs (VYLD), which seeks to provide exposure to the daily returns of an index shorting futures tied to the Cboe Volatility Index (also known as the VIX). The new product is designed to increase 1% for every point decrease that VIX futures experience. In short, investors could benefit from market volatility subsiding.
/jlne.ws/4j4GHBM
Ex-Goldman Analyst's Hedge Fund Reaps 300% on Small Japan Banks
Lisa Du and Taiga Uranaka - Bloomberg
Katsunori Tanaka spent most of his 19 years at Goldman Sachs Group Inc. scrutinizing Japan's biggest banks as an equity analyst. Now he's making money obsessing over much smaller lenders at his 48 billion yen ($320 million) hedge fund Ariake Capital. Tanaka's switch centers on investing in banks whose businesses barely extend beyond the Japanese countryside - lenders that until recently were dismissed as the embodiment of the country's decades of stagnation and deflation. Now, with prices and interest rates trending higher for the first time in a generation, things are finally looking up for the sector, even as economic prospects in many rural areas remain uncertain.
/jlne.ws/4kVEVod
Fidelity, Schwab Block Orders of BlackRock and Texas Capital ETFs
Emily Graffeo - Bloomberg
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | AI job application rise 'risks hiring incapable staff'
Huw Thomas - BBC Wales News
A growing use of artificial intelligence (AI) in job applications risks employers hiring candidates who cannot do the work, a business owner has said. Advertising boss James Robinson said he and other business leaders were seeing a "real trend" in applicants using generative AI chatbots, and warned that candidates who were good at using the technology could "engineer" the process without being "capable of doing the job". Careers adviser Megan Cooper said that while AI could be a useful tool for job hunters, it should never replace "human judgement".
/jlne.ws/4iEp7ER
Has the Decline of Knowledge Work Begun?; The unemployment rate for college graduates has risen faster than for other workers over the past few years. How worried should they be?
Noam Scheiber - The New York Times
When Starbucks announced last month that it was laying off more than 1,000 corporate employees, it highlighted a disturbing trend for white-collar workers: Over the past few years, they have seen a steeper rise in unemployment than other groups, and slower wage growth. It also added fuel to a debate that has preoccupied economists for much of that time: Are the recent job losses merely a temporary development? Or do they signal something more ominous and irreversible?
/jlne.ws/4c5e4lx
A white-collar world without juniors? Professional business models may need to change if novices lose the opportunities to learn and progress when AI takes over their work
Sarah O'Connor - Financial Times
One of my first jobs as a trainee reporter was to write a daily stock market report. It was the sort of task that wouldn't trouble an experienced journalist, but for a novice like me, it was scary and hard. I was lucky, though: after I filed my draft, my editor would have me stand behind his shoulder and watch his screen while he edited it. He would explain out loud what he was changing and why, which helped me learn how to do it a bit better the next day.
/jlne.ws/4c8dd3E
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| Wellness Exchange | | An Exchange of Health and Wellness Information | West Virginia Bans 7 Artificial Food Dyes, Citing Health Concerns; At least 20 other states are considering bills restricting the use of certain food dyes and additives.
Alice Callahan - The New York Times
In the most sweeping move of its kind, West Virginia has banned foods containing most artificial food dyes and two preservatives, citing their potential health risks. The legislation, signed into law Monday by Gov. Patrick Morrisey, will go into effect in 2028. At least 20 states are considering similar restrictions on food chemicals, but West Virginia is the first to ban virtually all artificial dyes from foods sold statewide. The new law will also prohibit products containing the dyes from being served in school meals starting this August.
/jlne.ws/4j4vNMj
Want to reach 70 without chronic disease? Eat plants and avoid processed food, study says; A 30-year study found that a healthy diet in midlife increased the likelihood of healthy aging.
Aria Bendix - NBC News
Following a healthy diet - one primarily plant-based, with minimal ultra-processed food and low to moderate amounts of animal-based foods like fish and dairy - can raise the chances of reaching age 70 without developing a chronic disease, according to a new study. The research, published Monday in the journal Nature Medicine, analyzed the diets of more than 105,000 people in midlife and found that by 70, less than 10% had achieved "healthy aging," meaning their memories were intact, they hadn't developed depression or a major chronic condition, and they could perform basic physical tasks like climbing stairs or carrying groceries.
/jlne.ws/4c5hapF
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Building the Future: How Citadel Securities is Shaping Miami's Finance Scene
Anna Lyudvig - Traders Magazine
Since moving its headquarters to Miami nearly three years ago, Citadel Securities has not only embraced the Magic City but also significantly contributed to its growing reputation as a financial powerhouse. Among those who have joined the firm locally is Rodrigo Parada Valencia, COO of US Options Market Making. Though Citadel Securities is a relatively new presence in Miami, Parada Valencia has called the city home for a decade and has witnessed its evolution firsthand.
/jlne.ws/4kVCfXH
How China Beat Out the U.S. to Become the Top Player in Rare-Earths Refining; Even if the Trump administration secures more minerals from the likes of Ukraine or Greenland, the U.S. would struggle to process them
Jon Emont - The Wall Street Journal
President Trump wants to secure the minerals the U.S. needs for everything from smartphones to jet fighters by striking deals in Ukraine, Greenland and even Russia. But even if the Trump administration secures more mines for American companies through agreements like the mineral-rights deal being discussed with Ukraine, it may have to send much of the minerals to China-its main geopolitical rival-to be processed. A prime example of this conundrum is rare earths, a group of minerals used for defense systems that President Trump has said is the focus of his dealmaking in Ukraine. "We very much need rare earth. They have great rare earth," Trump said ahead of a recent cabinet meeting.
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Trader Tied to China's Copper King Sells Singapore Office Space
Alfred Cang and Low De Wei - Bloomberg
A Singapore-based commodities trader linked to troubled Chinese copper tycoon Wang Wenyin has sold the top three floors of a prime office building in the city's business district for S$91.8 million ($69 million), according to property transaction documents. Awin Resources International Pte., a trading affiliate of Wang's Amer International Group, sold the office at 20 Collyer Quay to a subsidiary of developer GuocoLand Ltd. earlier this month, according to official records seen by Bloomberg. Awin was founded by Wang's family in 2011, and his son is currently listed as the company's sole director.
/jlne.ws/4hJHA1l
Wall Street's Embrace of Turkey Unraveled in Just 30 Minutes
Kerim Karakaya, Donal Griffin, and William Shaw - Bloomberg
When Wall Street banks and hedge funds gathered in Istanbul last Wednesday with a top Turkish economist, they were prepared to hear about the country's improved stability. Then they glanced at their phones. The Turkish lira was plunging against the US dollar, fueled by that morning's detention of Istanbul mayor Ekrem Imamoglu - the biggest rival of President Recep Tayyip Erdogan. The group, assembled by Deutsche Bank AG and including clients such as Millennium Partners and Gramercy Funds Management, were shocked and couldn't take their eyes off their screens, people familiar with the matter said.
/jlne.ws/4c5vmiz
French Billionaire Families Buy Into Venture Capital Firm
Claudia Cohen and Tara Patel - Bloomberg
The French billionaire Dassault and Saade families are buying a stake in venture capital firm Founders Future as they step up tech investments. The clans are acquiring a 25% holding in the Paris-based investment company along with health insurer MACSF, according to a statement Monday that didn't include financial details. "Having French industry captains like the Dassault and the Saade families in our capital reinforces the confidence that investors and companies have in Founders Future," said Marc Menasé, who founded the firm in 2018 to focus on early-stage tech startups. It currently has EUR300 million ($324 million) in assets under management.
/jlne.ws/41ZHb57
Goldman Says End of Argentina FX Controls Key to Reviving IPOs
Kevin Simauchi and Cristiane Lucchesi - Bloomberg
Argentina President Javier Milei needs to start getting rid of capital and currency controls to lure equity investors and sustain a rally in the local stock market, according to Goldman Sachs Group Inc. "Markets need clarity and certainty that capital can flow freely in and out of the country, and it's clear the government understands that and that they're working toward trying to get that done," Max Ritter, Goldman's head of mergers and acquisitions for Latin America, said in an interview.
/jlne.ws/425sCgx
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| Auditions | | Explore a space for creative trading stories where you can find and share unique works like screenplays, television scripts, poetry, and more, all inspired by the world of finance and trading. | THE OPENING BELL
By Daniel F. Sullivan
EXT. QUINN'S OLD TYME TAVERN - PHILADELPHIA - DAY
A dive Irish bar tucked away in the cramped and crooked streets of downtown Philadelphia.
JACK FARRELL (O.S)
Another Jamo, Sir Quinn.
INT. QUINN'S OLD TYME TAVERN - PHILADELPHIA
A medium-built 42 year old, wearing a porkpie hat, jacket and tie, chewing on a lit cigar, JACK FARRELL is at the bar. Behind him is a buffet with corned-beef simmering in trays under bright lights. Jack sits on an uneven, wobbling bar stool. At first he tries to correct it by shifting the stool position. After that doesn't work he moves to another stool, which also wobbles. Finally he gives up and intentionally rocks back and forth on the stool, enjoying it.
QUINN, a black bartender, early 40s, ex college football player, approaches.
QUINN
What'll it be, Jack?
JACK FARRELL
A new barstool.
QUINN
Sorry, don't have any in stock. You might try sitting on another.
JACK FARRELL
I did already. Just wondering where my tip money goes to. You can't buy a decent stool for once?
QUINN
Sounds like Unhappy Hour. Time for Jack to start busting balls.
JACK FARRELL
Shot of Jamo, my friend.
Stay tuned for the rest of the script of The Opening Bell.
Read the whole episode HERE and the complete script to date HERE.
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