| April 24, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
A key member of the 1985 Chicago Bears football team passed away yesterday. The passing of Steve "Mongo" McMichael on April 23, 2025, marks a solemn moment for Chicago Bears fans and the legacy of the legendary 1985 team. McMichael, a ferocious defensive tackle and one of the emotional anchors of the Bears' Super Bowl XX championship squad, died at 67 following a courageous fight with ALS. Just last year, he was rightfully inducted into the Pro Football Hall of Fame, solidifying his place among football's greats. His grit, passion, and larger-than-life personality endeared him to teammates and generations of Bears faithful who cherished his impact on and off the field.
With McMichael's passing, the list of 1985 Bears who have left us continues to grow, reminding fans of the passage of time and the human cost behind football glory. Hall of Famer Walter Payton died in 1999, Dave Duerson took his own life in 2011, Keith Ortego died in 2022, and James Maness died in 2024 from early-onset Alzheimer's and dementia. Key coaches from that era-Buddy Ryan, Dick Stanfel, and Ed Hughes-have also passed on. These men helped shape one of the most iconic teams in NFL history. Their legacies remain etched in football lore, forever part of a team that was more than just champions-it was a cultural phenomenon.
Cboe Global Markets posted a video to its YouTube channel nine days ago that I just caught on LinkedIn in which Cboe Vice President, Market Intelligence Henry Schwartz offers a State of the Industry 2025 report, something he will do again down in Palm Beach at the Options Conference on May 6 to 8. In the video, Schwartz describes 2025 as a landmark year for the listed options market, with volumes and volatility reaching record highs. As of mid-April, average daily volume stands at 59.7 million contracts-up 21% from 2024-and on pace for over 15 billion contracts this year. Growth is robust across single-stock, ETF, and index options, with April 4th alone seeing a staggering 101 million contracts traded. Premiums and notional value are surging too, with $35 billion in daily premium exchanged and $3.66 trillion in notional value-four times higher than pre-COVID levels. The industry's infrastructure is scaling to match, with OPRA handling 300 billion messages a day and zero-day options now making up more than half the flow in major products.
Schwartz also highlights a dramatic shift in market behavior and participation. Zero DTE and short-dated contracts now dominate, offering precision for tactical and quantitative strategies amid a resurgence in volatility. Retail traders contribute nearly half of the market volume, reflecting a democratization of derivatives access. Innovation is accelerating, with option-powered ETFs ballooning from $30 billion to $200 billion in assets since 2020. New Cboe products like the MBTX Bitcoin Index and VIX options on futures exemplify this evolution. Schwartz sees the industry's 52nd year not just as a moment of record growth-but of ongoing transformation.
A coalition of 12 U.S. states, including New York, Illinois, and Arizona, has filed suit in the U.S. Court of International Trade, accusing President Donald Trump of unlawfully imposing global tariffs under the International Emergency Economic Powers Act (IEEPA), Bloomberg reported. The states argue that Trump bypassed Congress by declaring an economic emergency to justify the tariffs, including the sweeping "Worldwide Tariff Order," which they claim functions as a massive consumer tax. They assert that the president's use of emergency powers lacks constitutional and statutory backing and has disrupted trade policy by turning it into a matter of presidential discretion rather than lawful governance.
Central to the states' legal argument is that the IEEPA requires an "unusual and extraordinary threat" to justify emergency action-a threshold that Trump's cited trade deficits fail to meet. As the complaint states, "persistent" annual U.S. goods trade deficits are, by definition, not extraordinary. The lawsuit seeks to block the tariffs, some of which Trump recently paused, arguing they harm American consumers and violate legislative intent. The suit follows similar challenges from California, businesses, and tribal groups.
YouTube yesterday celebrated the 20th anniversary of its launch by posting its first video, a grainy one titled "Me at the zoo." Cboe celebrated this anniversary by posting a comprehensive series of tutorial videos on its YouTube channel, focusing on three key trading platforms: Cboe LiveVol Pro, Cboe Silexx, and Trade Alert. These tutorials are designed to assist users in navigating and utilizing each platform's advanced features effectively.
For Cboe LiveVol Pro, the tutorials cover essential aspects such as setting up layouts, customizing views, and using tools like the Trade Optimizer and Pro Scanner. The Cboe Silexx series delves into modules including order management, portfolio analysis, and risk assessment tools like OCC TIMS. Trade Alert tutorials focus on features such as customized triggers and on-demand recaps, providing users with insights into market activities.
CME Group has a new chief risk officer, Vijay Albuquerque, who previously served as counterparty risk and portfolio risk analytics head for Citigroup's markets and banking business.
Senator Dick Durbin announced he will retire at the end of his fifth term, The Wall Street Journal reported. He is the longest-serving U.S. senator from Illinois, which is impressive considering some of the others who have served. Adlai Stevenson, Paul Douglass, and Paul Simon are just three who come to mind.
In a headline-grabbing move, Twenty One Capital-a newly formed bitcoin acquisition vehicle-is set to launch with 42,000 bitcoin and the backing of major crypto players including Tether, Bitfinex, and SoftBank, via a reverse merger with Brandon Lutnick's SPAC, Cantor Equity Partners. The Financial Times commented on this in an FT Alphaville piece titled "'Pure-play' bitcoin never looked so impure." At the helm is Jack Mallers, the 31-year-old founder of Strike and now CEO of Twenty One, described as a "visionary" whose playbook closely mirrors Michael Saylor's MicroStrategy-leveraging equity and debt to acquire more bitcoin and evangelize its adoption. The venture's opaque structure and creative metrics like "Bitcoin Per Share" aim to attract investors with a bitcoin-centric capital model, though critics note its resemblance to an elaborate bitcoin recycling machine. Mallers' role is central: not only as the public face and strategist of the initiative, but also as the symbolic bridge between crypto culture and institutional ambition.
Here are the headlines from in front of FOW's paywall from some recent stories: TraditionData appoints US product head in latest senior hire, FIA, ISDA warn against widening European price caps for commodities, Bitnomial to list 'first-ever' US regulated bitcoin perpetual future this month, ANALYSIS: CME points to resilience amid April trading frenzy, Trade body backs SEC chair's lighter touch regulatory agenda and CME revenue hits quarterly record on volume spike.
Nasdaq's Adena Friedman is the latest interview on FIA's MarketVoice Podcast. You can listen to the interview HERE.
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:
- Options Traders Positioned for More Wild Stock Swings from The Wall Street Journal.
- 'I Could Lose It All Tomorrow': The Traders Leaning In to Wild Markets from The Wall Street Journal.
- Introducing Ask Us (Almost) Anything - OIC Office Hours from OIC. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Your Bank, Your Car, Your Digital Butler: SoundHound's Executive VP on the Future of Talking to Machines JohnLothianNews.com BOCA RATON, Fla.-(JLN)-April 24, 2025-Michael Anderson sees a future where you won't just talk to your bank-you'll talk to your bank in the car, at the grocery store, or walking through the front doors of your local branch, and your bank will know exactly who you are. Anderson, the executive vice president and general manager of Amelia.ai, enterprise conversational AI & autonomics at SoundHound, paints a world where "every employee, every consumer, anyone that's touching or working in a business is going to have their own personal concierge. That's digital." Watch the Michael Anderson Video » Jeff Bandman - Bandman Advisors Watch the Jeff Bandman Video » David Rutter - R3 Watch the David Rutter Video »
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Is This Trump's Mitterrand Moment? The French President saved his government by giving up socialism. It's a precedent for tariffs.
The Editorial Board - The Wall Street Journal
President Trump continues to walk back his original tariff assault, and markets are pleased. They rose again Wednesday after Mr. Trump said he won't fire the Federal Reserve Chairman and is likely to retreat from his highest China tariffs. Is this Mr. Trump's François Mitterrand moment? Readers of a certain age will recall how the French Socialist President swept into power in 1981 promising a far left agenda of government control over the private economy. The market reaction was brutal. Within a year he had put socialism on pause and by 1983 he had abandoned most of it. He went on to serve two terms.
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***** If Mitterrand is French for Hoover, then maybe.~JJL
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Donald Trump's memecoin surges as holders compete for private dinner with US president; The top 25 owners will be invited to a reception and VIP tour of the White House
Philip Stafford and Will Schmitt - Financial Times
The value of Donald Trump's memecoin soared more than 50 per cent on Wednesday after the issuers of the cryptocurrency said the US president would have dinner with the top 220 holders next month. The group would be invited to a private dinner at the Trump National Golf Club in Washington on May 22 to hear Trump talk about "the future of crypto", the organisers said.
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******** One can scoff at the blatant shakedown, but one has to admire the beauty of the design. President Trump is finding new ways to squeeze dollars from people who want access.~JJL
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The Race to Fix Aging Computer Systems Heats Up With AI's Help
Anna Irrera - Bloomberg
Kresimir Mudrovcic and his team of programmers spend months on end trawling through computer code that can be three times as old as the crew's youngest members. Mudrovcic specializes in mainframe technology, involving computers tracing their roots to the dawn of the digital age and the ancient software that sometimes runs on them. Upgrading such systems is painstaking work, often entailing sifting through millions of lines of code to understand how specific functions operate. Mudrovcic, an IT consultant, compares it to archeology.
/jlne.ws/44CRmPQ
***** My new AI chip told me to take my computer and throw it out.~JJL
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Wednesday's Top Three
Our top clicked story Wednesday was The Fast Track to the Trading Floor Runs Through a Texas Public University, from Bloomberg, about a specialized program at Texas A&M. Second was Sterling Trading Tech Names Julie Armstrong Chief Commercial Officer, a Sterling Trading Tech press release. (Julie Armstrong was also our MarketsWiki Page of the Day Wednesday.) Third was Cronyism, Capitulation and Utter Chaos, subtitled "And what the hell was Scott Bessent doing briefing Morgan clients?", a column by Paul Krugman on Substack.
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| Lead Stories | Trump Meets His Match: The Markets; President softens his economic and trade stances in the midst of market turmoil
Meridith McGraw and Brian Schwartz - The Wall Street Journal
President Trump has met his biggest opponent-and it's the stock market. Since returning to Washington three months ago, Trump has toppled federal agencies, consolidated executive power, challenged global alliances and reconfigured America's economic relationships around the globe. His moves have been met with protests, court challenges, dipping poll numbers and political opposition. Yet so far, the only force that has reliably prompted him to back down is Wall Street. In recent weeks, Trump has softened his economic and trade stances following periods of market turmoil. Early this month, he imposed a 90-day pause on many of the tariffs he had put in place just days earlier, as the stock market cratered and a selloff of U.S. bonds rattled investors. This week, he softened his tone on China after ratcheting up tariffs on imports from the country to 145%. And he ruled out-for now-attempting to fire Federal Reserve Chair Jerome Powell after his public musings about terminating him triggered another market plunge.
/jlne.ws/44r2RKr
Xi Is Ratcheting Up China's Pain Threshold for a Long Fight With Trump; Censorship and surveillance have helped keep the Communist Party in control, and they are getting better.
Josh Chin - The Wall Street Journal
As President Trump tries to play hardball in his trade war with Xi Jinping, he faces an adversary who has armed China to play a long and potentially painful game in its contest with the U.S. In the weeks since the U.S. president first slapped sky-high tariffs on China, Beijing has responded with defiance. A spokeswoman for China's Foreign Ministry posted on X footage from 1953 of Mao Zedong promising to fight to the end against U.S.-led forces in the Korean War. "We are Chinese," she wrote. "We don't back down."
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Trump Sued by States Over Tariffs, Trade Policy
Erik Larson - Bloomberg
A dozen US states are challenging President Donald Trump's "immense and ever-changing" global tariffs in court, alleging he illegally bypassed Congress by issuing duties under an emergency economic law. The suit, filed Wednesday in the US Court of International Trade in Manhattan, argues that Congress didn't grant Trump the necessary authority to impose the tariffs and that national trade policy "now hinges on the president's whims rather than the sound exercise of his lawful authority."
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CME Group to launch XRP futures to expand crypto derivatives; CME's new XRP futures contracts aim to meet rising institutional and retail demand, with cash-settled options launching pending approval.
Anushka Basu - The Street
CME Group, the largest derivatives exchange in the world, has announced plans to launch XRP futures on May 19, pending regulatory approval. This represents a significant addition to its crypto product line, given that both retail and institutional investors are witnessing and experiencing increasing interest in XRP and XRPL. Interest in XRP and its underlying ledger has steadily increased. These new futures will provide a capital-efficient way for investors to hedge and gain exposure."
/jlne.ws/42tBHB9
London Metal Exchange plans to introduce green metals premium; Move follows pressure from mining firms to distinguish their supplies from 'dirty' minerals with large environmental impact
Camilla Hodgson - Financial Times
The London Metal Exchange is drawing up plans for a so-called "green premium" on metals that are mined sustainably, following industry pressure to distinguish them from "dirty" supplies with a larger environmental impact. The exchange, the world's largest marketplace for metals, said on Wednesday that there was sufficient support among market participants to explore launching ways to buy aluminium, copper, nickel and zinc that had been mined sustainably.
/jlne.ws/42trvIX
Cleaning our regulatory closet; 15+ years have led to a burdensome regulatory environment, some certainly justified but some excessive and overly prescriptive
Walt Lukken, FIA's President and CEO - FIA
What is it about springtime that stirs our desire to clean our homes, garages and closets? With warmer weather and longer days, we long to declutter with the hope of simplifying our lives and keeping only those items most important to us. And it feels so wonderfully therapeutic! Early in our marriage, my wife and I decided to spring clean and hold a yard sale to rid ourselves of the unnecessary items we had gathered as single individuals over the years. As the pile on the sidewalk grew, I noticed most of it was mine ... albums, posters and general "dude stuff." That is when I realized there was a new sheriff in town. In my wife's mind, she was cleaning out what was no longer important ... my stuff! I guess what is important is in the eyes of the beholder.
/jlne.ws/438vWIj
Trump discovers the US is no longer indispensable; America cannot offer enough aid, green technology or new market access to mould the world trading system
Alan Beattie - Financial Times
Say what you like about Scott Bessent, but the Treasury secretary's insistence on claiming logic in every tergiversation of Donald Trump's haphazard tariff policy is providing much amusement abroad. Bessent and other administration officials are now beetling around the world desperately trying to sign dozens of trade deals while fractious financial markets metaphorically hold a gun to their heads, and we're asked to believe it is all a cunning plan.
/jlne.ws/3YKjyfW
Should corporate whistleblowers get paid? Countries including the US, South Korea and Nigeria offer hefty rewards to insiders who uncover wrongdoing. Could the UK finally join them?
Suzi Ring, Martin Arnold and Ellesheva Kissin - Financial Times
When Daniel Sheard blew the whistle on a scandal that rocked the Swiss fund manager GAM, he was prepared for it to be a tough experience. In 2017, Sheard began warning the company that he was worried about investments being overseen by his boss, the star fund manager Tim Haywood, into bonds created and sold by Australian financier Lex Greensill's company. When Sheard felt that his concerns were not being taken seriously enough, he took them to the Financial Conduct Authority, the UK regulator, the following year.
/jlne.ws/3RA2dT4
Davos founder accused of manipulating World Economic Forum research; Klaus Schwab denies whistleblower claims and says he is the victim of 'character assassination'
Stephen Foley and Mercedes Ruehl - Financial Times
World Economic Forum founder Klaus Schwab allegedly manipulated the organisation's research to curry favour with governments, according to whistleblower claims that led to his resignation as chair of the organisation over the Easter weekend. The accusation was one of several contained in a whistleblower letter sent to the WEF board of trustees last week that led the organisation to launch an investigation, and prompted Schwab to criticise former colleagues for reacting to "calumnious" and "unfounded" allegations without giving him a chance to respond. In a statement circulated on Wednesday, Schwab said he was the victim of a "character assassination" and denied all the claims against him, which also included allegations he misused WEF funds and asked staff to promote him for a Nobel Peace Prize.
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Huge Stock Swings Are the New Normal for Frazzled Investors; April is poised to be the most-volatile calendar month since the Covid crash in 2020
Gunjan Banerji - The Wall Street Journal
Another day of big gains on Wall Street left investors saying one thing seems certain: The stock market's frenzied swings are here to stay. President Trump's softer stance on the Federal Reserve and trade with China sent share prices surging for a second consecutive session Wednesday, continuing a dizzying stretch for financial markets that has lifted major indexes well off their lows of the year. The trade war's swings-both higher and lower-have left many investors on edge. The S&P 500 has gained or lost at least 1% in seven of the past 10 sessions, and April is poised to be the most-volatile calendar month since the Covid crash in 2020, according to Dow Jones Market Data.
/jlne.ws/4jlMbs7
At Least the Market Isn't Boring; Also bilateral trading, direct private equity and hedge fund timing.
Matt Levine - Bloomberg
No risk, no 'rari
One model of capital markets is that volatility is bad and stable policy is good. Investors are more likely to commit capital to socially productive projects if they expect a reasonably predictable reward. Investing is a way to participate in long-term economic growth, and steady growth helps investors to plan for the future and entrepreneurs to raise capital. Another model of capital markets is that people like gambling, so introducing some extra volatility makes markets more fun and exciting and gives people what they want. How much should you save for retirement? Should you borrow money to build a new factory? Boring! Boring! Don't ask those questions! Ask more fun questions like "should I YOLO all my money on GameStop call options?" On this model, economic policymakers should lurch drastically from one policy to another, because that will make things more exciting for their audience. It will also get the policymakers more attention, and attention is the most valuable thing in the world.
/jlne.ws/4418C14
As Trump's SEC halts crypto crackdown, judge pauses GOP lawsuit
Sabrina Toppa - The Street
This month, a federal judge in the United States granted a 60-day stay order in a case brought against the U.S. Securities and Exchange Commission (SEC) by 18 largely Republican state attorneys general. Launched last year, the lawsuit aimed to correct what the plaintiffs viewed as "gross government overreach" against the crypto industry under the previous tenure of former SEC chair Gary Gensler. Gensler's "regulation by enforcement" era was marked by a string of high-prohttps://jlne.ws/448Ui6O
'It's Not Going To End Well'-Former SEC Chair Gensler Says Chinese Are 'Tough Negotiators' Who Believe They Can Outwait US Policy Volatility
Adrian Volenik - Benzinga
Former Securities and Exchange Commission Chair Gary Gensler says the trade fight between the U.S. and China is headed for trouble. "I think it's going to be a bit of a quagmire," Gensler said on CNBC's "Squawk Box" last week in his first interview since leaving office. Gensler, who negotiated with Chinese regulators during the Biden administration, warned that the U.S. needs to approach China with a combination of consistency, firmness and respect. "They're tough negotiators," he said. "They think time is on their side and that they can outwait the volatility of policy on the other side."
/jlne.ws/3EFjyHl
IMF Says Global Debt Load Crossed $100 Trillion Last Year-and Could Keep Climbing. What's at Stake.
Reshma Kapadia - Barron's
Bond vigilantes take note: The global debt situation is raising alarms for the International Monetary Fund, which on Wednesday said "off-the-charts" trade uncertainty was exacerbating a global debt load that it estimates crossed the $100 trillion level in 2024. The IMF expects levels to rise further, with debt to global gross domestic product hitting 100% by the end of the decade. In a "severe" adverse scenario, global public debt could soar to around 117% of GDP by 2027, marking levels not seen since World War II-and about 20 percentage points above projections for that year.
/jlne.ws/3Ew75pt
Turkish Gold Contracts Trade at Huge Premiums as Buyers Pile In
Patrick Sykes - Bloomberg
A new wave of Turkish gold bugs is driving a widening gap between the price of the physical metal - a long-time investing favorite in the country - and newer digital instruments that track it. Gold certificates traded on the Borsa Istanbul exchange should in theory follow the price of the 0.01 grams of physical bullion they represent, but rose to a record 21% premium this week, according to local brokerage Gedik Yatirim AS. The cost gap is driven by a surge in investor interest since early March as global trade tensions drive gold prices higher, research analyst Burak Pirlanta said.
/jlne.ws/3RSMwXr
Celsius Investors Urge Severe Punishment for Founder Mashinsky
Chris Dolmetsch - Bloomberg
A slew of disgruntled investors in the failed crypto lender Celsius Network urged a federal judge to throw the book at founder Alex Mashinsky when he is punished next month after admitting to fraud in connection with the 2022 collapse of the company. Prosecutors on Wednesday submitted more than 200 statements from people who put their money into Celsius, coming from throughout the globe and many different walks of life - including a postal worker in Australia, an M&A banker in Copenhagen and a stuntman in New York. While a few of the investors urged US District Judge John Koeltl to go easy on Mashinsky at his May 8 sentencing, the vast majority asked him to impose the highest possible punishment allowed by law - with some suggesting he spend the rest of his life in prison.
/jlne.ws/4jFWKpI
Binance Billionaire Zhao Guides Regulators to Relax Crypto Rules
Ryan Weeks - Bloomberg
Crypto's richest man, Changpeng Zhao, was in a playful mood as he addressed a packed house at the Ritz-Carlton in Kuala Lumpur, just seven months after his release from a low-security California prison. "How many are regulators or regulatory backgrounds here? OK, not many. So we're safe," the former chief executive officer of Binance Holdings Ltd. said at the gathering on Tuesday night, delighting the audience.
/jlne.ws/4jrJi9o
SNB Reports First-Quarter Profit Thanks to Large Gold Gains
Bastian Benrath-Wright - Bloomberg
The Swiss National Bank's gold holdings allowed the central bank to report a first-quarter profit, a respite before a recent surge in the franc hits its earnings. The SNB notched up a gain of 6.7 billion francs ($8.1 billion) from January through March, it said in a statement on Thursday. That's a fairly subdued start into the year due to an underperforming stock portfolio.
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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 starts the clock for new tariffs to take effect
David Goldman - CNN
President Donald Trump said Wednesday that he could re-impose "reciprocal" tariffs on some countries in as soon as two or three weeks, a potentially significant re-escalation of the global trade war that has already raised fears of a US and global recession. "In the end, I think what's going to happen is, we're going to have a great deals, and by the way, if we don't have a deal with a company or a country, we're going to set the tariff," Trump said in an Oval Office ceremony. "I'd say over the next couple of weeks, wouldn't you say? I think so. Over the next two, three weeks. We'll be setting the number."
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Trump was warned of empty shelves and financial turmoil from tariffs and firing Powell. His U-turn pushed stocks higher
Kevin Liptak, Jeff Zeleny and David Goldman - CNN
President Donald Trump's unprecedented tariffs, particularly on China, and recent attacks on Federal Reserve Chair Jerome Powell caused alarm among some of his top advisers and America's biggest CEOs, who warned of financial chaos and store shelves that could go bare, people familiar with the conversations said. The warnings - and the markets' own volatility this week - seemed to have broken through. Trump backed down Tuesday from his threats to try to remove Powell from the job, telling reporters in the Oval Office: "I have no intention of firing him."
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On Major Economic Decisions, Trump Blinks, and Then Blinks Again; President Trump has said his punishing tariffs would force companies to build factories in the United States. But it is far from clear that they will have the effects he predicted.
David E. Sanger - The New York Times
After weeks of bluster and escalation, President Trump blinked. Then he blinked again. And again. He backed off his threat to fire the Federal Reserve chairman. His Treasury secretary, acutely aware that the S&P 500 was down 10 percent since Mr. Trump was inaugurated, signaled he was looking for an offramp to avoid an intensifying trade war with China.
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Tariffs Won't Bring US Allies On Board Against China; There are smarter ways to address the national-security risks posed by the mainland's trade practices.
The Editorial Board - Bloomberg
Treasury Secretary Scott Bessent has cast the White House's chaotic assault on world trade as a rational strategy - to negotiate fairer trade with other nations first, then together pressure China into concessions. He's right about one thing: The US can't address Chinese mercantilism without allies. But tariff blackmail isn't the way to enlist them.
/jlne.ws/3GnuTwi
China Says US Should Revoke Unilateral Tariffs, Denies Talks
Bloomberg News
China demanded that the US revoke all unilateral tariffs and denied there were talks on reaching a trade deal, maintaining a defiant stance despite President Donald Trump's recent easing of criticism of the country. "The US should respond to rational voices in the international community and within its own borders and thoroughly remove all unilateral tariffs imposed on China, if it really wants to solve the problem," Commerce Ministry spokesman He Yadong said at a regular briefing on Thursday in Beijing.
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Donald Trump attacks Ukraine for not recognising Russian occupation of Crimea; US president says Kyiv's position is 'very harmful to the peace negotiations with Russia'
Guy Chazan and Christopher Millerand Lucy Fisher and Ben Hall - Financial Times
President Donald Trump has attacked Ukrainian leader Volodymyr Zelenskyy for refusing to recognise Russia's occupation of Crimea, accusing him of harming peace negotiations with Moscow. In a post on Truth Social on Wednesday, the US president described the situation for Ukraine as "dire". "He can have Peace, or, he can fight for another three years before losing the whole Country," Trump said.
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Russia launches deadliest strikes on Kyiv since last summer, as Trump accuses Zelensky of harming peace talks
Svitlana Vlasova, Todd Symons, Rob Picheta and Victoria Butenko - CNN
Russia launched its deadliest wave of attacks against Ukraine's capital in nine months early Thursday, hours after US President Donald Trump accused Volodymyr Zelensky of harming peace talks in a fresh tirade against his Ukrainian counterpart. Moscow sent 70 missiles and 145 drones toward Ukraine, mainly targeting Kyiv, Ukraine's Air Force said. At least eight people were killed in the bombardment, the Ukrainian Prosecutor General's Office said, which emergency services said struck 13 locations in Kyiv, including residential buildings and civilian infrastructure. Ukraine's emergency services earlier reported that nine people had died and more than 60 had been wounded.
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Russia wields nuclear threat as it attacks Ukraine and Trump says Zelenskyy 'inflammatory'
Kim Hjelmgaard - USA TODAY
The Kremlin's top security official said his country reserves the right to use nuclear weapons if it faces aggression by Western countries, as overnight Russian missile and drones strikes on Ukraine's capital Kyiv killed at least nine people and injured more than 70 others. Russian officials routinely make saber-rattling remarks about Moscow's nuclear posture. Sergei Shoigu, a former defense minister who now heads Russia's powerful national security council, made his comments on April 24 in an interview with the TASS state news agency.
/jlne.ws/3GixWWC
Trump's Ukraine Ultimatum; The President puts pressure only on one side-not on Russia.
The Editorial Board - The Wall Street Journal
President Trump on Wednesday unleashed another broadside against Ukraine, and his dislike for President Volodymyr Zelensky isn't news. But what matters to U.S. interests-and Mr. Trump's Presidency-are the terms of a negotiated settlement. Mr. Trump's current offer looks more like an ultimatum than grounds for a durable peace. "We've issued a very explicit proposal to both the Russians and the Ukrainians, and it's time for them to either say yes or for the United States to walk away from this process," Vice President JD Vance said from India on Wednesday. Secretary of State Marco Rubio sounded similar notes last week, and by "walking away" the Administration seems to mean abandoning Ukraine to Vladimir Putin's designs.
/jlne.ws/4jMlUTI
Moscow calls Japanese loan to Ukraine backed by frozen Russian assets 'theft'
Reuters
Russia on Thursday accused Japan of treachery and complicity in theft after Tokyo last week signed an agreement to lend Ukraine over $3 billion for reconstruction, backed by the proceeds from frozen Russian assets. Japan signed an agreement with Ukraine on April 18 for the loan of 471.9 billion yen ($3.3 billion). Under the terms of the arrangement, the loan will be repaid with proceeds from Russian assets worth tens of billions of dollars which have been frozen in the European Union because of the war in Ukraine.
/jlne.ws/4jpL62J
US peace plan emerges as freezing of Ukraine frontlines with concessions to Putin
Andrew Roth in Washington and Pjotr Sauer - The Guardian
The contours of the White House's "final" peace proposal to halt the Russian invasion of Ukraine have come into focus with proposals to freeze the frontlines in exchange for terms that critics have termed a surrender to Russian interests in the the three-year-old conflict. Three people with knowledge of the talks told the Guardian that Vladimir Putin had signalled a readiness to effectively freeze the frontlines of the conflict in exchange for numerous concessions, including US recognition of Russian control of Crimea and considerable US sanctions relief. The Financial Times first reported Putin's proposal on Tuesday.
/jlne.ws/3S2jUe3
Opinion - Return of Russian-abducted Ukrainian children must be linchpin in US peace talks
Alexis Mrachek - The Hill
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A Ukraine Peace 'Deal' That's Designed to Fail; Trump's proposal cedes all leverage to Russia without nailing security guarantees.
Marc Champion - Bloomberg
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Nato chief to urge US not to force Ukraine into pro-Russia peace deal; Secretary-general Mark Rutte meets aides of Donald Trump who have sought settlement favouring Russian demands
Henry Foy, Christopher Miller and Max Seddon - Financial Times
/jlne.ws/42qlM6z
Other Conflicts
The Russian spy accused of hiring 'disposable agents' to firebomb European airports
James Rothwell - The Telegraph
"Disposable agents" working for a colonel in Russia's GRU spy unit committed arson attacks on airports in Britain and elsewhere in Europe in July last year, a German media investigation has claimed. European intelligence sources believe the GRU recruited single-use agents to carry out the sabotage, targeting DHL logistics centres in Birmingham and at Leipzig-Halle Airport in Germany, as well as a transport hub in Warsaw.
/jlne.ws/4jO1wBH
Pakistan to suspend peace treaty with India as tensions grow over Kashmir killings; Islamabad retaliates after New Delhi downgraded diplomatic relations over shooting of tourists in disputed region
Humza Jilani and John Reed and Krishn Kaushik - Financial Times
Pakistan has closed its airspace to India's airlines, said it would suspend a 1972 peace treaty with its larger neighbour, and warned that any diversion of shared river waters would be "considered an act of war". Islamabad's moves against India on Thursday marked a sharp escalation of the dispute between the two nuclear-armed nations over an attack that killed 26 tourists in the disputed northern region of Kashmir.
/jlne.ws/42pGTGa
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME chief flags 'unprecedented' conditions after tariff turbulence spurs business
Niket Nishant - Reuters
CME Group chief Terry Duffy said on Wednesday the last six to eight weeks were "some of the most unprecedented times that we have seen", emphasizing the degree to which U.S. President Donald Trump's tariffs have impacted the market. The derivatives exchange, which facilitates trading of futures and options, posted record trading volumes for the first quarter. The tariff-led volatility boosted its business as clients rushed to hedge their investments to manage risks.
/jlne.ws/3EBey6w
CME Clearing Appoints New Chief Risk Officer
CME Group
CME Group, the world's leading derivatives marketplace, today announced the appointment of Vijay Albuquerque as Chief Risk Officer (CRO) in its Clearing & Post-Trade Services Division. With over 20 years' industry experience, Albuquerque most recently served as the Head of Counterparty Risk and Portfolio Risk Analytics for Citigroup's Markets and Banking businesses. Albuquerque will be based in New York and will report to Suzanne Sprague, CME Group Chief Operating Officer and Global Head of Clearing.
/jlne.ws/3YGdWDl
Turquoise and LeveL Markets partner to offer new block Manual Conditional Order Type to buy-side and broker members using Luminex interface
LSEG
LSEG today announces the launch of a partnership between its pan-European trading platform Turquoise and US-based trading marketplace LeveL Markets, which operates the Luminex platform. Under the partnership, Turquoise will offer a new block Manual Conditional Order Type to buy-side and nominated broker members. The new order type will be accessible to buy-side trading desks through Luminex's GUI and connects to nominated brokers on the Turquoise Plato Block Discovery trading service (MICs: TRQM and TQEM). Benefiting from Turquoise's pan-European presence and award-winning block trading services alongside Luminex's technology capabilities and extensive buy-side network, the Manual Conditional Order Type enables trading participants to have greater control over their larger block orders and to seek liquidity with reduced market impact by self-directing orders to Turquoise, allowing buy-side firms to find both buy-side and sell-side counterparties. The new offering is expected to go live in H2 2025, subject to regulatory approval.
/jlne.ws/3YGV5bq
ICE First Look at Mortgage Performance: Delinquencies Improved Seasonally in March but Continue to Trend Modestly Higher
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today released its March 2025 First Look, which reveals that while delinquency rates edged up slightly year over year (YoY), they remain below pre-pandemic levels. The ICE First Look reports on month-end delinquency, foreclosure and prepayment statistics sourced from its loan-level database, which covers a majority of the U.S. mortgage market.
/jlne.ws/3ExFYKE
HKEX Unveils Strategic Investment for Permanent Group Headquarters
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Thursday) it has entered into an agreement with Hongkong Land Holdings Limited (Hongkong Land) to establish its permanent headquarters at Hong Kong's Exchange Square, underscoring the Group's long-term commitment to the growth and future development of Hong Kong as a leading global financial centre. HKEX is purchasing the top nine office floors in One Exchange Square from Hongkong Land, as well as additional space adjacent to HKEX Connect Hall at Levels 1 and 2 of the building, for a total investment of HK$6.3 billion that will be funded via internal resources. HKEX will also sign new long-term leases for several floors in Two Exchange Square that are currently occupied by HKEX, with the hybrid buy-and-rent model providing more flexibility and resilience against different property cycles.
/jlne.ws/4irvJoZ
Nasdaq and AWS Unlock New Era of Growth for Global Capital Markets with Next Generation Infrastructure Solutions; Nasdaq and AWS announce modernization blueprint to drive the benefits of cloud into local market infrastructures through flexible deployment while maintaining data sovereignty and resilience.
JSE
Nasdaq and Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company, today announced an advancement in their shared mission to modernize markets globally. Drawing on their deep experience and expertise in powering capital markets, the companies are introducing a new suite of solutions that empower market operators to enhance liquidity, facilitate capital flows, and drive growth, while upholding the highest level of performance, security and resilience. Today, market operators navigate unique complexities, including emerging technology acceleration, highly competitive environments, regulatory standards, and constantly evolving client needs. Yet, their ability to innovate and modernize at pace requires ever greater expertise and advanced technological capabilities. To address these challenges, Nasdaq and AWS are delivering infrastructure, software, data management and services to enable market operators to overcome modernization barriers cost effectively without compromising resiliency or control.
/jlne.ws/4lJX88D
EBS Market on CME Globex Notice: April 21, 2025
CME Group
/jlne.ws/4jzZULW
Release of Results of "Study Group on Small-Size Investments"
JPX
In order to create an environment in which retail investors can even more easily invest in Japanese stocks, Tokyo Stock Exchange, Inc. has decided to establish a "Study Groupon Small-Size Investments" to discuss related issues and measures to be taken to achieve this goal. Based on the discussions at the study group, we have compiled results of "Study Group on Small-Size Investments", which is published as follows.
/jlne.ws/4jlYch7
Nasdaq Announces 13% Increase in Quarterly Dividend to $0.27 Per Share
Nasdaq
The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.27 per share on the company's outstanding common stock, a 13% increase from the previous quarter. The dividend is payable on June 27, 2025 to shareholders of record at the close of business on June 13, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.
/jlne.ws/44BpMCz
Nasdaq Reports First Quarter 2025 Results; Diversified Business Model Driving Broad-Based Revenue Growth
Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the first quarter of 2025.
/jlne.ws/4440Aod
Nasdaq and AWS Unlock New Era of Growth for Global Capital Markets with Next Generation Infrastructure Solutions
Nasdaq
Nasdaq and Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company, today announced an advancement in their shared mission to modernize markets globally. Drawing on their deep experience and expertise in powering capital markets, the companies are introducing a new suite of solutions that empower market operators to enhance liquidity, facilitate capital flows, and drive growth, while upholding the highest level of performance, security and resilience.
/jlne.ws/42L85xQ
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Morgan Stanley to Sell Final $1.23 Billion of X Buyout Debt
Aaron Weinman and Jeannine Amodeo - Bloomberg
Morgan Stanley launched a pivotal sale of the last bit of debt tied to Elon Musk's buyout of social-media platform X Holdings Corp. on Thursday, according to a person familiar with the matter, taking advantage of a brief reprieve from tariff-related volatility. The bank is offering $1.23 billion of X debt in the form of a fixed-rate loan that carries an interest rate of 9.5% at a discounted price of 97.5 to 98 cents on the dollar, according to the person, who asked not to be identified discussing a private transaction. Commitments are due April 28.
/jlne.ws/4jGsDOY
Databricks to Hire Hundreds in India to Accelerate AI Boom
Saritha Rai - Bloomberg
Databricks Inc. will boost hiring and invest more than $250 million in India over the next three years to accelerate artificial intelligence innovation, joining a flood of Western tech and AI companies expanding in the country. The San Francisco-based firm, one of the world's most valuable privately held tech companies, will increase its India headcount by more than 50% to about 750 by the end of the fiscal year, it said in a statement on Thursday. That includes a doubling of the number of engineers at its new Bangalore research center to more than 200.
/jlne.ws/42VqSI9
Hedge Funds Going On-Chain: The "Indexification" of Active Strategies
Miguel Kudry - CoinDesk
In an earlier piece, I introduced the concept of the "Shopification of Wealth", or the idea that on-chain rails can lower the barriers to entry and radically scale operations for financial advisors and wealth managers. Just as Shopify enabled anyone to launch a retail business online, crypto is enabling a new generation of investment professionals to start and scale advisory businesses without the legacy layers of TradFi infrastructure. This democratization of advice foreshadows broader changes in asset management. Because when you zoom out - beyond the advisor and beyond the assets - you start to see something else: a transformation in the investment strategies themselves, as well as in the machinery behind them.
/jlne.ws/4cHjvHu
OneDigital Financial Selects Broadridge Technology to Grow Retirement Practice and Enhance Advisor Efficiency
Broadridge Financial Solutions, Inc.
As retirement planning grows more complex and advisory firms seek scalable, enterprise-wide solutions, OneDigital Financial Services has selected Broadridge Financial Solutions, Inc. (NYSE: BR) to enhance advisor efficiency and support its expanding retirement business. The partnership brings Broadridge's data aggregation, monitoring, reporting, and proprietary fund scoring capabilities to OneDigital's national platform. Through this implementation, OneDigital's advisors will gain more time to focus on helping plan sponsors run effective retirement programs, while the firm's home office benefits from robust compliance oversight and business intelligence tools.
/jlne.ws/4jMJyzu
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| Cybersecurity | | Top stories for cybersecurity | IARPA looks to next round of AI cybersecurity research; IARPA wants to make sure that intel agencies can use generative AI without worrying about whether it will expose classified data.
Justin Doubleday - Federal News Network
The intelligence community already has plenty of challenges with unauthorized disclosures, and its lead research arm wants to make sure ChatGPT isn't the next leaker to make news headlines. That's one of the challenges the Intelligence Advanced Research Projects Activity is considering under its next round of artificial intelligence research. IARPA's current program for AI cybersecurity, called "TrojAI," is wrapping up this year. The effort was launched in 2019 to develop means of detecting adversarial attacks on AI systems. It was established prior to the widespread advances in large language models that power generative artificial intelligence. IARPA Director Rick Muller said LLMs will be a major focus area for the next program.
/jlne.ws/4jsjB8H
Banks Rethink Cybersecurity Amid Rise of Credential-Based Compromise
PYMNTS
The image of a hacker furiously typing strings of code to brute-force their way into a corporate server is becoming outdated. Today, the most dangerous cyber intrusions can come not from forced entries, but from front doors to organizational perimeters being quietly opened with valid credentials. Financial institutions, long the crown jewels of cyber targets, are falling prey not to systems being broken, but to trust being exploited. It's an emerging era of credential-based compromise, a new paradigm in cybersecurity where hackers don't break in, they log in. Cybercrime has evolved from smash-and-grab operations to long cons that rely on psychological manipulation and credential misuse.
/jlne.ws/4lLgpGw
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| Cryptocurrencies | | Top stories for cryptocurrencies | Coinbase considers applying for federal bank charter
Gabrielle Saulsbery - Banking Dive
Coinbase is considering applying for a federal bank charter, a company spokesperson confirmed, as cryptocurrency firms seek to capitalize on regulatory amiability. "This is something Coinbase is actively considering but has not made any formal decisions yet," the spokesperson told Banking Dive, without elaboration. Coinbase is one of four crypto companies identified by the Wall Street Journal Monday as currently planning to seek a bank charter, alongside crypto custodian BitGo and stablecoin issuers Circle and Paxos.
/jlne.ws/4434tK3
CME Group to Expand Crypto Derivatives Suite with Launch of XRP Futures
CME Group
CME Group, the world's leading derivatives marketplace, today announced plans to launch XRP futures on May 19, pending regulatory review. Market participants will have the choice to trade both a micro-sized contract (2,500 XRP) and a larger-sized contract (50,000 XRP). "As innovation in the digital asset landscape continues to evolve, market participants continue to look to regulated derivatives products to manage risks across a wider range of tokens," said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group.
/jlne.ws/3YdBKOU
Canary Capital Files for New Staked TRX ETF
DJ Shaw - etf.com
Investment firm Canary Capital has filed for a staked TRX ETF with the U.S. Securities and Exchange Commission, expanding its growing portfolio of cryptocurrency-focused investment products amid a shifting regulatory landscape.
/jlne.ws/4irx8f9
Coinbase to Benefit From Increased Institutional Crypto Adoption: Benchmark
Will Canny - CoinDesk
Coinbase (COIN) has established the industry's most scaled crypto trading platform with a domestic market share of around 66%, broker Benchmark said in a report Wednesday, while also initiating coverage of the stock. Benchmark assumed coverage of Coinbase with a buy rating and a $252 price target. The shares were over 4% higher at around $198 in early trading.
/jlne.ws/4jH5Ral
Americans lost $9.3B to crypto fraud in 2024 - FBI; The bureau reported that individuals over 60 had been the most affected by crypto-related fraud in 2024, with roughly $2.8 billion in losses.
Turner Wright - CoinTelegraph
The Federal Bureau of Investigation's Internet Crime Complaint Center (IC3) has released its annual report detailing complaints and losses due to scams and fraud involving cryptocurrency in 2024. According to the report released on April 23, the IC3 received more than 140,000 complaints referencing cryptocurrency in 2024, resulting in roughly $9.3 billion in losses. The bureau reported that individuals over the age of 60 had been the most affected by crypto-related fraud, with roughly 33,000 complaints and $2.8 billion in losses.
/jlne.ws/4cKVtM1
'Pure-play' bitcoin never looked so impure; Guess whose Spac?
Louis Ashworth - Financial Times
Times may feel a bit febrile, but at least we're getting some wonderful structural diagrams. From MainFT's Antoine Gara and Oliver Barnes yesterday: Brandon Lutnick, son of US commerce secretary Howard Lutnick, is partnering with SoftBank, Tether and Bitfinex on a bitcoin acquisition vehicle to capitalise on a cryptocurrency revival under US President Donald Trump. The consortium announced on Wednesday that it was creating a multibillion-dollar bitcoin acquisition vehicle called Twenty One Capital that will absorb billions in cryptocurrency from the other partners with the aim of buying up more bitcoin ...
/jlne.ws/4cWt71h
Coinbase waives fees on PayPal's stablecoin in crypto payments push
Hannah Lang - Reuters
/jlne.ws/3S3PhVH
Trump Plans Private Dinner for Largest Buyers of $TRUMP Crypto; Trump's corruption knows no bounds.
Matt Novak - Gizmodo
/jlne.ws/3YaOfe7
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| Politics | | An overview of politics as it relates to the financial markets | A New Poll Shows the Peril of Trump's Tariffs; The president is doing well on other issues, but 84% of voters in a new survey say they favor free trade.
Mark Penn and Andrew Stein - The Wall Street Journal
President Donald Trump listens to remarks during a Cabinet meeting at the White House in Washington, April 10. Photo: Shawn Thew - Pool via CNP/Zuma Press
President Trump has come out of the box swinging, aided by a new group of advisers and cabinet members dedicated to implementing his vision. The public is largely behind him. A new CAPS/Harris poll, conducted April 9-10, finds that 39% of voters say the country is on the right track, an increase of 11 points since January. Mr. Trump's personal job approval has so far peaked at 52% in February, and it is still at 48%, a healthy figure in a polarized country. His numbers have plenty of room to grow if he can unite more of the country around his largely popular agenda. His greatest political danger is his trade policy.
/jlne.ws/3YdF78G
Trump to Sign Executive Order Targeting University Accreditors; Move is latest in effort to remake higher education after the president and other Republicans have long criticized the accreditation process
Sara Randazzo and Meridith McGraw - The Wall Street Journal
President Trump is expected to sign an executive order Wednesday to shake up the arcane but pivotal world of college accreditation, a move Trump has called his "secret weapon" in his bid to remake higher education. The order aims to use the accrediting system to combat what Trump views as discriminatory practices and "ideological overreach" on college campuses, according to administration officials. The order would put a greater focus on intellectual diversity among faculty and student success.
/jlne.ws/4ivQtvU
The Morgan Stanley Star Now Leading Trump's Invest-in-America Push; Michael Grimes will helm a new initiative brokering investments for 'America First' agenda
Corrie Driebusch - The Wall Street Journal
The White House is getting its own investment banker. Michael Grimes, who spent three decades at Morgan Stanley as Silicon Valley's top IPO rainmaker, is helming President Trump's U.S. Investment Accelerator, an office to encourage domestic and foreign companies to invest money in the U.S. It is part of the Trump administration's broader "America First" agenda that aims to reinvigorate U.S. production and manufacturing, while reducing reliance on imports.
/jlne.ws/4joBsgv
U.S. Calls for Sweeping Reforms to I.M.F. and World Bank; Treasury Secretary Scott Bessent argued in a speech that the multilateral economic institutions have veered away from their missions.
Alan Rappeport - The New York Times
Treasury Secretary Scott Bessent on Wednesday called for major overhauls to the missions of the International Monetary Fund and the World Bank but said the United States remained committed to maintaining its leadership role at the global economic institutions. The comments, at a speech on the sidelines of the spring meetings of the I.M.F. and the World Bank, come at a moment of concern among policymakers that the Trump administration could withdraw the United States entirely from the fund and the bank.
/jlne.ws/44a6AvK
Hegseth Set Up Signal on a Computer in His Pentagon Office; The app facilitated communications in a building where cell service is poor and personal phones are not allowed in some areas.
Eric Schmitt and Greg Jaffe - The New York Times
Defense Secretary Pete Hegseth had the consumer messaging app Signal set up on a computer in his office at the Pentagon so that he could send and receive instant messages in a space where personal cellphones are not permitted, according to two people with knowledge of the matter. Mr. Hegseth's move facilitated easier communications in a building where cell service is poor and personal phones are not allowed in certain areas. It was first reported by The Washington Post.
/jlne.ws/3GCw0rR
Steve Witkoff, the world's worst diplomat; He is a life-long property developer. So how the hell did he end up as America's top international negotiator, on everything from Ukraine to the Iran nuclear deal?
Emma-Kate Symons - The New European
Steve Witkoff has been Donald Trump's best buddy for over 40 years, as well as his golfing partner, business wingman and fellow connoisseur of gold-plated ballrooms. He is a bit like Trump's willing clone: a New York real estate mogul with strong commercial connections to Russian oligarchs. Since November, the 68-year-old billionaire has been moonlighting as America's self-styled fixer on some of the most dangerous geo-political dossiers on the planet: Russia's war on Ukraine, Iran's nuclear program, and the conflict in Gaza.
/jlne.ws/3Gjfxcf
Americans' Pro-Deportation Fervor Won't Age Well; Japanese incarceration during WWII was even more popular than today's anti-immigrant policies. But views can changed.
Erika D. Smith - Bloomberg
/jlne.ws/3EnAMsP
The War on 'Woke' Universities Will Slow US Innovation; The US is already losing its lead in patent applications and journal publications. Trump's threatened cuts in federal spending for academic research will accelerate that loss.
Adrian Wooldridge - Bloomberg
/jlne.ws/44GgbKJ
London 'could be brought to its knees' by complacency over China
Camilla Tominey - The Telegraph
/jlne.ws/4430MUH
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC Walks Away From Case Against HEX Founder Richard Heart, Attorney Says
Sam Reynolds - CoinDesk
In a rare legal defeat for the U.S. Securities and Exchange Commission, the agency has formally dropped its fraud case against Richard Schueler, better known as Richard Heart, founder of the crypto projects HEX, PulseChain, and PulseX. On April 21, the SEC informed the Eastern District Court of New York it would not amend its complaint, effectively bringing the case to a close.
/jlne.ws/3EJsXgX
PGI Global Founder Hit With Fraud Charges in Alleged $200M Crypto Ponzi Scheme
Cheyenne Ligon - CoinDesk
The U.S. Securities and Exchange Commission (SEC) charged the founder of now-defunct crypto and foreign exchange investment company PGI Global, with violating federal securities laws, alleging he ran a "Ponzi-like scheme" that defrauded investors of nearly $200 million - and spent $57 million of customer money on Lamborghinis, real estate and luxury goods. Ramil Palafox, 59, of Las Vegas, Nevada, also faces parallel criminal charges tied to his role at PGI Global. In March, a Virginia grand jury charged him in a sprawling 23-count indictment that included eight counts of wire fraud. Due to what prosecutors described as Palafox's "substantial ties" to the Philippines, including dual citizenship, the judge overseeing his criminal case issued an order on Tuesday that he should remain in custody until further notice.
/jlne.ws/4jpxJ2g
Acting Chairman Pham Issues Statement on OIG Audit of CFTC's Use of Charge Cards
CFTC
Commodity Futures Trading Commission Acting Chairman Caroline D. Pham issued the following statement on the CFTC Office of Inspector General (OIG) Audit of CFTC's Compliance with the Government Charge Card Abuse Prevention Act:
/jlne.ws/3YedXyt
Statement on Jury's Verdict in Trial of Cutter Financial Group LLC and Jeffrey Cutter
Samuel Waldon, Acting Director, Division of Enforcement - SEC
Yesterday, after a seven day trial and just over 5 hours of deliberation, a jury in the U.S. District Court for the District of Massachusetts found investment adviser Jeffrey Cutter and his advisory firm, Cutter Financial Group, LLC, liable for violating Section 206(2) of the Investment Advisers Act of 1940, which prohibits "engag[ing] in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client." The jury found for the defendants on claims the SEC alleged under Sections 206(1) and (4) of the Act. The jury found that Cutter and his firm, who marketed his services to current and future retirees, failed to disclose to their clients significant upfront commissions, among other conflicts of interest.
/jlne.ws/3ExBUdm
Financial services provider penalised $11 million over "cookie-cutter" advice and conflicted bonus payments
ASIC
DOD Bookkeeping Pty Ltd (in liquidation), previously Equiti Financial Services Pty Ltd (Equiti FS), has been penalised $11,030,000 after the Federal Court found it breached conflicted remuneration rules and its advisers provided inappropriate "cookie cutter" advice. Equity FS paid $130,250 in bonuses to three financial advisers who provided template advice to clients to roll over their super into self-managed super funds (SMSFs) and use those funds to buy property through a related entity, Equiti Property Pty Ltd.
/jlne.ws/3EvuSWx
FCA simplifies supervisory letters; We're making it easier for firms to find up-to-date supervisory communications on our website.
FCA
From 30 April 2025, we'll stop issuing and publishing portfolio letters. Instead, we'll publish a small number of market reports. The market reports will include communications relevant to different types of firms and insights from our supervisory work. We'll also make it easier for firms to find up-to-date supervisory communications on our website by retiring historical portfolio letters and Dear CEO letters.
/jlne.ws/4cMUiM0
Seventy percent cut in capital rules red tape; The FCA is proposing streamlining the rules on the types of funds investment firms must hold to absorb losses and maintain financial resilience during periods of stress.
FCA
The proposals do not change the rules about how much capital firms must hold but focus on simplifying and consolidating the existing rules about what qualifies as regulatory capital. The current regulatory capital rules were designed for banks, making them complex and not tailored to investment firms' business models. The FCA proposes removing large sections which are not relevant to the vast majority of firms and making others simpler. These changes would reduce the volume of legal text by 70%.
/jlne.ws/4lMb9mc
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | 'Don't fight the Oval Office': Investors are finally taking Trump seriously, and it's causing a volatility spike in markets as they try to figure out his next move
Marco Quiroz-Gutierrez - Fortune
President Trump's tariff policies have led markets to decline since he was elected, as investors have realized he is serious about upending the global economic order to achieve his goals. Any positive news has pushed markets up from a baseline of negativity, but the lack of clarity on tariffs means that any upturn is tentative, experts say. Markets are plunging, economic instability is on the rise, and investors are starting to realize that betting against President Trump is a losing battle.
/jlne.ws/42q7jaL
Treasury Options Show Biggest Worries Since 2021 'Flash Crash'
Edward Bolingbroke - Bloomberg
The growing unease around US assets that has sparked a selloff in long-term government bonds and sent yields soaring is showing up in the options market, where premiums to protect against even bigger losses are at their highest since the "flash crash" of 2021. The so-called option skew on Treasury bonds has blown out considerably, with investors aggressively driving up the price of puts that hedge against the risk of a yield spike relative to call options that would profit from the opposite. The last time the skew was favoring puts this much was Feb. 25, 2021 - the day of an unusual "flash" event in US Treasury markets that feature
/jlne.ws/3GpeGGP
Missed the Gold Rally? Go for Silver; History suggests silver could follow gold's rise
Aaron Back - The Wall Street Journal
Gold has once again proven its mettle as a hedge against financial chaos. If history is any guide, the gains may have room to run further. But they could also soon be outshined by that other, less-adored precious metal. The yellow metal is a contentious subject in the investment community, with passionate advocates and detractors alike. But a levelheaded look at the historical record suggests a clear conclusion: While it underperforms stocks vastly in the very long run, gold is also prone to extended periods of outperformance when things go awry. Silver rallies also tend to follow gold after a lag.
/jlne.ws/3EDxZf5
Prominent short seller Andrew Left fails to end US SEC fraud case
Jonathan Stempel - Reuters
A federal judge rejected Andrew Left's bid to dismiss a U.S. Securities and Exchange Commission civil lawsuit accusing the prominent short seller of fraudulently manipulating stock prices, and profiting from trades that contradicted his public statements. In a decision released on Wednesday, U.S. District Judge Sherilyn Peace Garnett in Los Angeles said reasonable investors would want to know if Left and his firm Citron Research were following their own stock recommendations.
/jlne.ws/3EBNlAI
WisdomTree partners with Marex to offer structured products linked to ETFs
Marex
Marex Group today announces its collaboration with WisdomTree, an ETF (exchange- traded fund) and ETP (exchange- traded product) issuer, to provide institutional investors tailored exposure to WisdomTree's ETPs, in particular in the cryptocurrency space via Marex-issued structured products.Linking Marex's structured products with WisdomTree's ETPs broadens the risk and return profile of investors and their options for access to cryptocurrencies. In addition to a direct allocation to its ETPs, WisdomTree can now also introduce specific solutions to further suit the risk and return objectives and constraints of investors through Marex-issued structured notes.
/jlne.ws/44a5mRa
Jane Street trading revenues nearly doubled in 2024 to more than $20bn; Secretive US firm continued to make inroads into business once dominated by Wall Street heavyweights
Eric Platt, Joshua Franklin and Will Schmitt - Financial Times
Jane Street's trading revenues almost doubled last year and boomed during the tariff-induced turmoil of the first quarter of 2025, as it generated profits rivalling those of Goldman Sachs and Morgan Stanley. The group, which operates in equity, option and fixed-income markets, generated $20.5bn of net trading revenues in 2024, up 94 per cent from 2023, according to people familiar with the matter.
/jlne.ws/3S42g9T
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Earth is headed toward several catastrophic climate 'tipping points,' study warns
Doyle Rice - USA TODAY
The world is on course to trigger several climate "tipping points" if global government policies stay on their current course, according to a new study April 23. These points of no return are specific moments when the planet has warmed so much that certain effects become irreversible. Scientists assessed the risk of "tipping" in 16 different parts of the Earth system - ranging from the collapse of major ice sheets to the "dieback" of tropical coral reefs and vast forests.
/jlne.ws/42Tx9mG
How Investors Can Cash In on a Green Tech Boom in Emerging Markets; More than 80% of investments that cut emissions are funded by the private sector in rich countries, says Avinash Persaud, special adviser to the president of the Inter-American Development Bank. "But it's not happening in developing countries."
Akshat Rathi and Oscar Boyd - Bloomberg
Global investment in clean energy hit a record $2 trillion last year, according to BloombergNEF, but developing countries only see a sliver of that funding. Private investors are wary of unfamiliar markets, currency risks, and perceived instability. More than 80% of investments that cut emissions are funded by the private sector in rich countries, says Avinash Persaud, special adviser to president of the Inter-American Development Bank. "But it's not happening in developing countries."
/jlne.ws/4lPLcSQ
Elliott's 'lone wolf': the hedge fund maverick waging war on Big Oil; Other activist investors now take a less confrontational approach. John Pike is in a full-blown proxy fight
Costas Mourselas, Malcolm Moore and Arash Massoudi and Oliver Barnes - Financial Times
John Pike had his target in his sights. The Elliott Management partner was facing off against the chief executive of Phillips 66, the oil and gas giant in which he had built a $2.5bn stake, across a Manhattan meeting room. Over the course of an hour, the Texan company and its legion of defence advisers had a final chance to negotiate a truce with the world's most feared activist hedge fund and avert the type of expensive proxy fight for which Pike was becoming known. They failed.
/jlne.ws/4cLqnDT
A Planned E.U. Rule Has Coffee Growers in Ethiopia Scrambling; The measure will require geolocation data to show that beans aren't linked to deforestation. Farmers say they need more time to prepare.
Shola Lawal - The New York Times
Farmers in Africa that produce some of the world's most prized coffee are in a scramble to comply with new European Union environmental rules that require them to document the origin of every shipment of beans. The new measure, coming into force at the end of this year, is designed to prevent deforestation driven by agricultural expansion. To comply, farmers must provide geolocation data to show that their coffee was not grown on land where forests have recently been cut down.
/jlne.ws/3YOzJJd
Trump administration kills landmark pollution settlement in majority-Black county; Decision will affect mostly low-income Alabama residents as DoJ dismisses agreement over untreated sewage as DEI
Tom Perkins - The Guardian
The Trump administration has killed a landmark civil rights settlement requiring Alabama to address raw sewage pollution in majority-Black, residential areas south-west of Montgomery, dismissing it as an "illegal" diversity, equity and inclusion (DEI) agreement. The decision could condemn low-income people in Lowndes county, about 40 miles south-west of Montgomery, to indefinitely continue living with no or failing sanitation infrastructure.
/jlne.ws/4cITGH6
Xi Commits China to Tougher Climate Targets as US Retreats
Aaron Clark - Bloomberg
China's President Xi Jinping committed the world's top polluter to more stringent curbs on greenhouse gas emissions over the next decade in global climate talks that took place without the US. The nation, which accounted for about 30% of total emissions in 2023, will set out new goals for cuts by 2035 "covering the entire scope of the economy, including all greenhouse gases," ahead of the COP30 summit in November, Xi said Wednesday at a virtual meeting of global leaders organized by the United Nations and Brazil, according to state-run CCTV.
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N.C. Farm Bureau Asks State Supreme Court to Strike Environmental Protections From Hog Farm Permits
Lisa Sorg - Inside Climate News
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UK, Eni agree to go ahead with Liverpool Bay carbon capture project
Reuters
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U.S. Needs More Power for AI-but Critical Equipment Is Pricey and Scarce; Tariffs create new challenges for an industry overwhelmed by the sheer number of projects in line to connect to the nation's power grid
Jennifer Hiller and Katherine Blunt - The Wall Street Journal
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Clear Street partners with OTC Markets to expand 24/6 trading; The collaboration is aimed at giving clients access to multiple overnight trading venues and enhance price discovery and liquidity.
Natasha Cocksedge - The Trade
Clear Street has expanded its 24/6 trading capabilities to enable greater overnight access through a collaboration with OTC Markets Group. The collaboration will see Clear Street connect to OTC Markets' MOON ATS, allowing clients to access securities listed on major exchanges during an overnight session and use a select group of actively traded OTC equity securities in the same period through OTC Overnight.
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BNP Paribas Gets Boost From Market Frenzy; The bank is well-placed to support a Europe that is reinvesting, its CEO says
Elena Vardon - The Wall Street Journal
BNP Paribas confirmed its midterm targets after results were boosted by recent market volatility but higher costs weighed on profit. The French lender said Thursday that net profit for the three months ended March 31 was 2.95 billion euros, equivalent to about $3.34 billion. That was in line with company-compiled consensus estimates but 4.9% lower than a year earlier when it booked positive exceptional items related to its Ukrainian activities. Revenue also met expectations, coming in at 12.96 billion euros. This was 3.8% higher on year due to a double-digit increase in the company's corporate and institutional bank division, a growth driver that has been winning market share.
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BNP Paribas' Equity Trading Surges to Record Amid Rising Costs
Claudia Cohen - Bloomberg
BNP Paribas SA reported a drop in net income during the first quarter even though its equities traders achieved a record result. Costs at the French lender rose 4% on the previous year's period, which contributed to the decline in profit, according to a statement Thursday. Expenses also missed the consensus analyst estimate.
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TD Securities acquires BTIG event-driven trading team; Move will see individuals stepping into new roles, in a push to drive TD's European equities and special situations market.
Natasha Cocksedge - The Trade
TD Securities has named Greg Levett, Neil McKay and David Abraham as the new managing directors of its event driven sales and trading team, with all three new hires transferring from BTIG. The appointments will see the three London-based industry veterans reporting into head of European cash equities at TD Securities, Carl Hayes, and will build into the firm's presence across European equities and special situations.
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Goldman Vice Chairman Gnodde Leaving London for Milan in Latest Non-Dom Exit
Tom Metcalf and Leonard Kehnscherper - Bloomberg
Goldman Sachs Group Inc.'s Richard Gnodde is relocating from London to Milan, a high-profile departure from the City of London that raises more questions about the impact of UK tax reforms. Gnodde, who was named vice chairman in January after running Goldman's international business for years, is one of the City of London's best-known figures.
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Norway's $1.7 Trillion Fund to Keep Buying US Stocks After Loss
Heidi Taksdal Skjeseth, Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern - Bloomberg
Norway's $1.7 trillion sovereign wealth fund reported its biggest loss in six quarters in what was a roller-coaster period for markets globally, with the decline largely caused by a drop in the value of technology companies. US equities have underperformed global peers amid concerns that US trade policy and tariffs will damage economic growth. Still, Chief Executive Officer Nicolai Tangen said the fund will increase investments in US stocks, according to its mandate set by the Finance Ministry.
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Franklin CEO Says Some Institutional Investors Are Ditching US Stocks
Silla Brush - Bloomberg
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Deutsche Bank's DWS Can Now Consider Buying a Rival, CEO Says
Steven Arons and Leonard Kehnscherper - Bloomberg
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The Future According to ETF Pros; Every year, a who's-who of the industry rub elbows at the Exchange conference. This is what they had to say about what's coming.
Joel Weber and Eric Balchunas - Bloomberg
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Active Fund Management Isn't Dead Just Yet; Nomura's purchase of a big US investment manager marks a sensible break from the recent heady auctions for private capital firms.
Chris Hughes - Bloomberg
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Pimco to launch private credit fund in Europe for retail investors; World's largest active bond manager seeks to attract wealthy investors in search of juicy yields
Alan Livsey - Financial Times
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | You'll soon manage a team of AI agents, says Microsoft's Work Trend report; We'll all be working for 'Frontier Firms' soon, according to Microsoft.
Sabrina Ortiz - ZD Net
As artificial intelligence (AI) evolves from a tool to a true assistant, its role in the workplace expands, fundamentally transforming how enterprises operate. Microsoft's latest research identifies a new type of organization known as the Frontier Firm, where on-demand intelligence requirements are managed by hybrid teams of AI agents and humans.
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Why hybrid work makes conflict harder to address-and what great leaders do about it; Your hybrid team is in conflict, but you probably can't see it, say these experts. Here's what to do.
Susan Vroman and Jeff LeBlanc - Fast Company
Conflict management is one of the most critical leadership skills today, yet many leaders are struggling to get it right. Companies are implementing return-to-office mandates; shifting stances on diversity, equity, and inclusion; and dealing with climate change and an uncertain economy. All of these factors put pressure on businesses and the people who work for them. Over 80% of workers report escalated tensions in the workplace, and 90% of workers say they have witnessed political clashes between coworkers.
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Managers aren't feeling so hot right now. It's costing them their sanity and the global economy billions.; Typical manager responsibilities, in addition to ones that have sprung up or intensified in recent years, have many managers feeling overwhelmed.
Sarah Jackson - Business Insider
It's a tough time to be a manager, and a new report shows many of them are feeling the pressure right about now. Global employee engagement in 2024 fell, driven largely by a decrease in managers' engagement at work, according to Gallup's 2025 State of the Global Workplace report published Wednesday.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Like measles, misinformation is spreading, poll finds
Maria Godoy - NPR
The U.S. has now reported more than 800 measles cases in at least two dozen states. The vast majority of cases - more than 600 - are in Texas. In the midst of the outbreak, a new poll shows how much misinformation people are seeing about measles. The good news is the vast majority of people still have confidence in the safety of the measles vaccine, says Liz Hamel, director of public opinion and survey research at KFF, a nonprofit health policy research organization which conducted the poll. The bad news: People are being exposed to a lot of false claims about measles - and many don't know what to make of it.
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Food Additives Could Combine to Boost Health Threats, Study Says; Researchers found mixtures of multiple additives may raise risk of diabetes; food industry groups back ingredients' safety
Andrea Petersen - The Wall Street Journal
Food additives might be riskier for health than previously understood, a new study suggests. In recent years, scientists have found that some additives, like emulsifiers, dyes and artificial sweeteners are linked to health problems. Studies have generally focused on the impact of one substance or type of additive. But that isn't the way people generally consume them. Ultra-processed foods often contain a cocktail of additives. And many people eat more than one ultra-processed product in a day.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Chinese Investors Dump $2 Billion Hong Kong Stocks in Rare Move
Winnie Hsu - Bloomberg
Chinese investors sold a near-record amount of Hong Kong stocks on Wednesday, reducing holdings after hopes of easing in trade tension spurred a relief rally. They offloaded shares worth HK$18.1 billion ($2.3 billion) on a net basis, the biggest outflow since a record set in February 2021, according to Bloomberg-compiled data. Despite the selling pressure, the Hang Seng China Enterprises Index gained 2.1%.
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Hongkong Land Sells Part of Exchange Square, Starts Buyback
Echo Wong - Bloomberg
Hongkong Land Holdings Ltd. is selling part of its prized One Exchange Square for HK$6.3 billion ($810 million) and starting a share buyback program, as the company cuts back debt and hunts for new opportunities. The firm, one of the biggest landlords in Hong Kong, will sell 147,025 square feet (13,659 square meters) of the building in the Central district to Hong Kong Exchanges & Clearing Ltd. The property represents 3.2% of the total value of its Central portfolio, it said in a London exchange filing on Thursday.
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How much money is the UK government borrowing, and does it matter?
BBC News
The UK government generally spends more than it raises in tax. To fill this gap it borrows money, but that has to be paid back - with interest. Why does the government borrow money? The government gets most of its income from taxes. For example, workers pay income tax and national insurance, everyone pays VAT on certain goods, and companies pay tax on profits. It could, in theory, cover all of its spending from taxes, and that sometimes happens. But, if it can't, the government covers the gap by raising taxes, cutting spending or borrowing.
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Pfisterer Plans Frankfurt IPO as New Listings Show Signs of Life
Andre Janse Van Vuuren - Bloomberg
Pfisterer Holding SE unveiled plans for an initial public offering in Frankfurt, marking at least the second European firm this week to announce a listing as IPO activity stirs back to life after market volatility disrupted deals. The German manufacturer of high-voltage cable insulators wants to raise EUR100 million ($114 million) through the sale of new shares, according to a statement on Thursday. Existing backers are expected to offer shares as well to reach a targeted free float of at least 25%, the company said. Bloomberg has previously reported that an IPO may value the group at as much as EUR500 million.
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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. |
In this emotionally charged therapy session from The Opening Bell, Micki arrives again late to meet with Dr. Shahina Malaika Addae, a perceptive and firm therapist who challenges her to reexamine her adoption story. As Dr. Addae guides Micki through the familiar narrative of being a Black child adopted by a white family, she pushes her to acknowledge what's been overlooked: the absence of her birth father from her emotional reckoning.
Dr. Addae suggests that Micki's deep focus on her birth mother has created an imbalance in her attachment development. While Micki initially resists, she slowly begins to confront the "fog of adoption" clouding her identity. The conversation shifts toward the need to form internal images of both birth parents, not just her adoptive ones, to heal. Overwhelmed but reflective, Micki grapples with the complex emotional work ahead.
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