| April 02, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2025 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
Dr. Richard Sandor, the former chief economist at the Chicago Board of Trade (CBOT), testified before the House Committee on Agriculture on March 25, 2025 at a hearing titled "The CFTC at 50: Examining the Past and Future of Commodity Markets", about his pivotal role in developing financial futures markets and establishing the Commodity Futures Trading Commission (CFTC). He spoke about the volatile economic environment of the early 1970s-characterized by soaring grain prices, inflation, and rising interest rates-when Sandor helped design groundbreaking financial futures contracts, notably the GNMA mortgage interest rate futures, 30-year Treasury bond futures, and 10-year Treasury note futures. These contracts provided critical hedging tools, reducing borrowing costs and enhancing financial stability; for instance, the 10-year Treasury futures alone saved the U.S. government an estimated $1.875 billion in borrowing costs in 2024.
Sandor emphasized the importance of regulatory collaboration, recalling CBOT's leadership in shaping legislation that granted exclusive jurisdiction to the CFTC, crucial for the successful introduction of financial futures. He credited CBOT executives Henry Hall Wilson, Fred Uhlmann, and Les Rosenthal, along with Senate Agriculture Chairman Herman Talmadge, for their foresight. The new regulatory framework established in 1975 enabled innovations like options on Treasury futures, significantly expanding risk management capabilities across global markets.
Sandor estimated that Treasury futures and options generated annual savings of $5 to $10 billion through reduced borrowing costs for the U.S. government. He concluded by recognizing the human capital developed through pioneering education programs in futures and options, affirming that continued innovation and robust regulatory oversight promise even greater financial efficiencies and stability in the future.
Patrick J. Catania, a former executive vice president of the Chicago Board of Trade (CBOT) from 1983 to 2002, passed away on March 21, 2025, at the age of 75. Catania served on the CBOT's executive staff during the tenure of former CBOT President Thomas Donovan. You can find Catania's obituary and details about his visitation services on April 3 HERE. Condolences to his family, friends and colleagues.
Catania once shared with me the story of how he joined the CBOT, driven by his interest in the metals markets. Although it's been many years and I might not recall all the exact details, the essential story remains clear. He explained that he previously owned a coin and metals shop near Macomb in downstate Illinois, and he recounted a couple of intertwined, classic anecdotes from the peak trading years of the gold and silver markets during the late 1970s and early 1980s.
One day, an Illinois farmer walked into Catania's store carrying six Morgan silver dollars he wanted to sell. The Morgan dollar is among the most famous U.S. silver coins, minted from 1878 to 1904 and again in 1921. The coin prominently features a portrait of Lady Liberty on the obverse side and an eagle on the reverse.
Catania told the farmer he could indeed buy the silver dollars. Once the deal was completed, the farmer asked if Catania would be interested in buying more. "How many?" Catania inquired. The farmer replied simply, "A lot more."
Besides farming, the old man had supplied every club, bar, and Veterans of Foreign Wars post up and down the Illinois River with slot machines that accepted Morgan silver dollars-so he had accumulated thousands of them.
Purchasing all those silver dollars from the farmer was going to require considerable effort. Catania reached out to a contact at one of the major Chicago banks-though I can't recall which one now. The banker agreed on a price with Catania and arranged to send an armored car to pick up the coins. Before heading to Chicago, the coins were delivered to the local bank in Macomb, where they would all be carefully counted.
Catania accompanied the farmer back to his property to retrieve the coins. They entered the barn, where the farmer moved a tractor aside, revealing an old safe surrounded by slot machines and various machine parts. From the safe, the farmer pulled out roughly 60 to 80 bags filled with Morgan silver dollars, if my memory serves correctly.
The entire stash was loaded up, driven to the local bank, meticulously counted, and finally placed into the armored car. But the story didn't end there. Catania soon took a marketing position at the CBOT to promote the metals markets. One day, he received an unexpected call from the FBI. A bag of Morgan dollars had gone missing en route to the Chicago bank, and the FBI wanted to know what Catania knew about it. As it turned out, a local banker had discreetly stolen one of the bags during the counting process.
Another twist emerged from this case: it turned out the farmer hadn't paid taxes on the profits he'd earned from selling the silver dollars. He was subsequently charged with income tax fraud, and, if memory serves, ended up serving time in jail.
I recall Catania mentioning that, years after all this happened, the farmer reached out again, hoping Catania could help him sell more silver coins. This time, Catania politely declined. I often wish I'd captured these incredible stories on video, but unfortunately, I never managed to persuade Pat to share them in front of a camera.
Trading Technologies and Foley & Lardner are inviting you to join them for a regulatory roundtable and happy hour at TT's Chicago office on Thursday, April 10. Moderator Nick Wendland from Foley will be joined by CME's Steve Schweitzer, Foley's Jim Lundy, Optiver's Kevin Coleman, TT's Jay Biondo and Wedbush's Matt Lisle to discuss some of the biggest challenges facing today's compliance teams. The issues addressed will include insider trading amid the increased use of alternative data, cross-product trade manipulation, data integrity and reconciliation, regulatory developments around digital assets and the ever popular predictions for 2025 and beyond. The discussion will be followed by the happy hour. You are asked to register by April 7 using this link.
The word of the day is "TARIFF!!!!!!!!!!!"
Congratulations to Justin Llewellyn-Jones, who officially took over as CEO of Trading Technologies at the end of March. I would say yesterday, but I don't want it to be an April Fool's thing.
The latest video from the NFA is titled "Who We Are" and describes the NFA and its role in the derivatives markets.
Here are the headlines from in front of FOW's paywall from some recent stories: IOSCO highlights emerging markets regulation in risk review, ANALYSIS: CFTC's Romero sees pros and cons in CFTC-SEC merger, ANALYSIS: Artificial Intelligence will take and create jobs - expert, Risk from Trump's 'Liberation Day' could become 'radical uncertainty' - Fulcrum, Marex appoints Americas head amid clearing leadership reshuffle and Cboe Europe Derivatives targets German retail with LYNX tie-up.
Technology sales veteran Richard Buchanan has joined Cumulus9 as head of sales for North America, he shared on LinkedIn.
Former NYSE President Stacey Cunningham has joined the board of directors of Cloudflare, a global cloud services provider, she shared on LinkedIn.
The European Energy Exchange AG extolled Peter Blogg on LinkedIn sharing that he has taken over as head of global commodities as of yesterday and now heads the commodities team. Blogg has been with EEX since 2018, but previously was with CME Group and NYSE Euronext in commodity roles.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
Our most read stories from our previous edition of JLN Options were:
- Options Pros Are Missing a Key Risk from Trump Tariff Escalation from Bloomberg.
- Stock-Concentration Fear Spurs Wall Street's Latest ETF Solution from Bloomberg.
- Tesla and Elon Musk are in the eye of a storm. Will first-quarter deliveries provide some relief? from MarketWatch. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
| Sponsored Content |
VeriTrade - The Trading System Built for Leading Marketplaces
Vermiculus' trading system VeriTrade is the result of decades of experience from a team that has built and delivered cutting-edge solutions for the world's largest exchanges. The system is the most advanced on the market today, built to adapt to the rapid changes in the trading industry and designed for those who want to stay ahead of the competition - at a lower cost.
VeriTrade is designed to handle all asset classes with high availability, meeting the demands of the modern trading world. Engineered for ultra-low latency, deterministic order matching, and seamless scalability, it's built to keep you ahead of the curve. Whether implemented on-premises or in the cloud, VeriTrade offers unmatched flexibility with real-time risk management and seamless integration with existing systems.
Built on a microservices architecture with a dual-zone design, VeriTrade enables continuous innovation while ensuring the high reliability that modern trading demands, with 24/7 support for effortless upgrades. The system is designed to evolve with the future of markets - across all asset classes and is delivered on time and on budget.
Discover the next generation of trading. Contact Vermiculus to learn more.
|
++++
 Eventus to Launch AI-Powered 'Frank' Interface Next Quarter, CEO Says JohnLothianNews.com BOCA RATON, Fla. (JLN) - April 1, 2025 - Eventus, a leading trade surveillance platform provider, will launch a new AI interface called "Frank" next quarter that will revolutionize how clients interact with their surveillance systems, CEO Travis Schwab announced in an interview at FIA Boca50. Watch the Travis Schwab Video »
++++
Ten weeks that shook the world; On many fronts, and with deliberate haste, America is vaporising its soft power
Edward Luce - Financial Times
Civilisations are not murdered, said the historian Arnold Toynbee. They die from suicide. Though military clout and geographic fortune will sustain America, its republic is flirting with Toynbee's script. No external threat or domestic cost benefit appraisal would lead a Martian to believe Earth's greatest power should be in meltdown by its own hand. Whether in China or Canada, or indeed the US, human observers are in disbelief. The speed of America's turn on itself is historic. Donald Trump was sworn in ten weeks ago. He inherited an economy with stable inflation and dropping interest rates but with growth still projected to outstrip any big competitor this year. With each fresh Trump salvo on the global economy, US growth forecasts are cut. Assuming he will supply more fuel for downward revisions - most likely with his "liberation day" of reciprocal tariffs on the rest of the world - America seems bound for recession this year. This would be a recession of choice; Trump's choice.
/jlne.ws/4i2PPWz
***** Here is the most painful line of this whole story: "The speed of America's turn on itself is historic." I didn't even have a chance to buy a handbasket.~JJL
++++
Donald Trump's administration suspends federal grants to Princeton University; Latest escalation against elite schools follows withdrawal of funding from Columbia and Harvard
Andrew Jack - Financial Times
Donald Trump's administration has suspended dozens of federal grants to Princeton University, further escalating pressure on US elite higher education institutions. Christopher Eisgruber, Princeton's president, emailed staff and students on Tuesday confirming the suspension of funding from the Department of Energy, Nasa and the Department of Defense.
/jlne.ws/3DQGEKV
***** There are elitists and then there are eggheads. You don't want to anger the eggheads. Questionable move.~JJL
++++
America Is Headed for a Grim Fiscal Reckoning; Congress should be alarmed by the CBO's new debt projections. Instead, it's aiming for bigger budget deficits.
Michael R. Bloomberg - Bloomberg
Amid all the blaring headlines coming out of Washington, here's a piece of news that is getting far too little attention: The US is on course for fiscal breakdown. That's the unambiguous message from the Congressional Budget Office's newly updated long-term projections. Unless Congress changes course, there'll be a reckoning, and it will be grim. As the CBO details, deficit spending is more out of control than ever. Both parties share the blame, as do both ends of Pennsylvania Avenue. And all should remember that investors' appetite for US government debt isn't limitless.
/jlne.ws/3XK6xmi
****** Alex, I will take "What is Stagflation?" for $2 trillion.~JJL
++++
Donald Trump Fell for Elon Musk's Big Con
Ross Rosenfeld - The New Republic via Yahoo
Wednesday is Liberation Day, and one person might be even more excited about it than Donald Trump is: Elon Musk. While much of what the president will announce from the Rose Garden on April 2 remains a mystery, Trump has already declared that 25 percent tariffs will kick in this week on imported cars and light trucks-to be followed by tariffs on auto parts as well. Economists, car dealers, and consumers are sounding the alarm, and rightly so. "If the taxes are fully passed onto consumers," the AP reports, "the average auto price on an imported vehicle could jump by $12,500." But Trump said he "couldn't care less" if that happens because then "people are gonna buy American-made cars. We have plenty."
/jlne.ws/42tpQms
***** If you want a trip down an Elon Musk rabbit hole, here is a good one that weaves many of Musk's conflicts of interests and moves into a single narrative. What is the one American car company that does not use imported parts that would be subject to tariffs? You only get one electrifying guess.~JJL
++++
Tuesday's Top Three
Our most clicked item on Tuesday was The Impact Map from The Impact Project, which "provides timely data-as it becomes available-on policy, funding, and workforce changes and their localized effect." Second was Episode 464 of the ICE House: Remembering the Life and NYSE Legacy of Arthur Cashin, from ICE. Third was TMX Group Announces Organizational Changes To Support Strategic Growth, from Mondovisione.
++++
|
|  | | | |
 | |
| Lead Stories | Trump Tariff Rollout Opens New Era of Risk for Global Economy
Enda Curran and Katia Dmitrieva - Bloomberg
President Donald Trump on Wednesday is set to announce the most expansive US trade restrictions in a century, at a stroke upending the postwar global trading system and posing difficult-to-predict economic risks. The administration's plans to impose what Trump calls reciprocal tariffs have left investors, executives, government officials and consumers around the world guessing what lays ahead when he takes the podium at the 4 p.m. White House Rose Garden event. Deliberations are coming down to the wire, with the size and scope of new levies still being discussed Tuesday.
/jlne.ws/423tuC0
China Restricts Companies From Investing in US as Tensions Rise
Bloomberg News
China has taken steps to restrict local companies from investing in the US, according to people familiar with the matter, in a move that could give Beijing more leverage for potential trade negotiations with the Trump administration. Several branches of China's top economic planning agency, the National Development and Reform Commission, have been instructed in recent weeks to hold off on registration and approval for firms that are looking to invest in the US, the people said, asking not to be identified discussing sensitive issues.
/jlne.ws/3RvXvWk
Liquidity risk spikes at CME and OCC; CCPs revised estimated worst-case payment obligation to highest levels on record in Q4
Joshua Walker - Risk.net
The Options Clearing Corporation and CME Clearing's futures and options division revised upwards their estimates of the largest payment obligation that would be caused by the default of any of their participants and their affiliates, with both reaching all-time highs. The OCC's projected largest same-day payment obligation was set at $13.3 billion in the fourth quarter of 2024, a 32.3% increase from the prior quarter, surpassing its previous record of $12 billion.
/jlne.ws/3YhppJt
Commodity traders snap up assets and tighten grip on global supply chains; Trafigura, Vitol, Gunvor and Mercuria in major expansion drive as they deploy windfall profits from energy crisis
Leslie Hook and Tom Wilson - Financial Times
Commodities traders are using the bumper profits earned during the energy crisis to snap up assets and bet on new businesses, from petrol stations to power plants, in a shift that increases their hold over complex global supply chains. Leading private trading houses Trafigura, Vitol, Gunvor and Mercuria have collectively earned more than $57bn in net profits since the 2022 invasion of Ukraine, with Vitol still to report its 2024 results, according to Financial Times analysis - and now they are on a mission to spend it.
/jlne.ws/42q57zU
Retail Investors Are Reshaping Options Trading
Anna Lyudvig - Traders Magazine
Once dominated by institutional investors, the options market is now seeing a surge in activity from individual traders, thanks to enhanced access to educational resources, advanced trading tools, and more sophisticated execution capabilities, according to Neil McDonald, CEO of Moomoo US. Retail investors are no longer confined to basic stock trading. Many are leveraging multi-leg options strategies, hedging against market volatility, and even generating income through tactics like call overwriting, McDonald said.
/jlne.ws/4lhZMCo
Testimony Before the House Committee on Agriculture
Richard L. Sandor, Chairman of the Board & CEO at Environmental Financial Products, LLC - via LinkedIn
March 25, 2025
Chairman Thompson, Ranking Member Craig, Members of the Committee, thank you for the opportunity to testify today. I joined the Chicago Board of Trade (CBOT) in 1972 as Vice President of Economic Research and Planning. As the exchange's chief economist, my primary responsibility was to revise existing futures contracts and develop new ones in response to evolving economic conditions. I had the opportunity to help design several features of the legislation that established the Commodity Futures Trading Commission (CFTC) and concurrently played a role in the creation of the world's first interest rate futures contract. I subsequently had the privilege of being the principal architect for U.S. Treasury futures and options. I appear today to share my experience with this committee and to congratulate the CFTC, and this committee, for an extraordinary 50 years.
/jlne.ws/4cewGzz
Interactive Brokers Expands Predictive Markets Trading to Canada
Georgia Hall - Bloomberg
Interactive Brokers Group Inc. is expanding its predictive markets trading services into Canada, as the electronic broker's burgeoning futures contract sector looks to grow its clients outside of the US, according to a statement seen by Bloomberg News. Customers can use the IBKR ForecastTrader web platform to bet "yes" or "no" on the outcomes of market-moving events, such as economic data releases or political decisions.
/jlne.ws/4iQUGLt
The hidden cost of predictable investment rebalancing; Those basis points add up
Robin Wigglesworth - Financial Times
Monday was the end of the quarter, and you know what that means! That's right: Trillions of dollars will be slightly rejigged because of an arbitrary date in an arbitrary calendar according to arbitrary rules of thumb. Most big institutional investors and a lot of ordinary ones have some kind of asset allocation framework that divvies up their money into various markets. A common one is a 60/40 model, where 60 per cent goes into equities and 40 per cent into bonds, but they come in many different flavours.
/jlne.ws/42a4Lfu
Market Makers Shy Away From World's First Catastrophe Bond ETF
Katie Greifeld - Bloomberg
From cryptocurrencies to collateralized loan obligations, there aren't many assets the US ETF market has struggled to embrace. But the $10 trillion industry may have found its limit with Wall Street's newest arrival. The Brookmont Catastrophic Bond ETF (ticker ILS) launches Tuesday without a lead market maker, a linchpin of the trading process who commits to quote both bid and ask prices for the fund in order to keep its shares moving.
/jlne.ws/4l434sC
Lutnick Family's BGC Group Buys Brokerage OTC for $325 Million
Lucia Kassai - Bloomberg
BGC Group Inc., a financial firm controlled by the billionaire Lutnick family, bought brokerage OTC Global Holdings for $325 million in cash to expand its presence in energy and commodities. The acquisition of OTC, which generated more than $400 million in revenue last year, is expected to immediately add to earnings, New York-based BGC said in a statement. BGC bought ship brokerage Poten & Partners Group in 2018 and last year took over Houston-based Sage Energy Partners, which specializes in oil and refined products as well as environmental and energy-transition services.
/jlne.ws/4hZ7Zsb
Hong Kong Considers New OTC Stock Market for Delisted Companies
Kiuyan Wong - Bloomberg
Hong Kong is drafting rules for an over-the-counter market for delisted shares to give investors at risk of owning a growing pile of nearly worthless securities a chance of recouping some losses. The city's stock exchange and regulator are working on a blueprint for what is commonly referred to as a pink sheet market after an initial consultation with market participants, according to people familiar of the matter, who asked not to be identified discussing a private matter.
/jlne.ws/425FODn
Republicans Eye $25,000 SALT Cap as Trump's Tax Cuts Take Shape
Nancy Cook - Bloomberg
Republicans are in the process of drafting a tax bill behind closed doors that includes an increase of the state and local tax deduction to as high as $25,000 for an individual, according to people familiar with the plan. A sizable increase to the current $10,000 limit on SALT write-offs would represent a major political victory for a crucial group of swing-district House Republicans representing the New York City area and southern California, who have made their votes for a broader tax cut bill contingent upon securing a bigger deduction.
/jlne.ws/43BeRIF
Deutsche Bank's asset manager fined EUR25mn over greenwashing scandal; Penalty against DWS imposed by German prosecutors follows $19mn settlement with US authorities in 2023
Florian Muller and Olaf Storbeck - Financial Times
Deutsche Bank's asset manager DWS has been fined EUR25mn by German prosecutors over a greenwashing scandal, following long-running investigations by authorities in the US and Germany. DWS, which is 80 per cent owned by the German lender, misled investors about its green credentials, Frankfurt prosecutors said on Wednesday.
/jlne.ws/3FTG5AE
|
| | | |
|
| |
| 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. | Trade War Saps Canadian Share-Sale Market Despite Metals Deals
Geoffrey Morgan - Bloomberg
Volatility from trade tensions with the US kept a lid on Canada's market for equity deals in the first quarter, even as activity in precious metals perked up. Canada-listed firms raised just $2 billion in the first quarter, compared to the $2.9 billion raised during the same period a year ago, data compiled by Bloomberg show. Investment bankers say market gyrations wrought by the US-Canada trade war have made dealmaking difficult.
/jlne.ws/4iNVCQN
Canadian Canola Crop Faces Double Tariff Threat From US, China
Michael Hirtzer - Bloomberg
Canadian canola might be the crop with the most to lose from President Donald Trump's sweeping reciprocal tariffs due Wednesday that are set to shake up demand. The tiny oilseed, which grows from a small plant with bright yellow flowers and gets its name from a combination of the words "Canada" and "ola," for oil, is already facing tariffs from China while US levies are looming. Together, the top two importers brought in canola products worth C$12.6 billion ($8.8 billion) in 2024, according to the Canola Council of Canada.
/jlne.ws/4i0PzHs
The economic risks (and political benefits) of Trump's 20% 'Liberation Day' tariff option; Economists agree that a universal tariff plan from Trump would cost households thousands. But it could make things simpler for Trump.
Ben Werschkul - Yahoo Finance
A staple of Donald Trump's 2024 campaign trail rhetoric returned this week with a version of 20% "blanket" tariffs now apparently being considered as the president struggles to fill in the details of his "Liberation Day" promises. The potential move, applying to all or most goods imported to the United States, would represent a dramatic pivot of sorts for the president amid implementation worries and political complications that have dogged the White House's long-promised plan for more specific country-by-country duties.
/jlne.ws/3EeSiPD
From Lehman to Liberation, Don't Trust First Takes; The market's initial reaction to a big event can be very wrong. Meanwhile, there are other things to look at.
John Authers - Bloomberg Opinion
Liberation Day Minus One
It's been a while since a moment quite this extreme has loomed before us. President Donald Trump's Liberation Day isn't a binary event, as there is a range of tariff policies he could announce, from the merely symbolic and performative through to actions that could transform the entire global economy. The possibility of the former can't be dismissed; the risk of the latter is still far from reflected in markets.
/jlne.ws/4i0ENkB
Trump to impose sweeping tariffs, escalating global trade tensions
David Lawder and Padraic Halpin - Reuters
President Donald Trump was set to impose sweeping new tariffs on Wednesday as he proclaimed "Liberation Day" in the United States, escalating a trade war with global partners, risking cost increases and upending a decades-old trade order. Trump has kept the world guessing on the details of the tariff plans, which were still being formulated ahead of a White House Rose Garden announcement ceremony scheduled for 4 p.m. Eastern Time (2000 GMT).
/jlne.ws/42aDslg
|
| | | |
|
| |
| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Donald Trump dashes Ukrainians' hopes of returning home; Population from Russian-occupied territories watch peace talks with dread as US embraces Moscow's land demands
Polina Ivanova - Financial Times
Ever since fleeing her Russian-occupied hometown of Melitopol three years ago, Kateryna has longed for a chance to return and see her mother again. But watching the Trump administration in America's negotiations with Russia over how to end the war in Ukraine, the young schoolteacher has found herself rapidly losing hope.
/jlne.ws/4cyi1zz
Ukraine-Russia war latest: Putin to send top negotiator to Washington as US anger grows over peace deal talks; Putin envoy Kirill Dmitriev was born in Kyiv, educated in the US, and reportedly has good relations with Washington officials
Arpan Rai, Alex Croft - The Independent
Vladimir Putin is set to send his top negotiator to Washington in a bid to win back the favour of Donald Trump, who is reportedly angry at the Russian autocrat. Washington officials have acknowledged that Putin is resisting attempts to strike a ceasefire, and discussed what economic or diplomatic punishments could push Russia closer to a deal, the sources said.
/jlne.ws/3RxRnNe
Middle East Conflict
Israel Expands Ground Operations Against Hamas in Gaza
Dan Williams and Fares Alghoul - Bloomberg
Israel is expanding military operations in Gaza, days after ordering people in southern parts of the Palestinian territory to leave in preparation for more intense conflict with Hamas. On Wednesday, Defense Minister Israel Katz said troops will broaden ground incursions and that land seized by Israel in Gaza will be turned into buffer zones. Residents in and around Rafah, the main town in the south, reported heavy air strikes the same day. "The bombing from the air, sea and land did not stop through the morning," said Hesham Al-Shaer, who's in an area northwest of Rafah.
/jlne.ws/4l4peLk
|
| | | |
|
| |
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group Sets New, All-Time Quarterly ADV Record of 29.8 Million Contracts, Driven by Growth Across All Asset Classes
CME Group
CME Group, the world's leading derivatives marketplace, today reported its Q1 and March 2025 market statistics, with average daily volume (ADV) reaching a new, all-time quarterly record of 29.8 million contracts and the second-highest March ADV on record with 30.8 million contracts. In Q1, the company's ADV grew 13% year-over-year, with record volume in interest rate, equity index, agricultural, foreign exchange and cryptocurrency products. CME Group's deeply liquid U.S. Treasury complex hit a quarterly ADV record of 9.2 million contracts and its Henry Hub Natural Gas complex set a quarterly ADV record of 1.1 million contracts.
/jlne.ws/4lskD62
Producer sentiment slips due to rising policy uncertainty
CME Group
Farmer sentiment declined in March as concerns over agricultural trade and farm policy weighed on producers' outlook for the future. The Purdue University/CME Group Ag Economy Barometer fell 12 points to a reading of 140, down from 152 a month earlier. Contributing to the weakened sentiment in March was a 15-point drop in the Index of Future Expectations to 144 and the Current Conditions Index falling 5 points to 132. The drop in sentiment was influenced by falling crop prices since mid-February, along with increasing uncertainty surrounding agricultural trade and farm policy. Despite the decline, producers remained more optimistic about future conditions than the present, with the Future Expectations Index remaining higher than the Current Conditions Index by 12 points. This month's survey was conducted between March 10-14.
/jlne.ws/4caz6z0
Cash market trading volumes in March 2025
Deutsche Borse
Deutsche Borse's cash markets generated a turnover of EUR206.03 billion in March (previous year: 121.13 billion / previous month: EUR144.88 billion). EUR201.09 billion were attributable to Xetra (previous year: EUR117.16 billion / previous month: EUR140.51 billion), bringing the average daily Xetra trading volume to EUR9.58 billion (previous year: EUR5.86 billion / previous month: EUR7.03 billion). Trading volumes on Borse Frankfurt were EUR4.94 billion (previous year: EUR3.97 billion / previous month: EUR4.37 billion).
/jlne.ws/42cNJx9
DTCC Announces New Platform for Tokenized Real-time Collateral Management; New platform marks industry-first use of AppChain financial infrastructure to support institutional decentralized finance (DeFi).
DTCC
New York/London/Hong Kong/Singapore/Sydney/Tokyo/Abu Dhabi, April 2, 2025 The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced a digital collateral management platform. DTCC and industry leaders will demo the new platform in a live event, "The Great Collateral Experiment" on April 23, representing a diverse cross-section of financial market assets and participants. It's the first industry demonstration developed on DTCC's digital ecosystem that launched last October - DTCC Digital Launchpad.
/jlne.ws/3Egjnls
LME Fines Warehouse That Stored Fake Nickel for 2022 Mishap
Mark Burton - Bloomberg
The London Metal Exchange has fined warehouse operator Access World £60,000 ($77,316) for erroneously loading out nickel from a depot in Rotterdam in 2022, five months before the discovery that some of the metal it was holding for clients was fake. Staff at Access World loaded out 24 tons of nickel cathodes from the warehouse between Oct. 18 and Nov. 16, 2022, apparently due to human error, the LME said in a notice on Tuesday. The LME said it was only notified of the outflows on March 14, 2023, after the warehouse operator commissioned a third party to carry out an audit of the metal it was storing on behalf of clients.
/jlne.ws/3XH7ls9
LME first-quarter volumes jump 5.9% to second highest in 11 years
Reuters
The London Metal Exchange (LME) average daily volumes gained 5.9% in the first quarter of 2025, marking the second highest quarterly level in the last 11 years, the exchange said on Wednesday. The exchange, the world's oldest and largest market for industrial metals, said average daily volumes (ADV) rose to 698,209 lots in the first three months of the year.
/jlne.ws/42rS5BV
Strong Greek Presence at the Wood's EME NYC Conference in New York | April 3-4, 2025
ATHEX
The Athens Stock Exchange is participating as a sponsor in the leading investment roadshow Wood's EME NYC Conference, taking place on April 3-4, 2025, in New York City. This year marks the largest-ever Greek participation, underscoring the growing interest of the international investment community in the Greek market. Twelve Greek companies will attend the conference, engaging in one-on-one and group meetings with institutional investors from the U.S.:
/jlne.ws/4i8tzL2
Greencore agrees £1.2bn deal for UK ready meal rival Bakkavor; Wave of takeovers continues to shrink number of companies listed on London Stock Exchange
Maxine Kelly - Financial Times
Greencore has struck a deal to acquire rival UK convenience food group Bakkavor for £1.2bn after being rebuffed with an earlier takeover offer. Pre-packed sandwich maker Greencore said on Wednesday that the acquisition would create an entity with a combined revenue of about £4bn, as a wave of takeovers continues to shrink the number of companies listed on the London Stock Exchange.
/jlne.ws/3FRh357
Verisk Acquires Nasdaq Risk Modelling for Catastrophes to Further Expand the Global Extreme Event Risk Assessment Ecosystem; The combined technologies will provide (re)insurers and brokers with access to wider views of risk, facilitating global resilience for individuals, communities and businesses
Nasdaq
Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, and Nasdaq (Nasdaq: NDAQ) today announced that Verisk has acquired Nasdaq subsidiary Simplitium Limited, which owns and operates Nasdaq Risk Modelling for Catastrophes (NRMC), a SaaS platform that supports an open ecosystem where specialized model partners make their models, hazard data and analytics available to the industry to help assess and address the global insurance protection gap. The acquisition will provide Verisk clients with access to 300+ third-party models, providing unique, niche views of risk across the globe.
/jlne.ws/3XH5qUo
Moscow Exchange Trading Volumes in March 2025
MOEX
In March 2025, total trading volumes across Moscow Exchange's markets was RUB XXX trln.
/jlne.ws/4l9AvKx
|
| | | |
|
| |
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Robinhood Billionaire's Space Solar Startup Raises $50 Million
Bruce Einhorn - Bloomberg
A Silicon Valley startup run by the billionaire co-founder of brokerage firm Robinhood Markets Inc. is receiving new funding for a plan to build a solar power grid in orbit. Baiju Bhatt's Aetherflux Inc. is expected to announce on Wednesday a $50 million fundraising round co-led by Index Ventures and Interlagos. Andreessen Horowitz, New Enterprise Associates and Breakthrough Energy Ventures, a firm with Microsoft co-founder Bill Gates as chairman, are also investing. Index Investors, New Enterprise Associates and Andreessen Horowitz were early investors in Robinhood, according to Bhatt.
/jlne.ws/4cpCruj
What the AI Generation Can Learn from the Dotcom Bust
Steve Case - TIME
This March marked the 25th anniversary of the dotcom bust, a moment that serves as both a cautionary tale and a source of valuable lessons as we navigate the current artificial intelligence (AI) boom. AI, much like the internet in the 1990s, is being hailed as the next transformative technology, with massive investment and sky-high valuations fueling excitement-and speculation. But if history is any guide, it may take longer than many expect for AI to reach its full potential, and there will be both winners and losers along the way. As the co-founder of AOL, I had a front row seat to the Internet revolution. And I see several key lessons from that era that are relevant to the AI boom today. The lessons from the Internet and how they might inform the AI revolution are starting to become clear.
/jlne.ws/3DP0OVC
OpenAI Shows Too Much Money Can Be a Real Thing; The record-setting $40 billion funding round is indicative of just how much cash is flooding into AI - leading startups to chase all the wrong priorities.
Gautam Mukunda - Bloomberg
On Monday, OpenAI announced $40 billion in new financing, the largest funding round in history, and one that nearly doubled the artificial intelligence company's valuation to $300 billion. While no other startup can match those eyewatering numbers, they probably shouldn't be a surprise given just how much capital is flooding into the technology: AI companies raised a record $110 billion in VC funding last year. That kind of money might seem like a boon for AI innovation. But it may actually become a burden instead. First, by depriving these companies of invaluable market signals. Second, by driving them to appeal to investors instead of customers.
/jlne.ws/4ccY0y2
Top 10 op risks: For change management, the cloud is its own weather front; As lenders move legacy banking to the cloud, the risks of getting it wrong are exponentially greater
Luke Clancy - Risk.net
Risks associated with change management - the things firms do to themselves, as one risk head puts it - have risen to a new high for respondents to this year's Top 10 Operational Risks survey. Asked what's driving change management risk to a record third place, dozens of risk managers point to their firms' efforts at cloud migration, as they look to future-proof against the endless cycle of installations, upgrades and maintenance of core architecture.
/jlne.ws/44brbj5
Huge AI Data Center Planned for Pennsylvania Coal Plant Site
Simon Casey - Bloomberg
A huge natural gas-powered data center that will serve the growing demands of artificial intelligence is being planned for the site of a former coal-fired power plant in Pennsylvania. The 3,200-acre (1,295-hectare) data center campus, located about 50 miles east of Pittsburgh, will be developed at the location of Homer City Generation, previously the state's largest coal plant, Homer City Redevelopment and Kiewit Power Constructors Co. said Wednesday in a statement.
/jlne.ws/43AUH1y
ION to offer seamless connectivity to new MIAX Futures Onyx trading platform
ION
ION, a global leader in trading and workflow automation software, high-value analytics and insights, and strategic consulting to financial institutions, central banks, governments, and corporate organizations, will support connectivity to the new MIAX Futures matching engine, MIAX Futures Onyx (Onyx). ION will provide seamless, day-one connectivity to access MIAX Futures' flagship product, Minneapolis Hard Red Spring Wheat (Minneapolis HRSW) Futures. MIAX Futures (formerly Minneapolis Grain Exchange, or MGEX) will migrate Minneapolis HRSW Futures from CME Globex onto Onyx in the second quarter of 2025.
/jlne.ws/4jeZhaj
|
| | | |
|
| |
| Cybersecurity | | Top stories for cybersecurity | London mayor axes cyber crime victim support line; Decision triggers backlash among campaigners as violence against women and girls rises in capital
Olivia Surguy - Financial Times
London's mayor has axed a cyber crime helpline for the victims of online abuse, triggering a backlash from campaigners who argue that women and girls will be left struggling to access vital support. The service, which was shut down on Tuesday, assisted victims of fraud, revenge porn and cyberstalking to protect their digital identity. Some 2,060 cases were opened during its 18 months of operation.
/jlne.ws/4je8lfy
The UK Is Trying to Fight Social Scams. The US Not So Much.; Incoming British laws offer a test on how to get networking and messaging apps to beef up defenses against fraud.
Paul J. Davies - Bloomberg Opinion
Social engineering is one of the hardest parts of the trillion-dollar online scam industry to block or disrupt. This is the stage where fraudsters learn details about potential victims, make contact and begin to con them. And it happens mostly on social media and networking sites. Banks, law enforcement, telecoms and technology groups are increasingly trying to join forces to crack down on the boom in fraud that's accelerated in the past few years. There's large agreement on the weak point: Platforms where criminals often find their marks need the most aggressive policing - and aren't getting it.
/jlne.ws/4479UYb
|
| | | |
|
| |
| Cryptocurrencies | | Top stories for cryptocurrencies | BlockFills Leverages Fordefi to Enhance Secure DeFi Access, Empowering Venture Capital and DeFi Communities Across Blockchains
BlockFills, Fordefi
BlockFills, a premier destination for digital asset trading and market technology leveraged by institutions and professional traders, and Fordefi, a self-custody multi-party computation (MPC) platform built for institutions to securely access decentralized finance (DeFi) across multiple blockchains, announced that they have partnered to enable BlockFills to access Fordefi's cryptocurrency wallet infrastructure. Expanding its token coverage and meeting clients' growing interest in DeFi trading opportunities, BlockFills will leverage Fordefi's extensive supported blockchain networks. Customers of Fordefi - including venture capital (VC) firms investing in blockchain projects and the DeFi community - will also have access to BlockFills' comprehensive trading capabilities across a broad range of digital assets.
/jlne.ws/4hXUWHp
SIX rolls out regulatory data service for digital assets; Institutions will be able to assess whether certain digital instruments fall under the scope of regulatory and tax requirements.
Chris Lemmon - The Trade
Financial market infrastructure provider SIX has launched a new regulatory data service for financial institutions exploring the provision of digital asset services. The new package, called the Digital Assets Regulatory & Tax Service, will provide institutions with a single information source to help identify their exposure to digital assets and remain compliant with evolving regulations. Firms will be able to assess whether certain digital instruments, such as tokens and blockchain-based assets, fall under the scope of regulatory and tax requirements. They will be able to monitor, flag and process changes in existing regulatory and tax requirements that relate to their digital assets.
/jlne.ws/4iQTEz8
Staking is coming to Bitcoin, says Hydrogen Labs co-founder
Jackson Hinkle - TheStreet
Staking has long been a key part of decentralized finance (DeFi) for networks like Ethereum and Solana. But now, Bitcoin might finally be getting in on the action. "Transactions running through the network generate yield, and our stakers who deposit into our contracts get a clip of that. You're not just holding Bitcoin-you're earning yield on top of it," said David Mass, co-founder of Hydrogen Labs, in a conversation with TheStreet Roundtable.
/jlne.ws/3Y8jczl
Trump-Backed American Bitcoin Mining Venture Wants to Go Public
David Pan and Sonali Basak - Bloomberg
American Bitcoin Corp., a crypto mining venture, plans to go public and seek additional private capital, with Hut 8 Corp. and an investor group including Eric Trump and Donald Trump Jr. involved. American Bitcoin Corp., the crypto mining venture announced this week between Hut 8 Corp. and an investor group that includes two sons of US President Donald Trump, plans to eventually go public as well as to seek additional private capital.
/jlne.ws/3QVa9xY
'Bitcoin Rights' Included in California's Revised Digital Assets Bill
Atqa Arif - CoinMarketCap
On March 28, 2025, California Assembly Bill 1052, originally introduced as the Money Transmission Act, underwent significant amendments focusing on Bitcoin and crypto investor protections. The bill, now titled "Digital Assets," aims to secure self-custody rights for California's nearly 40 million residents. The revised legislation prohibits public entities from restricting or taxing digital assets solely based on their use as payment, establishing that digital financial assets are valid forms of payment in private transactions. Additionally, the bill expands the California Political Reform Act of 1974, preventing public officials from engaging in transactions involving digital assets that could create conflicts of interest.
/jlne.ws/3YbFMqQ
Grayscale Files To Convert $600 Million Crypto Fund Into ETF, Expanding Access to Bitcoin, Ethereum, and XRP
Ayesha Aziz - CoinMarketCap
Grayscale Investments has filed to convert its private Digital Large Cap Fund into an exchange-traded fund (ETF), allowing public investors to access a portfolio that includes Bitcoin, Ethereum, XRP, Solana, and Cardano. Currently, the fund is only available to accredited investors through private placement. At the time of filing, Bitcoin makes up 79.4% of the fund, followed by Ethereum at 10.69%, XRP at 5.85%, Solana at 2.92%, and Cardano at 1.14%. Cardano was added in January 2025 after the removal of Avalanche due to index rebalancing. Since its launch in 2018, the fund's market price has increased by 478.83%, according to Grayscale.
/jlne.ws/3QZjfd2
Larry Fink says Bitcoin could replace the dollar as the world's reserve currency because of national debt
Eleanor Pringle - Fortune
/jlne.ws/3QWrhU7
Tether CEO faces pressure to reveal Bitcoin wallet address
Anushka Basu - The Street
/jlne.ws/4cga0is
|
| | | |
|
| |
| Politics | | An overview of politics as it relates to the financial markets | The Growing Risk to Fed Independence That Wall St Isn't Watching; Can Trump fire the Fed chair?
Tracy Alloway and Joe Weisenthal - Bloomberg (podcast)
Last month, Donald Trump fired the Federal Trade Commission's two Democratic commissioners. They have since filed suit, arguing that the law that created the FTC - as well as a 90-year-old Supreme Court precedent - prevent the president from firing them without cause. And now, what might seem like a niche legal dispute could end up having much bigger consequences for other independent government agencies, including the Federal Reserve. That would be a huge shock for Wall Street, which tends to value central bank independence. In this episode, we speak with Lev Menand, professor at Columbia Law School and author of The Fed Unbound, to talk about the huge stakes involved in this case.
/jlne.ws/3QZEV8U
Fox News Host Slams Elon Musk With Brutal Billion Dollar Question
Ben Blanchet - HuffPost
Fox News host Jessica Tarlov confronted billionaire Elon Musk on Tuesday over his glaring conflicts of interest as an adviser for President Donald Trump. "So you've been making cuts to a lot of the agencies that have open investigations and regulatory battles with your companies," said "The Five" host of Musk's push to purge the federal budget of wasteful spending with his so-called Department of Government Efficiency. She continued, "At the same time you continue to get billions in government contracts. Tesla gets billions in subsidies. How do you explain that to the American people?"
/jlne.ws/42e7MeW
Opinion - Trump makes history by pardoning a corporation
Kimberly Wehle, opinion contributor - The Hill
In what may be a first in American history, President Trump just expanded the presidential pardon power to include corporations. Corporations are artificial legal fictions designed to maximize shareholder wealth. Nonetheless, they can theoretically commit crimes and be indicted for them. According to a 1999 memorandum from the Justice Department, the "important public benefits" of prosecuting corporations include "deterrence on a massive scale," particularly for "crimes that carry with them a substantial risk of public harm," such as "financial frauds."
/jlne.ws/3RtBck6
Cory Booker's 25-Hour Attack on Trump Sets Senate Speech Record
John Harney - Bloomberg
Senator Cory Booker on Tuesday evening set a chamber record by assailing the policies of President Donald Trump in a speech that lasted a little more than 25 hours. "I'm heading to the Senate floor because Donald Trump and Elon Musk have shown a complete disregard for the rule of law, the Constitution, and the needs of the American people," Booker, a New Jersey Democrat, said in a post on X before beginning his marathon address about 7 p.m. on Monday. The speech broke a record set by Senator Strom Thurmond, a South Carolina Democrat, who spoke for 24 hours and 18 minutes in a failed attempt to defeat the Civil Rights Act of 1957 with a filibuster. He later became a Republican.
/jlne.ws/42f8RD9
DOGE Has Its Sights Set on US Computer Systems. Oh Boy; From what we have seen, Elon Musk can't be trusted to rewrite the code that underpins some of the government's most critical operations.
Dave Lee - Bloomberg
Elon Musk's so-called Department of Government Efficiency has set its sight on one of the most enduring technologies: The Common Business Oriented Language, better known as COBOL. First developed in the 1950s and '60s, the coding language still underpins some of the American government's most critical systems, including at the Social Security Administration, Internal Revenue Service, Office of Personnel Management and several more. It's also behind critical private infrastructure, such as banking and air travel. It's survived not because it's remarkably good at what we need it to do but also because replacing it with something more contemporary has proven extremely complex and expensive.
/jlne.ws/41ZkUWs
Rahm Emanuel is coming to Wall Street
Liz Hoffman - Semafor via Yahoo Finance
Rahm Emanuel, a veteran Democratic leader and political brawler widely seen as a 2028 presidential contender, is coming to Wall Street. Emanuel, who served most recently as Joe Biden's ambassador to Japan, is rejoining investment bank Centerview Partners, where he worked from 2019 to 2021 counseling CEOs on mergers, regulation, and political matters. Centerview is a logical place for Emanuel to hang his hat as he weighs a White House campaign. It's home to Democratic insiders and party elders including its co-founder, Blair Effron, and former Treasury Secretary Bob Rubin, and has a client list whose CEOs would be valuable allies in a centrist run.
/jlne.ws/41T2Ehh
Democrat-Backed Judge Defeats Musk's Candidate in Wisconsin Court Race
Bill Allison and Dasha Afanasieva - Bloomberg
/jlne.ws/3YcOrta
Trump Attempting to Be an 'Emperor,' Chile President Boric Says
Matthew Malinowski - Bloomberg
/jlne.ws/4lfkGC0
Greece to Spend EUR25 Billion on Defense Over Next 12 Years
Sotiris Nikas and Paul Tugwell - Bloomberg
/jlne.ws/3FRzMgJ
UK floats plan for joint European fund to 'stockpile' weapons; Supranational' vehicle would purchase for participating states at more favourable borrowing rates
Paola Tamma - Financial Times
/jlne.ws/3XHamZq
Putin lets Armenian fund buy Goldman Sachs stakes in Russian public companies
Reuters
/jlne.ws/4ld4ocL
US lawmakers seek to rename street for Hong Kong's jailed Jimmy Lai
AFP
/jlne.ws/4i0NpYm
Denmark prime minister to visit Greenland as Trump applies pressure
Reuters
/jlne.ws/4hYR0X2
|
| | | |
|
| |
| Regulation & Enforcement | | Stories about regulation and the law. | SEC and Winklevoss' Gemini Trust to Explore Lawsuit 'Resolution'
Bob Van Voris - Bloomberg
The US Securities and Exchange Commission told a federal judge in New York it wants to "explore a potential resolution" of its enforcement suit against the Winklevoss twins' Gemini Trust Co. cryptocurrency exchange. The SEC and Gemini Trust on Tuesday asked for a 60-day delay in the civil enforcement case, which was one of many begun during former President Joe Biden's administration as it sought to assert regulatory authority over cryptocurrencies. In January, before Donald Trump took office, Gemini agreed to pay $5 million to settle a case with the Commodity Futures Trading Commission.
/jlne.ws/42jDBmz
Volkswagen, Stellantis and other carmakers hit with $495 million EU cartel fine
Foo Yun Chee and Makini Brice - Reuters
BRUSSELS - Volkswagen, Stellantis, 13 other carmakers and their car association were fined a total of 458 million euros ($495 million) by EU antitrust regulators on Tuesday for taking part in a vehicle recycling cartel. The European Commission, which raided the companies three years ago, said the cartel, which involved end-of-life vehicles, took place from May 2002 to September 2017, with automakers association ACEA organising meetings and contacts between the companies.
/jlne.ws/41TP1OU
Singapore Billionaire Kweks' CDL Queried by Regulator After Feud
Low De Wei and Sheryl Tian Tong Lee - Bloomberg
Singapore's City Developments Ltd has been questioned by the regulatory arm of the city-state's stock exchange after a recent public dispute within the billionaire family owner of the developer, according to people familiar with the matter. Singapore Exchange Regulation, which monitors and enforces compliance with listing rules, has reached out to CDL with queries about corporate governance issues and disclosures related to the tussle between the patriarch of the country's richest family and his elder son, said the people, asking not to be identified discussing private information.
/jlne.ws/4leIXIf
FINRA Securities Helpline for Seniors Marks 10th Anniversary With More Than $9.3 Million Recovered for Investors; New Podcast Episode Shares the Helpline's Stories of Protecting Seniors and Vulnerable Investors
FINRA
FINRA marks this month the 10th anniversary of the FINRA Securities Helpline for Seniors, an important resource for seniors and vulnerable investors that has assisted in recovering more than $9.3 million for investors as of Dec. 31, 2024.
/jlne.ws/3FSB0bC
SEC Charges Three Arizona Individuals with Defrauding Investors in $284 Million Municipal Bond Offering That Financed Sports Complex
SEC
The Securities and Exchange Commission today charged Randall "Randy" Miller, Chad Miller, and Jeffrey De Laveaga with creating false documents that were provided to investors in two municipal bond offerings that raised $284 million to build one of the largest sports venues of its kind in the United States.
/jlne.ws/4jki5Ff
Understanding Managed Funds with Tom Hartmann | Jess Learns to Invest Episode 3
ASIC
Join Jess, a 27-year-old newbie in the world of investing, as she navigates the ups and downs of becoming an investor. Just like you, she's learning the ropes. Each month, Jess will team up with a different expert who will share invaluable insights and tips about investing.
/jlne.ws/42tTojK
Review of access to financial advice for New Zealand: Proposed terms of reference
ASIC
We know there are many positive impacts for consumers who receive good quality financial advice. Therefore, ensuring consumers can access quality financial advice when they need it is crucial. To enhance our understanding of the availability of financial advice in New Zealand, including where consumers go to get advice, we are planning a review to identify challenges and opportunities related to access to financial advice.
/jlne.ws/4jjgteW
Speech by Samantha Barrass to the Financial Advice New Zealand Conference
ASIC
I'm sure I don't have to tell you that there has been a high level of regulatory change in recent years. Much of this change has been pretty fundamental to the regulatory landscape of the financial sector. From the introduction of conduct legislation, to the upcoming transfer of CCCFA responsibility from the Commerce Commission to the FMA, there have been a series of changes to financial regulation from Governments across the political spectrum.
/jlne.ws/3YcksSa
Financial Advice Providers Industry snapshot
Financial Markets Authority
This is the first time the FMA has collected a comprehensive snapshot of the financial advice sector since the new Financial Advice regime came into effect in March 2023. This data is derived from the 2024 Financial Advice Provider regulatory returns and provides valuable insights into what types of products are being advised on as well as the way customers are receiving that advice. The FMA will use the data to help shape the way we supervise and engage with the sector going forward.
/jlne.ws/3EeRaLT
FMA unveils review into financial advice accessibility to drive better outcomes for the financial advice sector
Financial Markets Authority
The Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko - Chief Executive Samantha Barrass today announced a review of the advice sector to help drive better outcomes for industry and consumers. At the Financial Advice New Zealand conference in Christchurch, Ms Barrass said the FMA would undertake a review of access to advice which is a cornerstone of the regulatory regime. She also revealed new data and analysis from the regulatory returns questionnaire the FMA gathered from the financial advice sector at the end of 2024.
/jlne.ws/44b5CPF
Monitoring Group Appoints Ryan Wolfe as its Chair
IOSCO
The Monitoring Group (MG) is pleased to announce Mr. Ryan Wolfe as its new Chair, effective immediately. The MG is a group of international financial institutions and regulatory bodies committed to advancing the public interest in areas related to international audit and assurance-related standard-setting and audit quality.
/jlne.ws/42ftCyC
IOSCO issues Final Report on Standards; Implementation Monitoring for Regulator Principles
IOSCO
IOSCO publishes a Final Report following its review of IOSCO Standards
Implementation Monitoring (ISIM) for Regulator Principles 6 and 7 which address
systemic risk and perimeter of regulation. IOSCO's Objectives and Principles of Securities Regulation 6 and 7 stipulate that regulators should have or contribute to processes to identify, monitor, mitigate and manage systemic risk, as well as have or contribute to a process to review the perimeter of regulation regularly.
/jlne.ws/4l9Cn61
|
| | | |
|
| |
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Goldman Picks Yen as Top Hedge Against US Recession, Tariff Risk
Ruth Carson and Anya Andrianova - Bloomberg
Goldman Sachs Group Inc. expects the yen to climb to the low 140 levels against the dollar this year as jitters around US growth and trade tariffs bolster demand for the safest assets. The yen offers investors the best currency hedge should the chances of a US recession increase, said Kamakshya Trivedi, head of global foreign exchange, interest rates and emerging market strategy. A move to 140 would imply a gain of 7% from the current level, and the bank's forecast is more bullish than the year-end median estimate of 145 in a Bloomberg survey of analysts.
/jlne.ws/44eKhom
Snowballs show signs of life amid China stock rebound; A-share jump and expiries drive new issuance, but dealers say regulations are depressing volumes
Jiefei Liu - Risk.net
Snowball structured product issuance has been creeping up in China as existing products have expired or been knocked out during this year's A-share market rally, but overall volumes remain subdued thanks to recent regulatory changes. "The wealth management side of our business is preparing to start reissuing snowball products," says a sales director at a Chinese securities house. "Our existing positions are either approaching expiry or knocked out."
/jlne.ws/3DQZ1PT
Trading Success: Flexibility is Key - Quod Financial
Medan Gabbay, Co-CEO, Quod Financial - Traders Magazine
"Insanity is doing the same thing over and over again and expecting different results." - A. Einstein (allegedly)
In most areas of life, we recognize that a variety of tools and approaches are required to solve complex problems, and relying on a single, outdated tool is rarely enough to keep up with our ever-changing environment. Imagine trying to drive across a busy city today using a paper map from 2002 - no real-time traffic updates, no GPS rerouting, no integration with live data. You'd probably get lost, delayed, and frustrated.
/jlne.ws/3XHQSUr
Andreessen Horowitz in talks to help buy out TikTok's Chinese owners; Venture capital group could join last-gasp bid by allies of Donald Trump to take control of video app owned by ByteDance
Antoine Gara, Ivan Levingston and Hannah Murphy and George Hammond - Financial Times
US venture capital giant Andreessen Horowitz is in talks to invest in social media platform TikTok as part of an effort led by Donald Trump to wrest control of the popular video app from its Chinese owners. The venture capital group, whose co-founder Marc Andreessen is a vocal supporter of the US president, is in talks to add new outside investment that will buy out TikTok's Chinese investors, as part of a bid led by Oracle and other American investors to carve it out of its parent company ByteDance.
/jlne.ws/445HcXI
Forget 60/40. BlackRock's Larry Fink wants investors to embrace 50/30/20; The BlackRock CEO's proposed portfolio model includes private assets like real estate, infrastructure, and private equity.
Kerry Hannon - Yahoo Finance
BlackRock Chief Executive Officer Larry Fink is proposing a new tweak to an age-old investing formula. Instead of a traditional 60/40 split between stocks and bonds, the prominent asset manager wants everyday investors to branch out and diversify into private market assets. "The future standard portfolio may look more like 50/30/20 - stocks, bonds, and private assets like real estate, infrastructure, and private credit," Fink wrote in his annual letter to clients this week.
/jlne.ws/3R1kYP0
|
| | | |
|
| |
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Deutsche Bank's DWS Pays $27 Million in German Greenwashing Case
Karin Matussek and Arno Schuetze - Bloomberg
Deutsche Bank AG's investment arm DWS agreed to pay EUR25 million ($27 million) to end a long-running German investigation into alleged greenwashing, in a similar settlement to the one it struck with US regulators in 2023. DWS gave a false impression to the markets in its communications about sustainable finance, Frankfurt prosecutors said on Wednesday. The case looked into the same behavior that led to a $19 million penalty agreed with the US Securities and Exchange Commission, they added. "The impression given to the capital market that DWS Group was supposedly the market leader in sustainable financial products was not, or not completely, fulfilled by the business's organization itself," the prosecutors said. DWS didn't monitor the situation carefully enough and instead used statements in external communications such as being a "leader" in the ESG field or "ESG is an integral part of our DNA." They didn't correspond to reality, according to prosecutors.
/jlne.ws/4hVRmxy
Trump Wants to Convince the World That Climate Change Is a Good Thing
Thor Benson - Rolling Stone
Windmills cause cancer. They're killing birds and whales. Electric vehicles don't work. Have you heard about the electric sharks? Climate change is a hoax. There are many things Donald Trump has said about climate change and renewable energy that are difficult to make sense of, but Trump's newest line on climate change is both dumbfounding and truly dangerous: He is now determined to convince the world that climate change is a good thing.
/jlne.ws/3FS9P0z
Energy supplier collapses after raiding millions from green energy fund
Jonathan Leake - The Telegraph UK
Energy supplier Rebel Energy has gone bust after allegedly raiding funds that were supposed to be ring-fenced for paying green levies. It means about 80,000 domestic customers and 10,000 businesses have been abruptly left without a supplier. The Bedford-based firm's collapse followed a compliance order imposed a few weeks ago by Ofgem, the energy regulator, and raises new questions about the watchdog's ability to protect customers.
/jlne.ws/4iUItpj
The world is experiencing record heat - this is why it's about to get worse
Alicja Hagopian - The Independent
The landmark 2015 Paris Climate Agreement was supposed to be a turning point in the fight against global warming. The historic treaty saw nearly 200 countries commit to limit increases in temperature to 1.5C above pre-industrial levels. Yet in 2024, the global average temperature was already up by 1.6C, shattering the recommended ceiling in less than a decade, and increasing the risks of extreme weather events, drought, wildfires and the devastation of crops. By the end of the century, this could rise to a devastating 3.1C of warming above pre-industrial levels, even when implementing current climate policies, say the UN.
/jlne.ws/4hZsCo7
Intesa Plans SRT Tied to EUR1.5 Billion of ESG Corporate Loans
Esteban Duarte, Thomas Gualtieri, and Sonia Sirletti - Bloomberg
Intesa Sanpaolo SpA plans to sell a significant risk transfer tied to a portfolio of corporate loans, according to people familiar with the matter. The Milan-based bank is discussing with investors an SRT deal tied to about EUR1.5 billion ($1.6 billion) of environmental, social and governance labeled loans, said the people, who asked not to be identified because the deliberations are private.
/jlne.ws/446R9UQ
California's Thirst for Canadian Oil Spurs West Coast Import Boom
Robert Tuttle - Bloomberg
US West Coast refiners imported a record amount of Canadian oil last month as the threat of tariffs and high prices for competing grades prompted buyers to stock up on the heavy, high-sulfur crude. The US imported a record 224,000 barrels of oil a day via tankers from western Canada last month, up 42% from February, according to Vortexa data. Those shipments came through Canada's newly expanded Trans Mountain pipeline, which carries crude from Alberta's oil sands to a shipping terminal near Vancouver.
/jlne.ws/3E0crZQ
Wall Street Is Rewriting Its Energy-Sector Playbook; Trump's oil and gas policies are causing a shakeup in the $1.4 trillion energy-finance sector.
Alastair Marsh - Bloomberg
/jlne.ws/42e9eOq
Is an Upside-Down Gas Market Europe's New Normal? High prices have discouraged stocking up to prepare for next winter.
Javier Blas - Bloomberg
/jlne.ws/3DYDuVn
OPEC+ Ministers to Discuss the Need to Respect Quotas in Call
Fiona MacDonald, Grant Smith, Salma El Wardany, and Nayla Razzouk - Bloomberg
/jlne.ws/4laymOu
|
| | | |
|
| |
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | For US Treasury algos, dealers get with the program; Four banks now offer execution algos on Bloomberg, with plans to go further, faster
Emma Siponmaa and Lukas Becker - Risk.net
In algorithmic trading, government bonds have been the poor cousin to asset classes such as foreign exchange and equities. As recently as 2022, none of the largest dealers offered client execution algorithms for the $1 trillion-a-day US Treasuries market. But times are a-changing. Not only have more dealers developed execution algos for US Treasuries, but Bloomberg announced in early February that it had teamed up with four banks - Citi, JP Morgan, Morgan Stanley and RBC Capital Markets - to
/jlne.ws/3Ycdwo6
UniCredit Weighs Alternative to Agricole Pact Amid BPM Spat
Sonia Sirletti and Claudia Cohen - Bloomberg
UniCredit SpA is assessing alternatives to a sales agreement with Credit Agricole SA's fund unit, underlining a growing rift over the Italian lender's takeover bid for smaller domestic rival Banco BPM SpA. Italy's second-largest bank is analyzing options to replace Credit Agricole's asset manager Amundi SA when an existing sales partnership with the firm expires in about two years' time, people with knowledge of the matter said. They asked not to be identified discussing the private matter.
/jlne.ws/4hUtQ3W
Millennium, Citadel Extend 2025 Losses With a Volatile March
Nishant Kumar, Siddharth Vikram Philip, and Katherine Burton - Bloomberg
Izzy Englander's Millennium Management and Ken Griffin's Citadel lost money last quarter amid President Donald Trump's trade wars, even as other hedge funds gained. Millennium's flagship fund slid 1.2% in March and 2% for the quarter, while Citadel's main hedge fund fell 0.5% last month, extending this year's decline to 0.85%.
/jlne.ws/3EfW5fw
New private markets investment firm PeakAlts launches in US
GlobalData
Industry veterans from Goldman Sachs, Hightower Advisors, and H.I.G. Capital have launched a new private markets investment firm, Peak Altitude Partners (PeakAlts). Based in New York, the new firm offers curated alternative asset solutions specifically tailored for RIAs, family offices, multi-family offices, and endowments. It currently advises on over $30bn in assets through its partner ecosystem.
/jlne.ws/445JeqU
Goldman Is Opening Up Private Equity Deals to Rich Individuals
Todd Gillespie and Silas Brown - Bloomberg
Goldman Sachs Group Inc. is expanding its private equity offering to wealthy individuals across Wall Street and beyond, in the latest sign of investment firms gradually broadening access to the much sought-after private markets. The New York-based investment bank is launching an open-ended private equity fund named G-PE, which will offer access to deals from its buyout, growth, secondary and co-investment strategies, according to a statement Wednesday.
/jlne.ws/4j6VFXC
Launch of the TOV 'invest Jewishly' ETF puts activism to the test; Fund aims to combat antisemitism and advocate for Israel and Jewish values through engagement with US corporations
Emma Boyde - Financial Times
When hedge fund Engine No. 1 sold its exchange traded fund business in 2023, the concept of activist ETF investing slipped from the headlines, but the team behind the "invest Jewishly" ETF wants to put it back. The JLens 500 Jewish Advocacy US ETF (TOV) launched on February 27 with the stated aim of empowering investors "to combat antisemitism, support Israel and embody Jewish values".
/jlne.ws/4i3juin
|
| | | |
|
| |
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | US labour watchdog halts Apple cases after Donald Trump picks group's lawyer for top job; National Labor Relations Board freezes pair of disputes after Crystal Carey nominated as agency's general counsel
Michael Acton - Financial Times
The US labour watchdog froze two cases against Apple days after Donald Trump nominated an attorney who represents the tech group to be the agency's top legal official. The National Labor Relations Board filed multiple complaints against the iPhone maker last year alleging it intervened against employee attempts to organise, but abruptly pulled back from two of the cases late last week, according to documents seen by the Financial Times.
/jlne.ws/4chvco7
|
| | | |
|
| |
| Wellness Exchange | | An Exchange of Health and Wellness Information | Dozens of free measles vaccine clinics close in Texas as federal funding is cut
Erika Edwards - NBC News
Steep federal funding cuts have forced public health officials in one of Texas' most populous counties - Dallas - to cancel dozens of vaccination clinics and lay off 21 workers on the front lines of combatting the state's growing measles outbreak. "I just had to tell our commissioners this morning that we've had to cancel over 50 different clinics in our community," said Dr. Philip Huang, director and health authority for the Dallas County Health and Human Services Department. Many of the clinics had been planned for schools in areas with low vaccination rates, he said. The vaccines, which included measles, mumps and rubella shots, were meant to be given free to families.
/jlne.ws/44eJdkm
|
| | | |
|
| |
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Warburg purchases Tokyo rental houses, plans Japan office; Takashi Murata, head of Japan at Warburg Pincus in Tokyo, says the private-equity firm is confident about market growth in Tokyo despite the overall depopulation of Japan.
Lisa Du - Bloomberg via The Japan Times
Warburg Pincus plans to open a Tokyo office later this year as it seeks more real estate and private equity deals in Japan, adding to the expansion of foreign investors in the market. The New York-based private equity firm, which has already been active in Japan dealmaking, said on Wednesday that it acquired a portfolio of 1,195 shared rental houses in the greater Tokyo area from Lone Star Funds. It didn't disclose the price.
/jlne.ws/43vAjPk
RBI's Cash Bazooka Spurs Biggest Bond Rally in Over Two Years
Bhaskar Dutta - Bloomberg
Indian bonds rallied the most in more than two years after the central bank announced larger-than-expected debt purchases, sparking speculation of significant policy easing ahead. The 10-year yield slid as much as 10 basis points to 6.48% on Wednesday, the lowest level since January 2022. The drop is also the steepest since November of that year. The 800 billion rupees ($9.3 billion) of purchases - announced late Tuesday - adds to more than $70 billion of cash injections by the central bank that's helped erase a months-long cash deficit in the banking system.
/jlne.ws/4leO4Ix
Argentina IMF deal advances fail to clear FX haze
Jorge Otaola - Reuters
Argentina and the International Monetary Fund may be on the home stretch over a $20 billion new program, but the deal has so far failed to dispel traders' anxiety and a haze of uncertainty around the outlook for the country's peso currency. The South American nation, under libertarian President Javier Milei, is trying to rebuild investor confidence and bolster depleted foreign currency reserves after years of overspending that left the grains producer locked out of global markets and battling to stabilize its finances.
/jlne.ws/41VMTWY
An American Mine Still Has Millions of Tons of Copper, If Companies Can Get to It; Freeport-McMoRan, Rio Tinto and BHP are among the miners testing sulfide leaching as tariff threats send copper prices soaring.
Jacob Lorinc - Bloomberg
Carved into a mountain range in Arizona's Sonoran Desert, where temperatures often reach 118F (48C), a vast mining complex more than a century old is on the front lines of a race to unlock millions of tons of copper. After 154 years of digging at Morenci, all the easily recoverable copper has been mined. Left behind are towering piles of waste rock that hold nearly 10 million tons of the metal seen as critical to global electrification. It's a cache that could prove key to President Donald Trump's ambition to boost US production of critical minerals.
/jlne.ws/43AFpKf
Deepfake video of Hong Kong finance chief Paul Chan used in sham news report; Police investigating as government warns public not to believe online video in which figure resembling Chan advertises fake investment platform
Jiang Chuqin - South China Morning Post
Hong Kong authorities have warned the public over a scam that uses a deepfake video of the finance chief touting a new government investment opportunity, saying police have already launched an investigation.
/jlne.ws/3EcgjH2
|
| | | |
|
| |
| Miscellaneous | | Stories that don't quite fit under the other sections | Newsmax More Valuable Than Fox News Owner After 2,230% IPO Pop
Bailey Lipschultz - Bloomberg
Conservative media outlet Newsmax Inc.'s meme-stock moment has given it a market value greater than Fox Corp.'s, with shares surging 2,230% since its debut earlier this week. The stock soared nearly 180% to close at $233 on Tuesday, building on a 735% surge in its debut session which saw the shares halted multiple times. Tuesday's jump added $19.2 billion in market value as over 10 million shares swapped hands.
/jlne.ws/42qdjA5
|
| | | |
|
| |
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2025 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
