| February 17, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Today we are updating a couple of sections in JLN, combining them into one and adding a new section to bring focus to an emerging and encompassing risk to global markets. The Ukraine Invasion and Middle East Conflict sections are being combined into a new World Conflicts section. Additionally, a new Trade Wars and Tariffs section is being added to JLN, reflecting its potential as an increased market-distorting factor.
Both the Ukraine invasion and the Middle East conflict have evolved significantly in recent weeks. Israel and Hamas have declared a ceasefire, leading to the release of hostages, while in Ukraine, a change in the U.S. administration has shifted the dynamics of the ongoing conflict.
Both situations remain highly volatile and could escalate into broader conflicts with market-altering impacts. As a result, they remain a key focus at JLN. We are addressing them together to highlight the broader macro risk of war and its influence on global markets and trading.
Similarly, using tariffs as a competitive tool in global markets can undermine price discovery by introducing artificial costs, distorting market signals, and influencing the behavior of market participants.
In some ways, tariffs resemble central planning, the failed Marxist economic model. While each is a distinct economic tool, both involve government intervention that distorts market signals, impacts resource allocation, and can create inefficiencies. However, tariffs are generally a less extreme form of intervention than full-scale central planning.
Tariffs alter the price of goods, disrupting supply and demand dynamics, while central planning directly controls production and distribution, overriding market forces.
Market distortions pose significant risks to investors and traders by amplifying volatility, introducing psychological challenges, and increasing systemic risks. Heightened price swings-sometimes exacerbated by algorithmic trading-can lead to asset mispricing, especially during boom-and-bust cycles. These cycles create psychological hurdles, such as herd mentality driven by FOMO during booms and panic selling during downturns, as well as overconfidence leading to excessive risk-taking.
On a larger scale, these distortions weaken financial stability, disrupt liquidity, and create inefficiencies in how money flows through markets. Together, these issues make for a risky and unpredictable environment, requiring smart risk management and strategic planning.
At JLN, we're here to help you navigate these challenges with our new Trade War and Tariffs news section, keeping you informed.
The latest episode of the Inside the ICE House podcast features Novartis CEO Vas Narasimhan, who discusses the transformative role of innovation, AI, and data analytics in drug development. Under his leadership, Novartis (NYSE: NVS) has focused on gene and cell therapies, targeted cancer treatments, and immunology, addressing some of the most complex medical challenges. Narasimhan highlights the company's successes in pioneering new treatments and how AI is shaping the future of disease treatment, positioning Novartis at the forefront of pharmaceutical innovation. Click HERE to visit the ICE.com Inside the ICE House page for listening options for this episode and others.
JLN has learned that former CFTC Commissioner and Acting Chairman Gary Seevers passed away on February 1, 2025 at the age of 87. Seevers was appointed to the CFTC by President Gerald Ford after serving on Nixon's President's Council of Economic Advisers, where he focused on issues surrounding food inflation.
On February 14, 2025, FIA responded to the China Securities Regulatory Commission's (CSRC) consultation on program trading in the futures market, supporting its policy objectives. FIA urged Chinese futures exchanges to adopt a standardized approach and allow sufficient public consultation.
Key recommendations included clearer definitions for "high-frequency trading" and "abnormal trading behaviors," reasonable reporting obligations, and a nine-month implementation period to ensure a smooth transition. You can read the FIA's response HERE, though you have to scroll down to the English version unless you read Chinese well.
Here are the headlines from in front of FOW's paywall from some recent stories: FIA calls for nine-month implementation of Chinese trading rules, CFTC appoints enforcement director amid Trump shake-up, Coinbase to list Solana futures, B3 launches weekly futures - FOW Data, ANALYSIS: DTCC sees digital assets, Basel III as key trends in 2025 and BGC plans Treasury futures launch next month with FMX on track.
Today is Presidents Day and U.S. stock and bond markets will be closed in observance of Presidents Day (Washington's Birthday). After Presidents Day, the next market closure will be Good Friday in mid-April. Being a market holiday, it is a given day for the JLN team, meaning they get the rest of the day off after we publish JLN. There will be no JLN Options today, but it will return tomorrow.
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:
Traders Look for $10 Million Payout in Bet on 5% US Yield from Bloomberg.
Reddit Chat Rooms Poised to Help Drive Hedge Fund, Investor Bets from Bloomberg via Yahoo Finance.
Autocall curbs hit long-dated Nikkei and HSCEI options from Risk.net. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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OCC's Andrej Bolkovic Discusses Zero-Dated Options, Industry Growth, and Clearing Innovations at FIA Expo
JohnLothianNews.com
The rise of zero-day options and the evolving landscape of clearing were key themes in an interview with Andrej Bolkovic, CEO of The Options Clearing Corporation (OCC), at FIA Expo in November. Bolkovic addressed risk management, industry growth, and OCC's clearing system modernization efforts, providing insights into the shifting derivatives landscape.
Watch the video »
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ICE's Paul Hamill on Treasury Clearing Mandate, Market Liquidity, and Technology at FIA Expo
JohnLothianNews.com
Paul Hamill, chief commercial officer ICE Clear Credit at ICE Clear Credit, discussed the Treasury clearing mandate, liquidity improvements, and ICE's clearing model in an interview at FIA Expo in November. Hamill emphasized ICE's commitment to enhancing market structure and risk management, drawing from innovations in the swaps and futures markets.
Watch the video »
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 CNBC's Bob Pisani Reflects on Investing Mistakes, Market Biases in JLN Interview JohnLothianNews.com CNBC's Bob Pisani candidly shared his biggest investing mistake and the impact of behavioral biases in a part three of a recent interview with John Lothian News. Reflecting on his overconfidence in General Electric (GE) under Jack Welch, Pisani admitted to putting 50% of his 401(k) into GE stock by 1999, despite knowing the risks. Watch the video »
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'It Has Done Enormous Harm To The Country'-Crypto Leaders Celebrate As CFPB Is Shut Down
Adrian Volenik - Benzinga
The Consumer Financial Protection Bureau, a government agency created to protect people from unfair financial practices, has been largely shut down by acting chief Russell Vought. Many crypto leaders, like Coinbase Global (COIN) CEO Brian Armstrong and Gemini CEO Tyler Winklevoss, are very happy about this decision. Armstrong called the shutdown "100% the right call," labeling the CFPB an "activist organization that has done enormous harm to the country." He argued that fraud prevention should be handled by the Department of Justice and other financial regulators, not the CFPB. Winklevoss posted "CFPB Unplugged" alongside an image of a 404 error page from the agency's website.
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***** It is a strange time indeed when CEOs like Coinbase Global's Brian Armstrong crow about the destruction of regulators like the CFPB. There was a time when that type of behavior would be called classless. ~JJL
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AI risks making us all stupid: it's time to act; Could it be that politicians have forsaken their own critical thinking because they've been using ChatGPT too much?
Noreena Hertz - The Telegraph
This week Microsoft published a joint study with Carnegie Mellon which sought to establish how AI was impacting how people think. Their findings were extremely disturbing. The more people relied upon AI the more they switched their own brains off. In some ways this shouldn't come as a surprise. How many of us continue to be fluid at arithmetic given our default to a calculator? Or spelling given our reliance on autocorrect? And who nowadays would feel comfortable getting from A to B without the help of Google Maps? We've known for a while that when we replace particular tasks with tech, we erode our ability to perform those tasks ourselves.
/jlne.ws/3Qm3Lzy
****** To quote the great Forrest Gump: "Stupid is as stupid does."~JJL
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How far would a wife go to keep $2M Ponzi scheme a secret?
Doc Louallen - GMA
West Virginia's Raleigh County is a largely rural region nestled in the coal mining country of the Appalachian Mountains, celebrated for its natural beauty and rugged snowy terrain. However, the picturesque landscapes concealed the dark secrets of one woman that threatened to upend a close-knit community. In February 2019, 38-year-old Michael Cochran died suddenly. Prosecutors said his wife Natalie Cochran poisoned him with insulin to conceal her over $2 million Ponzi scheme, which she operated from 2017 to 2019. Natalie was already serving an 11-year sentence after pleading guilty in 2020 to federal wire fraud and money laundering when she was charged with murder in November 2021.
/jlne.ws/3CRBrlk
****** This is a new wrinkle on a Ponzi scheme victim I have not seen before. I have seen suicides related to trading scams, but not Ponzi scheme murders.~JJL
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Friday's Top Three
Our top story Friday was, appropriately, Why Your Valentine's Chocolate Is Getting More Expensive, from The Wall Street Journal. Second was the video on YouTube titled "GigSlave Goes Public With $84 Billion Valuation" from the Onion News Network (a parody, just in case you weren't sure). Third was The mounting risks to US exceptionalism, an opinion piece in the Financial Times from Mohamed El-Erian.
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| Lead Stories | Will Trump's Crypto Cops Still Police Fraud? This Flashy Startup Poses a Test; Unicoin was among the last firms targeted by former SEC Chair Gary Gensler's crypto crackdown
Alexander Osipovich and Caitlin Ostroff - The Wall Street Journal
On a summer evening last year, dozens of people clad in white boarded a yacht for a sunset cruise around New York Harbor. The guests had converged on Manhattan from around the world. Sipping wine, they watched a dance performance by three young women in golden flapper dresses and curly, 1920s-style blonde wigs. Above their heads, a monitor read "The Only Show That Can Make You Rich." The hope of getting rich is what united them: The cruise was meant to be the coming-out party for Unicoin, a crypto firm that bills its product as the next bitcoin. But the launch of its "unicoin" tokens was delayed in the closing months of the Biden administration by an investigation-a probe that is itself now in limbo as a new business-friendly Securities and Exchange Commission takes shape.
/jlne.ws/4jZ5Wqj
Why Power Prices Can Go Negative and What It Means
Lars Paulsson - Bloomberg
From mountain-top wind turbines in Norway to rooftop solar panels in Australia, renewable energy is flooding into power networks like never before. Because the output from these new sources fluctuates with the changing winds and the movement of the sun, they often deliver more electricity than grids can absorb, leading to the curious phenomenon of "negative" power prices. This year is likely to see a record number of hours when the price of electricity dips below zero. While all that cheap power can be good news for households and industries, it's a serious concern for investors in renewable energy assets, as the volatility in prices is a threat to steady profits.
/jlne.ws/41jUVsg
The Rower Turned Engineer Who Helped Make Nvidia a $3 Trillion Company; Jonah Alben uses lessons from his days as Stanford rowing coxswain to design AI chips and keep selling to China
Stu Woo and Raffaele Huang - The Wall Street Journal
Nvidia had a problem. U.S. officials in 2022 began restricting what the chip company could sell to China, which then accounted for a fifth of its sales. To keep up its business there, Chief Executive Jensen Huang turned to a lieutenant, Jonah Alben. Alben told his boss there was no time to design a completely new chip for China. Instead, his answer was to take Nvidia's top product at the time and reduce its performance to meet the U.S. rules-including by physically burning parts of the chip. Two months later, Nvidia began marketing the modified chip to Chinese customers.
/jlne.ws/4i2yjCc
CFTC Whistleblower Chief Named Agency's Top Enforcement Watchdog
Nicola M White - Bloomberg
The Commodity Futures Trading Commission's top enforcement job will go to Brian Young, the former head of the regulator's whistleblower office, the agency announced Friday. "He is a fearless leader that will build an even more impressive enforcement program that will stay true to the CFTC's mission to protect the American public from fraudsters and scammers," Acting CFTC Chairman Caroline Pham said in a statement.
/jlne.ws/3ECfpUp
Musk Team Seeks Access to I.R.S. System With Taxpayers' Records; A White House spokesman said that the initiative called the Department of Government Efficiency needed to review data to fix waste within the agency.
Alan Rappeport, Andrew Duehren and Maggie Haberman - The New York Times
The Internal Revenue Service is preparing to give a team member working with Elon Musk's so-called Department of Government Efficiency access to sensitive taxpayer data, people familiar with the matter said. The systems at the I.R.S. contain the private financial data tied to millions of Americans, including their tax returns, Social Security numbers, addresses, banking details and employment information.
/jlne.ws/4hZzYbF
Inside the US Stock Market's World Domination; In this episode of Trillions, we dig into why it continues to climb, how its success may end and where future competition may come from.
Joel Weber and Eric Balchunas - Bloomberg
There's something special about the US stock market these days-it's almost beyond comprehension how it keeps kicking out consistently big returns. Sure, other markets have nice runs now and again, but they're usually short-lived and almost microscopic compared to the US. Why is that? And how long can this level of dominance last? On this episode of Trillions, Eric Balchunas and Joel Weber speak with Steve Hou, a quantitative researcher at Bloomberg Indices, who's written a number of white papers on innovation, pricing power and turnaround companies. They discuss why US companies are rewarded for innovation while companies elsewhere are not, how to measure and invest in a successful strategy, which attributes make US corporate culture and its economy unique and where the competition is going to come from in the future.
/jlne.ws/412q1mM
Wall Street's China Plans in Tatters After Years of Setbacks; Major banks are scaling back investments and cutting jobs as they rethink growth strategies.
Cathy Chan - Bloomberg
It was mid-December, and representatives for Wall Street's biggest banks were meeting with US Treasury officials to better understand how their clients can comply with new rules for investing in Chinese companies that pose potential national security risks. Bankers from Goldman Sachs, Morgan Stanley and others left the meeting confused, with more questions than answers about which deals qualify and what reporting is required to stay within the complex guidelines, according to people familiar with the talks, who spoke on condition they not be identified.
/jlne.ws/4hGNOzP
Federal Judge Orders a Halt to Trump Administration Cuts at CFPB; Judge freezes all job cuts and funds at the financial regulator that has been in DOGE crosshairs
Dylan Tokar - The Wall Street Journal
A federal judge on Friday ordered a temporary halt to the Trump administration's attempts to slash jobs and dismantle the Consumer Financial Protection Bureau. The order, from a U.S. district judge in Washington, D.C., said the agency cannot fire any employee, except for cause, and cannot proceed with any large-scale reduction-in-force of staff. The CFPB had begun laying off dozens of employees earlier this week and staff had been bracing for significant cuts in coming days, leading their union and other parties to file a lawsuit requesting a temporary restraining order. The judge said the CFPB cannot transfer any of its reserve funds back to the Federal Reserve or the Treasury Department, a move that could have left the agency without any money. The judge also said they cannot delete any data or records.
/jlne.ws/4hXXlSX
Judge Halts CFPB Action After Alleged Plans to Delete Database
Nancy Cook and Paige Smith - Bloomberg
A federal judge on Friday ordered the Consumer Financial Protection Bureau to delay the deletion of data after the agency's former chief technologist alleged that the Trump administration was about to remove a database with sensitive financial information. In a declaration filed in the US District Court for the District of Columbia, former chief technologist and senior adviser Erie Meyer said that the CFPB is privy to a raft of financial information including "supervisory and examination records of financial institutions, enforcement action data, consumer complaints, personal consumer information, and market research records."
/jlne.ws/3CTcXIA
Musk's DOGE Team Tries to Gain Access to Taxpayer Information
Laura Davison - Bloomberg
Elon Musk's government efficiency team is trying to access a broad range of taxpayer data, including on individuals, according to a person familiar with the matter, an effort that's prompted Democratic lawmakers to raise concerns over privacy issues. Musk's team is seeking the data but has not yet accessed it, said the person, who asked not to be identified discussing the private matter. The US has strict laws that prohibit the disclosure of taxpayer data, though there are exceptions for law enforcement.
/jlne.ws/4b8rNHF
Hong Kong to enhance markets, gateway role in trade, officials pledge
South China Morning Post
Hong Kong will adopt reforms to capitalise on emerging trade corridors while strengthening its financial markets to be the gateway connecting China and the world, according to the city's treasury and central bank chiefs. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu told a conference in Hong Kong on Monday that the city presented immense investment opportunities, as evident by the response to the New Capital Investment Entrant Scheme introduced in March.
/jlne.ws/4hCEHjR
JPMorgan's 'huge mistake': ill-fated purchase of Frank heads to court; Charlie Javice stands trial on charges she fraudulently induced US bank to buy her student loan start-up
Joshua Franklin and Sujeet Indap - Financial Times
JPMorgan Chase's alleged close relationship with prosecutors will be a key focus in the defence strategy of a young entrepreneur, Charlie Javice, scheduled to stand trial this week over criminal charges she fraudulently induced the US bank to buy her company. Javice's defence team maintains the lender essentially felt buyer's remorse, and exploited the government to turn a commercial dispute into a criminal case. Javice, 31, was arrested two years ago on fraud charges over the $175mn sale to JPMorgan in 2021 of her company Frank, which supported students applying for financial aid.
/jlne.ws/41hQ1Md
Big Banks Are Scrubbing Their Public Mentions of DEI Efforts; Morgan Stanley, JPMorgan, Citigroup and others start to remove or water down language to avoid possible litigation and federal probes
AnnaMaria Andriotis and Gina Heeb - The Wall Street Journal
U.S. banks are scaling back their public support for diversity and inclusion to avoid winding up in the crosshairs of a legal landscape increasingly hostile toward it. Morgan Stanley, JPMorgan Chase and Citigroup are removing or watering down public language around efforts to promote or support diversity, equity and inclusion, or DEI, according to people familiar with the matter. Wells Fargo and Bank of America have also started to pore over their language, some of the people said. The moves mark the beginning of a pullback from Wall Street's push into DEI, according to bank executives and lawyers, which came after the 2020 protests over the death of George Floyd, a Black man murdered by police. The banks are joining a retreat by many other big companies that have dialed back similar efforts, including Ford, McDonald's and Walmart. Tech giants such as Meta Platforms and Alphabet's Google have done so, too.
/jlne.ws/3EIhcHm
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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. | UK looks at tariffs on US products if steel and aluminium get caught in trade war; Business secretary says Britain would revive import taxes from Trump's first term
George Parker - Financial Times
The UK government is looking at hitting totemic American products with tariffs if Britain fails to win a carve out for steel and aluminium from 25 per cent US tariffs. Jonathan Reynolds, business and trade secretary, said on Sunday that if US President Donald Trump did impose the hefty import taxes on British steel and aluminium, that could see a return of UK tariffs on US products including whiskey, jeans and motorbikes.
/jlne.ws/4kd26dk
The real reason Trump is waging a global trade war; Underlying the US president's bombardment of tariff threats is an uncomfortable truth: America needs cash
Melissa Lawford, Economics Reporter - The Telegraph
In the middle of Donald Trump's tornado of tariff announcements, policy analysts have been clinging to a single hope. There is a perceived wisdom that the US president is using the higher charges primarily as a threat designed to extract concessions from his trading partners. Or in other words, that his bark will be worse than his bite. Trump certainly is using tariffs as a negotiating tactic to bring world leaders to their knees. But optimists are overlooking a second truth: the US president is also desperate for cash. America's public finances are shot. The deficit is the highest since at least 1975 outside of a crisis period. Debt is on track to grow at double the rate of the economy in the decades ahead. And against this backdrop, Trump has promised tax cuts that would cost in the region of $10 trillion (£7.9 trillion) over the next 10 years.
/jlne.ws/3CQlSKP
Trump's 'Black Box' Tariff Formula Adds Uncertainty Across Asia; Move raise chances of more nations getting hit, Nomura says; Hard to quantify non-tariff factors such as VAT and currency
Katia Dmitrieva - Bloomberg
President Donald Trump's more broad definition of reciprocal tariffs unveiled last week likely exposes most Asian economies to US levies, according to economists at Nomura Holdings Inc. Trump's announcement of new levies based on total tariffs, as well as tax, regulatory and currency policies, is hard to quantify, the analysts said. This "black box" of non-tariff barriers leaves room for him to widen the net of countries targeted in Asia.
/jlne.ws/3X0EHSn
Trump's trade war could spiral into a debt war that sends interest rates soaring, former White House official warns
Jason Ma - Fortune
As the US imposes tariffs on trading partners around the world, retaliation may not only come in the form of tit-for-tat duties. Other countries could reduce their reliance on the US dollar or respond in the Treasury market, a former OMB director said. President Donald Trump has laid out aggressive plans to impose tariffs, but the response from US trading partners may not only come in form of retaliatory duties. That's according to Peter Orszag, director of the Office of Management and Budget in the Obama administration, who warned in a Washington Post op-ed that Trump's trade war could expand beyond tariffs.
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | A New Spy Unit Is Leading Russia's Shadow War Against the West; The operations of Moscow's Department of Special Tasks have included attempted killings, sabotage and a plot to put incendiary devices on planes
Bojan Pancevski - The Wall Street Journal
Russia's spy services have a shadowy new unit taking aim at the West with covert attacks across Europe and elsewhere, Western intelligence officials say. Known as the Department of Special Tasks, it is based in the Russian military-intelligence headquarters, a sprawling glass-and-steel complex on the outskirts of Moscow known as the aquarium. Its operations, which haven't been previously reported, have included attempted killings, sabotage and a plot to put incendiary devices on planes.
/jlne.ws/42TqFWq
Zelenskiy Rebuffs US Draft Proposal on Critical Minerals
Daryna Krasnolutska - Bloomberg
Ukrainian President Volodymyr Zelenskiy said he rejected a US draft agreement that would give Washington access to critical minerals in the war-battered nation because it didn't offer investments and sufficient protections. "It doesn't protect our interests," Zelenskiy told reporters at the Munich Security Conference on Saturday. "There should be a connection with security guarantees and investments."
/jlne.ws/3CPgdoh
Zelenskyy outlines his vision for peace talks, NATO's future and what he would say to Putin
Alexandra Marquez - NBC News
In an interview on NBC News' "Meet the Press," Ukrainian President Volodymyr Zelenskyy laid out his vision for ending the war in his country in partnership with President Donald Trump - making clear that he would never accept a peace deal negotiated by the U.S. and Russia without Ukraine at the table. "I will never accept any decisions between the United States and Russia about Ukraine, never," Zelenskyy told "Meet the Press" moderator Kristen Welker on Friday in Munich, Germany. "This is the war in Ukraine, against us, and it's our human losses." https://jlne.ws/3CI8sR7
US demands Europe sets out arms and troops support for postwar Ukraine; Call comes as Emmanuel Macron plans Paris summit to discuss stepping up European support for Kyiv
Henry Foy and Felicia Schwartz and Max Seddon - Financial Times
The US has asked European capitals to provide detailed proposals on the weaponry, peacekeeping troops and security arrangements they could provide Ukraine with as part of any security guarantees to end its war with Russia. The request was sent to capitals this week, four western officials briefed on the document told the FT. It came as European leaders demanded to be part of Trump's negotiations with Vladimir Putin that he announced on Wednesday.
/jlne.ws/3X6mzq9
In Ukraine, a potential arms-for-minerals deal inspires hope and skepticism
Samya Kullab and Hanna Arhirova - AP via Yahoo Finance
The mineral ilmenite is extracted from mounds of sand deep in the earth and refined using a method that summons the force of gravity, resulting in a substance that glimmers like a moonlit sky. Ukraine boasts vast reserves of ilmenite - a key element used to produce titanium - in the heavy mineral sands that stretch for miles along the country's embattled east.
/jlne.ws/42UH50L
Ukraine Warns US-Russia Talks Without Kyiv Are 'Dangerous'
Oliver Crook, Volodymyr Verbianyi, and Olesia Safronova - Bloomberg
It's "dangerous" for the US and Russia to discuss the war in Ukraine without representatives from Kyiv, an aide to Ukrainian President Volodymyr Zelenskiy said. Top US and Russian officials are due to hold talks on Tuesday in Saudi Arabia, following last week's phone call between presidents Donald Trump and Vladimir Putin on finding ways to resolve the war. Ukraine wasn't invited, which "makes the situation dangerous" because talks "should be held first with Ukraine to hear our position," Ihor Brusylo, deputy chief of Zelenskiy's office, said in an interview with Bloomberg TV on Monday. "The main thing is to avoid this backdoor, backdealing. It doesn't help the situation."
/jlne.ws/4hSk8zw
US Asks Europe What Kyiv Peacekeepers Should Do If Attacked
Alberto Nardelli - Bloomberg
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Trump offers key concessions to Putin ahead of Ukraine peace talks in Saudi Arabia
Stephen Collinson - CNN
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Russia-Ukraine peace deal could see Brent fall by $5-$10 a barrel
The Wall Street Journal
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Hamas Ready to Cede Power in Gaza in Step to Extend Ceasefire; Concession unlikely to be enough; Israel wants group to disarm; US envoy is optimistic talks can proceed on truce second phase
Fadwa Hodali and Dan Williams - Bloomberg
/jlne.ws/4gLBUTW
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Singapore Exchange Veterans Leave Amid Stock Market Revival Push; Heads of IPO admissions, listing compliance among departures; Government-led group has proposed tax breaks to draw listings
John Cheng and Joyce Koh - Bloomberg
Several veteran staffers of Singapore Exchange Ltd. are leaving as the bourse tries to revive its flagging equities business, according to people familiar with the matter. Frieda Choong, who runs the team in charge of IPO approvals, and June Sim, who heads listing compliance at the exchange's regulatory arm, are leaving, according to the people, who asked not to be identified as the information is not public. Nico Torchetti, a former HSBC Holdings Plc banker who heads SGX's operations and market services, is also departing, the people said. All have worked at SGX for at least a decade. Eliza Tan, who has been in the listing compliance division, will take over Choong's position as head of IPO admissions, the people said. Michael Tang, head of listing policy and product admission at the Singapore Exchange Regulation, is set to succeed Sim. The changes will take effect in the second quarter.
/jlne.ws/436meYa
FTSE Russell launches FTSE Blossom World Index Series
LSEG
FTSE Russell today announces the launch of the FTSE Blossom World Index Series, to allow investors to evaluate environmental, social and governance (ESG) considerations in their investment strategies globally. The FTSE Blossom World Index Series1 and FTSE Blossom World Sector Relative Index Series2 are designed to include global companies which have chosen to demonstrate ESG activities in their profiles. This is based on the proprietary FTSE Russell ESG Data Model which uses a transparent methodology to assess a company's ESG exposure and performance, combined with a limited set of baseline exclusions. The indices are constructed so industry or sector weights align with equity markets in the US, Europe and APAC (ex Japan), without deviating significantly from the design and performance of the traditional market capitalisation-weighted benchmark, the Russell 1000 in the US and the FTSE World Index.
/jlne.ws/4b0h6qF
The JPX Website Has Been Renewed!
JPX
Thank you for visiting the Japan Exchange Group (JPX) website. We are pleased to announce that the JPX website has been renewed as of February 15, 2025. The JPX website has been in operation since March 2015, integrating the websites of the group companies. Over the past ten years, it has served as a comprehensive information platform for JPX, with many users including investors, listed companies, and trading participants. As the website of Japan's central market, we will continue to strive to make it even more convenient for our users. We appreciate your continued support of the JPX website.
/jlne.ws/42X0uyb
Notice on Self-Regulation Information in January 2025
SHFE
Shanghai Futures Exchange (hereinafter referred to as "the Exchange") has been on continuous efforts in conducting self-regulation, so as to strengthen the risk management of the futures market, regulate the futures trading activities and protect the legitimate rights and interests of futures market participants. The self-regulation information in January 2025 is listed as follows: In the aspect of administration of abnormal trading behaviors, the Exchange has dealt with 31 cases, among which 19 cases were self-trades, 9 cases were frequent order cancellations, 3 cases were exceeding the intraday position opening volume prescribed by the Exchange. The Exchange has separately notified the relevant clients by phone through the members, notified 5 abnormal trading behaviors to all the members, suspended 3 groups of accounts with actual control relationship from opening new positions on the relevant futures contracts and notified to the market.
/jlne.ws/4gQ09Au
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Klarna CEO Says the Buy Now, Pay Later Fintech Is Exploring Crypto
Georgia Hall - Bloomberg
Klarna Bank AB Chief Executive Officer Sebastian Siemiatkowski said the firm, known for its buy now, pay later offerings, is exploring an expansion into the cryptocurrency market. After previously dismissing crypto as a "decentralized Ponzi scheme," Siemiatkowski recently talked with Klarna board member Andrew Reed, a Sequoia Capital partner, and then met with crypto companies about digital currencies including Bitcoin and stablecoins, he said in a Bloomberg Television interview Thursday. He posted "I give up" on social-media platform X on Feb. 8, saying Klarna "will embrace crypto."
/jlne.ws/41gjcPN
Trump's Washington Is Opening Its Doors to Eager Fintechs
Paige Smith and Kate Clark - Bloomberg
After struggling to win much sway in a Biden-era Washington, some of the biggest fintech firms are now getting a lot more facetime on Capitol Hill. Groups that lobby for fintech companies have significantly ramped up their meetings with lawmakers, White House officials and financial regulators since Donald Trump won the election, according to people familiar with the matter.
/jlne.ws/3CSaoGw
Euroclear to participate in the UK's digital securities sandbox; This initiative, led by the Bank of England (BoE) and the UK's Financial Conduct Authority (FCA), aims to promote innovation by enabling regulated digital securities trading and settlement.
Sophia Thomson - The Trade
Euroclear UK & International (EUI) has informed UK authorities of its intention to participate in the UK's digital securities sandbox (DSS). This initiative, led by the Bank of England and the Financial Conduct Authority, explores emerging technologies in digital securities issuance, trading and settlement within a controlled regulatory setting. Participants need to adhere to a temporarily adjusted framework that promotes innovation while ensuring financial stability and market integrity.
/jlne.ws/3ESXdFR
Anthropic Says US Google Search Proposal Will Hurt AI Investment; DOJ proposed sale of Chrome browser to remedy illegal monopoly; Google has invested at least $3 billion in Anthropic
Leah Nylen - Bloomberg
Artificial intelligence developer Anthropic asked a federal court to nix a US government proposal that would block Alphabet Inc.'s Google from investing in artificial intelligence startups to remedy its illegal monopolization of the online search market. "A remedy that requires Google to terminate its relationship with Anthropic would harm both Anthropic and competition more generally," the AI startup said in a court filing Friday. Google has invested about $3 billion in Anthropic, while Amazon.com Inc. is also a backer.
/jlne.ws/3X1eHq3
Why Did Microsoft Admit That AI Is Making Us Dumb? The tech giant's own research shows a disturbing trend: The more we trust AI, the less we think for ourselves.
Parmy Olson - Bloomberg Opinion
Microsoft Corp. plans to spend $80 billion on artificial intelligence this year, reinforcing its position as a leading vendor. So why did it recently publish a research paper showing an erosion of critical-thinking skills among workers using generative AI tools such as ChatGPT? If we were being generous, we could say it was genuine scientific enquiry. More likely, it wants to keep ahead of the curve as AI disrupts certain jobs, and ensure that its tools remain useful to businesses. At a time when Big Tech is racing to make AI models bigger, that's a refreshingly thoughtful approach both to the industry's business model and its social outcomes.
/jlne.ws/4gHxw8x
Musk says xAI's Grok 3 chatbot will be released Monday
Natalie Choy - Bloomberg
/jlne.ws/3X6TTNT
Elon Musk wants the U.S. Treasury to be on a blockchain. That's a terrible idea-take it from a big proponent of the technology
Nic Puckrin - Fortune
/jlne.ws/41gZx2s
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| Cybersecurity | | Top stories for cybersecurity | Microsoft to invest $700 million to boost Poland's cybersecurity
Reuters
Microsoft plans to invest an additional 700 million dollars in Poland to improve Polish cybersecurity in cooperation with the country's armed forces, the company's president said on Monday without elaborating. In a joint press conference with Polish Prime Minister Donald Tusk, Microsoft President Smith said the investment would be for a second phase of the already completed $1 billion Polish data centre project announced in 2020.
/jlne.ws/42ZqR6p
Bain Backs Israeli AI Cybersecurity Startup Dream at $1.1 Billion Valuation; Cybersecurity-focused firm raised $100 million in latest round; Dream targets $100 million in annual recurring revenue in 2025
Gillian Tan - Bloomberg
Dream, an artificial intelligence company that provides cybersecurity services to governments and critical infrastructure operators such as hospitals and utilities, has raised $100 million at a $1.1 billion valuation. Bain Capital Ventures led the round and was joined by investors including Dovi Frances' Group 11, Tru Arrow Partners, Abu Dhabi-based Tau Capital and venture firm Aleph, Dream co-founders Shalev Hulio and Sebastian Kurz said in an interview.
/jlne.ws/3EIPSZG
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| Cryptocurrencies | | Top stories for cryptocurrencies | Blockchain.com Takes Step Towards IPO With New Executive Appointments
Francisco Rodrigues - CoinDesk
The cryptocurrency exchange and wallet provider Blockchain.com has taken new steps toward a potential initial public offering (IPO) by appointing two seasoned executives with financial and operational expertise. Blockchain.com hired Justin Evans, who previously worked at Goldman Sachs, as its new chief financial officer, Bloomberg reported. It also appointed Mike Wilcox, previously CFO of Velocity Global and former Point72 portfolio manager, as its chief operating officer.
/jlne.ws/41iMTjd
Milei Stumbles Into Crypto Memecoin Scandal Before US Trip; Argentine government launches probe after Libra debacle; Libertarian hoping to meet Trump, secure fresh IMF funds
Jonathan Gilbert and Patrick Gillespie - Bloomberg
Late Friday night, prolific social media user Javier Milei directed followers to a site that purported to raise money for small businesses in Argentina using crypto. Half a world away, digital currency entrepreneur Hayden Davis saw the value of the Libra token, a so-called memecoin he helped launch, begin to surge. Its market value flew past $1 billion, $2 billion, all the way over $4 billion. When it collapsed, as such tokens often do, Milei's presidency in Argentina was in crisis mode. Investors like Barstool Sports founder Dave Portnoy suffered steep losses and dubbed the token "the biggest rug pull of all time" - a reference to the crypto lexicon for a scam. Davis himself, in a later post on social media, acknowledged holding some profits despite the declines.
/jlne.ws/3CIDGaN
Cryptocurrency promoted by Argentina's Milei crashes
Nicolas Biederman - AFP
Argentina's President Javier Milei admitted making a mistake on Saturday after promoting a cryptocurrency whose value soared and then crashed, with his office announcing an "urgent investigation". According to news outlets, Milei posted a message on social media platform X Friday evening, praising a "private project" aimed at "stimulating the growth of the Argentine economy, by financing small businesses and Argentine entrepreneurs."
/jlne.ws/3D2SRLO
Prominent Cryptocurrency Investor Faces Senate Tax Inquiry; The Finance Committee's top Democrat sent a letter last month to Dan Morehead, the founder of Pantera Capital, about the investigation.
David Yaffe-Bellany, Jesse Drucker and Matthew Goldstein - The New York Times
A Senate committee is investigating whether a prominent cryptocurrency investor violated federal tax law to save hundreds of millions of dollars after he moved to Puerto Rico, a popular offshore tax haven, according to a letter reviewed by The New York Times. Senator Ron Wyden, an Oregon Democrat, sent the letter on Jan. 9 to Dan Morehead, the founder of Pantera Capital, one of the largest crypto investment firms.
/jlne.ws/4jUQMm1
Consensus building: crypto conference arrives in Hong Kong in test for city and CoinDesk
South China Morning Post
The arrival of one of the biggest Web3 industry events in Hong Kong is testing the city's resolve in becoming a virtual asset hub, while the organisers look to expand their footprint in Asia. Consensus Hong Kong, a three-day cryptocurrency- and blockchain-focused event that kicks off on Tuesday, is leaning heavily into the city's reputation as a traditional financial hub.
/jlne.ws/3QllNSj
Bitpanda gets FCA blessing for expansion into UK market
Stuart Fieldhouse - The Armchair Trader
/jlne.ws/4b5mtoH
Crypto kings cheer Trump's 'debanking' crackdown
Charles Gasparino - NY Post
/jlne.ws/4hCkri4
U.S. Crypto Task Force to Focus on Delivering National Bitcoin Reserve: Bernstein; The Federal Reserve could issue debt or sell some of its gold reserves to fund purchases of BTC, the report said.
Will Canny - CoinDesk
/jlne.ws/42UJjgD
U.S.-Listed Bitcoin Miners Are Growing Their Share of the Network Hashrate: Bernstein; These companies grew their share of the Bitcoin network to about 29% in January from around 20% a year ago, the report said.
Will Canny - CoinDesk
/jlne.ws/3QjiY4p
Hackers Impersonate Saudi Crown Prince to Promote Fake 'Official' Memecoins; The promotional posts have been deleted and the Saudi Law Conference, whose account was compromised, issued a statement on it.
Francisco Rodrigues - CoinDesk
/jlne.ws/4jUPB65
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| Politics | | An overview of politics as it relates to the financial markets | Trump Starts Energy Dominance Drive With White House Council; Move underscores Trump's commitment to unleashing US oil, gas; Interior Secretary Doug Burgum to head energy dominance panel
Jennifer A Dlouhy - Bloomberg
President Donald Trump ordered the creation of a White House council focused on steering the US toward "energy dominance," with the promise of action as soon as next week. "We have more energy than any other country, and now we are unleashing it," Trump said Friday in the Oval Office as he signed an executive order commissioning the panel. "I call it liquid gold under our feet - and we're going to utilize it." The new National Energy Dominance Council will be led by Interior Secretary Doug Burgum, with Energy Secretary Chris Wright as its vice-chair. The panel is meant to shape energy policy across the federal government and help mobilize the permitting, production and distribution of oil, gas, electricity and other resources.
/jlne.ws/41frCXH
US Steel, Nippon Steel Were Blindsided by Trump Investment Talk; Conflicting signals whipsaw shares of American steelmaker; Trump spoke of Nippon Steel investment rather than full merger
Joe Deaux and Josh Wingrove - Bloomberg
US President Donald Trump's comments last week that Nippon Steel Corp. would invest in United States Steel Corp. instead of pursuing a takeover surprised shareholders. It turns out that his words blindsided both companies as well. The proposed investment disclosed by Trump on Feb. 7 following a meeting at the White House with Japanese Prime Minister Shigeru Ishiba wasn't communicated to either of the steelmakers beforehand, according to people familiar with the matter, who asked not to be identified because they weren't authorized to discuss the matter.
/jlne.ws/4hVobuQ
White House Rift With AP Deepens Over 'Gulf of America' Dispute
Bloomberg News
The White House extended its restriction of access by the Associated Press to Air Force One and reiterated that the news organization is barred from Oval Office events because of how it uses President Donald Trump's new "Gulf of America" label. On Friday afternoon, White House Deputy Chief of Staff Taylor Budowich said the administration would seek to replace its reporters with those from other outlets in the Oval Office and on the presidential plane.
/jlne.ws/3EAQIYr
US Politics Has a Post-Covid Hangover; The divides and realignments of today trace back to the pandemic, which affected different groups in starkly different ways.
Nia-Malika Henderson - Bloomberg
Five years ago, the world began grappling with the Covid pandemic, a crisis that led to millions of deaths, a global economic slowdown, frayed family and community bonds and a level of mistrust and division that still informs our politics. President Donald Trump's defeat in 2020 was directly related to his handling of the pandemic - but at the same time, his reelection isn't unrelated to the pandemic years. Covid's social divides enforced and widened our political divides, stoking the mistrust and anger that fueled his comeback.
/jlne.ws/3EOqG3I
The Transatlantic Alliance as We've Known It Is Dead; Europe needs a new security plan, but it's a decade late starting.
Marc Champion - Bloomberg Opinion
Twice now, major powers have chosen a conference in Munich conference to deliver speeches that dramatically changed the architecture of global security. In 2007, Vladimir Putin warned that Russia would no longer follow rules set by the West and would treat the North Atlantic Treaty Organization as a hostile force. This weekend, the US served similar notice on its own allies, in a shock for Europeans that has left the trans-Atlantic alliance clinically dead.
/jlne.ws/41hgPMN
Argentina's President Milei faces impeachment calls after promoting cryptocurrency
Gonzalo Zegarra, Federico Joffre and SofÃa Benavides - CNN
/jlne.ws/3QjbbUd
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| Regulation & Enforcement | | Stories about regulation and the law. | Fannie Mae Blames Multifamily Fraudsters in Part for Setting Aside $752 Million; Fannie Mae sets aside $752 million partly for suspected fraud; Government-sponsored lender has previously cautioned investors
Neil Callanan and Scott Carpenter - Bloomberg
Fannie Mae set aside $752 million for credit losses in its apartment complex lending business in part because of fraud or suspected fraud, denting profits amid an industrywide scrutiny of borrowers. "We have discovered instances of multifamily lending transactions in which one or more of the parties involved engaged in mortgage fraud or possible mortgage fraud," the firm said in its annual report released Friday. The $752 million credit loss provision was for the year ended Dec. 31, following $495 million and $1.25 billion in 2023 and 2022, respectively, according to the report.
/jlne.ws/4hYXLbJ
Australian regulator warns private funds not to resist new oversight powers; Asic chair says he has encountered 'pushback' from private equity when probing deals
Nic Fildes - Financial Times
The head of Australia's corporate regulator has warned private equity funds and the country's powerful pension funds not to resist its efforts to bring greater transparency to private markets to reduce the risk of a financial crisis. Joe Longo, chair of the Australian Securities and Investments Commission, which regulates listed companies, is turning his attention this year to private markets, where there is less visibility on deal sizes, valuations and potential conflicts. This month, the regulator is set to publish a report - expected to be its most significant of 2025 - in which it will lay the groundwork for expanding its role monitoring Australia's private capital later in the year.
/jlne.ws/3ECSB6X
Show me the evidence that City deregulation will help growth; There is a severe risk of 'Treasury capture' as consumers are outgunned in the battle for the ear of policymakers
Meg Hillier - Financial Times
Politicians are often put in one of two boxes when it comes to regulation: either seen as creating obstacles or removing them. This characterisation can obscure the reality of developing complex policy - such as the government's proposals on economic growth - in a responsible way. The UK chancellor, embracing the binary, has left no room for ambiguity about which box she intends to occupy. In deciding to replace Marcus Bokkerink at the Competition and Markets Authority with the former boss of Amazon UK, the government sent a signal other regulators couldn't have missed. The Treasury may also choose to make a further statement when Nikhil Rathi's term at the top of the Financial Conduct Authority comes to an end later this year.
/jlne.ws/4i1Q5Wg
Acting Chairman Pham Announces Brian Young as Director of Enforcement
CFTC
Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today announced Brian Young will serve as the agency's Director of Enforcement. Young has been serving in an acting capacity since January 22, and previously was the Director of the Whistleblower Office. He is a distinguished federal prosecutor with nearly 20 years of service at the Department of Justice, including Acting Director of Litigation for the Antitrust Division and Chief of the Litigation Unit for the Fraud Section of the Criminal Division, and has successfully tried some of the most high-profile criminal fraud and manipulation cases in the CFTC's markets.
/jlne.ws/4b2c8cO
SEC Announces 44th Annual Small Business Forum to Impact Capital-Raising Policy
SEC
The Securities and Exchange Commission will host the SEC's 44th Annual Government-Business Forum on Small Business Capital Formation at SEC Headquarters in Washington, D.C. on April 10 from 1 - 4:30 p.m. ET. The forum brings together members of the public and private sectors to discuss and provide suggestions to improve policy affecting how entrepreneurs, small businesses, and smaller public companies raise capital from investors.
/jlne.ws/4jULOFE
SEC Charges One Oak Capital Management and Michael DeRosa with Breaching Fiduciary Duties to Clients
SEC
The Securities and Exchange Commission today filed settled charges against New York-based registered investment adviser One Oak Capital Management LLC, and former One Oak investment adviser representative, Michael DeRosa, for misconduct related to advisory services provided to their retail clients.
/jlne.ws/4hHMAo0
SEC Seeks Candidates for Membership on the Investor Advisory Committee
SEC
The Securities and Exchange Commission is seeking candidates for appointment as members of the SEC's Investor Advisory Committee, which was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act to help protect investors and improve securities regulation. Candidates will be considered for open at-large membership positions on the committee, as well as for a position as the member who is representative of the interests of senior citizens, as provided in the Act. The purpose of the Investor Advisory Committee is to advise the Commission, protect investor interests and promote the integrity of the securities marketplace. Committee members represent the interests of investors, are knowledgeable about investment issues, and have reputations for integrity.
/jlne.ws/41kiMrK
Two interim stop orders placed on Green Planet Recycling Solutions
ASIC
ASIC has issued two interim stop orders on the public offer (Offer) of redeemable preference shares (Company Securities) by Green Planet Recycling Solutions Limited, an unlisted public company.
/jlne.ws/4i4EfL3
Individual ordered to pay compensation and pecuniary penalty for making false or misleading representations
FMA
Rangi Wyatt Stephen Savage Senior has been ordered to pay compensation of $126,214 to investors and a pecuniary penalty of $142,500 for breaching the Financial Markets Conduct Act 2013 (the FMCA). The High Court judgment follows civil proceedings brought by the Financial Markets Authority (FMA) - Te Mana TÄtai Hokohoko. The proceedings were based on a regulated public offer for the sale of shares in The Powder Shed Tokoroa Limited (Powder Shed). Mr Savage was the sole director of Powder Shed.
/jlne.ws/3EDwOvV
'Name and shame' plan will scare off investors, City chief warns; Pressure grows on FCA to drop controversial proposals ahead of consultation
Lucy Burton - The Telegraph
A plan to "name and shame" financial institutions when they are under investigation will scare away overseas investors and risks causing bank runs, a City chief has warned. Miles Celic, chief executive of TheCityUK, said that if the Financial Conduct Authority (FCA) pressed ahead with the controversial plans it would "be harder to attract companies to the UK, not easier". The FCA's consultation on the proposals ends on Monday. He said: "The risk is you create a presumption of guilt rather than a presumption of innocence. Mr Celic added that the proposals could create a "run on institutions. This is a social media age - it is very difficult to contain information, particularly misinformation, once it is out".
/jlne.ws/3EEtEYF
Nvayo Limited enters special administration
FCA
On 10 February 2025, Nvayo Limited (Nvayo) entered special administration. Dane O'Hara, Alex Cadwallader and Andrew Poxon, all of Leonard Curtis (UK) Limited, were appointed as administrators. Nvayo is authorised by the FCA to issue electronic money (e-money) and provide payment services. Nvayo issued e-money in multiple currencies via e-wallets and pre-paid cards (Aurae Lifestyle and ClubSwan), to its customers.
/jlne.ws/3CIXWZR
Unauthorised Card Transactions Made Using Contactless Payment Methods in Singapore
MAS
The Singapore Police Force (SPF), Cyber Security Agency of Singapore (CSA), and Monetary Authority of Singapore (MAS) would like to remind the public to be vigilant when providing credit card credentials to complete online transactions.
/jlne.ws/4bbgqPh
SFC supports listing of alternative funds to broaden investor choice and bolster market development
SFC
The Securities and Futures Commission (SFC) today clarified its regulatory requirements in a circular to facilitate the listing of closed-ended alternative funds on the Stock Exchange of Hong Kong Limited (SEHK). The new regulatory guidance aligns with the HKSAR Government's plan to broaden private equity fund distribution as set out in the 2024 Policy Address.
/jlne.ws/4i4F46B
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Jane Street Takes More Office Space at NYC's Brookfield Place
Natalie Wong - Bloomberg
Jane Street Group is nearly doubling its offices at lower Manhattan's Brookfield Place. The firm has renewed its lease at 250 Vesey St. and added to its space there, bringing its total occupancy to nearly 1 million square feet (93,000 square meters), according to a statement Friday. Jane Street, a global quantitative trading firm and liquidity provider, has been a tenant at the building since 2014 and is boosting its space by about 67%.
/jlne.ws/4jYurUw
Trump Media Losses Surge as It Hands Staff $107 Million in Stock
Annie Massa - Bloomberg
Trump Media & Technology Group Corp. rewarded employees with more than $107 million in stock last year as revenue declined and it posted a $401 million loss. The company, which runs Truth Social, ended December with 29 full-time staff, according to an annual report posted after markets closed Friday. Revenue slipped more than 12% to $3.6 million while its annual loss swelled more than six-fold.
/jlne.ws/40TRCXk
More Musk-like 'Dexits' pose fresh threat to Delaware's corporation crown
Alexis Keenan - Yahoo Finance
More CEOs fed up with Delaware and its powerful Chancery Court are going the way of Elon Musk, reincorporating their companies elsewhere and publicly airing their frustrations. Over the past year, Meta (META), Dropbox (DBX), hedge fund Pershing Square Capital Management, Trade Desk (TTD), Fidelity National Financial (FNF), and Sonoma Pharmaceuticals (SNOA) have all floated plans to move their incorporations out of the "first state" - a nickname granted to Delaware because it was the first to ratify the US Constitution.
/jlne.ws/3CUykZW
Robinhood's Profit Surge Means It May Finally Be A Serious Player On Wall Street
AJ Fabino - Benzinga
Robinhood Markets Inc (NASDAQ:HOOD) has evolved from a confetti-throwing trading app into a serious financial services platform, with its shares quadrupling over the past year as it expands beyond its meme-stock roots. The company's transformation includes launching futures trading, a desktop platform for serious traders, and a credit card program that has attracted 2 million waitlist subscribers, according to the Financial Times. Its Gold card offers 3% cashback, with select clients eligible for a solid gold version.
/jlne.ws/4b5RIzL
Private equity should be wary of wooing retail investors; The industry risks becoming just another overregulated public market
Amit Seru - Financial Times
Private equity firms want more retail investors and the democratisation of their asset class. They promise higher returns and better capital allocation. Over the past 20 years, the annualised return for US-focused private equity (excluding venture capital) is 14.8 per cent, according to data firm Preqin. So the firms have a clear pitch to investors. Proponents also argue that retail access could address the looming retirement savings crisis while fostering competition in financial products. More retail investment would also mean more funding for private equity's role in financing businesses, funding start-ups and restructuring struggling companies. The US economy thrives on private markets that allocate risk capital to high-growth ventures.
/jlne.ws/4hYY5qX
Odd Lots: This Is How Derivatives Trading Swallowed the Entire Market
Bloomberg podcast
/jlne.ws/42Z1iCx
Surge in Wall Street Dispersion Trades Belies Crowding Concerns; Dispersion QIS products rose 267% in 2024, Premialab says; Dispersion trades gained during DeepSeek-led selloff
Christian Dass - Bloomberg
/jlne.ws/3EFtZua
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | In Scotland, 'green lairds' are buying vast estates for carbon credits
William Booth - The Washington Post
The Victorian elite prized their sporting estates in Scotland for the rarefied hunting and fishing - and the serious partying at their baronial mansions. The British royal family owns a classic one, called Balmoral Castle, more palace than castle. These vast holdings, burdened by history, are one reason so much land in Scotland is owned by so few. Now, a new class of buyers is snapping up the fusty old estates, not so much for the grouse shooting or deer stalking but to pursue a more modern quarry: carbon credits.
/jlne.ws/4i0T4hC
Diamondback Nears Permian Deal to Buy Shale Producer Double Eagle
David Wethe and Kevin Crowley - Bloomberg
Diamondback Energy Inc. is closing in on a deal to acquire closely held West Texas oil producer Double Eagle in a bid to further its dominance in the world's biggest shale patch, according to people familiar with the matter. Diamondback, the largest independent oil and gas producer in the Permian Basin, plans to formally announce the deal for Double Eagle as early as Tuesday morning, said the people, who asked to not be identified because the details are private. The transaction could be valued at more than $5 billion, the Wall Street Journal reported Friday, citing unnamed sources.
/jlne.ws/4hEF0dD
Trump Ends Climate Work Inside Agency That Responds to Disasters
Zahra Hirji and Jason Leopold - Bloomberg
Top officials at the US Department of Homeland Security received a memo on Friday ordering an immediate stop to work connected to climate change and the elimination of climate-related terms across the agency. The memo instructs senior office heads to "eliminate all climate change activities and the use of climate change terminology in DHS policies and programs, to the maximum extent permitted by the law," according to the document seen by Bloomberg News. The changes are meant to bring "alignment" with Trump's executive orders that reverse multiple climate-related orders by former President Joe Biden, it said.
/jlne.ws/3D6pYyl
Mali Retrieves 49 Bodies After Artisanal Gold Mine Collapsed
Diakaridia Dembele - Bloomberg
Mali rescue workers have retrieved 49 bodies from an artisanal gold mine that collapsed in the country's west on Saturday, according to Aliou Diallo, president of the local environmental protection association Wassaton. Rescue workers are continuing to search for bodies at the abandoned gold mining site, Diallo said by phone.
/jlne.ws/3ERrXHf
Trump Vows Completion of Constitution Pipeline For New Yorkers
Jennifer A Dlouhy - Bloomberg
President Donald Trump vowed to complete the long-stalled Constitution Pipeline that would transport natural gas to New York, saying it could slash energy prices in northeastern US states by as much as 70%. "We are going to get this done, and once we start construction, we're looking at anywhere from nine to 12 months, if you can believe it," Trump told reporters Friday after signing an executive order on energy in the Oval Office. "It will bring down the energy prices in New York and in all of New England by 50, 60, 70%." Williams Cos. in 2020 scrapped its planned Constitution Pipeline after New York blocked the project over the state's water-quality concerns. It's not clear that the pipeline would cut energy prices as drastically as Trump promised, yet it would open up domestic natural gas flows to a region that has significant supply constraints today.
/jlne.ws/42YK9c6
Trump Administration Approves Texas Deepwater Oil Export Project
Ari Natter and Jennifer A. Dlouhy - Bloomberg
The Trump administration has approved a Texas port capable of shipping 1 million barrels of oil a day proposed by Sentinel Midstream LLC. The project, first proposed in 2019 and known as the Texas GulfLink Deepwater Port, had been awaiting a final authorization from the Transportation Department's Maritime Administration.
/jlne.ws/4hH4qr8
Dismissed Nuclear Bomb Specialists Recalled by Energy Department; About 300-400 workers tied to nuclear programs were dismissed; Agency seeks to bring back workers after chaotic terminations
Ari Natter - Bloomberg
/jlne.ws/4hA3Awr
Mongolia Aims to Lift Chinese Coal Sales to 100 Million Tons; Prime Minister eyes potential for green power, hydrogen; Pushing for Power of Siberia 2 deal between China and Russia
Bloomberg News
/jlne.ws/410plP0
US and European energy groups at risk from uranium supply crunch; Metal used to power reactors faces shortages as demand for nuclear power rises
Camilla Hodgson and Ian Johnston - Financial Times
/jlne.ws/3EKcJE7
EPA Terminates Nearly 400 Workers Amid US Government Purge; Union decries firings that targeted probationary employees; Agency says it followed procedures per Trump executive orders
Ari Natter - Bloomberg
/jlne.ws/3X096ju
Global Warming Could Be Making It Less Windy in Europe; Climate change is leading to summer 'stilling,' study shows; Lower wind speeds could put pressure on renewable generation
Joe Wertz - Bloomberg
/jlne.ws/4hWa7RG
Shipping Giants Ask Watchdog to Avoid Biofuels in Green Push; Hapag-Lloyd among companies calling on IMO as rules drawn up; T&E says palm and soy worse for climate than traditional fuels
Weilun Soon - Bloomberg
/jlne.ws/4b2afgs
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | JPMorgan snubs regulators over disclosure of private equity loans; US bank was alone among its peers in declining to break down lending by borrower type
Stephen Gandel in New York - Financial Times
JPMorgan Chase has dealt a blow to regulators' efforts to understand the depth of ties between banks, buyout firms and the fast-growing private credit sector, declining to disclose its lending in an area of increasing systemic concern. US banking regulators imposed a deadline of February 4 for lenders to disclose their year-end exposure to different types of "non-bank financial institutions" on a "best-efforts basis". Banks have until after the end of the second quarter to be fully compliant. Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo supplied breakdowns of their lending, providing a window into the extent of mainstream banks' linkages with a growing but still opaque part of the financial system.
/jlne.ws/4hXoOnz
JPMorgan's new NYC HQ boasts lux amenities to lure workers back to office: 'I'm still not down'
Georgia Worrell - NY Post
They're going to be tripping over each other to return to this office. JPMorgan Chase's glitzy new $3 billion Park Avenue headquarters includes a signature scent, Irish pub, on-site physical therapy, in-house yoga - and a 19-restaurant food hall, complete with desk-side delivery. The all-electric 60-story skyscraper's lighting system will mimic workers' natural circadian rhythms - adjusting in brightness to align with the time of day - while conference rooms will take into consideration their temperature preferences.
/jlne.ws/3Qofk9k
Buffett Sold More BofA Stock While Keeping Apple Stake Intact
Alexandre Rajbhandari - Bloomberg
Warren Buffett's Berkshire Hathaway Inc. continued whittling a longtime bet on Bank of America Corp. in last year's final months, while keeping a stake in Apple Inc. intact following an earlier reduction. The Omaha, Nebraska-based conglomerate cut its stake in the bank to 8.9% in the fourth quarter after selling 117.5 million shares, a regulatory filing on Friday shows. Bank of America executives and shareholders have waited months for the update after Berkshire's prior sales left it with less than 10% and freed it from a requirement to quickly disclose transactions.
/jlne.ws/4hZkMuZ
UBS offers sabbatical perk to former Credit Suisse staff only; Disparities in some benefits remain almost two years after UBS rescue merger
Simon Foy - Financial Times
Credit Suisse employees in the UK who transferred to UBS when the two banks combined are still eligible for paid sabbaticals unlike their colleagues, highlighting disparities in staff benefits almost two years after the UBS rescue merger. According to people familiar with the details, some UK staff who previously worked for Credit Suisse can take up to three months of paid sabbatical, a benefit offered by their former employer but not UBS.
/jlne.ws/4hYxOcg
UniCredit's Commerzbank Bid Sapped by Berlin Pushback, KBW Says
Nicholas Comfort - Bloomberg
The German government's opposition to a takeover of Commerzbank AG by UniCredit SpA means the chances of the deal happening are falling, KBW analyst Thomas Hallett said in a note to clients on Monday. The "receding" likelihood is partly why there are "few reasons to believe Commerzbank will continue to outperform the wider sector," Hallett added. He downgraded the stock to "market perform."
/jlne.ws/4hEVeDO
The New Survival Guide for Private Equity: Go Big or Get Back to Basics; The list of private-equity firms struggling to raise money is growing
Miriam Gottfried - The Wall Street Journal
A shakeout in the private-equity industry is forcing firms to adapt or get left behind. The landscape of successful firms is increasingly divided between behemoths with several business lines such as Blackstone BX 2.72%increase; green up pointing triangle and Apollo Global Management and top performers that have focused on their roots of buying and selling companies for a profit. Firms that fall in the middle-those that are big, but not big enough, or whose returns are good but not great-are finding it difficult to raise money.
/jlne.ws/3X6mP8x
Janus Henderson Eyes Saudi Arabia for Middle East Expansion
Christine Burke - Bloomberg
/jlne.ws/3QlN2fD
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The master's degrees that could cut your salary by thousands of pounds; Students in a third of subjects would fare better going straight into work
Ollie Corfe - The Telegraph
The need to stand out from the sea of university graduates flooding the labour market makes master's degrees more enticing than ever. The average salary three years after studying for a master's degree is £32,500, according to data from the Department for Education, 8.7pc higher than if they had gone straight into work after a bachelor's degree and equal to a £2,600 pay bump. But just as young people doing A-levels need to dodge "Mickey Mouse" degrees, those eyeing up postgraduate study in some fields should consider whether it is worth the lost years of experience and salary rises in the job (not to mention the extra debt). In some cases, a master's degree actually reduces your earnings potential by thousands of pounds.
/jlne.ws/3QnpZku
Gen Z has turned against taking middle management roles; Being the boss is seen as a thankless slog by the youngest cohort of employees
Anjli Raval - Financial Times (opinion)
Climbing the corporate ladder has traditionally meant managing junior teams and leading smaller divisions before hitting the big time. But middle management is losing its appeal, especially with the youngest cohort of employees, who see it as a thankless slog. In a survey of 2,000 white-collar professionals by recruiter Robert Walters last year, of which 800 respondents were so-called Gen Z employees aged up to 27, half didn't want to be middle managers at all. Almost 70 per cent dismissed such jobs as "high stress, low reward".
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| Wellness Exchange | | An Exchange of Health and Wellness Information | How to Become a Millionaire With a Health Savings Account; A new analysis finds that a diligent saver who leaves the money untouched for decades can accumulate $1 million. But not everyone with an H.S.A. can afford to leave the money untapped.
Ann Carrns - The New York Times
It's possible to amass $1 million in special health savings accounts to use in retirement, a new analysis finds, with several big caveats. You have to start young, contribute the maximum each year and leave the money untouched for decades instead of spending it on medical needs. Health savings accounts, known as H.S.A.s, let people set aside pretax money for health and medical care.
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Trump Administration Lays Off About 1,300 Employees at the CDC
Gerry Smith - Bloomberg
The Trump administration is laying off 1,300 employees at the Centers for Disease Control and Prevention, shrinking the public health agency as part of an effort to cut costs across the federal government. The layoffs amount to about 10% of the CDC's total workforce and focused on probationary workers who have been in their roles for two years or less, according to a person familiar with the matter. The layoffs were first reported by the Associated Press.
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The Dark Side of Addiction Recovery for the Rich; High-end caregivers promise individualized attention, a controlled environment and total discretion. But a lack of industry oversight means quality care is not guaranteed.
Shalini Ramachandran and Sara Ashley O'Brien - The Wall Street Journal
The actress was drunk. Again. She was trying to live sober after leaving Passages Malibu, a tony rehabilitation center nestled into the hills overlooking the Pacific Ocean west of Los Angeles, and it wasn't going well. She wanted to go back. Passages has drawn celebrities and executives to its luxury campus, where patients are offered acupuncture, equine therapy and a path toward healing without the restrictions other inpatient facilities enforce. Residents are able to use their phones and laptops to keep in touch with the outside world, are fed gourmet meals and are permitted to go for walks along the beach. One month can cost $80,000. This actress had been there three times, according to intake forms, and had spent more than $100,000, according to her lawyer, Justin Daily.
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The human mind is in a recession; Technology strains our brain health, capacity and skills
Tej Parikh - Financial Times (opinion)
Hello readers. For all the talk of artificial intelligence, the most efficient computer on Earth remains the human brain. It can perform the same number of operations per second as the world's supercomputers, but only requires power equivalent to a fridge lightbulb. For this week's newsletter, I'm switching from the usual counter-consensus macroeconomic analysis to an exploration of an unorthodox idea: the economics of the human mind. There is an emerging strand of research that emphasises the importance of "brain capital" - a function of brain health, capacity and skills. It might sound woolly, but it matters for two reasons.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Europe's Farmers Are Fed Up; Demonstrations in London tied to an inheritance tax change are a reflection of broad dissatisfaction with government leadership across Europe.
Morgan Meaker - Bloomberg
As she watched hundreds of tractors vying for parking space in central London, Vic Broughton explained she never considered herself a political person. But like thousands of others who traveled here from around the country on a cold February afternoon, the pig farmer from rural Somerset is now seething over the Labour government's plan to force farmers to pay inheritance tax. "I'm really, honestly, absolutely furious," Broughton said, as more tractors and even a handful of replica tanks filled the road stretching from the Houses of Parliament to Trafalgar Square. Amid blaring horns, British flags and placards calling government ministers liars and thieves, the protesters were joined by right-wing politicians, including the Conservative Party leader Kemi Badenoch, who climbed aboard a giant blue tractor for a photo op, and Reform's leader Nigel Farage, courting TV cameras after arriving from another farmer protest in North London.
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Equity Bulls Risk Sleepwalking Into German Election-Fueled Drop; Investors are betting on market-friendly coalition outcome; Complacency risks a repeat of 2024 turmoil after EU vote Election campaign posters line a boulevard in Berlin.
Sagarika Jaisinghani and Isolde MacDonogh - Bloomberg
Europe's equity markets are priced for a near-perfect outcome from the high-stakes German federal election. For some investors, that raises the risk of a nasty surprise. Germany's benchmark DAX Index as well as the pan-European Stoxx 600 have notched record after record this year, partly on optimism that Germany's new government would carry a robust voting majority in parliament, allowing it to push through much-needed reforms and kick-start the economy.
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Houston's Oldest Refinery Is Shutting. It Won't Be the Last.
Barbara Powell and Nathan Risser - Bloomberg
After more than a century of churning out fuel on the banks of the Houston Ship Channel, the city's oldest refinery is preparing to shut down, potentially putting hundreds of people out of work. Its competitors are welcoming its demise.
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