Retail Traders’ Rise Upends the Established Stock Market Order | John Lothian News

First Read Hits & Takes John Lothian & JLN Staff Late yesterday afternoon at the CME Group headquarters, the NIBA inducted its inaugural Hall of Fame class: Michael Liccar, Kevin Brennan, and the late Paul Georgy. Each, in his own unique way, was an early and enthusiastic contributor to the NIBA’s lasting success. Liccar volunteered […]

By @JohnLothian · July 16, 2026 · 64 min read

First ReadHits & TakesJohn Lothian & JLN StaffLate yesterday afternoon at the CME Group headquarters, the NIBA inducted its inaugural Hall of Fame class: Michael Liccar, Kevin Brennan, and the late Paul Georgy. Each, in his own unique way, was an early and enthusiastic contributor to the NIBA’s lasting success. Liccar volunteered to be the NIBAs accountant and helped it set up its structure and accounting system. Brennan, then at RB&H, joined the board as soon as it was set up and served for many years. Georgy served the organization in many capacities, including as president, vice president, treasurer, and secretary. It was a very worthy group to be thus honored. Thank you toCME Groupfor hosting the event and for being the Hall of Fame event sponsor, pledging to support the event in perpetuity. Goldman Sachs, fresh off blockbuster quarterly earnings, is also having a moment as a soccer forecaster. The bank’s economic team predicted more than a month ago that Spain and Argentina would meet in the World Cup final, and both teams have now booked their spots after Spain’s 2-0 win over France and Argentina’s 2-1 come-from-behind victory over England,Sam Goldfarb of The Wall Street Journal reported. Goldman has been modeling the World Cup for decades and adopted a more scientific approach in 2014, refining a system that weighs past performance, scoring talent, momentum, and geographic proximity to home. Its group-stage results this year were only middling, but it nailed three of four semifinalists and, while its model tilted toward France as the tournament progressed, it never abandoned Spain as a co-favorite the way betting markets and pundits did. The pre-tournament call will look even sharper if Spain beats Argentina on Sunday and France takes the third-place match on Saturday, as Goldman also forecast. On July 21, 2026 at 10 AM ET, the Subcommittee on Commodity Markets, Digital Assets, and Rural Development of the U. S. House of Representatives Agriculture Committee will meet to discuss “Examining Customer Protections and Market Integrity in Sports Event Prediction Markets. ” You can watch the proceedings on YouTubeHERE. Are you looking to live in Paris and use your engineering expertise in digital assets? Well, I have the job for you. Euronextis looking to hire a“Head of Engineering, Euronext Digital Assets. ”Here are the headlines from in front of FOW’s paywall from some recent stories:LSEG brings market intelligence to AI platforms with MCP connectorKraken to list new crypto perps on TRON, PENGU tokensNCDEX launches guar korma futures to boost price discoveryFinance veteran launches mental health support platformMarket volatility reinforces demand for human execution, study findsFalconX acquires bloXroute in tokenisation pushISDA welcomes CFTC move to pave way for tokenised MMFs as derivatives collateralTradFi, DeFi firms execute trades using tokenised DTCC-held assetsNSE to launch Nifty India FPI 150 index derivatives next monthWorld Bank, ISDA ink deal to build derivatives markets in developing countriesQomply taps former Bank of America MD Andee Schneider to spearhead North American expansionSEBI weighs overhaul of equity derivatives margin framework – reportCboe challenges comparisons between perpetual futures and 0DTE optionsHKEX reports 6% growth in derivatives trading in H1 2026Bitwise flags perpetual futures as next phase of crypto market structureHave 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 ofJLN Optionswere:Crossed Wires: Separating Perception From Realityfrom Cboe. SpaceX Shares Briefly Slip Below IPO Price for First Timefrom Bloomberg. Kraken’s CFTC-Regulated Perpetuals Push Could Change The US Derivatives Playbookfrom Bitcoinist. ~JBSubscribe to the JLN Options NewsletterHERE(it’s free). ++++TP ICAP’s Bell: Clearing Is the Unsolved Problem in the Race to 24/7 TradingJohnLothianNews. comLONDON (JLN) — July 14, 2026: Liam Bell has watched the commodity markets transform around him, and his verdict is that the industry has never been better at handling the pressure — but may be running ahead of its own infrastructure in the rush toward continuous trading. “We can open up trading for 24/7,” said Bell, global head of energy broking at TP ICAP, in an interview with FOW’s Radi Khasawneh filmed by a John Lothian News video team at the FIA International Derivatives Expo in London. “Can we open up clearing? And if we can’t open up clearing 24/7, how long has it got to be closed for? We haven’t really discussed that. ”Watch the Liam Bell Video »++++Sponsored ContentSecurity Futures Products – Proficiency Training CourseSecurity Futures Products (SFPs) combine elements of both securities and futures. Given their unique structure and regulatory framework in the U. S. , professionals involved in offering SFPs must satisfy specific proficiency requirements, including those outlined in NFA Interpretive Notice 9049. To support market participants in meeting these requirements ahead of new SFP products becoming available for trading later this month, Exchange Analytics is offering a complimentary SFP Proficiency Training Course, based entirely on current market structure, regulatory requirements, and industry standards. Designed for both new and experienced professionals, the course provides practical insights into:Market structure and trading mechanicsRegulatory considerations and obligationsCore securities and futures knowledge relevant to SFPsWhether you are seeking to satisfy proficiency requirements, enhance internal training programs, or broaden your understanding of these hybrid instruments, the course offers a valuable resource for building knowledge and supporting compliance efforts. Access the course at no cost:Start the Security Futures Products Training Course++++Venezuelan man becomes 22nd person to die in ICE custody this yearJose Olivares – The GuardianAnother person has died in federal immigration custody this week in Georgia, officials announced on Wednesday. His is the 22nd death in Immigration and Customs Enforcement (ICE) custody this year. Jesus Manuel Arenas-Silva, a 45-year-old Venezuelan man, died on Monday morning while being transferred between detention facilities in Georgia. In a press release, ICE said Arenas-Silva was arrested last Thursday and had been detained at the Irwin county detention center, a privately run facility in Georgia. He was being transferred to another ICE facility, the Folkston ICE processing center, when he was found “unresponsive” in a transport bus. ICE said the “suspected” cause of death was cardiac arrest. /jlne. ws/4w8ni9W****** At some point, there gets to be enough data for this type of occurrence to be an outlier. Right now we are just dealing with the liars. ~JJL++++Exclusive | The AI Backlash Has Tech Executives Fearing for Their Lives; Violent threats against AI companies are rising and spilling over into real-world security incidentsLindsay Ellis, Tina Li and Zusha Elinson – The Wall Street JournalA security guard at Anthropic rushed to stop the man sneaking into the lobby of the world’s most-valuable AI startup. The man had entered by following closely behind a badge-swiping employee. He showed the guard an envelope marked with the name of a top Anthropic executive. The executive was “going to be killed,” he told the guard, and he needed to warn someone, according to records of the April 15 incident viewed by The Wall Street Journal. /jlne. ws/4brNVOC****** The definition of a pioneer is someone with a bunch of arrows in their back. That is supposed to be figurative, not literal. ~JJL++++Wednesday’s Top ThreeOur top clicked item on Wednesday wasCrossed Wires: Separating Perception From Reality, subtitled “Perpetual Futures vs. 0DTE Options: Risk, Utility, and Investor Behavior,” from Cboe. Second wasCitadel’s Ken Griffin on AI, US-China Tensions, and US Data Centers, a video from Goldman Sachs on YouTube. Third wasRothera selects Adaptive’s Aeron Exchange Accelerator to build its CFTC-regulated event contracts exchange and clearing platform, from Adaptive via Business Wire. Lead StoriesRetail Traders’ Rise Upends the Established Stock Market OrderJan-Patrick Barnert – BloombergRetail traders have moved from the stock market’s margins to its center. Market data shows that their growing influence has reached a point where its impact on equity market dynamics is highly significant, said Bobby Molavi, head of EMEA execution services at Goldman Sachs Group Inc. The cohort is now “a price setter, a theme maker and a flow driver all rolled into one,” he said in a note. Retail investors now account for roughly 30% of daily US equity volume, according to Goldman. Their stock trading in May ran 10% above the previous record, set during the January 2021 meme-stock frenzy, and June set another all time high. /jlne. ws/4ym5w4xKalshi Will Offer Sports-Style Betting on Drug Trial ResultsMadison Muller – BloombergKalshi Inc. is expanding in biotechnology by offering wagers on the outcomes of clinical trials and regulatory decisions, giving traders a more direct way to bet on key industry catalysts. The prediction market platform says the move will allow investors to isolate binary events like drug approvals from a company’s overall stock performance. Kalshi launched 13 new biotech contracts last night in partnership with AI-powered intelligence firm AppliedXL, including bets on whether US regulators will approve medicines made by companies like Sanofi and Gilead Sciences Inc. /jlne. ws/4poEwgoWall Street Traders Are Having Their Best Year Ever; JPMorgan, Goldman and other big banks are raking in trading revenue this year as ‘the market is clearly extremely risk-on’Ben Glickman and Krystal Hur – The Wall Street JournalInvestors can’t stop piling more money into stock-market bets. Wall Street is making a killing on it. JPMorgan Chase, Goldman Sachs and the other three biggest banks on Wall Street are on pace to have their best trading years ever, after a second-quarter boom in activity. In the past, such gargantuan hauls for trading desks have been a sign of turmoil in the markets. For several banks, the previous record-trading year was 2009, when the market was going haywire. /jlne. ws/4vuTuTxUBS tries to crack the American market at last; Swiss group wants to be valued as a global wealth manager rather than a European bank but lags far behind Wall St rivalsSimon Foy, Joshua Franklin and Mercedes Ruehl – Financial TimesUBS wants to convince investors it is not just a European bank. First, it has to prove it can make more money in America. A national banking licence and a return to client inflows have given the Swiss bank’s US wealth business cause for optimism after a bruising period of adviser departures, weak profitability and an internal overhaul. /jlne. ws/4ykiuQ5Anthropic Is Said to Plan IPO Investor Meetings as Listing NearsBailey Lipschultz – BloombergAnthropic PBC is seeking to meet with investors ahead of its potential mega-IPO, according to people familiar with the matter, as the company prepares to join the rush of artificial intelligence-driven stock market debuts. Banks leading the offering are scheduling meetings between investors and the Claude chatbot maker in the coming weeks, the people said, asking not to be identified as the information isn’t public. Anthropic is considering an initial public offering as soon as in October, Bloomberg News has reported. /jlne. ws/3R1cmM1How the SEC Enforced a Gag Rule on Me and Others; You could always settle an enforcement case, but then you gave up the right to tell your side of the story. Thomas J. Powell – The Wall Street JournalGovernment agencies defend their rules. Yet this spring, with a constitutional challenge before the Supreme Court and 16 friend-of-the-court briefs urging the justices to hear it, the Securities and Exchange Commission rescinded a rule it had enforced for more than 50 years. The rule was a gag order that betrayed the agency’s own purpose: to protect investors through full and fair disclosure. While the SEC remained free to publish allegations against those it accused of violating securities regulations, even when no court had tested those allegations, the rule compelled settling respondents to stay silent about their own cases. /jlne. ws/4yoVAqVDowning Street calls in private equity bosses amid London listing woes; Government wants to encourage UK IPOs of portfolio companies as FTSE exodus continuesAshley Armstrong – Financial TimesDowning Street has called in some of the biggest private equity firms to ask why they are not listing British portfolio companies in London, as the government seeks to reverse a prolonged listings drought. The Treasury and Number 10 have stepped up their interest in steering a revival of the London Stock Exchange in recent months, according to people close to the situation. /jlne. ws/4f3rLVgSpaceX Shares Fall Below IPO Price for First Time as Hype FadesCarmen Reinicke – BloombergSpaceX shares slumped to their lowest level since the rocket, satellite, and artificial intelligence company went public, briefly falling below their initial public offering price, as investor fanfare quickly evaporated in the month since its trading debut. The stock fell 0. 6% to close at $135. 27 on Wednesday, ending the day just above the $135 per share level that SpaceX sold them to investors at last month as part of a record $86 billion offering after slumping below the key level intraday. It was the fourth consecutive day of declines for the stock. /jlne. ws/3QZJaFcLummis, Gallego secure unanimous Senate approval opposing Sam Bankman-Fried clemencyBrian Danga – The BlockSenators Cynthia Lummis and Ruben Gallego secured Senate approval by unanimous consent for a resolution declaring that former FTX CEO Sam Bankman-Fried should not receive executive clemency, formalizing the chamber’s opposition to any presidential pardon or commutation. The resolution states that “under no circumstances” should SBF receive executive clemency, including a pardon or commutation, while affirming the Senate’s commitment to the rule of law and the integrity of the U. S. financial system, the Senate Press Gallery reported on Wednesday. /jlne. ws/3RczTcYThe Identity Crisis at Elon Musk’s Chaotic AI OutfitCarmen Arroyo – BloombergThis spring, when Elon Musk put Michael Nicolls in charge of xAI, his generative artificial intelligence company, the agenda was clear: catch up with Anthropic PBC’s Claude chatbot. Every time Claude released an update, Musk wanted xAI’s own chatbot, Grok, to match it. He wanted Anthropic’s users to migrate to Grok when they were seeking a conversation with a chatbot or needed some AI-powered assistance with their coding projects. Many internal projects mentioned Claude directly, and there were multiple xAI Slack channels named after it, according to documents viewed by Bloomberg Businessweek. “Our near-term goals are to match performance of Claude,” Nicolls wrote in a memo to staffers when he became xAI’s president, adding that their job would be to “make Grok maximally useful. ”/jlne. ws/3TCHZw4The CFTC’s Word Games Legalizing GamblingEleanor Davis-Diver – The American ProspectSo far in his second term, President Trump has only filled one of five commissioner seats on the Commodity Futures Trading Commission (CFTC). By complete coincidence, that commissioner, agency chair Mike Selig, happens to be an evangelist for prediction markets like Kalshi and Polymarket—both advised by Donald Trump Jr. Sports betting and other gambling products masquerading as “event contracts” have exploded since Trump regained office, entirely thanks to the administration’s control of a radically transformed CFTC. The unassuming regulator has become the all-powerful patron of prediction markets, ignoring the derivative products the agency is supposed to be overseeing and dedicating its time and resources to unilaterally legalizing gambling in all 50 states, whether the states like it or not. /jlne. ws/458qtlSEnergy IPOs surge as investors hunt for ways to play AI boom; Companies coming to market raise money at fastest pace this century, although many stocks perform poorly laterMartha Muir – Financial TimesEnergy companies are raising money at IPO at their fastest pace this century, taking advantage of investors’ hunt for new ways to bet on the boom in power-intensive AI data centres. Initial public offerings for energy firms raised $12. 6bn in the first half of this year, according to data firm Dealogic. That marks the highest half-year level since the peak of the dotcom bubble in late 1999 and the highest first-half figure on record. It is well above 2025’s full-year total of $4. 3bn. /jlne. ws/458bpomKalshi to Offer Contracts Predicting Flight CancellationsElias Schisgall – The Wall Street JournalKalshi is planning to offer users to trade contracts around flight cancellations—and potentially hedge against their own travel woes. The contracts will allow users to predict the percentages of flights canceled at an airport within a given timeframe. The prediction-markets platform disclosed the contracts in a Tuesday filing with the Commodity Futures Trading Commission. Kalshi said in its filing that it plans to use the flight-tracking platform FlightAware to resolve the contracts, with data from the U. S. Department of Transportation as a backup. A spokesperson for FlightAware’s parent company, RTX, said FlightAware isn’t involved in any prediction markets. /jlne. ws/4wQQzWGMeta Oversight Board finds top AI models less likely to criticize repressive regimesReutersAI models from leading labs including Anthropic and OpenAI are much less likely to criticize governments known for restricting free speech, Meta’s (META. O) Oversight Board said ‌on Thursday. A study, the first on large language models by the body, showed AI services were echoing the rules of countries that restrict speech and that bias could creep into services used by an increasing number of users. The board, which is funded ⁠by Meta but operates independently, ran requests for politically critical content on 10 jurisdictions across 10 models, including those from Meta Platforms, Google (GOOGL. O) and China’s DeepSeek. /jlne. ws/44AkXs9Novel ProductsPrediction MarketsStudy: Five-Minute Polymarket Bitcoin Prediction Markets Enable Price ManipulationNana K. – Bitcoin FoundationPrediction markets are once again making headlines for scandal. Researchers have linked short-term Polymarket contracts to bitcoin price manipulation. Researchers from Stanford University and Singapore Management University identified a vulnerability in Polymarket’s five-minute bitcoin (BTC) price prediction markets. The contracts allow bets on whether BTC’s $62,630. 00 ’s price will be above or below a set level in five minutes. /jlne. ws/4fiLLlIWhat Californians could lose betting on life through prediction marketsWilliam Lu – Guest Commentary – CalMattersCalifornia has seen what happens when technology platforms grow faster than public understanding. Social media companies have long argued their products are neutral tools. But parents, schools, attorneys general and young people describe a different reality. They say these platforms are designed to hold attention, reward repeated checking and keep users engrossed. California’s legal system is catching up. Attorney General Rob Bonta co-led a multistate lawsuit against Meta alleging that Facebook and Instagram were designed with addictive features that harmed young users. And in March, a Los Angeles jury found Meta and Google liable in another closely watched social media addiction case. That history should matter as prediction markets move into the American mainstream. /jlne. ws/4gMbkhrMaricopa County bans employees from prediction market bettingJacob Luthi – FOX 10 PhoenixThe Maricopa County Board of Supervisors unanimously approved a new ethics policy prohibiting county employees under the board’s authority from using non-public information to personally profit through prediction markets. /jlne. ws/4ymT7NwSports & GamingWhat Are Sports Perpetual Futures, and Why Does Everyone in Prediction Markets Want to Build Them?Colin Lynch – Gaming AmericaNow, the more ambitious ones are already thinking about what comes after that fight: a product category called perpetual futures, or perps, that would let users bet on sports outcomes with borrowed money, indefinitely, with no expiration date on their position. No one has launched a sports perp yet, but the conversation is certainly being had internally at multiple PM platforms. The CFTC has approved crypto perps but not sports perps. CME Group’s ongoing lawsuit against the CFTC over Bitcoin perps could kill the entire category before sports perps arrive. And nobody in the industry has a fully formed picture of what a sports perp would actually look like, given that sporting events, unlike Bitcoin prices, have a final score and a definitive end. /jlne. ws/4vBdEePMessi Defending World Cup Title Would Boost US Sportsbooks TooHarry Black – BloombergIf Lionel Messi leads Argentina to an upset victory against Spain in its World Cup title defense this weekend, it will cap a profitable final stretch of games for US betting firms. Gambling companies, including DraftKings Inc. , FanDuel Inc. , BetMGM LLC and Caesars Entertainment Inc. , likely cashed in when both underdogs won in the semifinals after the favorites came out on top in the quarterfinals, according to a Bloomberg Intelligence report. Bookies get a boost in hold rates, the percentage of wagers that gambling companies get to keep as revenue, when long shots win because casual gamblers tend to bet on favorites. /jlne. ws/4pnS7olWhy Soccer Analytics Works Like Volatility Arbitrage TradingJoe Weisenthal and Tracy Alloway – Bloomberg Odd LotsAmerican sports fans have long been comfortable talking in the language of stats and analytics. Soccer embraced the ‘moneyball’ revolution later; the sport was once perceived as too complex to model analytically — there were too many players on the pitch, the game’s progression was too random and chaotic to reliably predict. That’s no longer the case, and soccer watchers are well aware of stats like xG (Expected Goals) and each match is an opportunity for a team to mine data, whether its tracking data, on-ball data, or even analyzing body poses and movement. Today, we speak with two soccer analytics veterans, Mike Treacy (head of risk at Apex Fintech Solutions) and Joris Bekkers (a soccer analytics consultant). /jlne. ws/4ywIU1lPerpetual FuturesBinance Lists 3 ETF-Linked Perpetual Futures With Up to 25x LeverageJoon Hyoung Lee – bloomingbitBinance, the global cryptocurrency exchange, is listing three perpetual futures contracts tied to the prices of US exchange-traded funds. BlockBeats reported on July 16 that Binance would launch three TradFi-based perpetual futures products: MUUUSDT, SOXSUSDT and TZAUSDT. The contracts offer leverage of up to 25x. MUUUSDT is tied to MUU, an ETF from US asset manager Direxion. MUU is a leveraged ETF that aims to deliver twice the daily return of Micron Technology shares. /jlne. ws/4wMbj1IPublic Hyperliquid treasury firm Hyperion enters into new 500k HYPE bond agreement with SkewDaniel Kuhn – The BlockHyperion DeFi (HYPD), a Nasdaq-traded company that holds a large treasury of HYPE tokens, has partnered with Skew Technologies to support new, custom markets on Hyperliquid with an approximately $33. 59 million asset deployment. As part of the arrangement, announced Wednesday, Hyperion will deploy 500,000 staked HYPE to Skew through a so-called HYPE Asset Use Service (HAUS) agreement, which will seed “a new suite of institutional perpetual futures products on Hyperliquid’s HIP-3 permissionless markets. ”/jlne. ws/4wRp5A9Coinbase adds perpetual futures for Roundhill Memory and Direxion semiconductor ETFs starting July 16Editorial Team – Crypto BriefingCoinbase is rolling out perpetual futures contracts for two semiconductor-focused ETFs, the Roundhill Memory ETF (DRAM) and the Direxion Daily Semiconductor Bull 3X Shares ETF (SOXL), with trading set to begin on July 16, 2026. /jlne. ws/4fEq68MBLUM LAUNCHES PERPETUAL FUTURES TRADING INSIDE TELEGRAMPressRelease – ChainwireBlum, the leading crypto ecosystem built in Telegram, today announced the launch of its new Perpetual Futures (Perps) feature, giving more than 95 million users direct access to one of crypto’s most powerful trading tools – all without leaving Telegram. Backed by Binance Labs, Blum is among the first mini-apps to integrate a full perpetual futures experience directly into Telegram’s ecosystem. Users can now go long or short on 20 leading assets – including BTC, ETH, $BLUM, and TON – apply leverage, and manage risk with stop-loss and take-profit orders, all through a fast and intuitive flow that mirrors Telegram’s native UX. /jlne. ws/4yqVG12World ConflictsUkraine InvasionUkraine given Storm Shadow missile blueprintsJoe Barnes – The TelegraphFrance has given the blueprints for its Scalp-EG cruise missile to Ukraine as part of a defence deal. The pact grants Kyiv the right to produce the weapon – essentially the same low-observable cruise missile as the British Storm Shadow – at factories in the war-torn country. /jlne. ws/4aY466aRussia says foreign troops sent to Ukraine after a peace deal would be legitimate targetsReutersRussia said on Wednesday that any multinational force sent by ‌Ukraine’s allies to deploy there in the ‌event of a peace deal would be unacceptable to Moscow, which would view it as a threat and a legitimate military target. Western allies in the pro-Ukraine “coalition of the willing” met in Paris this ‌week and reaffirmed ⁠their intention to deploy such a force after a cessation of hostilities, ⁠in order to reassure Ukraine and help it to regenerate its forces. /jlne. ws/4wMdgv1Thousands of Ukrainians protest against Zelenskyy’s firing of popular defence minister; Deputy air force commander resigns as president faces backlash over decisionChristopher Miller – Financial TimesVolodymyr Zelenskyy faced a rising backlash on Thursday over his move to fire the popular defence minister, as thousands protested outside the president’s office, a senior air force commander resigned and ruling party lawmakers warned they lacked the votes to approve his candidate. The backlash marked one of the most significant public displays of dissent against Zelenskyy since Russia’s full-scale invasion in 2022. It has exposed rare divisions within his parliamentary majority, which had largely rallied behind his wartime leadership and rubber-stamped his cabinet nominees. /jlne. ws/4aSbqQSCan Russia’s economy survive the war? | Econ WorldReuters – YouTube (Video: 36 minutes)Russia is paying an increasingly high price for President Vladimir Putin’s war in Ukraine. Growth is spluttering and inflation is rising once again as Ukrainian attacks push up fuel prices. Host Carmel Crimmins talks to Andrew Osborn, Reuters chief correspondent for Russia, about what the drum beat of bad news means for the economy and the conflict. /jlne. ws/4vrBsl7Middle East ConflictHey Congress, It’s Day 138 (Not 9) of a War You Must StopAndreas Kluth – Bloomberg OpinionWith so much of shock value coming out of Donald Trump’s mouth and Truth Social account, it’s tempting to overlook the gall and cynicism of his letter to Congress dated July 10th. In that missive, the president formally notified the legislature that the United States has been at war with Iran as of July 7th. /jlne. ws/4pmFLgpIran targets military bases as US launches wave of strikesElla Kipling -BBCTehran has launched fresh attacks on US military bases in neighbouring Gulf states, while Washington continued to strike sites across Iran overnight. Tehran said it had struck targets in the region, including in Jordan, Kuwait and Bahrain, as a sixth day of renewed hostilities strained their preliminary deal to end the war. /jlne. ws/456TNJyIranian missiles are defeating US soft-kill defences using Chinese guidanceTom Sharpe – The TelegraphEarly this Sunday, Iran launched its widest single-night attack of the war so far: mixed salvos of Zolfaghar ballistic missiles and drones simultaneously targeting US facilities in five countries – Al Udeid air base in Qatar, Ali Al Salem in Kuwait, US Fifth Fleet headquarters in Bahrain, Prince Hassan air base in Jordan and Duqm harbour in Oman. As ever, damage reports vary, but it does seem that casualties were light. The significance, however, lies in one of the reasons the missiles got through. Many had reportedly been upgraded to make use of China’s encrypted BeiDou-3 satellite-navigation system. This made them significantly harder to stop and much more expensive to do so. /jlne. ws/4yoSPWnControlling Hormuz Would Take More U. S. Troops—and Even More Risk; The recent escalation of fire has crimped traffic further. Military experts say opening the strait would require more troops and months of effort. Benoit Faucon, Jared Malsin and Rebecca Feng – The Wall Street JournalAt the start of this week, President Trump asserted that the Strait of Hormuz was open and under U. S. control. But by Wednesday, as the U. S. and Iran fought it out over the vital waterway, ship tracker Kpler was saying traffic had dropped as the risk to transits deepened. /jlne. ws/4wiwJmYEXCHANGES OTC CLEARINGBinance Launches U. S. Stocks Trading and Previews bStocks Tokenized SecuritiesBinance – PR NewswireBinance today introduced U. S. equities trading, giving eligible users access to more than 7,000 U. S. -listed stocks and ETFs. The launch reflects Binance’s belief that financial inclusion grows meaningfully when access to opportunities becomes simpler and more integrated. Binance will also soon introduce tokenized U. S. stocks, marking another step in its vision of a multi-asset financial super app. /jlne. ws/3T48vONISS STOXX Announces Appointment of Virginia Gomez as Chief Executive OfficerDeutsche Borse GroupISS STOXX GmbH, a leading provider of comprehensive and data-centric research and technology solutions that help capital market participants identify investment opportunities, detect qualitative and quantitative portfolio company risks, and meet evolving regulatory requirements, today announced that Virginia (Ginny) Gomez will assume the role of Chief Executive Officer of ISS STOXX on August 3, 2026. Ginny will have responsibility for overall leadership of the business which today includes more than 4,000 financial industry professionals operating across 34 global locations and spans four businesses: Index, Stewardship Solutions, Corporate, and Market Intelligence. Ginny will replace Gary Retelny as President and CEO, who steps down from his role after more than 15 years with the company. He will continue to serve as an advisor to the board of ISS STOXX. /jlne. ws/4hgQkPUIndia’s NSE gets nod to launch derivatives on Nifty India FPI 150 indexReutersThe National Stock Exchange of India (NSEI. NS) said on Thursday it had received approval ‌from the country’s markets regulator to launch derivatives contracts on the Nifty India FPI 150 Index from August 12. /jlne. ws/4vzvzT0Abaxx Provides Corporate Update on Abaxx Exchange Market Data DistributionAbaxx TechnologiesAbaxx Technologies Inc. (TSX:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd. , the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), today provided an update on the continued expansion of market data distribution for Abaxx Exchange. /jlne. ws/4fAhJepASX delivers strongest listings result since FY22ASXASX recorded its strongest listings year since FY22, with new listings rebounding despite higher interest rates, renewed inflation pressures and heightened global uncertainty. A total of 100 new entities listed on ASX in FY26, up 45% on FY25. Total new capital quoted reached $91. 0 billion, the highest level since FY22. New listings added $32. 6 billion in quoted market capitalisation, an 86% increase on FY25, while IPO capital raised totalled $5. 6 billion, above the five-year average of $4. 9 billion. Net new capital quoted reached $37. 1 billion in FY26. 1/jlne. ws/4f3qz4eDTCC Turns Tokenization into RealityDTCC – The Depository Trust & Clearing Corporation (DTCC)The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that it successfully converted assets held at The Depository Trust Company (DTC) into tokens that were then used in real production trades, a notable milestone that marks the largest tokenization production initiative in breadth of use cases, asset classes and number of participants. /jlne. ws/4plRrQeJ. P. Morgan Tokenizes QQQ ETF at DTCCShanny Basar – Markets MediaToday, tokenization continues to move from discussion toward real-world market activity. Through live production use cases, DTCC is demonstrating how tokenized assets move through established market infrastructure. /jlne. ws/4bOopDlThe early years and expansion in APACEurexAs Eurex celebrates 15 years of presence in Singapore, we are also looking ahead to a new phase of growth in the APAC region. In this article, Mathieu Fuhrmann, Head of APAC Sales, reflects on Eurex’s development in the region over the past 15 years, outlines its expansion plans for the years ahead and shares his perspective on the firm’s broader strategic direction in the region. /jlne. ws/4fp654ZOKX Launches European Campaign with McLaren F1 Team ahead of Dutch Grand Prix to Boost Crypto AdoptionOKX – Cision PR NewswireOKX, a leading crypto exchange and global onchain technology company, is set to spark excitement at the 2025 Dutch Grand Prix with a McLaren F1 team campaign aimed at driving mass adoption, user growth, and brand visibility. Leveraging its official partnership with the McLaren F1 Team, OKX is turning the Grand Prix weekend in Zandvoort into a high-octane brand moment. The campaign features immersive VIP experiences and exclusive merchandise giveaways. Running from now through the Dutch Grand Prix weekend (29–31 August), the campaign offers fans, both crypto enthusiasts and newcomers alike, the chance to win official McLaren merchandise and an unforgettable McLaren VIP Race Experience in the Netherlands. /jlne. ws/3QYX0aRTurning Space into Signal: New SIX White Paper on Satellite Data as a BusinessSIX GroupSatellite technology is rapidly becoming a critical component of the global data and sustainability transition. With the recent SpaceX listing, the biggest IPO in history, space is generating increasing interest from companies and investors. Advances in Earth observation technologies and analytics now enable real-time, objective insights into economic activity across the planet, supporting more informed decision-making in an increasingly complex world. A new white paper Satellite Data as a Business: A Strategic Exploration of Satellite Intelligence Opportunities for Financial Services published by students from the University of St. Gallen together with SIX explores this space. /jlne. ws/4x4tlwnFinTechStripe-PayPal deal could accelerate shift to blockchain-based money, Polygon exec saysRT Watson – The BlockIf Stripe and private equity firm Advent International acquired PayPal, it would become a historic deal for the fintech space. But what would the deal mean for the growing use of blockchain-based payment rails? “My view is that within the next few years, the majority of money will live and move on blockchain in one form or another,” Polygon Labs’ Global Head of Business Aishwary Gupta told The Block. “This kind of move simply speeds up the transition. ”/jlne. ws/4yk9LNPGoogle required to open up to AI, search engine rivals under EU-mandated changesFoo Yun Chee – ReutersAlphabet’s (GOOGL. O) Google will have to help OpenAI and other AI rivals as well as online search engine competitors access its services to comply with EU rules curbing the power of Big Tech, EU regulators said ‌as they set out the details of the requirements. The move by the European Commission, which acts as the EU competition enforcer, came six months after the regulator opened so-called specification proceedings to assist the world’s most popular internet search engine to comply with the Digital Markets Act. /jlne. ws/44uCe67Artificial IntelligenceAI Frenzy Fills Asian Airlines’ Cargo Bays With SemiconductorsDanny Lee and Yian Lee – BloombergAsian airlines are the latest beneficiaries of growing demand for AI servers and computer chips, creating a windfall that’s helping mitigate the surge in jet fuel costs. The latest quarterly financial data from Korean Air Lines Co. , as well as Taiwan’s China Airlines Ltd. and EVA Airways Corp. show cargo revenue hit their highest levels in more than three years, according to Bloomberg News calculations of their financial statements. /jlne. ws/4fkGWrQGoldman’s Bell Sees More Gains for Europe’s AI Buildout StocksMatt Clinch and Tom Mackenzie – BloombergEurope’s AI infrastructure shares have further to run as hyperscalers are expected to increase spending again next year, according to Goldman Sachs Group Inc. ’s Sharon Bell. “We still feel the hyperscalers will be upping their capex again in 2027 and we are looking for reasonably good earnings and that is absolutely coming through in the prints so far,” the firm’s European equities strategist told Bloomberg Television. /jlne. ws/4vD53ICBuy-side GenAI adoption hindered by broker research licensing restrictions despite 77% uptake, report revealsClaudia Preece – The TRADEWhile buy-side GenAI adoption has surged, with 77% having already deployed organisation-wide deployments of generative AI platforms, the uptake remains hindered by broker research licensing restrictions. A new report from Substantive Research and Aiera has found that despite use cases rising, broker/data licensing restrictions are currently the biggest barrier preventing adoption of direct research/data feeds (69%). This was followed by compliance and entitlements (54%). When it comes to the empirical side of the coin, over a third (37%) of respondents confirmed that approving, adopting and onboarding models takes between 4-6 months, while for 20% it took more than six months. /jlne. ws/4waBYFsDario Amodei, Anthropic Employees Give Millions to Regulate AIEmily Birnbaum – BloombergAnthropic PBC Chief Executive Officer Dario Amodei and five other employees of the company gave more than $2 million to a super political action committee focused on regulating artificial intelligence, boosting the AI safety movement’s war chest in this year’s midterm elections. Amodei gave $1 million to the super PAC Public First, marking his first campaign contribution this year, according to the latest filings from the Federal Election Commission. The other Anthropic employees gave a combined $1. 26 million. Public First, which boosts congressional candidates who want stricter government oversight of AI, previously received $20 million from Anthropic. /jlne. ws/44xOXVEChinese AI start-up Moonshot to launch model challenging Anthropic’s lead; Kimi K3 expected to exceed performance of Claude Opus 4. 8 in sign of narrowing gap between US and China on frontier AIZijing Wu and Jamie John – Financial TimesChinese AI start-up Moonshot is set to release a large language model with capabilities approaching those of frontier US labs such as Anthropic, as the gap narrows between the two countries on state-of-the-art AI. The Beijing-based group is scheduled to release Kimi K3, China’s largest AI model to date with 2tn-3tn parameters, in the coming days, according to two people familiar with the matter. The number of parameters refers to the size of the model’s neural network, with a higher count generally leading to greater capabilities. /jlne. ws/4aVYCZCMurati’s Thinking Machines releases first AI model for broad useShirin Ghaffary and Bloomberg – FortuneThinking Machines Lab is releasing its first AI model, more than a year after former OpenAI executive Mira Murati founded the artificial intelligence startup. The new model, called Inkling, is designed to be versatile and efficient, processing queries across different media while balancing “cost against performance,” the company said on Wednesday. Inkling is also open-weight, meaning developers can download and customize the model without seeing the training data or source code. Thinking Machines said Inkling performs well on various benchmarks compared to similar open-weight offerings. The company said Inkling was trained “for strong performance across the board,” but that “it is not the strongest model available today, closed or open. ”/jlne. ws/4vzO6yDOpenAI wants its speaker to feel alive. Apple says it’s a stolen ideaMarco Quiroz-Gutierrez – Fortune/jlne. ws/4vuPWRdMicroprocessorsAtlas Copco Orders Soar on Momentum in Chipmaking-Exposed UnitChloe Meley – BloombergAtlas Copco AB’s orders blew past expectations on growing momentum at its chipmaking-exposed business, cementing the Swedish industrial company’s spot as a key beneficiary of the artificial intelligence boom. Industrial machinery companies have found a profitable market providing equipment to semiconductor and data center clients. Rotork Plc, a British manufacturer of valve-related equipment for the energy sector, surged this morning after getting acquired by artificial intelligence winner ABB Ltd. /jlne. ws/4ff2hV7To Explain the Chip Stock Selloff, Follow the Hedge FundsThe Wall Street JournalTaiwan Semiconductor Manufacturing’s U. S. -listed ADRs are selling off this morning, even after it delivered another big earnings beat. Some analysts are pointing to the chip giant’s big capex plans as a possible catalyst. But it could be more simple than that: Some big investors are ending their love affair with chips. /jlne. ws/4w5VMJUBlockchainCantor Fitzgerald eyes blockchain-based IPO shares in new tie-up with SecuritizeJeff John Roberts – FortuneThere is a movement afoot to redesign the U. S. equities market by issuing shares in the form of digital tokens that can be traded around the clock, and where trades are cleared and settled instantly. The market for these tokenized shares is still nascent, but the technology got a boost on Wednesday when Wall Street giant Cantor Fitzgerald announced a partnership to help companies issue stock on the blockchain when they go public. /jlne. ws/4fkP6RiConnectivity/Data CentersKathy Hochul sabotages New York’s future with data center moratorium; The governor sends a loud market signal that her state is not a smart place for companies to make long-term AI investments. Editorial Board – The Washington PostNew York Gov. Kathy Hochul (D) has repeatedly said: “Whoever owns AI owns the future. ” Now she’s making sure it won’t be New York. The governor on Tuesday imposed a one-year moratorium, the first of its kind in the United States, on the construction of data centers. These are the lifeblood of artificial intelligence, and the computational power provided by such facilities gives America its narrow but fragile edge over China in the AI race. /jlne. ws/458bKHECRYPTOPakistan Clerics Disagree on Crypto Legality Under IslamBilal Hussain – BloombergTop Pakistani clerics are divided over whether crypto purchases are permitted under Islamic law, setting off a debate on digital tokens that Islamabad has deployed as a diplomatic tool to engage with US President Donald Trump. Mufti Muhammad Taqi Usmani, a Shariah adviser to Meezan Bank Ltd. — Pakistan’s second-largest lender by market value — and five others found investments in such virtual assets against Islamic principles, according to a decree issued last month. /jlne. ws/4yoSDXnCryptoQuant warns of deleveraging risk as exchange leverage hits historical extremesEditorial Team – Crypto BriefingThe crypto derivatives market is playing a familiar game: stack leverage higher and higher until something breaks. CryptoQuant is sounding the alarm that we might be approaching the “something breaks” part. The on-chain analytics firm flagged that leverage in BTC-USDT perpetual futures has reached historical extremes, with the current level sitting 2. 7 times higher than where it started the year. The core concern is straightforward: there isn’t enough underlying liquidity on exchanges to absorb a sudden unwind if the market turns. /jlne. ws/4wLUiEKVolvo Group tests proprietary cryptocurrency for supplier transactions in blockchain pushDanny Park – The BlockVolvo Group has explored using a proprietary cryptocurrency on a closed blockchain network to streamline transactions and data exchange with material and transport suppliers. Ivan Branco, Head of Information Management, AI, and Analytics at Volvo Group Trucks Operations, said in a recent interview with the Cardano Foundation that the initiative was an internal exploration aimed at simplifying cross-border exchanges and maintaining immutable records of orders and transportation data, independent of traditional currencies. /jlne. ws/4wJ1TDXTether Invests $20 Million in Argentina’s Uala, Expanding Latin America PushMaria Clara Cobo – BloombergTether has invested $20 million in Argentine digital bank Uala, deepening its bet across Latin America as the issuer of the world’s largest stablecoin grows its footprint beyond digital assets. The investment forms part of Uala’s $197 million funding round announced in March, which it plans to use to accelerate growth and expand the company’s financial ecosystem across its existing markets of Argentina, Mexico and Colombia. Regulatory hurdles in these countries prevent Uala from seeking to integrate Tether’s USDT stablecoin into its platform in the short term, said Founder and Chief Executive Officer Pierpaolo Barbieri. /jlne. ws/4gEgcFhBitcoinJeff Booth, Lyn Alden-backed ORANGE JUICE raises $40 million to launch permanent capital firm with bitcoin treasury strategyBrian Danga – The BlockORANGE JUICE has raised $40 million to launch a permanent capital company that will acquire and permanently own American businesses while pursuing a bitcoin treasury strategy. The Connecticut-based company said in a statement on Wednesday that it will target cash-flow-generating businesses with between $1 million and $10 million in annual cash flow across various sectors. /jlne. ws/4w30fgvStablecoinsVisa says stablecoins will power micro-commerce in AI agentic economyDanny Park – The BlockVisa and analytics firm Artemis released a research report on Wednesday highlighting how stablecoins will facilitate micro-commerce in the age of the agentic economy. The report, titled “Agentic Payments from the Ground Up,” examines the emergence of agentic commerce, where AI agents independently initiate and complete transactions. A central finding concerns the role of stablecoins in the future of commerce. /jlne. ws/4frH09APoliticsElon Musk Gives $5 Million to Vivek Ramaswamy for Ohio Governor BidDana Hull and Bill Allison – BloombergElon Musk gave $5 million to back Vivek Ramaswamy’s campaign for Ohio governor in the second quarter, ramping up his political spending on the fiercely contested midterm elections after a slow start. Musk also gave less than $500,000 during the quarter to America PAC, the political action committee that he founded, according to Federal Election Commission filings Wednesday. The in-kind donations bring his total spending for the midterm cycle so far to at least $90 million. /jlne. ws/4gHAEF7We Tracked Over $780 Million in Fundraising for Trump’s Presidency; The president and his allies have built a network of groups financed by wealthy donors and businesses that is advancing his priorities with little public disclosureKara Dapena, Maggie Severns and Marianne LeVine – The Wall Street JournalPresidents have always raised money from private donors—to run for office, throw inaugural balls and build presidential libraries. But Donald Trump has turned his second term into an unprecedented fundraising blitz, raising well over half a billion dollars from wealthy donors and stashing it in a sprawling network of nonprofits, cultural institutions and committees that he and his allies control. Companies seeking lucrative contracts or favorable policies from the administration have poured millions of dollars into these funds, which have become a key tool for Trump to pursue his political and personal priorities. He has used them to oust his political opponents, change the cultural face of the nation’s capital and boost his postpresidency legacy. /jlne. ws/4wRM6mBChina has become more popular than U. S. in much of world, survey findsJoshua Yang – The Washington PostPeople view China more favorably than the United States in countries across six continents, a stark shift seen in recent years as perceptions of the U. S. sour, according to findings by Pew Research Center. Get concise answers to your questions. Try Ask The Post AI. People in 27 of the 36 countries and territories surveyed have a higher opinion of China than the United States. Among the 20 nations also polled in the version of the survey Pew conducted last year, the median view in 2025 indicated more favorability for the U. S. than China. “Some of the views that we see of the U. S. are at or near historic lows,” said Laura Silver, associate director at Pew, a nonpartisan, Washington-based “fact tank. ”/jlne. ws/4ff1qCjConflicts of interest are back — and more blatant than ever; Democrats would do well to focus their fire on the use of public office by Donald Trump’s circle for private gainAlec Russell – Financial TimesAs global investors with an eye for an opportunity, it is easy to see why Jared Kushner and Ivanka Trump have alighted on the idea of a resort on Albania’s coast. It is not just a stunning spot; in the language of American realtors, it is ripe with opportunity on the last undeveloped stretch of the Dalmatian coast. You can imagine the pitch doing the rounds in New York. To the south are Greece’s taverna-strewn Ionian Islands, including the home of Odysseus. To the north, Montenegro’s coastline is concreted over with hotels. Beyond that, Croatia has a 300-mile treasure trail. Here is your chance to fill in the last piece of the Dalmatian jigsaw. And it’s good for Albania!/jlne. ws/4w7690lU. S. AdministrationHegseth Plans to Screen All Troops, Including Women, for Low TestosteroneGreg Jaffe and Azeen Ghorayshi – The New York TimesDefense Secretary Pete Hegseth announced on Wednesday a new mandatory screening program to test all service members age 30 and older, including women, for testosterone deficiency annually. Hormone treatment for troops with low testosterone will be voluntary. “Our most decisive tactical advantage will always be the individual warfighter,” Mr. Hegseth said in a video from his Pentagon office. “We have a sacred duty to maintain that advantage. ” The goal, he said in a social media message accompanying the video, was a “High-T Department of War,” Mr. Hegseth’s preferred name for the Defense Department. /jlne. ws/4puzkbeTreasury to Begin Minting $1 Gold Trump Coin Featuring President’s FaceAlan Rappeport – The New York TimesPresident Trump is finally getting some change he can believe in: a gold $1 coin with his face on it. Treasury Secretary Scott Bessent announced on Wednesday that the U. S. Mint would begin striking the new coins in celebration of the nation’s 250 years of independence. The creation of the coins bearing Mr. Trump’s image is one of several initiatives the Trump administration has been working on to fuse the president’s legacy with American currency, including adding his signature to new notes this year and an effort to create a $250 bill with his portrait. /jlne. ws/3RAkYcFU. S. CongressElizabeth Warren Says Trump Chose His ‘Corrupt’ Crypto Profits Over Being a ‘President for Working People’Aniket Verma – BenzingaSen. Elizabeth Warren (D-Mass. ) said on Wednesday that President Donald Trump chose to be the “cryptocurrency industry’s biggest profiteer” over being a leader for working people. Financial disclosures revealed that Trump earned approximately $1. 4 billion in 2025 from cryptocurrency-related ventures, more than any publicly traded cryptocurrency company in the U. S. Overall, he reported over $2 billion in profits in the first year of his presidency. /jlne. ws/4vD7Ql4Goldman’s Kathy Ruemmler tells Congress Epstein emails taken out of context; Lawyer’s comments represent her most detailed public remarks to date about her relationship with late child-sex offenderJoshua Franklin and Lauren Fedor – Financial TimesKathy Ruemmler, the former top Goldman Sachs lawyer who resigned over her ties to Jeffrey Epstein, told Congress her emails with the dead sex offender were taken out of context and misconstrued. Ruemmler’s comments on Wednesday in a prepared statement to the House oversight committee represent her most detailed public remarks to date about her relationship with Epstein. Her dealings with Epstein started in the months after she left her role as Barack Obama’s White House counsel to join Latham & Watkins and before she joined Goldman in 2020. /jlne. ws/4aWHYZXOther U. S. PoliticsTwo States Are Making the Case That Money Isn’t Political SpeechMary Ellen Klas – BloombergWho should have more power — the people of the states or the corporations that are authorized by them? For legislators in Hawaii and Montana, the answer is most definitely the former, not the latter. Both states are advancing laws to put power back in the hands of people and get corporations out of the business of influencing elections by overcoming Citizens United, the landmark 2010 Supreme Court ruling on campaign finance. /jlne. ws/4aYICGlTrade_War and TariffsRussia Sanctions Bill Sparks Fears of Broadening Trump’s Tariff PowersAlicia Diaz – BloombergA group of bipartisan lawmakers and the White House may have reached a rare deal on a bill to authorize sanctions on countries that buy Russian oil, a measure that some observers worry may hand over more unprecedented tariff authority to President Donald Trump. The new Russian sanctions legislation, which was driven by the late Senator Lindsey Graham, targets the top five purchasers of Russian crude oil and natural gas, most notably China and India. /jlne. ws/4ykcKG1Trump Administration to Impose New Tariffs on BrazilAna Swanson and Ana Ionova – The New York TimesThe Trump administration said on Wednesday that it would impose a new 25 percent tariff on Brazil next week, arguing that the country had adopted a range of unfair trade practices against the United States. The tariff will apply to thousands of Brazilian products, but will exempt several major categories of exports, including oil and gas, beef, coffee, oranges, and aircraft parts. The tariff will apply to Brazilian ethanol, a senior administration official said, and take effect next Wednesday. /jlne. ws/4wKNnvqU. S. to Impose 25% Tariff on Certain Goods From Brazil; The measure, announced by the USTR, excludes Brazilian beef and coffeeFabiana Negrin Ochoa and Jihye Lee – The Wall Street JournalThe U. S. is imposing a 25% tariff on certain Brazilian goods, following a yearlong investigation by trade officials into what they described as unfair trade practices. The measure, which excludes Brazilian beef and coffee, was announced by the Office of the U. S. Trade Representative late Wednesday. /jlne. ws/4gHx5ikChinaChina’s Protests Harder to Track Amid Economic Pain, Report SaysRebecca Choong Wilkins – BloombergBeijing’s intensified censorship campaign is increasingly obscuring signs of social unrest, according to China Dissent Monitor, resulting in a sharp drop in documented incidents even as economic pressures continue to fuel protests across the country. The project operated by US advocacy group Freedom House recorded 846 protest events last quarter, down 45% from a year earlier. In a report published on Thursday, it also estimated a 50% drop between March and June in protest-related posts on social media platform Douyin. /jlne. ws/4pkmpbuRegulation & EnforcementA State Court Told Kalshi to Cancel Trades. The CFTC Told Kalshi to Fulfill Them. Both Orders Are in Effect. Philipp Petkevitch, Partner, Head of Fintech & Crypto | NY Attorney – LinkedInOn June 29, the Michigan Attorney General secured a temporary restraining order directing Kalshi to stop listing, trading, clearing, or settling any contracts that amount to sports bets with Michigan residents. Kalshi complied. It unwound the trades. On July 12, KalshiEX filed an emergency rule change with the CFTC proposing forced liquidation of certain remaining event contracts to continue complying with the Michigan court’s order. Two days later, the CFTC stayed that rule change and exercised its emergency authority under the Commodity Exchange Act to order Kalshi to do the opposite: fulfill the open trades in accordance with its normal practices. The federal regulator told a platform to reverse what a state court told it to do. /jlne. ws/3TnbbqNFrom Perpetual Swaps to Perpetual CFDs: The Regulated EvolutionThe Block Research – The BlockThe 24/7 Trading Imperative Fixed exchange sessions are a structural mismatch with the global retail base. The NYSE opens at 9:30 a. m. Eastern and closes at 4:00 p. m. , a window designed for an era when the participant base was concentrated in a single geography and order flow was physically intermediated. That assumption has shifted as retail participation has spread across Asia-Pacific, Europe, and the Middle East, distributing active traders across every time zone. Non-professional participants with constrained trading hours are often unable to respond to volatility in real time. These off-hours and weekends are often known as gaps. /jlne. ws/4w2uMLvCompany that purported to trade foreign currencies committed fraud and illegal distribution, BCSC allegesBCSCThe BC Securities Commission (BCSC) is alleging that a company and its sole owner committed fraud by telling investors their funds would be used for foreign exchange trading, and instead using most of it for unrelated purposes, including travel, restaurant meals and a tattoo. The BSCS also alleges that the company, For the People FX Inc. , and the owner, Robert George Henry Tyrer, illegally distributed securities to 48 investors, because it didn’t file a prospectus – a formal document providing details of an investment – and didn’t have an exemption from the prospectus requirement for those investors. /jlne. ws/4yl1auxChairman Selig Announces CFTC Agricultural Advisory Committee to Meet July 29 in WashingtonCFTCChairman Michael S. Selig, sponsor of the Agricultural Advisory Committee (AAC), today announced that the AAC will host its first meeting of 2026 at 1:00 PM EST on July 29, 2026, at CFTC Headquarters, Three Lafayette Centre, 1155 21st Street, NW, Washington, D. C. The Agricultural Advisory Committee was created in 1985 to advise the Commission on issues involving the trading of agricultural commodity futures and options and facilitate communications between the CFTC, the agricultural community, and agriculture-related organizations. /jlne. ws/4yuu7EoSEC Proposes New E-Delivery Approach to Make Information More Readily Accessible and Useful for InvestorsSECThe Securities and Exchange Commission today proposed Regulation E-Delivery, a new rule that would expand the ability of issuers, broker-dealers, investment advisers, and others to use electronic delivery to satisfy information delivery requirements under the federal securities laws. /jlne. ws/4gCLD2HStatement on Proposed Regulation E-DeliveryCommissioner Mark T. Uyeda – SECThe Commission spends considerable time thinking about the “what” of disclosure by focusing on the substance of required disclosures. These disclosures, whether in the form of a prospectus, an account statement, a description of services provided, or an annual report—to name just a few—form the bedrock of investor protection. Our system relies principally on individuals to look after their own interests by acting, or refraining from acting, based on that information. The logical next question then is “how” that information is delivered to investors. /jlne. ws/4575MH2Statement on Regulation E-DeliveryPaul S. Atkins, Chairman – SECToday, the Commission took an important step toward allowing the financial services industry to harness technology for the benefit of everyday American investors. By proposing to permit electronic delivery (e-delivery) to become the default method for issuers, market intermediaries, and others to communicate with investors, we are taking another stride toward a regulatory framework suitable for the modern era, a key pillar of my agenda. /jlne. ws/4pmT9BbPaper Taper: Statement on Proposed Regulation E-DeliveryCommissioner Hester M. Peirce – SECToday, in a long-awaited move, the Commission proposed Regulation E-Delivery to make electronic delivery the default under the securities laws for issuers, investment advisers, investment companies, and broker-dealers. This rulemaking focuses on the default delivery method; not the content of disclosure or its format. I am happy to support what I expect will be the first step in rethinking, modernizing, and improving disclosure of information to investors. /jlne. ws/4wPShHNSEC Obtains Final Consent Judgment as to Michael J. Forster in Connection with Alleged Pump-and-Dump SchemeSECOn July 13, 2026, the United States District Court for the Southern District of California entered a final consent judgment as to Michael J. Forster in connection with his role in an alleged pump-and-dump scheme. /jlne. ws/4pmvb90ASIC Statement of IntentASICToday ASIC published its updated Statement of Intent in response to the Government’s Statement of Expectations. The Statement of Intent outlines how ASIC will achieve its objectives, carry out its responsibilities and exercise its powers. It should be read alongside the Statement of Expectations, as well as the laws that apply to ASIC and those which it administers. /jlne. ws/4vyms56Joint Board of Appeal dismisses appeal against the EBAESMAThe Joint Board of Appeal of the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) has issued a decision stating that an appeal brought by an individual against the European Banking Authority (EBA) is inadmissible. The appeal concerned a response by the EBA to a complaint regarding the closure of a bank account by a credit institution and the handling of the matter by the Finnish National Competent Authority (FIN-FSA). The appellant had requested that the EBA investigate a possible breach of Union law by FIN-FSA. Following its assessment, the EBA decided against initiating an investigation. The appellant subsequently challenged that decision before the Board of Appeal. /jlne. ws/4wGXZeJJoint taskforce continues crack down on misleading car finance claims advertsFCAThe FCA, Advertising Standards Authority, Solicitors Regulation Authority and Information Commissioner’s Office are tackling the poor handling of motor finance claims by some claims companies and law firms. /jlne. ws/4pmTR1jInvesting & TradingShort-Sellers Swarm SpaceX With Paper Profit Nearing $4 BillionBailey Lipschultz – BloombergSpaceX bears are minting billions on paper as the company’s stock price cracks ahead of a closely-watched rocket launch and upcoming earnings that will unlock a flood of shares. Short-selling investors have seen paper profits jump to $3. 88 billion, data compiled by S3 Partners show, as shares of Elon Musk’s rocket, satellite, and artificial intelligence company sit near the $135 per share level it priced its initial public offering at. The stock was headed for a fourth day of losses after slumping as low as $132. 15. /jlne. ws/4wM8ptISouth Korea to Halt New Listings of Single Stock Leveraged ETFsSangmi Cha – BloombergSouth Korea will temporarily halt new listings of single-stock leveraged exchange traded products to curb market volatility after a surge in popularity of funds tied to Samsung Electronics Co. and SK Hynix Inc. The ban will remain in place until market conditions stabilize, the Financial Services Commission said in a statement Thursday. Authorities will also raise the minimum deposit requirement — or minimum account balance in cash required — for leveraged ETF trading to 30 million won ($20,300) from 10 million won, expected to be implemented Aug. 5. /jlne. ws/4foZNCpCXMT’s Blockbuster IPO 212 Times Covered for Retail InvestorsBloombergThe marquee listing of CXMT Corp. ignited a rush among retail investors as China’s homegrown memory giant opened books for an initial public offering to raise $9. 8 billion, the second-largest in the nation’s history. The retail portion of the IPO was 212 times oversubscribed on Thursday, even after a clawback mechanism, with individual investors submitting 9. 4 million orders, according to a Thursday filing. /jlne. ws/4fkPJdCConagra’s ‘Show-Me’ CEO Says Every Product Needs to Earn Its KeepJesse Newman – The Wall Street Journal“I grew up in Missouri,” says John Brase, Conagra’s newly installed chief executive. “I’m a show-me guy. ” Right now, Brase says the Chicago-based food company needs to show results to shareholders. The maker of Slim Jim and Healthy Choice has seen its shares slide by 26% over the past 12 months. On Wednesday Conagra reported a $1. 62 billion loss for its most recent quarter, while slashing its annual dividend by 50%. Conagra’s brands are feeling pressure as consumers tighten their budgets and hunt for deals. The Wall Street Journal spoke with Brase, a veteran food and consumer goods executive who took over Conagra last month, and now is mapping a turnaround strategy that aims to invest more in its brands, simplify operations and restore profit margins. /jlne. ws/3T4T3C7Evicting Wall Street From the Housing Market Will Be MessyCarol Ryan – The Wall Street JournalA new law aims to make Wall Street investors feel unwelcome in the market for existing homes, while at the same time urging them to build more supply. It is a tricky balancing act, and failure would push up rents. Under the 21st Century ROAD to Housing Act, which passed into law last week despite President Trump’s refusal to sign it, investors who already own more than 350 family homes can’t buy any more from the existing housing stock. There are a couple of exceptions, however. One is to buy homes that need so much renovation that regular buyers don’t want them. Another is when the tenant is offered a right to eventually own the house. /jlne. ws/4wMmM1gYen Options Suggest a Slide to 165 Level Before Japan IntervenesVassilis Karamanis – BloombergThe yen has room to weaken more before Japanese officials step in to support the currency, options suggest. Traders are comfortable pricing yen weakness all the way to 165 per dollar — a drop of about 1. 6% from the current level, which is already near the weakest in four decades. /jlne. ws/4ffcXDbExplainer: What are leveraged ETFs and how are they driving the AI rally?Gregor Hunter – Reuters/jlne. ws/4fk87DhESGThe UK is forgetting the dull bit of climate change policy; Adaptation has never been the priority, but this summer’s heat is a message that the Treasury needs to actJill Rutter – Financial TimesClimate change policy divides into two parts. One is mitigation — reducing greenhouse gas emissions. It has huge numbers of advocates (some sceptics too). It attracts political attention and the ambitious. It is the subject of soaring rhetoric and street protests. It has big budgets and its own government department. It is encapsulated in a simple goal — net zero. /jlne. ws/4wM3cCaFrench Power Exports Jump 36% to Record on Nuclear Output BoostEamon Farhat – BloombergFrench power exports surged to a record in the first half of 2026 as a rebound in nuclear output and rising renewable generation left the country with a big surplus of low-cost electricity to sell across Europe. France’s net electricity exports reached 51 terawatt-hours, up 36% from the first half of 2025 and 19% above the previous first-half record set in 2024, according to a report from grid operator RTE on Thursday. The increase was driven by a 4. 6% advance in electricity production as domestic demand remained broadly unchanged. /jlne. ws/4gMgB8JNextEra and Dominion File to Form a Huge Power CompanyIvan Penn – The New York TimesNextEra Energy and Dominion Energy filed petitions with state and federal regulators on Wednesday to combine their companies, a deal that would form the nation’s largest electric utility and power company. The two energy giants formally asked regulators in Virginia, North Carolina and South Carolina — where Dominion operates — and at the Federal Energy Regulatory Commission to approve the deal, after announcing their intentions in May. NextEra, based in Juno Beach, Fla. , has sought to acquire electric utilities across the country for several years. With Dominion, which is based in Richmond, Va. , it would have about 10 million retail customers across four states. /jlne. ws/3RaBvUxSpain’s Naturgy to Build $344 Million Australia Renewables PlantRajesh Kumar Singh – BloombergSpanish energy firm Naturgy Energy Group SA said its Australian unit will invest more than 300 million euros ($344 million) to build its largest renewables project in the country, combining solar power and battery storage. The facility, with 330 megawatts of solar capacity backed by 180 megawatts of battery storage, will be located in the Fraser Coast region of Queensland, according to a statement. The unit, Global Power Generation, has signed a 10-year agreement for the sale of power from the plant, it added, without saying who the deal was concluded with. /jlne. ws/4frMYr0BANKS BROKERS MANAGED FUNDSAres Persuades Rivals to Give Up Carried Interest for CharityLaura Benitez – BloombergSix money managers including Hunter Point Capital have joined an initiative backed by Ares Management Corp. that donates at least 5% of fund performance fees to charitable organizations. The additional firms bring the total number of asset managers involved in Promote Giving to 15, representing more than $44 billion of pledged assets. It has the potential to generate an estimated $300 million to $350 million in donations over the next decade, Ares said in a statement. /jlne. ws/4aY5ohwBroker Alpaca Raises $435 Million, Explores Prime Broking EntryBernard Goyder – BloombergBrokerage and financial infrastructure startup Alpaca has raised $135 million in equity and $300 million in debt, as it looks to expand a business that helps investors trade across financial markets using artificial intelligence agents. The equity investment, led by Peak XV Partners, is a follow on from a $150 million Series D round announced in January that valued the company at $1. 15 billion, Alpaca said in a Thursday statement. The debt financing was provided primarily by Kraken and BMO, it added. /jlne. ws/3T3zdakMorgan Stanley Landed Its Multibillion-Dollar WhalePaul J. Davies – BloombergCaptain Ahab never caught Moby Dick, but Morgan Stanley shows how tracking billionaire tech whales like Elon Musk can eventually land a fortune. Not long ago, the bank appeared to have shot itself in the foot as lead lender on the disastrous $44 billion buyout of social media platform Twitter, now known as X. But by staying close to Musk until the mercurial entrepreneur’s rocket company SpaceX listed on Nasdaq, the bank has more than won back its earlier losses. /jlne. ws/456eCVvDimon Warns of Broad Mythos Access, Calling It a Real IssueHannah Levitt – BloombergJPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the risks raised by Anthropic PBC’s Mythos artificial intelligence model are a “real issue” that the US government is on top of now. Rapid advancements in AI models in recent months have both industry and government assessing potential threats. The issue took on more urgency after Anthropic said its Mythos model is so good at finding software vulnerabilities that it can’t be released to the general public. Dimon warned about the risks of having a sophisticated system handed to a wide audience of people Wednesday at Senator Dave McCormick’s Pennsylvania Defense and Innovation Summit. /jlne. ws/4fp54KdJPMorgan Leads $3 Billion Financing for Warburg’s Pantherx BuyAaron Weinman – BloombergA group of lenders led by JPMorgan Chase & Co. is lining up a debt package worth up to $3 billion to support Warburg Pincus’ acquisition of Pantherx Specialty LLC, according to people familiar with the matter. The financing is expected to include first- and second-lien tranches of debt and may also include about $1 billion of preferred equity, said the people, who requested anonymity to discuss a private transaction. /jlne. ws/4vyfgWEState Street’s quarterly profit jumps 56% on strong fee incomeReutersCustodian bank State Street (STT. N) reported a rise in profit on Thursday, driven by a jump in fees earned ‌from managing client assets. Shares of the bank, which have gained nearly 45% in 2026 and outperformed the broader markets, were up 1. 8% in trading before the ⁠bell. /jlne. ws/4f5i5JVHedge FundsHedge Fund Giants Are Snapping Up Smaller Rivals’ Trade IdeasLiza Tetley and Nishant Kumar – BloombergThe world’s biggest hedge funds are zeroing in on a new approach to talent: tapping portfolio managers at smaller firms for ideas. Firms such as Citadel and Point72 Asset Management have come to dominate the industry by relying on arrays of in-house investment teams to generate alpha, or market-beating returns. The success of that model has helped them gather unprecedented amounts of capital, while also sparking a costly war for talent. Now the multistrategy giants are homing in on one of the few resources they have yet to fully exploit: outside intelligence. That increasingly means paying for “buyside alpha” signals, seeking out raw trading ideas from small managers who are too niche or too independent to be hired. /jlne. ws/4hh4QHmHedge Fund Carronade, Nearing $4 Billion, Closing to New ClientsKatia Porzecanski – BloombergHedge fund Carronade Capital Management will close to new investors at year-end after reaching $3. 7 billion in assets under management. The Darien, Connecticut-based firm told investors that the fund is at about 60% of its long-term capacity and will only accept cash from existing clients starting in 2027, according to a letter seen by Bloomberg. The multistrategy fund, which was launched by Dan Gropper in July 2020, has annualized gains of about 10. 5% since its inception, according to people familiar with the matter. /jlne. ws/4px08riKing Street Restricts Client Withdrawals From Its Hedge FundKatherine Burton – BloombergKing Street Capital Management told clients it’s significantly restricting withdrawals from its main hedge fund, moving investors who want to exit to a separate vehicle that will sell off the assets over time. The 31-year-old fund has struggled with lackluster performance, fleeing clients and an exodus of long-tenured staff. It now manages less than $8 billion, down from $20 billion a little more than a decade ago. King Street’s move “will enable us to manage and liquidate assets in an orderly fashion and to monetize positions at the most attractive exit points,” founder Brian Higgins, 61, wrote Wednesday in a letter to investors. /jlne. ws/4aXsGURPrivate MarketsPrivate Credit Attracts More Insurers Despite Market JittersAlexandre Rajbhandari – BloombergA growing share of global insurers want to increase their allocation to private credit despite concerns about the asset class. About 57% of global insurers plan to invest more in private credit instruments over the next 12 to 24 months, according to a survey released Thursday by Marsh & Mclennan Cos. Among US insurers, that figure jumps to 65%. /jlne. ws/3T45f61The rating reforms needed to tackle private credit’s vulnerabilities; Once again rating agencies are the centre of systemic concernsHaran Segram – Financial TimesLess than 20 years after the financial crisis, credit rating agencies are once again at the centre of concerns about a systemic risk in finance — this time about how they are now grading the private credit market. UBS chair Colm Kelleher warned late last year the insurance industry was engaging in “ratings arbitrage” in private credit. That followed a letter by US senator Elizabeth Warren sent to the big agencies asking whether recent ratings have been inflated. The global Financial Stability Board also warned in May that private credit remains untested in a prolonged economic downturn. /jlne. ws/4ygWeGOWORK MGMTAI Knows What You Did Online. Now Your Employer Does, Too. Companies are digging deeper than ever into workers’ internet histories before— and after—hiringCallum Borchers – The Wall Street JournalLeaving the wrong kind of digital footprint can sabotage your career. Maybe you thought you already knew this, but artificial intelligence is making it easier to trace your online history and efforts to cover your tracks can backfire. Employers that once performed cursory internet searches for red flags on job candidates now use AI to dig deeper, more quickly. And, as adult-content platforms like OnlyFans and prediction markets surge in popularity, people are often unwittingly dropping more compromising breadcrumbs on the internet. /jlne. ws/3QYfIzrBalancing life and work: it isn’t easyBob Pisani – LinkedinFew people have spent decades translating the complexities of Wall Street into stories that millions can understand quite like Bob Pisani. For more than 35 years at CNBC, Bob became one of the most trusted voices reporting from the floor of the New York Stock Exchange, bringing clarity, perspective, and humanity to the financial markets. Today, as he begins a new chapter beyond his daily reporting role, it is the perfect time to look beyond the market ticker and discover the person behind the microphone. I’ve had the privilege of watching Bob’s remarkable capital markets reporting firsthand and working with him throughout the years during his CNBC career—not only on business coverage, but also on projects centered around food, wine, and giving back to the community. In fact, our conversations rarely begin with the markets. More often, they start with the arts, comparing notes on recent travels, interesting projects, memorable meals, and favorite wines. /jlne. ws/3TEHNfKWellness ExchangeCDC nominee refuses to say if she’d defy RFK Jr. on vaccine ordersMike Stobbe, Nick Lichtenberg and The Associated Press – FortuneThe Trump administration’s latest nominee to lead the nation’s top public health agency drew frustrated reactions from some U. S. senators on Wednesday when they pressed her on whether she would protect the Centers for Disease Control and Prevention from political meddling. /jlne. ws/4fi8Y7hHow to Protect Yourself From Alpha-Gal Syndrome; The red-meat allergy, caused by a tick bite, is becoming more common in parts of the country. Maggie Astor – The New York TimesThe spread of the lone star tick and alpha-gal syndrome, the red-meat allergy its bite can cause, has alarmed many Americans. But experts say the risk is still low in much of the country, and there is a lot you can do to protect yourself against it and other tick-borne illnesses. Lone star ticks, which are native to the South, have spread over several decades, and reports of alpha-gal syndrome have increased in the past few years. It’s one of several tick species that have been driven into new regions by a warming climate, land use changes and growing deer populations. /jlne. ws/4w6UnCTAlzheimer’s Blood Tests Offer New Promise to Diagnose and Predict the DiseaseDana G. Smith and Pam Belluck – The New York TimesResearch presented this week at the Alzheimer’s Association International Conference in London suggests that the use of blood tests for Alzheimer’s could eventually transform the way the disease is diagnosed and even predict who might develop Alzheimer’s and when. One study presented on Tuesday showed that, when primary care doctors had access to blood test results, their accuracy in diagnosing whether a patient’s cognitive symptoms were caused by Alzheimer’s improved considerably. /jlne. ws/4fixANc‘Lettuce or Salad Greens’ Identified as Potential Source of Cyclospora OutbreakAlice Callahan – The New York TimesIn a news release issued Monday, health officials in Michigan identified a possible source of an outbreak of cyclosporiasis, an illness resulting from infection with the parasite cyclospora, which is transmitted through food and water contaminated with feces. “Current results point to lettuce or salad greens as a potential source for this outbreak,” officials said via the release, though they cautioned that the source was not yet definitive, and that other food items could not be ruled out. They also did not specify a grower or supplier. /jlne. ws/45bflEMRegionsTaiwan eyes local AI as digital ‘bulwark’ against Chinese influenceTsukasa Hadano – Nikkei AsiaTaiwan is rushing to further develop its local generative artificial intelligence model, aiming to protect its language and culture by countering the mainland Chinese content that other models are trained on. /jlne. ws/4pqTEtNWildfire Smoke Spreads Across the Northeast as Temperatures SpikeJudson Jones and Mark Walker – The New York TimesNew York City on Wednesday night smelled of smoke and the sky turned a faint orange as air polluted by wildfires from Canada and the Great Lakes slipped across the Northeast, prompting alerts about poor air quality. The haze is expected to continue through the night, and even to worsen in some places, as the same heat dome that is pushing temperatures close to 100 degrees across much of eastern Canada and the United States traps the smoke from faraway wildfires close to the ground. /jlne. ws/4wis708MISCThe Hunt for the Counterfeiter Trying to Make the Perfect Bill; On the trail of the world’s best counterfeit artists. Yudhijit Bhattacharjee – The New York TimesIt was well before dawn on Oct. 14, 2023, when a team of law enforcement officers met up with four army platoons near the town of Caldono, in southwest Colombia. The officials, led by a mild-mannered investigator named Leonardo Prieto, were preparing to raid a facility suspected of producing counterfeit U. S. bank notes. Some of the most realistic fake bills in dollar denominations come from Colombia, which is one of the world’s top producers of counterfeit currency. /jlne. ws/4f60fX7

Source: johnlothiannews.com