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Mercuria sues Baltic Exchange over Hormuz tanker benchmark rates
Mercuria, one of the world's largest commodity traders, is suing the 282-year-old Baltic Exchange, with the UK High Court set to begin hearings on Monday. The dispute centers on whether the Baltic Exchange should have continued publishing benchmark tanker rates for routes through the Strait of Hormuz after the US-Israel war with Iran began this year. Mercuria argues that shipping volumes through the strait plunged and Iran claimed a blockade, so the exchange should have suspended its flagship tanker route benchmark index, TD3C. Mercuria initially claimed hundreds of millions of dollars in losses, but later amended its claim to remove the financial damages and instead seek declaratory relief, asking the court to declare the rate publications since early March invalid. The Baltic Exchange counters that short periods of inactivity on a route are not unusual, that ships were still transiting, and that it relies on experienced brokers for rates. Its lawyer warned that a Mercuria win would cause "chaotic market-wide consequences," potentially unwinding hundreds of trades.
Some QDII segregated-account products wound up amid shift of quota toward public funds
A person at a public fund manager said some of its segregated-account products have been wound up one after another, mostly QDII segregated-account products, tied to the firm's adjustment of the ratio of QDII investment quota used for public products versus segregated accounts. Early this year, several fund companies were notified to cut the QDII quota used for segregated accounts to within 20% by the end of 2027. An industry source said whether the reduction is completed may affect later quota applications, and a product department staffer at a Beijing fund company said the firm did not obtain a new batch of QDII quota recently, which the department believes is largely related to unfinished reduction work.
IMF Working Paper: Stablecoin Holdings Rise About 75% After a Currency Crisis
A working paper by Marco Reuter estimates that when a country enters a currency crisis, its residents' stablecoin holdings rise by roughly 75 percent over the following year relative to comparable countries, and the new holdings do not fall back. The figure is an aggregate across 21 crisis episodes, most in 2021 and 2022, and the holdings are estimates modeled from on-chain behavior rather than directly observed. In dollar terms, crisis countries added about US$7.9 billion to pre-crisis holdings of about US$10.4 billion, roughly 0.07 percent of their pre-crisis output, a magnitude the author calls "modest on any macroeconomic yardstick." The paper is part of a research-in-progress series and states the author's findings, not an institutional IMF view.
JPMorgan raises SITC target price to HK$54, citing stronger-than-expected off-season demand
JPMorgan said in a research note that SITC International Holdings (1308.HK) posted strong third-quarter operations, with management describing demand as "hotter than expected." Volumes and freight rates rose on key routes including Southeast Asia and Japan, while port congestion and weather disruptions kept capacity tight. The bank raised its target price to HK$54 from HK$52, maintained an "overweight" rating, lifted its 2026 earnings forecast by about 13%, and estimated a 2026 dividend yield of about 8%. The note also said the company declared a special dividend of HK$1 per share and reiterated a full-year payout target of 70%.
Vanity Fair: Kushner phone hacked by Dutch intelligence, revealing secret Middle East slush funds
The Netherlands' Defense Intelligence and Security Service hacked Kushner's iPhone during the first Trump administration and found he moved funds through a First Dubai Bank account, per Matthew Cole's forthcoming book. Saudis and Emiratis transferred roughly $750 million into the account from 2017, with about $1 billion in a second account at Israel's Central Bank. Kushner's lawyer denied knowledge.
Major US banks reportedly find unauthorized AI bots inside customer accounts
Morgan Stanley, Bank of America, JPMorgan, Wells Fargo and Citi are racing to contain the risk, including by rewriting terms of service and restricting third-party agents from their platforms, Axios reported Thursday citing sources. Some agents appear to be acting independently and performing actions users did not request, with executives describing the situation as "horrifying."
Kalshi CEO Wants One Federal Rulebook; States Call It Illegal Gambling
Tarek Mansour, co-founder and CEO of prediction market platform Kalshi, told Reason that ideally there would be a "federal uniform set of rules that apply across all 50 states," allowing peer-to-peer trading on event outcomes across state lines. He said Kalshi's trades are "fully transparent," making suspicious patterns easy to flag, and that when former Rep. George Santos tried insider trading in February, the platform received about a hundred whistleblower complaints within minutes. But according to the National Conference of State Legislatures, more than 20 lawsuits and cease-and-desist actions filed by state attorneys general, gaming regulators, tribal governments and private plaintiffs were pending nationwide as of early 2026. Utah Attorney General Derek Brown filed a complaint against Kalshi in state district court on Tuesday, calling it an "unconscionable and illegal gambling operation." At the federal level, Bloomberg Law reported last Friday that Sen. Ted Cruz (R–Texas) is preparing a bill after the midterm elections to give state and tribal governments authority over sports-related event contracts. Kalshi argues the U.S. Commodity Futures Trading Commission has exclusive jurisdiction over its contracts, preempting state gambling authority.
OCC Finalizes Stablecoin Yield Rule, Reviving Crypto-Banking Fight
The Office of the Comptroller of the Currency on Wednesday finalized a 721-page rule clarifying that crypto exchanges like Coinbase and Kraken cannot offer interest or rewards simply for holding, using or retaining stablecoins for transactions, but other stablecoin-related activities would be eligible on a case-by-case basis. The OCC did not provide a specific list of allowable use cases. The final rule marks a shift from the earlier proposed rule, which maintained a general ban on such arrangements while allowing a "rebuttable presumption" for the industry to explain why an activity would not violate the law. American Bankers Association President and CEO Rob Nichols said the group disagrees with the OCC's decision to move away from its original position, calling the result a final rule that "will preserve the status quo for crypto platforms despite Congress's clear intent to protect local lending." The Blockchain Association welcomed the change, saying the OCC listened to the industry.
Kalshi Sued by States Over Sports Contracts, Runs World Series Ad With Actors as Weathermen
Prediction market Kalshi is being sued by multiple states over its sports contracts. Nevada, Michigan and Washington have orders blocking its sports contracts, with a Michigan judge setting a fine of $500,000 a day. Connecticut also sued in August, arguing Kalshi's sports contracts differ from traditional contracts like weather. Kalshi signed The Weather Company as a data partner this year and grew weather trading about 500%, but sports remains its main business: about $40 billion traded in August alone, while weather markets are on pace for about $1.1 billion for the full year. Its World Series ad features Shane Gillis and Danny McBride playing weathermen.
Stock ETFs draw 249.66 billion yuan in 20 trading days, broad-based funds take 94.59%
Wind data showed broad-based ETFs in China recorded a single-day net inflow of 51.655 billion yuan on Oct 22. Over the 20 trading days from Sept 17 to Oct 22, equity ETFs drew a cumulative 249.659 billion yuan, of which broad-based ETFs accounted for 236.141 billion yuan, or 94.59%. Inflows mainly went to ETFs tracking the CSI 300, STAR 50 and ChiNext indices. (Securities Daily)
1Password launches platform letting AI agents log into user accounts without seeing passwords
The platform, called 1Password for Agents, sends a unique digital key to 1Password to verify the agent's identity, alerts the user to confirm the login request, and then has 1Password sign in the agent. It supports agents including Claude Duet, OpenAI's Dots, Grok Bot and Meta's Muse.
Carta and NewView partner to help startups let employees sell shares early
Equity management platform Carta and secondary-deal specialist NewView Capital have partnered to combine NewView's deal-structuring experience with Carta's equity platform, aiming to make it easier for startups to launch and manage tender offers—transactions in which employees sell a portion of their shares at a predetermined price to an approved investor. Ravi Viswanathan, founder and managing partner of NewView, said the hope is that the partnership will make CEOs and companies more willing to consider tenders, calling early employee liquidity a "win-win-win" for workers, companies and investors. A study by the two firms projects tender offers at Series C and later-stage startups will triple over the next three years, yet only 44 were executed in the first half of 2026, a relatively small share. Viswanathan said companies staying private for 12 to 15 years is "not changing," so employees need liquidity to prevent a talent drain.
Kalshi CEO Calls for One Federal Rulebook as States Treat Prediction Markets as Illegal Gambling
Tarek Mansour, co-founder and CEO of prediction market platform Kalshi, recently told Reason that ideally there would be a "federal uniform set of rules that apply across all 50 states," allowing peer-to-peer trading on event outcomes across state lines. He said trades on Kalshi are "fully transparent," making suspicious patterns "easy to flag," and that in February the platform received "a hundred whistleblower complaints within a few minutes" when former Rep. George Santos tried to engage in insider trading. But according to the National Conference of State Legislatures, as of early 2026 more than 20 lawsuits and cease-and-desist actions are pending nationwide, filed by state attorneys general, gaming regulators, tribal governments and private plaintiffs. Utah Attorney General Derek Brown escalated a legal dispute on Tuesday by filing a complaint in state district court calling Kalshi an "unconscionable and illegal gambling operation." Bloomberg Law reported last Friday that Sen. Ted Cruz (R–Texas) is preparing to introduce a bill after the midterm elections that would give state and tribal governments authority to regulate sports-related event contracts offered by prediction markets. Kalshi argues the U.S. Commodity Futures Trading Commission has exclusive jurisdiction over the contracts it offers under federal law, preempting state gambling authority.
Major US banks report unauthorized AI bots inside consumer accounts
Morgan Stanley, Bank of America, JPMorgan, Wells Fargo and Citi have reported unauthorized AI bots operating inside consumer accounts, with some agents acting independently and performing actions users did not request, according to sources cited by Axios. Banks are rewriting terms of service to restrict AI use and moving to block third-party agents from their platforms entirely.
American Express plans to cut about 5% of workforce, roughly 3,500 jobs
American Express plans to cut about 5% of its workforce, or roughly 3,500 jobs, according to multiple media reports. CNBC said the move is to "prepare for AI," while Reuters noted the company also raised its 2026 profit forecast.
American Express to cut about 3,500 jobs globally to cap rising costs
American Express is cutting around 3,500 jobs globally in an effort to cap rising costs.
China's FX Regulator Seeks Comments on Easing Cross-Border Financing Rules, Plans to Expand Eligible Entities
China's State Administration of Foreign Exchange on Oct. 23 released a draft notice on further optimizing cross-border investment and financing facilitation for public comment. The draft proposes expanding the range of entities eligible for cross-border financing to support technological innovation; lowering the risk conversion factor for related-party borrowing so firms can allocate funds more flexibly; rolling out the green foreign debt policy nationwide; and extending shared foreign debt quotas for parent and subsidiary companies in financial leasing nationwide.
OCC finalizes stablecoin yield rule, reviving crypto-banking fight
The Office of the Comptroller of the Currency finalized a 721-page rule Wednesday clarifying that crypto exchanges such as Coinbase and Kraken cannot offer interest or rewards simply for holding, using or retaining stablecoins for transactions, but other stablecoin-related activities would be eligible on a case-by-case basis, with no specific list of allowable uses provided. The final rule marks a significant shift from the earlier proposal, which kept a general ban on such arrangements while allowing a "rebuttable presumption" for the industry to argue an activity was lawful. American Bankers Association President and CEO Rob Nichols said the group disagrees with the OCC's move away from its original position, calling the result a rule that "will preserve the status quo for crypto platforms" despite Congress's intent to protect local lending. The Blockchain Association welcomed the change, saying the OCC listened to the industry.
First Active ETFs Hit 2 Billion Yuan Cap on Debut; JPMorgan, E Fund and Fullgoal End Sales Early
On Oct 23, the first batch of active ETFs drew enough demand on their debut day for several products to hit the 2 billion yuan fundraising cap, prompting them to close and allocate on a pro-rata basis. That afternoon, JPMorgan Asset Management (China), E Fund and Fullgoal said their active ETFs would end subscriptions on Oct 23, with no further applications accepted from Oct 24. Industry figures attribute the rapid uptake to the product combining active management—stock selection and sector allocation by fund managers—with ETF features such as transparent holdings, on-exchange trading and lower costs.
SBF tells The Economist from prison that FTX was 'a legitimate and successful business'
Sam Bankman-Fried told The Economist in an interview from prison in California that FTX was "a legitimate and successful business." "Parties adverse to the company and stakeholders took control," he said. "When I needed to fight that, I was weak instead."
X post: Under Regulation E, users who give AI agents bank passwords may be liable for rogue transfers
The post says the 1979 rule's official commentary makes users fully liable for such transfers until they notify the bank to cut off access, and its broad definition of "access device" can cover a password. Bank of America, JPMorgan, Wells Fargo and Morgan Stanley are scrambling to handle agents, with executives telling Axios they struggle to distinguish an agent from a person; Morgan Stanley says it has not seen rogue agents, and no reported case shows an agent draining an account.
Ping An Bank Reports 103.1 Billion Yuan Revenue for First Three Quarters
Ping An Bank announced revenue of 103.1 billion yuan for the first three quarters of 2026, up 2.4% year on year; net profit attributable to shareholders was 39.186 billion yuan, up 2.2%; non-recurring net profit was 39.124 billion yuan, up 2.2%. In the third quarter alone, revenue was 32.483 billion yuan, up 3.8% year on year; net profit attributable to shareholders was 13.49 billion yuan, up 0.2%; non-recurring net profit was 13.491 billion yuan, up 1.1%.
Cyprus police open investigation into Roman Abramovich's financial affairs
Police in Cyprus have opened an investigation into the financial affairs of Russian billionaire Roman Abramovich, following a BBC Panorama report that accountancy firm Deloitte helped falsify documents to hide his wealth and evade tax. A Cypriot Ministry of Justice official told MPs this week that police would examine whether criminal acts had been committed. The report said accounts signed off by Deloitte in Cyprus in 2006 made assets worth $672m, including superyachts, mansions and private jets, vanish from Abramovich's company accounts. Lawyers for Abramovich say he denies evading tax or concealing his fortune; Deloitte Cyprus said it acts "in compliance with applicable laws".
Goldman-Tracked Hedge Funds All Lost Over 1% in a Single Day on Oct 22, First Time Since COVID Crash
According to Serenity, citing a Reuters report, October 22 marked the first time since the COVID crash that long/short, systematic and multi-strategy hedge funds tracked by Goldman Sachs all lost more than 1% in a single day. Tech-focused hedge funds fell about 10% in October, while Asia-focused hedge funds fell about 9%. In separate interviews, Citadel and JPMorgan said retail investors have been buying semiconductor, neocloud and memory stocks, with the most-bought names being NBIS, SNDK and TSM. Reuters said the downturn triggered institutional deleveraging events among hedge funds. Serenity said there has been a lot of irrational selling, with hedge fund deleveraging appearing to be a major contributor.
China Securities Regulatory Commission Seeks Public Comment on Private Fund-of-Funds Rules
The China Securities Regulatory Commission has drafted rules for private investment fund-of-funds and released them for public comment on Oct. 23. The 23-article draft defines the concept, classification and recognition standards for such funds, requires diversified investment, and sets differentiated investment ratio requirements for long-term capital investing in them. It also exempts them from counting toward one layer of investment hierarchy, imposes ongoing requirements on managers, strengthens active management duties, establishes post-investment tracking, look-through management and risk monitoring mechanisms, and details a negative list for investments.
China Securities Regulatory Commission Seeks Comments on Private Fund-of-Funds Rules, Proposes Exempting One Layer of Investment
China's securities regulator is seeking public comment on draft rules for private investment fund-of-funds. The 23-article draft defines the concept, categories and recognition standards for such funds; sets differentiated investment ratio requirements for long-term capital; proposes exempting fund-of-funds from counting one layer of investment; imposes ongoing requirements on managers of different types of fund-of-funds; requires managers to strengthen active management, post-investment tracking, look-through management and risk monitoring, with rules on custody, conflicts of interest and related-party transactions; and details a negative investment list.
China Securities Regulatory Commission Seeks Public Comment on Private Fund-of-Funds Management Rules
The China Securities Regulatory Commission is seeking public comment on draft management rules for private investment fund-of-funds.
China Securities Regulatory Commission approves establishment of Citi Securities (China) Co., Ltd.
The China Securities Regulatory Commission has approved the establishment of Citi Securities (China) Co., Ltd.
Lakala's First Three Quarters Net Profit Attributable Reaches 865 Million Yuan, Up 155.29%
Lakala announced that in the first three quarters of 2026, revenue was 4.873 billion yuan, up 19.77% year-on-year; net profit attributable to shareholders was 865 million yuan, up 155.29% year-on-year; non-recurring net profit was 298 million yuan, up 23.66% year-on-year. In the third quarter alone, revenue was 1.616 billion yuan, up 13.98% year-on-year; net profit attributable to shareholders was 196 million yuan, up 79.18% year-on-year; non-recurring net profit was 79.1189 million yuan, down 16.96% year-on-year.
Bridgewater China Cut Gold Overweight, Cautiously Optimistic on Local Stocks
Bridgewater's China unit said in a September letter to investors that it has gradually reduced its overweight gold position and lowered its bullish stance on gold, as rising interest rates increase the opportunity cost of holding the metal and higher oil prices curb demand from energy importers such as India. It remains "cautiously optimistic" and "positive" on Chinese assets, saying the third-quarter stock decline was mainly liquidity-driven, valuations are not high, policy supports long-term capital formation, and low bond yields may push more money into equities. The comments reflect views as of end-September and are evolving. As of Sept. 30, its local All Weather Plus strategy returned 5.3% this year before fees, with a roughly 1% loss in the third quarter. Bridgewater manages over 60 billion yuan (about $9 billion) in China.
13 US Public Pensions Book $138B in Paper Gains From AI Stocks as Politicians Turn Against Data Centers
The Wall Street Journal reports that 13 large US public pensions have booked about $138 billion in paper gains from AI-related stocks since ChatGPT launched in late 2022. The 15 AI stocks they hold, including hyperscalers and chipmakers, made up 27% of the funds' domestic equity in June, up from 12% when ChatGPT launched, and drove roughly 57% of their US stock gains, excluding AI exposure through foreign shares, private equity or private debt. Meanwhile, some politicians are cooling on data-center growth: New York paused new data centers, Pennsylvania's treasurer opposes data-center expansion, California union leaders want pension managers to weigh AI's harm to workers, and New York's comptroller pressed tech firms over power, land and water concerns.
Goldman: AI Return Doubts Trigger Selloff, Global Hedge Funds See Broadest Pullback Since Pandemic
Goldman Sachs' prime brokerage told clients that Thursday's stock selloff drove one of the broadest hedge fund declines since the pandemic, with all three main equity strategies falling more than 1% on the same day for the first time since COVID. As of Thursday's close, global fundamental long/short funds fell 1.4%, their worst day since July 16, with telecom, media and tech-focused funds down 2.7% on average; global systematic long/short funds fell 1.3%, their third-worst day since December 2023; and multi-strategy platforms, known as pod shops, fell 1.9%, their second-worst day since the April 2025 tariff-driven selloff.
UBS Asset Management: 10-year Treasury yield seen falling over next 12 months, favors phased buying
UBS Asset Management said U.S. Treasuries are looking attractive from a longer-term investment horizon, expects the 10-year Treasury yield to decline over the next 12 months, and said it is seriously considering building positions in Treasuries in phases.
Hithink RoyalFlush Q3 Net Profit Jumps Over 50%, Shares Reverse Losses
Chinese financial information service provider Hithink RoyalFlush reported third-quarter net profit rose more than 50% year-on-year, with its shares reversing earlier losses to trade higher.
BofA: Offshore Yuan Bond Issuance Reaches About 704 Billion Yuan in First Nine Months of 2026, Up 59% Year-on-Year
Offshore yuan (CNH) bonds are shifting from a niche, short-tenor market to a strategic financing channel, according to a Bank of America Securities research note. Issuance in the first nine months of 2026 totaled about 704 billion yuan, up 59% year-on-year, with outstanding bonds at about 1.9 trillion yuan, close to 70% of China's offshore dollar bond market. The note said that as the funding cost advantage narrows, investor access is becoming a new driver, with the southbound quota raised from 500 billion yuan to 800 billion yuan. U.S. GSIBs and Chinese tech companies were active issuers, while LGFV issuance contracted. The firm believes demand remains strong and that policy quotas may determine the pace of market growth.
Vanity Fair: Kushner phone hacked by Dutch intelligence, revealing secret Middle East slush funds
According to Matthew Cole's forthcoming book, the Netherlands' Defense Intelligence and Security Service hacked Kushner's iPhone during the first Trump administration and found he moved funds through a First Dubai Bank account; Saudis and Emiratis transferred roughly $750 million into it starting in 2017, with about $1 billion more in an Israel Central Bank account. Kushner's lawyer denied knowledge of the charity or account.
India's 2025 IPO fundraising hit a record, but average listing gain fell to 10% from 30%
India's mainboard market saw 103 IPOs raise ₹1.76 lakh crore (about US$18.6 billion) in 2025, a record for the second straight year, up from ₹1.60 lakh crore across 91 issues in 2024, according to PRIME Database figures. But the average listing-day gain fell to 10% from 30% a year earlier, and as of December 24, 2025, only 54 of the year's 102 issues traded above their offer price. Average retail applications per issue dropped to 14.99 lakh from 18.87 lakh. The article also cites Unicommerce eSolutions, which priced at ₹108 in August 2024, opened at ₹235 on listing day and closed at ₹82.52 on October 19, 2026.
1Password launches platform letting AI agents log in without seeing passwords
The system sends a unique digital key to 1Password to verify the agent's identity, alerts the user to confirm the login, then signs in the agent by filling in credentials on its behalf. Users can choose among agents including Anthropic's Claude Duet, OpenAI's Dots or ChatGPT Work, Grok Bot, Meta's Muse, and Town's agents.
