Search

Russia has successfully addressed a deficit of yuan, which caused a spike in borrowing costs, by finding alternative payment conduits amidst US pressures. The country's pivot towards the Chinese currency was initially challenged by the threat of sanctions, but it has since adapted to the sanctions environment. Despite some slowdown in cross-border payments, Russia's trade with China has remained stable, with a significant portion of exports paid for in yuan. [Extracted from the article]

FTSE Russell's CEO announced a shift from annual to semi-annual reconstitution of US indices starting in 2026, citing increased volatility and massive trading activity. The decision was influenced by feedback from clients and market dynamics, with nearly $220 billion traded during the June reconstitution. The move aims to maintain the accuracy and representation of the markets, with analysts viewing it positively for investors and ensuring appropriately sized companies in each index. [Extracted from the article]

In 2024, UK home sellers experienced the smallest profit margin in over a decade due to high interest rates and a cost-of-living squeeze, with the average gross profit on a sale in England and Wales being £91,820 ($112,929). Higher mortgage rates and transaction costs, such as stamp duty, made it more expensive for households to move, leading to homeowners staying put for longer. Despite the challenging housing market, 91% of households in England and Wales sold their homes for a profit in 2024, with nearly a third making six-figure gains. [Extracted from the article]

In 2024, the stablecoin market, valued at $205 billion, is gaining mainstream attention from major financial players like Visa, PayPal, and Stripe. Stablecoins, designed to be pegged to traditional currencies like the US dollar, offer stability and are increasingly used in transactions worldwide. While Tether dominates the market, competition is growing, with regulatory challenges in the EU and interest from US companies like Visa, Revolut, and Stripe. Despite the potential for revenue and efficiency, stablecoins are not without risks, as seen in the collapse of TerraUSD in 2022. Regulatory frameworks vary globally, with the EU leading in clear guidelines for stablecoin operations. The industry is optimistic about growth in 2025, with stablecoins offering a low-risk entry point for non-crypto companies into the digital asset space. [Extracted from the article]

The UK's Payment Systems Regulator is considering capping credit-card fees for certain purchases made by European consumers, a move that could impact revenue for European banks. The proposed cap is 0.3% for credit card transactions and 0.2% for debit card spending, with concerns raised by members of the European Parliament about potential financial losses for European banks. Visa and Mastercard have expressed reservations about the proposed cap, citing potential negative impacts on the value of card payments. The regulator is collecting feedback on the proposal to ensure UK businesses receive a better deal. [Extracted from the article]

Dogecoin, originally created as a joke, has unexpectedly gained popularity among businesses due to its fast transaction times and low fees. It is being used for real-world purchases at places like Williamsburg Pizza in New York and the University Sports Grill in Arizona. Dogecoin is also being used for remittances, as its transactions are faster and cheaper than other cryptocurrencies. Despite its humorous origins, Dogecoin has garnered support from celebrities like Elon Musk and Mark Cuban, and its virality has made it an effective marketing tool for businesses. However, it is important to note that Dogecoin is considered less secure than Bitcoin and its value is prone to wider swings. [Extracted from the article]

Nigeria has reached an agreement with the Dangote Refinery, in which the Nigerian National Petroleum Co. will supply crude to the refinery and in return be the sole distributor of gasoline from the plant. This deal has the potential to disrupt global trade in crude and refined products, as it reduces Nigeria's dependence on imports and the refinery's need for imported crude. The Dangote Refinery will be able to produce enough gasoline to meet Nigeria's demand, and the transaction will be performed in local currency. This initiative aims to reduce pressure on the naira, eliminate unnecessary transaction costs, and improve the availability of petroleum products in the country. [Extracted from the article]

Londoners are increasingly buying homes further away from the capital in order to get more value for their money. According to a report from broker Hamptons International, the average person moving from the city bought a home a record 39 miles outside of London between January and June, which is six miles further than in 2019. This trend is driven by city workers settling into a new normal of remote work and wanting to stretch their equity further. While the number of first-time buyers leaving London has declined due to lower mortgage costs and house prices, those who do leave are increasingly seeking more affordable areas closer to the city rather than moving further away. [Extracted from the article]

Offchain Labs, the software developer behind the Arbitrum blockchain, is launching a new unit called Tandem that aims to promote mainstream adoption of crypto networks. Arbitrum is a layer 2 blockchain used for faster and cheaper transactions on Ethereum. Tandem will focus on projects within the Ethereum ecosystem that contribute to the mainstream adoption of blockchain technology. Offchain Labs has committed over $10 million to Tandem, which is supported by venture investors including Lightspeed Venture Partners and Ribbit Capital. [Extracted from the article]

Offchain Labs, the software developer behind the Arbitrum blockchain, is launching a new unit called Tandem that will focus on fostering mainstream adoption of crypto networks. Tandem will primarily focus on projects within the Ethereum ecosystem that aim to promote the mainstream adoption of blockchain technology. Offchain Labs has committed over $10 million to Tandem, which will operate independently from Arbitrum. The new business unit is expected to become a significant source of revenue for Offchain Labs. [Extracted from the article]

India's central bank, the Reserve Bank of India (RBI), has downplayed concerns over recent restrictions it imposed on foreign ownership of bonds eligible for inclusion in a global index. The RBI's Deputy Governor, Michael Patra, stated that foreigners own only two trillion rupees ($23.7 billion) of the 41 trillion rupees ($488 billion) worth of bonds available to them, indicating that the situation is not as dire as it may seem. The central bank's move to limit access to newly issued Indian government bonds with 14-year and 30-year tenors surprised investors, coming just a month after JPMorgan Chase & Co. included Indian government securities in its main emerging-market index. Patra explained that the majority of foreign investments are in 5 to 10 year maturities, and the concentration of these investments in this segment is expected to increase liquidity and improve price discovery. JPMorgan estimates that the inclusion of Indian government bonds in its index will result in approximately $25 billion of inflows over a ten-month phase-in period, raising concerns about how authorities will manage the large inflows and potential volatility. [Extracted from the article]

India's central bank, the Reserve Bank of India (RBI), has downplayed concerns over recent restrictions it imposed on foreign ownership of bonds eligible for inclusion in a global index. The RBI's Deputy Governor, Michael Patra, stated that foreigners own only two trillion rupees ($23.7 billion) of the 41 trillion rupees ($488 billion) worth of bonds available to them, indicating that the situation is not as dire as it may seem. The central bank's move to limit access to newly issued Indian government bonds with 14-year and 30-year tenors surprised investors, coming just a month after JPMorgan Chase & Co. included Indian government securities in its main emerging-market index. Patra explained that the majority of foreign investments are in 5 to 10 year maturities, and the concentration of these investments in this segment is expected to increase liquidity and improve price discovery. JPMorgan estimates that the inclusion of Indian government bonds in its index will result in approximately $25 billion of inflows over a ten-month phase-in period, raising concerns about how authorities will manage the large inflows and potential volatility. [Extracted from the article]

Singapore's regulator has ordered remittance companies to suspend the use of non-bank and non-card channels for transmitting money to China starting from January 1. This three-month suspension comes after reports of remittances to China through Singapore being frozen in beneficiaries' bank accounts by Chinese law enforcement agencies. The reason for the frozen funds is unclear. Remittance companies use third-party agents to keep transaction costs low, but this practice has led to over 670 reports of frozen remittances, affecting around S$13 million ($9.8 million) of funds. [Extracted from the article]

The US federal government pension fund, which manages pensions for nearly 7 million federal employees, will exclude investments in Hong Kong, in addition to mainland China, for its $68 billion international fund. The decision comes amid rising tensions between the US and China, with Washington imposing restrictions on Chinese investments and trying to prevent China from acquiring high-end computer chips. The fund will switch its benchmark index to effectively rid exposure to Hong Kong and will now be benchmarked against the MSCI All Country World ex-USA ex-China ex-Hong Kong Investable Market Index. The move is aimed at reducing uncertainty and transaction costs caused by geopolitical tensions. [Extracted from the article]

A recent digital asset fund manager survey by CoinShares also showed that around 7% of the respondents believe Solana to have the most compelling growth outlook, an increase from 3.4% respondents last year. Solana's SOL token has surged about 340% to $41 in 2023, outdoing the 114% rally in market bellweather Bitcoin and becoming the best performing token among the largest cryptocurrencies tracked by Bloomberg. (Bloomberg) -- Almost a year after the demise of Sam Bankman-Fried's crypto empire, one of the blockchain projects most associated with the now disgraced entrepreneur is emerging from under the cloud his downfall cast over the digital-asset world. [Extracted from the article]

(Bloomberg) -- Visa Inc. and Mastercard Inc. are facing a new round of regulatory challenges, with the Federal Reserve proposing lower caps on the fees banks and payment companies can charge merchants when consumers swipe their debit cards at checkout. Interchange or swipe fees for debit and credit cards have become increasingly contentious in recent years, pitting payment firms against merchants, who argue the fees harm consumers. [Extracted from the article]

(Bloomberg) -- Visa Inc. and Mastercard Inc. are facing a new round of regulatory challenges, with the Federal Reserve set to propose lower caps on the fees banks and payment companies can charge merchants when consumers swipe their debit cards at checkout. Interchange or swipe fees for debit and credit cards have become increasingly contentious in recent years, pitting payment firms against merchants, who argue the fees harm consumers. [Extracted from the article]

(Bloomberg) -- Visa Inc. and Mastercard Inc. are facing a new round of regulatory challenges, with the Federal Reserve set to propose lower caps on the fees banks and payment companies can charge merchants when consumers swipe their debit cards at checkout. In a memo released Wednesday, Fed staff said the current interchange fee standards may no longer be effective for determining whether or not the the fee received by the debit card issuer is "reasonable and proportional to the cost." Interchange or swipe fees for debit and credit cards have become increasingly contentious in recent years, pitting payment firms against merchants, who argue the fees harm consumers. [Extracted from the article]

Also, brokers often charge fixed markups on securities, so when bond prices fall, transaction costs as a percentage of the purchase price will rise. (Bloomberg) -- Transaction costs for retail investors buying municipal bonds in the secondary market have jumped since 2021 as falling bond prices have made the securities riskier for dealers to hold, according to a study released on Tuesday. Dealers finding it harder to sell the bonds can translate to wider gaps between the prices at which brokerages will buy and sell securities, according to the MSRB. [Extracted from the article]

(Bloomberg) -- Russia is pressing ahead with plans to introduce a digital ruble, joining a growing list of countries to experiment with the electronic currency as it's wrestling with international isolation over its war in Ukraine. Russia's Rupee Trap Is Adding to $147 Billion Hoard Abroad The ruble has declined more than 18% against the dollar so far this year, the worst performance among emerging market currencies behind only Turkey's lira and the Argentine peso. [Extracted from the article]

Russia's Rupee Trap Is Adding to $147 Billion Hoard Abroad The ruble has declined 18% against the dollar so far this year, the worst performance among emerging market currencies behind only Turkey's lira and the Argentine peso. (Bloomberg) -- Russia is pressing ahead with plans to introduce a digital ruble, joining a growing list of countries to experiment with the electronic currency as it's wrestling with international isolation over its war in Ukraine. [Extracted from the article]

The EU in 2021 allowed rebundling of trading and research costs for analysis of stocks worth up to €1 billion ($1.1 billion). (Bloomberg) -- A notorious piece of European Union legislation that forced financial firms to separate the cost of investment research from that of trading could be reversed under plans being championed by the bloc's member states. [Extracted from the article]

"Ethereum Killer" Solana Falls Prey to Binance-FTX Deal Turmoil "I do worry about the impact this will have, given Alameda had large holdings in SOL that could get liquidated", said Tristan Frizza, founder of Zeta Markets, a derivative exchange built on the Solana blockchain. (Bloomberg) -- It was championed as the "Ethereum killer", the blockchain that would revolutionize crypto with lower transaction costs and faster speeds. [Extracted from the article]

The long-awaited software revision, termed the Merge, shifted the blockchain from a so-called proof-of-work system to a more energy efficient proof-of-stake method for securing the network. Ethereum Faces "Blockchain Trilemma" as "Merge" Mania Cools (Bloomberg) -- After much celebration over the successful transition of Ethereum, the question remains what's next for the most commercially-significant crypto project. [Extracted from the article]

(Bloomberg) -- After much celebration over the successful transition of Ethereum, the question remains what's next for the most commercially-significant crypto project. Ethereum Faces "Blockchain Trilemma" When "Merge" Mania Cools Ethereum will have to undergo yet another software change dubbed Shanghai, which is at least six months away, to enable withdrawals of the staked Ether. [Extracted from the article]

(Bloomberg) -- The price of the world's second-largest cryptocurrency by market value, Ether, and other digital assets are down, but it's a different story for nonfungible tokens following the long-awaited upgrade of the Ethereum blockchain. The upgrade, known as the Merge, also seems to have benefited marketplaces that sell NFTs based on Ethereum, which is the most popular blockchain for this type of token. [Extracted from the article]

"In a downtrend market, it shouldn't work, particularly in very volatile, range-bound markets", she said, adding that she'd like to see more research on these types of topics, as well as how transaction costs play a part. Theories abound, with some positing that investors have no choice -- thanks to the market's 24/7 nature -- but to turn to crypto while stocks are closed for trading. Correlations Vetle Lunde, analyst at Arcane Research, says he expected US trading hours to be the most significant contributor to the Bitcoin selloff in recent months, but hadn't expected to see that being the only contributor. [Extracted from the article]

Theories abound, with some positing that investors have no choice -- thanks to the market's 24/7 nature -- but to turn to crypto while stocks are closed for trading. "In a downtrend market, it shouldn't work, particularly in very volatile, range-bound markets", she said, adding that she'd like to see more research on these types of topics, as well as how transaction costs play a part. Correlations Vetle Lunde, analyst at Arcane Research, says he expected US trading hours to be the most significant contributor to the Bitcoin selloff in recent months, but hadn't expected to see that being the only contributor. [Extracted from the article]

(Bloomberg) -- A hedge fund pursuing a trading strategy based on fantasy goes broke. Readmore: Why Not Everyone Thinks Smart Beta's a Smart Idea: QuickTake Q&A The latest proliferation of such factors, Harvey says, is likely inflated because of an incentive system that ties the number of publications to promotions or salary raises. [Extracted from the article]

Buyers, some of whom were ApeCoin owners, ended up paying more in transaction fees than for the virtual land itself. (Bloomberg) -- ApeCoin owners have decided to keep the token, which is expected to be key to snagging exclusive metaverse game items and deals, on the Ethereum blockchain despite its high transaction fees. [Extracted from the article]

(Bloomberg) -- Many purchasers of Otherdeeds, the virtual land that sparked a buying frenzy last weekend and led to skyrocketing transaction fees on Ethereum, are underwater as prices dropped after the initial euphoria wore off. Yuga Labs, the creator of the popular Bored Apes Yacht Club collection of NFTs, helped raise approximately $320 million on Saturday from a sale of Ethereum-based Otherdeeds NFTs, making it the biggest sale of its kind. Buyers in the $320 Million "Otherdeeds" NFT Sale Are Underwater. [Extracted from the article]

Anticipation that interest would be strong for the plots -- Ethereum-based NFTs called Otherdeeds -- had pushed up the price of ApeCoin last week ahead of the sale. (Bloomberg) -- The ApeCoin cryptocurrency slumped after Yuga Labs, the creator of the popular Bored Apes Yacht Club collection of NFTs, raised about $320 million over the weekend through the sale of virtual land related to its highly anticipated metaverse project. [Extracted from the article]

Anticipation that interest would be strong for the plots -- Ethereum-based NFTs called Otherdeeds -- had pushed up the price of ApeCoin last week ahead of the sale. Yuga Labs initially planned for the sale to be held in a Dutch Auction format in which the price of the Otherdeed NFT would go down over time to prevent Ethereum from being congested with high transaction fees. [Extracted from the article]

Yuga Labs initially planned for the sale to be held in a Dutch Auction format in which the price of the Otherdeed NFT would go down over time to prevent Ethereum from being congested with high transaction fees. "Yuga Labs' virtual land sale has triggered one of the highest spikes in transaction fees on Ethereum", said Jason Wu, founder of decentralized lending protocol DeFiner. [Extracted from the article]

(Bloomberg) -- Elon Musk has said his $54.20 per share offer for Twitter Inc. was his "best and final." Musk's Twitter Bid Hints His "Final" Price Maybe Not So Final Read more: Musk Is Said to Vet Potential Equity Partners for Twitter Bid That's about $9 billion more than what the Tesla Inc. co-founder would need to acquire the 91% of Twitter he doesn't already own, according to Bloomberg calculations, suggesting he's giving himself room to increase the offer if it comes to that. [Extracted from the article]

The trader bought an unusually big chunk of 31,382 options contracts on Thursday that would give them the right to buy gas at $10 per million British thermal units by the end of July. (Bloomberg) -- A trader is making a big bet on the odds of U.S. natural gas futures doubling by summer. [Extracted from the article]

(Bloomberg) -- It has just got a lot more expensive for Russia to deal with its biggest trade partner China. At least two mid-sized Chinese banks have suspended proprietary trading of ruble-yuan and ruble-dollar to control risks, according to traders who asked not to be identified as they're not authorized to speak publicly. [Extracted from the article]

Starting a discussion on issuing a CBDC in Kenya comes weeks after Governor Patrick Njoroge reiterated that the central bank doesn't recognize cryptocurrencies as legal tender. Kenya's central bank opened discussions on issuing a central bank digital currency, outlining the potential risks involved such as competition with bank deposits. [Extracted from the article]

CBDCs are government-backed digital currencies developed by central banks after the rise of cryptocurrencies such as Bitcoin and Ethereum. (Bloomberg) -- Zambia's central bank expects to complete research on forming a digital currency that could cut transaction costs and boost participation in the formal financial system by the fourth quarter. [Extracted from the article]

(Bloomberg) -- Zambia's central bank expects to complete research on forming a digital currency that could cut transaction costs and boost participation in the formal financial system by the fourth quarter. Analysts at the Bank of America Corp. have warned that central banks that don't introduce their own digital money risk losing monetary control and seeing the demand for their currencies drop as their citizens start using another country's digital cash. [Extracted from the article]

(Bloomberg) -- Bulgarian Finance Minister Assen Vassilevsaid the new government won't stray from the country'spledge to adopt the European Union's single currencywithin two years even as he acknowledged the euro's"design challenges." The benefits of transitioning from Bulgaria's levto the euro outweigh the drawbacks, he said. [Extracted from the article]

(Bloomberg) -- Another immensely popular play-to-earn crypto video game is showing just how fragile and unpredictable blockchains really are. Called Sunflower Farmers, the game lets players earn tokens for planting and harvesting crops, and its increased traction has resulted in so much network usage, it pushed transaction prices on the blockchain it runs on, Polygon PoS, to unheard of highs. [Extracted from the article]

A minister in Nigeria, where cryptocurrencies are largely banned, is calling for regulation that promotes opportunities from the wider use of the digital technology rather than clamp down on it. In October, Nigeria's central bank joined a growing list of emerging markets in introducing its own digital currency, the eNaira, to help cut transaction costs and boost participation in the formal financial system. Agba's comments come after Central Bank of Nigeria in February ordered commercial banks to stop transactions or operations in cryptocurrencies, citing a threat to the financial system which it regulates. [Extracted from the article]

(Bloomberg) -- Coinbase Global Inc. launched its first yield product that allows users outside the U.S. to earn interest from their holdings in a stablecoin through a third-party decentralized finance platform. Earlier this year, regulators in the U.S. effectively killed Coinbase's plans to debut another interest-generating product called Lend. [Extracted from the article]

(Bloomberg) -- New technology promising to solve Ethereum's growing pains is gaining traction, increasing bets that some day most of the network's transactions might not actually take place on its own blockchain. "They are at the core of Ethereum's future", Tim Beiko, a computer scientist who coordinates Ethereum developers, said about Layer 2. [Extracted from the article]

(Bloomberg) -- The Central Bank of Nigeria joined a growing list of emerging markets betting on digital money to cut transaction costs and boost participation in the formal financial system. "The adoption of the central bank digital currency and its underlying technology, called blockchain, can increase Nigeria's gross domestic product by $29 billion over the next 10 years.". [Extracted from the article]

Central bank digital currencies, or CBDCs, are national currency -- unlike their crypto counterparts, such as Bitcoin and Ethereum, which are prized, in part, because they are not tied to fiat currency. (Bloomberg) -- The Central Bank of Nigeria joined a growing list of emerging markets betting on digital money to cut transaction costs and boost participation in the formal financial system. [Extracted from the article]