2025 Rates ETD Exchange and CCP Competition
In 2025 the rates ETD market saw genuine competition only in EUR and JPY money‑market futures, while other currency‑product combos remain largely monopolised by a single CCP. Eurex lifted its share to 14.7% of EUR MM futures, taking volume from ICE, which still holds a majority across Euribor and €STR contracts. SGX entered its first full year of JPY TONA futures trading, capturing roughly 15% of volume, and FMX’s SOFR futures share rose to 0.65% in December. Overall, CME retains dominance in USD MM futures, with limited challenger presence.
Corp Fin Posts More Deal CDIs
The SEC’s Corporation Finance Division released a fresh set of five CDIs, adding two Rule 13e‑3 going‑private interpretations, two tender‑offer clarifications, and a revised Form S‑4 business‑combination guidance. The new Rule 13e‑3 CDIs formalize the equity‑for‑equity exception and limit non‑waivable conditions, while the...
Record Growth of Fund of Funds: Why Multi-Manager Platforms Are Staging a Comeback:
Funds of funds (FoFs) are witnessing a record surge in capital inflows for 2025‑2026, spanning hedge funds, private equity, private credit and hybrid alternatives. The revival is driven by heightened market volatility, lower correlations and the need for diversified, actively...
The Rise of SMAs and Semi-Liquid Funds Marks a Structural Shift in Alternative Investing:
Separately managed accounts (SMAs) and semi‑liquid funds are rapidly overtaking traditional blind‑pool structures as the preferred channels for private‑market allocations. SMAs provide institutional‑level transparency, tax efficiency and customizable risk profiles, while advances in reporting technology make them scalable beyond ultra‑wealthy...
Litigation Finance Plays an Important Role in Capital Markets
Litigation finance turns contingent legal claims into a source of capital, positioning them alongside other non‑traditional assets like future receivables and intellectual property. By providing non‑recourse funding, it lets companies—especially SMEs lacking traditional credit—access cash without equity dilution or restrictive...
This Week’s Deep-Value Landscape: Acquirer’s Multiple Large-Cap Screen
The episode reviews the Acquirer’s Multiple® Large‑Cap screen, highlighting that capital‑intensive cyclicals, discounted financials, and legacy industrials are trading far below the cash they generate. Energy giants like Equinor and Petrobras, financials such as Synchrony and BNY Mellon, and steel producer...
Armada Acquisition Corp. III (AACIU) Prices $225M IPO
Armada Acquisition Corp. III priced its $225 million initial public offering and will begin trading on Nasdaq under the ticker AACIU on February 18, 2026. The SPAC, led by CEO Stephen P. Herbert and CFO Douglas M. Lurio, will seek a target in...
Calm Start Even if Modestly Weaker
U.S. Treasury yields opened modestly weaker on Tuesday after a volatile three‑day‑weekend, but steadied by mid‑morning. The 10‑year note rose to 4.06% before trading flat through the close, marking a calm finish despite earlier upside pressure. No fresh economic releases...
Africa’s MTN Group to Acquire IHS Holding for $6.2 Billion in Cash
MTN Group announced a $6.2 billion cash acquisition of IHS Holding, offering $8.50 per share—a 2.53% premium to the prior close. The deal will be funded by $1.1 billion of MTN cash, $1.1 billion from IHS’s balance sheet, and a rollover of existing...
Sphinx Raises $7M Seed Round for AI Compliance Agents
Sphinx announced a $7 million seed round, led by Cherry Ventures with participation from Y Combinator, Rebel Fund, Deel Ventures and Singularity Capital. The San Francisco‑based startup builds browser‑native AI agents that embed directly into existing case‑management systems, third‑party portals and internal dashboards...
HEI Impact on Home Lien: What Every Homeowner Must Know
Home‑equity investors (HEIs) place a junior lien on a homeowner’s title without becoming a co‑owner, leaving the primary mortgage as the senior claim. The lien is repaid when the property is sold, refinanced, or at the agreement’s maturity, rather than...
Hotel BI vs Excel: The Hidden Costs
Excel remains a default tool in hotels, but its apparent zero‑cost facade hides substantial operational expenses. Hotels can spend up to 125 hours each month cleaning, formatting, and moving data, turning revenue managers into data clerks. This manual burden erodes...
Hiscox Re Unveils Streamlined Structure and New Capital Partners Unit
Hiscox Re has rebranded its reinsurance and ILS business and launched Hiscox Capital Partners, a unified platform that consolidates nearly two decades of capital‑partner activity. The new unit is led by Liz Breeze, who brings over 20 years of insurance...
Revamped Opportunity Zone Financing
Opportunity Zone financing is being overhauled under the One Big Beautiful Bill Act, creating OZ 2.0 effective Jan 1, 2027. The new rules make the program permanent, introduce a rolling five‑year deferral, a 10% basis step‑up after five years, and a 10‑year...
EU Companies Face Double Workload on AML Before 2027 Harmonization Arrives
The EU will introduce a unified anti‑money‑laundering regulation (AMLR) and the sixth AML directive on July 10 2027, replacing the patchwork of national transpositions of the fifth directive. Until then, companies must continue to meet divergent local UBO reporting and due‑diligence rules...
Getting Paid to Wait for Deleveraging
The episode examines a REIT's high‑yield bond, which trades above 7% with a 340‑basis‑point spread despite solid market fundamentals and improving leasing. Management is actively selling $280‑300 million of assets, using proceeds to cut debt and potentially buy back bonds, positioning...
How Portfolio Diversification Builds Stronger Plaintiff Firms
Plaintiff law firms are adopting modern portfolio theory to treat their dockets like investment portfolios, using AI‑driven analytics to diversify case mix across timing, value, practice area, and confidence levels. By leveraging predictive cash‑flow models and large data sets, firms...
HeadStart Fund of Funds
HeadStart Fund of Funds, managed by HeadStart Advisers, earned The Hedge Fund Journal Performance Award 2025 for highest absolute return over five years. Since 2020 the fund has delivered mid‑teens net returns, with three calendar years exceeding 20%, and has...
Citadel’s Focus: Funding, Compensation Gravity, and the Economics of Scale
Citadel’s latest $1.25 billion bond sale highlights how mega‑funds are turning into capital‑market issuers. The firm posted $5.3 billion in gains but still carries heavy "sticky" compensation costs that act as a strategic weapon. Scale gives Citadel access to cheap financing while...
U.S. Treasury Rates Weekly Update for February 13, 2026
U.S. Treasury rates slipped across the curve in the week ending February 13, 2026. The 30‑year yield fell 0.16%, while the benchmark 10‑year dropped 0.18% to 4.04%. The 3‑year note settled at 3.43%. The declines reflect modest easing in market...
Scott Kennedy’s BDC Earnings Series: Assessing Sixth Street Specialty Lending’s Performance For Q4 2025
Sixth Street Specialty Lending reported its Q4 2025 results, posting a 12% increase in net asset value to $1.84 billion and a 9% rise in earnings per share. The BDC’s portfolio composition shifted toward higher‑yield middle‑market loans, boosting the weighted‑average interest rate...
Is Quantum Technology the Next Great Alternative Asset?
The article evaluates quantum technology as an emerging alternative asset, emphasizing public‑market exposure over private‑equity deals. It notes that pure‑play quantum stocks such as D‑Wave, Rigetti, IonQ and Quantum Computing Inc. exhibit high volatility and limited near‑term cash flows, while...
Insights From Jeremy Grantham: Bubble Risks in Today’s Market
In this episode, Jeremy Grantham discusses the persistent risk of bubbles in today’s market, emphasizing that while transformative tech narratives—especially around AI—can be genuine, they often inflate valuations beyond realistic expectations. He warns that the real bubble may lie in...
Banks Are Starting to Price Liquidity by the Hour
Banks are moving from traditional overnight benchmarks to quoting liquidity rates on an hourly basis, reflecting tighter funding conditions and the rise of electronic trading platforms. The shift provides more granular price signals, allowing lenders to capture real‑time balance‑sheet pressures...
Hai Robotics Files for Hong Kong IPO as Revenue Hits $189 Million
Hai Robotics, the Shenzhen‑based developer of automated case‑handling robots, announced its filing for a primary listing on the Hong Kong Stock Exchange. The company posted 1.36 billion yuan (approximately $188.9 million) in revenue for 2024, underscoring rapid growth. It now commands more...
Episode 393- When Financial Controls Fail: The SEC’s ADM Settlement and the Cost of Misleading Investors
The SEC charged Archer‑Daniels‑Midland (ADM) and three former executives with accounting and disclosure fraud, culminating in a landmark 2026 enforcement action. ADM was found to have materially overstated its nutrition segment by recording intersegment transactions on non‑market terms, inflating profitability....
Cash Flow and Liquidity Are Not the Same Thing (and E-Commerce CFOs Keep Mixing Them Up)
In this episode Steve Hutt explains why e‑commerce CFOs often conflate cash flow— a backward‑looking snapshot of money in and out—with liquidity, the real‑time ability to meet unexpected obligations. He outlines a three‑layer framework—real‑time liquidity dashboards, rolling 13‑week cash‑flow forecasts,...
Your Due Diligence Checklist to Help Buy Your New Business
Buying a business without thorough due diligence can turn a promising investment into a costly liability. The article outlines a comprehensive checklist covering assets, employees, finances, legal matters, marketing, and operational structure to evaluate a target company. It emphasizes that...
‘Magnificent’ Mega-Cap Margins Mask ‘Surging’ C-Suite Expense Angst
The S&P 500’s mega‑cap companies posted record‑high profit margins in Q4 2025, driven by strong pricing power and cost efficiencies. However, the earnings releases also revealed a sharp rise in C‑suite compensation and related overhead, outpacing earnings growth. Analysts note...
The Future of SEC Enforcement Authority
The Supreme Court will hear Sripetch v. SEC in April, a case that challenges whether the SEC must demonstrate actual pecuniary loss to obtain disgorgement orders. The dispute revisits the agency’s expanding use of equitable relief, which has evolved from...
For the Right Investor, This Week’s 30-Year TIPS Auction Will Have Appeal
The Treasury will auction a 30‑year Treasury Inflation‑Protected Security (TIPS) this week, offering a real‑yield that could attract investors seeking long‑term inflation hedges. Analysts note that redeeming early‑year I Bonds can generate an unexpected tax liability, complicating cash‑flow planning. Recent CPI...
Toyokumo Q4 & FY 2025 Results
The episode breaks down Toyokumo's Q4 and full‑year FY 2025 financial results, highlighting revenue growth, margin compression, and cash flow trends. The host evaluates whether the company's recent performance signals a genuine investment opportunity or a potential trap for retail...
Internal Controls: The Quiet Infrastructure Behind Financial Trust
Recent SEC enforcement actions have spotlighted ineffective internal controls over financial reporting, emphasizing approval workflow and reconciliation gaps. Experts argue that robust control environments, paired with knowledgeable teams, shift compliance from a reactive task to a predictable process. As organizations...
Cleary Gottlieb Discusses the Shifting SEC Enforcement Landscape | CLS Blue Sky Blog
The SEC is sharpening its enforcement focus on core misconduct such as insider trading, accounting and disclosure fraud, market manipulation, and adviser fiduciary breaches. Chairman Gary Gensler, echoing Acting Director Sam Waldon, has directed staff away from low‑harm record‑keeping investigations....
A ‘Corruption Perceptions Index’ for Your Own Co.
Transparency International’s latest Corruption Perceptions Index shows a global decline in clean governance, prompting compliance leaders to look inward. The article proposes building a corporate‑level corruption perception index to gauge how employees view ethical standards and misconduct. It outlines the...
Crypto-Derivatives Regulation Is Too Fragmented
A new comparative study finds crypto‑derivatives regulation is highly fragmented across major financial hubs, despite the products mirroring traditional derivatives in structure and risk. Regulators have forced crypto‑derivatives into existing regimes, leading to divergent rules based on settlement method, underlying...
The Fed's New Target: Part II
In Part II, the podcast examines how the ongoing "Great Compression" of money‑market rates is pushing the Federal Reserve to replace its traditional overnight Fed Funds target with a new benchmark. It explains that overnight Fed Funds volume has collapsed...
Zambia Comprehensive Comeback Belatedly Blesses Debt Framework
The episode reviews Zambia's overdue debt restructuring progress, highlighting a post‑default €3 billion Eurobond swap that now accounts for about a quarter of its external debt and a 95% debt‑to‑GDP ratio. It notes strong market rebounds with the kwacha up 15%...
Engineered Income: The Hidden Mechanics Behind DNP’s Monthly Payout
The episode dissects DNP Select Income Fund Inc., a closed‑end fund that targets utilities and promises a steady monthly payout via a managed distribution plan that can draw from income, gains, or return of capital. It explains how the fund’s...
A Short Duration Income Trade with a Built-In Exit
The episode examines a ten‑year preferred security that now trades just above par, offering a high current yield and a short time to a likely call. The host highlights the bond’s attractive spread over Treasuries, its qualified‑dividend tax treatment, and...
Silver Paper's Problem
The episode examines the severe liquidity crunch in both physical and paper silver, highlighted by a sharp drop in COMEX open interest and widening spreads that deter speculators. It explains how banks and traders are constrained by the high value...
Sellers Should Monitor How Shipping Costs Are Squeezing Their Margins
Ship.com warns that rising carrier surcharges will compress e‑commerce margins in 2026. It advises sellers to treat shipping expenses as part of COGS when evaluating product profitability. The firm highlights that base‑rate increases are less damaging than a growing web...
From the Microsoft Dynamics 365 Finance and Supply Chain Management: Accounts Receivable; Feature Management; Performance After Go-Live; Frontier Firm Vision
Microsoft’s Dynamics 365 Finance and Supply Chain Management (D365 F&SCM) is highlighted for its ability to tighten accounts‑receivable cycles, offering dashboards, automation, and predictive insights that accelerate cash collection. The platform also introduces streamlined feature‑management tools that let administrators toggle new updates...
From the Microsoft Dynamics 365 Business Central Blogs: BCMCPProxy vNext; Set up, Use EFT/ACH; Install, Configure Power BI Apps; Close...
Microsoft’s Dynamics 365 Business Central ecosystem received several practical upgrades. Stefano Demiliani released BCMCPProxy vNext, a cross‑platform .NET proxy that adds browser‑based token caching for AI tool connectivity. The platform also now supports built‑in EFT/ACH processing with NACHA formats, and Microsoft published...
MAG7 FREE CASH FLOW COLLAPSE
The episode examines the recent collapse in free cash flow among the MAG7—Microsoft, Apple, Google (Alphabet), Amazon, and Meta—highlighting how their once robust cash generation has sharply deteriorated. It explores the drivers behind this decline, including macroeconomic headwinds, higher capital...
January’s Mild Inflation Report Comes with ‘Qualifications’
January’s consumer‑price index showed modest headline inflation, rising 0.3% month‑over‑month and 3.2% year‑over‑year, but the report included several qualifiers. Core CPI eased to 4.8% annual, driven by lower energy costs, while shelter and services remained sticky. Analysts highlighted the mixed...
QQQ Is Hedging Hard, But Not Panicking
The episode dissects the current QQQ options market, highlighting that skew and risk reversals are at historic highs, indicating expensive downside protection and a defensive bias among investors. Despite heavy put activity, call participation remains steady and speculative far‑out‑of‑the‑money buying...
AGM Alts & Wealth Weekly News Roundup | 2.13.26
The AGM newsletter announced the launch of the AGM Community, an RIA advisory board, and its first field trip in New York, signaling deeper engagement with wealth managers. Across the private‑markets landscape, major deals include Apollo and Schroders’ joint fund...
Bonds Rally, Ignoring Surge in SuperCore CPI
Bonds rallied as the latest CPI data showed headline inflation just below forecasts and core inflation on target, pushing 10‑year Treasury yields down to 4.07%. Shelter costs continued to ease, with owners' equivalent rent hitting a cycle low. Meanwhile, the...
FCPA Priorities Whitepaper
Ground Truth Intelligence released a whitepaper outlining the Department of Justice’s refreshed FCPA enforcement agenda after a 180‑day pause and June 2025 guidance. The DOJ is shifting resources toward corruption that threatens U.S. national security, economic competitiveness, and organized‑crime links,...