European oil majors, including Shell, BP, and TotalEnergies, reported stronger-than-expected first-quarter profits, largely supported by unusually strong performance from their trading and optimization divisions during volatile energy markets. Analysts noted that while trading can significantly boost earnings in periods of price swings, its contribution is inconsistent and can also add volatility to cash flows and financial management.

SEC Chair Paul Atkins has said that clear regulations are needed for on-chain trading systems and the use of artificial intelligence in finance, and has suggested a framework that includes notice-and-comment rulemaking to define "exchange" and address broker and dealer definitions. Atkins also highlights the need to update the definition of "clearing agency" and provide clarity on crypto vaults, emphasizing that firms remain responsible for AI tool outcomes.

Hudson River Trading reported a record $6.4 billion in first-quarter trading revenue, driven by heightened market volatility and expanding quantitative and AI-based strategies. Profit rose about 175% as the firm and peers like Jane Street benefited from strong performance across global asset classes, highlighting the growing dominance of nonbank market makers.

Market volatility and new products have bolstered derivatives trading in Singapore, with strong activity in equity, foreign exchange and commodity derivatives. The Singapore Exchange reports record volumes in FTSE China A50 Index Futures and FTSE Taiwan Index Futures, while retail participation has surged, particularly in US exchange-traded fund options and gold contracts for difference.

The push towards 24/7 trading is reshaping Asia's derivatives markets, with Interactive Brokers' APAC head David Friedland noting the growing appeal of zero-day options and weekend trading. This trend is largely fueled by a younger, more market-savvy generation, but it also presents operational challenges, such as staffing for risk management outside traditional hours. Friedland emphasizes that exchanges will need to upgrade technology and infrastructure to remain competitive globally, especially as US markets set the pace for round-the-clock trading.

CMC Markets has entered the European certificates and warrants market with the launch of its first listed securitized derivatives in Germany and Austria. The move, through CMC Markets Securities, comes as demand for structured products grows.

Intercontinental Exchange has expanded its ICE Risk Model 2, a value at risk-based portfolio margining model, to include Electric Reliability Council of Texas power futures and options. The move aims to enhance capital efficiency for traders by recognizing offsets and correlations across portfolios. This expansion comes amid rising open interest in energy markets, with Electric Reliability Council of Texas futures and options open interest up 23% year over year.

The US Senate Banking Committee has released the text of the Clarity Act, a crypto market structure bill, ahead of an upcoming hearing and vote. The disclosure signals progress toward formalizing regulatory frameworks for digital assets as lawmakers move the legislation through committee review.

EU T+1 Industry Committee chair Giovanni Sabatini has called on national competent authorities to more actively use supervisory tools to ensure market readiness for the shift to one-day securities settlement by October 2027. He warned that fragmented infrastructure and limited automation across Europe increase operational risk, underscoring the need for earlier testing and closer regulatory coordination.

US Basel III endgame reforms modestly reduce aggregate capital requirements but sharply redistribute costs across banks. Global systemically important banks benefit from G-Sib surcharge relief, while regional lenders face higher capital pressure from the reinclusion of accumulated other comprehensive income, which reduces common equity Tier 1 ratios by up to 8.9% on average.

US financial institutions are focusing on tokenized collateral and digital market infrastructure, with SEC Commissioner Hester Peirce highlighting the potential to improve market efficiency. Speaking on the International Swaps and Derivatives Association's "The Swap" podcast, Peirce emphasized the seamless movement of assets and cash on shared digital infrastructure. ISDA CEO Scott O'Malia cited a Nasdaq and Value Exchange survey indicating that more than half of institutions plan to manage tokenized collateral by the end of 2026, potentially unlocking $340 million in annual interest earnings.

A federal judge said the Ho-Chunk Nation is likely to succeed in its effort to block Kalshi from offering sports-related contracts on tribal land, finding "a likelihood of success" in its claim under the Indian Gaming Regulatory Act in a dispute before the US District Court in Wisconsin. The ruling by Judge William M. Conley allows the lawsuit to proceed but denied the tribe's request for a preliminary injunction, citing a lack of irreparable harm while the case continues.