Thirty people are facing criminal charges in what prosecutors say was a decade-long insider trading scheme that involved former employees of elite Wall Street law firms that advise on multibillion-dollar mergers and acquisitions. Prosecutors allege that traders collectively made tens of millions of dollars in unlawful profits through sharing tips on nearly 30 M&A deals. "What's outstanding about this is it was a really comprehensive plan over almost a decade to mine law firm information for serial mergers," said Ballard Spahr litigator David Axelrod, a former federal prosecutor.

Over two-thirds of the top 44 global crypto exchanges do not have a chief risk officer, highlighting uneven adoption of formal risk governance even as institutional capital and regulation push the sector toward maturity. Industry participants cite fragmented oversight, talent shortages and a growth-first culture, while regulators and banks increasingly demand traditional risk frameworks.

The Bank for International Settlements warned that broad and persistent fiscal stimulus could fuel inflation and force central banks to raise interest rates, as global markets remain vulnerable to shocks from Middle East tensions and elevated leverage among nonbank financial firms. BIS General Manager Pablo Hernandez de Cos also cautioned that optimism around AI and a quick resolution to the conflict could reverse abruptly, triggering market corrections and renewed financial stability concerns.

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George E. Warren LLC has entered Venezuela's oil export market, shipping about 1 million barrels of crude this month, according to a document seen by Bloomberg. The Florida-based trader is challenging established commodity firms Trafigura and Vitol, which have dominated Venezuelan flows since recent US sanctions easing.

Banks increased lending to companies in the first quarter while private credit firms saw lending volumes decline, suggesting some borrowers are shifting back toward traditional bank financing. Market participants say the change could lower funding costs for companies, as some private credit funds face reduced lending capacity following more than $15 billion in investor redemptions during the quarter. 

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.

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.