Kalshi has fined and suspended three congressional candidates for betting on their own races, labeling the actions as "political insider trading." Minnesota state Sen. Matt Klein, Ezekiel Enriquez and Mark Moran were penalized under Kalshi's rules, which prohibit candidates from wagering on their elections.

Crypto exchanges such as Kraken, Coinbase and Robinhood are preparing for the US Commodity Futures Trading Commission to approve perpetual futures trading. Kraken is acquiring Bitnomial to access its perpetual futures offerings, while Coinbase has introduced long-dated futures contracts similar to perpetuals. The move comes as perpetual futures have surged in popularity, with trading volume reaching $61.7 trillion in 2025.

Major energy traders including Vitol, Trafigura, Mercuria and Gunvor are bracing for a prolonged Middle East conflict and sustained disruption to energy flows amid the ongoing blockade of the Strait of Hormuz by Iran. Traders are increasing their credit lines and addressing employee burnout as oil prices remain volatile, with Vitol's Jay Ng highlighting the mental health challenges faced by traders.

The closure of the Strait of Hormuz has led to Middle Eastern oil and gas producers declaring force majeure, resulting in undelivered cargoes and refinery output cuts. "We expect a lot of financial disputes and a lot of force majeure," says Mercuria Energy Chief Financial Officer Guillaume Vermersch, noting the situation's potential impact on the company's profit. Vitol Group CFO Jay Ng and Trafigura Group CFO Stephan Jansma also highlight legal and operational risks.

Cleared rate swap volumes reached $321 trillion in the first quarter, a 43% year-over-year increase, with significant growth in GBP, JPY, AUD and minor currencies, according to Clarus Financial Technology. LCH Group maintained a dominant market share, except for certain currencies, while CME Group and Eurex achieved record shares in USD and EUR swaps, respectively.

Traders have set a record in US interest rate futures, particularly in the Secured Overnight Financing Rate-effective federal funds rate spread, with the July one-month SOFR-fed funds basis trading at a record 56,590 futures. The surge, reminiscent of last year's money market pressures, is driven by expectations of changing funding conditions as the Federal Reserve plans to reduce Treasury bill purchases and the Treasury Department prepares to increase bill auction sizes.

As oil futures hover around $100 per barrel amid US-Iran cease-fire uncertainty, former Fidelity Overseas Fund Director George Noble highlights a significant disconnect between physical and paper oil markets. Noble notes that physical oil, reflecting real-time supply constraints, has surged above $140 per barrel, while Brent futures peaked just below $120. This disparity, driven by the ongoing conflict and disruptions in the Strait of Hormuz, poses substantial risks to global energy flows.

CME Group has reported a first-quarter profit rise driven by heightened market volatility, prompting increased hedging activity. The derivatives exchange operator saw a record average daily volume of 36.2 million contracts, up 22% from last year, primarily through interest rate and equity index products. CME Group's clearing and transaction fees rose to $1.54 billion from $1.34 billion, while revenue from market data and information services increased to $224.1 million from $194.5 million.

The UK's Financial Conduct Authority, alongside police and customs officials, carried out coordinated raids on eight London properties as part of a criminal probe into unregistered crypto trading. This marked the FCA's first joint operation targeting illegal cryptocurrency activities, reflecting increased scrutiny ahead of stricter regulations set for 2027. Cease-and-desist letters were issued and evidence was collected, but no arrests were made during the operation.

Rep. Ritchie Torres has urged the Commodity Futures Trading Commission to investigate a spike in oil futures trading minutes before President Donald Trump's announcement of an extended cease-fire with Iran. Torres highlighted a two-minute period where over 4,200 Brent futures contracts worth more than $430 million were traded, suggesting potential insider trading. While there is no evidence, Torres and other Democrats have expressed concerns about similar trades coinciding with major news about the war.

The Securities and Exchange Commission of Thailand has opened a public consultation on a proposal to allow digital asset firms to operate crypto derivatives under a single license, eliminating the need to create separate entities. The move aims to reduce costs and streamline operations for crypto firms, aligning local practices with global standards.