Five Things You Need to Know to Start Your Day: Asia

Record wagers tied to the Fed’s expected rate cut risk sharp losses. Legal scrutiny of banks that lost big on the Archegos collapse ramps up. Steve Cohen is stepping away from the trading floor. —Nicole Bullock

Record wagers

Traders who are locked into record wagers tied to the Federal Reserve’s expected interest-rate cut Wednesday are risking sharp losses if officials opt for a standard-sized quarter-point reduction. Activity in October fed funds futures, which investors are using to bet on this week’s policy meeting, has jumped to the most extreme level of any such contract since the derivative’s inception in 1988, ...