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Event Bets Pose a Problem for Wall Street Firms Looking to Trade

Prediction markets are booming. Wagers on everything from the return of Jesus Christ to who will win the World Cup have driven weekly volumes on platforms like Polymarket and Kalshi into the billions of dollars.

By Bernard Goyder

Kalshi Wins Reprieve From Arizona Criminal Case at CFTC’s Urging

Kalshi Inc. won a temporary reprieve from criminal prosecution in Arizona when a judge suspended the case at the behest of a federal regulator.

Fed Seeks Details on US Banks’ Exposure to Private Credit Firms

The Federal Reserve is asking major US banks for details about their exposure to private credit following a surge in redemptions from the funds and a rise in troubled loans in the industry, according to people with knowledge of the matter.

Wall Street Banks Try Out Anthropic’s Mythos as US Urges

Wall Street banks are starting to test Anthropic PBC’s Mythos model internally as Trump administration officials encourage them to use it to detect vulnerabilities.

How Prediction Markets Turned the World Into a Casino: Explainer

When it comes to what you can gamble on these days, all bets are off.

Private Markets’ Software Pain Is About to Get a Lot Worse

The software problem roiling private markets is about to face a big new test. A wall of debt maturities is looming for the industry just as artificial intelligence threatens to upend entire businesses in what’s been dubbed the SaaSpocalypse.

Bessent Urgently Summons Bank CEOs Over Anthropic’s New AI

Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell summoned Wall Street leaders to an urgent meeting on concerns that the latest artificial intelligence model from Anthropic PBC will usher in an era of greater cyber risk.

Barnes & Thornburg Nabs Eight Insurance Partners From Lowenstein

An eight-lawyer insurance recovery group joined Barnes & Thornburg as partners on the East Coast, the firm announced Friday.

Ally Bank Units Barred From Offsetting Losses on Alabama Taxes

Ally Financial Inc. owes Alabama about $4 million in financial institution excise taxes because it improperly filed consolidated returns with two related companies, a state appeals court ruled Friday.

FDIC Rescinds Biden-Era Guidance on Insufficient Funds Fees

The Federal Deposit Insurance Corp. is rolling back Biden-era guidance warning banks against charging customers multiple fees for insufficient funds on the same unpaid transaction.