Good morning, you're listening to Markets Desk.
Treasury Secretary Bessent has brought Judy Shelton on board as a senior counselor, a move drawing immediate scrutiny. Shelton's nomination to the Federal Reserve was blocked by the Senate over her unconventional views on gold-backed currency and her skepticism of central bank independence. Her influence at Treasury will be worth watching closely.
Shifting to market structure, European and British banks now have exactly one year to demonstrate operational readiness for the move to T-plus-one settlement. That's next-day trade settlement, matching the standard the United States adopted last year. Firms that lag on clearing infrastructure and back-office automation face real compliance exposure as the deadline hardens.
And in crypto, a newly surfaced Binance document reveals how an Iranian network used the exchange to move money in apparent violation of Western sanctions. The report details a so-called high-value customer relationship that allegedly served as a financial lifeline for Iranian entities. It adds fresh pressure on Binance at a moment when regulators on both sides of the Atlantic are scrutinizing digital asset compliance frameworks.
That's the tape. Markets Desk, signing off the floor.
