Philip Stafford
@staffordphilip.bsky.social
Reporter at the Financial Times https://bsky.app/profile/financialtimes.com.
Bits of UK retail, markets, bits of market structure, bits of crypto or mix of all of them.
If you've been spammed in your DM with a crypto scam, it's not me.
Bits of UK retail, markets, bits of market structure, bits of crypto or mix of all of them.
If you've been spammed in your DM with a crypto scam, it's not me.
Pinned
Sadly I have a new impostor.
It's not me - note the double 'l' in Phillip.
If you've been contacted, pls ignore/delete the message and report them. Thanks.
It's not me - note the double 'l' in Phillip.
If you've been contacted, pls ignore/delete the message and report them. Thanks.
Why spend weeks prepping people for rises, hitting consumer confidence and then abandon plan?
www.ft.com/content/6cbb...
www.ft.com/content/6cbb...
Starmer and Reeves ditch plan to increase income tax rates in the Budget
Chancellor explores alternative ways to raise revenue to fill fiscal hole estimated at up to £30bn
www.ft.com
November 14, 2025 at 7:09 AM
Why spend weeks prepping people for rises, hitting consumer confidence and then abandon plan?
www.ft.com/content/6cbb...
www.ft.com/content/6cbb...
Nice to see the US president to something for the elderly
www.ft.com/content/9ce8...
www.ft.com/content/9ce8...
Donald Trump pardons former Tottenham Hotspur owner Joe Lewis
Billionaire who pleaded guilty to insider trading is the latest in a series of amnesties granted by the US president
www.ft.com
November 13, 2025 at 7:33 PM
Nice to see the US president to something for the elderly
www.ft.com/content/9ce8...
www.ft.com/content/9ce8...
This isn't a science; most of what these tokens are is self-evident.
*SEC TO CONSIDER ESTABLISHING A TOKEN TAXONOMY, ATKINS SAYS
November 12, 2025 at 3:57 PM
This isn't a science; most of what these tokens are is self-evident.
Reposted by Philip Stafford
The BBC will fuck things up from time to time. Lots of major news organisations do; just look at The Times having to memoryhole several fake news stories in a matter of weeks.
No one is calling for the abolition of The Times, however.
www.theguardian.com/us-news/2025...
No one is calling for the abolition of The Times, however.
www.theguardian.com/us-news/2025...
UK newspaper editor calls Bill de Blasio fake interview blunder ‘humiliating’
A Times associate editor reportedly addressed situation in an email to staff, saying: ‘We should have been on our guard’
www.theguardian.com
November 10, 2025 at 9:53 AM
The BBC will fuck things up from time to time. Lots of major news organisations do; just look at The Times having to memoryhole several fake news stories in a matter of weeks.
No one is calling for the abolition of The Times, however.
www.theguardian.com/us-news/2025...
No one is calling for the abolition of The Times, however.
www.theguardian.com/us-news/2025...
Time for the old "BBC News anchor cuts from BBC Studio to reporter outside the BBC relaying that the BBC is unavailable for comment" routine again.
www.bbc.co.uk/news/live/cd...
www.bbc.co.uk/news/live/cd...
BBC director general Tim Davie and News CEO Deborah Turness resign over Trump documentary edit
Deborah Turness, the CEO of news, says “mistakes have been made”.
www.bbc.co.uk
November 9, 2025 at 6:08 PM
Time for the old "BBC News anchor cuts from BBC Studio to reporter outside the BBC relaying that the BBC is unavailable for comment" routine again.
www.bbc.co.uk/news/live/cd...
www.bbc.co.uk/news/live/cd...
Fascinating paper here on the growth of prediction markets in the US. Findings:
- Estimates wash trading was 60% of volume by last Dec on Polymarket.
- After subsiding over the summer, a surge since Sept, now 20% of volume by early Oct
papers.ssrn.com/sol3/papers....
- Estimates wash trading was 60% of volume by last Dec on Polymarket.
- After subsiding over the summer, a surge since Sept, now 20% of volume by early Oct
papers.ssrn.com/sol3/papers....
Network-Based Detection of Wash Trading
Wash trading refers to the practice of buying and selling securities without taking a net position, for the purpose of artificially inflating recorded volume. I
papers.ssrn.com
November 9, 2025 at 11:24 AM
Fascinating paper here on the growth of prediction markets in the US. Findings:
- Estimates wash trading was 60% of volume by last Dec on Polymarket.
- After subsiding over the summer, a surge since Sept, now 20% of volume by early Oct
papers.ssrn.com/sol3/papers....
- Estimates wash trading was 60% of volume by last Dec on Polymarket.
- After subsiding over the summer, a surge since Sept, now 20% of volume by early Oct
papers.ssrn.com/sol3/papers....
"...Failed to monitor more than 30mn transactions worth over €176bn, about 31% of all deals through its European entity."
And this is the crypto exchange that touts its belief in regulation.
www.ft.com/content/21f1...
And this is the crypto exchange that touts its belief in regulation.
www.ft.com/content/21f1...
Crypto exchange Coinbase fined €21.5mn by Irish central bank
US company failed to properly monitor trades potentially linked to child sex exploitation, drug trafficking and money laundering
www.ft.com
November 6, 2025 at 3:11 PM
"...Failed to monitor more than 30mn transactions worth over €176bn, about 31% of all deals through its European entity."
And this is the crypto exchange that touts its belief in regulation.
www.ft.com/content/21f1...
And this is the crypto exchange that touts its belief in regulation.
www.ft.com/content/21f1...
The inability of the EU to understand the derivatives market never fails to impress but going after a deal of little consequence struck 26 years ago is some going.
www.ft.com/content/dbe8...
www.ft.com/content/dbe8...
Brussels opens probe into Deutsche Börse and Nasdaq over derivatives
Commission concerned about possible collusion in listing, trading and clearing of financial instruments
www.ft.com
November 6, 2025 at 12:01 PM
The inability of the EU to understand the derivatives market never fails to impress but going after a deal of little consequence struck 26 years ago is some going.
www.ft.com/content/dbe8...
www.ft.com/content/dbe8...
Reposted by Philip Stafford
lol
November 6, 2025 at 4:47 AM
lol
Of all the many details in this brilliant piece on the insane Saudi Neom project, I think this is my favourite.
The graphics alone make it worth a click.
ig.ft.com/saudi-neom-l...
The graphics alone make it worth a click.
ig.ft.com/saudi-neom-l...
November 6, 2025 at 8:49 AM
Of all the many details in this brilliant piece on the insane Saudi Neom project, I think this is my favourite.
The graphics alone make it worth a click.
ig.ft.com/saudi-neom-l...
The graphics alone make it worth a click.
ig.ft.com/saudi-neom-l...
Reposted by Philip Stafford
Fun offshore dollar market updated factoid: in the year to end-June 2025, offshore dollars increased by ~ $1.42 trillion (about $ 91 billion for stablecoin market cap over the same period, for comparison)
Fun offshore dollar market fact: in the year to end-March 2025, offshore dollar deposits increased by roughly 11.5 times the increase in total stablecoin market cap over the same period (977 bln versus 85 give or take).
Cc @robinwigglesworth.ft.com @bhgreeley.bsky.social
Cc @robinwigglesworth.ft.com @bhgreeley.bsky.social
Started/ going
November 6, 2025 at 8:00 AM
Fun offshore dollar market updated factoid: in the year to end-June 2025, offshore dollars increased by ~ $1.42 trillion (about $ 91 billion for stablecoin market cap over the same period, for comparison)
Reposted by Philip Stafford
How big are these coach and horses that they can be seen from space?
November 5, 2025 at 8:32 AM
How big are these coach and horses that they can be seen from space?
I'd forgotten about this but looks like it's coming to pass
November 3, 2025 at 12:12 PM
I'd forgotten about this but looks like it's coming to pass
"Unlike the dotcom bubble this AI investment cycle is being funded with equity and not debt"
www.ft.com/content/82f6...
www.ft.com/content/82f6...
Credit market hit with $200bn ‘flood’ of AI-related issuance
Jumbo debt sales to fund huge artificial intelligence capex threaten to store up new risks for investors
www.ft.com
October 31, 2025 at 4:16 PM
"Unlike the dotcom bubble this AI investment cycle is being funded with equity and not debt"
www.ft.com/content/82f6...
www.ft.com/content/82f6...
Coinbase CEO - supposedly spur of the moment - knowingly drops words people were betting in prediction markets that he'd say on the earnings call.
Is it insider trading? Market manipulation? Something else? Nothing? Feels like something but can't put my finger on it.
x.com/brian_armstr...
Is it insider trading? Market manipulation? Something else? Nothing? Feels like something but can't put my finger on it.
x.com/brian_armstr...
Brian Armstrong on X: "lol this was fun - happened spontaneously when someone on our team dropped a link in the chat" / X
lol this was fun - happened spontaneously when someone on our team dropped a link in the chat
x.com
October 31, 2025 at 12:47 PM
Coinbase CEO - supposedly spur of the moment - knowingly drops words people were betting in prediction markets that he'd say on the earnings call.
Is it insider trading? Market manipulation? Something else? Nothing? Feels like something but can't put my finger on it.
x.com/brian_armstr...
Is it insider trading? Market manipulation? Something else? Nothing? Feels like something but can't put my finger on it.
x.com/brian_armstr...
Reposted by Philip Stafford
A brilliantly clear-eyed view on how dollar stablecoins might impact the Fed’s operations: @davidbeckworth.bsky.social Barbarians at the Fed's Gate: Stablecoins are knocking and the Fed is letting them inside
macroeconomicpolicynexus.substack.com/p/barbarians...
macroeconomicpolicynexus.substack.com/p/barbarians...
Barbarians at the Fed's Gate
Stablecoins are knocking and the Fed is letting them inside.
macroeconomicpolicynexus.substack.com
October 30, 2025 at 2:56 PM
A brilliantly clear-eyed view on how dollar stablecoins might impact the Fed’s operations: @davidbeckworth.bsky.social Barbarians at the Fed's Gate: Stablecoins are knocking and the Fed is letting them inside
macroeconomicpolicynexus.substack.com/p/barbarians...
macroeconomicpolicynexus.substack.com/p/barbarians...
Reposted by Philip Stafford
Really starting to see the impact of America’s slide into a low trust, post morals society bubble up in these private market kerfuffles. Just everyone trying to get theirs, by any means possible
www.wsj.com/finance/blac...
www.wsj.com/finance/blac...
Exclusive | BlackRock Stung by Loans to Business Accused of ‘Breathtaking’ Fraud
An entrepreneur tapped private-credit funds to finance his telecom businesses. Now the lenders say he defrauded them.
www.wsj.com
October 30, 2025 at 3:00 PM
Really starting to see the impact of America’s slide into a low trust, post morals society bubble up in these private market kerfuffles. Just everyone trying to get theirs, by any means possible
www.wsj.com/finance/blac...
www.wsj.com/finance/blac...
Lord give me the confidence to use EU competition laws to sue after being prevented from joining a project designed to curb competition.
www.ft.com/content/f04f...
www.ft.com/content/f04f...
Real Madrid seeks more than €4bn in damages from Uefa over Super League debacle
Club plans claim after court upholds ruling that governing body abused position by blocking breakaway competition
www.ft.com
October 30, 2025 at 7:51 AM
Lord give me the confidence to use EU competition laws to sue after being prevented from joining a project designed to curb competition.
www.ft.com/content/f04f...
www.ft.com/content/f04f...
Good Lord, I never thought I'd see the day.
Oh wow, after over a decade of tilting at windmills the European Commission is finally giving up on the EU FTT #RIP
October 29, 2025 at 12:49 PM
Good Lord, I never thought I'd see the day.
There's profit warnings and then there's serious profit warnings. This is the latter. It's not everyday you see a $70bn company heading for a 40% drop.
October 29, 2025 at 12:44 PM
There's profit warnings and then there's serious profit warnings. This is the latter. It's not everyday you see a $70bn company heading for a 40% drop.
Reposted by Philip Stafford
That was fast:
One week after Trump pardoned Binance founder CZ, & Binance's US subsidiary is promoting trading of a stablecoin issued by Trump's crypto company World Liberty Financial.
One week after Trump pardoned Binance founder CZ, & Binance's US subsidiary is promoting trading of a stablecoin issued by Trump's crypto company World Liberty Financial.
October 28, 2025 at 3:57 PM
That was fast:
One week after Trump pardoned Binance founder CZ, & Binance's US subsidiary is promoting trading of a stablecoin issued by Trump's crypto company World Liberty Financial.
One week after Trump pardoned Binance founder CZ, & Binance's US subsidiary is promoting trading of a stablecoin issued by Trump's crypto company World Liberty Financial.
Thankfully no potential conflicts of interest here at all
October 28, 2025 at 12:33 PM
Thankfully no potential conflicts of interest here at all
Capitalism with American characteristics
October 25, 2025 at 10:36 AM
Capitalism with American characteristics
The WSJ editorial board goes to town on the CZ pardon.
"Readers can decide if they think the pardon had nothing to do with the investment, but it sure looks like a conflict of interest."
www.wsj.com/opinion/dona...
"Readers can decide if they think the pardon had nothing to do with the investment, but it sure looks like a conflict of interest."
www.wsj.com/opinion/dona...
Opinion | Trump Pardons His Family’s Crypto Pal
Zhao applied for clemency after backing a Trump-linked stablecoin.
www.wsj.com
October 25, 2025 at 9:21 AM
The WSJ editorial board goes to town on the CZ pardon.
"Readers can decide if they think the pardon had nothing to do with the investment, but it sure looks like a conflict of interest."
www.wsj.com/opinion/dona...
"Readers can decide if they think the pardon had nothing to do with the investment, but it sure looks like a conflict of interest."
www.wsj.com/opinion/dona...
As ever, question is: how?
If you assume they've had $180bn in 3m T-bills all year (they haven't) at 4.5% (it's not been that high), you still don't get near $15bn. As there's no audit, my guess is m-to-m on gold and BTC holdings.
www.bloomberg.com/news/article...
If you assume they've had $180bn in 3m T-bills all year (they haven't) at 4.5% (it's not been that high), you still don't get near $15bn. As there's no audit, my guess is m-to-m on gold and BTC holdings.
www.bloomberg.com/news/article...
Stablecoin Leader Tether Expects Profit to Increase to $15 Billion This Year
Tether Holdings Ltd. expects close to $15 billion in profit this year, as the stablecoin issuer’s rapid growth continues to attract investors keen to back the closely-held company.
www.bloomberg.com
October 24, 2025 at 5:46 PM
As ever, question is: how?
If you assume they've had $180bn in 3m T-bills all year (they haven't) at 4.5% (it's not been that high), you still don't get near $15bn. As there's no audit, my guess is m-to-m on gold and BTC holdings.
www.bloomberg.com/news/article...
If you assume they've had $180bn in 3m T-bills all year (they haven't) at 4.5% (it's not been that high), you still don't get near $15bn. As there's no audit, my guess is m-to-m on gold and BTC holdings.
www.bloomberg.com/news/article...