How India’s government bond auctions reveal the winner’s curse, where success can conceal costly misjudgements and shape financial market behaviour. by Babuji K, BasisPointInsight.com

Commissioner Stephen King presented an earlier version of this conference paper to The Treasury’s Competition Policy for the Modern Economy Conference.

Can SEBI’s incentives revive India’s quiet public bond market? Will retail investors return if bonds feel safer, simpler—and just a bit more rewarding? by Venkatakrishnan Srinivasan, BasisPointInsight...

PJM, a key player in the US electricity market, is undergoing significant leadership changes as it prepares for the transition of its top executive position. Effective January 7, 2026, Manu Asthana, who has served as President and CEO since 2020, will be stepping down after six years, prompting a search for his successor. In preparation for this transition, Stu Bresler, Executive Vice President of Market Services and Strategy, will take on the newly created role of Chief Operating Officer, while Aftab Khan will become Chief Strategy Officer, leading organizational transformation efforts. This structural realignment aims to ensure a smooth leadership transition and position PJM for success under its new CEO, who is expected to prioritize external stakeholder engagement and navigate the changing energy environment.

Many independent pharmacies are in turmoil throughout the US. But a unique law has made North Dakota a haven for mom-and-pop operators.

MarketDesign Consulting has launched its Optimization Engine, which aims to help organizations maximize their HubSpot investment by providing essential strategic guidance and practical support.

Alberta's Restructured Energy Market (REM) design has undergone a significant shift. On April 4, 2025, the Alberta Electric System Operator (AESO) announced the removal of the proposed Day-Ahead Commitment (DAC) and Day-Ahead Energy Scheduling (DAES) markets from the REM framework. This decision follows a direction from the Minister of Affordability and Utilities (MAU) in March 2024 to initiate a technical design proposal for the REM, initially including these markets as part of a phased implementation approach. The intention behind the DAC and DAES markets was to increase predictability regarding generation commitments, aiming for improved system stability and reduced price fluctuations. Extensive consultations were undertaken throughout 2024 and into early 2025. Following initial design sprints, the AESO sought feedback from stakeholders between December 2024 and January 2025, followed by finalization sessions in February and March 2025. Concerns emerged during these discussions, particularly regarding the potential for over-procurement within the DAC market, largely linked to inflexible pricing structures. Stakeholders also voiced broader concerns about the need for strong governance and independent oversight to ensure financial stability and prevent increased consumer costs. The AESO maintains that the decision to exclude the DAC and DAES markets is directly responsive to stakeholder input and will not compromise the reliability or affordability of Alberta’s power system. Key elements of the REM design remain, including the co-optimization of energy and ramping reserves, a wider real-time price range (with a $3,000/MWh cap), congestion pricing (with Locational Marginal Pricing as the preferred method), and measures to mitigate market power through a secondary offer cap. The AESO hosted a session on April 10, 2025, to provide further details on the decision, the reasoning behind it, and its effect on the REM's overall timeline. These design changes are anticipated to extend the timeframe for rule approval into early 2026.

The sickest patients are supposed to get priority for lifesaving transplants. But more and more, they are being skipped over.