Wednesday, November 11, 2026
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Exclusive-Britain examines revamp of capital rules for likes of Citadel Securities and XTX

Electronic market-makers have flourished in the past decade, using algorithms and computing power to deliver faster pricing to capture rising trading volumes across assets

International News via Reuters:

Britain’s financial regulator is reviewing capital requirements for specialist trading firms such as Citadel Securities, Jane Street and XTX, citing a “real opportunity” to make rules more proportionate and enhance the UK’s competitiveness.

Electronic market-makers have flourished in the past decade, using algorithms and computing power to deliver faster pricing to capture rising trading volumes across assets, and gain market share from banks limited by post-financial crisis rules.

The current regime for calculating market risk capital was inherited from the European Union and designed for large, systemically important banks, an official at the Financial Conduct Authority (FCA) told Reuters. Updating or replacing it could free up capital for trading firms, the regulator said.  

“We want to ensure that the requirements are proportionate to the risk of harm,” Mark Francis, interim director of wholesale sell-side, said. “It’s not a race to the bottom on capital requirements.”

Britain’s ruling Labour Party wants regulators to cut red tape to aid weak economic growth, and the government has sought to use some of its post-Brexit freedoms to support London’s competitiveness as a global financial centre.  

MARKET MAKERS HANDLE HUGE VOLUMES OF TRADES

Most of the biggest market-making names, which include Ken Griffin’s Citadel, Virtu Financial and Susquehanna, are U.S.-based, but London-based XTX, founded by billionaire mathematician Alex Gerko, has emerged as a major player in foreign exchange markets.

XTX employs just 250 staff but reports $250 billion in trading volumes daily, according to its website, and made profits of more than 1.2 billion pounds ($1.6 billion) in 2024.

Jane Street says it operates on more than 200 electronic exchanges and other venues, while Citadel Securities handles $654 billion a day in trades including a third of all U.S.-listed retail volume. 

These mostly privately held firms recruit mathematicians, geophysicists and machine-learning experts to price and trade financial instruments. Their researchers and traders can earn huge sums of money, often far more than at banks. 

The FCA on Tuesday published a paper seeking views on how to reform the existing mandatory requirements for calculating market risk capital for investment firms. 

OPTIONS ON THE TABLE

Market risk capital rules are designed to ensure firms can handle losses when prices move unexpectedly. Applied system-wide, they help keep financial markets stable. 

Revamp options range from tweaking the existing EU-aligned rules to an overhaul of the regime that could see the UK aligned with the U.S. “net risk rules” approach, or using an internal model to calculate minimum requirements.

“We do think that a more proportionate approach does have the potential to remove unnecessary barriers for existing firms, potentially for new ones too,” Francis said.

Chirag Tyagi, the FCA’s head of department, Financial Resilience, said technology in the market-making industry was evolving rapidly “so you might have new products coming in.”

“For example, some firms are now entering into tokenization and crypto assets and that gives rise to different types of market risks, so we want to future-proof our rules to the extent they can,” Tyagi added.

($1 = 0.7484 pounds)

Reporting by Phoebe Seers and Tommy Reggiori WilkesEditing by Tomasz Janowski and Bernadette Baum

Motor racing-Portugal to return to F1 calendar in 2027 and 2028

The 4.6-km Algarve International circuit in the country’s south last hosted the Portuguese Grand Prix in 2020 and 2021, both seasons impacted by the COVID-19 pandemic with stand-in venues

International News via Reuters:

Formula One will return to Portugal’s Portimao circuit in 2027 and 2028 after the Dutch Grand Prix at Zandvoort drops off the calendar.

Formula One announced a two-year deal in a statement on Tuesday.

The 4.6-km Algarve International circuit in the country’s south last hosted the Portuguese Grand Prix in 2020 and 2021, both seasons impacted by the COVID-19 pandemic with stand-in venues.

In 2020 seven-times world champion Lewis Hamilton took his 92nd career win at Portimao, breaking the record previously held by Michael Schumacher. Hamilton also won in 2021.

“The interest and demand to host a Formula One Grand Prix is the highest that it has ever been,” said Formula One chief executive Stefano Domenicali, thanking the Portuguese government and local authorities.

The financial terms of the deal were not announced.

“Hosting the Grand Prix in the Algarve reinforces our regional development strategy, enhancing the value of the territories and creating opportunities for local economies,” said Economy Minister Manuel Castro Almeida.

Portugal first hosted a grand prix in Porto in 1958, with subsequent races at Monsanto and Estoril near Lisbon. The late Brazilian great Ayrton Senna took his first grand prix pole and win at the latter circuit in 1985.

Formula One announced last year that Zandvoort, a home race for four-times world champion Max Verstappen, would drop off the calendar after 2026.

The championship already features a record 24 races and Domenicali has spoken of European rounds alternating to allow others to come in.

Belgium’s race at Spa-Francorchamps is due to be dropped in 2028 and 2030 as part of a contract extension to 2031 announced last January.  

Reporting by Alan Baldwin in London; editing by Alex Richardson and Mark Heinrich

Event and haulage project will affect motorists

The Ministry of Public Works and Environment is advising the motoring public of two separate traffic matters that may impact travel in the coming days.

Firstly, Curving Avenue in Pembroke Parish will be closed on Sunday, 21 December 2025, from 12:00 p.m. to 7:00 p.m., to accommodate the Christmas on the Curve community event.

The road closure, which was originally scheduled for 30 November and postponed due to inclement weather, will affect the section between King Street and 17 Curving Avenue.

Representatives of the Church of God of Prophecy will manage traffic controls. Motorists are advised to avoid the area and instead use Parsons Road and Happy Valley Road as alternative routes.

For further information, please refer to the attached original Road Traffic Notice PDF.

Aggregate transport to impact key roads

Secondly, the Ministry advises that from Wednesday, 17 December through Saturday, 20 December 2025, the transportation of aggregate material will take place between Penno’s Wharf, St. George’s and the Government Quarry, Hamilton Parish.

These operations are scheduled to occur daily between 7.30 a.m. and 9.00 p.m., involving a high volume of Government and contractor trucks. Motorists should anticipate increased activity along Blue Hole Hill roundabout, the Causeway, Kindley Field Road, and Mullet Bay Road during these dates.

Members of the public are urged to plan accordingly and exercise caution when travelling in the affected areas.

Bermuda Tonight – 15 December 2025

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Bermuda Evening News at 7pm.

Government awards $1.5 million to 26 community clubs

The funding aims to support upgrades to facilities

Premier David Burt presented presented Capital Development Grants totaling $1.5 million to 26 local community and sports clubs at a cheque presentation ceremony held at St. Paul’s AME Centennial Hall.

Premier Burt was joined by the Minister of Tourism & Transport, Culture and Sport Owen Darrell, members of the Cabinet, local MPs for the Community Clubs, and Senators to celebrate the awarding of these grants.

Cheques were presented to the following clubs:

  • Pembroke Hamilton Club – $85,000 for upgrades to their bathroom and flooring
  • Young Men’s Social Club – $85,000 for repairs to roofing, plumbing, and electrical systems
  • St. George’s Cricket Club – $85,000 for critical repairs to exterior walls
  • Blue Waters Anglers Club – $85,000 to install new steps and windows, and make repairs to their roof and porch repairs
  • Leopards Club International (Bermuda) Inc. – $85,000 for upgrades to their main hall
  • Mid-Atlantic Boat & Sports Club – $85,000 for structural repairs, accessibility enhancements, and HVAC installation
  • Somerset Cricket Club – $85,000 for upgrades to their changing rooms and repairs to electrical infrastructure
  • Bailey’s Bay Cricket Club – $75,000 for upgrades and repairs to clubhouse, including porch, changing rooms, and plumbing
  • The Bermuda Bowling Club – $73,310 for repairs to their roof
  • Willow Cuts Cricket Club – $65,905 for repairs to bathroom facilities and fencing
  • Harrington Workmen’s Club – $65,000 for repairs to front door, wooden flooring, bathroom and plumbing upgrades
  • Devonshire Recreation Club – $65,000 for repairs to their roof & refitting of bathrooms
  • Warwick Workmen’s Club – $61,400 for upgrades to their bathrooms
  • Somerset Bridge Recreation Club – $60,500 repairs to changing rooms, bathrooms, and gates
  • North Village Community Club – $50,000 for upgrades to changing rooms and repairs to electrical systems, sewage, and fencing
  • St. David’s County Cricket Club – $50,000 for repairs to their roof and porch
  • Western Stars Sports Club – $50,000 for upgrades to their clubhouse including bathrooms, changing rooms, electrical and plumbing
  • Southampton Rangers Sports Club – $49,500 for repairs to plumbing, electrical, roofing, and interior/exterior walls
  • East End Mini Yacht Club – $40,000 for upgrades to club interior
  • Hamilton Parish Workmen’s Club – $36,200 repairs and upgrades to fencing
  • Paget Community Football Club – $30,500 for upgrades to restrooms
  • West End Sailboat Club – $30,000 for refurbishment bathrooms, roof repairs, and utility upgrades
  • St George’s Dinghy and Sports Club– $25,000 for upgrades to their clubhouse and dock
  • Royal Hamilton Amateur Dinghy Club (RHADC) – $21,000 repairs to roof and flooring
  • Devonshire Colts Football Club – $20,000 repairs to storage unit
  • Vasco da Gama Club – $16,925 installation of new railing

Government Statement:

Premier David Burt delivered brief remarks in which he said, “In our 2017 Election Manifesto, this Government promised to provide support to community and sporting clubs, enabling them to make much-needed upgrades to their facilities. We recognise and value the critical contributions that clubs like yours make to Bermuda, whether by fostering athletic development, building community spirit, or providing safe and inclusive spaces for the growth and development of our youth.”

The first round of Capital Development Grants were awarded between 2020-2022 in which the Government awarded over $1 million to 23 community clubs.

During the 2025/26 Budget statement, the Premier announced that $1 million had been allocated for a new round of grants to support local clubs. In a recent sitting of the House of Assembly, the Premier announced that an additional $500,000 had been allocated for Capital Development Grants, bringing the total support to $1.5 million.

The Premier continued, “We are in the season of giving, and it is a privilege to be able to give this support to our local clubs, in light of the vital role that all of your organisations play in the social fabric of our island. I am proud to lead a Government that follows through on such promises at every opportunity.”

A total of 26 clubs were presented with cheques today, with a 27th club recently approved for a Capital Development Grant. The total allocation of $1.5 million has been awarded to Community Clubs.

The Government will remain in contact with Community Clubs regarding their upgrades and repairs, and conduct regular checks on the progress of works to ensure that the awarded funds are spent appropriately.

The Premier concluded his remarks by thanking community club, “Thank you for your continued service and dedication to our community.”

Health insurance will rise to cover hospital pay hike

Premier says he was right to use Sinking Fund to restrain health insurance hikes, but now insured population will need to partially cover the new hospital pay package

It was nice while it lasted, but it looks like Government’s freezing of health insurance premiums is coming to an end.

Speaking to Bermuda Broadcasting about the latest fiscal update, Premier and Finance Minister David Burt said, “the reality is when you have a $38 million pay package for nurses and doctors and technicians at the hospital, that money has to be funded somehow.”

“… some of that funds will have to come from the insurance population of the country.”

“…we’re going to set out a fair prospectus on that, as we move towards Universal Health Care.”

Last year, Government amended legislation to allow the transfer of Sinking Fund monies – previously pegged for future budget deficits – to other public funds, at the behest of the Minister of Finance.

The Government Loans Amendment Act 2024, passed in March 2024, allowed Government to shift $30 million into the Mutual Reinsurance Fund. The Premier said at the time, “everyone in this country will save $540 a year”.

In this year’s Budget Statement, the Premier affirmed that dipping into the Sinking Fund allowed them to “freeze the Standard Premium Rate for the third year in a row”, but added that “this year, we are moving beyond freezes”.

Following the Premier’s announcement on Friday of higher-than-projected revenues and increased Budget surpluses for the last and current fiscal years, our Gary Foster Skelton asked about the use of reserves in the Sinking Fund.

The Premier said, “in the pandemic, we borrowed a significant sum of money to carry us over.”

“The economy rebounded faster, due to the successful implementation of our Economic Recovery Plan. That is why we had additional money in reserves that we were able to use to freeze health insurance premiums for three and a half years in a row.”

“As you heard the Minister of Health, that’s not going to be able to continue in perpetuity.”

With the health insurance freeze coming to an end, we asked the Premier if they could tell us a figure by which insurance would increase.

He responded that the Minister of Health will be putting out a statement, and “the Cabinet has not come to a final decision or conclusion”. He said that some additional monies will be needed from the insured population because “the $11 million in [the supplementary estimate] will not cover it all”.

The Premier went on to affirm that he made the right choice to utilise the Sinking Fund to prevent a health insurance hike.

He said, “it would have been irresponsible to increase health insurance premiums at a time when we had cost of living challenges throughout the economy, and inflation was running at a lot higher level than it is right now.”

“I chose the option to utilize the Sinking Fund because I knew that we were getting to budget surpluses, and those monies would not be needed.”

“It turned out that I was right.”

Premier Burt said the action saved money across the economy, because not only employees benefitted, but also businesses that did not have to pay the employer portion.

“That is what you do when you take a broad look at the economy”, he said, “and are making sure that you’re focused on… doing everything you can to reduce the cost of living and the cost of doing business in Bermuda.”

A tasty feat: Gingerbread house is 15 feet tall

The pastry chefs and carpenters at the Hamilton Princess & Beach Club have outdone themselves this year.
Their gingerbread house is 15 feet tall and took more than two weeks to make, using more than 900 pounds of gingerbread, 533 eggs, and 160 pounds of icing sugar.
Kendal Trott’s footage captures the scale and craftsmanship involved.

UK military chief urges Britain to better prepare for Russia threat

Europe is trying to fill a hole left by President Donald Trump’s demand for the continent to take over the majority of NATO’s conventional defence capabilities

International News via Reuters:

Britain must get better prepared to deter the threat of conflict, particularly from Russia, by encouraging people to be willing to fight, increasing industrial weapons capacity and developing skills, the country’s military chief said on Monday.

Air Chief Marshal Richard Knighton, chief of the defence staff, told the RUSI think tank Britain had yet to feel the threat from Russia “as acutely as many of our allies in Europe” which had already moved to increase defence procurement and, in some cases, return to a form of national service.

Europe is trying to fill a hole left by President Donald Trump’s demand for the continent to take over the majority of NATO’s conventional defence capabilities, particularly when peace negotiations between Russia and Ukraine are fraught.

And Knighton’s words seemed directed at encouraging Britain, its government and its people to take the threat of a possible wider conflict more seriously and to act more quickly.

“The Russian leadership has made clear that it wishes to challenge, limit, divide and ultimately destroy NATO,” he said in his annual lecture.

“It is clear to our allies that the risk to NATO and to the UK from Russia is growing … Unless we are able to raise awareness and stimulate the conversation with society about the risks, we can’t expect the rest of government, society and industry to act or bear the costs.”

Russia says it has no plans to attack NATO.

Knighton said while “our objective must be to avoid war”, Britain must encourage more people to be ready to fight in the regular army and the reserves, to build the capacity in industry to meet the demands to re-stock and re-arm and develop the skills the defence industry needs.

The “hollowing out” of the armed forces must end and instead they must lead in NATO, and Britain must win the race to exploit new technology and integrate it into our fighting system.

“Sons and daughters, colleagues, veterans … will all have a part to play. To build. To serve. And if necessary, to fight. And more families will know what sacrifice for our nation means,” he said. “That is why it’s so important we do explain the changing threat and the need to stay ahead of it.”

Reporting by Elizabeth Piper; Editing by Alison Williams

Manhunt for Brown University shooter renewed after police release detained man

Providence remained on edge, though officials said there were no credible threats to the community and that they would not reimpose a shelter-in-place order for the campus and the surrounding area

International News via Reuters:

Police officers were going door-to-door on Monday seeking footage from home surveillance cameras as investigators renewed a manhunt for the gunman who killed two students and injured seven more in a classroom at Brown University, after releasing a man who had been held on Sunday as a “person of interest.”

Providence remained on edge, though officials said there were no credible threats to the community and that they would not reimpose a shelter-in-place order for the campus and the surrounding area that had been lifted earlier.

“People are very confused and nervous,” said Sue Erkkinen, a real estate agent. “We are staying indoors. We have all been glued to the TV, and it looks like the manhunt is now back on.”

The neighborhood was eerily quiet on Monday, several residents told Reuters, as most people were staying behind locked doors. Officers were knocking on doors, asking whether anyone had seen anything or had any cameras that might have caught a glimpse of the suspect, while police helicopters whirred overhead.

One family left to stay with friends in another town, while a first-floor tenant was so frightened that she asked her landlord to let her spend time on the second floor, neighbors said.

Providence Mayor Brett Smiley’s home, less than a block from the site of the shooting, served as ground zero for officials to gather over the weekend.

EARLY LEAD FIZZLES AS EVIDENCE SHIFTS

Police have released surveillance footage showing the possible shooter dressed in black walking near the building where the attack took place, though his face is not visible.

The gunman fled after opening fire in a classroom in Brown’s Barus & Holley engineering and physics building, where outer doors had been left unlocked while exams were taking place, according to police.

Students spent hours barricaded in classrooms or hiding beneath furniture as officers fanned out across campus searching for the attacker on Sunday.

At a press conference late on Sunday, officials said there had been enough evidence to justify taking into custody the unnamed person of interest, a man in his 20s. The announcement of the detainment early on Sunday provided what turned out to be a short-lived measure of relief for students and city residents.

Rhode Island Attorney General Peter Neronha later said investigators had determined there was “no basis to believe that he’s a person of interest, so… he’s being released.” Officials did not offer more detail about how the evidence had shifted.

Brown is one of the oldest and most prestigious universities in the United States. The Ivy League school, which has nearly 11,000 undergraduate and graduate students, canceled exams and classes for the rest of the year.

SHOOTING VICTIMS MOURNED

The two students killed were Ella Cook, a sophomore from Mountain Brook, Alabama, and Mukhammad Aziz Umurzokov, a citizen of Uzbekistan, according to statements from various officials.

Cook was vice president of the school’s College Republicans and a “leading Republican voice at Brown,” according to an X post from the New York Republicans Club. Her LinkedIn profile included jobs as an ice cream server at a Mountain Brook creamery and a program assistant in New York.

“Wesley and I join the Mountain Brook community and all of Alabama in mourning the heartbreaking loss of one of our own, Ella Cook, who was senselessly killed over the weekend on Brown University’s campus,” U.S. Senator Katie Britt of Alabama wrote in a statement with her husband, Wesley.

Umurzokov, an aspiring neurosurgeon, was his family’s “biggest role model,” according to a GoFundMe campaign set up by his family.

“He always lent a helping hand to anyone in need without hesitation, and was the most kind-hearted person our family knew,” the family wrote. “Our family is incredibly devastated by this loss.”

He graduated from Midlothian High School in Virginia this spring as one of the top 10 students in his class, according to video of the school’s graduation ceremony. In a statement, the U.S. ambassador to Uzbekistan, Jonathan Henick, mourned “the loss of his bright future.”

Reporting by Maria Alejandra Cardona in Providence, Svea Herbst-Bayliss in New York and Rich McKay in Atlanta; Additional reporting by Helen Coster, Maria Tsvetkova and Nathan Layne; Writing by Joseph Ax and Steve Gorman; Editing by Donna Bryson and Bill Berkrot

Female biker remains in hospital after crash last week

At last check, a female motorcyclist hurt in a collision with a truck around 9:20am Thursday, 11th December 2025, remained hospitalised.

That collision, at the junction of Middle Road and Halt Lane Sandys parish, left the 23-year-old Sandys parish woman with several injuries. She was recently understood to be recovering in King Edward VII Memorial Hospital’s Intensive Care Unit.

Any witnesses that have not already come forward are once again encouraged to contact Constable Naveen Kumar by calling 211, or e-mailing nkumar@bps.bm, as soon as possible.

US demands EU exempt its gas from methane emissions law, document shows

Starting this year, the EU requires importers of oil and gas to Europe to monitor and report methane emissions associated with those imports, in a bid to curb emissions of the potent planet-warming gas

International News via Reuters:

The U.S. has demanded that the European Union exempt its oil and gas from obligations under the bloc’s methane emissions law on fuel imports until 2035, a U.S. government document seen by Reuters showed.

Starting this year, the EU requires importers of oil and gas to Europe to monitor and report methane emissions associated with those imports, in a bid to curb emissions of the potent planet-warming gas.

The world-first climate policy has faced opposition from U.S. Energy Secretary Chris Wright, who has called it impossible to implement and warned it could disrupt U.S. gas supplies to Europe. European countries have increased imports of U.S. liquefied natural gas as they phase out oil and gas from Russia.

The U.S. document said that in the absence of a “full repeal” of the EU law, Washington was asking the EU to “delay requiring U.S. emissions data reporting under the EUMR [EU Methane Regulation] until October 2035.”

“The EU Methane Regulations is a critical non-tariff trade barrier that imposes an undue burden on U.S. exporters and our trade relationship,” said the document, circulated to EU member governments ahead of a meeting of their energy ministers in Brussels on Monday.

The U.S. Department of Energy did not immediately respond to a request for comment on the document.

The EU said last week it would offer companies simpler routes to prove compliance with the law, aimed at complex supply chains like those in the U.S. where one LNG shipment contains gas from many different production fields. 

EU Energy Commissioner Dan Jorgensen told reporters on Monday the bloc was in talks with the U.S., but would not weaken the methane law, which will impose increasingly tough obligations on fuel imports over time.

“We are trying to be as helpful as we can, with regards to implementation, but the legislation stands,” Jorgensen said.

“We are not considering withdrawing the legislation or an exemption to the legislation.”

Methane emissions are the second-biggest cause of global warming, after carbon dioxide.

The U.S. document also asked the EU to deem U.S. methane emissions laws equivalent to its own – meaning U.S. producers would automatically comply – and for Brussels to commit to not apply penalties if U.S. oil and gas imports breach the rules.

Industry sources said it was unlikely the U.S. could be granted this “equivalence”, since the Trump administration has moved to roll back its federal emissions reporting requirements, including by suspending some for the oil and gas sector until 2034.

A joint paper by U.S. and EU oil and gas industry groups, seen by Reuters, also called for changes to the policy, including delaying tougher obligations due to apply from 2027.

Dan Byers, vice president for policy at industry group the U.S. Chamber of Commerce, said the EU methane law was “uniquely complicated for the United States, where you have all of these countless producers, molecules being co-mingled”.

Reporting by Kate Abnett in Brussels and Valerie Volcovici in Washington; Editing by Bart Meijer, Mark Potter and Matthew Lewis

UK watchdog investigates EY’s Shell audit over potential breaches

Shell said in a July regulatory filing that it breached UK rules on audit partner rotation set by the Financial Reporting Council

International News via Reuters:

Britain’s Financial Reporting Council said on Monday it had opened an investigation into Ernst & Young’s audit of Shell’s 2024 financial statements over potential breaches of audit partner rotation rules.

Shell said in a July regulatory filing that it breached UK rules on audit partner rotation set by the Financial Reporting Council, which require listed companies to change the lead audit partner every five to seven years and impose cooling-off periods before they can return.

At the time, the company also said it would amend its 2023 and 2024 annual reports after auditor EY failed to comply with U.S. Securities and Exchange Commission rules on partner rotation, though its financial statements would remain unchanged.

SEC REQUIRES AUDIT PARTNER ROTATION AFTER FIVE YEARS

U.S. SEC rules require lead and reviewing audit partners to rotate after five years with a five-year cooling-off period, while other key partners have to rotate after seven years with a two-year break.

“As disclosed on 2 July 2025, EY UK determined that time limitations under the FRC’s Revised Ethical Standard regarding rotation of partners on one engagement had been exceeded and reported this matter to the FRC,” EY said in an emailed statement.

The accounting firm said it would continue to fully co-operate with the FRC throughout the probe.

EY told Shell in July that its U.S. audit opinions for 2023-2024 should not be relied upon and assigned a different partner to reissue them. It also flagged UK partner rotation breaches, though no amended filings were required in the UK.

The FRC’s conduct committee made the decision to open the investigation on October 21, and the probe will be conducted by the regulator’s enforcement division.

In a response to Reuters’ enquiry, Shell referred to its July statement.

Reporting by Yamini Kalia and Prerna Bedi in Bengaluru. Editing by Mrigank Dhaniwala, Mark Potter and Bernadette Baum