Latest news with #globalisation
Forbes
9 hours ago
- Business
- Forbes
The Case Against Gamified Prop Trading
The trading industry stands at a crossroads. One road leads to more gamification, more extraction, more disillusionment. The other leads to professionalism, purpose, and shared upside. In a recent op-ed for the Financial Times, BlackRock Chair and CEO Larry Fink called for the second draft of globalisation. 'The first step,' he said, is in 'helping more people become investors.' Fink outlined how 'the Trump administration's tariffs are the symptom of a backlash to the era of what might be called 'globalism without guardrails.' Global GDP grew more since the fall of the Berlin Wall in 1989 than in all recorded history before it. But the benefits weren't evenly shared. S&P 500 investors saw a return of more than 3,800 per cent. Rustbelt workers did not.' He goes on to argue that 'at the heart of this new model are the capital markets: exchanges where people invest in stocks, bonds, infrastructure, everything. Why? Because markets are uniquely suited to transforming global growth into local wealth.' I couldn't agree more. While Fink was primarily referring to people's ability to invest in markets long-term, it's equally important to make the case for the power of markets in the context of trading. It has never been easier to provide people with a real understanding of stock markets and opportunities to harness their power. But it needs to be done properly. In the post-pandemic world, trading is popular and perilous. From Reddit-fueled meme stocks to Instagram ads promising six-figure incomes in weeks, trading has become a cultural phenomenon. But beneath the glossy surface of fast payouts, slick dashboards, and instant accounts lies a more uncomfortable truth: in the new age of gamified proprietary trading, the trader is no longer the protagonist; they're the product. This is the reality ushered in by platforms like Hola Prime and the explosion of 'funded trader programs.' What began as a promising movement to democratize market access has mutated into a profit-extraction engine dressed up in UX and buzzwords. If the GameStop saga exposed the dangers of payment for order flow, the current state of prop trading is a sequel where the script is even more cynical. The premise of these new platforms is seductive: we'll give you capital to trade without risking your own money. Just pass a simple evaluation, click through a few disclaimers, and you're off to the races. Some now even offer instant accounts: skip the test, trade now, get paid in under an hour. But here's the rub: the business model isn't about helping you succeed. It's about getting you through the door, extracting fees, and quietly setting conditions that ensure most participants fail. The real revenue engine isn't trading profits, it's the fees traders pay for the privilege of chasing them. Most funded trader platforms charge upfront fees for evaluations, with limited transparency and minimal incentive alignment. If you fail (as most do), the firm keeps your money. If you succeed, you're handed capital under highly artificial constraints: inflated spreads, punitive commissions, and execution speeds that are just slow enough to give the house the edge. It's a system rigged for churn. The faster you burn out, the sooner the next aspiring trader can be onboarded and monetized. This isn't proprietary trading; it's proprietary entertainment, where every trader is both contestant and consumer. Gamified dashboards, explosive payout headlines, are engineered to hook you like a Vegas slot machine. All wrapped in a language of empowerment that masks a deeply extractive core. Take Hola Prime's headline-grabbing '1-Hour Payouts.' On paper, it's a breakthrough. In practice, it's table stakes masquerading as a revolution. Speedy payouts are nice, but they're a distraction from the real question: what are you actually building for traders? Are you training them in institutional-grade discipline? Are you teaching risk management? Are you offering a career ladder or a casino floor? Real proprietary trading firms do all of the above. They invest in their traders, not just their branding. They build loyalty through long-term alignment, not short-term gimmicks. At firms like Real Trading, when traders win, the firm wins. There's no fee treadmill, no asymmetry. The incentives are clear, and the traders are treated like the talent they are, not just throughput on a spreadsheet. 'Instant Accounts' skip the evaluation process entirely. That's not innovation, it's abdication. For serious traders, the evaluation is the beginning of the journey. It's where you demonstrate discipline, consistency, and judgment under pressure. It's where a firm learns who you are and whether it can entrust you with capital. By removing it, you lower the barrier, but you also flatten the profession. What's left isn't trading; it's speculation, dressed up in startup lingo. There is real talent in this new generation of retail traders, particularly in emerging markets. These are individuals hungry to learn, to grow, to become professionals. But instead of nurturing them, the current wave of gamified prop firms exploits them. Imagine what could happen if this energy were redirected toward institutional discipline rather than dopamine-fueled churn. If platforms invested in career-building, not just customer acquisition. Real proprietary trading should be a path, not a pit stop. The markets have become faster, more automated, and more unequal. The edge now often lies with those who can deploy algorithms and AI at scale. But amid this high-frequency arms race, something fundamental is being lost: the human trader. Human judgment. Emotional intelligence. Pattern recognition that no bot can replicate. These are the qualities that, when nurtured, complement, if not beat, the work of the machines; especially in moments of market chaos where instinct and experience trump code. Real prop firms recognize this. They treat traders as long-term partners. They offer structured training, risk coaching, and capital scaling that mirrors performance. They don't hand you a lottery ticket; they hand you a roadmap. The trading industry stands at a crossroads. One road leads to more gamification, more extraction, more disillusionment. The other leads to professionalism, purpose, and shared upside. The question isn't whether fast payouts or sleek apps are bad. It's whether they come instead of meaningful development, or in support of it. The next generation of traders deserves more than gimmicks. They deserve mentorship, meritocracy, and the tools to build a future, not just flip a trade. Let's stop turning traders into products and start turning them into professionals.
The Guardian
12 hours ago
- Sport
- The Guardian
Manchester City CEO Soriano excited by global impact of new Club World Cup
Manchester City's chief executive Ferran Soriano said he was excited by the way the revamped 32-team Fifa Club World Cup was driving football's globalisation, with the Spaniard believing the holders can embrace the tournament's expanded format and still be relevant to their domestic fanbase. Pep Guardiola's side beat Morocco's Wydad 2-0 on Wednesday in Philadelphia in their opening group game as they began their defence of a title claimed two years ago in the competition's last seven-club iteration. Soriano said of the new format: 'We are very excited by it. It's something that was very much needed. Soccer is a global sport and we have to make it global. You have to have teams like Manchester City playing teams from Morocco, Korea or wherever. That's part of the globalisation of the No 1 sport in the world. It's a great initiative and we are very happy to be here. 'It's very important to be here because we are a global football club. We have our roots and we are proud of them. But you can be local and relevant and faithful to the history of the club and the fans that support you, but you can also be global and show what we do – which we believe is beautiful football – to the world. It's a combination that works very well and we are proud.' Goals from Phil Foden and Jérémy Doku secured the defeat of Wydad as Guardiola gave debuts to Tijjani Reijnders and Rayan Cherki, two of his eight new recruits in the past two windows. Soriano said: 'I'm happy with the work that we did. This is part of multi-annual planning. Last summer we only bought one new player [Savinho, while Ilkay Gündogan returned on a free transfer] but this year between the winter and the summer it will be eight new ones. 'It's part of the annual cycle, the renewal of the squad. We accelerated some of it and now we are very happy with the squad we have. It's part of the game [to refresh]. We look for stability, the fact that Pep is going to be with us for 10 years shows that we are a stable club. Sign up to Football Daily Kick off your evenings with the Guardian's take on the world of football after newsletter promotion 'But the squad needs to be renewed. It's something that happens naturally. We've had fantastic players like Kevin De Bruyne who spent a decade with us. That's a testament to his quality but also our stability.'
The Australian
2 days ago
- Business
- The Australian
Strong case for more Europe in the Indo-Pacific region
The era of globalisation, which helped deliver Australia's prosperity and security for seven decades, has been supplanted by a systemic struggle between authoritarianism and accountable democracy. Thus, every partnership Australia can leverage becomes a multiplier for our national security. Europe's confrontation with Moscow's aggression, manifest on Ukrainian battlefields and in the sabotage of energy and communications infrastructure in the Baltic Sea and the Kremlin's attempts to manipulate democratic process, holds important lessons for Australia, militarily and politically. China is studying Russia's form. In May, EU Commission president Ursula von der Leyen proposed to Anthony Albanese that Australia and the EU conclude a security and defence partnership. Brussels already has these with Tokyo and Seoul, which are key partners for Australia in promoting regional security and defence co-operation and, like us, have treaty relationships with the US. If focused on value-adding outcomes rather than bureaucratic process and architecture, this would consolidate our bilateral relationships with capable and influential countries that share our commitment to democracy, accountability, and the rule of law. We continue, rightly, to prioritise our engagement in our Indo-Pacific region. Nevertheless, we should reinforce collaboration with Europe to support our strategic goals: to shape our region in ways that align with our interests; deter actions inimical to those interests; and respond with credible military force if required. First articulated in the Coalition's Defence Strategic Update of July 2020, these principles underpin Labor's National Defence Strategy 2024, with an emphasis on deterrence. This continuity in strategic thinking is welcome. It should engender a more bipartisan approach to national security than we generally see, noting that security extends well beyond defence. It encompasses self-reliance and national resilience, expressed in increased industrial and manufacturing capabilities, education, social cohesion, and nurturing the resolve to withstand coercion and protect our democracy from malign influences. Despite Brexit and occasional populist spasms, the EU remains a strong, democratic and rules-based bloc of almost 450 million people, accounting for nearly 15 per cent of global GDP, ranking third after the US and China (Australia's share is 1 per cent). Revisionist and revanchist nations are assaulting the international rule of law. Beyond its substantial economic, R&D, and manufacturing capacities, Europe possesses significant soft power and influence. It sets standards and norms in areas of increasing importance to the global south such as climate change, sustainability, health, and food and energy security. In the global contest for narrative dominance, the European story of eight decades of post-World War II security, stability and prosperity holds greater appeal than we appreciate or employ in shaping regional attitudes and policies. By contrast, revisionist and revanchist nations are assaulting the international rule of law. They invoke the UN Charter when it suits but otherwise ignore it, asserting instead the will of the strong over the weak by using military force and economic coercion as instruments of statecraft. In waging its brutal and illegitimate war of choice against Ukraine, Russia exemplifies the double standards of which it routinely and hypocritically accuses the West. Its Faustian pact with North Korea proves that security threats are not regionally bounded. By swapping shells, troops and missiles for Putin's war in Ukraine with energy, food and advanced military technology assistance for Pyongyang, Moscow has embroiled Australia's strategic longitudes in its European war with potentially far-reaching implications, including for nuclear non-proliferation. In March 2024, Russia vetoed the continuation of the UN Panel of Experts responsible for monitoring implementation of nine UN Security Council resolutions adopted – with Russia's support – between 2006 and 2017 that imposed sanctions upon the DPRK over its ballistic missile and nuclear weapons programs. France's President Emmanuel Macron gives the keynote address at the Shangri-La Dialogue Summit in Singapore on May 30. Picture: AFP In response, Australia joined Canada, France, Germany, Italy, Japan, Netherlands, New Zealand, the Republic of Korea, Britain and the US to establish the Multilateral Sanctions Monitoring Team in October 2024 to continue this important work. This group illustrates the interdependencies between European and Indo-Pacific security. Underscoring this is the significant European presence at our region's premier security forum, the Shangri La Dialogue, Singapore from May 30 to June 1: the EU Commission, NATO, Sweden, Britain, Ukraine, Finland, Germany, France, The Netherlands, Poland and Lithuania. In his keynote address, French President Emmanuel Macron emphasised that one million citizens and 8000 troops deployed in French territories across the Indo-Pacific meant Paris remained heavily invested in stability and security here. He reflected upon the phenomenon and threat of countries seeking not just spheres of influence, but 'spheres of coercion'. It is here that Australia has plenty to offer Europe. Our experience of Chinese coercion will help those nations that recently have realised that, while stable relations with China are necessary, desirable and support economic prosperity, prudence demands vigilance and resolve in the face of attempts to suborn our democracies. If Australia is to develop greater sovereign defence industrial capability, including to support the Future Made in Australia agenda, we need a consumer base larger than the 59,000-strong Australian Defence Force. Australian businesses must become better integrated into the trusted global defence supply chain among our allies in AUKUS and Europe, as well as Japan and South Korea. Old-fashioned words such as subversion and sabotage are regaining currency around the world, accelerated and amplified by the ubiquity and immediacy of mass communications. An EU security and defence partnership could enhance industry collaboration via the EU's new ReArm Europe/Readiness 2030 program. This will leverage more than €800bn ($1.4 trillion) in defence spending, including a new €150bn loan instrument – the Security Action for Europe (SAFE) – for joint procurement, and expanded European Investment Bank support. A challenge here, though, is dispelling European business perceptions that Australia is pre-disposed to US platforms and capabilities. Recent interactions between Australia and EU member states, and the EU Commission in Brussels, have focused on common challenges and responses to foreign information manipulation and interference. The European External Action Service has invested heavily in this area. Its efforts to not only counter disinformation but also proactively shape positive narratives are a natural hub for co-ordinated EU-Australia co-operation. The FIMI challenge is one of the fronts in the systemic struggle in which we are often unwittingly engaged. Old-fashioned words such as subversion and sabotage are regaining currency around the world, accelerated and amplified by the ubiquity and immediacy of mass communications, AI manipulation, and the ability of malign actors such as Russia to work with the grain of our societies, exploiting the fractiousness and contestability that are inherent in, and the strength of, accountable democracy. Putin's war in Ukraine demonstrates that deterrence is also a binding agent between Europe and the Indo-Pacific. This is true whether the danger manifests in Russia's cultural genocide in eastern Ukraine, its wanton assaults on Ukraine's civilian population in defiance of the laws of war, or from the latent threat posed by China's military build-up and bellicose rhetoric aimed at those disinclined to accept a Beijing-centric sphere of deference. As British Russia analyst Keir Giles observed in his 2024 book Who Will Defend Europe?, any military conflict which does not end almost immediately will become a prolonged contest 'not between military forces, but between societies, and their respective resilience, industrial capacity, and will to fight and win.' That core thesis is as relevant for Australia as it is for Europe. Bending our common efforts to that challenge would be in our national interest and would send a strong signal to our allies and adversaries alike. Peter Tesch is a visiting fellow at the ANU Centre for European Studies and a former deputy secretary of defence and Australian ambassador to Russia and to Germany.
Telegraph
2 days ago
- Lifestyle
- Telegraph
The best affordable rosé wine to buy under £14 this summer
Blame social media, or perhaps the more general force of globalisation, but we live in a world of extreme trends. One of those is rosé. Twenty years ago, pale pink wine was reserved for high summer, holidays and, dare I say it, women. Now everyone drinks it all year round, although sales go stratospheric when the sun comes out. According to Waitrose, 20 degrees Celsius is the magic 'tipping point' temperature at which sales of rosé soar, rising by 150 per cent. Given the lovely sunny forecast for the week ahead, you might be contemplating buying a bottle or two to put in the fridge. But of what? Skip to: How I tasted The best affordable rosé for summer Why you can trust us Unfortunately, such rampant popularity is not actually good news for quality and value. At least, not at the more affordable end. Wine is a product that depends, essentially, on farming. An increase in demand can be a good thing for grape farmers because it pays them properly and allows them to work efficiently and effectively to produce a high-quality crop. But this only applies up to a certain point. Too much demand pushes up the price of the decent stuff and encourages some to source grapes from vineyards that are less well-positioned and that are perhaps producing higher yields (which can lead to the wine tasting more dilute). This has definitely happened with rosé, especially at the budget end of the market (if you're spending a bit more there's better value and quality to be had because, sadly, not many people can be bothered to look for the less-well-known labels and not everyone can afford to spend in the £15 and upwards category).
Reuters
12-06-2025
- Business
- Reuters
China eyes stronger cooperation with ECB amid global trade tensions
BEIJING, June 12 (Reuters) - China is ready to strengthen cooperation with the European Central Bank (ECB), including on reforming the international monetary system, Premier Li Qiang told ECB President Christine Lagarde at a meeting in Beijing on Thursday. Lagarde is on a rare visit to Beijing this week as both China and the European Union are embroiled in trade tensions with the United States, following President Donald Trump's imposition of sweeping tariffs on most nations. "Against a backdrop of growing resistance to globalisation, only cooperation can bring mutual benefits," China's state broadcaster CCTV reported Li as saying. China and the EU should promote open cooperation and maintain multilateral coordination, Li said, adding that Beijing was willing to enhance market connectivity and industrial synergy with the bloc. Lagarde also met China's central bank governor Pan Gongsheng on Wednesday. The two sides signed a memorandum of understanding on cooperation, and agreed to establish an annual meeting mechanism between the governors of the two central banks, according to a statement from the People's Bank of China. Following his return to the White House in January, Trump's decision to impose tariffs has shifted the contours of global trade and poses challenges for the global economy. Chinese exports to the 27-nation EU rose 12.0% year-on-year in May, while sales to the United States dropped by 34.5%. China's exports to Germany and France, the bloc's largest economies, grew by more than 20%, while China's imports from the EU were flat. Lagarde's visit came as China and the EU seek to ease friction in their trade ties, with Beijing delaying a verdict earlier this week on a high-profile investigation into imported pork from the EU. The two sides have also been closing in on a deal to resolve disputes over EU tariffs on Chinese electric vehicles. Beijing has already extended its anti-dumping investigation into EU brandy and offered to speed up rare earth magnet export licences for European firms.
