exchange

Northwestern University has agreed to pay $75 million to the U.S. government in a deal with the Trump administration to end a series of investigations and restore hundreds of millions of dollars in federal research funding.

President Trump’s administration had cut off $790 million in grants in a standoff that contributed to university layoffs and the resignation in September of Northwestern President Michael Schill. The administration said the school had not done enough to fight antisemitism.

Under the agreement announced Friday night, Northwestern will make the payment to the U.S. Treasury over the next three years. Among other commitments it also requires the university to revoke the so-called Deering Meadow agreement, which it signed in April 2024 in exchange for pro-Palestinian protesters ending their tent encampment on campus.

During negotiations with the Trump administration, interim university President Henry Bienen said Northwestern refused to cede control over hiring, admissions or its curriculum. “I would not have signed this agreement without provisions ensuring that is the case,” he said.

The agreement also calls for Northwestern to continue compliance with federal anti-discrimination laws, develop training materials to “socialize international students” with the norms of a campus dedicated to open debate, and uphold a commitment to Title IX by “providing safe and fair opportunities for women, including single-sex housing for any woman, defined on the basis of sex, who requests such accommodations and all-female sports, locker rooms, and showering facilities.”

Education Secretary Linda McMahon said the deal cements policy changes that will protect people on campus from harassment and discrimination.

“The reforms reflect bold leadership at Northwestern and they are a road map for institutional leaders around the country that will help rebuild public trust in our colleges and universities,” McMahon said.

Trump has leveraged government control of federal research money to push for ideological changes at elite colleges he claims are overrun by “woke” ideology.

The fine agreed to by Northwestern is the second-largest behind Columbia, which agreed in July to pay the government $200 million to resolve a series of investigations and restore its funding. Brown and Cornell also reached agreements with the government to restore funding after antisemitism investigations.

Harvard, the administration’s primary target, remains in negotiations with the federal government over its demands for changes to campus policies and governance. The Ivy League school sued over the administration’s cuts to its grant money and won a court victory in September when a federal judge ordered the government to restore federal funding, saying the Trump administration “used antisemitism as a smokescreen.”

This fall, the White House tried a different approach on higher education, offering preferential treatment for federal funds to several institutions in exchange for adopting policies in line with Trump’s agenda. The administration received a wave of initial rejections from some universities’ leadership, including USC’s, citing concerns that Trump’s higher education compact would suffocate academic freedom.

CME blamed the outage, which halted trading for more than 11 hours, on a cooling failure at a data centre in Chicago.

Global futures markets were thrown into chaos for several hours after CME Group, the world’s largest exchange operator, suffered one of its longest outages in years, halting trading across stocks, bonds, commodities and currencies.

By 13:35 GMT on Friday, trading in foreign exchange, stock and bond futures as well as other products had resumed, after having been knocked out for more than 11 hours because of an outage at an important data centre, according to LSEG data.

CME blamed the outage on a cooling failure at data centres run by CyrusOne, which said its Chicago-area facility had affected services for customers, including CME.

The disruption stopped trading in major currency pairs on CME’s EBS platform, as well as benchmark futures for West Texas Intermediate crude, Nasdaq 100, Nikkei, palm oil and gold, according to LSEG data.

‘A black eye’

Trading volumes have been thinned out this week by the United States Thanksgiving holiday, and with dealers looking to close positions for the end of the month, there was a risk of volatility picking up sharply later on, market participants said.

“It’s a black eye to the CME and probably an overdue reminder of the importance of market structure and how interconnected all these are,” Ben Laidler, head of equity strategy at Bradesco BBI, said.

“We complacently take for granted that much of the timing is frankly not great. It’s month-end, a lot of things get rebalanced.”

“Having said that, it could have been a lot worse; it’ll be a very low-volume day. If you’re going to have it, there would have been worse days to have a breakdown like this,” he said.

Futures are a mainstay of financial markets and are used by dealers, speculators and businesses wishing to hedge or hold positions in a wide range of underlying assets. Without these and other instruments, brokers were left flying blind, and many were reluctant to trade contracts with no live prices for hours on end.

“Beyond the immediate risk of traders being unable to close positions – and the potential costs that follow – the incident raises broader concerns about reliability,” said Axel Rudolph, senior technical analyst at trading platform IG.

A few European brokerages said earlier in the day they had been unable to offer trading in some products on certain futures contracts.

Biggest exchange operator

CME is the biggest exchange operator by market value and says it offers the widest range of benchmark products, spanning rates, equities, metals, energy, cryptocurrencies and agriculture.

Average daily derivatives volume was 26.3 million contracts in October, CME said earlier this month.

The CME outage on Friday comes more than a decade after the operator had to shut electronic trading for some agricultural contracts in April 2014 due to technical problems, which at the time sent traders back onto the floor.

More recently, in 2024, outages at LSEG and Switzerland’s exchange operator briefly interrupted markets.

CME’s own shares were up 0.4 percent in premarket trading.

The impact of Machine Learning (ML) on the global Foreign Exchange (Forex) is growing day by day. This results in a profound transformation of the algorithmic landscape, leading to a decrease in the dominance of human intuition, quantitative models, and macroeconomic analysis. These changes impact the growth of market efficiency, shift risk management patterns, and affect the very nature of global currency flow.

The ML-Driven Revolution in Forex Trading

Machine Learning, as an essential subset of Artificial Intelligence (AI), helps computer systems learn from extended datasets, identify sophisticated models, and make predictions without any pre-programmed patterns. Human traders simply cannot match the edge ML provides because the very environment of the currency market is getting faster and more data-rich.

Enhancing Predictive Analysis

ML models process vast volumes of market data pretty successfully. Their performance ranges from simple tick-by-tick price movements and trading volumes to social media responses and global news feeds. That is why forecasting with unprecedented accuracy becomes a reality. All this deals with the following:

1. Real-time data synthesis. The algorithms analyze time-series data, learn from historical market volatility, and immediately adapt to new information. Recurrent Neural Networks (RNNs) and Long Short-Term Memory (LSTM) are especially efficient for that.
2. Sentiment analysis. ML systems use Natural Language Processing (NLP). That allows them to scan thousands of new articles, economic reports, and political statements. Therefore, they never miss leading indicators based on market sentiment towards a specific currency.
3. Pattern recognition. ML can detect and observe subtle, non-linear relationships between disparate currency pairs and timeframes. In that way, they analyze all possible opportunities. 

Automation and Execution Speed

The most obvious impact of ML is observed in spreading algorithmic trading. Trades executed by automated systems are based on ML-driven insights. So, they are speedy, precise, and independent of human emotional bias.

Such automation is clearly observed in Expert Advisors (EAs), or trading bots. They can operate autonomously on various platforms, for example, on MetaTrader. The industry needs and is continuously introducing new top-rated Forex EAs. Their algorithms have already demonstrated perfect performance and resilience. These ML-powered EAs can manage such strategies as:

• High-Frequency Trading (HFT), processing thousands of trades per second;
• Adaptable trend following, used for adjusting stop-loss and take-profit levels to the shifts in real-time market schedules;
• Risk mitigation strategies, implemented through changes in hedging positions and reducing leverage according to predicted spikes in volatility.

Strategic Implications for Global Finance

ML integration into the Forex environment has far-reaching consequences. It affects international capital flows and requires enhanced risk management for financial institutions and states.

Redefining Currency Risk Management

ML provides high-quality tools for hedging and managing currency exposure. It is vital for multinational corporations and central banks. The significantly improved forecasting accuracy is crucial for optimizing forward contract planning and international payment strategies.

ML models can ensure dynamic hedging by continuous reassessment of risk-return profiles. They are capable of recommending dynamic adjustments to hedging ratios due to changing geopolitical or economic situations.

Moreover, advanced AI models can detect unusual trading patterns. That can diminish market abuse, like front-running or spoofing, much faster than conventional surveillance systems can. So, market integrity becomes better managed and more sustainable.

Geopolitical and Regulatory Challenges

So, we have examined the obvious benefits of the strategic deployment of ML. However, what about drawbacks? There are certain challenges here that require regulatory foresight and diplomatic engagement. They involve the following:

1. Algorithmic bias. An ML model may be trained on biased or incomplete historical data. That can cause systemic flaws and market instabilities, especially during unforeseen global events.
2. Concentration of power. Large hedge funds and financial institutions can concentrate large power in their hands. That may happen because the resources needed to develop, deploy, and maintain advanced ML infrastructure are hardly available beyond their authority. The need for specialized hardware and proprietary datasets may result in a systemic risk to market decentralization.
3. Need for explainability. All regulators require transparency. Complex neural networks cannot provide that due to their ‘black box’ nature. It creates a compliance hurdle that must be overcome with the help of explainable AI (XAI) frameworks.

Conclusion: A New Era of Algorithmic Diplomacy

We need to understand and accept that Machine Learning is not an additional helping tool but a superior new operating system for global currency exchange. It strategically impacts everything related to international trading. Its ability to extract the most actionable intelligence from gigantic data volumes can result in hyper-efficient, instantaneous, and emotionless trade operations.

The rise of complex algorithmic systems, including top-rated Forex EAs, requires a new form of ‘algorithmic diplomacy.’ That is why global financial institutions and regulators must keep in touch, and their collaboration should be aimed at ethical frameworks and technical standards development. That can help them enhance the stability, transparency, and fairness of the international trading market for the benefit of the entire global economy.

The exchanges have been the only progress of any note in negotiations between the two countries as the war rages on in its fourth year.

Ukraine is working to resume prisoner exchanges with Russia that could bring 1,200 Ukrainians home, President Volodymyr Zelenskyy says, a day after his national security chief announced progress in negotiations.

“We are … counting on the resumption of POW exchanges,” Zelenskyy wrote on X on Sunday. “Many meetings, negotiations and calls are currently taking place to ensure this.”

Rustem Umerov, secretary of Ukraine’s National Security and Defence Council, said on Saturday that he held consultations mediated by Turkiye and the United Arab Emirates on resuming prisoner of war exchanges, which the two sides have carried out successfully multiple times.

He said the parties agreed to activate prisoner exchange agreements brokered in Istanbul to release 1,200 Ukrainians.

The Istanbul agreements refer to prisoner exchange protocols established with Turkish mediation in 2022 that set rules for large, coordinated swaps. Since then, Russia and Ukraine have traded thousands of prisoners although the exchanges have been sporadic.

But the swaps have been the only progress of any note in talks between the two sides as the war rages on and another punishing winter approaches with oil and energy sites being targeted by both Moscow and Kyiv.

Authorities in Moscow did not immediately comment on the issue.

Umerov said technical consultations would be held soon to finalise procedural and organisational details, expressing hope that returning Ukrainians could “celebrate the New Year and Christmas holidays at home – at the family table and next to their relatives”.

Finland says ‘sisu’ needed

Meanwhile, Finnish President Alexander Stubb told The Associated Press news agency that a ceasefire in Ukraine is unlikely before the spring and European allies need to keep up support despite a corruption scandal that has engulfed Kyiv.

Europe, meanwhile, will require “sisu”, a Finnish word meaning endurance, resilience and grit, to get through the winter, he said, as Russia continues its hybrid attacks and information war across the continent.

“I’m not very optimistic about achieving a ceasefire or the beginning of peace negotiations, at least this year,” Stubb said, commenting that it would be good to “get something going” by March.

In other developments, energy infrastructure was damaged by Russian drone strikes overnight into Sunday in Ukraine’s Odesa region, the State Emergency Service said. A solar power plant was among the damaged sites.

Ukraine is desperately trying to fend off relentless Russian aerial attacks that have brought rolling blackouts across Ukraine on the brink of winter.

Combined missile and drone strikes on the power grid have coincided with Ukraine’s efforts to hold back a Russian battlefield push aimed at capturing the eastern stronghold of Pokrovsk in the Donetsk region.

Russia launched 176 drones and fired one missile overnight, Ukraine’s air force said on Sunday, adding that Ukrainian forces shot down or neutralised 139 drones.

Ukrainian forces struck a major oil refinery in Russia’s Samara region along with a warehouse storing drones for the elite Rubicon drone unit in partially Russian-occupied Donetsk, Ukraine’s general staff said on Sunday. Russian officials did not immediately confirm the attacks.

Months of long-range Ukrainian drone strikes on Russian refineries are aimed at depriving Moscow of the oil export revenue it needs to pursue the war.

Russia’s Ministry of Defence said on Sunday that its forces shot down 57 Ukrainian drones overnight.

It also said its troops had captured the settlements of Mala Tokmachka and Rivnopillya in eastern Ukraine’s Zaporizhia region.

Trevor Penning couldn’t help but smile and chuckle after arriving in the brisk El Segundo weather from New Orleans early Wednesday morning.

It was fewer than 24 hours after he’d been told of the trade of which he wasn’t expecting, standing in front of his new end-of-the-hallway locker in the Chargers’ clubhouse. A placard listing Penning’s high school-recruiting rating, and the schools he attended, had yet to be placed atop his stall next to long snapper Josh Harris.

“It’s pretty crazy — overnight,” said the fourth-year offensive lineman, a former 2022 first-round draft pick of the Saints. “You get five more wins on [the record]. … I’m excited to be here.”

Penning, acquired by the Chargers (6-3) just before the NFL trade deadline Tuesday — New Orleans received a 2027 sixth-round draft pick in exchange for the 6-foot-7, 325-pound tackle — joins a team fighting with the Broncos atop the AFC West.

When the Northern Iowa alumnus checked into the Saints’ facility Monday, he was on a team with the worst record (1-8) in the NFC.

Now, Penning will try to bolster the Chargers’ protection of quarterback Justin Herbert, who has been sacked 28 times — third most among all NFL quarterbacks this season. The Chargers were in desperate need of a lineman after losing offensive tackle Joe Alt to a season-ending ankle injury.

“[Penning’s] just getting the basics down of just getting our cadences and getting adjusted to our play calls and things like that,” Herbert said. “Obviously, I’ve known of him, and obviously, [I’m] a big fan. A lot of respect for his game. It’s a cool opportunity — I’m sure he’ll pick up the offense very quickly.”

Penning said that he, like many football players and fans, had been familiar with Chargers coach Jim Harbaugh‘s attitude and approach while growing up. The formerly unranked high school prospect from Clear Lake, Iowa — turned Missouri Valley Football Conference star — said he believed his traits on and off the field match the Chargers’ culture.

“It’s good to hear,” Harbaugh said when asked about Penning’s comments. “I like guys who like football. Guys who like football seem to like me back. … [Penning] strikes me as a guy who’s all about his business, and came in [and] has done everything right. Really happy that we have him on our team.”

The Chargers have worked Penning at both tackle spots during practice this week. He played left tackle in 2022 and 2023, right tackle in 2024, and some left guard in 2025.

Where and how Penning fits is still a question waiting to be answered, and Sunday’s game against the Steelers could provide answers.

Penning is ready for the fresh start awaiting him.

“I’m excited to play anywhere they need me,” Penning said. “I think I have the versatility.”