Mark Filipino hosts this Financial Times news briefing covering major developments across geopolitics, finance, and markets on Thursday, March 5th.

The episode examines Israel's expected multi-week war in Iran and the complex succession process for Iran's next supreme leader following Ayatollah Ali Khamenei's recent assassination.

Financial market stories include Kraken's breakthrough Federal Reserve access for crypto payments and the collapse of London mortgage provider Market Financial Solutions amid fraud allegations affecting major Wall Street institutions.

Israel Prepares Multi-Week Iran Campaign

Israeli officials told the FT they expect weeks-long military operations alongside the U.S. to 'fully dismantle key pillars of the state as well as the Revolutionary Guard'

War disruption in Strait of Hormuz has caused ship insurance costs to surge 12-fold, despite Trump's offer for U.S. Navy escort through the critical oil passageway

Israeli officials have not explained how they plan to lay groundwork for Iranian regime overthrow or what governance structure might follow

Iran's Supreme Leader Succession Under Fire

An 88-member panel of religious experts must select Iran's next supreme leader after Israel and the U.S. killed Ayatollah Ali Khamenei last weekend

"There is concern here that if they meet all in one place, they could be attacked by the US and Israel" - Najmeh, forcing online deliberations during wartime

Mushtabocho Mei, the late supreme leader's second son, appears to be leading candidate in initial voting with minimal public record of his positions

"Iran is entering a new phase in its modern history" - Najmeh, as dozens of senior figures have been assassinated since June

Kraken Breaks Crypto Banking Barriers

Kraken received Federal Reserve access to core payment systems including Fedwire, putting the crypto exchange "in line with major banks and credit unions"

The approval covers a limited purpose account for one-year initial term, despite traditional banks pushing back against crypto companies accessing Fed systems

London Mortgage Firm Collapse Exposes Wall Street

Market Financial Solutions (MFS) collapsed into administration amid fraud allegations of double-pledging loans, affecting Elliott Management, Barclays, Jeffries, and Apollo Global

"Double pledging means that banks like Jeffries or Barclays and asset managers like Apollo have lent it money secured on its portfolio of loans" but the same collateral was allegedly pledged to multiple lenders - Ewan

Barclays triggered the collapse by freezing MFS accounts in January after discovering irregularities during due diligence on their roughly £500 million exposure

"When you see cockroaches, there's a good chance you will see more" - Jamie Dimon reference, raising questions about wider asset-backed lending market health