Helping small and medium companies access capital markets was at the heart of Mifid II but more than 16 months on, bankers and regulators are worrying that Europe’s flagship securities-industry overhaul has become more of a problem than a solution.
The launch of Mifid II represented Europe’s biggest shake-up in the relationship between banks and investors in a generation. Now an unusual switch from US regulators may help elements of it to spread across the Atlantic.
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China’s top trade negotiator Liu He will visit the US this week for a new round of high-wire talks, in a sign Beijing is battling to keep negotiations on track after President Donald Trumpp ratcheted up pressure with plans to raise tariffs on Chinese goods Friday.
Banks are pressing US regulators to permit cross-margining of single-name credit default swaps against not only CDS indexes but also cash products and options.
Depending on your political outlook, Brexit will either open up a host of fresh business opportunities around the world, or force the UK to look further afield to make up for new trade frictions with the European Union. Either way, Britain is set to have a greater international presence – and for financial services, that means addressing the dragon in the room.
As Brexit has unfolded, London has fought a rearguard action for nearly three years to prevent one prized business – the clearing of euro-denominated interest rate swaps – from moving to Europe. But quietly, another part of the clearing market is shifting to the eurozone.
Fidelity Investments, which began a custody service to store Bitcoin earlier this year, will buy and sell the world’s most popular digital asset for institutional customers within a few weeks.
The US Commodity Futures Trading Commission is willing to approve an ether futures contract – provided it ticks all the right boxes, a senior official has told CoinDesk.
Cryptocurrency exchange Binance is continuing to ramp up its regulatory compliance efforts. The exchange has just partnered with blockchain analytics startup Elliptic to boost its compliance and security capabilities.
Bitfinex’s customers might suffer if it can’t access a line of credit from stablecoin issuer Tether, the exchange’s attorneys have argued.
As China’s integration with global financial markets intensifies, some of the most sophisticated electronic traders are stepping up to buy and sell more of the country’s currency. Jump Trading and XTX Markets say they are boosting volumes in the offshore yuan market as well as Asian non-deliverable forwards.
Users of Refinitiv’s FX Spot and Forwards Matching now have access to lower latency and opportunities for cost savings following the migration of the solution to a new data centre.
Citigroup has invited second- and third-year analysts from across its markets and technology teams to apply for Citigroup’s newly formed Markets Acceleration Lab. The firm hopes to select around 12 people to be part of the lab, which kicks off this fall, and use technologies such as machine learning and artificial intelligence to help solve problems in the firm’s trading business.
Asset managers left reeling after a painful 2018 could see profits drop by around 30% over the next four years, and are being urged to slash costs further to cope.
A new suite of basis swap templates being rolled out by LCH could take some of the pain out of the Libor transition, making it easier for compression providers to tear up existing Libor contracts and replace them with trades referencing new risk-free rates.
The Australian dollar sharply rose on Tuesday after the country’s central bank held rates at a record low, dashing speculation it may ease policy following a below-par reading of inflation.
The pound remained stuck near $1.31 as Brexit talks resumed on Monday between the British government and the main opposition party and traders refrained from taking positions on the currency.
Turkey’s currency dropped to its lowest level since October, while its bonds came under pressure, after a decision by the country’s election council to nullify a mayoral election in Istanbul sharpened investor concerns.