Group of 20 financial leaders want regulators to monitor cryptocurrencies but have no recommendation beyond that. "We call on international standard-setting bodies (SSBs) to continue their monitoring of crypto-assets and their risks, according to their mandates, and assess multilateral responses as needed," according to a G-20 communique.
A 2.7% stock increase has raised Amazon's market value to $768 billion, overtaking Alphabet's $762.5 billion and replacing the Google parent as the world's second-most-valuable company, behind Apple. All major tech stocks have performed well in the past 12 months, but Amazon has been the most impressive, gaining 85%.
Chinese Premier Li Keqiang has expressed hopes a trade dispute with the US can be averted, saying "I hope both China and the US will act rationally and not be led by emotions". Li has also promised to open the Chinese economy to more foreign participation.
The European Parliament might be closer to handing the European Central Bank oversight of central clearing of euro-denominated derivatives after a "strong majority" of committees expressed support. European Parliament member Danuta Huebner said the right level of ECB power must be determined before introducing legislation in June.
There is a good chance revisions to US financial regulation will happen this year, after the Senate has passed a bill to increase the threshold for Federal Reserve oversight to $250 billion in assets, writes Aaron Back. House Financial Services Committee Chairman Jeb Hensarling says the House will not vote on the bill in its existing form but will negotiate changes with the Senate.
Spain is delaying action on a Brexit transition deal to gain concessions regarding the future of Gibraltar, EU diplomats say. Spain reportedly wants power to veto arrangements involving Gibraltar during the transition period after the UK leaves the EU.
Eurozone officials have expressed disquiet over what they say is a disproportionate number of Germans on the European Central Bank staff, and statistics show more employees come from Germany than from France, Italy and Spain combined. "Nationality shouldn't matter in principle, but of course it does," says ECB economist Carlos Bowles.
The UK Prudential Regulation Authority is much more specific and personal when writing to banks than was predecessor Financial Services Authority, according to a Bank of England blog post.
The International Organisation of Securities Commissions has concluded a single formula is impossible to measure and compare leverage used by investment funds. IOSCO is developing a mix of approaches as benchmarks for evaluation.
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