IHS Markit plans to sell over-the-counter derivatives business MarkitSERV to another post-trade provider by year-end, a move CEO Lance Uggla calls "right for the ongoing growth of derivatives-processing marketplace." MarkitSERV, which serves about 1,500 clients, produced $150 million in revenue last year.
Singapore Exchange plans to list Indian equity derivatives products in June, despite an Indian court hearing, scheduled for reportedly Wednesday, to hear National Stock Exchange of India's request for an interim injunction against SGX. "We have full confidence in our legal position and will vigorously defend this action," SGX says.
Without changes to the British immigration system, there is a "clear risk" London will not draw enough qualified talent to maintain its status as a global financial hub after Brexit, according to a report from TheCityUK and EY. "The existing immigration system for non-European citizens is not considered dynamic enough to meet the needs of employers," TheCityUK says.
The Commodity Futures Trading Commission has released guidance on best practices for exchanges and clearinghouses planning to introduce cryptocurrency derivatives contracts. The CFTC will "provide additional guidance to help market participants keep pace with innovation while complying with CFTC regulations" as the cryptocurrency market evolves, says Amir Zaidi, director of market oversight.
The House is expected to vote today on changes to the Dodd-Frank Act that would ease oversight of small and midsize banks. Meanwhile, lawmakers are considering adding relaxation of the Volcker rule to next year's budget for financial regulators, a source says.
Citigroup has used CurveGlobal, London Stock Exchange Group's interest-rate derivatives platform, to clear its first buy-side Sterling Overnight Index Average trade for a hedge fund. The three-month Sonia contract was executed April 30.
GreenSky, an online lending startup that finds most of its borrowers through 12,231 partner merchants, hopes to raise $700 million in an initial public offering that could price Wednesday. At the midpoint of the expected price range, the offering would give the company a valuation close to $4.2 billion.
America's tech startups could be badly hurt if the Trump administration goes ahead with proposed restrictions on foreign investment in the US with the stated aim of protecting national security, entrepreneurs say. The National Venture Capital Association says the Defense Department significantly overstates the amount of capital Chinese investors are putting into US tech firms.
TradingView, a startup that develops software tools for companies and individuals involved in financial markets, raised $37 million in its most recent funding round. Most of the company's revenue comes from individual traders signed up for monthly subscriptions.