Four cryptocurrency experts appearing before a UK parliamentary committee have called on the Treasury to formalise regulation of cryptocurrencies. Among their arguments: A lack of oversight is preventing liquidity from entering the market, traders would welcome regulation and investors might move to jurisdictions making more of an effort to establish regulation.
Goldman Sachs is "very cautiously" exploring adding cryptocurrency trades beyond derivatives to "evolve its business and adapt to the environment," President and Chief Operating Officer David Solomon says. "We're listening to our clients and trying to help our clients as they're exploring those things, too," he says.
Questions remain about how Brexit affects equivalence assessments under Europe's revised Markets in Financial Instruments Directive, says Simon Puleston Jones, FIA's head of Europe. Puleston Jones also discusses how the US benefits from Brexit.
The New York Department of Financial Services has fined Deutsche Bank $205 million for "improper, unsafe and unsound conduct" in foreign exchange trading. Traders used online chatrooms to try to manipulate currency prices between 2007 and 2013, according to the department.
Crypto Facilities, which offers bitcoin, ripple and ethereum futures products, plans to add litecoin-dollar futures contracts Friday. Litecoin creator Charlie Lee expects more institutional investors to enter the marketplace as a result.
A one-day trading loss during the first quarter at Deutsche Bank's US unit that was 12 times higher than an internal risk estimate has raised questions about the accuracy of value-at-risk metrics US regulators use to gauge risk at foreign banks. The size of the loss was not disclosed to regulators.
Firms should take an organic approach and design machine learning applications in-house, rather than buying off-the-shelf software, Aston Capital Management founder and CEO Isaac Lieberman says. "This simply is because each business is different and has its own objectives and ways of behavior," says Lieberman, former head of algorithmic trading at JPMorgan Chase.
Nginx, a startup that develops and manages cloud-based "microservices," raised $43 million in its most recent funding round. The company will use the capital to continue product development and to build relationships with new partners.
Swiggy, an Indian food-delivery startup that says it is running a fleet of 40,000 vehicles, raised $210 million in a funding round led by the media conglomerate Naspers, an early investor in China's Tencent. Sources said the transaction gave Swiggy a valuation in the vicinity of $1.3 billion.
Hired, a recruitment marketplace that matches tech workers with companies that need them, has received a $30 million investment from the Investment Management Corporation of Ontario. Corporate employers use Hired's platform to apply to hire workers, a reversal of the traditional approach.