Brokers representing foreign investors want more concessions to trade in Gujarat International Finance Tec-City in India, sources say. The brokers reportedly want exemption from local taxes and easier identification rules to protect confidentiality.
UK banks have reduced derivatives clearing for clients by 5% since a leverage ratio was introduced in 2016, suggesting disincentivization of client clearing, Bank of England analysts say. Their research supports belief the leverage ratio heightens the cost of offering clearing services, which could lead to reduced services from clearing members.
An unintended consequence of Europe's revised Markets in Financial Instruments Directive is that some commodity trading has shifted from venues to over the counter, Nasdaq Nordic President Lauri Rosendahl says. Market participants "have said this is not going to work for us due to the administrative burden," Rosendahl says.
Hong Kong Exchanges and Clearing plans to resurrect Chinese treasury bond futures as soon as this year to establish a market for the instrument in the city and to internationalize the yuan. "Interest-rate products ultimately is the big next leap," HKEx CEO Charles Li says.
Capital rules for high-frequency traders in Europe are expected to be tightened, which could halt trading of some products, according to the FIA European Principal Traders Association.
Commodity trader Cargill plans to reduce greenhouse-gas emissions on an absolute basis by 10% by 2025. The action "is not a charity project" but is a move to be more efficient and competitive, says Jan Dieleman of Cargill.
Shares in Mercari, a Japanese company that runs an online customer-to-customer flea market, were met with strong investor demand and closed up 77% after the firm's initial public offering on the Tokyo Stock Exchange. Mercari sold about a third of its shares, raising about $1.2 billion.
EzCater, a startup headed by Stefania Mallett, a serial entrepreneur who has been raising venture capital for various companies for 21 years, brought in $100 million in its most recent funding round. Mallett says she was successful because she has fine-tuned her pitches to be more "gender-blind," maintaining a sharp focus on data.
Toss, a startup that operates South Korea's most popular payment app, raised $40 million in a funding round that included an investment from Singapore sovereign wealth fund GIC. Last year, PayPal made a strategic investment in Toss in a round that raised $48 million.
Talentry, a Munich-based startup that helps employers make use of their employees' social networks to support recruiting efforts, raised $6.9 million in its most recent funding round. The startup plans to expand beyond German-speaking countries into international markets, including the US and UK.