A Senate bill with solid bipartisan support aims to let banks hold more capital in municipal bonds. The measure would let banks count 100% of the value of municipal bonds in their portfolios as high-quality liquid assets.
The Innovator IBD 50 Fund, which was actively managed when it launched, has changed its investment strategy. The exchange-traded fund now tracks the IBD 50 Index, which is made up of equities of the fastest-growing companies in the US.
Forcing central counterparties to relocate to Europe from the UK and to face oversight from the European Securities and Markets Authority would reduce competition and would fragment the market, according to the International Swaps and Derivatives Association. The move would also "make the EU27 less competitive and increase risks and costs," said Ulrich Karl, ISDA's head of clearing services.
State Bank of India will test blockchain-based smart contracts next month that are based on a system developed by the 27-bank BankChain consortium. SBI will also launch an innovation hub in mid-2018 to develop artificial intelligence, machine learning and blockchain technology.
Orient Hontai has pulled out of its deal to buy mobile marketing startup AppLovin for $1.4 billion and instead is providing the company with $841 million in debt financing. Reuters reported that the deal was restructured after it came under scrutiny from the Committee on Foreign Investment in the United States.
Divergent 3D, a startup developing an environmentally friendly way to manufacture customized vehicles, has received a commitment for an investment of up to $107 million from a group of Chinese investors. New investors include O Luxe Holdings, which is backed by Hong Kong's Li Ka-shing, and Shanghai Alliance Investment, which makes investments for the Shanghai municipal government.
Boku, a carrier billing startup based in the US, sold roughly $60 million worth of shares on the London Stock Exchange's Alternative Investment Market. About two-thirds of the shares offered were from existing pre-IPO investors.
Andrey Kolodyuk, head of the supervisory board of the Ukrainian Venture Capital and Private Equity Association, says the most effective step the government could take to encourage the launch of startups would be to invest directly in a venture capital fund of funds. Because of the high risks involved, it is difficult for Ukrainian startups to attract investment, he said.
A lot of money pouring into Silicon Valley tech startups is coming from former employees of earlier startups who got rich from the stock that was used to pay them. "[N]ow the pre-IPO unicorns are spawning new unicorns themselves," Matt Levine writes.
Changes in the Markets in Financial Instruments Directive are beginning to win supporters just months before they are scheduled to take effect. "The end investor will come out of this with a better deal, so that's a good thing," said Mark Holman, CEO of TwentyFour Asset Management.