The Federal Reserve reportedly has dropped a proposed requirement that banks report exposure data from client clearing of derivatives in annual stress tests because of pressure from industry participants. Industry groups had complained the data would have skewed stress test models.
Chinese traders are hoping domestic oil futures launch by Christmas now that Shanghai Futures Exchange has finished a fifth round of testing and has met State Council requirements. "The Western market would be quiet [during Christmas] and allow the Shanghai exchange, as well as Chinese investors, to adjust in the early days," said trader Yuan Quwei.
Squarespace, a startup that makes it easy for people to create websites, has raised $200 million in a funding round that gives it a $1.7 billion valuation. Most of the money will be used to cash out early employees and investors.
Ginkgo Bioworks, a startup that creates microbes for clients in various fields, raised $275 million in its most recent funding round. The company recently formed a joint venture with global agricultural chemical company Bayer.
The Trump administration will propose eliminating the right of H-1B visa holders' spouses to work in the US. The spouses were given this right under the Obama administration.
US Citizenship and Immigration Services is accepting applications under the International Entrepreneur Rule. The agency says, however, that the Department of Homeland Security still plans to seek the rule's repeal.
Jnana Therapeutics, a startup that will seek to develop medical treatments by focusing on cellular proteins, has launched with $50 million that includes investments from AbbVie Ventures and Pfizer. Jnana's acting chief executive, Amir Nashat, says the roles proteins play in health and diseases haven't been fully explored.
The International Energy Agency has revised its crude-output forecast for next year to indicate supply might grow faster than demand as US output increases by 870,000 barrels per day. "So, on our current outlook 2018 may not necessarily be a happy New Year for those who would like to see a tighter market," according to the IEA.