Financial Markets
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8/3/2015

President Barack Obama is set to announce tough rules on carbon emissions from coal-burning, electricity-generating plants, U.S. administration officials said. The regulation, a revised version of the administration's Clean Power Plan first made public a year ago, is part of an effort to accelerate the transition to renewable energy, they said.

8/3/2015

Investors have revised a lawsuit that accuses banks of using computer chat rooms to coordinate foreign exchange transactions to include Standard Chartered, Societe Generale, Bank of Tokyo-Mitsubishi UFJ and RBC Capital Markets. The case is being heard in US District Court. Settlements with other defendants have not been disclosed.

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Bloomberg
8/3/2015

As China opens its bond market to international investors, underwriters such as UBS and Morgan Stanley say the nation must do more to open up and get the International Monetary Fund to make the yuan a reserve currency. "China should speed up opening its bond market to underwriters because it's seeking to attract foreign investors," said Zhang Ming of the Chinese Academy of Social Sciences.

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Bloomberg
8/3/2015

Deutsche Bank's response to a consultation by the European Securities and Markets Authority on a distributed ledger and virtual currency says the bank is exploring block chain technology. The bank is examining potential usage in areas including derivatives clearing and asset servicing for securities.

8/3/2015

The Athens Stock Exchange resumed trading today, after being closed for five weeks, and promptly fell more than 20%. The drop was largely expected. Greece's top four banks plunged 30%.

8/3/2015

Negotiators meeting in Hawaii concluded talks Friday on the Trans-Pacific Partnership trade deal without reaching an agreement. They could not overcome long-standing conflict on products including dairy and sugar. Negotiators say an agreement is "within reach" but have not said when they will meet again.

8/3/2015

Barclays has reduced business in asset-backed securities, a source says, even as European policymakers and bankers attempt to boost confidence in the sector. Market participants are surprised by Barclays' move but acknowledge challenges to profitability.

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Reuters
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Barclays
8/3/2015

The European Securities and Markets Authority is facing criticism of proposed standards on professional qualifications for investment advisers. The proposal would require advisers to maintain the same position for five years straight. "[T]he obligation to have five consecutive years of experience cannot be applied within a given company without creating serious discrimination against young women, if maternity and the Congé Parental d'Education (parental leave) were a reason to suspend the employment contract 'excluding breaks'," according to French bank Groupe BPCE.

8/3/2015

The China Financial Futures Exchange is tightening rules against "irregular" trading that leads to excessive speculation in the markets. According to the rules, over 400 withdrawn orders for one contract or more than five self-trades each day are considered irregular trading.

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Reuters
8/3/2015

House members who oppose the Labor Department's proposed fiduciary rule are taking a fresh approach. A letter to Labor Secretary Thomas Perez from 18 Republicans and two Democrats says the final rule could be significantly different from the one being considered. "As a result, we feel it is in the interest of our constituents that the DOL re-propose this fiduciary regulation to ensure adequate stakeholder involvement in the notice and comment period during a new formal rulemaking process," according to the letter.

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