Donald Tusk, president of the European Council, said he will meet with UK Prime Minister Theresa May in London next week to discuss Brexit. Negotiations between the EU and UK have stalled with little progress made in recent weeks.
President Donald Trump tasked former adviser Dan Slane with creating an infrastructure plan, which identified projects with investor interest, but it vanished upon reaching the White House, Gillian Tett writes.
Republican senators have agreed to back a plan to cut taxes by $1.5 trillion during the next decade. They say the tax cut would not affect the US deficit because the reduction would stimulate economic growth and compensate.
The European Banking Authority is inviting comments on rules governing asset securitisation. The EU banking regulator is looking into concerns that some parts of its securitisation rules may make it more difficult for banks to shift nonperforming loans off balance sheets.
Competition among banks could reduce the execution costs of equity trading under Europe's revised Markets in Financial Instruments Directive, some executives say. One manager forecast as much as a 40% drop in the overall revenue pool from trade execution.
Lack of guidance from the European Securities and Markets Authority on what dealers will serve as systematic internalisers and at what level under Europe's revised Markets in Financial Instruments Directive will make it difficult for clients to know which dealers are SIs and whether they are responsible for reporting trades, experts say. Furthermore, dealers' ability to declare themselves at different levels of SI for different products will make the data reported excessively complicated.
China is poised to launch a yuan-denominated crude oil futures contract in Shanghai, the first commodities contract to be priced in renminbi. The People's Bank of China is exploring ways to increase the number of yuan-denominated commodities contracts as a way to gain greater control of pricing given its leading role in the sector.
The Reserve Bank of India is studying the possibility of sponsoring a currency based on blockchain technology, according to local media reports. Such a digital currency would be named Lakshmi after the Hindu goddess of wealth, according to the reports.
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