UK Chancellor Philip Hammond says the government's Brexit plan is a "pragmatic solution" that lets the financial-services industry "flourish."
The Securities and Exchange Board of India has updated the method behind daily stress tests for commodity derivatives markets. The change reflects market concerns, and the regulator has requested the modification be used within three months.
Former Barclays trader Philippe Moryoussef has been found guilty of leading an effort to rig the Euro Interbank Offered Rate between 2005 and 2009, but the jury couldn't reach a verdict on the roles of former Barclays traders Colin Bermingham, Carlo Palombo and Sisse Bohart. Deutsche Bank executive Achim Kraemer has been cleared of charges.
ICE Benchmark Administration supports development of risk-free alternatives to Libor, President Timothy Bowler says, but Libor still has a future. The Intercontinental Exchange unit thinks "a reformed Libor could continue to exist alongside these new rates, to serve a different set of customer requirements," Bowler says.
The International Swaps and Derivatives Association has published a consultation paper on fallbacks for interbank offered rates in the event they are discontinued.
The "logical next step" after implementation of Europe's revised Markets in Financial Instruments Directive is to take advantage of technology such as artificial intelligence and automation to comply with data requirements, says Gerard Walsh, head of business development at Northern Trust Capital Markets.
The sponsor of a New York bill that would require nonfiduciary financial advisers to disclose that they aren't required to act in their clients' interests plans to reintroduce the measure, after it died without a floor vote in the New York State Assembly. Similar measures in Illinois and New Jersey have failed to come up for votes but remain under consideration.
Republican and Democratic senators said they will work to enact legislation that would give Congress a voice on whether the US imposes tariffs on national security grounds. However, House Speaker Paul Ryan, R-Wis., said Congress would do better to cooperate with the Trump administration to change policy.
The number of 401(k) plans offered by small businesses rose to 8,873 last year, compared with 1,418 in 2013, according to the Vanguard Retirement Plan Access report. Jean Young, author of the report, says she expects professionally managed allocations such as target-date funds to be increasingly used in the small-business marketplace.
Lady Gaga is working on the launch of a startup to be called Haus Beauty, sources say. Ben Jones, who previously was chief digital officer at Honest Co., reportedly will manage Haus Beauty as CEO, and Lightspeed Venture Partners is said to be an early investor.