Winning the right to host the European Banking Authority was a major victory for Paris in its competition with Frankfurt, Germany, to become the dominant financial hub for Europe and attract many financial-sector jobs leaving London because of Brexit. Frankfurt's leaders thought they were certain to get the EBA, but the city did not reach the final round of voting.
Bank executives told the European Banking Authority that its proposals to tighten rules on risk transfers through securitisations could entail a quadrupling of relevant capital requirements. Market participants have criticised several aspects of the proposals, and the EBA has said it will accept feedback until next month and will revise the plans, if necessary, before submitting them to the European Commission.
Bank of England officials are pushing back against calls to improve how they communicate interest-rate and monetary policy changes, saying being too definite would be risky. "It's tempting to think the bank could promise where rates will be in future, but this would create more uncertainty," Monetary Policy Committee member Michael Saunders told Parliament.
International regulators need to work together to write rules to obtain information they need to oversee initial coin offerings, according to a paper by experts at Australian, Hong Kong and European universities. Today, regulators often don't have enough information to determine which jurisdictions have authority over the offerings or where their promoters are based, according to the paper.
Uber says that cybercriminals stole data on 57 million drivers and riders and that the company paid the hackers $100,000 to remain silent. Uber doesn't think the stolen data have been used but refuses to identify the attackers.
The People's Bank of China is moving to slow growth of online microlenders. The central bank has halted issuance of licenses for the platforms and says brick-and-mortar banks can make loans only at locations where they are registered.
Asian-Pacific stock markets gained Wednesday after a strong overnight close on Wall Street. Japan's Nikkei 225 climbed 0.5%; Hong Kong's Hang Seng Index and China's Shanghai Composite each gained 0.6%; Australia's S&P/ASX 200 and South Korea's Kospi each rose 0.4%; and India's Sensex was up 0.3%.
Akzo Nobel and US competitor Axalta Coating Systems have given up negotiating a merger, a person familiar with the matter said. Some analysts expect PPG Industries, which has tried unsuccessfully to buy Akzo Nobel in the past, to return with a new offer.
A survey from Eaton Vance found that 84% of advisers had clients who expressed interest in socially responsible investing. Among advisers, 33% said they didn't know enough about responsible-investing strategies, and 38% said they had some knowledge of the topic but were trying to learn more.
The Federal Communications Commission made public its proposal to repeal net neutrality, which guarantees users equal access to the internet. If repealed, internet service providers could charge extra for some services and restrict access to some websites.