Eighty-eight percent of millennials believe they will have to work much longer than previous generations before they can retire, according to a Prudential Financial study. Most study respondents expressed skepticism about retirement, with 70% saying inability to save sufficiently would stand in the way.
The London Stock Exchange's LCH unit in Paris is expected to take the lead from London in clearing debt-repurchase agreements after Brexit. "Clearing in euro-denominated repos and debt is currently split equally between London and Paris, but we anticipate gradual momentum of these products into LCH SA over time," said LCH Group CEO Daniel Maguire.
The Federal Reserve's regulatory chief, Randal Quarles, has asked derivatives firms for data to substantiate their claim that a capital requirement for banks is aggravating systemic risk by drying up liquidity in the derivatives market. J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission, supports the derivatives industry's position.
IShares has brought to Cboe Global Markets an exchange-traded fund that broadens its offering of target-maturity fixed-income funds. The iShares iBonds Dec 2024 Term Muni Bond ETF is intended to fill the void when the iShares iBonds Sep 2018 Term Muni Bond ETF matures later this year.
The Shanghai International Energy Exchange's crude oil futures contract, when it launches Monday, will have loading ports for the deliverable crude in the United Arab Emirates, Oman, Qatar, Yemen, Iraq and China, and seven storage facilities in China. The physically delivered monthly contracts of twelve consecutive months and subsequent eight quarterly contracts will consist of 1000 barrels of medium sour crude oil per lot.
The highlights of FIA's 43rd Annual International Futures Industry Conference included discussions on fintech innovations, China's futures market, bitcoin futures, regulations, and the challenges of cross-border trading. CFTC Commissioner Brian Quintenz's remarks questioning the European Union's "trustworthiness as well as their priorities" concerning their handling of Brexit were heard all the way from the European Parliament.
NEX Group founder and chief executive Michael Spencer said in an internal memo he would consider continuing as CEO if NEX is acquired by CME Group.
JPMorgan, Morgan Stanley and Citibank overtook Goldman Sachs in investment bank commodities-related revenue for the first time last year, according to Coalition's new rankings. Goldman led the rankings for 2016, but then saw one of its worst years.
Citigroup said Thursday that retail clients who offer credit cards backed by Citi or who raise capital, borrow money or use banking services through Citi will be prohibited from selling firearms to people who have not passed a background check or who are under 21. "Banks serve a societal purpose -- we believe our investors want us to do this and be responsible corporate citizens," CEO Michael Corbat said.
The Financial Industry Regulatory Authority has told the Securities and Exchange Commission it is dropping the $400 fee previously charged to those requesting explanations of FINRA arbitration decisions. The fee has not been charged in practice since early 2017, but FINRA wants to formally end the fee as it seeks to improve transparency.