Medicare open enrollment begins today and ends on Dec. 7, and over 60 million seniors are expected to switch plans or stay with their existing coverage. Seniors are increasingly opting for Medicare Advantage plans, many of which offer new supplemental benefits such as transportation assistance, home meal delivery and home improvements.
Most Asian financial firms are behind in preparations to transition away from interbank offered rates to new interest-rate benchmarks, speakers said at the ASIFMA annual conference. "There's a litigation risk for those not ready for the transition because lots of contracts will be frustrated," Herbert Smith Freehills partner Hannah Cassidy said.
EU leaders are considering calling an additional summit toward the end of this month to give all parties in Brexit negotiations more time to come to agreement. Although optimism exists about producing a transition deal, officials say there isn't enough time to finalise an agreement by Thursday's EU summit.
Euronext CEO Stephane Boujnah says part of the exchange operator's strategic plan includes expanding its derivatives offerings and using technological innovation and acquisition to become a major player in the post-trade space. "I believe we are legitimately placed to do in post-trade what we have done in trading," says Boujnah.
The European Investment Bank, the EU's lending arm, is reviewing a plan to restrict loans for fossil fuel facilities and to increase support for renewable energy projects. The draft strategy has been criticised by green lobby groups for leaving the door open for natural gas projects, a change backed by Germany and a few central European countries.
Shares of Germany's EuroEyes International Eye Clinic shot up as much as 102% after an initial public offering in Hong Kong. The offering raised $75.9 million.
EU banks saw their probability-of-default estimates for corporate borrowers improve for the fourth consecutive quarter in Q2. The banks' average weighted corporate borrower POD estimate for the quarter was 2.1%, down from 2.24% in Q1 and 2.43% in Q2 2018.
Oil prices fell about 2% Monday as details of an initial trade agreement between the US and China left investors concerned the trade dispute would not end swiftly. A strengthening US dollar also put pressure on the price of crude oil.
The European Banking Authority and various national competent authorities are in disagreement over whether to ease capital charges for high-quality synthetic securitizations, sources say. A draft report by the EBA proposes extending the "simple, transparent and standardized" label to balance sheet synthetic securitizations, but did not make recommendations on whether synthetics should receive lower capital charges.
A majority of UK companies say there are fewer analysts covering them since the advent of the EU's revised Markets in Financial Instruments Directive, a survey by Citigate Dewe Rogerson finds. Some 38% of the 500 companies surveyed said the new transparency rules have also dragged down the quality of research.
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