The Securities and Exchange Commission's Office of the Whistleblower received 5,282 reports in fiscal 2018, an 18% increase compared with fiscal 2017, according to an SEC report to Congress. The agency paid $168 million to 13 whistleblowers in fiscal 2018, up from almost $50 million to 12 individuals in fiscal 2017.
UK Prime Minister Theresa May says that despite the resignation of two Cabinet ministers and vocal opposition from her party to a draft Brexit agreement, she is determined to "see this through". A change in course on Brexit would subject the country to "deep and grave uncertainty", she says.
British regulators, including the Bank of England and the Financial Conduct Authority, have discussed with financial institutions the falling pound and the stock sell-off after the resignation of Britain's chief Brexit negotiator, sources say. The value of Barclays, Lloyds Banking Group and Royal Bank of Scotland has declined more than £6 billion amid market fears the UK will exit the EU without a deal.
Italian Prime Minister Giuseppe Conte will sit down with the European Commission to request it does not take disciplinary action against the country for a budget proposal violating EU rules on debt and deficits. Luigi Di Maio, an Italian deputy prime minister, says the commission is "asking us for a blood-and-tears budget" by demanding compliance with those rules.
Brexit-related turmoil has forced the UK Debt Management Office to accept uncharacteristically low bids on £2 billion in long-dated gilts. The fallout has spread beyond UK shores, with yields on German debt the lowest in two weeks and borrowing costs in peripheral eurozone countries rising.
JPMorgan Chase CEO Jamie Dimon is leading the charge against Goldman Sachs and Morgan Stanley as his bank attempts to break their dominance over big-ticket Silicon Valley initial public offerings.
Central counterparties need to work on implementing effective resolution regimes, and "authorities must take steps to ensure that CCPs do not themselves become a source of systemic risk", according to a Financial Stability Board discussion paper. The paper is open for comment until 1 February.
The Chinese government is considering concessions to the US ahead of a Group of 20 gathering this month in Argentina to resolve the trade dispute between the countries, sources say. The concessions appear to mostly recap changes China has already adopted, such as higher equity limits on foreign investment in select sectors, a source says.
The People's Bank of China has released research that disputes the idea cryptocurrencies will disrupt the traditional monetary system and that calls distributed-ledger technology a "utopian fantasy". However, China appears to welcome the blockchain industry, given government oversight.
Stock exchanges are finding innovative ways to harness blockchain to accelerate and improve back-office functions. Swiss exchange owner SIX Group will launch a digital asset-trading platform next year, while Australia's ASX will introduce a clearing and settlement platform based on blockchain in 2021.
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