At least two large US banks are considering following JPMorgan Chase's example and issuing a cryptocurrency token, IBM says. Two banks have expressed interest to IBM in issuing a stablecoin, which is pegged to traditional currency, says Jesse Lund, vice president of blockchain.

Wall Street's appetite for high-yield debt echoes eagerness for mortgage-backed securities in the runup to the financial crisis, former banker William Cohan writes. He warns of increased corporate loans and potential defaults by risky borrowers, setting off a chain of events that could lead to a crisis.

John Bercow, speaker of the UK House of Commons, has ruled that Prime Minister Theresa May cannot bring her Brexit plan up for a third vote, citing parliamentary conventions dating to 1604. Another vote requires "demonstrable change" in the proposal, Bercow says.

The European Central Bank and possible buyers of Banca Carige are in discussions ahead of a mid-April deadline for bid submission, sources say. The ECB has appointed three administrators to run the Italian bank and to pursue a sale to avoid a state rescue.

A proposed merger of Deutsche Bank and Commerzbank faces opposition from a union and hesitance from shareholders. Other challenges include questionable assets on the balance sheet and funding difficulties.

The Bank of France has instructed banks to set aside more capital as a precaution against rising debt in the economy and increased macroeconomic risk.

Market participants are concerned Brexit means off-venue trades between the EU and the UK must be reported twice under post-trade transparency rules of Europe's revised Markets in Financial Instruments Directive. Duplicate reporting for derivatives transactions could lead to misleading public data, dealers say.

Hopes of a US-Chinese summit this month to sign a trade deal have diminished with the release of Chinese President Xi Jinping's schedule for a visit to Europe, which does not mention a stop in the US. Progress toward an accord reportedly has been hindered by US demands for authority to impose tariffs unilaterally if China breaches the agreement.

Trade bodies including FIA are questioning whether Europe's revised Markets in Financial Instruments Directive's existing data and reporting rules have been effective and have called for a MiFID II refit. The bodies say "a complete re-write of the existing legislation would be inappropriate," but it should be simplified.

UK firms that missed the July 2018 deadline for applying for exemption from Europe's revised Markets in Financial Instruments Directive to continue to trade in Germany are still waiting to hear their fate. The legislative procedure for a second chance to apply in the case of a hard Brexit has yet to be finalized.