Financial Markets
Top stories summarized by our editors
9/20/2019

Mitsubishi Corp.'s Singapore-based Petro-Diamond Singapore lost $320 million due to an oil trader who was "repeatedly engaging in unauthorized derivatives transactions and disguising them to look like hedge transactions." The PDS employee was fired, though Mitsubishi declined to give any more details.

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Mitsubishi Corp., Singapore
9/20/2019

European Commission's Patrick Pearson told an industry conference that a no-deal Brexit will not lock out EU derivatives market participants from UK clearing houses. Pearson addressed concerns that the temporary recognition may not be extended if the Brexit date is pushed back again by saying regulators can act "very, very quickly."

9/20/2019

Robert Ophele, chairman of France's Autorite des Marches Financiers, says not giving EU firms leeway to trade derivatives in the UK will cause an exodus of derivatives trading away from Europe. "A too broad scope of trading obligation could penalize EU financial institutions and most of their clients," Ophele told a conference.

9/20/2019

The rapid advancement of new tech­nologies that offer new opportunities also come with risks and regulators must work together with tech innova­tors to develop "a modern framework for regulat­ing these technologies," writes FIA President & CEO Walt Lukken.

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MarketVoice
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FIA, Walt Lukken
9/20/2019

TP Icap, which recently acquired compression service ClearCompress, says the shift away from Libor opens up compression opportunities the firm plans to explore. TP Icap's Adam Roberts says with the move to risk-free-rates, people "are going to want to compress everything that they can in those markets with as little disruption as possible in a targeted fashion."

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Adam Roberts
9/20/2019

With an initial public offering expected in the near future, the food-delivery startup Postmates raised $225 million. The funding was led by GPI Capital.

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TechCrunch, Forbes
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Postmates
9/20/2019

Built Robotics, a startup focused on automation in construction, raised $33 million in a funding round. The new capital will be used to hire more engineers and expand the uses for the company's AI systems.

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VentureBeat
9/20/2019

If WeWork doesn't complete a now-postponed $3 billion initial public offering by Dec. 31, it will lose access to a critical $6 billion loan, sources said. The loan agreement reportedly does not include any extension options.

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Reuters
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WeWork
9/20/2019

Beijing-based educational startup VIPKid will receive a $150 million investment from China's Tencent Holdings, sources said. Some US lawmakers and officials have expressed concern about the data stored by VIPKid, which relies on teachers in the US and elsewhere to offer online English lessons.

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Tencent Holdings, VIPKid
9/20/2019

Transportation startup Wunder Mobility, based in Germany, has raised an additional $30 million, bringing its Series B total to $60 million. The company, which already has customers in the US, has also announced the opening of a US headquarters.

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VentureBeat