London Mayor Sadiq Khan wants a long-term commitment the city's clearing services will be accessible to European firms in the event of a no-deal Brexit, rather than the short-term access proposed by the EU. "London's status as a global leader in financial services cannot be replicated elsewhere in Europe," Khan says.
An EU proposal to harmonize national rules on foreign trading venues' access into a single equivalence regime could force third-country venues to comply with parts of Europe's revised Markets in Financial Instruments Directive, experts say.
As regulators ramp up scrutiny of cryptocurrency companies, firms that have been ignoring compliance issues might find catching up difficult, Bitstamp CEO Nejc Kodric says. "For many of them, it will probably be too late and they will have to close down," Kodric says.
Firms falling under the final phase of uncleared margin rules in 2020 are questioning the need for repapering because of uncertainty regarding the threshold for Phase 5 firms, lawyers say. "Clients are expressing concern over the numbers and whether the threshold will be changed," Ashurst partner Jonathan Haines says.
Societe Generale plans to shift to customized futures-trading algorithms, rather than using linear algos. The move is meant to target large hedge funds and asset managers, says Morgan Downey, head of distribution for global execution for the Americas.
Hedge funds and other money managers have shown concern about slowing demand by selling 479 million barrels of crude oil and refined products during the past six weeks. "And since most hedge fund positions are held in contracts near to maturity, the selling has had a disproportionate impact at the front end of the futures curve, pushing crude futures prices deep into contango," John Kemp writes.
Palantir Technologies, which has never made an annual profit in the 14 years since it was founded, is talking with banks about an initial public offering that could come next year. The company's latest funding round, in 2015, valued it at $20 billion, but major backer Peter Thiel has sold shares privately in transactions based on a significantly lower valuation.
Adina Tecklu, an investor at early-stage venture capital firm Canaan Partners, aims to change "the narrative of what a successful venture capitalist looks like" and to provide funding to exceptional startup founders who ordinarily wouldn't have access to capital or who are creating businesses that aren't easily understood by VCs. "There's a lot of good in our industry, but we definitely have room for improvement," she said.
Sojern, a startup that creates and manages marketing campaigns for the travel industry, raised $120 million in its most recent funding round. The money will go to an expansion of its services on platforms such as connected TV.
Chinese travel startup Tongcheng-eLong at one point said it expected to raise $1 billion in a Hong Kong initial public offering, but when confronted by a weak market, it cut the figure to $233 million. The revised offering could get the company a value as high as $3.65 billion.