Financial Markets
Top stories summarized by our editors
7/23/2019

The Financial Industry Regulatory Authority is asking Finra-registered firms to report all their crypto-related activities, including crypto-linked derivatives and participation in initial coin offerings.

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Finance Magnates
7/23/2019

The Trump administration and US congressional leaders have reached a bipartisan two-year budget and debt-ceiling deal. The agreement provides over $1.3 trillion in spending and a debt-limit suspension until July 31, 2021. It also raises spending by nearly $50 billion next fiscal year above current levels. The agreement must now pass Congress and be signed into law by the President.

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Congress
7/23/2019

The People's Bank of China has eased restrictions on allowing foreign investors to take a stake or control in wealth management units of central banks, pension fund managers and currency brokers. China is also moving up its timeline for lifting restrictions on foreign ownership of securities, fund management and futures firms.

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Bank of China
7/23/2019

ICE Futures Europe has suspended trading of its one-month euro overnight index average index futures until Sept. 2 in order to prepare for the transition to the €str risk-free rate. ICE plans to rename its one-month Eonia contract to one-month euro overnight rate index futures and will reference €str for contract months from October 2019 onward.

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ICE
7/23/2019

TradingScreen's Chris Hollands says a few large hedge funds are eyeing "algo wheels" as a best execution tool for derivatives trading, including futures. Hollands says some hedge funds are "building their own dynamic interfaces to change the weightings of their algo wheels on a daily or even an intra-day basis."

7/23/2019

The UK's Sheffield Hallam University plans to offer a financial trading and investment management degree that will include work experience at independent proprietary-trading firm OSTC in London for one year.

7/23/2019

Bakkt has begun testing its bitcoin futures "with participants from around the world," the firm announced. The contracts would be traded through ICE Futures US and cleared through ICE Clear US.

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CoinDesk (UK)
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Bakkt
7/23/2019

Universal-Investment is working to use machine learning and natural language processing to gather data from the web and extract insights related to environment, social and governance standards and provide alternative data services customized to clients' needs.

7/23/2019

Hedge funds increased their oil buys in the week to July 16 at the fastest rate since August 2018, purchasing 84 million barrels in the six most important petroleum futures and options contracts. "For now, most fund managers appear to have concluded the balance of risks has shifted firmly towards the upside," writes John Kemp.

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Reuters
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John Kemp
7/23/2019

Microsoft said it will partner with the artificial intelligence startup OpenAI to add artificial intelligence capabilities to its Azure cloud platform. As a part of the arrangement, Microsoft will invest $1 billion in OpenAI.

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VentureBeat
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Microsoft