City of London executives told the UK Parliament that maintaining EU equivalence should remain its primary negotiating position, with some flexibility on creating and interpreting rules.
UBS is telling its wealth management clients to treat the coronavirus outbreak as the right moment to stock up on both Chinese and emerging market equities. "We think investors should be buying the dip in emerging-market stocks and specifically Chinese stocks," said Maximilian Kunkel, UBS' chief investment officer for Germany.
Investment robo-advisor M1 Finance has announced the total value of the assets on its platform passed the $1 billion mark. M1 has taken just 41 months to reach the milestone, against 50 months and 52 months for rivals Betterment and Wealthfront, respectively.
The Securities and Exchange Commission has rejected a bitcoin-based exchange-traded fund proposed by Wilshire Phoenix, saying it is not convinced the bitcoin market is adequately resistant to manipulation. The SEC said that NYSE Arca had "not met its burden under the Exchange Act and the Commission's Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5)."
Deutsche Boerse's Eurex Clearing is making progress in attracting euro clearing from London and expects Brexit to increase the momentum this year. The number of interest rate customers has reached 320, up from the 130 at the close of 2018, says Eurex Clearing board member Matthias Graulich.
India's Multi Commodity Exchange's clearing arm MCX CCL has called for an audit of the delivery process for the mentha oil contract traded on its MCX platform, sources say. The end-to-end audit and probe of the delivery process is a regulatory requirement after MCX received complaints.
Swiss exchange SIX has tapped cryptoasset trading specialist Omniex to provide the front-end platform for its digital asset exchange SDX. The agreement includes SIX becoming a shareholder in Omniex.
Roblox, a startup online gaming platform with 115 million monthly active users, raised $150 million in its most recent funding round. With the new capital it will fund game creators throughout the world and expand its engineering team.
Telkom, the biggest telephone company in Indonesia, will invest as much as $500 million in startups to return the business to growth. "This is important because Telkom is an industry with very high capital expenditure with declining EBITDA and flattening revenue," said Budi Gunadi Sadikin, deputy minister of state-owned enterprises.