The Senate has voted 53-45 to confirm Gary Gensler, who earned a reputation as a tough regulator while chairman of the Commodity Futures Trading Commission, to serve as chairman of the Securities and Exchange Commission. His tasks will include overseeing work on regulations that would require businesses to disclose their impact on climate change.
Several trade groups representing the financial, industrial and energy industries have sent a letter to UK Prime Minister Boris Johnson urging him to link the country's new carbon trading market to the EU's. "The advantages of linkage are clear in terms of liquidity, price discovery, and the ability to attract abatement from across Europe rather than just the UK," the groups said.
Shares of Coinbase surged 11% today following their blockbuster debut on the Nasdaq Wednesday, which at one point gave the cryptocurrency exchange a valuation above $100 billion. As the first major crypto firm to go public, Coinbase's success in the market paves the way for others in the sector, such as BlockFi and Kraken, to consider flotations. "The biggest ramification of Coinbase going public is the legitimacy it brings to the industry," said CoinFlip CEO Ben Weiss.
Goldman Sachs and JPMorgan reported first-quarter earnings that smashed expectations, with revenue largely driven by trading and dealmaking. JPMorgan's trading revenue jumped 25% during the quarter, while Goldman's topped any other quarter over the last decade.
Acting US Assistant Attorney General Robert Zink told an FIA webinar that the Department of Justice aims to strengthen its relationship with the Commodity Futures Trading Commission as it works to target fraud in the commodities and derivatives markets. "Historically the fraud section had been principally interested in securities prosecutions…the markets in the commodities and derivatives space had been habitually under-enforced criminally," said Zink.
New non-cleared margin rules due to take effect this year might not have prevented the blow-up at Archegos Capital Management. For US firms, these rules are divided between the Commodity Futures Trading Commission and the Securities and Exchange Commission, with Archegos' trades likely falling under the SEC rules. The trades, which carried about five- to eight-times leverage, would have been subject to the standard 15% initial margin requirement under the SEC rules, or roughly six-times leverage.
FactSet has incorporated ICE liquidity indicators into its portfolio analytics capabilities in an effort to enhance risk analytics. The indicators assign liquidity scores to individual securities based upon several metrics.
Degreed, a startup software platform that helps employers train and upskill their workers, raised $153 million in its Series D funding round. The company said it will use the new capital for strategic acquisitions and product development.
Lingoda, a Berlin-based online language teaching platform that uses live teachers, raised $68 million in its most recent funding round. The capital will be used to expand the business.