Financial Markets
Top stories summarized by our editors
5/24/2019

US Sen. Bernie Sanders and Rep. Barbara Lee have introduced the Inclusive Prosperity Act, which would impose a transaction tax on stock, bond and derivatives trading in hopes of discouraging high-frequency trading. The tax would be a "fraction of a percent" but could produce as much as $2.4 trillion over a decade, they say.

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The Hill
5/24/2019

UK Prime Minister Theresa May says she will resign June 7, after multiple unsuccessful attempts to have her deal to exit the EU approved by Parliament. The announcement has spurred fluctuation of the pound, while the FTSE 100 index has inched upward.

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Theresa May, EU
5/24/2019

The prospect of delaying Phase 5 of uncleared margin rules past September 2020 is not gaining support from global regulators, says Dom Falco, head of collateral segregation at BNY Mellon. "I'm not confident that there is a broad enough consensus on the merits of a delay or an increase in the $8 billion threshold to convince the regulatory community to collectively act on the issue," Falco says.

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BNY Mellon
5/24/2019

Intercontinental Exchange has introduced the cloud-based ICE DataVault platform, which lets market participants tap historical tick data from more than 600 sources for pretrade and post-trade analytics and decision-making. Making the data available on a cloud platform reduces the cost of data storage for participants, ICE says.

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ICE, Intercontinental Exchange
5/24/2019

One opportunity for use of distributed-ledger technology in the derivatives market is management and settlement of collateral in real time, decreasing a need for prefunding, Baton Systems CEO Arjun Jayaram writes. "The use cases for DLT-based payments are vast and varied but derivatives are especially appropriate, given the capital and operational inefficiencies that exist today," Jayaram writes.

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MarketVoice
5/24/2019

The US government's $16 billion in aid to farmers affected by the US-Chinese trade dispute has sent corn futures down for the first time in nine sessions, with soybeans and wheat also falling. The aid is likely to incentivize farmers to plant more than they would have otherwise, despite adverse weather, experts say.

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Reuters
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US government
5/24/2019

DoorDash, a California-based food delivery startup with operations in the US and Canada, raised $600 million in its most recent funding round. The transaction gave it a $12.6 billion valuation.

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Reuters
5/24/2019

Zero, a startup that developed a credit card designed to work like a debit card, raised $20 million in its most recent funding round. With the new capital it will start opening accounts for people on its waiting list.

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TechCrunch
5/24/2019

Hummingbird Technologies, a startup that uses drones and artificial intelligence to provide crop analytics services to farmers, raised $8.84 million in a funding round led by Saudi Arabia's Saudi Agricultural and Livestock Investment Co, or SALIC.

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Reuters
5/24/2019

Gokada, a motorcycle ride-hailing startup in Lagos, Nigeria, raised $5.3 million in its most recent funding round. With the new capital the company plans to expand its fleet.

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TechCrunch