The UK Financial Conduct Authority and the Bank of England have reached an accord with the European Banking Authority to continue cooperation and information sharing if a no-deal Brexit occurs. The BoE and the FCA say bilateral memorandums of understanding "allow uninterrupted information sharing and supervisory cooperation in the event of a no-deal scenario".
Even if the US and China reach a trade agreement, US tariffs on $250 billion in Chinese products will not be lifted immediately, President Donald Trump says. The tariffs could remain "for a substantial period of time", he says.
Derivatives traders are seeking clarification of initial-margin compliance requirements for about 800 buy-side firms in light of regulators' decision to absolve Phase 4 and Phase 5 entities of the documentation burden.
Carla Stent has been selected as the first chairwoman of commodity broker Marex Spectron. Stent is a former chief operating officer at Virgin Group and a former executive at Barclays.
Asset managers are resisting use of algorithms as the industry is dragged "kicking and screaming" into quantitative trading, Man Group Chief Investment Officer Sandy Rattray says. Some firms are adopting natural language processing and are hiring scientists, Rattray says, but asset managers who ignore technological advancement face irrelevance.
Enterprise Products Partners and CME Group will partner to hold a second electronic auction for crude exports April 4. The auction will take bids for West Texas Intermediate light sweet crude oil exported from Enterprise's Houston terminal.
The Consumer Financial Protection Bureau will announce proposed rules this spring related to the Fair Debt Collection Practices Act, the bureau said in a report to Congress.
Wells Fargo must address its issues, particularly in risk management, before the Federal Reserve will lift a growth ban imposed on the bank, Fed Chairman Jerome Powell said. Also, a federal judge postponed a settlement hearing related to the bank's sales account scandal, saying that without more information, he can't determine whether the settlement is fair to shareholders.