The Securities and Exchange Board of India has approved rule changes that make the registration process simpler for foreign portfolio investors. Firms already part of the international financial services center are considered to have met the foreign portfolio investors criteria.
The European Central Bank will allow banks three years instead of two to make provisions for unsecured loans that go bad, applicable to loans made after April 26.
Falling bond yields and minimal interest rates are prompting European banks to consider the unprecedented step of offering home loans at negative interest, which would effectively pay customers for taking them while charging more on savings deposits. Denmark's Jyske Bank is offering -0.5% 10-year loans, and others might follow.
Establishing an EU-wide supervisor for money laundering and creating a system for direct supervision of cloud services that Amazon and IBM provide banks are among issues the next European Commission is expected to take up, an EU document reportedly shows. The commission might also consider toughening requirements for UK banks that want access to the single market after Brexit.
Minutes from the European Central Bank's July policy meeting show discussions on ways to stimulate the flagging eurozone economy. Measures that could be introduced include lower interest rates, asset purchases and support for banks, and action could be taken as soon as September.
Kraft-Heinz and Mondelez International have filed a contempt motion against the Commodity Futures Trading Commission claiming the agency violated an agreement that had limited what could be said publicly about the settlement of a wheat manipulation case. Court documents say the CFTC "engaged in a deliberate, orchestrated effort to violate the Court's Consent Order within minutes of its entry."
EU officials are privately discussing the creation of a fund that would invest at least €100 billion in European companies to help them compete with foreign firms such as Alibaba, Apple and Google. "The emergence and leadership of private non-EU competitors, with unprecedented financial means, has the potential to obliterate the existing innovation dynamics and industrial position of EU industry in certain sectors," according to a document describing the proposal.
Distributed-ledger technology firm Axoni is creating a blockchain-based platform to simplify reconciling equity swaps which will be designed to mesh with the International Swaps and Derivatives Association's Common Domain Model.
Up to 800 Deutsche Bank positions will transfer to BNP Paribas when it takes control of the German lender's prime brokerage division in the next few weeks, sources say.