China's cabinet said it will press ahead with the opening of its domestic market to foreign banks and insurers, according to local media reports. The country will also improve the rules governing exchanges between subsidiaries of financial firms and their parent companies, the reports said.
A proposed post-trade services joint venture between IHS Markit and CME Group has received antitrust approval from the European Commission, which says the plan "would raise no competition concerns." "The proposed transaction is largely complementary, and results in a few technically overlapping areas between the companies' activities relating to trade processing products," says the Commission.
Deutsche Boerse's European Energy Exchange plans to extend its yearly maturities on German, Italian and Spanish power futures to 10 years on Sept. 27 to allow for longer hedging. EEX says the extension from the current six year maturities "will further promote the integration of renewable energy into the power market."
Singapore Exchange has agreed a deal to purchase single source and direct-to-market FX trading platform MaxxTrader from FlexTrade Systems for $125 million. "Since SGX expanded from FX futures to the global FX OTC market, we continue to cement our footprint in this fast-growing and sizeable US$6.6 trillion-a-day global market," says SGX CEO Loh Boon Chye.
Citi has reshuffled its equities business in the Americas after merging sales teams across it futures, clearing and prime brokerage units. Madlen Dorosh has been named to lead the new combined sales team, while Pam Arnsten will lead the transition and client executive efforts.
LCH has hired former Citi executive Rohit Verma as its new director for futures and OTC clearing in business risk for Asia Pacific. Verma previously spent 10 years at Citi, latterly as head of OTC clearing and prime brokerage in the region.
The European Commission may temporarily suspend mandatory securities buy-ins as part of the Central Securities Depositories Regulation set to go into force in Feb. 2022, sources say. Industry groups are pushing for the mandatory buy-ins to be permanently dropped to alleviate repapering and operational costs.
The Reserve Bank of India is considering adding a central bank digital currency through a "phased introduction," RBI Deputy Governor T. Rabi Sankar said in a speech. Sankar noted that changes to the legal framework of the country's current rules would need to be made to allow a CBDC, and that the process would take time.
Senator Elizabeth Warren, D-Mass., and Senate Banking Committee chairman Sherrod Brown, D-Ohio, have expressed dissatisfaction with Federal Reserve Chairman Jerome Powell's approach to bank regulations as his position comes up for renomination. Warren said she was "concerned when I see the rules weakened rather than strengthened."
Infrastructure provider BSO has increased connectivity speed between the futures and equities markets in Shanghai and London, Hong Kong and Tokyo. BSO chief executive Michael Ourabah says that developing a "reliable low-latency route into China is a major technical challenge, but being at the forefront of connecting the trading community to high-growth regions such as Shanghai is core to BSO's service-led approach."