Leon Kalvaria, chairman of Citigroup's institutional clients group, told a conference in Davos that the ongoing US-China trade dispute prompted a notable drop in Chinese appetite for mergers and acquisitions in the past year.
In a Bank for International Settlements survey of 66 central banks, 20% said they may issue a digital currency within the next six years, with 10% saying they plan to make the move in three years.
Singapore Exchange is paying €186 million to acquire a 93% stake in independent index provider Scientific Beta Pte Ltd. "Besides being complementary to our existing SGX Index Edge thematic and custom index capabilities, we also see new product opportunities based on Scientific Beta's indices," says SGX chief Loh Boon Chye.
FIA has asked the Commodity Futures Trading Commission to consider an amendment to its margin rules that would allow futures commission merchants and clearinghouses to treat separate accounts from the same customer as different legal entities. The group also asked the agency to clarify whether certain trading agreements between FCMs and institutional investors violate a rule that bars FCMs from guaranteeing losses.
Commodity Futures Trading Commission Chairman Heath Tarbert wrote in an op-ed that the agency's proposal on position limits, to be released next week, would protect the use of derivatives by US farmers to hedge positions and give them more flexibility. Tarbert wrote that the proposed changes "leverage the good work done by derivatives exchanges over the past 30 years administering their own position limits."
After the 2008 financial crisis, when regulators were clamping down on banks' practices, they had all but stopped raising credit card limits for customers who hadn't requested it. Recently, however, proactive credit line increases have ramped up, leading to a record $880 billion in outstanding credit card debt as of the end of September 2019.
With a new generation of tech-savvy traders and salespeople on staff, Bank of America is tapping their know-how, in addition to that of its quants, to help with projects aimed at the bank's digital transformation. "A lot of innovation can be enabled by making the data and tools available to what we call 'citizen devs' in the business," said Brice Rosenzweig, global head of BofA's data and innovation group.
New York City Council on Thursday passed a law that prohibits businesses from refusing to accept cash or adding an extra charge for those who use it. Merchants will be required to implement the law nine months after it is signed by Mayor Bill de Blasio, who has expressed support for the bill.
The Clearing House raised its real-time payment transaction limit from $25,000 to $100,000 as the payment network faces increased competition, including a new payment network from the Federal Reserve. "Businesses and consumers often want to send higher value payments and the $100,000 limit helps to address their needs," said Steve Ledford, TCH's senior vice president of product strategy.