The Securities and Exchange Commission is reportedly aiming to extend the exemption allowing US brokers to receive payments for investment research without registering as investment advisers.
Some firms trading on Shanghai's Star Market posted sharp losses Tuesday, giving up gains from a day earlier when the market debuted. Other Chinese markets have 44% price caps when firms start trading, but the Star Market imposes no limits on share prices for a company's first five days of trading.
The Financial Industry Regulatory Authority is asking Finra-registered firms to report all their crypto-related activities, including crypto-linked derivatives and participation in initial coin offerings.
The Trump administration and US congressional leaders have reached a bipartisan two-year budget and debt-ceiling deal. The agreement provides over $1.3 trillion in spending and a debt-limit suspension until July 31, 2021. It also raises spending by nearly $50 billion next fiscal year above current levels. The agreement must now pass Congress and be signed into law by the President.
The People's Bank of China has eased restrictions on allowing foreign investors to take a stake or control in wealth management units of central banks, pension fund managers and currency brokers. China is also moving up its timeline for lifting restrictions on foreign ownership of securities, fund management and futures firms.
ICE Futures Europe has suspended trading of its one-month euro overnight index average index futures until Sept. 2 in order to prepare for the transition to the €str risk-free rate. ICE plans to rename its one-month Eonia contract to one-month euro overnight rate index futures and will reference €str for contract months from October 2019 onward.
TradingScreen's Chris Hollands says a few large hedge funds are eyeing "algo wheels" as a best execution tool for derivatives trading, including futures. Hollands says some hedge funds are "building their own dynamic interfaces to change the weightings of their algo wheels on a daily or even an intra-day basis."
The UK's Sheffield Hallam University plans to offer a financial trading and investment management degree that will include work experience at independent proprietary-trading firm OSTC in London for one year.
Bakkt has begun testing its bitcoin futures "with participants from around the world," the firm announced. The contracts would be traded through ICE Futures US and cleared through ICE Clear US.
Universal-Investment is working to use machine learning and natural language processing to gather data from the web and extract insights related to environment, social and governance standards and provide alternative data services customized to clients' needs.