US legislator Bernie Sanders has introduced legislation for a financial-transaction tax of 0.5% for stocks, 0.1% for bonds and 0.005% for derivatives. The measure would recompense taxpayers for the Wall Street rescue after the financial crisis and would reduce the cost of college education, Sanders says.
The China Securities Regulatory Commission is developing measures to liberalize the bond futures market to give banks more hedging options and to encourage foreign investment, sources say.
Payment startup TransferWise has become the most valuable financial-technology business in Europe after a private share sale involving investors including BlackRock and Baillie Gifford. TransferWise is worth $3.5 billion, putting it ahead of challenger bank OakNorth, which is worth $2.8 billion.
A federal judge has ruled that Deutsche Bank and Capital One can release President Donald Trump's financial records to the House Financial Services Committee. Wells Fargo and TD Bank have reportedly given the committee records in response to subpoenas.
The US House of Representatives approved a bill that would reverse changes made at the Consumer Financial Protection Bureau during Acting Director Mick Mulvaney's tenure, but President Donald Trump is likely to veto the bill if it passes the Senate. The bill includes a plan to create an office focused on student loans and financial products for young adults.
The White House could sort out the regulatory patchwork surrounding the cryptoasset market by leading a jurisdictional conversation on financial technology, Commodity Futures Trading Commission member Rostin Behnam writes. Through the Office of Science and Technology Policy, the conversation could "produce a roadmap to regulatory certainty," he writes.
The Securities and Exchange Commission has issued guidelines that make it harder for exchanges to increase fees for data and high-speed connections. The guidance requires that exchanges submit detailed analysis to the SEC to explain why higher fees are justified.
The Securities and Exchange Board of India is letting portfolio managers invest in exchange-traded commodity derivatives, though they must select a custodian registered with SEBI before investing on behalf of clients. Portfolio managers must provide regular reports to clients regarding margin rules, position limits and risk factors, as well as monthly exposure reports to SEBI.
Brazilian exchange B3 plans to offer additional functions and features for flexible options during the first quarter, as outlined in an over-the-counter derivatives road map. The features include baskets, digital and binary options, and international securities as an underlier.