CurveGlobal CEO Andy Ross discusses the transition away from Libor and the changes in the market structure of interest rate derivatives trading. Ross says one of the changes CurveGlobal has initiated is letting people trade "anywhere between the bid and the offer."
Options Clearing Corporation CEO John Davidson discusses the clearinghouse's Renaissance Initiative -- a multiyear project to upgrade the technology used for OCC's risk management, clearing and data systems -- including how it will improve processes and affect members and market participants.
Crypto compliance software developer Chainalysis has responded to customer demand by expanding its KYC blockchain monitoring service to include Binance Coin, Gemini dollar, Tether and USD Coin. The prospect of more cryptocurrency regulation and increased concern over exposure to crypto risks also prompted the move.
The Monetary Authority of Singapore is moving to expand its presence in the global foreign exchange market by offering grants and tax incentives to encourage foreign FX firms to close the 0.1-second delay between Singapore and trading hubs in Tokyo, London and New York. "It's a key priority for us," says MAS assistant managing director of development and international Benny Chey.
The US Financial Industry Regulatory Authority has formed the Office of Financial Innovation, headed by Haimera Workie, former deputy associate director of the Securities and Exchange Commission's Division of Trading and Markets. The FINRA office will be a "point of coordination" for matters related to financial innovation, particularly new applications of financial technology, the regulator said.
Hedge funds are betting that refiners will struggle this summer to produce enough gasoline and drive US prices up, more than doubling their net bullish position in gasoline since the end of January. But "the large concentration of hedge fund positions is building up a future source of downside risk to prices when some portfolio managers try to realise their profits," writes John Kemp.
About a quarter of 117 people recently promoted to managing director at JPMorgan Chase were women, a record number for the bank, a source said. "We expect these newest senior leaders to continue to help us drive innovation and disrupt the status quo as we build our business of tomorrow," co-president Daniel Pinto wrote in a memo.
BBVA Compass will be known as just BBVA and is dropping its local names at institutions in several countries. Most of the Spanish bank's US branches came from its 2007 acquisition of Compass Bancshares.
A survey by Bankrate found that half of the parents responding were using their retirement savings to help their adult children with finances, putting their own retirement security at risk. Bankrate analyst Mark Hamrick says there are many reasons parents feel they must help their adult children financially.