While EU regulators have interest in London's €660 trillion derivatives market, they should drop plans for direct supervision after Brexit to avoid conflicting requirements, the Bank of England says.
Markets are downgrading expectations of success in US-Chinese trade negotiations, JPMorgan Asset Management strategist Hannah Anderson says. "I believe we have seen expectations move from assuming China and the US will resolve their differences during this 90-day negotiating period to assuming that talks would be a success if the US doesn't raise or apply more tariffs on 1 March," Anderson says.
Industry experts are split on the Securities and Exchange Commission's classification of initial coin offerings as securities without offering regulatory oversight of cryptocurrencies. Some experts consider such ICO regulation sensible, while others say the approach causes market uncertainty. Separately, Commodity Futures Trading Commission member Brian Quintenz says the SEC's rejection of bitcoin exchange-traded funds based on potential price manipulation is unfounded.
Cryptocurrency traders oppose the Indonesian Commodity Futures Trading Regulatory Agency's minimum capital requirement of $71.17 million for platforms offering cryptocurrency futures contracts. Traders say capital needed for commodity trading is only $178,000.
HSBC's use of a blockchain platform has decreased the cost of settling foreign exchange trades by 25%, says Mark Williamson, chief operating officer of FX cash trading and risk management. "We're able to demonstrate that this is not a one-off proof of concept or just one or two trades," Williamson says.
Global commodity-trading houses, including Gunvor Group and Louis Dreyfus, are having difficulty finding investors to take a minority stake because of concerns about high volatility. Problems with the commodity-trading industry are structural, Mercuria Energy Group CEO Marco Dunand says, and "we may need to see consolidation."
The economy is likely to grow more slowly this year than in recent years, Federal Reserve Governor Lael Brainard says. She cites the slope of the yield curve and a decline in foreign growth as two of the downside risks to watch.
Several credit card networks reportedly plan to raise their fees in the coming months. Among them are Visa and Mastercard, which are expected to raise the interchange fees paid by retailers to banks, as well as the fees paid by financial institutions to the card networks for the processing of card purchases.
Bank of America has been named one of the "100 Best Companies to Work For," coming in at No. 92 on Fortune's annual list. The bank provides employees with child care reimbursements, on-site fitness areas and paid sabbaticals, the magazine said.