The Netherlands Authority for the Financial Markets and Dutch Central Bank are calling for international regulations for cryptocurrency products. The two regulators said individual national cryptocurrency regulations would be effective for the cross-border cryptocurrency space only if they are aligned internationally.
A Connecticut-based bank is leading a class action lawsuit against a number of banks and Intercontinental Exchange, alleging that the banks submitted artificially low rates to ICE. The lawsuit says the banks "combined and conspired to depress -- and actually did depress -- ICE Libor submissions."
London's largest financial institutions, as well as lobby groups TheCityUK and UK Finance, will meet this week to discuss an alternative to Prime Minister Theresa May's rejected Brexit deal, sources say. At issue is whether to support the Norway model of membership in the European Economic Area in order to continue to operate in EU markets post-Brexit.
A provision in the EU's Bank Recovery and Resolution Directive that allows Asian subsidiaries of EU banks to comply with resolution rules by having contracts governed by English law could be affected by Brexit, experts say. A no-deal Brexit would mean no automatic equivalence for English law liabilities, prompting questions on contract renegotiation.
CME Group's $5.5 billion acquisition of NEX last year is part of a plan by chairman and CEO Terry Duffy to expand international business, and now the challenge for Duffy is to make the deal work, experts say. Duffy says most of the 1,800 employees in Chicago won't see merger-related job cuts.
Cryptocurrency derivatives platform Huobi Derivatives Market reached the $20 billion trading volume mark, twice what it was two weeks ago. Customers can take both long and short positions on bitcoin, Ethereum and EOS on Huobi DM.
Demand for LNG derivatives has increased significantly since the start of 2017 and experts have mixed feelings on whether an LNG benchmark is needed. There are currently six LNG derivative contracts, led by Intercontinental Exchange and CME Group.
Euronext is seeking to gain more interest from Black Sea region traders for its French-based wheat futures instead of developing a new Black Sea wheat contract. Euronext hopes to have two additional wheat delivery points in France as early as 2020.
Bank stocks last week posted their best five-day gains since the 2016 presidential election. The KBW Nasdaq Bank index rose 7.7%, regaining a large portion of the losses felt during the fourth quarter of last year.