US Commodity Futures Trading Commission member Dawn Stump is seeking better coordination and clarity from the European Securities and Market Authority concerning its plans to extend jurisdiction to third country central counterparties. Stump told a conference that ESMA's proposed oversight would "make it difficult for market participants and regulators alike to anticipate which third country CCPs will fall within ESMA's remit".
Tightening credit conditions and the US-Chinese trade row have pushed Chinese businesses to rethink their debt-driven expansion strategies of recent years.
Mitsubishi Corp.'s Singapore-based Petro-Diamond Singapore lost $320 million due to an oil trader who was "repeatedly engaging in unauthorized derivatives transactions and disguising them to look like hedge transactions." The PDS employee was fired, though Mitsubishi declined to give any more details.
European Commission's Patrick Pearson told an industry conference that a no-deal Brexit will not lock out EU derivatives market participants from UK clearing houses. Pearson addressed concerns that the temporary recognition may not be extended if the Brexit date is pushed back again by saying regulators can act "very, very quickly."
Robert Ophele, chairman of France's Autorite des Marches Financiers, says not giving EU firms leeway to trade derivatives in the UK will cause an exodus of derivatives trading away from Europe. "A too broad scope of trading obligation could penalize EU financial institutions and most of their clients," Ophele told a conference.
The rapid advancement of new technologies that offer new opportunities also come with risks and regulators must work together with tech innovators to develop "a modern framework for regulating these technologies," writes FIA President & CEO Walt Lukken.
TP Icap, which recently acquired compression service ClearCompress, says the shift away from Libor opens up compression opportunities the firm plans to explore. TP Icap's Adam Roberts says with the move to risk-free-rates, people "are going to want to compress everything that they can in those markets with as little disruption as possible in a targeted fashion."
About 65% of students who received a four-year degree in 2018 had borrowed money to pay for it, with the average student loan debt at around $29,000, according to a report from the Institute for College Access and Success. Northeastern states had higher debt rates while western states had lower rates, according to the report.
Chris Gorman is set to take over as chairman and chief executive officer of KeyCorp when Beth Mooney steps down May 1. Mooney assumed the chairman and CEO role in 2011 and led the bank through its largest transaction ever when it purchased First Niagara Financial Group, with the bank's assets growing from $87 billion to $145 billion during her tenure.
Rep. Chuck Schumer, D-N.Y., said groups asking the House of Representatives to delay a vote on a cannabis banking bill are 'right' because more needs to be done on overall marijuana reform. The House is expected to vote on the bill this month and the Senate Banking Committee is expected to vote sometime this year.