Intercontinental Exchange and Eris Innovations aim to make European interest-rate swap futures contracts more user-friendly by revamping the pricing structure with contracts quoted and traded in futures price terms, instead of net present value. The change is planned for the third quarter.
Cisco broke out of consolidation in February and has moved upward since, breaching rising 50- and 200-day moving averages and registering positive readings on the on-balance-volume line and the moving average convergence divergence oscillator. Technical analyst Bruce Kamich, CMT, says the stock has capacity for growth in coming weeks and advises investors with long positions to hold them and to raise stop protection.
Fundraising by Chinese banks has netted an unprecedented $48 billion this year. Banks reportedly are under pressure to strengthen balance sheets as bad debt rises and as the government urges more lending, and economist Xia Le says the fundraising surge is "precautionary in nature."
No evidence suggests adding speed bumps is a good thing, say a panel of experts, who question the fairness of such models. While systematic internalizers add to market value, they have had the unintended consequence of forcing the buy side to hide quotes, the panel says.
The New York Stock Exchange has been selected for Uber's initial public offering, which could give the company a valuation as high as $120 billion, a source said. The IPO is expected to be the biggest in the US this year, sources have said. Meanwhile, Pinterest reportedly has accelerated an IPO plan and could tender a public filing as soon as today.
Stephen Moore, a fellow at the Heritage Foundation who helped President Donald Trump write his tax plan and who worked on his campaign, is being considered for a Federal Reserve seat, sources said. Former presidential candidate and pizza-chain owner Herman Cain reportedly also is under consideration.
The Financial Industry Regulatory Authority has issued a budget that for the sixth consecutive year doesn't raise fees for members. "The Budget Summary continues to reflect the intentionally conservative methodology we adopted last year, which assumes there are no fine moneys available to support capital initiatives, and that there are no investment gains or losses on our financial reserves," CEO Robert Cook and Chairman William Heyman write in the budget's introduction.
Freddie Mac President David Brickman will take over as chief executive after CEO Donald Layton retires July 1. Brickman will be Freddie Mac's fourth CEO since a federal takeover a decade ago.
Rules issued by the Financial Accounting Standards Board align its definition of "collections" with that used by the American Alliance of Museums' Code of Ethics for Museums. The standard might help museums and other not-for-profits maintain collections.
The Internal Revenue Service has announced it is suspending two old revenue rulings on the active trade or business requirement under Secs. 355(a)(1)(C) and (b) until it completes a study it is conducting to determine whether entrepreneurial activities by a business are enough to satisfy the active trade or business requirement where no income has been earned.