Central bankers tell industry to prep for Libor shift | Trump signs bill to relax Dodd-Frank | Justice Dept. reportedly to investigate possible bitcoin manipulation
May 25, 2018
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Central bankers tell industry to prep for Libor shift
Central bankers tell industry to prep for Libor shift
Dudley (Rob Kim/Getty Images)
Bankers and regulators must aggressively prepare for the end of the London Interbank Offered Rate in 2021, Bank of England Governor Mark Carney and Federal Reserve Bank of New York President William Dudley say. "Time is of the essence, and we must manage it well," Dudley says.
Bloomberg (tiered subscription model) (5/24),  Reuters (5/24) 
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Industry Update
Trump signs bill to relax Dodd-Frank
Trump signs bill to relax Dodd-Frank
Trump (Mandel Ngan/Getty Images)
President Donald Trump has signed the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act, which eases supervision of banks with less than $250 billion in assets and adjusts other rules in the Dodd-Frank Act. "This is all about the Dodd-Frank disaster, and they've fixed it or at least gone a long way toward fixing it," Trump said during the signing ceremony.
Reuters (5/24),  Bloomberg (tiered subscription model) (5/24),  The Wall Street Journal (tiered subscription model) (5/24) 
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Justice Dept. reportedly to investigate possible bitcoin manipulation
The Justice Department has launched an investigation in cooperation with the Commodity Futures Trading Commission to ascertain whether traders are manipulating the price of bitcoin and other cryptocurrencies, focusing on illicit practices that can artificially distort the price, such as flooding the market with fake orders, sources say. Market valuation of bitcoin fell, continuing its decline in recent weeks, after a report of the investigation.
Bloomberg (tiered subscription model) (5/24),  Reuters (5/24) 
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US G-SIBs post rise in OTC derivatives notional for Q1
Over-the-counter derivatives notional increased 15%, or $28 trillion, in the first quarter at the eight US global systemically important banks, after dropping $23 trillion in Q4.
Risk (subscription required) (5/24) 
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SEC proposes rules letting broker-dealers publish research
The Securities and Exchange Commission has voted to propose rules authorizing broker-dealers to make public research on exchange-traded funds, mutual funds and closed-end funds. The proposal would implement a law Congress passed last year.
ThinkAdvisor (free registration) (5/24),  Pensions & Investments (free access for SmartBrief readers) (5/24) 
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New York Focus
Weinstein arrested in New York City on rape charges
Film producer Harvey Weinstein turned himself in to New York City police today to face rape charges, officials said. A bail package negotiated in advance will require Weinstein to put up $1 million in cash and wear a monitoring device.
The New York Times (tiered subscription model) (5/25),  CNN (5/25) 
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House committee votes to fund Gateway Tunnel project
The House Appropriations Committee voted to authorize federal funding for the Gateway Tunnel project and a new Portal Bridge crossing the Hackensack River in a spending bill that is now headed to the House floor. President Donald Trump has spoken out against previous proposals for putting federal money into the Gateway Tunnel project.
NJ Advance Media (Morristown, N.J.) (5/24) 
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People & Personalities
Harker: Fed may pause rate hikes after 2019
Philadelphia Federal Reserve President Patrick Harker indicated the Fed may raise rates three times this year and another three times next year, and then pause. Harker added that we could see a fourth rate increase in 2018 if inflation accelerates, but said he's not seeing evidence of that.
CNBC (5/25) 
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On The Economy
US mortgage interest rates highest since 2011
The average interest rate on a 30-year fixed-rate mortgage in the US rose from 4.61% to 4.66% last week, the highest figure in seven years. Higher monthly payments resulting from the increase might be dragging down home sales, although economists say tight supply is the main reason.
USA Today (5/24) 
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Financial Products
Invesco readies 2 target-maturity bond ETFs
Invesco has filed with the Securities and Exchange Commission for fixed-income exchange-traded funds investing in bonds with maturation dates of 2026 and 2028. The Invesco BulletShares 2026 High Yield Corporate Bond ETF and the Invesco BulletShares 2028 Corporate Bond ETF would link to indexes managed by Nasdaq and would trade on NYSE Arca.
ETF (5/24) 
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