Europe's revised Markets in Financial Instruments Directive will oblige brokers to identify as researchers or trade executors so fees are clearly unbundled and explained, experts say. While it is thought the requirement might improve execution quality, commentators say many brokers will struggle to comply by MiFID II's introduction in January.
UK officials are not doing as much as EU officials are in luring financial firms in response to Brexit, Intercontinental Exchange CEO Jeffrey Sprecher says. Sprecher also urges postponement of next year's implementation of Europe's revised Markets in Financial Instruments Directive until Brexit negotiations are done, calling the directive daft.
For the first time in 11 years, Mexican state-owned oil company Petroleos Mexicanos is hedging prices in the derivatives market to cover $42 a barrel for up to 409,000 barrels daily. "This kind of hedging is common among the world's biggest oil companies, and with it Pemex is aligning its strategy with best international practices," according to the company.
Treasury Secretary Steven Mnuchin has alluded to a rumored story behind the Volcker rule, saying the rule was not about the financial crisis but about political goals and circumstances. Paul Volcker, former chairman of the Federal Reserve and the rule's namesake, and others involved offer insight into how the rule came about.
The Securities and Exchange Board of India has decided to let market participants trade in commodity-derivatives and equity markets through a unified license, rather than require the setup of a separate entity. "The integration of stockbrokers in equity and commodity-derivative markets while having many synergies in terms of trading and settlement mechanism, risk management, redressal of investor grievances, etc. would benefit investors, brokers, stock exchanges and SEBI," according to the regulator.
Rep. Patrick McHenry, R-N.C., vice chairman of the House Financial Services Committee, said he will introduce a bill requiring financial regulators to launch innovation offices. The offices would exchange financial technology with one another and help fintech startups get in touch with the proper government authorities, he said.
The recent financial crisis led to the development of new legal regimes for addressing the failure of dealers and other global systemically important banks (G-SIBs). This conference will focus on key elements of the resultant Special Resolution Regimes (SRRs), including stays on early termination rights and cross-border recognition of resolution powers. This will lead into in-depth discussions in the afternoon around the ISDA 2016 Bail-in Article 55 BRRD and ISDA Resolution Stay Protocols, including stay regulations and jurisdictional modules. REGISTER:The ISDA Resolution Stay Protocols and the ISDA 2016 Bail-in Article 55 BRRD Protocol on May 18 in London