Valdis Dombrovskis, financial-services chief at the European Commission, is in no rush to cut a deal that shifts clearinghouse headquarters out of London. "I would not say this is the most urgent problem and the first issue now we're dealing with," Dombrovskis said.
The Financial Markets Regulatory Dialogue has rebranded as the Joint EU-US Financial Regulatory Forum, a semiannual meeting that acts as a bridge between regulators. The forum's goal is to "improve transparency, reduce uncertainty, identify potential cross-border implementation issues, work towards avoiding regulatory arbitrage and towards compatibility of each other's standards, and promote domestic implementation consistent with international standards."
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The International Monetary Fund cut its global economic growth projections by one-tenth of a percentage point to 3.1% this year and 3.4% next year to reflect the likely consequences of the UK's surprise decision to withdraw from the EU. Before the Brexit vote, the agency had expected to raise its quarterly growth forecast, Chief Economist Maurice Obstfeld said.
The European Securities and Markets Authority ruled that hedge funds from Hong Kong, Singapore and the US should be able to market themselves in the EU. Similar "passports" with some qualification were also granted to funds from Australia, Canada, the Cayman Islands, Guernsey, Japan, Jersey and Switzerland.
Japan's Osaka Exchange has upgraded trading technology, speeding up order processing to attract clients. "We're trying to cultivate new investors both domestically and globally," said CEO Hiromi Yamaji.
Ten London financial-technology startups have been testing the waters for a move to Berlin since the Brexit vote as Germany steps up efforts to lure more business. "They are considering a move to Berlin so as not to lose access to the European single market," said Stefan Franzke of Berlin Partner.
It's that time of year to dust off your clubs and join the FIA Operations Americas division at its 12th Annual Golf Outing for Chicago, benefiting the scholarship fund for children of division members. In addition, part of the proceeds raised from the event will help fund other activities and general operating expenses of FIA Operations Americas. Join us on the fairway. Register today!