The UK House of Commons voted 326-to-290 on legislation that would prepare the UK to withdraw from the EU. Prime Minister Theresa May's Conservative Party members said they aren't willing to give unconditional support to the measure and that they will insist upon major changes before backing final approval of the bill.
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Diplomats and ministers from EU states are scheduled to decide Nov. 20 on the post-Brexit home for the European Banking Authority. The meeting of the General Affairs Council will end more than a year of campaigning by cities that want to host the EBA.
The Z/Yen financial-center index ranks London, followed by New York, Hong Kong and Singapore, as the most attractive financial center in the world, despite the UK's withdrawal from the EU. New York's ranking has dropped significantly, "presumably due to fears over US trade," survey authors say.
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Bank of England Governor Mark Carney has been named to chair two committees that monitor international financial developments and give advice to the Bank for International Settlements and international standard-setting bodies. The BIS said Carney succeeds Agustin Carstens, governor of the Bank of Mexico, as head of the Global Economy Meeting and the Economic Consultative Committee.
Europe's revised Markets in Financial Instruments Directive will affect US Treasurys. The Financial Industry Regulatory Authority is requiring firms to input Treasury trades into the Trade Reporting and Compliance Engine.
J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission, writes about the importance of cross-border supervision of swaps central counterparties, as well as regulatory coordination, and warns about different approaches to oversight. "Differing approaches to CCP cross-border supervision can lead to regulatory redundancies and legal uncertainty; this may ultimately increase costs and produce disincentives to centrally clear," Giancarlo writes.
Constantly tweaking legacy IT, rather than replacing it, to compete with financial-technology firms has banks in an endless hole of spending, experts say. However, banks are finding difficulty replacing systems that are intertwined for many tasks while remaining operational.
The London Metal Exchange's plan to connect China's metal markets to the rest of the world has been slow to materialize because China's domestic exchanges have shown little interest. "Moreover, there was always a chance that domestic exchanges were going to view HKEx as a potential aggressor rather than partner," writes Andy Home.
Almost one-third of global liquefied natural gas transactions are conducted away from oil-indexed long-term contracts, which is a "shift toward a more customer-focused market that has set LNG on the path to becoming a more fungible global commodity," writes Abache Abreu.
Join the FIA L&C Division this Thursday, Sep. 14 for a webinar covering the existing CFTC/SEC cybersecurity regulatory landscape and likely next steps from these regulatory agencies. The new administration wants regulatory agencies to incorporate cybersecurity into their oversight responsibilities. The CFTC, the SEC and SROs have already undertaken certain cybersecurity initiatives, but more is expected in the near future. Register!