The Bank of England has no desire to weaken rules for banks after Brexit, Deputy Governor Sam Woods says. "Alternatively, we could adopt a hybrid approach which doesn't replicate either of the preexisting EU or British approaches," Woods says.

UK Prime Minister Theresa May says she will announce a timetable for her departure after lawmakers next vote on her Brexit bill in early June. Some members of her Conservative Party have called for her to leave immediately.

The International Swaps and Derivatives Association has published two consultations on benchmark fallbacks. One addresses adjustments that apply to relevant risk-free rates if fallbacks are triggered for derivatives referencing the US dollar Libor, the Hong Kong Interbank Offered Rate and the Canadian Dollar Offered Rate, and the other addresses precessation issues for Libor and certain other benchmarks.

A blockchain-based digital cash system to make clearing and settlement more efficient is set to receive about $50 million in investment from several banks, sources say. A new entity, Fnality, reportedly would manage the project, which could debut next year.

Global regulators should examine the different approaches the EU and the US are taking to implement Basel III, says Fernando Restoy, chairman of the Bank for International Settlements' Financial Stability Institute. A review could show regulators how to encourage "a level playing field while protecting financial stability," Restoy says.

ISDA's Annual Legal Forum is back in New York, bringing the latest on the most important legal and regulatory issues facing derivatives markets today. The forum will cover Phase 5 Initial Margin Implementation, Benchmark Reform, the Future of Industry Documentation and developments in CFTC & SEC Enforcement. REGISTER: ISDA Annual Legal Forum, June 11 in New York