European Central Bank President Mario Draghi will take questions from German lawmakers today regarding dissatisfaction surrounding the central bank's asset-buying scheme and interest-rate policies. German lawmakers say low interest rates have made it hard for people to save, while Draghi describes the rates as a side effect of low growth.
Almost 300 tech companies are seeking to reverse the decline in US voter participation by making the day the US selects its next president, Nov. 8, a paid holiday for their workers.
The Greek parliament approved moving several government departments into a privatisation fund set up to hold public assets until they can be sold. The package of bills passed 152-141 after Prime Minister Alexis Tsipras and Finance Minister Euclid Tsakalotos intervened to round up support for the measures.
House Financial Services Committee Chairman Jeb Hensarling expects his Financial CHOICE Act, which would replace Dodd-Frank legislation and nullify the Department of Labor's fiduciary rule, to move to a full House vote after the election, he said at the SIFMA Annual Meeting on Tuesday. He expects the bill to be more successful if Donald Trump is elected president and the Republican House majority is maintained.
Deutsche Boerse's plan to partner with the China Foreign Exchange Trade System has been postponed as the German exchange operator finalizes its proposed merger with London Stock Exchange Group, sources said.
Prices of homes in the US are getting close to their record highs before the financial crisis, but that doesn't mean a bubble is likely to burst anytime soon, says David Blitzer, chairman of the index committee at S&P Dow Jones Indices. While prices have soared for two years, mortgage debt on single-family homes is well below its 2008 peak.
Although central clearing of foreign exchange derivatives is not mandated, margin rules have sparked an increase in clearing of FX trades, experts say. Jeremy Bell, LCH.Clearnet Group's ForexClear product director, said increased central clearing of FX is an intended consequence of noncleared margin rules.
The Consumer Financial Protection Bureau and the California Department of Business Oversight have fined financial-technology startup LendUp for violating lending laws in making small-dollar loans to consumers. The company, which neither admitted nor denied the allegations, will pay $2.7 million to California and $3.6 million to the CFPB.
US banks are seeking clarification on how commercial mortgage-backed securities will be treated under Basel III risk-based capital rules. Treatment as securitizations would increase capital charges for banks, while treatment as exposure to underlying loans would lower charges.
The European Commission is expected to adopt regulatory technical standards for noncleared margin rules for swaps trades next week, sources say, and implementation for major derivatives dealers is expected toward the end of January. The European Parliament and the Council of the EU are unlikely to object because the EU has already failed to meet an international deadline for implementation.
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