The European Securities and Markets Authority says firms outside the EU cannot offer direct electronic access to trading venues once the revised Markets in Financial Instruments Directive takes effect. The statement contradicts German and Dutch signals that access might be permissible and affects brokers in the US and potentially the UK after Brexit.
Foreign banks that want to trade in yuan no longer have to wait one year after setting up in China, according to the China Banking Regulatory Commission. Relaxation of the requirement, which was shortened in 2015 to one year from three years, is seen as part of a move to encourage foreign investment.
Dutch bank ING plans to widen deployment of artificial intelligence tool Katana in fixed-income trading. The tool has been tested and has proved to improve performance by responding faster and more consistently to traders' requests for quotes, an ING official says.
House and Senate negotiators have agreed on a far-reaching rewrite of US tax law, congressional Republicans say. The measure, which both chambers could vote on next week, would reduce the corporate rate to 21% from 35% and would cut the top individual rate to 37% from 39.6%.
Most stock markets declined Thursday in Asia-Pacific after the US Federal Reserve raised interest rates. Japan's Nikkei 225 and China's Shanghai Composite each lost 0.3%; Hong Kong's Hang Seng Index and Australia's S&P/ASX 200 each fell 0.2%; South Korea's Kospi dropped 0.5%; and India's Sensex was up 0.6%.
The terms of Disney's acquisition of television, film and international operations of 21st Century Fox give Fox a valuation of more than $40 a share, a person familiar with the matter said. The assets Disney is acquiring are valued at roughly $29 a share, while assets not in the deal will be offered to Fox shareholders in a new company, the person said.
Moving to compete with Amazon and Walmart, Target has agreed to pay $550 million for grocery-delivery startup Shipt. Target said that by early 2018, the deal will allow about half its stores to provide same-day grocery delivery.
Responding to the Chinese government's crackdown on online microlenders, Chinese consumer-finance company Lexinfintech has cut its US initial public offering to a maximum of $151.8 million. Initially, the company hoped to raise as much as $500 million.
A US judge has rejected unsecured creditors' plea to take a stronger hand in bankruptcy proceedings of nuclear-technology company Westinghouse Electric. Judge Michael Wiles said granting the request to let creditors submit a debt-restructuring proposal would provide them an "opportunity to throw a bomb" into the case.
Officials at the World Trade Organization meeting in Argentina, at which the US trade representative denounced members, expressed disappointment that nothing of real importance was achieved. "Members did not manage to agree on final substantive agreements this time," WTO Director-General Roberto Azevedo said.