Foreign exchange futures "appear to be a cheaper alternative" to an equivalent over-the-counter trade, with potential savings of nearly $1.5 billion annually, according to a Greenwich Associates report. However, though "we have shown that there are many scenarios where futures are a logical choice versus an OTC trade, traders do not solely make decisions based on quantitative findings," the report says.
Futures commission merchants might add initial-margin requirements for bitcoin futures above what Cboe Futures Exchange and CME Group want to stem risk. "FCMs are already putting in their own limitations on trading bitcoin futures," said Lone Star Capital CEO Bo Collins.
Japan's SoftBank has agreed to increase its investment in satellite broadband startup OneWeb by $500 million, a source says, bringing its total investment in the company to roughly $1.5 billion. Greg Wyler, the startup's founder and executive chairman, says his company is preparing to build a new generation of satellites that can deliver faster internet speeds than other systems.
Food-delivery startup DoorDash is negotiating an investment of as much as $300 million from the SoftBank Vision Fund, sources say. DoorDash's competitors include Postmates, Grubhub and Uber Eats.
Tech startup LaserMotive has rebranded itself as PowerLight Technologies and is working on transmitting power over fiber-optic cables for military and commercial users. In April, the company reported raising $1.5 million, but President and CEO Richard Gustafson says fundraising will continue into next year.
Dutch financial-technology startup Adyen isn't actively preparing for an initial public offering in 2018. "We're exploring various options, but we haven't initiated -- we don't have banks that are working for us on this," Chief Commerce Officer Roelant Prins said.
Apple intends to buy song-recognition startup Shazam in a deal that values the company at roughly $400 million, sources say. Shazam's most recent funding round gave it a valuation of about $1 billion.
China's Tencent and Sweden's Spotify are establishing a "strategic collaboration" that includes making investments in each other's music-streaming operations. Despite its successes elsewhere, Spotify doesn't have a presence in China.