Market participants are hoping Commodity Futures Trading Commission Chairman J. Christopher Giancarlo's keynote address next month at the FIA conference in Boca Raton, Fla., will shed light on proposed end-user fees and on changes to de minimis and position limits. "After the hype of last year, the reality of the new-look CFTC is that the wheels are turning, but still rather more slowly than its tough-talking chairman may want," Joanna Wright writes.
UK Financial Conduct Authority researchers have concluded better-quality benchmarks could theoretically increase demand while reducing market manipulation. "Regulations that increase precision can therefore have positive effects on the overall market," according to their report.
Drawing UK asset managers to financial hubs in France and Germany would be better for the EU than focusing on London's euro-denominated derivatives clearing, according to a report by Opimus. Opposition from market participants on both sides of the Atlantic makes shifting clearing to the Continent more disruptive than luring asset managers away from the City, Opimus notes.
Strong risk management at Cboe Global Markets and CME Group means their introduction of bitcoin futures should not affect creditworthiness, according to Moody's Investors Service. High margins for futures trades shield the central counterparties from risk-management challenges stemming from bitcoin's price volatility, Moody's says.
A requirement under Europe's revised Markets in Financial Instruments Directive to ensure best execution has prompted London Stock Exchange Group's CurveGlobal to work with customers on using smart order routers for futures contracts. Smart routing, along with incentives for proprietary traders, is meant to increase volume, CurveGlobal CEO Andy Ross says.
A standoff that blocked work on the development of new cryptocurrency Tezos after an initial coin offering raised $232 million has ended, and now the project can go forward. Johann Gevers, head of the nonprofit foundation that ran the ICO, said he will leave his post, opening the door for the husband-and-wife team that created the Tezos platform to start using the funds raised to get back to work.
Glossier, a beauty products startup with offices in New York City, London and Quebec, raised $52 million in its latest funding round. The startup said it will use the capital to come up with new digital products.
SpinLaunch, a startup that aims to send cargo into space with a catapult, rather than a rocket, is in the process of raising $30 million, three sources have confirmed. Previously, founder Jonathan Yaney sold his drone startup Titan Aerospace to Google.
Split, a startup that runs a platform to help businesses test new products and features and monitor how they are used, raised $17 million in its latest funding round. The startup said its services are used mostly by engineering and product development teams because they focus on core product features.
The share price of Rovio, owner of the Angry Birds game and brand, plummeted 50% after it said its earnings are probably headed lower in 2018. Game companies heavily dependent upon one popular game have a history of rough treatment by the markets after they go public.