The UK must establish its relationship with the EU before it can negotiate global trade deals, US trade representative Michael Froman told Liam Fox, the UK's newly appointed trade secretary. Fox, whose Department for International Trade was created recently, has been striving to establish trade independence.
Nasdaq CEO Robert Greifeld supports the Securities and Exchange Commission's pilot program to test the effects of lower maker-taker fees, saying in an earnings call that lower fees would improve market quality. "To the extent that we shrink the access fee, and the maker rebate declines, I think that could be a good thing for the market," Greifeld said.
Michel Barnier, a former French financial-services commissioner, has been tapped as the chief Brexit negotiator for the European Commission. Barnier's appointment, which starts 1 October, has received a cool reception from the UK.
Credit Suisse Group reported a quarterly net profit of about $172.5 million, surprising analysts who had forecast a loss. "The second quarter was a quarter of progress," CEO Tidjane Thiam said.
Apple is on pace to top last year's research and development spending after investing $7.5 billion on R&D so far this year amid slower iPhone sales. The total includes "quite a bit of investment in there for products and services that are not currently shifting or derivations of what is currently shipping," Apple CEO Tim Cook said.
While regulators push trading through central counterparties, bilateral derivatives trading might have lower capital and collateral costs, according to an Office of Financial Research report.
Depository Trust & Clearing Corp.'s Murray Pozmanter discusses the suspension of the interbank general collateral finance repo service and the future of clearing, high-frequency trading and the Treasury market.
Risk managers at securities-trading firms are seeing their role evolve away from risk mitigation toward advising on best practices. Risk managers are increasingly sought for ideas that help companies expand.
The post-Brexit fate of London's financial hub could follow one of three possible scenarios, including a less regulated future that somewhat resembles the status of Singapore.
A plan -- which allows Italy's Banca Monte dei Paschi di Siena to divest €10 billion in non-performing loans to Atlante, a fund backed by banks, insurers and pension funds, and raise €5 billion in new capital -- has been submitted to the European Central Bank for approval. The plan aims to avoid bailing in the bank's many mom and pop investors through a government bailout.
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