Some European Parliament lawmakers are supporting the European Commission's request to delay the introduction of the revised Markets in Financial Instruments Directive to January 2018 on condition the commission adjusts the draft rules on curbing large positions in commodities. Some lawmakers sent Jonathan Hill, European financial-services commissioner, a letter saying they are open to postponing MiFID II.
The approval rating of Japanese Prime Minister Shinzo Abe has rebounded to 49%, according to the Nikkei Inc./TV Tokyo poll. The eight percentage point gain since October marks a return to the levels Abe experienced in May and June before debate over controversial security legislation sent it falling.
Wall Street banks are looking for the Commodity Futures Trading Commission to support the softening of rules governing how much margin is required to be posted between affiliates of the same financial institution, sources said.
Depository Trust & Clearing Corp. is considering a change to the way it funds its fixed-income clearing service amid new standards for systemically important financial infrastructures. The change could cause a significant increase in Treasury repurchase agreement rates, market participants say.
Industry groups have developed a standard contract template for cross currency swaps that are sharia compliant. "This is the latest in a series of product documentation releases aimed at standardizing the Islamic hedging market," said ISDA CEO Scott O'Malia.
Eleven European nations interested in establishing a tax on financial transactions are struggling to reach an agreement on what trades should be included and other issues. The lack of agreement suggests the countries might not meet the December deadline set by Austrian Finance Minister Hans Joerg Schelling earlier this month.
Ex-ICAP broker Colin Goodman, accused of manipulating the London Interbank Offered Rate, told a London court last week that his Libor predictions "were my best, genuine estimate at the time" and was "aggrieved" his opinion was persistently requested. Goodman, nicknamed "Lord Libor", said bank requests to change his Libor predictions were "annoying".
About one-third of eurozone bond yields have dropped below zero on the expectation that the European Central Bank will cut deposit rates at its meeting this week. "We're probably going to see the ECB lower official interest rates again, probably raise the amount of assets they're buying either over the time frame or on the monthly purchases," Pacific Investment Management's Mike Amey said.
Deutsche Boerse is launching today share "placements" that can only be viewed by traders involved in similar trades without breaching the revised Markets in Financial Instruments Directive's dark pools rules.
Bank of England Governor Mark Carney is set to release the results of the regulator's bank stress tests and publish an assessment of risks. The countercyclical capital buffer, which the BoE's Financial Policy Committee set at zero in September, is now a priority for the central bank.
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