The Group of Central Bank Governors and Heads of Supervision, which oversees the Basel Committee on Banking Supervision, has approved a final Basel III framework agreement. "The package of reforms endorsed by the GHOS now completes the global reform of the regulatory framework, which began following the onset of the financial crisis," said European Central Bank President and GHOS Chairman Mario Draghi. Read GFMA's statement.
While hesitant to compromise on Dodd-Frank Act reform, US House Financial Services Committee Chairman Jeb Hensarling has applauded the Senate on a bipartisan regulatory-relief bill. "It's been a while since we've seen progress on these issues out of the Senate, so I salute Sen. [Mike] Crapo on his work, and I'm anxious to see what he can get passed on the Senate floor," Hensarling said.
About 190,000 people have evacuated and at least 500 structures have been destroyed as powerful wind contributes to the rapid spread of Southern California wildfires. A fire that began in the San Diego area Thursday has burned homes and ranchland, with reports of injuries to firefighters and civilians as well as the deaths of at least 30 racehorses at a training facility.
In an interview with Robert Powell of TheStreet, FPA President Shannon Pike, CFP®, talks about the need for consumers to select financial advisers based on their competence instead of solely looking at their compensation. Pike says compensation "shouldn't be your first filter in choosing" an adviser.
The Federal Reserve is likely to approach interest-rate increases cautiously in 2018 as the environment makes a policy misstep costly, said Bill Gross of Janus Henderson Investors. "Should a crisis arise because of policy mistakes, geopolitical crises, or other currently unforeseen risks, the ability to protect principal will be impaired relative to history," Gross wrote in an investment note.
The London Interbank Offered Rate might still be used as a benchmark after 2021, when the UK Financial Conduct Authority stops regulating it, market participants say. ICE Benchmark Administration is committed to helping Libor evolve "so it has a future after 2021", President Tim Bowler says.
Cboe Global Markets will start trading bitcoin futures next week, and sources say Goldman Sachs will clear contracts for clients on a case-by-case basis. Bank of America Merrill Lynch, Citigroup, JPMorgan Chase and Royal Bank of Canada reportedly are holding off on client access to bitcoin futures.
Hopes for renewed investor appetite in European banks are fading as stocks fail to gain traction. Bad debt, tighter regulation and gradual interest-rate increases are cited as factors.
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