A London court granted Tom Hayes, a former trader who was sentenced to 11 years for manipulating the yen London Interbank Offered Rate, permission to appeal part of a confiscation order related to the £878,806 he paid to UK authorities. "We oppose this application and will argue against it in court," a Serious Fraud Office spokeswoman said.
In the week that ended Oct. 14, the number of Americans making their first claims for jobless benefits dropped to 222,000, the smallest number since March 1973, the Labor Department said. It was the 137th week in a row that claims held below the 300,000 mark, which is viewed by economists as a sign that the labor market is strong.
The European derivatives market comprises 33 million transactions with a notional value of €453 trillion, according to the European Securities and Markets Authority. ESMA's study found that over-the-counter transactions account for 94% of interest-rate derivatives trades.
The European Commission is working to ensure that resolution authorities assessing failing financial institutions can hire more than one valuation agency to avoid disputes. Multiple valuations are expected to help authorities determine "with absolute certainty" whether they must intervene, said Emiliano Tornese of the European Commission.
The European Securities and Markets Authority, European Insurance and Occupational Pensions Authority and European Banking Authority have been charged with reporting the cost and past performance of insurance, retail investment and pension products. The European Commission told the agencies to compile their first reports by the end of 2018.
The Chinese government has approved a rental asset investment product modelled on quasi-Real Estate Investment Trusts, which monetise assets and provide access to funding through securitisation techniques. The development of the rental market is part of policymakers' efforts to promote growth in China's real estate market.
The Chicago Stock Exchange has gained Securities and Exchange Commission approval for a two-year trial of a 350-microsecond trading delay to curb certain types of high-frequency trading. The speed bump will not be uniformly applied and will not affect most market maker trading activity.
Most Asian-Pacific stock markets advanced Friday, despite a disappointing close on Wall Street and in Europe. Japan's Nikkei 225 was flat; Hong Kong's Hang Seng Index gained 1.2%; Australia's S&P/ASX 200 added 0.2%; China's Shanghai Composite climbed 0.3%; South Korea's Kospi rose 0.7%; and India's markets were closed for a holiday.
With tech giant Alphabet as its lead investor, Lyft, the ride-sharing startup that is Uber's top competitor, has raised $1 billion in venture capital funding. The transactions gives Lyft a valuation of $11 billion.