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6/21/2018

The European Securities and Markets Authority has confirmed 2 July is a firm deadline for trades to carry a legal entity identifier, as required by the revised Markets in Financial Instruments Directive. ESMA says many LEI applications have been submitted since the deadline was set, indicating no need to extend the grace period.

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The Trade (UK)
6/21/2018

Four cryptocurrency experts appearing before a UK parliamentary committee have called on the Treasury to formalise regulation of cryptocurrencies. Among their arguments: A lack of oversight is preventing liquidity from entering the market, traders would welcome regulation and investors might move to jurisdictions making more of an effort to establish regulation.

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Treasury, UK Treasury Committee
6/21/2018

Goldman Sachs is "very cautiously" exploring adding cryptocurrency trades beyond derivatives to "evolve its business and adapt to the environment," President and Chief Operating Officer David Solomon says. "We're listening to our clients and trying to help our clients as they're exploring those things, too," he says.

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Goldman Sachs, David Solomon
6/21/2018

Questions remain about how Brexit affects equivalence assessments under Europe's revised Markets in Financial Instruments Directive, says Simon Puleston Jones, FIA's head of Europe. Puleston Jones also discusses how the US benefits from Brexit.

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John Lothian News
6/21/2018

The New York Department of Financial Services has fined Deutsche Bank $205 million for "improper, unsafe and unsound conduct" in foreign exchange trading. Traders used online chatrooms to try to manipulate currency prices between 2007 and 2013, according to the department.

6/21/2018

Crypto Facilities, which offers bitcoin, ripple and ethereum futures products, plans to add litecoin-dollar futures contracts Friday. Litecoin creator Charlie Lee expects more institutional investors to enter the marketplace as a result.

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The Trade (UK)
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Crypto Facilities
6/21/2018

A one-day trading loss during the first quarter at Deutsche Bank's US unit that was 12 times higher than an internal risk estimate has raised questions about the accuracy of value-at-risk metrics US regulators use to gauge risk at foreign banks. The size of the loss was not disclosed to regulators.

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Deutsche Bank
6/21/2018

Firms should take an organic approach and design machine learning applications in-house, rather than buying off-the-shelf software, Aston Capital Management founder and CEO Isaac Lieberman says. "This simply is because each business is different and has its own objectives and ways of behavior," says Lieberman, former head of algorithmic trading at JPMorgan Chase.

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JP Morgan
6/21/2018

Banks with less than $100 billion in assets may be going through their last annual stress tests now that regulations have been eased. The Federal Reserve is releasing results this week and next, and the tests may prove more challenging in the context of a strong economy.

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Federal Reserve, Congress
6/21/2018

Robinhood reportedly is talking with regulators about offering banking services. The California-based financial-technology company provides its 4 million customers with a free stock-trading platform.

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Fintech