The European Securities and Markets Authority is awaiting a ruling from the European Commission on whether exemptions from initial margin and default-fund payments central counterparties have given government entities are legal. Banks have challenged the move, saying it exposes other clearing members to greater risk.
Nasdaq Dubai plans to introduce futures contracts on companies in Saudi Arabia listed on the Saudi stock market in the third quarter. "The futures will give investors new hedging tools to take long and short positions on the companies, at a time when international investor interest in the Saudi stock market is increasing rapidly," the exchange says.
LMAX Exchange has added bitcoin, ethereum, litecoin, ripple and bitcoin cash to its trading platform, hoping to draw banks, asset managers and wealth funds into the cryptocurrency market. LMAX's London data center will initially handle trading, though the exchange plans to establish LMAX Digital in Tokyo and New York in coming months.
The International Swaps and Derivatives Association plans to launch a consultation on contingency for derivatives if the London Interbank Offered Rate ends before participants move to another reference interest rate.
The Securities and Exchange Board of India has proposed opening some of the physical-commodity derivatives market to foreign entities, as recommended by the Commodity Derivatives Advisory Committee. "The participation by these entities may in the long run pave way for Indian markets in becoming price setters for some of the global commodities," the regulator says.
US Treasury Secretary Steven Mnuchin says talks with Mexico and Canada to update the North American Free Trade Agreement might extend into 2019. He adds that negotiators are "still far apart" on aspects of the agreement.
Americans have an average of $84,821 saved for retirement, with a third of baby boomers having $25,000 or less, according to Northwestern Mutual's 2018 Planning & Progress Study. The study found that 66% of Americans believe they'll outlive their savings, and 78% are either "somewhat" or "extremely" concerned about having enough money for their retirement years.
Bank of America's artificial intelligence virtual assistant, Erica, can perform banking-related tasks such as making customers' mortgage payments or reminding them of due dates. Customers can use gestures, voice or text to interact with Erica, said Michelle Moore, head of digital banking at Bank of America.