Deutsche Bank will make Frankfurt, Germany, the primary booking hub for its investment banking clients next year after Brexit. "By definition this involves moving assets from London to Frankfurt, a process which is already underway with the full understanding of UK and EU regulators," the bank said.
The UK Financial Conduct Authority has clarified that the Treasury has no plans to put a temporary recognition regime in place after Brexit and that European Economic Area trading venues need to apply for recognition soon. FCA says venues have less than two weeks to meet the application deadline, which is set as six months before the recognition order would take effect.
NatWest Markets, formerly the Royal Bank of Scotland, will pay $750,000 to settle US Commodity Futures Trading Commission charges that the firm misreported data for hundreds of thousands of swaps transactions to a swap dealer repository.
Nasdaq's Nordic commodities exchange says members have replaced all of its contingency funds after last week's declared default of Norwegian trader Einar Aas. Nasdaq said "the Member Default Fund now has been recapitalized by 100%, or 107 million euros."
Cattle trade association R-CALF USA has requested that the US Commodity Futures Trading Commission review cattle futures trading anomalies during specific dates from 2013 to 2018 that may have driven down cash cattle prices. R-CALF notes that after Dec. 21, 2015, "packers began capturing the largest gross margins in history while cattle producers continued receiving depressed prices for their cattle."
The Community Financial Services Association of America and the Consumer Service Alliance of Texas say the Consumer Financial Protection Bureau's small-dollar lending rule will wipe out their industry. The groups are asking a federal judge to delay implementation of the rule, which is scheduled to take effect next year.
The latest survey of securities industry compensation by New York State Comptroller Tom DiNapoli found that overall pay at Wall Street firms was up more than 10% last year. In New York City, the combined salary and bonus for people working for broker-dealers averaged $422,500.
JUMO, a South Africa-based financial-technology startup that provides its services through mobile devices, has raised $52 million in a funding round led by Goldman Sachs. CEO Andrew Watkins-Ball says the company will focus on expansion in fast-growing areas of Asia.
Electric-car startup Lucid Motors has received a $1 billion investment from Saudi Arabia's sovereign wealth fund. Lucid says the money will allow it to complete engineering and testing for its first model, the Lucid Air, and to build a factory and start production.