The Bureau of Labor Statistics is changing the "lockup" procedure for economic data to keep the information secure from algorithmic traders before public release, including removing computers, which can provide machine-readable news, from the Washington newsroom March 1. Commissioner William Beach says the change follows a 2014 recommendation from the Labor Department inspector general.
The European Securities and Markets Authority has signaled it could take steps to improve the oversight of central counterparties following an investigation into a 2018 default on the Nasdaq Commodities clearing segment. ESMA said it will "look to enhance supervisory practices and continue to provide further guidance on the areas for which CCPs would be expected to have detailed due diligence practices".
Financial markets could receive a shock if investors, companies and regulators continue to operate in "the context of a relatively stable climate," according to a report from McKinsey.
US consumer spending continued to increase through the end of the holiday shopping season. Retail sales, including transactions in stores, online and in restaurants, rose a seasonally adjusted 0.3% in December compared with November, according to the Commerce Department.
The Chinese economy expanded 6.1% last year, the slowest growth in 29 years but within the range of 6% to 6.5% targeted by the government, according to the National Bureau of Statistics. The government regularly enacted monetary stimulus and tax cuts to head off a long economic downturn.
The Bank of England, the Financial Conduct Authority and the Working Group on Sterling Risk-Free Reference Rates are urging market participants to speed their Libor transition efforts and have updated a roadmap for the actions firms must take. "The time to act is now: with the tools published today and the support of the official sector domestically and internationally, market participants have what they need to leave Libor behind," the regulators said in a statement.
US Securities and Exchange Commission member Robert Jackson, who had been picked to fill a Democratic seat on the commission, will step down on Feb. 14 to return to his teaching post at New York University School of Law, leaving Allison Lee as the only Democratic commissioner. Senate Democrats are pushing for one of Jackson's staff attorneys, Caroline Crenshaw, to be named by the White House as his replacement, sources say.
Former US Commodity Futures Trading Commission Chairman J. Christopher Giancarlo, former LabCFTC Director Daniel Gorfine and investor Charles Giancarlo are forming the Digital Dollar Foundation, a not-for-profit group working with Accenture to explore the idea of a US dollar digital currency. Giancarlo says a tokenized form of the US dollar would "meet the demands of the new digital world and a cheaper, faster and more inclusive global financial system."
- Page 1