Financial Markets
Top stories summarized by our editors
12/14/2017

Cboe Global Markets Chairman and CEO Edward Tilly doesn't think major stock exchange mergers have ended. "The synergies that are inherent in a deal in the exchange space -- because at the end of the day these are huge technology companies -- still make sense," he said.

12/14/2017

Bitcoin is a "highly speculative asset" that "doesn't constitute legal tender," Federal Reserve Chair Janet Yellen says. She has cautioned investors that bitcoin is "not a stable store of value," while downplaying the cryptocurrency's ability to influence financial markets.

12/14/2017

More commodity firms and traders, including BP, ABN AMRO, Mercuria Energy Group, Natixis and Trafigura, are adopting blockchain technology to increase efficiency, changing the way they do business. "Once you've established blockchain and it's working, you will see faster changes, because then the transformation of the value chain becomes an option," said Rabobank analyst Harry Smit.

12/14/2017

Hours after the US Federal Reserve raised interest rates, the People's Bank of China increased two rates used in the interbank market. The PBOC raised the seven-day reverse repo rate to 2.5% and increased the 28-day reverse repo rate to 2.8%.

12/14/2017

The US Federal Reserve has voted 7-2 to increase its benchmark interest rate by one-quarter of a percentage point to a range of 1.25% to 1.5%. The central bank stood by a forecast of three rate increases in 2018 but omitted from its post-meeting statement previous language of expectation the labour market will strengthen.

12/14/2017

The UK urgently needs to negotiate within weeks a "standstill" agreement to keep its relationship with the EU unchanged for several years after Brexit to prevent companies from leaving Britain, the UK Parliament's Treasury Committee says. "It is highly likely that, for certain sectors, including financial services, the 'standstill' transition period will have to be followed by an adaptation period," according to the committee.

12/14/2017

Intercontinental Exchange clearinghouses ICE Clear Credit, ICE Clear US and ICE Clear Europe are considering using customer funds to invest in French and German sovereign debt, calling it "comparable to US Government Securities in terms of creditworthiness, liquidity, and volatility". ICE says investment would be done through direct investment and repo agreements.

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Intercontinental Exchange
12/14/2017

Investment opportunities are emerging in Greece's industrial and banking stocks as the economy strengthens, while the 10-year government-bond yield has fallen significantly since the start of the year.

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stock market
12/14/2017

The European Commission has ruled EU traders can continue to do business on stock markets in the US, Australia and Hong Kong after the revised Markets in Financial Instruments Directive takes effect next month. The action includes equivalence recognition for more than 20 exchanges and more than 30 dark pools in the US.

12/14/2017

Banks are requesting relaxation of a forthcoming requirement that all traders have a legal-entity identifier because many clients have not yet applied for one.