Singapore Exchange has launched an office in Chicago to tap the North American market and establish a 24-hour trading and clearing cycle. "In Chicago, we believe we will be much more able to bridge early liquidity and there is also already a correlation between what we offer and what already exists in that market," said Michael Syn of SGX.
Asian-Pacific stock markets were mixed Wednesday, with investors focused on China's Party Congress for indications of where policies are headed. Japan's Nikkei 225 rose 0.1%; Hong Kong's Hang Seng Index was up 0.1%; Australia's S&P/ASX 200 was flat; China's Shanghai Composite added 0.3%; South Korea's Kospi declined 0.1%; and India's Sensex was down 0.1%.
Patience is needed for development and adoption of distributed-ledger technology to catch up with hype surrounding it, the financial-technology industry says. "In an environment where there's a new iPhone every year, people think technology evolves incredibly rapidly," said R3's Charley Cooper.
Morgan Stanley and Goldman Sachs overcame challenging third-quarter trading to report revenue rising to $9.2 billion and $8.3 billion, respectively. Much of Morgan Stanley's success came from its wealth-management unit, while Goldman benefited from increased merger activity and profit from private equity investment.
Dampened volatility resulting from increased high-frequency trading, favorable economic conditions globally and low interest rates is contributing to a low Cboe Volatility Index, despite risks.
Egypt, which aims to produce 20% of its electricity from clean sources by 2022, is getting investments totaling $1.8 billion to build solar projects that together can generate 1.4 gigawatts. The bulk of the money is coming from the European Bank of Reconstruction and Development and the World Bank's International Finance.
The value of nonperforming loans carried on the books of Italy's banks fell to €65.3 billion in August, the smallest total in two years and well below the €86.6 billion in December, the Association of Italian Bankers said. Overall lending to businesses and consumers posted a 1.4% year-over-year increase in September, the trade group said.
At the current pace, mergers and acquisitions among registered investment advisers will surge to a record this year, according to a study from Echelon Partners. Based on the trend this year, deals will post a 23% increase from a year earlier, reaching 169 deals by year-end, the company said.
Collective investment trusts are rapidly gaining popularity among sponsors of defined-contribution retirement plans, mainly because they are less expensive than mutual funds and comparable financial products, a survey by Cerulli Associates found. From 2015 to 2016, the value of the trusts held in defined-contribution plans rose 11.6%, the survey found.
Canada, Mexico and the US have agreed to drop a year-end deadline for renegotiating the North American Free Trade Agreement and to extend talks into the first quarter. US Trade Representative Robert Lighthizer said the goal of finishing renegotiation this year "was never a hard target."