Trading

Groups launch benchmark transition roadmap

ONLINE -

ONLINE -

A group of financial services trade associations launch a road map to help navigate transitioning contracts from interbank offered rates to alternative risk-free rates.
PIC acquires 25% stake in South African stock exchange on behalf of national pension fund

Pension Funds -

Pension Funds -

Public Investment Corp. agreed to acquire a 25% stake in stock exchange ZAR X on behalf of South Africa's Government Employees Pension Fund.
Deutsche Bank, UBS and HSBC to pay $46.6 million to settle CFTC spoofing charges

REGULATION -

REGULATION -

Deutsche Bank, UBS and HSBC will pay a combined $46.6 million to settle CFTC charges that the three banks engaged in spoofing.
BNP Paribas USA to pay $90 million as part of guilty plea on manipulating FX market

Courts -

Courts -

BNP Paribas USA will pay $90 million in criminal fines after it pleaded guilty to federal charges of price-fixing in the foreign-exchange market.
Willis Towers Watson names U.S. head of Asset Management Exchange

Trading -

Trading -

Kimberley West, a former BlackRock managing director, was named U.S. head of Willis Towers Watson's Asset Management Exchange.
Fears grow as exchanges up sales of data

Investing -

Investing -

Investors are concerned that equity market data collected by exchanges could expose trading strategies and volume.
Alight Solutions: 401(k) trading activity drops to record low in 2017

DEFINED CONTRIBUTION -

DEFINED CONTRIBUTION -

A surging stock market and rising popularity of target-date funds pushed 401(k) trading activity to a record low last year.
90% of CFTC employees could be furloughed in a government shutdown

Washington -

Washington -

About 90% of the CFTC's employees could be furloughed if the federal government shuts down at 12:01 a.m. EST Saturday.
Apollo-backed ADT falls after pricing IPO below the range

MARKETS -

MARKETS -

ADT Inc., the home security company owned by Apollo Global Management, fell during its first day of trading after raising less than expected in its IPO.
SEC launches fixed-income advisory panel, ends equity counterpart

Regulation -

Regulation -

A panel of fixed-income experts shared their suggestions on how the Securities and Exchange Commission should research ways to improve liquidity.
Cost of proprietary market data to be big concern in 2018

Trading -

Trading -

Managers and asset owners are increasingly concerned about the cost of purchasing proprietary market data from exchanges, conference speakers say.
Commentary: Vol-mageddon – is the hype warranted?

INDUSTRY VOICES -

INDUSTRY VOICES -

Investors can earn the well-compensated volatility risk premium over time without taking excessive tail risk.
Saudi Arabia eases QFI rules for investors

MARKETS -

MARKETS -

Saudi Arabia's Capital Market Authority eased requirements for foreign financial institutions eligible for the QFI program.
Investors cutting research budgets post-MiFID – study

Money Management -

Money Management -

A new study finds the European equity research market has shrunk by $300 million per year in the aftermath of MiFID II implementation.
CFTC to explore cryptocurrency risks

Regulation -

Regulation -

J. Christopher Giancarlo warned of risks with cryptocurrencies and said the CFTC would hold meetings to review derivatives.