Rapid gains in bitcoin have prompted regulators to question whether a market bubble is forming and whether they should regulate the cryptocurrency. "Simply because of the scale, it is certainly increasingly necessary to discuss whether and in what form regulations are needed here," said European Central Bank Governing Council member Ewald Nowotny.
Four French ministers plan to push for a financial-transaction tax in Europe to fund work to curb global warming. Finance Minister Bruno Le Maire, Foreign Minister Jean-Yves Le Drian, Environment Minister Nicolas Hulot and Higher Education Minister Frederique Vidal say the tax could generate €5 billion annually by 2020.
German Chancellor Angela Merkel has endorsed French President Emmanuel Macron's proposal to deepen EU integration. Merkel says she hopes to form a German coalition government soon so France and Germany can work together on an EU overhaul before 2019 elections distract politicians.
Securities and Exchange Commission Chairman Jay Clayton urges investors considering the purchase of cryptocurrencies or participation in an initial coin offering to be certain they fully understand the risks. "If you choose to invest in these products, please ask questions and demand clear answers," he said.
In letters to Congress, the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have indicated intentions to revise and reissue for public comment leveraged-lending guidelines. The Fed is "considering soliciting public comment on the [leveraged-lending] guidance in the near term with a view to improving the clarity of the guidance and reducing any unnecessary burden," Chair Janet Yellen wrote to US Rep. Blaine Luetkemeyer.
Wind gusts and dry conditions in Southern California continue to pose difficulties for crews battling wildfires, one of which has destroyed about 800 structures and remains the fifth-largest in the state's modern history. Red-flag warnings had been set to end Monday but will now continue through the week, and smoke is worsening air quality throughout broad swaths of the state.
France is allowing use of blockchain technology to trade unlisted securities as part of a campaign to make Paris a global hub for financial innovation. The action clears the way for financial-technology startups and banks to set up blockchain platforms and immediately trade unlisted securities, eliminating a need for intermediaries.
If you have teenage children who have earned income from a summer job or part-time position, consider setting up Roth individual retirement accounts for them and matching contributions to the accounts. Roth IRAs often make sense for younger savers, as they allow for many years of tax-free growth.
The Bank of England has been urged to clarify whether EU banks with branches in London will be able to continue trading in the UK post-Brexit without reapplying for a licence or setting up a subsidiary. An announcement from Deputy Governor Sam Woods is expected before year-end.
Questions about which brokerages and exchanges are authorised to run organised trading facilities and which contracts can be listed have yet to be answered, despite OTF establishment being a key requirement of Europe's revised Markets in Financial Instruments Directive.
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