State Street has agreed to pay $2.6 billion in cash for front office software provider Charles River Development, which had more than $300 million in revenue last year. The acquisition is expected to close during the fourth quarter.
A dispute between the European Parliament and the European Council regarding relocation of the European Banking Authority from London to Paris is preventing the EBA from securing office space, sources say. "The position and credibility of [the] EBA could suffer if this debate is not finished," says Hans Hack of FTI Consulting.
The EU has rejected UK Prime Minister Theresa May's proposal for financial services after Brexit, saying EU equivalence decisions should be made unilaterally by Brussels.
Ten market makers and cryptocurrency liquidity providers, including Circle, trueDigital, Genesis Global Trading and Hehmeyer, have introduced bitcoin and ether reference rates and indexes. The rates include automated anti-manipulation measures in line with methodology from the International Organization of Securities Commissions.
TP ICAP has set up a team to explore cryptocurrency trading, sources say. The working group reportedly was established under former CEO John Phizackerley.
Trade disputes are becoming a challenge for CME Group as agricultural trading, including wheat and soybean, shifts away from the US. However, CME contracts remain "the global benchmarks for price discovery and risk management," says Tim Andriesen of CME.
The Indian Commodity Exchange is awaiting approval from the Securities and Exchange Board of India for petrol and diesel futures contracts, after obtaining authorization from the petroleum ministry. The contracts are monthly cash settled, leaving no room for manipulators, ICEX CEO Sanjit Prasad says.
President Donald Trump's recent criticism of the Federal Reserve was not intended to put pressure on the Fed or to threaten its independence, Treasury Secretary Steven Mnuchin said. Mnuchin did not discuss why Trump made the comments.
Consumer Financial Protection Bureau acting Director Mick Mulvaney has named Paul Watkins to lead the bureau's newly formed innovation office. Watkins previously worked for Arizona's attorney general, managing the state's financial-technology sandbox.
Sen. Kirsten Gillibrand, D-N.Y., is seeking support for a bill that would put a bank in every post office. Fees at the post office banks would be low, and consumers would be able to earn interest on savings, she said.