Gig workers from tech and internet-based firms would be able to get as much as 15% of their compensation in stock with a proposal made public by the Securities and Exchange Commission. The proposal addresses the controversy over how gig workers are exploited and deprived of job security and regular benefits.
David Dinkins, New York City's first Black mayor, died at his Manhattan home Monday, at the age of 93. Dinkins won the mayor's race in 1989, defeating the incumbent Ed Koch in the Democratic primary and then his Republican opponent, Rudolph Giuliani, in the general election.
The Financial Stability Oversight Council might heighten its efforts to address concerns about systemic risk among nonbank financial companies under a Treasury Department led by Janet Yellen, according to experts. Yellen "believes the FSOC should be playing an active role in monitoring the financial system for emerging risks and should designate" nonbanks as systemically important financial institutions "when appropriate," said David Portilla of Debevoise & Plimpton.
The Dow Jones Industrial Average has breached 30,000 for the first time, gaining 454.97 Tuesday to close at 30,046.24, as investors bet on improving economic prospects. The S&P 500 reached 3,635.41, and the Nasdaq composite reached 12,036.79.
Firms risk losing access to the interest-rate swaps market if they do not sign up to a protocol that deals with the Libor transition, US Commodity Futures Trading Commission Chair Heath Tarbert says. Some 400 market participants have adopted the framework from the International Swaps and Derivatives Association, but about 2,400 have not.
JPMorgan Chase analysts see an 80% chance the EU and the UK will reach a Brexit deal, citing changes in mood emerging from talks. The analysts say in a note to clients "there is a significant chance of a deal being announced in the coming days", although negotiators could still fail to bridge gaps on key issues.
York Capital Management's decision to wind down its European hedge fund business could trigger a $450 million loss on Credit Suisse's 30% stake in the business. Credit Suisse says it expects to book an impairment in the fourth quarter.
The lack of an equivalence deal between the UK and the EU has prompted regulators and firms to make significant, eleventh-hour changes to operations.
Hong Kong Exchanges and Clearing is developing a settlement platform connected to Depository Trust & Clearing Corp. to increase foreign investment. The platform, Synapse, benefits institutional investors by streamlining post-trade tasks when using Northbound Stock Connect, HKEx says.
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