UPDATE 2-EU takes action on 'too-big-to-fail' risks in financial clearing

(Adds Dombrovskis) By Francesco Guarascio BRUSSELS, Dec 4 (Reuters) – European Union governments on Wednesday agreed new rules for handling failures of clearing houses raising the financial burden on them in a rescue, in a move aimed at preventing contagion risk in the global financial system. The rules could set a global standard for regulators, which put clearing houses at […]

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Exclusive: Deutsche Bank's problem derivatives cloud recovery – sources

NEW YORK (Reuters) – Deutsche Bank AG’s (DBKGn.DE) turnaround strategy rests in large part on shedding 288 billion euros of unwanted assets. Three bank insiders said it will take years, tying up capital that could have generated income of 500 million euros ($557 million) a year. The opportunity cost of unloading the assets, which has not been previously reported, underscores […]

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Regulators need joined up thinking to spot derivatives risks: BIS

LONDON (Reuters) – Regulators should scrutinize clearing houses and banks together to spot financial stability threats from the world’s multi-trillion dollar derivatives market, the Bank for International Settlements said on Sunday. Almost two-thirds of interest rate swaps pass through clearing houses like LICH (LSE.L) and Eurex (DB1Gn.DE), ensuring the safe completion of trades even if one side of a transaction […]

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UK Regulator Considering Ban On Sale Of Cryptocurrency Derivatives

The Financial Conduct Authority or FCA, the U.K.’s finance regulator, is likely to ban the sale of cryptocurrency derivatives such as futures. At The Regulation of Cryptocurrencies event in London, FCA executive director of strategy and competition Christopher Woolard expressed concern that retail consumers are being sold complex, volatile and often leveraged derivatives products based on exchange tokens with underlying […]

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Rouble under pressure from new U.S. sanctions on Moscow

MOSCOW (Reuters) – The Russian ruble fell toward its lowest levels since 2016 in early trade on Monday as support from month-end tax payments faded, giving way to pressure from new U.S. sanctions against Moscow. FILE PHOTO: A cashier holds new 200 rouble banknotes in a bank in Moscow, Russia November 21, 2017. REUTERS/Maxim Shemetov The ruble shed 0.5 percent […]

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‘Old’ bull market sputters on while tech inflows slow: BAML

LONDON (Reuters) – Investors bought back into U.S. stocks this week which set their longest-ever market rally, although risks ahead spurred anxiety over how much longer the ageing bull can last, Bank of America Merrill Lynch strategists said on Friday. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan […]

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Oil stabilizes, weighed down by trade war

NEW YORK (Reuters) – Oil prices steadied on Thursday as an escalating trade war between the United States and China weighed on demand expectations a day after prices jumped on a big draw in U.S. crude inventories. FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File […]

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That sinking feeling? Sterling traders prepare for Brexit meltdown

LONDON (Reuters) – Having sunk to 13-month lows, sterling could fall by up to another 10 percent in the coming months should Britain crash out of the European Union without a deal on future trade ties, luring more speculators to bet against the currency. FILE PHOTO: Wads of British Pound Sterling banknotes are stacked in piles at the Money Service […]

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Markets see more Turkish lira losses – and huge central bank action

LONDON (Reuters) – Turkey’s lira is in the grip of one of its worst routs of modern times, and markets are sensing more weakness ahead – but also that its central bank will jack up interest rates massively to try to turn the tide. FILE PHOTO: A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul, […]

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Oil slips as trade worries weigh on market

NEW YORK (Reuters) – Crude prices settled slightly lower on Thursday, extending the previous session’s losses as the escalating China-U.S. trade dispute casts doubt over the outlook for oil demand. FILE PHOTO: A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma September 15, 2015. REUTERS/Nick Oxford/File Photo Brent crude futures LCOc1 fell […]

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