In a tweet, European Financial Services Commissioner Mairead McGuinness said the vote was “a world first” and that the new regulation can come into effect in July after approval from all member states. Some of the rules will take effect in time with some set for 2024. She stated: I welcome the European Parliament’s vote…
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The EU competition enforcer said in a statement: Today’s decision, correcting the procedural error and including a detailed reasoning on the fine calculation, imposes fines on the three entities of ICAP having participated in the five infringements at the time. The ruling from 2015 accused ICAP of Libor rigging the yen in several cartels with…
Read moreThe following article has been exclusively prepared for LeapRate by AETOS’ analyst Ryan Chen. Part I of the article can be found here. Three Main Triggers Apart from the long-term disagreement between Britain and the Europe, there are more practical causes to the Brexit, namely power, money and people, all very cliché factors. According to…
Read moreThe following article has been exclusively prepared for LeapRate by AETOS' analyst Ryan Chen. Introduction The turbulent situation caused by the 2016 Brexit referendum has carried over into 2019. The pound has not yet completely rebounded from the collapse triggered by the crazy referendum, and the process of Brexit appears more difficult than anyone expected,…
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The UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) have just announced that they have agreed two MoUs to ensure there is continuity once the UK leaves the European Union. Last week, ASIC announced that new laws are about to protect financial service consumers in Australia. According to several independent…
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The first licensed bank to launch its own cryptocurrency is the European Union Bank AG. Based in Liechtenstein, the bank is setting out to disrupt how financial institutions think of altcoins, as it will be launching its very own digital currency. As reported by AMB Crypto, the Bank commented on their decision to launch a…
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The European Securities and Markets Authority (ESMA) has today added ICE Clear US to its list of recognized third country central counterparties (CCPs) under the European Markets Infrastructure Regulation (EMIR). EMIR requires EU-based CCPs to be authorized and non-EU CCPs to be recognized in the European Union (EU). Once a CCP has been authorized or recognized within…
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It's been less than a month since JPMorgan Chase & Co.(NYSE:JPM)'s last $264 million SEC fine for corrupt hiring practices in Asia-Pacific region. Now JPMorgan's back in action, along with HSBC Holdings Plc (NYSE:HSBC) and Credit Agricole SA with a fine of a total of 485.5 million euros ($521 million) for rigging the Euribor benchmark as…
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Here we go again with European geopolitical risk...roughly 6 months after the surprising "Brexit" vote, Italians are ready to make their voices heard regarding their politics. As such, brokerages are beginning to adjust trading conditions for the event. EU and FCA regulated broker Admiral Markets announced margin requirement updates as market uncertainty is increasing around…
Read moreBritain’s Foreign Secretary Boris Johnson claims he would assure his EU counterparts that Britain would continue to cooperate with them once it leaves the bloc, as reported on last month’s referendum. Boris Johnson commented on arrival at the EU foreign ministers meeting in Brussels: The message I'll be taking to our friends in the council…
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