The CFTC’s Fintech Director Dan Gorfine has penned an IIEL Issue Brief outlining the agency’s Fintech Agenda, and sharing a number of current and forthcoming projects that collectively provide a blueprint for the CFTC’s digital upgrade. The Issue Brief, a … Continue Reading
Former Vanguard CEO warns investors to “Avoid Bitcoin Like the Plague.”
Bloomberg recites his advice: “Bitcoin has no underlying rate of return,” said Bogle, 88, who started the first index fund in 1976. “You know bonds have an interest coupon, stocks have earnings and dividends, gold has nothing. There is nothing to … Continue Reading
A Snapshot of Central Bankers’ Postures towards Bitcoin
A useful (and 10,000 foot) wrap up of international viewpoints of Bitcoin was published by Bloomberg today, suggesting the views of banking regulators is evolving. The article’s emphasis, understandably lies on the perspective of central banks. But I think that … Continue Reading
Japan prepares for new trade deals with EU, TPP
On Friday, the Japanese government introduced a number of new policy measures to support the domestic dairy and other sectors, after it reached broad free trade accords with the European Union and with the current 10 other member countries of the … Continue Reading
China’s Stocks Take a Thanksgiving Day Plunge
Chinese stocks, unexpectedly, took a drumming, falling 3% on Thursday. The Financial Times reports: China’s blue-chip index suffered its worst one-day fall in 17 months on Thursday, as investors cited rising bond yields and tough new regulations targeting corporate debt … Continue Reading
Paris emerges as a new financial (regulatory) center
The news is now out that the Post-Brexit home of the European Banking Authority will now be Paris, instead of London. The process, from almost all accounts, was one not entirely inspiring confidence. From the FT: Paris and Amsterdam have … Continue Reading
New EBA Location to Be Announced Today
Today, the new home of the European Banking Authority will be announced, triggered by London’s departure from the EU. Eight cities are in the running, each setting out their comparative advantages. Among them, according to reports: Dublin promoted itself as … Continue Reading
Bloomberg: “China Looks to the Dumb Money for Its Financial Industry”
China’s recent capital account reforms have earned plaudits around the world, especially the unprecedented steps taken permitting foreigners to take controlling interests in Chinese securities firms, insurance companies, asset managers and futures traders. But not everyone is convinced that the … Continue Reading
The UK’s “Best” Outcome after Brexit? For the EU, Equal Footing with Canada
Polico Europe has the scoop, based on documents outlining the EU negotiator’s views: Brussels views its free-trade agreement with Canada as the only realistic model for post-Brexit trade with the U.K., scotching British Prime Minister Theresa May’s hopes of a … Continue Reading
“Soft Capture” and Regulatory Experimentation
I finished a very interesting day attending, and speaking at, the Office of Financial Research‘s Financial Stability Conference, held annually by the University of Michigan. This year’s focus was fintech, with policy questions spanning the gamut of the market ecosystem. One … Continue Reading