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  • Proposed rules for asset management reporting a mixed bag for industry

    Different elements of the Securities and Exchange Commission's proposed rules for overhauling asset management reporting will likely both add and reduce costs and effort for the industry. Industry experts say it is still too early to tell how much new costs of systemic risk reporting and benefits of standardized electronic report distribution will offset each other.

Hotspot and FXall plan limits on FX's 'Last Look' practice

In parallel announcements, Hotspot, the foreign exchange market owned by BATS Global Markets, and FXall, owned by Thomson Reuters, revealed that they will limit the FX process known as Last Look, which allows FX liquidity providers a certain amount of time to reject a trade, even after it has been hit.

Commonwealth Bank of Australia to use Ripple distributed network for payments

Commonwealth Bank of Australia plans to use the Ripple distributed network to transfer payments between subsidiaries, the bank revealed at a conference this week. The bank expects the distributed model to eventually add flexibility and improve the efficiency of payments.

Deutsche Borse and two Chinese exchanges form venture for foreign trading of renminbi

Deutsche Borse is cooperating with Shanghai Stock Exchange and China Financial Futures Exchange on a joint venture to develop foreign interest in the Chinese renminbi currency.

Forex trading firm raises $11 million, adds Goldman exec to board

London-based foreign exchange planform Kantox has raised $11 million in financing and added a former Goldman Sachs trader to its board, after announcing it has processed $1.5 billion in transactions since its launch four years ago. The company, which targets small- and medium-sized business, said it is on track to reach $2 billion in total transactions by October.

BBVA adds 'remote control' credit card app

BBVA, the Spanish bank that has been aggressively adopting a digital and mobile transformation strategy, has added a new tool: an app that allows users to remotely control their credit card accounts...
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