Economist Janet Yellen, chair of the Federal Reserve Board from 2014 to 2018, is expected to be named as Treasury secretary by President-elect Joe Biden when he takes office. If approved, Yellen will be the first woman to head Treasury.
Wells Fargo has partnered with the fintech firm HPR to provide a new electronic trading platform for quantitative hedge funds clients, the latest enhancement Wells Fargo has made to its prime brokerage division.
The CFTC has OK'd a broader reach for Virginia-based Nodal Clear LLC, granting the organization the right to clear for other designated contract markets in addition to clearing power derivatives traded at the Nodal Exchange.
Former U.S. Attorney Preet Bharara, known for his prosecution of insider trading on Wall Street, is reportedly a contender to run the SEC under President-elect Joe Biden. Ex-CFTC Chairman Gary Gensler is also said to be in the running.
TP ICAP plans to restructure its brokerage business to improve profit margins, a goal expected to include job cuts. The company said its Q3 2020 revenues were down 19% vs. Q3 2019 as volume declined amid the "economic dislocation" of the past nine months.
The UK's FCA warned it might diverge from EU financial market rules if European regulators fail to treat London’s stock exchanges equally. Uncertainty remains over whether the UK will qualify for EU market access rules when the Brexit transition expires.