The World Federation of Exchanges (WFE), the global industry group for exchanges and CCPs, began developing common taxonomy for stablecoins which will also cover crypto-assets more broadly. The development of taxonomy will create common regulatory classifications of the sablecoins in response to their recent growth before they fragment any further. The WFE asked the Financial Stability Board to create and take up global taxonomy to help drive a common understanding of whether a global stablecoin (GSC) or crypto-asset fits a certain classification or definition to reduce the difference between jurisdictions and remove regulatory dissonance.
De Nederlandsche Bank (DNB) granted the German online trading broker Flatex AG declaration of no-objection (DNO) on the acquisition of 100% of the shares in European brokerage company DeGiro. Flatex will execute the purchase through a mix of cash and shares. Up to 7.5 million new Flatex shares will be issued to the shareholders of DeGiro precluding the subscription rights of existing shareholders. Flatex will also pay on a debt-and-cash-free basis EUR 36.4 million in cash.
Banque de France announced building a central bank digital currency in partnership with Soc Gen, HSBC and six other partners. The selected applicants will propose experiments which will allow exploration of new ways to exchange financial instruments (excluding crypto-assets) for central bank money. The experiments will also be testing the settlement in central bank digital currency to improve executing conditions for cross-border payments and revising the arrangements for making central bank money available.
UBS has agreed to pay $10 million in settling charges brought by the Securities and Exchange Commission (SEC) for “flipping” municipal bond offering. The SEC filed an order claiming that over a period of four years, UBS improperly allocated bonds intended for retail customers to parties known in the industry as “flippers”. Then they immediately resold or “flipped” the bonds to other broker-dealers at a profit. SEC alleges that UBS registered representatives knew that flippers were not eligible for retail priority. SEC’s order also finds that UBS registered representatives assisted more than 2,000 trades with flippers, allowing UBS to obtain bonds for its own inventory, thereby circumventing the priority of orders set by the issuers and improperly obtaining a higher priority in the bond allocation process.
London-based crypto liquidity provider Enigma Securities announce its partnership with algorithmic trading software company AlgoTrader. Enigma will also join AlgoTrader’s recently launched advanced order and execution management platform WIRESWARM, allowing financial institutions to trade at multiple regulated crypto liquidity venues. Enigma and AlgoTrader are teaming up to build a better solution to allow for the secure entry of institutional investors into crypto markets.
Global provider of trading solutions QuantHouse announced its partnership with trading and order routing applications developer EliData to integrate QuantFEED market data into the EliData Smart Order Router (SOR). Italian software house EliData develops trading and order routing applications for the financial markets, as well as solutions for data exchange between front office and back office systems. EliData SOR using QuantHouse market data has already been deployed by a tier one financial institution in Spain.
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