New York not only remains the world’s top financial centre, but has extended its lead over London as the UK struggles with leaving the EU and Asian centres make greater in-roads, according to a report by consultants Duff & Phelps.

The Federal Reserve Board has finalised a rule to simplify and increase the transparency of its rules for determining control of a banking organisation making the process more predictable.

The Commodity Futures Trading Commission (CFTC) proposes placing position limits on 25 commodity futures contracts such as crude oil and gold to curb the ability of market participants to manipulate prices.

As part of an overhaul of the Volcker Rule, US banks could once again take stakes in venture capital funds, US federal regulators said.

With the UK having left the EU on January 31, the two jurisdictions are now preparing for tense negotiations from March over their future relationship with financial firms looking on nervously from the sidelines

The harshest scenario in the 2020 US Comprehensive Capital Analysis and Review (CCAR) and stress tests will include a severe global recession, stressed corporate debt and commercial real estate markets, and leveraged loan pressures. 

Tackling investor issues related to crypto assets, artificial intelligence and machine learning, market fragmentation, passive investing and index providers and retail distribution and digitalisation are the five main 2020 objectives for the International Organization of Securities Commissions (IOSCO). 

The streamlining of measurement and disclosure frameworks, and increased international collaboration, are key to strengthening the climate-related risk analysis and reporting toolkit, according to a survey by the Institute of International Finance and European Banking Federation.

Legal entity identifiers (LEIs) are set to take on a role beyond securities and derivatives trade reporting by moving into areas such as anti-money laundering, said Klaas Knot, president at the De Nederlandsche Bank.

During a Congressional hearing, US Treasury secretary Steven Mnuchin expressed concern for financial stability over the rapid growth of non-bank mortgage originators, but was more relaxed about the rise in CLOs. By Justin Pugsley.