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On November 13th, Deutsche Bank analyst Sanjay Raja pointed out that although the market had already anticipated a slowdown in the UK economy from its strong growth at the beginning of the year, the third-quarter data still showed a weaker-than-expected performance. He stated, "With inflation rising again and unemployment climbing, GDP growth slowed further." The UKs third-quarter economic growth was only 0.1%, placing it in the middle of the G7 and below market and Bank of England expectations. Raja believes that given the uncertainty caused by the government budget has already affected spending in October and November, with major investment and hiring decisions postponed to the new year, the UK economy is unlikely to show significant improvement before the end of this year.The Hang Seng Index closed up 150.3 points, or 0.56%, at 27,073.03 on Thursday, November 13; the Hang Seng Tech Index closed up 47.31 points, or 0.8%, at 5,981.3; the H-share Index closed up 60.07 points, or 0.63%, at 9,599.06; and the Red Chip Index closed up 8.59 points, or 0.2%, at 4,351.29.The dollar fell on Thursday as traders remained cautious about potentially weak data following the reopening of the U.S. government. The House of Representatives passed a temporary funding bill on Wednesday to end the record-long government shutdown, which President Trump subsequently signed into law. This move will allow official data releases to resume, although the specific timeline remains unclear. Kristoffer Kjaer, head of foreign exchange and interest rate strategy at Danske Bank, noted in a report that up to three jobs reports and two inflation data points could be released before the Federal Reserves December interest rate decision. However, Danske Bank expects the dollar to rebound, predicting that U.S. data may show resilience and prompt the Fed to abandon a rate cut in December.The National Highway Traffic Safety Administration (NHTSA) says Toyota is recalling 126,691 vehicles in the United States because loss of power increases the risk of a collision.On November 13th, the following are the warehouse receipts and changes for various commodities traded on the Guangzhou Futures Exchange: 1. Lithium carbonate futures warehouse receipts: 27,508 lots, a decrease of 779 lots compared to the previous trading day; 2. Polysilicon futures warehouse receipts: 9,130 lots, a decrease of 720 lots compared to the previous trading day; 3. Industrial silicon futures warehouse receipts: 45,387 lots, a decrease of 549 lots compared to the previous trading day.

Global crypto rules needed to keep markets clean, says UK watchdog

Cory Russell

Jul 15, 2022 14:57

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International crypto companies like Binance must be governed by global laws in order to "keep markets clean," according to a statement made on Thursday by the British Financial Conduct Authority.


The majority of the world's cryptocurrency companies are unregulated, but several nations want proof that they have effective safeguards in place to thwart money laundering.


The biggest cryptocurrency exchange in the world, Binance, was told by the FCA last year that it was "not capable of being adequately monitored" and so could not engage in any regulated activity in Britain.


Regulators in Spain, France, and Italy have this year given Binance permission to operate in those countries' domestic marketplaces.


In answer to a query on whether authorities are being pitted against one another by cryptocurrency startups, FCA Chief Executive Nikhil Rathi said at the Peterson Institute for International Economics in Washington, "I believe some global baseline norms are vital."


The clean markets that we all want depend on having excellent shared regulatory standards and information sharing across borders, according to Rathi. "As we have seen in other domains like anti-money laundering, these are essentially cross-border actions by some very well organized players," he added.


After rejecting applications from a large number of organizations, the regulator has come under fire from the cryptocurrency industry.


We will always be vigilant about consumer protection when it comes to cryptocurrencies, Rathi stated.

Rathi said that, regrettably, the FCA's long-ago warning that holders of crypto currencies may lose all of their money has come true after the recent decline in the price of bitcoin.


A global regulatory agency, the Financial Stability Board, said this week that it planned to provide draft proposals for regulating crypto assets to G20 nations in October.


Earlier this month, a French member of the European Parliament asked the French market regulator to reconsider its decision to register Binance.

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