20190330-VanEck BTC ETF delayed to May 21-No-deal Brexit


3/30/19

SEC Postpones decision on Bitwise, VanEck Bitcoin ETF Proposals

The SEC is reviewing another bitcoin ETF proposal filed by VanEck and SolidX, in partnership with Cboe BZX Exchange. The VanEck/SolidX proposal was initially filed nearly a year ago, but was withdrawn in January during the longest partial government shutdown in U.S. history. VanEck CEO Jan van Eck explained that the shutdown had – at least temporarily – paused conversations between the SEC and the companies which submitted the proposal.


Cboe resubmitted the proposal in late January, and was published in the Federal Register on Feb. 20. On Friday, the SEC extended this decision as well, designating May 21 as the date on which it would either make a firm decision or launch proceedings to do so.




No-deal Brexit would trigger mayhem in derivatives market

-No deal may cause an implosion of an already hugely volatile, highly interconnected derivatives market.

-For the City of London, arguably its biggest fear is losing its hold over the global clearings business, which it has dominated for decades.

-Clearing is where a company acts as a middleman between financial trades, collecting collateral and standing between derivatives and swaps traders to prevent a default from spiraling out of control.

-London is home to the world’s largest clearing-house, LCH, which clears almost €1 trillion in euro-denominated derivatives a day, representing around three-quarters of the global market.

-Euro-denominated contracts make up roughly a quarter of LCH’s daily volumes .

 -The clearing house will lose sales volumes “no matter the outcome” of Brexit, as “regulators like the European Banking Authority are encouraging institutions to prepare for a worst-case outcome to mitigate Brexit-related market disruptions.

-This is spurring financial institutions to increase their business with Eurex, Germany’s largest clearing house, in a bid to reduce their Brexit exposure. The more customers Eurex attracts, the more competitive it becomes. Deutsche Bank shifted around half of its euro clearing volumes from LCH to Eurex in July. HSBC and Barclays also transferred volumes to Eurex earlier in the year, according to the FT.

-In the UBS analysts’ worst-case scenario — a hard or no-deal Brexit — the resulting economic carnage could be huge. If the UK crashes out of the EU without any deal on future trading arrangements, it “would prohibit the clearing at LCH of ANY derivative contracts (not just euro-denominated contracts) by EU-domiciled entities,” the UBS analysts warn.



MP=Member of Parliament



https://wolfstreet.com/2018/09/20/times-running-out-disorderly-brexit-would-trigger-mayhem-in-derivatives-market-and-insurance-industry/


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