Regulators Tell Banks It Is Time to Stop Using Libor

A CFTC subcommittee told brokers they should switch from Libor to a new rate, SOFR, by late July. But not everyone thinks SOFR is the answer. 


 
High-Speed Trader Virtu Fires Back at Critics

Scrutiny of the recent stock surges at GameStop, AMC and others has put pressure on the trading firm run by CEO Douglas Cifu. 


 
Some Californians Can Get Coverage Again After Wildfires

Farmers Insurance will sell 30,000 home policies in fire-prone parts of the state using artificial intelligence from Zesty.ai. 


 
U.S. Regulators Push Banks to Transition Away From Libor

Top U.S. financial officials pressed banks to stop using the London interbank offered rate on new transactions by the end of 2021, warning that firms aren't moving swiftly enough to replace the benchmark. 


 
Divided Pennsylvania Pension Trustees Back Off of $1.1 Billion in Private Investments

Trustees of Pennsylvania's largest public pension backed off from voting on almost $1.1 billion in new fund commitments amid disagreement over the system's leadership and its use of high-cost private investments. 


 
China's Latest Blockbuster Tech IPO Could Be a Bumpy Ride

The initial public offering of Chinese ride-hailing giant Didi Chuxing is shaping up to be one of the world's largest this year. 


 
AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders

Mudrick Capital's flagship fund lost 10% in just a few days, highlighting how risky retaining significant exposure to such stocks can be. 


 
Russia's Central Bank Raises Key Interest Rate

The Bank of Russia has lifted its key interest rate to 5.5% from 5% after starting to tighten policy in March--when its key rate stood at 4.25%--and said more rate rises are likely over the coming months. 


 
Meme Stocks' Latest Frenzy Isn't About a Short Squeeze

Short interest in meme stocks such as GameStop and Clover Health is relatively muted, suggesting that hedge funds aren't crowding into trades that bet on a drop in share prices 


 
ESG Stocks Performance Depends on Who Ranks Them

Money is pouring into stocks that get good grades on issues like building a diverse workforce and reducing carbon emissions. But figuring out how high- and low-rated companies perform is nearly impossible because of inconsistencies in the way they are rated.

(END) Dow Jones Newswires

06-14-21 0015ET