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Cboe declined to say whether those relations happened while Tilly was CEO or prior to his tenure at the helm. His resignation is the latest in a string of high-profile exits by CEOs whose personal conduct ran afoul of company policy. "When he became CEO, he grew that business from a little options exchange to a global, fintech and exchange leader. Cboe has exclusive rights to list flagship contracts linked to the Standard & Poor’s 500 stock index through 2032. "The silver lining is it doesn't look like it is related to strategic or financial issue for the company," Lau said of the CEO resignation.

Persons: Edward Tilly, Piper Sandler, Brendan McDermid, Cboe, Fredric Tomczyk, Tilly, Andrew Bond, Bond, Owen Lau, Lau, Rosenblatt's Bond, Steve Sosnick, Sosnick, Tomczyk, " Lau, Jaiveer Singh, Laura Matthews, Saqib Iqbal Ahmed, Arun Koyyur, Michelle Price, Megan Davies, Bill Berkrot, Nick Zieminski Organizations: CBOE, Inc, Piper Sandler Global Exchange, FinTech Conference, REUTERS, Rosenblatt Securities, Oppenheimer & Co, THE, Interactive, U.S . Securities, Exchange Commission, Thomson Locations: New York City, U.S, Bengaluru, New York, Lincoln

REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsWASHINGTON, Sept 8 (Reuters) - The Federal Reserve's top regulatory official said on Friday the central bank is "a long way" from any decision on whether it would issue its own digital currency, and added it would not do so without official support in Washington. Fed Vice Chair for Supervision Michael Barr said while officials are investigating a central bank digital currency (CBDC), the Fed was far from any decision. "Of course, investigation and research are very different from decision-making about next steps in terms of payments system development, and we are a long way from that." Barr's comments echo those of Fed Chair Jerome Powell, who also has said the Fed would not move to issue a digital currency without explicit authorization from Congress. It is important to get the legislative and regulatory framework right before significant risks emerge," he said.

Persons: Michael Barr, Evelyn Hockstein, Barr, Jerome Powell, Pete Schroeder, Hugh Lawson, Andrea Ricci Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Rights, Federal, U.S ., Thomson Locations: Washington , U.S, Washington, Philadelphia

☆ Morning Bid: Fed steals focus, stocks sell off
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 5, 2023. REUTERS/Staff/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Kevin BucklandThe dominating theme in global financial markets is once again central bank policy, and equity investors in particular are worried. Even ultra-resilient Japanese stocks seem to have finally succumbed, with the Nikkei threatening to snap an eight-day winning streak. Traders have preferred to trust the data over protestations from ECB officials that the tightening cycle may not be over ahead of next week's policy meeting. German industrial production figures are due today, with the euro bloc's giant threatening to slip back into recession.

Persons: Kevin Buckland, haven't, It's, Xi Jinping, Vladimir Putin, Jacqueline Wong Organizations: REUTERS, Staff, Nikkei, Traders, Federal, Philly Fed, Philadelphia Fed, Thomson Locations: Frankfurt, Germany, China, Australia, India

AMSTERDAM, Netherlands — Major banks and fintech companies claim to be piling into generative artificial intelligence as the hype surrounding the buzzy technology shows no signs of fizzling out — but there are lingering fears about potential pitfalls and risks. Chalapathy Neti, head of AI at global bank messaging network Swift, described the progress made with ChatGPT and GPT-4 as "mind-boggling." The Netherlands' ABN Amro is one banking giant that's piloting the use of generative AI in its processes. It's also using it to help its employees gather data on customers to assist with answering queries and avoid repetitive questions. Indeed, the banks appeared unanimous in their hesitation to roll out ChatGPT-like tools to customer-facing scenarios.

Persons: Vreugdenhil, It's, Mariana Gomez de Organizations: ABN Amro, ABN, Mariana Gomez de la Villa, ING Bank Locations: Warsaw, Poland, AMSTERDAM, Netherlands, Amsterdam

☆ SEC Chair Gensler says crypto frenzy is rife with 'hucksters, fraudsters, scam artists'
▼ + stars: | 2023-06-08 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Speaking remotely at the Piper Sandler Global Exchange and FinTech Conference in New York City, Gensler said most crypto tokens are securities and come under the purview of the SEC. "The crypto securities markets should not be allowed to undermine the well-earned trust the public has in the capital markets," Gensler said. Thus, crypto security issuers need to register the offer and sale of their investment contracts with the SEC or meet the requirements for an exemption." "Given that most crypto tokens are subject to the securities laws, it follows that most crypto intermediaries have to comply with securities laws as well," he said. Gensler made no reference to allegations by Binance's lawyers that he offered to be an advisor to the crypto exchange in 2019.

Persons: Gary Gensler, Evelyn Hockstein, Piper Sandler, Gensler, Binance, Rich, Rich Repetto, Piper Organizations: . Securities, Exchange Commission, SEC, Banking, Housing, Urban Affairs Committee, Capitol, Reuters, Securities, Exchange, Piper, Piper Sandler Global Exchange, FinTech Conference, Twitter, Massachusetts Institute, Technology's Sloan School of Management Locations: Washington, New York City

☆ Interactive Brokers' Thomas Peterffy on applying A.I. to "3D investing"
▼ + stars: | 2023-06-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInteractive Brokers' Thomas Peterffy on applying A.I. to "3D investing"CNBC's Bob Pisani sat down with Interactive Brokers Founder Thomas Peterffy at the Piper Sandler Global Exchange & Fintech Conference, who explains how Apple's application of AI can translate into trading options in the future.

Persons: Thomas Peterffy, Bob Pisani, Piper Sandler Organizations: Interactive, Piper, Piper Sandler Global, Fintech Conference

☆ TMX Group CEO John McKenzie sheds light on Canadian markets and the Toronto Stock Exchange
▼ + stars: | 2023-06-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTMX Group CEO John McKenzie sheds light on Canadian markets and the Toronto Stock ExchangeCNBC's Bob Pisani sat down with TMX Group CEO John McKenzie at the Piper Sandler Global Exchange & Fintech Conference to discuss the Toronto Stock Exchange's unique structure, navigating regulatory hurdles when it comes to cannabis and crypto and the future of AI.

Persons: John McKenzie, Bob Pisani, Piper Sandler Organizations: TMX, Toronto Stock Exchange, Piper, Piper Sandler Global, Fintech Conference, Toronto Stock

WASHINGTON, June 8 (Reuters) - Other U.S. crypto exchanges are likely to be in the firing line after the Securities and Exchange Commission (SEC) this week sued Coinbase and Binance, two of the world's largest crypto exchanges, for allegedly breaching its rules. Both Coinbase and Binance deny the SEC's allegations and have pledged to vigorously defend themselves in court. The Coinbase and Binance suits this week expand that list to include some commonly traded tokens, such as Solana, Cardano and Polygon. While big crypto companies can afford to fight the SEC, smaller companies have filed for bankruptcy following SEC enforcement actions, including crypto exchange Beaxy. "I think if there's a real value in these crypto tokens, then compliance will build trust and the business model might change," he said.

Persons: Coinbase, Binance, Jason Allegrante, Gary Gensler, “, Scott Freeman, Crypto, Kraken, OKCoin, Ripple's, Stuart Alderoty, Piper Sandler, Gensler, Bernstein, Katharine Wooller, Hannah Lang, John McCrank, Susan Heavey, Michelle Price, Stephen Coates Organizations: Securities and Exchange Commission, SEC, Cornerstone Research, Department of Justice, JST, Justice Department, Piper Sandler Global, Fintech Conference, CNBC, U.S, Executives, Thomson Locations: Solana, Cardano, U.S, United States, New York, Washington

☆ Piper Sandler's Rich Repetto reflects on his legendary career and the evolution of trading
▼ + stars: | 2023-06-07 | by ( Alison Conklin | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPiper Sandler's Rich Repetto reflects on his legendary career and the evolution of tradingCNBC's Bob Pisani sits down Piper Sandler's Rich Repetto at the Piper Sandler Global Exchange & Fintech Conference. Rich Repetto, who is stepping down at the end of the month gives us a read on the trading landscape, what he's hearing from the heads of major global exchanges, and talk to about the future of trading and the impact of AI. Repetto also reflects on his legendary career and the evolution of trading.

Persons: Piper Sandler's Rich Repetto, Bob Pisani, Piper Sandler, Rich Repetto, Repetto Organizations: Piper, Piper Sandler Global, Fintech Conference

☆ HSBC says rebranded Silicon Valley Bank UK will maintain startup focus while targeting global growth
▼ + stars: | 2023-06-07 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

Silicon Valley Bank UK will continue to serve startup businesses from "seed funding to IPO," the chief executive of its new owner, HSBC UK, said Tuesday. "We're going to protect what we've got," Ian Stuart told CNBC's Arjun Kharpal at the Money20/20 fintech conference in Amsterdam. "We are going to keep it ringfenced within our own ringfenced bank, it will have its own board, it will have its own risk policies, we are going to protect what it's got today." HSBC UK bought the London-headquartered subsidiary of Silicon Valley Bank for £1 ($1.21) in March after its U.S. parent company collapsed. Despite not having a major customer base in the U.K., hundreds of founders and VCs said the bank's failure would be highly damaging to the tech sector, and the government stepped in to facilitate a deal over the course of a weekend.

Persons: we've, Ian Stuart, CNBC's Arjun Kharpal, it's, VCs Organizations: Valley Bank, HSBC, HSBC UK, London, Silicon Valley Bank Locations: Amsterdam, Silicon

☆ Chip giant Arm snubbed London for a NY listing. But the London Stock Exchange hasn't given up hope
▼ + stars: | 2023-06-06 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Visitors look out to St. Paul's Cathedral from a rooftop in the City of London, UK, on Thursday, March 2, 2023. "I absolutely know there was strong appetite from investors in the U.K. for Arm. And it was always going to be a both sides of the Atlantic trade. The fact that, actually, the U.S. had to fight as hard as they did to get it, I think illustrates how strong our proposition actually is." London reform

Persons: Julia Hoggett, CNBC's Arjun Kharpal, Hoggett, Japan's SoftBank Organizations: City of, Bloomberg, Getty, London Stock Exchange, Nvidia Locations: St, Paul's, City, City of London, New York, U.S, Amsterdam, London

☆ Europe's startups overpaid and over-hired in the COVID-19 boom. Now they're feeling buyer's remorse.
▼ + stars: | 2023-05-22 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +4 min

Tech workers in Europe enjoyed a golden period of inflated salaries during the pandemic. One CEO told Insider that he now feels some staffers aren't "worth" the pandemic price tag. That didn't just apply to good engineers, always gold dust, but to good HR staff, marketers, and other less technical roles. Few CEOs will say this aloud, but this attitude has clearly manifested in widespread, global layoffs across the tech industry. Pay for tech workers in Europe in general rose significantly during COVID-19 with salaries increasing by around 50% between 2018 and 2021, according to data from Advanced HR, cited by Sifted.

Major players are hoping that the SEC and Washington takes, what crypto watchers see as bluffs, seriously and soften the hard line that regulators have taken on the industry. Coinbase CEO Brian Armstrong said last week that the SEC was on a "lone crusade" with its tough actions against certain crypto companies. "The SEC is a bit of an outlier here," Armstrong told CNBC's Dan Murphy in an interview in Dubai. But he's created some lawsuits, and I think it's quite unhelpful for the industry in the U.S. writ large." "The biggest fear of crypto companies is that regulation will cause panic among crypto investors and prices will go down.

☆ From TikTok to partnerships, the best ways fintechs can attract quality customers amid a downturn, according to experts
▼ + stars: | 2023-05-01 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

Balancing customer acquisition cost and customer lifetime value is difficult. Despite the market downturn, experts say startups need to be more savvy about going after new users. Fintechs need to take a quality over quantity approach when it comes to attracting new customers in a tightening market. One solution is to target customers who will offer greater lifetime value, Ron Shevlin, chief research officer at Cornerstone Advisors, said at the conference. Lifetime value is the amount of revenue a business will generate from a single customer.

☆ It's JPMorgan to the rescue
▼ + stars: | 2023-05-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

JPMorgan Chase is buying First Republic Bank after it was put into receivership from regulators earlier today. It's the third US bank to fail since March, following Silicon Valley Bank and Signature Bank. The deal represents another chance for JPMorgan Chase CEO Jamie Dimon to come to the rescue. Why its Wall Street rivals could follow suit. Read more on the report in The Wall Street Journal.

☆ Payments are broken. From fraud to a lack of innovation, these are the biggest pain points in the space, according to experts.
▼ + stars: | 2023-04-28 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

Experts at the conference named time-to-money, faster payments processing leading to faster fraud, and political hurdles that stunt innovation as the biggest challenges for payments. But with faster payments comes faster fraud, Soups Ranjan, cofounder and CEO of Sardine, said. Still, the threat of faster fraud "shouldn't change why we lean into faster payments," Kirkpatrick added. "Because this problem will exist whether we have faster payments or we don't." "We don't have anything close to that in the US," Kirkpatrick added.

☆ Despite a tightening market, fintechs need to be more savvy and selective in how they attract new customers, experts say
▼ + stars: | 2023-04-27 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

Balancing customer acquisition cost and customer lifetime value is difficult. Despite the market downturn, experts say startups need to be more savvy about going after new users. Fintechs need to take a quality over quantity approach when it comes to attracting new customers in a tightening market. But despite the difficult market, experts say fintechs shouldn't simply be looking to grow their market share by any means necessary. Lifetime value is the amount of revenue a business will generate from a single customer.

☆ Here’s how China’s COVID lockdown protests are sparking unrest across markets and rattling the global investing landscape.
▼ + stars: | 2022-11-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Today we're going over what the ongoing protests in China mean for markets and investors. While the protests in China have been largely peaceful, some protesters have been met with violence from the authorities. Anti-government protests have erupted from Shanghai to Beijing as citizens rise up in opposition of China's zero-COVID policies. "Markets don't like bad news, and protests are bad news," Laffer told me on a phone call yesterday. China protests over lockdown measures could mean inflation gets stuck at 4%, according to Mohamed El-Erian.

HONG KONG — After mass unrest in 2019, a pandemic that left it isolated from the world and the imposition of a national security law that has crushed dissent, Hong Kong is ready to turn the page. According to government statistics, about 319,000 people arrived in Hong Kong last month, down 97% from 10.8 million in October 2019. According to one report last month, Hong Kong has lost its status as Asia’s top financial center to Singapore. While it may not be realistic to expect businesses to turn away from China’s huge market, global business leaders “need to recognize that there’s a new situation in Hong Kong, there’s a new reality,” said Brian Kern, the lead researcher for a report on doing business in Hong Kong that was published last month by the Hong Kong Democracy Council, a nonprofit group based in Washington. Lee also pointed to a report in September in which Hong Kong topped Singapore as the world’s freest economy.

☆ U.S. consumer agency to move ahead with 'open banking' rule this week
▼ + stars: | 2022-10-25 | by ( Hannah Lang | ) www.reuters.com time to read: +2 min

(Reuters) -The U.S. Consumer Financial Protection Bureau (CFPB) will move forward this week with an “open banking” rule that could dramatically boost competition in the consumer finance industry and increase Americans’ access to financial services. FILE PHOTO: Sign is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., August 29, 2020. The U.S. Congress mandated open banking after the 2008 financial crisis, but the CFPB only issued an ‘advance notice of proposed rulemaking’ seeking feedback on a potential rule in October 2020. “In consumer financial services, we have a number of highly concentrated submarkets: the credit reporting conglomerates, the card networks, the core processors, and more. Proponents of open banking argue that it would make it easier for non-banks like technology companies to compete with traditional financial institutions, lowering costs and boosting millions of Americans’ access to financial services.

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