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  • Market conditions should be set by tangible data points. Pricing trillions of dollars of financial products based on the estimates of a small elite of submitters, however tightly regulated these days, is no longer tenable, and a change is due.
  • All of the 34 banks taking this year’s Federal Reserve stress tests passed for the first time in the test’s history. For the European-owned firms, that reflects concerted efforts to improve their qualitative processes, while for the major US firms, the result has set off a bonanza of capital returns.
  • The drive to get companies to face up to the risk of climate change is gathering momentum. Firms with a combined market capitalisation of about $3.5tr have committed to support the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD), which published its final report on Thursday.
  • The RMB regained its position as the sixth most used currency for payments globally in May, beating the Swiss franc to the title by a very narrow margin, according to Swift's RMB tracker. The Chinese currency accounted for 1.61% of all payments last month.
  • Sanctions on Russia could be tightened following a bill that passed the US Senate nearly unanimously in mid-June, but even though some commentators are sceptical that they will be implemented, VTB head of global banking Riccardo Orcel said that it won't stop the Russian state-controlled bank’s expansion into new markets.
  • The EU Commission will unveil a legal proposal for a Pan-European Pension Product (PEPP) on Thursday. The draft document, obtained by GlobalCapital, creates a specific PEPP label applicable to good quality, transparent and consumer-protective products.