CPMI-IOSCO Assesses that the UK Has Implemented the PFMI but Recommends Improvements
On 16 April 2026 the BIS Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) completed their assessment of the United Kingdom’s implementation of the Principles for Financial Market Infrastructures (PFMI) for payment systems and central securities depositories (CSDs) and securities settlement systems (SSSs). The review found the UK framework broadly complete and consistent with the PFMI, but flagged gaps: for CSDs that provide banking‑type ancillary services, five principles were only broadly consistent and Principle 10 was not consistent; for non‑banking CSDs, implementation of Principles 4 and 7 was only partly consistent. The Bank of England said it will incorporate these insights when exercising its new rule‑making powers under the Financial Services and Markets Act 2000, as amended in 2023.
External MRELS – 2026
On 16 April 2026 the Bank of England released its 2026 approach to external minimum requirements for own funds and eligible liabilities (MRELs). The figures apply to firms with a UK‑incorporated resolution entity whose MREL exceeds the minimum capital requirement, using balance‑sheet...
How the Wealthy Are Planning to Cut Their 2026 Tax Bills
Wealthy Americans are reshaping their 2026 tax strategies after the One Big Beautiful Bill Act made many 2025 provisions permanent. With the estate‑tax exemption now $15 million, advisors are focusing on capital‑gains mitigation through long‑short tax‑loss harvesting and renewed bonus depreciation. Clients are also...
SEC Seeks Public Comment on the Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC released a concept paper inviting public comment on the Consolidated Audit Trail (CAT) and related market data sources. The release asks for input on funding, governance, design, cybersecurity, privacy and the overall regulatory purpose of the CAT. Recent...
Chicago to Sell Water Bonds as City Looks to Become Regional Supplier
Chicago’s finance office will issue $875 million of second‑lien water revenue bonds next month, split into three series to fund capital upgrades and refinance older debt. Series 2026A allocates $661 million for new projects such as plant upgrades, meter replacements, 20 miles of pipe...
OCC Plans to Preempt Illinois Interchange Law
The Office of the Comptroller of the Currency (OCC) has submitted a draft executive order to preempt Illinois' Interchange Fee Prohibition Act, which is slated to take effect in July 2025. The Illinois law caps swipe fees for merchants and...
PNC Discloses $7bn Exposure to Private Credit Firms
PNC Financial Services disclosed roughly $7 billion of exposure to private‑credit managers, part of a broader $33 billion portfolio of lending to business‑credit intermediaries. The bank’s total allocation to non‑depository financial institutions stands at $73 billion, with about $26 billion tied to securitised vehicles...
Correspondence: DAO 01/26 Letter: Reforms to the Spending Control and Accountability Framework
HM Treasury issued DAO 01/26, announcing reforms to the UK’s spending control and accountability framework in response to the Office of Value for Money’s final report. The changes reset approval limits and streamline controls, allowing faster, more efficient expenditure decisions while...
DOL Proposal Provides Immediate Opportunities for Advisors
The U.S. Department of Labor released a proposed rule on March 31 that redefines fiduciary duties when selecting designated investment alternatives for retirement plans. The regulation shifts focus to a process‑based standard, affirms product neutrality across asset classes, and introduces a...
Early Warning’s Certos Launches and Other Digital Transactions News Briefs From 4/16/26
Early Warning Services launched Certos, a suite aimed at reducing fraud while widening financial access for U.S. banks. Binance introduced Binance Chat, adding crypto transfers, messaging and other in‑app functions. MegPrime rolled out a consumer app that rewards homebuyers with...
How Deepfakes and Automation Are Impacting Finance
Yuctan Hodge II, CFO of the Association of Certified Anti‑Money Laundering Specialists (ACAMS), is steering the 20‑year‑old organization toward an intelligence‑focused model while tightening financial discipline after its 2022 private‑equity carve‑out. He has instituted organization‑wide AML awareness, requiring staff to...
Nationwide Mutual Returns with $200m Target for Aquila Re I 2026-1 Catastrophe Bond
Nationwide Mutual Insurance Co. is re‑entering the catastrophe‑bond market with a target of at least $200 million in multi‑peril reinsurance through the Aquila Re I Ltd. Series 2026‑1 transaction. The deal will issue two $100 million tranches—Class A‑1 priced at 4‑4.75% and Class B‑1 at...
Blue Owl Nears Deal for Minority GP Stake Investment in BlackFin Capital Partners
Blue Owl Capital is on the verge of acquiring a minority stake in Paris‑based BlackFin Capital Partners through its GP Strategic Capital platform. BlackFin’s flagship buyout fund raised €1.8 billion (about $2 billion) for 2024, while its fintech‑focused vehicle secured €390 million (roughly...
Everything You Need to Know About Refinancing Commercial Real Estate
Commercial real estate (CRE) refinancing in 2026 faces a steep climb as borrowers confront rates near 7% versus the 4% deals of the mid‑2010s. A massive "maturity wall" of roughly $875 billion in loans due this year forces owners to reassess...
ESMA Launches a Call for Evidence on Restricted Subscription and Private Credit Ratings
The European Securities and Markets Authority (ESMA) has opened a call for evidence on restricted subscription and private credit ratings, seeking stakeholder input on their purposes, market practices, and associated risks. The regulator asks for data on the characteristics, users,...
Accountants’ Role in an AI World Is Pivotal
The article argues that accountants must become the architects of AI governance as the technology reshapes finance functions. It highlights three critical areas: the patchwork of employee attitudes toward AI, the way AI magnifies existing biases, and the need for...
US BSL CLO Rankings – March 2026
Bain topped the US BSL CLO market in the first quarter of 2026, pricing just under $4 bn of transactions, according to Creditflux data. Among arrangers, Bank of America captured the largest slice, holding a 17.64% market share for Q1. The...
Prepaid Leases Provide Pathway to Home-Owned Solar Projects
The residential solar market is reverting to third‑party ownership (TPO) after the 25D residential tax credit expired, but prepaid leases are emerging as a bridge to home ownership. Prepaid leases let homeowners pay the lease amount up front and buy...
How Bond Optimizers Can Work More Optimally—And Why It Matters
Bond optimizers are evolving from simple allocation tools into fully integrated digital platforms that combine market data, detailed bond analytics, and portfolio managers' research insights. By digitizing core scores, scenario risk ratings, and liquidity metrics, these systems can rank thousands...
PE Firms Circle Pizza Hut and Papa John’s as Sale Processes Advance
Pizza Hut and Papa John’s are entering sale processes as private‑equity interest intensifies. Both chains face weakening demand, higher input costs and fierce competition, prompting owners to explore taking them private. Papa John’s has attracted a consortium led by Qatari‑backed...
Tower Hill Lifts Winston Re 2026-1 Cat Bond Target to as Much as $375m
Tower Hill Insurance Exchange has increased its target for the Winston Re Ltd. Series 2026‑1 catastrophe bond to as much as $375 million, up from the original $225 million goal. The upsized issuance covers three tranches—Class A, B and C—with each tranche’s size and...
SEBI Extends Not-for-Profit Registration Validity for Social Stock Exchanges
The Securities and Exchange Board of India (SEBI) has eased rules for Social Stock Exchanges by extending the registration validity for not‑for‑profit organisations (NPOs) to three years without requiring immediate fundraising, up from two years. It also lowered the minimum...
Banks Won't Get Serious About Climate Risk Until GSEs Make Them
Former FHFA chief economist Alexei Alexandrov argues that climate risk in U.S. mortgages will only be addressed when the government‑sponsored enterprises (GSEs) embed forward‑looking insurance costs into underwriting. Escalating flood and wildfire exposure is already driving higher premiums and pressuring...
Resolve AI Raises $40M at $1.5B Valuation
Resolve AI announced a $40 million Series A extension, pushing its valuation to $1.5 billion and bringing total capital raised to over $190 million. The startup, founded by observability veterans Spiros Xanthos and Mayank Agarwal, offers an AI‑driven platform that automates incident...
ReconKering: How Kering Is Pulling Out All the Stops to Save Gucci
Kering has launched ReconKering, a turnaround plan aimed at more than doubling its operating profit margin by mid‑2028 and achieving a return on capital employed above 20%. The strategy focuses on restoring Gucci’s brand appeal while tightening operational efficiency across...
FCA Takes Next Steps Toward Enforcement Action Against Hartley Pensions and an Individual
The UK Financial Conduct Authority (FCA) has issued warning notices to Hartley Pensions Limited and a senior individual, signalling the next phase of potential enforcement. The regulator alleges the pension firm supplied false information and withdrew customers' SIPP funds without...
FCA Introduces Clearer and Simpler Short Selling Rules
The UK Financial Conduct Authority has finalized a streamlined short‑selling regime that replaces individual seller disclosures with aggregated net‑short data. The new rules extend the reporting timetable, giving firms more time to calculate positions, and simplify market‑maker notifications to an...
Year 2 Consumer Duty Board Reports: Progress and What Comes Next
The FCA’s second‑year Consumer Duty board reports reveal that firms are tightening governance, with boards formally reviewing and signing off on outcomes and action plans. Data usage has broadened, incorporating both quantitative trends and qualitative insights, especially for vulnerable customers....
Trafigura Signs $1bn Oil-Backed Financing Deal with Gabon to Boost Liquidity
Global commodities trader Trafigura has signed a $1 billion oil‑backed financing agreement with the Republic of Gabon, providing upfront liquidity in exchange for the country's profit‑oil over seven years. The deal makes Trafigura the exclusive buyer of Gabon's post‑cost crude, with...
Why Financial Strategy Is Key to Success in Accounting for UK Charities
Cost‑of‑living pressures and rising demand have strained UK charities, prompting a shift from compliance‑only accounting to strategic financial planning. James Todd & Co highlights that 97% of the 100 largest charities now tie reporting to clear strategies, improving performance and resilience. The Charity...
Bitcoin Miner ETFs: The Shift Beyond Mining
Bitcoin miner ETFs have outperformed spot Bitcoin ETFs year‑to‑date, driven by a shift toward AI, high‑performance computing and data‑center services. The sector’s market‑cap now sits around $70 billion, with IREN alone exceeding $15 billion. Two pure‑play ETFs dominate: CoinShares Bitcoin Mining (WGMI)...
Finance Regulators to Address AI Risks After MPs Say They Are ‘Not Doing Enough’
UK regulators are stepping up AI oversight after a Treasury Committee report accused them of inaction. The Bank of England announced trials of AI agents in trading markets to study herding effects, while the FCA said it will issue best‑practice...
Aixtron’s Preliminary Q1 Order Intake up 30% Year-on-Year, Driven by Opto Comprising 65% Share
German deposition equipment maker Aixtron reported preliminary Q1 2026 revenue of about €59 m (~$71 m), a 48% decline from a year earlier, while gross margin fell to roughly 18%. Despite the revenue drop, order intake jumped 30% YoY to €171 m (~$205 m),...
Belgian Sovereign Wealth Fund Takes Full Control of Lineas
The European Commission approved Belgian sovereign wealth fund SFPIM’s move to acquire full control of Lineas, Europe’s largest privately‑owned rail freight operator. SFPIM, already holding 46.42% of the company, will replace French private‑equity owner Argos Wityu’s 53.58% stake. The deal...
Ariel Re Secures $125m of Retro From First Titania Re Cat Bond to Use London Bridge 2 PCC
Ariel Re has priced its sixth catastrophe bond, securing $125 million of U.S. multi‑peril retrocession through the Titania Re 2026‑1 issuance. The deal uses the Lloyd’s‑backed London Bridge 2 PCC structure, marking the first time a Titania Re cat bond has employed this...
Supreme Court Rules Offshore Wind Farm Survey Costs Ineligible for Tax Relief
The UK Supreme Court ruled unanimously that environmental survey costs incurred by Ørsted for four offshore wind farms cannot be claimed as capital allowances. The decision means these expenses are ineligible for tax relief, raising the effective cost of development....
Executive Viewpoint: Why Insurers Are Struggling to Keep Pace With Risk
Property‑casualty insurers are falling behind not because they lack data, but because their underwriting and pricing processes cannot keep up with the accelerating pace of risk. Aon’s latest catastrophe insight report shows insured losses of roughly $127 billion in 2025, driven...
Farther Finance Advisors LLC Raises Holdings in Merck & Co., Inc. $MRK
Farther Finance Advisors LLC boosted its Merck (MRK) stake by 48.9% in Q4, buying 32,114 shares to hold 97,818 shares worth roughly $10.3 million. Several other institutions, including Chemung Canal Trust and Diversified Trust, also increased their positions, pushing total institutional...
The Financial Impact of Low Engagement in Digital Health Programmes
Digital health programs are proliferating in insurance, but low ongoing engagement erodes their value. Insurers that only track downloads miss out on cost reductions, richer underwriting data, and customer retention benefits. Research from dacadoo shows sustained app usage can cut...
Credo Paid $92 Million USD in Cash to Acquire Hyperlume, SEC Filing Reveals
San Jose‑based Credo completed the cash acquisition of Ottawa AI‑interconnect startup Hyperlume for approximately $92 million, resulting in a net purchase price of about $82.5 million after accounting for cash received. Hyperlume’s microLED technology promises tenfold performance gains, fivefold power savings and...
Alphabet Set for $100B Boost From SpaceX Listing
Alphabet is poised to receive a $100 billion windfall from SpaceX’s upcoming IPO after Bloomberg disclosed that Google holds a roughly 5 percent stake in the rocket firm. The stake, originally acquired in a 2015 $1 billion round, would be valued at around...
The Cheapest Bitcoin ETF Yet: Morgan Stanley Uses 0.14% Fee to Draw $100 Million in First Week
Morgan Stanley launched the MSBT spot bitcoin ETF on April 8, pricing it at a 0.14% expense ratio—the lowest in the category. In its first week the fund attracted more than $100 million, making it the bank’s most successful ETF debut. The...
Term Sheet: Apollo Goes Big on Hostels, Banks Back Polish Retail Portfolio, CapitaLand Raises for Asia-Pacific Lending
Apollo Global Management is providing a €874 million (≈$944 million) loan to a European hostel platform, signaling strong private‑credit interest in the hospitality sector. In Poland, asset manager EPP secured bank financing to refinance its prime retail portfolio, reinforcing confidence in the...
EBID Sets Ambitious Investment Drive as West Africa Growth Strategy Takes Shape
The ECOWAS Bank for Investment and Development (EBID) unveiled a new five‑year Growth, Resilience and Optimisation strategy at its 24th AGM in Accra, aiming to boost investment across West Africa through 2030. The plan prioritises infrastructure, agriculture, energy and digital...
UniCredit Takes €4m Stake in BlockInvest
UniCredit has invested €4 million (about $4.3 million) for a roughly 16% stake in BlockInvest, a blockchain‑infrastructure firm. The deal builds on earlier joint projects, including Italy’s first digital minibond and a tokenised structured note. BlockInvest’s platform aims to become a European...
Ares CEO Plays Down Risk of Widespread Private Credit Defaults
Ares Management CEO Michael Arougheti told the HSBC Investment Summit that the private credit market shows no signs of an imminent wave of defaults, attributing current strain to liquidity conditions and higher interest rates rather than weakening credit fundamentals. The...
South Korea to Pilot Tokenized Deposits for Government Spending
South Korea’s Ministry of Economy and Finance announced a pilot that will use tokenized deposits—digital representations of bank deposits on blockchain—to fund government operational expenses, beginning in Sejong City. The sandbox will enforce predefined timing and usage limits, with a...
Swaminathan J: AI in Finance – What Can Change, What Must Never Change
Dr S. Vaidhyasubramaniam, Vice‑Chancellor of SASTRA University, warned that artificial intelligence can radically improve Indian banking—through multilingual chatbots, alternative‑data credit scoring, fraud detection and compliance automation—while stressing that the technology must remain fair, transparent and humane. He highlighted five key risks: bias,...
Barry Callebaut Profits up 66% but Sales Slump Continues
Barry Callebaut posted a 66 % jump in net profit to CHF 801.8 million (about $882 million) for H1 2025/26, buoyed by lower tax and interest costs. Operating profit slipped 4 % as volume declines, supply disruptions and over‑capacity weighed on performance. Sales volumes remained down...
Forêt Domaniale Wind Project Secures Financial Close
The 185.6 MW Forêt Domaniale Wind Project in Quebec has achieved financial close, unlocking construction that began in early 2026. Ownership is split between EDF solutions électriques and Alliance de l’énergie de l’Est, with financing led by Desjardins and a consortium...