Visa and MasterCard have had their $7.25 billion antitrust settlement with millions of merchants in the United States thrown out in a federal appeals court. In his accompanying opinion, one of the three judges strongly criticised the deal, writing: "This is not a settlement; it is a confiscation". The settlement, approved by a lower court in 2013, was intended to end a decade of litigation, involving 12 million retailers claiming overcharges in interchange fees. The matter could now be renegotiated — or go to trial as a lawsuit.
The chairman of the Financial Conduct Authority in Britain, John Griffith-Jones, yesterday made his first public announcement since Brexit, calling for London's financial institutions to devise post-referendum strategies. Griffith-Jones cited the need for Britain to identify "opportunities and risks", even though financial regulations on the international level may not be settled in the immediate future.
On the fintech side, research consultant Forrester predicts that Brexit will push digital and customer-facing talent to leave the UK, causing production to slow in London. One of the firms' analysts says that loss of access to the 'passport rule' leaves the UK financial sector out in the cold, despite financial services' current place as Britain's largest export to the EU.
The International Monetary Fund named Deutsche Bank the riskiest globally significant bank; the bank's shares fell on Thursday following the announcement. The IMF said the bank "appears to be the most important net contributor to systemic risks, followed by HSBC and Credit Suisse".
Banks warned over conflict of interest FICC Markets Standards Board makes its first proposals on reference-price transactions
EU tells UK single market access requires full free movement
You can't be trusted: French bankers left out of Brexit talks
Brexit: Companies turn from UK to African countries
Uber driver data in Kenya helps bridge credit gap
UAE mobile wallet payments to exceed $13 billion in 5 years
For Credit Suisse, Asia is the place to be
60 Danish banks launch NFC mobile wallet
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