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Regulators endorse federal LIBOR transition bill Bloomberg Rep. Brad Sherman, D-Calif., is the chairman of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets. Lawmakers from both parties and senior federal regulatory officials said federal legislation is needed to provide a replacement framework for outstanding financial contracts tied to LIBOR, the predominant derivatives and fixed-income valuation benchmark. New LIBOR-based contracts will cease at the end of 2021, but the most-utilized U.S. dollar LIBOR tenors will stop in June 2023, giving more time for outstanding contracts to mature, thereby reducing the chance of potential disruptions. But some of the outstanding contracts do not have sufficient fallback language in the event of LIBOR s cessation. ....
Robinhood’s Reckoning: Can it survive the GameStop bubble? Photo: Reuters Peter Rudegeair, , The Wall Street Journal The firm that set out to bring investing to the masses has run into the reality of Wall Street regulations Share Via Read Full Story Many startup founders dream of the day their creation claims the top spot in Apple Inc.’s app store. For Vlad Tenev, Robinhood Markets Inc.’s chief executive, it was more like a nightmare. Mr. Tenev and his co-founder, Baiju Bhatt, had set out eight years earlier to bring the stock market to a new class of investors. With engineers plucked from Facebook Inc. and other tech giants, they stripped down the trading experience and eliminated commissions, making buying a share of stock about as easy as posting a photo on Instagram. ....