Stock Archives -
Stocks closed higher Friday on Wall Street as Congressional Republicans put the final touches on a tax overhaul plan, the AP reports. The gains more than wiped out the market’s losses from the day before and drove indexes to their latest all-time highs. Small-company stocks, which stand to benefit most…
While still claiming to want innovative companies to establish themselves under his jurisdiction, the top Israeli regulator today came out against bitcoin-related businesses.
Bitcoin Not Welcomed on TASE
Speaking this morning at the Hi-tech Growth and Debt Financing Conference held at the Tel Aviv Stock Exchange (TASE) Prof. Shmuel Hauser, the outgoing ISA Chairman, talked about his views on regulation and investor-protection in an age of technological progress.
Setting the tone of his speech, which included many other innovations other than those bitcoin-related, he said: “we want make sure that fintech will not be a revolution that creates anarchy. We don’t want fintech to be viewed as a jungle of investments in which the interests of the public are not protected.”
When addressing the issue of bitcoin, after the obligatory ‘this looks like a bubble’ regulators routinely say these days, the professor added: “I would like to emphasize that we will not allow companies whose values are based on bitcoin values, such as ‘Mashabei Teva’ to be included in TASE indices. We will also consider not to allow trading in ‘back-door’ ‘costumes’ of bitcoin or alike, on TASE until we find suitable regulatory framework for such instruments.”
What Goes Up
‘Mashabei Teva’ which the professor singled out is the Israeli brand of TASE-listed Natural Resource Holdings, a precious metals company whose stock price jumped 3,750% after it announced a switch to mining cryptocurrencies. Investors bailed as a response to these remarks and the shares crashed by about 36% as of the time of this writing.
The ISA head still made an effort to show he is open to innovation in his speech today. He said: “As for the ICOs, the story is different…I believe that the issue of issuing digital currencies (ICO tokens) must receive a favorable regulatory approach, perhaps even a courageous one.”
Do bitcoin related businesses even need to be listed by legacy financial institutions? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.
The post Israeli Regulator Won’t Allow Bitcoin Firms Be Included in Stock Indices appeared first on Bitcoin News.
As wildfires spread through the Southland this week, Southern California Edison’s parent company saw its stock price plummet on investors’ fears that the utility could be forced to pay costs related to the blazes.
Wall Street’s initial response to the area’s many fires, the first of which started…
Stocks closed mostly lower after an up-and-down day of trading as energy companies and retailers dragged the market down, the AP reports. A steep drop in the price of oil Wednesday pulled the energy sector lower. Devon Energy slumped 3.9%. Benchmark US crude fell 2.9%. Home improvement retailers…
U.S. stock indexes ticked higher Tuesday as some of the year’s biggest winners picked themselves back up after recent stumbles.
Technology stocks recovered some of their sharp losses from Monday and the prior week, which helped offset drops for telecommunication stocks and other areas of the market.
Shares of pharmacy chain giant CVS Health Corp. fell Monday morning as investors expressed uncertainty about its $ 69-billion deal to acquire health insurer Aetna Inc.
CVS stock was down 4.3% at $ 71.88 around 6:50 a.m. PST. Meanwhile, shares of Aetna were up 1% at $ 183.18.
The deal would combine…
The largest stock exchange in Russia, Moscow Exchange, has been building an infrastructure for the trading of cryptocurrencies. However, recently the central bank has reportedly “banned” the exchange from launching bitcoin futures until the country’s cryptocurrency regulatory framework has been implemented. News.Bitcoin.com reached out to Moscow Exchange to verify this report and to find out the exchange’s plans for cryptocurrency and bitcoin futures trading.
Central Bank Did Not ‘Ban’ Bitcoin Futures Trading
Moscow Exchange (Moex) is the largest exchange group in Russia. It operates trading markets in equities, bonds, derivatives, the foreign exchange market, money markets and precious metals.
Russian news agency Tass reported on Thursday that, according to their sources, “the central bank banned Moscow Stock Exchange from starting the trading of bitcoin futures.” The news outlet conveyed, “the Bank of Russia is ready to return to consider this issue only after the corresponding legislation appears in Russia.”
However, Andrey Braginskiy, Managing Director of Communications at the exchange, told news.Bitcoin.com on Friday that Tass’ article “is not entirely correct.” He elaborated, “we haven’t asked the Central Bank of Russia (CBR) for permission to list the new futures contract. Therefore, stating that they have denied the permission is not accurate.” He then revealed:
Generally, listing the new bitcoin index futures doesn’t require any new regulation. Of course, an agreement with an exchange that calculates the index is needed. But the Russian regulator needs to be in comfort.
Moscow Exchange first announced that it was building an infrastructure to support the trading of cryptocurrencies in August, particularly bitcoin and its derivatives. News.Bitcoin.com also subsequently reported the exchange saying, “from both regulatory and technical standpoints, potentially it could be faster and easier to start with trading in cryptocurrency derivatives.”
Lots of Interest But Crypto Trading Needs Regulation
Braginskiy told news.Bitcoin.com that the trading of cryptocurrencies themselves including bitcoin “is not on the immediate agenda as listing cryptocurrency would require a new regulation (unlike futures).”
In contrast, he reiterated that to list and trade bitcoin futures “no regulation is needed but the regulator needs to be in comfort.”
He further revealed:
There is a lot of hype around cryptocurrencies in Russia and bitcoin’s price is a top news story almost every day. So there is a lot of interest from brokers and their clients for exchange-listed futures.
His comment came on the same day the Chicago Mercantile Exchange Group (CME) announced that it will commence trading bitcoin futures on December 18. Meanwhile, Chicago Board Options Exchange (Cboe) and Nasdaq also have plans to trade bitcoin futures.
Last month, Russia’s president Vladimir Putin met with the country’s top regulators and subsequently confirmed that Russia will regulate cryptocurrencies. He further issued a mandate for the regulatory framework for cryptocurrencies in Russia to be finalized in July of next year.
What do you think of Moscow Exchange planning to trade bitcoin futures? Let us know in the comments section below.
Images courtesy of Shutterstock and Moscow Exchange.
Need to calculate your bitcoin holdings? Check our tools section.
The post ‘No Regulation Needed’ – Moscow Stock Exchange Plans to Trade Bitcoin Futures appeared first on Bitcoin News.
U.S. stocks set more records in quiet post-holiday trading Friday as technology companies again did much of the heavy lifting. Energy companies rose with the price of oil.
Macy’s and some of its retail counterparts rose after the department store’s CEO said Black Friday sales were going well. Online…
European stock markets were weighed down Thursday by the earlier slump in China’s main stock market to its lowest level since September. Trading levels were relatively modest, though, with U.S. markets closed for the Thanksgiving holiday.
In Europe, Britain’s FTSE 100 fell 0.1% to 7,410, while…
Major US stock indexes are closing at more record highs on Wall Street, the AP reports. The gains Tuesday were broad. Technology and health care companies rose more than the rest of the market, and several stocks were moving on earnings news. Apple rose 1.9% and Facebook rose 1….