Lead story in FT Trading Room

Clearing and settlement
EU confirms one-year Brexit reprieve for clearing houses

Brussels has drafted plans to offer continued market access in no-deal scenario

Top stories in FT Trading Room

Tail RiskJoe Rennison
Expect more repo turmoil, says analyst who predicted spike

Fed’s attempt to ease the strain in this market not seen as enough

IPOs
NYSE renews push for direct listings that raise capital

Change would undercut traditional role of bank underwriters in equity financings

Forex trading probes
Banks face fresh collective action over forex manipulation

Specialist litigation firm Hausfeld latest to launch suit on behalf of investors

Morgan Stanley
Morgan Stanley fined €20m over European bond trades

Bank to appeal after French regulator imposed fine for ‘aggressive’ market activity

Cboe Global Markets
CBOE Europe to acquire Dutch clearing house EuroCCP

Deal will enable Chicago-based group to diversify into index derivatives trading

Markets InsightPhilip Stafford
Winner-takes-all digital economy poses risk for markets

Concentration of business among small number of players presents significant challenge

Capital markets
Hedge funds deepened repo market chaos, says BIS

Bank for International Settlements point to firms’ thirst for borrowed cash to fire up returns

Ft Trading
NYSE direct listings proposal rejected by SEC

Decision delivers blow to efforts to expand the flotation procedure

Repo market
Year-end repo rates surge despite Fed’s efforts

After tumultuous few months, investors brace for more volatility in final weeks of 2019

Equities
DIY stock indices pose challenge to heavyweights

Potential ‘game changer’ in technology enabling easier index construction

Mifid
A fifth of UK fund managers make reporting errors under Mifid II rules

‘Honeymoon period’ allowing EU reforms to bed in ‘will not last for ever’

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