Bitwise Asset Management has withdrawn an application for Securities and Exchange Commission approval of a bitcoin exchange-traded fund, but the company has not abandoned the concept.
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"This is the next step towards our long-term goal of bringing a bitcoin ETF to market, and we plan to refile our application at an appropriate time," says Matt Hougan, global head of research. Cointelegraph (15 Jan.)
A proposal to encourage the transition away from Libor by granting relief from margin rules for uncleared swaps should be effective indefinitely because of uncertainty surrounding alternative benchmarks, the US Alternative Reference Rates Committee says.
"We do not believe that an end date would be necessary," the panel says in a letter to regulators.
MLex (subscription required) (15 Jan.)
Companies transitioning away from Libor are focusing largely on internal procedures, such as pension valuations, accounting systems, insurance calculations, late-payment clauses and lease terms. "Internal arrangements are still the biggest focus for corporates, because it's something they can do themselves, without waiting for solutions," Baker McKenzie counsel Phung Pham says.
Practice Insight (15 Jan.)