In response to new legislation, representatives of UK financial services companies are calling on the government to beef up its competitiveness objective as the country prepares to rip up swathes of EU rules.

A series of consultations by the EU, US and the new International Sustainability Standards Board are an opportunity to drive greater harmonisation in ESG standards, according to financial firms and regulators.

Signs of contagion among stablecoins are likely to prompt a rapid clean-up of the sector by regulators concerned that problems in the sector could infect traditional financial markets.  

The size and scope of the crypto industry is growing rapidly, which has caught the eye of regulators. Today, the global market cap of the crypto industry is $2.1tn, while a recent NBC poll found that one in five adults in the US has invested in, traded or used cryptocurrencies.

The Covid-19 pandemic is barely winding down and already prominent global bodies are sounding warnings over new dangers to financial stability, this time relating to soaring inflation, rising interest rates, emerging market vulnerabilities and the war in Ukraine.

Senior executives from the failed hedge fund Archegos Capital Management, including its former owner Bill Hwang, have been charged by the Securities and Exchange Commission (SEC) with fraud and misleading counterparties.