Britain Financial News

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The network will have four “pillars of trust”: trust in counterparty; trust in digital payment asset; trust in technology; and trust in consumer protections.A beta version of MTN is being made available in the UK and will be used for pilot applications and use cases with financial institutions, fintechs and central banks, beginning with the tokenised bank deposits exploration.

The company received the news late last week, and were waiting to receive the official letter from regulators before making today’s announcement.

UK investment platforms offering Odey Asset Management funds to retail clients are facing questions from the Financial Conduct Authority after a sexual assault scandal engulfed the firm's eponymous founder.

The Law Commission of England and Wales has recommended a national legal framework tailored to dealing with digital assets that addresses collateral arrangements using crypto to back loans.The commission, funded by the Ministry of Justice, noted that such collateral arrangements offer “various benefits” such as improving market liquidity and allowing investors to “extract” the value of otherwise “underutilized” assets. However, risks exist for borrowers providing such collateral if the lender they operate with goes bankrupt, in which case they may not have a claim on all of their funds.“If a collateral taker enters insolvency proceedings, a collateral provider would have only an unsecured claim for the amount constituting surplus proceeds, rather than a proprietary claim to the assets,” wrote the commission in a 304-page report published on Wednesday. 

PwC is set to limit pay and bonus hikes for staff in the UK, as a period of bumper raises comes to end thanks to a "challenging market".

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A formal agreement on how the UK's and EU's financial services authorities will work together in the future is being now signed — more than two years after it was first agreed.

The U.S. will enter a downturn in the fourth quarter, followed by a «year of contraction and a European recession in 2024,» according to HSBC Asset Management.

The Financial Conduct Authority’s (FCA) head of digital assets Binu Paul has left the organization.

The Bank of England (BoE) has made significant developments in its central bank digital currency (CBDC) program. Tom Mutton, director of fintech at the BoE, recently shared insights on the privacy aspect of the CBDC and why the central bank might look for other options beyond blockchain as the underpinning technology.

Short-seller Fraser Perring has launched High Court proceedings against law firm Jones Day and investigation agency Kroll over their work for collapsed payments firm Wirecard.

Check out the companies making headlines in midday trading.

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Jefferies has hired a top Barclays dealmaker in Germany to lead its investment bank in the country in the latest executive departure from the UK lender.

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Barclays has tapped a senior BNP Paribas trader to co-head its G10 FX trading unit as the UK lender bolsters its macro business.

“Don’t forget to water those plants!” writes Michelle Scrimgeour in a follow-up message, shortly after we’ve met at the City offices of Legal & General Investment Management.

HSBC is expected to tell staff today that it will downsize and quit its Canary Wharf headquarters where it has held its main UK presence for more than two decades.

Blockchain Australia’s new CEO Simon Callaghan hopes the Federal Government will take its cues on crypto regulation from the United Kingdom, Hong Kong, and Singapore — and definitely not the United States.

“Don’t forget to water those plants!” writes Michelle Scrimgeour in a follow-up message, shortly after we’ve met at the City offices of Legal & General Investment Management.