The Reserve Bank of India has reduced trading hours for bonds, foreign exchange and derivatives to four hours. The revised hours, 4:30 to 8:30 a.m. Greenwich Mean Time, are effective through April 17. The Times of India (03 Apr.)
Firms working to replace Libor are concerned hedge funds might buy up instruments for which the legality of changing the interest rate is questionable so the funds can sue entities making the change. "It would greatly surprise me if the more imaginative and aggressive hedge funds did not have armies of people looking at this," says Marc Florent, a litigation partner at Baker McKenzie. Practice Insight (06 Apr.)
The New York Stock Exchange has asked the Securities and Exchange Commission to waive a requirement that companies maintain a certain share price over 30 trading days, saying some firms might be noncompliant because of the coronavirus pandemic. "We are committed to advocating on behalf of our issuers during these challenging economic times and continue to speak with the SEC staff about this and other proposed rule changes," NYSE spokesman Farrell Kramer says. Reuters (06 Apr.)
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