Phil Davis

Robert Steigerwald, a senior researcher at the Federal Reserve Bank of Chicago, said the Financial Stability Board's proposal for resolution of clearinghouses adds little to what the industry would already do if faced with a crisis. "In the absence of public funding for solvency, I'm not quite sure what more there is to do by the resolution authority that hasn't been done or can't be done by the primary stakeholders," Steigerwald told an advisory panel of the Commodity Futures Trading Commission. MLex (subscription required) (20 Jun.)

British Prime Minister Theresa May is set to propose to EU officials the rights of EU citizens who remain in the UK after Brexit. Foreign Secretary Boris Johnson says the proposal is a "generous offer." The Guardian (London) (21 Jun.)

Goldman Sachs and China International Capital have been named to run China Tower's planned Hong Kong initial public offering, which could be valued as much as $10 billion, sources said. China's three state-run telecom operators use the mobile-phone towers owned and operated by China Tower. Reuters (22 Jun.)