Drivers of Value

Commodity Futures Trading Commission Chairman J. Christopher Giancarlo will press for adoption of a proposal that would give swap execution facilities more flexibility in trade execution, despite opposition from two Democratic commissioners. "I will work with all my commissioners, Republican or Democrat, as much as I can, but I also intend to move forward," he said. MLex (subscription required) (14 Nov.)

Should the US enter a war with Russia or China, it risks being defeated because its military apparatus has deteriorated, according to a report from the National Defense Strategy Commission, a bipartisan panel of experts mandated by Congress. Current defense strategy "too often rests on questionable assumptions and weak analysis, and it leaves unanswered critical questions regarding how the United States will meet the challenges of a more dangerous world," according to the report. CNN (15 Nov.)

After a five-hour meeting, the UK Cabinet has decided to support a draft agreement governing the UK's relationship with the EU after Brexit, setting up Prime Minister Theresa May for the next hurdle: Parliament, where the deal faces opposition from within her party. Brexit Secretary Dominic Raab has resigned in opposition. Bloomberg (tiered subscription model) (15 Nov.)