letter-writing

The fate of the European Central Bank's obscure targeted longer-term refinancing operations will likely be debated in 2019 given Italian banks' heavy reliance on it for additional liquidity. Financial Times (subscription required) (07 Dec.)

The Securities and Exchange Commission is reviewing an application for the proposed Long-Term Stock Exchange, which offers a different shareholder voting structure to protect companies from pressure to produce short-term results. The fate of the proposal remains unclear as regulators and institutional investors alike work to determine the associated risks and benefits of such an exchange. Pensions & Investments (free access for SmartBrief readers) (10 Dec.)

Former Nissan Chairman Carlos Ghosn was indicted in Japan for filing securities reports that understated his total pay package. The company was also indicted, as was former Representative Director Greg Kelly who allegedly conspired with Ghosn. The Japan Times (10 Dec.)